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Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Note 16 – Segment Information Based on operational, reporting and management structures, the Company has identified three reportable segments based on the nature of the products and services and type of customer for those products and services. A description of our reportable segments is as follows: Lawson is a distributor of specialty products and services to the industrial, commercial, institutional and governmental MRO marketplace. Lawson primarily distributes MRO products to its customers through a network of sales representatives and an inside sales channel throughout the United States and Canada. TestEquity is a distributor of test and measurement equipment and solutions, industrial and electronic production supplies, vendor managed inventory programs, and converting, fabrication and adhesive solutions from its leading manufacturer partners supporting the aerospace and defense, wireless and communication, semiconductors, industrial electronics and automotive, and electronics manufacturing industries. Gexpro Services is a global supply chain solutions provider, specializing in the development of mission critical production line management, aftermarket and field installation programs. The Company also has an “All Other” category which includes unallocated DSG holding company costs that are not directly attributable to the ongoing operating activities of our reportable segments and includes the results of the Bolt Supply House (“Bolt”) non-reportable segment. Revenue within the All Other category represents the results of Bolt. Bolt generates revenue primarily from the sale of MRO products to its walk-up customers and service to its customers through its 14 branch locations. Bolt does not provide VMI services for its customers or provide services in addition to product sales to customers. Revenue is recognized at the time that control of the product has been transferred to the customer which is either upon delivery or shipment depending on the terms of the contract. Financial information for the Company’s segments and reconciliations of that information to the unaudited condensed consolidated financial statements is presented below. Asset information by operating segment is not presented below since the chief operating decision maker does not review this information by segment.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
Lawson | $ | 121,118 |  |  | $ | 119,147 |  |  | $ | 239,304 |  |  | $ | 244,427 |
TestEquity | 197,481 |  |  | 136,067 |  |  | 384,630 |  |  | 243,425 |
Gexpro Services | 107,134 |  |  | 108,274 |  |  | 205,785 |  |  | 209,290 |
All Other | 14,471 |  |  | 14,496 |  |  | 26,966 |  |  | 29,112 |
Intersegment revenue elimination | (668) |  |  | — |  |  | (1,063) |  |  | — |
Total revenue | $ | 439,536 |  |  | $ | 377,984 |  |  | $ | 855,622 |  |  | $ | 726,254 |
Operating income (loss) |  |  |  |  |  |  |
Lawson | $ | 6,129 |  |  | $ | 8,470 |  |  | $ | 10,236 |  |  | $ | 16,715 |
TestEquity | 703 |  |  | (3,182) |  |  | (5,391) |  |  | (3,156) |
Gexpro Services | 8,091 |  |  | 8,778 |  |  | 13,553 |  |  | 16,152 |
All Other | (765) |  |  | (290) |  |  | (1,457) |  |  | 786 |
Total operating income (loss) | $ | 14,158 |  |  | $ | 13,776 |  |  | $ | 16,941 |  |  | $ | 30,497 |
Segment revenue includes revenue from sales to external customers and intersegment revenue from sales transactions between segments. The Company accounts for intersegment sales similar to third party transactions that are conducted on an arm’s-length basis and reflect current market prices. Intersegment revenue is eliminated in consolidation. Segment revenue and the elimination of intersegment revenue was as follows:
(in thousands) |  | Lawson |  | TestEquity |  | Gexpro Services |  | All Other |  | Elimination |  | Total
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 121,089 |  |  | $ | 197,446 |  |  | $ | 106,530 |  |  | $ | 14,471 |  |  | $ | — |  |  | $ | 439,536 |
Intersegment revenue |  | 29 |  |  | 35 |  |  | 604 |  |  | — |  |  | (668) |  |  | — |
Revenue |  | $ | 121,118 |  |  | $ | 197,481 |  |  | $ | 107,134 |  |  | $ | 14,471 |  |  | $ | (668) |  |  | $ | 439,536 |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 119,147 |  |  | $ | 136,067 |  |  | $ | 108,274 |  |  | $ | 14,496 |  |  | $ | — |  |  | $ | 377,984 |
Intersegment revenue |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Revenue |  | $ | 119,147 |  |  | $ | 136,067 |  |  | $ | 108,274 |  |  | $ | 14,496 |  |  | $ | — |  |  | $ | 377,984 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 239,251 |  |  | $ | 384,511 |  |  | $ | 204,894 |  |  | $ | 26,966 |  |  | $ | — |  |  | $ | 855,622 |
Intersegment revenue |  | 53 |  |  | 119 |  |  | 891 |  |  | — |  |  | (1,063) |  |  | — |
Revenue |  | $ | 239,304 |  |  | $ | 384,630 |  |  | $ | 205,785 |  |  | $ | 26,966 |  |  | $ | (1,063) |  |  | $ | 855,622 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 244,427 |  |  | $ | 243,425 |  |  | $ | 209,290 |  |  | $ | 29,112 |  |  |  |  | $ | 726,254 |
Intersegment revenue |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Revenue |  | $ | 244,427 |  |  | $ | 243,425 |  |  | $ | 209,290 |  |  | $ | 29,112 |  |  | $ | — |  |  | $ | 726,254 |

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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/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 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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