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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Financial Information Regarding Company's Segments | The following table sets out financial information related to the Company's segments excluding amortization (in thousands):
| Three Months Ended September 30,
| 2022 |  | 2021
| SC |  | IPS |  | SCS |  | Total |  | SC a |  | IPS |  | SCS |  | Total
Product sales 1 | $ | 238,595 |  |  | $ | — |  |  | $ | 62,294 |  |  | $ | 300,889 |  |  | $ | 199,052 |  |  | $ | — |  |  | $ | 36,213 |  |  | $ | 235,265 |
Inventory services 2 | — |  |  | — |  |  | 5,893 |  |  | 5,893 |  |  | — |  |  | — |  |  | 4,302 |  |  | 4,302 |
Staffing services 3 | 21,488 |  |  | — |  |  | — |  |  | 21,488 |  |  | 13,487 |  |  | — |  |  | — |  |  | 13,487 |
Pump production and delivery 4 | — |  |  | 59,044 |  |  | — |  |  | 59,044 |  |  | — |  |  | 36,440 |  |  | — |  |  | 36,440 |
Total Revenue | $ | 260,083 |  |  | $ | 59,044 |  |  | $ | 68,187 |  |  | $ | 387,314 |  |  | $ | 212,539 |  |  | $ | 36,440 |  |  | $ | 40,515 |  |  | $ | 289,494 |
Income from operations 5 | $ | 35,718 |  |  | $ | 7,327 |  |  | $ | 5,332 |  |  | $ | 48,377 |  |  | $ | 29,381 |  |  | $ | 277 |  |  | $ | 3,181 |  |  | $ | 32,839 |
| Nine Months Ended September 30,
| 2022 |  |  | 2021
| SC |  | IPS |  | SCS |  | Total |  |  | SC a |  | IPS |  | SCS |  | Total
Product sales 1 | $ | 676,815 |  |  | $ | — |  |  | $ | 157,660 |  |  | $ | 834,475 |  |  |  | $ | 570,737 |  |  | $ | — |  |  | $ | 103,058 |  |  | $ | 673,795 |
Inventory services 2 | — |  |  | — |  |  | 17,010 |  |  | 17,010 |  |  |  | — |  |  | — |  |  | 12,761 |  |  | 12,761 |
Staffing services 3 | 53,162 |  |  | — |  |  | — |  |  | 53,162 |  |  |  | 37,805 |  |  | — |  |  | — |  |  | 37,805 |
Pump production and delivery 4 | — |  |  | 169,890 |  |  | — |  |  | 169,890 |  |  |  | — |  |  | 96,411 |  |  | — |  |  | 96,411 |
Total Revenue | $ | 729,977 |  |  | $ | 169,890 |  |  | $ | 174,670 |  |  | $ | 1,074,537 |  |  |  | $ | 608,542 |  |  | $ | 96,411 |  |  | $ | 115,819 |  |  | $ | 820,772 |
Income from operations 5 | $ | 95,437 |  |  | $ | 23,122 |  |  | $ | 14,311 |  |  | $ | 132,870 |  |  |  | $ | 77,819 |  |  | $ | 6,027 |  |  | $ | 8,991 |  |  | $ | 92,837 |
1 Product sales that are recognized at a point in time. 2 Inventory management services that are recognized over the contract life. 3 Staffing services that are invoiced on a day-rate basis. 4 Custom pump production and delivery is recognized over time. 5 Income from operations excludes amortization of intangibles and corporate expenses. a During the second quarter of 2022, we identified an error related to service revenue which resulted in a reclassification between product sales and service revenue. We assessed the materiality of the error on prior period financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification (ASC) 250, Presentation of Financial Statements. We concluded that the error was not material to our prior period consolidated financial statements and, therefore, amendments of previously filed consolidated financial statements are not required. In accordance with ASC 250, we have corrected the error by revising the consolidated financial statements presented herein. Prior periods not presented herein will be revised, as applicable, in future filings.
Schedule of Reconciliation of Operating Income for Reportable Segments to Consolidated Income Before Taxes | The following table presents reconciliations of operating income for reportable segments to the consolidated income before taxes (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Income from operations for reportable segments | $ | 48,377 |  |  | $ | 32,839 |  |  | $ | 132,870 |  |  | $ | 92,837 |
Adjustment for: |  |  |  |  |  |  |
Amortization of intangible assets | 5,132 |  |  | 4,238 |  |  | 13,958 |  |  | 12,690 |
Corporate expenses | 16,706 |  |  | 17,416 |  |  | 44,894 |  |  | 47,883 |
Income from operations | $ | 26,539 |  |  | $ | 11,185 |  |  | 74,018 |  |  | 32,264 |
Interest expense | 6,833 |  |  | 5,264 |  |  | 17,610 |  |  | 15,844 |
Other expense (income), net | 1,565 |  |  | (450) |  |  | 2,941 |  |  | (985) |
Income before income taxes | $ | 18,141 |  |  | $ | 6,371 |  |  | $ | 53,467 |  |  | $ | 17,405 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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