SEGMENT REPORTING

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company's reportable business segments are: Service Centers, Innovative Pumping Solutions and Supply Chain Services. The Service Centers segment is engaged in providing maintenance, repair and operating MRO products, equipment and integrated services, 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, 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.

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 inter-segment eliminations.

The following table sets out financial information related to the Company's segments excluding amortization (in thousands):

	Three Months Ended September 30,
	2021								2020
									(Restated)
	SC		IPS		SCS		Total		SC		IPS		SCS		Total
Product sales1	$	187,302	$	—	$	36,213	$	223,515	$	143,767	$	—	$	29,360	$	173,127
Inventory services2	—		—		4,302		4,302		—		—		4,057		4,057
Staffing services3	25,237		—		—		25,237		21,133		—		—		21,133
Pump production and delivery4	—		36,440		—		36,440		—		21,876		—		21,876
Total Revenue	$	212,539	$	36,440	$	40,515	$	289,494	$	164,900	$	21,876	$	33,417	$	220,193
Income from operations	$	29,381	$	277	$	3,181	$	32,839	$	22,151	$	(2,913)	$	2,900	$	22,138

	Nine Months Ended September 30,
	2021								2020
									(Restated)
	SC		IPS		SCS		Total		SC		IPS		SCS		Total
Product sales1	$	538,134	$	—	$	103,058	$	641,192	$	457,848	$	—	$	106,500	$	564,348
Inventory services2	—		—		12,761		12,761		—		—		12,368		12,368
Staffing services3	70,408		—		—		70,408		43,485		—		—		43,485
Pump production and delivery4	—		96,411		—		96,411		—		152,376		—		152,376
Total Revenue	$	608,542	$	96,411	$	115,819	$	820,772	$	501,333	$	152,376	$	118,868	$	772,577
Income from operations	$	77,819	$	6,027	$	8,991	$	92,837	$	53,531	$	16,080	$	10,008	$	79,619

1Product sales that are recognized at a point in time.

2 Inventory management services that are recognized over the contract life.

3Staffing services that are invoiced on a day-rate basis.

4Custom pump production and delivery is recognized over time.

The following table presents reconciliations of operating income for reportable segments to the consolidated income before taxes (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
			(Restated)				(Restated)
Operating income for reportable segments	$	32,839	$	22,138	$	92,837	$	79,619
Adjustment for:
Amortization of intangible assets	4,238		3,053		12,690		9,296
Impairment and other charges	—		48,401		—		48,401
Corporate expenses	17,416		11,530		47,883		44,311
Income from operations	$	11,185	$	(40,846)	32,264		(22,389)
Interest expense	5,264		3,752		15,844		12,059
Other (income) expense, net	(450)		320		(985)		(381)
Income before income taxes	$	6,371	$	(44,918)	$	17,405	$	(34,067)