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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company's reportable business segments are: Service Centers ("SC"), Innovative Pumping Solutions ("IPS"), and Supply Chain Services ("SCS"). The Service Centers segment is engaged in providing MRO products, equipment and integrated services, including logistics capabilities, to business-to-business customers. The Service Centers segment provides a wide range of MRO products in the rotating equipment, bearing, power transmission, hose, fluid power, metal working, industrial supply, safety products and safety services categories. The Innovative Pumping Solutions segment fabricates and assembles custom-made pump packages, re-manufactures pumps, manufactures branded private label pumps and provides products and process lines for the water and wastewater treatment industries. 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. Sales are shown net of inter-segment eliminations. Our chief operating decision maker ("CODM") is the Chief Executive Officer. The Company's CODM directs the allocation of resources to operating or business segments based on revenue and operating income of each respective segment. As a part of the Company's annual business planning, the CODM reviews our reportable segment composition and financial performance. As a result of this review, on January 1st, 2024, we moved certain branch locations previously reported under our IPS segment to our SC segment. Prior period segment disclosures have been recast. The following table sets out financial information related to the Company's segments excluding amortization (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Sales |  |  |  |  |  |  |  |  |
Service Centers | $ | 316,831 |  |  | $ | 294,459 |  |  |  |  | $ | 911,783 |  |  | $ | 914,078 |
Innovative Pumping Solutions | 89,825 |  |  | 58,962 |  |  |  |  | 225,417 |  |  | 158,440 |
Supply Chain Services | 66,279 |  |  | 65,828 |  |  |  |  | 193,926 |  |  | 199,038 |
Total Sales | $ | 472,935 |  |  | $ | 419,249 |  |  |  |  | $ | 1,331,126 |  |  | $ | 1,271,556 |
Operating Income |  |  |  |  |  |  |  |  |
Service Centers | $ | 46,154 |  |  | $ | 41,912 |  |  |  |  | $ | 130,329 |  |  | $ | 134,549 |
Innovative Pumping Solutions | 18,207 |  |  | 10,599 |  |  |  |  | 38,543 |  |  | 26,555 |
Supply Chain Services | 5,568 |  |  | 5,589 |  |  |  |  | 16,653 |  |  | 16,519 |
Total Segments Operating Income | $ | 69,929 |  |  | $ | 58,100 |  |  |  |  | $ | 185,525 |  |  | $ | 177,623 |
The following table presents reconciliations of income from operations for reportable segments to the consolidated income before taxes (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Income from operations for reportable segments | $ | 69,929 |  |  | $ | 58,100 |  |  | $ | 185,525 |  |  | $ | 177,623 |
Adjustment for: |  |  |  |  |  |  |
Amortization of intangible assets | 5,245 |  |  | 5,866 |  |  | 14,333 |  |  | 15,206 |
Corporate expenses | 25,076 |  |  | 16,378 |  |  | 65,101 |  |  | 53,682 |
Income from operations | $ | 39,608 |  |  | $ | 35,856 |  |  | 106,091 |  |  | 108,735 |
Interest expense | 15,716 |  |  | 12,684 |  |  | 46,644 |  |  | 36,068 |
Other expense (income), net | 160 |  |  | 1,234 |  |  | (2,844) |  |  | 522 |
Income before income taxes | $ | 23,732 |  |  | $ | 21,938 |  |  | $ | 62,291 |  |  | $ | 72,145 |

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- Definition The entire disclosure for reporting segments including data and tables. 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