XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.25.2

SEGMENT REPORTING | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING We have three reportable and operating 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, 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 intersegment eliminations. Segment information is prepared on the same basis that our Chief Executive Officer, who is our chief operating decision maker (“CODM”), manages the segments, evaluates financial results, and makes key operating decisions. These segments were determined primarily on the distribution channels of the products and services offered and the nature of the customer markets and the primary driver of the customers spend. The Company's CODM directs the allocation of resources to these segments based upon historical and current revenue, direct operating expenses, operating income, and capital expenditures of each respective segment. The allocation of resources across these segments is dependent upon, among other factors, the segments' historical or future expected operating margins; the 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. 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, 2025, we moved certain branch locations previously reported under our IPS segment to our SC segment. Prior period segment information has not been recast, as the changes to our segment composition did not have a material impact on the operating results of our reportable segments. The following table sets out financial information related to the Company's segments (in thousands):
Three Months Ended June 30, 2025 |  | Service Center | Innovative Pumping Solutions | Supply Chain Services | Total Reportable Segments | Corporate | Total
Sales |  | $ | 339,731 |  | $ | 93,540 |  | $ | 65,411 |  | $ | 498,682 |  | $ | — |  | $ | 498,682 |
Operating expenses |  | 287,875 |  | 73,897 |  | 60,135 |  | 421,907 |  | — |  | 421,907 |
Other expenses |  |  |  |  |  |  |
Depreciation |  | 932 |  | 767 |  | 8 |  | 1,707 |  | 812 |  | 2,519 |
Amortization of finance lease assets |  | 753 |  | 234 |  | 39 |  | 1,026 |  | 616 |  | 1,642 |
Other(1) |  | — |  | — |  | — |  | — |  | 26,628 |  | 26,628 |
Operating Income |  | $ | 50,171 |  | $ | 18,642 |  | $ | 5,229 |  | $ | 74,042 |  | $ | (28,056) |  | $ | 45,986 |
Interest expense |  | — |  | — |  | — |  | — |  | 14,744 |  | 14,744 |
Other income, net |  | — |  | — |  | — |  | — |  | (354) |  | (354) |
Income before income taxes |  | $ | 50,171 |  | $ | 18,642 |  | $ | 5,229 |  | $ | 74,042 |  | $ | (42,446) |  | $ | 31,596 |
Capital expenditures |  | 461 |  | $ | 912 |  | $ | — |  | 1,373 |  | $ | 8,973 |  | $ | 10,346 |
(1). Other primarily includes selling, general and administrative expenses of $21.3 million and amortization of intangible assets of $5.3 million.
Three Months Ended June 30, 2024 |  | Service Center | Innovative Pumping Solutions | Supply Chain Services | Total Reportable Segments | Corporate | Total
Sales |  | $ | 306,516 |  | $ | 73,377 |  | $ | 65,663 |  | $ | 445,556 |  | $ | — |  | $ | 445,556 |
Operating expenses |  | 260,929 |  | 59,068 |  | 59,800 |  | 379,797 |  | — |  | 379,797 |
Other expenses |  |  |  |  |  |  |
Depreciation |  | 785 |  | 846 |  | 8 |  | 1,639 |  | 607 |  | 2,246 |
Amortization of finance lease assets |  | 947 |  | 97 |  | 32 |  | 1,076 |  | 84 |  | 1,160 |
Other(1) |  | — |  | — |  | — |  | — |  | 25,001 |  | 25,001 |
Operating Income |  | $ | 43,855 |  | $ | 13,366 |  | $ | 5,823 |  | $ | 63,044 |  | $ | (25,692) |  | $ | 37,352 |
Interest expense |  | — |  | — |  | — |  | — |  | 15,384 |  | 15,384 |
Other income, net |  | — |  | — |  | — |  | — |  | (1,035) |  | (1,035) |
Income before income taxes |  | $ | 43,855 |  | $ | 13,366 |  | $ | 5,823 |  | $ | 63,044 |  | $ | (40,041) |  | $ | 23,003 |
Capital expenditures |  | $ | 1,149 |  | $ | 1,004 |  | $ | — |  | $ | 2,153 |  | $ | 6,672 |  | $ | 8,825 |
(1). Other primarily includes selling, general and administrative expenses of $20.3 million and amortization of intangible assets of $4.7 million.
Six Months Ended June 30, 2025 |  | Service Center | Innovative Pumping Solutions | Supply Chain Services | Total Reportable Segments | Corporate | Total
Sales |  | $ | 666,806 |  | $ | 179,722 |  | $ | 128,723 |  | $ | 975,251 |  | $ | — |  | $ | 975,251 |
Operating expenses |  | 565,832 |  | 145,685 |  | 117,835 |  | 829,352 |  | — |  | 829,352 |
Other expenses |  |  |  |  |  |  |
Depreciation |  | 1,869 |  | 1,562 |  | 16 |  | 3,447 |  | 1,389 |  | 4,836 |
Amortization of finance lease assets |  | 1,890 |  | 426 |  | 80 |  | 2,396 |  | 708 |  | 3,104 |
Other(1) |  | — |  | — |  | — |  | — |  | 51,458 |  | 51,458 |
Operating Income |  | $ | 97,215 |  | $ | 32,049 |  | $ | 10,792 |  | $ | 140,056 |  | $ | (53,555) |  | $ | 86,501 |
Interest expense |  | — |  | — |  | — |  | — |  | 29,404 |  | 29,404 |
Other income, net |  | — |  | — |  | — |  | — |  | (1,672) |  | (1,672) |
Income before income taxes |  | $ | 97,215 |  | $ | 32,049 |  | $ | 10,792 |  | $ | 140,056 |  | $ | (81,287) |  | $ | 58,769 |
Capital expenditures |  | $ | 2,498 |  | $ | 1,486 |  | $ | — |  | $ | 3,984 |  | $ | 26,276 |  | $ | 30,260 |
(1). Other primarily includes selling, general and administrative expenses of $40.8 million and amortization of intangible assets of $10.7 million.
Six Months Ended June 30, 2024 |  | Service Center | Innovative Pumping Solutions | Supply Chain Services | Total Reportable Segments | Corporate | Total
Sales |  | $ | 594,952 |  | $ | 135,592 |  | $ | 127,647 |  | $ | 858,191 |  | $ | — |  | $ | 858,191 |
Operating expenses |  | 507,531 |  | 113,366 |  | 116,484 |  | 737,381 |  | — |  | 737,381 |
Other Expenses |  |  |  |  |  |  |
Depreciation |  | 1,527 |  | 1,699 |  | 16 |  | 3,242 |  | 1,214 |  | 4,456 |
Amortization of finance lease assets |  | 1,719 |  | 191 |  | 62 |  | 1,972 |  | 149 |  | 2,121 |
Other(1) |  | — |  | — |  | — |  | — |  | 47,750 |  | 47,750 |
Operating Income |  | $ | 84,175 |  | $ | 20,336 |  | $ | 11,085 |  | $ | 115,596 |  | $ | (49,113) |  | $ | 66,483 |
Interest expense |  | — |  | — |  | — |  | — |  | 30,928 |  | 30,928 |
Other income, net |  | — |  | — |  | — |  | — |  | (3,004) |  | (3,004) |
Income before income taxes |  | $ | 84,175 |  | $ | 20,336 |  | $ | 11,085 |  | $ | 115,596 |  | $ | (77,037) |  | $ | 38,559 |
Capital expenditures |  | $ | 2,055 |  | $ | 1,644 |  | $ | 13 |  | $ | 3,712 |  | $ | 8,007 |  | $ | 11,719 |
(1). Other primarily includes selling, general and administrative expenses of $38.7 million and amortization of intangible assets of $9.1 million.
| June 30, 2025 |  | December 31, 2024
Service Centers | $ | 793,446 |  |  | $ | 764,533 |
Innovative Pumping Solutions | 315,224 |  |  | 311,429 |
Supply Chain Services | 87,774 |  |  | 62,760 |
Total Reportable Segments Assets | $ | 1,196,444 |  |  | $ | 1,138,722 |
Corporate | 215,950 |  |  | 210,772 |
Total Assets | $ | 1,412,394 |  |  | $ | 1,349,494 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: 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 3: 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 Reference 4: 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 5: 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 6: 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 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: 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 25: 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 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration