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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company has three operating and reportable segments - Service Centers, Innovative Pumping Solutions and Supply Chain Services: the Service Centers segment is engaged in providing maintenance, MRO products and equipment, including logistics capabilities, to industrial customers. The Service Centers segment provides a wide range of MRO products in the rotating equipment, bearing, power transmission, hose, fluid power, metal working, fastener, industrial supply, safety products and safety services categories. The Innovative Pumping Solutions segment fabricates and assembles custom-made pump packages, remanufactures pumps and manufactures branded private label pumps. The Supply Chain Services segment provides a wide range of MRO products and manages all or part of a customer's supply chain, including warehouse and inventory management. These business or operating segments were determined primarily on the distribution channels of the products and services offered as and the nature of the customer markets and the primary driver of the customers spend. Business segments are defined components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our CODM is the Chief Executive Officer. The Company's CODM directs the allocation of resources to operating or business segments based on revenue, operating income, and capital expenditures of each respective segment. The allocation of resources across the operating segments is dependent upon, among other factors, the operating segments' historical or future expected operating margins; the operating segments' historical or future expected returns on capital; outlook within a specific market; opportunities to grow profitability; new products, services or new customer accounts; confidence in management; and competitive landscape and intensity. The high degree of integration of the Company’s operations necessitates the use of a substantial number of allocations and apportionments in the determination of business segment information. Sales are shown net of intersegment eliminations. The following table sets out financial information related to the Company’s segments (in thousands):
Years Ended December 31, |  | Service Centers |  | Innovative Pumping Solutions |  | Supply Chain Services |  | Total
2023 |  |  |  |  |  |  |  |
Total Revenue |  | $ | 1,145,082 |  |  | $ | 273,150 |  |  | $ | 260,368 |  |  | $ | 1,678,600 |
Operating income for reportable segments, excluding adjustments |  | 163,877 |  |  | 44,260 |  |  | 21,524 |  |  | 229,661 |
Identifiable assets at year end |  | 697,438 |  |  | 226,621 |  |  | 62,610 |  |  | 986,669 |
Capital expenditures |  | 8,837 |  |  | 1,786 |  |  | — |  |  | 10,623 |
Depreciation |  | 2,705 |  |  | 3,726 |  |  | 27 |  |  | 6,458 |
Amortization |  | 12,266 |  |  | 5,965 |  |  | — |  |  | 18,231 |
Years Ended December 31, |  | Service Centers |  | Innovative Pumping Solutions |  | Supply Chain Services |  | Total |
2022 |  |  |  |  |  |  |  |  |
Total Revenue |  | $ | 1,009,356 |  |  | $ | 231,102 |  |  | $ | 240,374 |  |  | $ | 1,480,832 |  |
Operating income for reportable segments, excluding adjustments |  | 127,174 |  |  | 30,037 |  |  | 19,530 |  |  | 176,741 |  |
Identifiable assets at year end |  | 746,548 |  |  | 144,352 |  |  | 90,480 |  |  | 981,380 |  |
Capital expenditures |  | 1,419 |  |  | 2,506 |  |  | 43 |  |  | 3,968 |  |
Depreciation |  | 3,038 |  |  | 4,549 |  |  | 144 |  |  | 7,731 |  |
Amortization |  | 12,294 |  |  | 6,621 |  |  | — |  |  | 18,915 |  |
Years Ended December 31, |  | Service Centers |  | Innovative Pumping Solutions |  | Supply Chain Services |  | Total
2021 |  |  |  |  |  |  |  |
Total Revenue |  | $ | 816,496 |  |  | $ | 139,591 |  |  | $ | 157,834 |  |  | $ | 1,113,921 |
Operating income for reportable segments, excluding adjustments |  | 98,931 |  |  | 12,070 |  |  | 11,963 |  |  | 122,964 |
Identifiable assets at year end |  | 642,184 |  |  | 134,374 |  |  | 44,684 |  |  | 821,242 |
Capital expenditures |  | 999 |  |  | 2,574 |  |  | 25 |  |  | 3,598 |
Depreciation |  | 3,475 |  |  | 4,270 |  |  | 389 |  |  | 8,134 |
Amortization |  | 11,107 |  |  | 6,090 |  |  | — |  |  | 17,197 |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating income for reportable segments, excluding adjustments | $ | 229,661 |  |  | $ | 176,741 |  |  | $ | 122,964 |
Adjustments for: |  |  |  |  |
Amortization of intangibles | 18,231 |  |  | 18,915 |  |  | 17,197 |
Corporate and other expense, net | 72,708 |  |  | 60,074 |  |  | 65,910 |
Total operating income | $ | 138,722 |  |  | $ | 97,752 |  |  | $ | 39,857 |
Interest expense | 53,146 |  |  | 29,135 |  |  | 21,089 |
Other expenses (income), net | (1,355) |  |  | 2,716 |  |  | (414) |
Income before income taxes | $ | 86,931 |  |  | $ | 65,901 |  |  | $ | 19,182 |
The Company had capital expenditures at corporate of $1.6 million, $0.7 million, and $2.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company had identifiable assets at corporate of $190.8 million, $56.8 million, and $85.0 million as of December 31, 2023, 2022, and 2021, respectively. Corporate depreciation was $2.0 million, $1.9 million, and $1.8 million for the years ended December 31, 2023, 2022, and 2021, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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