SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Financial Information Regarding Company's Segments

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

	Three Months Ended September 30,
	2022								2021
	SC		IPS		SCS		Total		SCa		IPS		SCS		Total
Product sales1	$	238,595	$	—	$	62,294	$	300,889	$	199,052	$	—	$	36,213	$	235,265
Inventory services2	—		—		5,893		5,893		—		—		4,302		4,302
Staffing services3	21,488		—		—		21,488		13,487		—		—		13,487
Pump production and delivery4	—		59,044		—		59,044		—		36,440		—		36,440
Total Revenue	$	260,083	$	59,044	$	68,187	$	387,314	$	212,539	$	36,440	$	40,515	$	289,494
Income from operations5	$	35,718	$	7,327	$	5,332	$	48,377	$	29,381	$	277	$	3,181	$	32,839

	Nine Months Ended September 30,
	2022								2021
	SC		IPS		SCS		Total		SCa		IPS		SCS		Total
Product sales1	$	676,815	$	—	$	157,660	$	834,475	$	570,737	$	—	$	103,058	$	673,795
Inventory services2	—		—		17,010		17,010		—		—		12,761		12,761
Staffing services3	53,162		—		—		53,162		37,805		—		—		37,805
Pump production and delivery4	—		169,890		—		169,890		—		96,411		—		96,411
Total Revenue	$	729,977	$	169,890	$	174,670	$	1,074,537	$	608,542	$	96,411	$	115,819	$	820,772
Income from operations 5	$	95,437	$	23,122	$	14,311	$	132,870	$	77,819	$	6,027	$	8,991	$	92,837

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.

5Income from operations excludes amortization of intangibles and corporate expenses.

a During the second quarter of 2022, we identified an error related to service revenue which resulted in a reclassification between product sales and service revenue. We assessed the materiality of the error on prior period financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification (ASC) 250, Presentation of Financial Statements. We concluded that the error was not material to our prior period consolidated financial statements and, therefore, amendments of previously filed consolidated financial statements are not required. In accordance with ASC 250, we have corrected the error by revising the consolidated financial statements presented herein. Prior periods not presented herein will be revised, as applicable, in future filings.

Schedule of Reconciliation of Operating Income for Reportable Segments to Consolidated Income Before Taxes

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,
	2022		2021		2022		2021
Income from operations for reportable segments	$	48,377	$	32,839	$	132,870	$	92,837
Adjustment for:
Amortization of intangible assets	5,132		4,238		13,958		12,690
Corporate expenses	16,706		17,416		44,894		47,883
Income from operations	$	26,539	$	11,185	74,018		32,264
Interest expense	6,833		5,264		17,610		15,844
Other expense (income), net	1,565		(450)		2,941		(985)
Income before income taxes	$	18,141	$	6,371	$	53,467	$	17,405