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Segments | 12 Months Ended
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Dec. 31, 2020
Segments |
Segments | 17. Segments The Company operates through two operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance. During the first quarter of 2019, the Company reorganized its business segments to reflect a new operating structure as a result of a change in how the Company’s chief operating decision maker allocates resources, makes operating decisions and assesses the performance of the business. The Company’s two current reportable business segments are described below. Work Truck Attachments. The Work Truck Attachments segment includes the Company’s operations that manufacture and sell snow and ice control attachments and other products sold under the FISHER®, WESTERN®, and SNOWEX® brands. Work Truck Solutions. The Work Truck Solutions segment includes manufactured municipal snow and ice control products under the HENDERSON® brand and the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands. Segment performance is evaluated based on segment net sales and adjusted EBITDA. Separate financial information is available for the two operating segments. In addition, segment results include an allocation of all corporate costs to Work Truck Attachments and Work Truck Solutions. No single customer’s revenues amounted to 10% or more of the Company’s total revenue. Sales are primarily within the United States and substantially all assets are located within the United States. Beginning in 2018, sales between Work Truck Attachments and Work Truck Solutions reflect the Company’s intercompany pricing policy. The following table shows summarized financial information concerning the Company’s reportable segments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | 2020 | ​ | ​ | 2019 | ​ | ​ | 2018 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 252,838 | ​ | $ | 293,630 | ​ | $ | 275,244 | ​
Work Truck Solutions | ​ | 227,316 | ​ | ​ | 278,080 | ​ | ​ | 248,823 | ​
​ | $ | 480,154 | ​ | $ | 571,710 | ​ | $ | 524,067 | ​
Adjusted EBITDA | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 62,532 | ​ | $ | 80,747 | ​ | $ | 80,396 | ​
Work Truck Solutions | ​ | 12,360 | ​ | ​ | 27,358 | ​ | ​ | 16,047 | ​
​ | $ | 74,892 | ​ | $ | 108,105 | ​ | $ | 96,443 | ​
Depreciation and amortization expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 10,824 | ​ | $ | 10,217 | ​ | $ | 9,609 | ​
Work Truck Solutions | ​ | 8,913 | ​ | ​ | 8,995 | ​ | ​ | 9,476 | ​
​ | $ | 19,737 | ​ | $ | 19,212 | ​ | $ | 19,085 | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 365,210 | ​ | $ | 361,876 | ​ | $ | 348,714 | ​
Work Truck Solutions | ​ | 213,992 | ​ | ​ | 343,819 | ​ | ​ | 327,479 | ​
​ | $ | 579,202 | ​ | $ | 705,695 | ​ | $ | 676,193 | ​
Capital expenditures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 13,174 | ​ | $ | 9,417 | ​ | $ | 6,931 | ​
Work Truck Solutions | ​ | 1,508 | ​ | ​ | 2,246 | ​ | ​ | 2,917 | ​
​ | $ | 14,682 | ​ | $ | 11,663 | ​ | $ | 9,848 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted EBITDA | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 62,532 | ​ | $ | 80,747 | ​ | $ | 80,396
Work Truck Solutions | ​ | 12,360 | ​ | ​ | 27,358 | ​ | ​ | 16,047
Total Adjusted EBITDA | $ | 74,892 | ​ | $ | 108,105 | ​ | $ | 96,443
Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense - net | ​ | 20,238 | ​ | ​ | 16,782 | ​ | ​ | 16,943
Depreciation expense | ​ | 8,806 | ​ | ​ | 8,256 | ​ | ​ | 7,613
Amortization | ​ | 10,931 | ​ | ​ | 10,956 | ​ | ​ | 11,472
Purchase accounting (1) | ​ | (2,017) | ​ | ​ | (417) | ​ | ​ | (900)
Stock based compensation | ​ | 2,830 | ​ | ​ | 3,239 | ​ | ​ | 4,550
Impairment charges | ​ | 127,872 | ​ | ​ | - | ​ | ​ | -
Debt modification expense | ​ | 3,542 | ​ | ​ | - | ​ | ​ | -
Litigation proceeds | ​ | - | ​ | ​ | (200) | ​ | ​ | -
Pension termination | ​ | - | ​ | ​ | 6,609 | ​ | ​ | -
COVID-19 (2) | ​ | 1,391 | ​ | ​ | - | ​ | ​ | -
Other charges (3) | ​ | 128 | ​ | ​ | 263 | ​ | ​ | 1,006
Income (Loss) before taxes | $ | (98,829) | ​ | $ | 62,617 | ​ | $ | 55,759
​ ​ ​ ​ ​
(1) | Reflects $900 in reversal of earnout compensation related to Dejana in the year ended December 31, 2018. Reflects $217 in reversal of earnout compensation related to Henderson, and $200 in reversal of earnout compensation related to Dejana in the year ended December 31, 2019. Reflects $17 in reversal of earnout
| compensation related to Henderson, and $2,000 in reversal of earnout compensation related to Dejana in the year ended December 31, 2020.
(2) | Reflects incremental costs incurred related to the COVID-19 pandemic for the periods presented. Such COVID-19 related costs include increased expenses directly related to the pandemic, and do not include either production related overhead inefficiencies or lost or deferred sales.
(3) | Reflects expenses and accrual reversals for one time, unrelated legal, severance and consulting fees and loss on disposal of fixed assets related to facility relocation for the periods presented.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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