0001140361-18-015469.txt : 20180328 0001140361-18-015469.hdr.sgml : 20180328 20180328162032 ACCESSION NUMBER: 0001140361-18-015469 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 100 CONFORMED PERIOD OF REPORT: 20171231 FILED AS OF DATE: 20180328 DATE AS OF CHANGE: 20180328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DXP ENTERPRISES INC CENTRAL INDEX KEY: 0001020710 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-INDUSTRIAL MACHINERY & EQUIPMENT [5084] IRS NUMBER: 760509661 STATE OF INCORPORATION: TX FISCAL YEAR END: 0727 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21513 FILM NUMBER: 18719024 BUSINESS ADDRESS: STREET 1: 7272 PINEMONT DRIVE CITY: HOUSTON STATE: TX ZIP: 77040 BUSINESS PHONE: 7139964700 MAIL ADDRESS: STREET 1: 7272 PINEMONT DRIVE CITY: HOUSTON STATE: TX ZIP: 77040 FORMER COMPANY: FORMER CONFORMED NAME: INDEX INC DATE OF NAME CHANGE: 19960808 10-K 1 form10k.htm 10-K
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-K
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2017
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.For the transition period from     to

Commission file number 0-21513

DXP Enterprises, Inc.
(Exact name of registrant as specified in its charter)

Texas
  
76-0509661
(State or other jurisdiction of incorporation or organization)
  
(I.R.S. Employer Identification Number)

7272 Pinemont, Houston, Texas
  
77040
  
(713) 996-4700
(Address of principal executive offices)
  
(Zip Code)
  
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Common Stock, $0.01 Par Value
  
NASDAQ
(Title of Class)
  
(Name of exchange on which registered)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
☒Yes ☐ No
 
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. (See definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act).

Large accelerated filer ☐
Accelerated filer ☒
Non-accelerated filer ☐ (Do not check if a smaller reporting company)
Smaller reporting company ☐
Emerging growth company ☐
  
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
 
Aggregate market value of the registrant's Common Stock held by non-affiliates of registrant as of June 30, 2017: $536,658,521
 
Number of shares of registrant's Common Stock outstanding as of March 21, 2018: 17,358,186.
 
DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement for the annual meeting of shareholders to be held in 2018 are incorporated by reference into Part III hereof.
 
2
TABLE OF CONTENTS
DESCRIPTION

Item
  
Page
 
PART I
  
1.
4
1A.
13
1B.
18
2.
18
3.
19
4.
19
 
PART II
  
5.
19
6.
21
7.
22
7A.
40
8.
41
9.
73
9A.
73
9B.
77
 
PART III
  
10.
77
11.
77
12.
77
13.
77
14.
77
     
 
PART IV
  
15.
78
16.
 81
 
81

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K (this “Report”) contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “might”, “estimates”, “will”, “should”, “could”, “plans”, or “anticipates”, or the negative thereof, other variations thereon, or comparable terminology, or by discussions of strategy. Any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and actual results may vary materially from those discussed in the forward-looking statements as a result of various factors. These factors include the effectiveness of management’s strategies and decisions, our ability to implement our internal growth and acquisition growth strategies, general economic and business conditions specific to our primary customers, changes in government regulations, our ability to effectively integrate businesses we may acquire, our success in remediating our internal control weaknesses, new or modified statutory or regulatory requirements, availability of materials and labor, inability to obtain or delay in obtaining government or third-party approvals and permits, non-performance by third parties of their contractual obligations, unforeseen hazards such as weather conditions, acts or war or terrorist acts and the governmental or military response thereto, cyber-attacks adversely affecting our operations, other geological, operating and economic considerations and declining prices and market conditions, including reduced oil and gas prices and supply or demand for maintenance, repair and operating products, equipment and service, and our ability to obtain financing on favorable terms or amend our credit facilities as needed. This Report identifies other factors that could cause such differences. We cannot assure that these are all of the factors that could cause actual results to vary materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in "Risk Factors", and elsewhere in this Report. We assume no obligation and do not intend to update these forward-looking statements. Unless the context otherwise requires, references in this Report to the "Company", "DXP", “we” or “our” shall mean DXP Enterprises, Inc., a Texas corporation, together with its subsidiaries.
 
PART I

ITEM 1.
Business

Company Overview

DXP was incorporated in Texas in 1996 to be the successor to SEPCO Industries, Inc., founded in 1908. Since our predecessor company was founded, we have primarily been engaged in the business of distributing maintenance, repair and operating (MRO) products, equipment and service to energy and industrial customers. The Company is organized into three business segments: Service Centers, Supply Chain Services and Innovative Pumping Solutions. Sales, operating income, and other financial information for 2015, 2016 and 2017, and identifiable assets at the close of such years for our business segments are presented in Note 18 of the Notes to Consolidated Financial Statements “financial statements” in Item 8 of this Report.

Our total sales have increased from $125 million in 1996 to $1.0 billion in 2017 through a combination of internal growth and business acquisitions. At December 31, 2017 we operated from 176 locations in thirty-four states in the U.S., nine provinces in Canada, Dubai and one state in Mexico, serving more than 50,000 customers engaged in a variety of industrial end markets. We have grown sales and profitability by adding additional products, services, locations and becoming customer driven experts in maintenance, repair and operating solutions.

Our principal executive office is located at 7272 Pinemont Houston, Texas 77040, and our telephone number is (713) 996-4700. Our website address on the Internet is www.dxpe.com and emails may be sent to info@dxpe.com. The reference to our website address does not constitute incorporation by reference of the information contained on the website and such information should not be considered part of this Report.

Industry Overview

The industrial distribution market is highly fragmented. Based on 2016 sales as reported by Industrial Distribution magazine, we were the 19th largest distributor of MRO products in the United States. Most industrial customers currently purchase their industrial supplies through numerous local distribution and supply companies. These distributors generally provide the customer with repair and maintenance services, technical support and application expertise with respect to one product category. Products typically are purchased by the distributor for resale directly from the manufacturer and warehoused at distribution facilities of the distributor until sold to the customer. The customer also typically will purchase an amount of product inventory for its near term anticipated needs and store those products at its industrial site until the products are used.

We believe that the distribution system for industrial products, as described in the preceding paragraph, creates inefficiencies at both the customer and the distributor levels through excess inventory requirements and duplicative cost structures. To compete more effectively, our customers and other users of MRO products are seeking ways to enhance efficiencies and lower MRO product and procurement costs. In response to this customer desire, three primary trends have emerged in the industrial supply industry:

·
Industry Consolidation. Industrial customers have reduced the number of supplier relationships they maintain to lower total purchasing costs, improve inventory management, assure consistently high levels of customer service and enhance purchasing power. This focus on fewer suppliers has led to consolidation within the fragmented industrial distribution industry.

·
Customized Integrated Service. As industrial customers focus on their core manufacturing or other production competencies, they increasingly demand customized integration services, consisting of value-added traditional distribution, supply chain services, modular equipment and repair and maintenance services.
 
·
Single Source, First-Tier Distribution. As industrial customers continue to address cost containment, there is a trend toward reducing the number of suppliers and eliminating multiple tiers of distribution. Therefore, to lower overall costs to the customer, some MRO product distributors are expanding their product coverage to eliminate second-tier distributors and become a “one stop source”.
 
We believe we have increased our competitive advantage through our traditional fabrication of integrated system pump packages and integrated supply programs, which are designed to address our customers’ specific product and procurement needs. We offer our customers various options for the integration of their supply needs, ranging from serving as a single source of supply for all our specific lines of products and product categories to offering a fully integrated supply package in which we assume procurement and management functions, which can include ownership of inventory, at the customer's location. Our approach to integrated supply allows us to design a program that best fits the needs of the customer. Customers purchasing large quantities of product are able to outsource all or most of those needs to us. For customers with smaller supply needs, we are able to combine our traditional distribution capabilities with our broad product categories and advanced ordering systems to allow the customer to engage in one-stop sourcing without the commitment required under an integrated supply contract.

Business Segments
 
The Company is organized into three business segments: Service Centers (“SC”), Supply Chain Services (“SCS”) and Innovative Pumping Solutions (“IPS”). Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of strategies and objectives and provide a framework for timely and rational allocation of resources within our businesses. The following table sets forth DXP’s sales recognition by business segments as of December 31, 2017.  See Results of Operations under Item 7, “Management Discussion and Analysis of Financial Condition and Results of Operations” for further information on our segments’ financial results.
 
Segment
2017 Sales
(in thousands)
% of Sales
End-Markets
Locations
Employees
SC
$ 641,275
63.7 %
Oil & Gas, Food & Beverage,
General Industrial, Chemical
& Petrochemical,
Transportation
161 service centers
4 distribution centers
  
1,463
           
SCS
$ 161,477
16.0 %
Oil & Gas
Food & Beverage,
 Mining & Transportation
67 customer facilities
  
271
           
IPS
$ 204,030
20.3 %
Oil & Gas
Mining
Utilities
11 fabrication facilities
  
555

Service Centers

The Service Centers are engaged in providing MRO products, equipment and integrated services, including technical expertise and logistics capabilities, to energy and industrial customers with the ability to provide same day delivery. We offer our customers a single source of supply on an efficient and competitive basis by being a first-tier distributor that can purchase products directly from manufacturers. As a first-tier distributor, we are able to reduce our customers' costs and improve efficiencies in the supply chain. We offer a wide range of industrial MRO products, equipment and integrated services through a continuum of customized and efficient MRO solutions. We also provide services such as field safety supervision, in-house and field repair and predictive maintenance.

A majority of our Service Center segment sales are derived from customer purchase orders for products. Sales are directly solicited from customers by our sales force. DXP Service Centers are stocked and staffed with knowledgeable sales associates and backed by a centralized customer service team of experienced industry professionals. At December 31, 2017, our Service Centers’ products and services were distributed from 161 service centers and 4 distribution centers.
 
DXP Service Centers provide a wide range of MRO products in the rotating equipment, bearing, power transmission, hose, fluid power, metal working, industrial supply and safety product and service categories. We currently serve as a first-tier distributor of more than 1,000,000 items of which more than 60,000 are stock keeping units (SKUs) for use primarily by customers engaged in the oil and gas, food and beverage, petrochemical, transportation and other general industrial industries. Other industries served by our Service Centers include mining, construction, chemical, municipal, agriculture and pulp and paper.

The Service Centers segment’s long-lived assets are located in the United States, Canada, Dubai and Mexico. Approximately 12.5% of the Service Centers segment’s revenues were in Canada and the remainder was virtually all in the U.S. Our foreign operations are subject to certain unique risks, which are more fully disclosed in Item 1A “Risk Factors,” “Risks Associated with Conducting Business in Foreign Countries.”

At December 31, 2017, the Service Centers segment had approximately 1,463 employees, all of whom were full-time.

Supply Chain Services

DXP’s Supply Chain Services (SCS) segment manages all or part of its customers’ supply chains, including procurement and inventory management. The SCS segment enters into long-term contracts with its customers that can be cancelled on little or no notice under certain circumstances. The SCS segment provides fully outsourced MRO solutions for sourcing MRO products including, but not limited to, the following: inventory optimization and management; store room management; transaction consolidation and control; vendor oversight and procurement cost optimization; productivity improvement services; and customized reporting. Our mission is to help our customers become more competitive by reducing their indirect material costs and order cycle time by increasing productivity and by creating enterprise-wide inventory and procurement visibility and control.
 
DXP has developed assessment tools and master plan templates aimed at taking cost out of supply chain processes, streamlining operations and boosting productivity. This multi-faceted approach allows us to manage the entire MRO products channel for maximum efficiency and optimal control, which ultimately provides our customers with a low-cost solution.
 
DXP takes a consultative approach to determine the strengths and opportunities for improvement within a customer’s MRO products supply chain. This assessment determines if and how we can best streamline operations, drive value within the procurement process, and increase control in storeroom management.
 
Decades of supply chain inventory management experience and comprehensive research, as well as a thorough understanding of our customers’ businesses and industries have allowed us to design standardized programs that are flexible enough to be fully adaptable to address our customers’ unique MRO products supply chain challenges. These standardized programs include:
 
·
SmartAgreement, a planned, pro-active MRO products procurement solution for MRO categories leveraging DXP’s local Service Centers.
·
SmartBuy, DXP’s on-site or centralized MRO procurement solution.
·
SmartSourceSM, DXP’s on-site procurement and storeroom management by DXP personnel.
·
SmartStore, DXP’s customized e-Catalog solution.
·
SmartVend, DXP’s industrial dispensing solution, which allows for inventory-level optimization, user accountability and item usage reduction by an initial 20-40%.
·
SmartServ, DXP’s integrated service pump solution. It provides a more efficient way to manage the entire life cycle of pumping systems and rotating equipment.
 
DXP’s SmartSolutions programs listed above help customers to cut product costs, improve supply chain efficiencies and obtain expert technical support. DXP represents manufacturers of up to 90% of all the maintenance, repair and operating products of our customers. Unlike many other distributors who buy products from second-tier sources, DXP takes customers to the source of the products they need.
 
At December 31, 2017, the Supply Chain Services segment operated supply chain installations in 67 of our customers’ facilities.

Virtually all of the SCS segment’s long-lived assets are in the U.S. Approximately 1.4% of the SCS segment’s 2017 revenues were recognized in Canada and 98.6% were in the U.S.

At December 31, 2017, the Supply Chain Services segment had approximately 271 employees, all of whom were full-time.
 
Innovative Pumping Solutions

DXP’s Innovative Pumping Solutions® (IPS) segment provides integrated, custom pump skid packages, pump remanufacturing and manufactures branded private label pumps to meet the capital equipment needs of our global customer base. Our IPS segment provides a single source for engineering, systems design and fabrication for unique customer specifications.

Our sales of integrated pump packages, remanufactured pumps or branded private label pumps are generally derived from customer purchase orders containing the customers’ unique specifications. Sales are directly solicited from customers by our dedicated sales force.

DXP’s engineering staff can design a complete custom pump package to meet our customers’ project specifications. Drafting programs such as Solidworks® and AutoCAD® allow our engineering team to verify the design and layout of packages with our customers prior to the start of fabrication. Finite Elemental Analysis programs such as Cosmos Professional® are used to design the package to meet all normal and future loads and forces. This process helps maximize the pump packages’ life and minimizes any impact to the environment.

With over 100 years of fabrication experience, DXP has acquired the technical expertise to ensure that our pumps and pump packages are built to meet the highest standards. DXP utilizes manufacturer authorized equipment and manufacturer certified personnel. Pump packages require MRO products and original equipment manufacturers’ (OEM) equipment such as pumps, motors, valves, and consumable products, such as welding supplies. DXP leverages its MRO product inventories and breadth of authorized products to lower the total cost and maintain the quality of our pump packages.

DXP’s fabrication facilities provide convenient technical support and pump repair services. The facilities contain state of the art equipment to provide the technical expertise our customers require including, but not limited to, the following:

·
Structural welding
·
Pipe welding
·
Custom skid assembly
·
Custom coatings
·
Hydrostatic pressure testing
·
Mechanical string testing

Examples of our innovative pump packages include, but are not limited to:

·
Diesel and electric driven firewater packages
·
Pipeline booster packages
·
Potable water packages
·
Pigging pump packages
·
Lease Automatic Custody Transfer (LACT) charge units
 
·
Chemical injection pump packages wash down units
·
Seawater lift pump packages
·
Jockey pump packages
·
Condensate pump packages
·
Cooling water packages
·
Seawater/produced water injection packages
·
Variety of packages to meet customer required industry specifications such as API, ANSI and NFPA

At December 31, 2017, the Innovative Pumping Solutions segment operated out of 11 facilities, 9 of which are located in the United States and two in Canada.

Approximately 6.4% of the IPS segment’s long-lived assets are located in Canada and the remainder were located in the U.S. Approximately 8.2% of the IPS segment’s 2017 revenues were recognized in Canada and 91.8% were in the U.S.

At December 31, 2017, the IPS segment had approximately 555 employees, all of whom were full-time.

Total backlog, representing firm orders for the IPS segment products that have been received and entered into our production systems, was $104.1 million and $68.8 million at December 31, 2017 and 2016, respectively.

Products

Most industrial customers currently purchase their MRO products through local or national distribution companies that are focused on single or unique product categories. As a first-tier distributor, our network of service and distribution centers stock more than 60,000 SKUs and provide customers with access to more than 1,000,000 items. Given our breadth of product and our industrial distribution customers’ focus around specific product categories, we have become customer driven experts in five key product categories. As such, our three business segments are supported by the following five key product categories: rotating equipment; bearings & power transmission; industrial supplies; metal working; and safety products & services. Each business segment tailors its inventory and leverages product experts to meet the needs of its local customers.

Key product categories that we offer include:

·
Rotating Equipment. Our rotating equipment products include a full line of centrifugal pumps for transfer and process service applications, such as petrochemicals, refining and crude oil production; rotary gear pumps for low- to- medium pressure service applications, such as pumping lubricating oils and other viscous liquids; plunger and piston pumps for high-pressure service applications such as disposal of produced water and crude oil pipeline service; and air-operated diaphragm pumps. We also provide a large variety of pump accessories.

·
Bearings & Power Transmission. Our bearing products include several types of mounted and un-mounted bearings for a variety of applications. The power transmission products we distribute include speed reducers, flexible-coupling drives, chain drives, sprockets, gears, conveyors, clutches, brakes and hoses.

·
Industrial Supplies. We offer a broad range of industrial supplies, such as abrasives, tapes and adhesive products, coatings and lubricants, fasteners, hand tools, janitorial products, pneumatic tools, welding supplies and welding equipment.

·
Metal Working. Our metal working products include a broad range of cutting tools, abrasives, coolants, gauges, industrial tools and machine shop supplies.

·
Safety Products & Services. We sell a broad range of safety products including eye and face protection, first aid, hand protection, hazardous material handling, instrumentation and respiratory protection products. Additionally, we provide safety services including hydrogen sulfide (H2S) gas protection and safety, specialized and standby fire protection, safety supervision, training, monitoring, equipment rental and consulting. Our safety services include safety supervision, medic services, safety audits, instrument repair and calibration, training, monitoring, equipment rental and consulting.
 
We acquire our products through numerous OEMs. We are authorized to distribute certain manufacturers' products only in specific geographic areas. All of our oral or written distribution authorizations are subject to cancellation by the manufacturer, some upon little or no notice. For the last three fiscal years, no manufacturer provided products that accounted for 10% or more of our revenues.

Over 90% of our business relates to sales of products. Service revenues are less than 10% of sales.

The Company has operations in the United States of America, Canada, Dubai, and Mexico. Information regarding financial data by geographic areas is set forth in Note 18 of the Notes to Consolidated Financial Statements.

Recent Acquisitions

A key component of our growth strategy includes effecting acquisitions of businesses with complementary or desirable product lines, locations or customers. Since 2004, we have completed 34 acquisitions across our three business segments. Below is a summary of recent acquisitions since the beginning of 2013.

On April 16, 2013, DXP acquired all of the stock of National Process Equipment Inc. (“NatPro”) through its wholly owned subsidiary, DXP Canada Enterprises Ltd. DXP acquired this business to expand DXP’s geographic presence in Canada and strengthen DXP’s pump, integrated system packaging and related equipment offering. The $40.1 million purchase price was financed with $36.6 million of borrowings under our then-existing credit facility and 52,542 shares of DXP common stock. Additionally, the purchase agreement included an earn-out provision, which stated that former owners of NatPro may earn CDN $6.0 million based on achievement of an earnings target during the first year of DXP’s ownership. The fair value of the earn-out recorded at the acquisition date was $2.8 million. As of December 31, 2013 the $2.8 million accrued liability associated with this earn-out provision was reversed and included in 2013 operating income. See Note 8 of the financial statements regarding the 2014 impairment of NatPro assets.

On May 17, 2013, DXP acquired substantially all of the assets of Tucker Tool Company, Inc. (“Tucker Tool”). DXP acquired this business to expand DXP's geographic presence in the northern U.S. and strengthen DXP's industrial cutting tools offering. DXP paid approximately $5.0 million for Tucker Tool which was borrowed under our then-existing credit facility.

On July 1, 2013, DXP acquired all of the stock of Alaska Pump & Supply, Inc. (APS). DXP acquired this business to expand DXP's geographic presence in Alaska. DXP paid approximately $13.0 million for APS which was borrowed under our then-existing credit facility.

On July 31, 2013, DXP acquired substantially all of the assets of Tool-Tech Industrial Machine & Supply, Inc. (“Tool-Tech”). DXP acquired this business to enhance our metal working product offering in the southwest region of the United States. DXP paid approximately $7.2 million for Tool-Tech which was borrowed under our then-existing credit facility.

On January 2, 2014, the Company acquired all of the equity securities and units of B27, LLC (“B27”). DXP acquired this business to expand DXP’s pump packaging offering. The total transaction value was approximately $304.9 million, including working capital payments and excluding approximately $1.0 million in transaction costs. The purchase price was financed with borrowings under our then-existing credit facility and approximately $4.0 million (36,000 shares) of DXP common stock. See Note 8 of the Notes to Consolidated Financial Statements regarding the 2014 and 2015 impairments of B27 goodwill. After the acquisition of B27, there was a working capital dispute between the Company and the sellers. During the third quarter of 2015, an accounting expert issued his report on the working capital dispute between DXP and the sellers of B27. The report required DXP to pay the sellers of B27 an additional $11.3 million. Because the time period to allow adjustments of purchase accounting had expired, $7.3 million of the payment was expensed. The remaining $4.0 million of the required payment represented tax refunds, which the Company collected as of the end of 2016.
 
On May 1, 2014, the Company completed the acquisition of all of the equity interests of Machinery Tooling and Supply, LLC (MT&S) to expand DXP’s cutting tools offering in the North Central region of the United States. DXP paid approximately $14.7 million for MT&S, which was borrowed under our then-existing credit facility.
On April 1, 2015, the Company completed the acquisition of all of the equity interests of Tool Supply, Inc. (“TSI”) to expand DXP’s cutting tools offering in the Northwest region of the United States. DXP paid approximately $5.0 million for TSI, which was borrowed under our then-existing credit Facility.

On September 1, 2015, the Company completed the acquisition of all of the equity interests of Cortech Engineering, LLC (“Cortech”) to expand DXP’s rotating equipment offering to the Western seaboard. DXP paid approximately $14.9 million for Cortech. The purchase was financed with borrowings under our then-existing credit facility as well as $4.4 million (148.8 thousand shares) of DXP common stock.

On January 1, 2018, the Company completed the acquisition of Application Specialties, Inc. (“ASI”), a distributor of cutting tools, abrasives, coolants and machine shop supplies. DXP paid approximately $11.5 million for ASI. The purchase was financed with $10.6 million of cash on hand as well as issuing $0.9 million of DXP’s common stock.

Disposition

On October 3, 2016, the Company sold Vertex Corporate Holdings, Inc. for approximately $31 million in cash. The sale is a non-core business divestiture for DXP, and the proceeds were primarily used to pay down debt obligations.

Competition

Our business is highly competitive. In the Service Centers segment we compete with a variety of industrial supply distributors, some of which may have greater financial and other resources than we do. Some of our competitors are small enterprises selling to customers in a limited geographic area. We also compete with catalog distributors, large warehouse stores and, to a lesser extent, manufacturers. While many of our competitors offer traditional distribution of some of the product groupings that we offer, we are not aware of any major competitor that offers on a non-catalog basis a variety of products and services as broad as our offerings. Further, while certain catalog distributors provide product offerings as broad as ours, these competitors do not offer the product application, technical expertise and after-the-sale services that we provide. In the Supply Chain Services segment we compete with larger distributors that provide integrated supply programs and outsourcing services, some of which might be able to supply their products in a more efficient and cost-effective manner than we can provide. In the Innovative Pumping Solutions segment we compete against a variety of manufacturers, distributors and fabricators, many of which may have greater financial and other resources than we do. We generally compete on expertise, responsiveness and price in all of our segments.

Insurance

We maintain liability and other insurance that we believe to be customary and generally consistent with industry practice. We retain a portion of the risk for medical claims, general liability, worker’s compensation and property losses. The various deductibles of our insurance policies generally do not exceed $250,000 per occurrence. There are also certain risks for which we do not maintain insurance. There can be no assurance that such insurance will be adequate for the risks involved, that coverage limits will not be exceeded or that such insurance will apply to all liabilities. The occurrence of an adverse claim in excess of the coverage limits that we maintain could have a material adverse effect on our financial condition and results of operations. The premiums for insurance have decreased over the past three years in connection with the decline in revenues, payroll and vehicles since 2014. This trend would be expected to reverse with an increase in revenues. Additionally, we are partially self-insured for our group health plan, worker’s compensation, auto liability and general liability insurance. The cost of claims for the group health plan has increased over the past three years. This trend is expected to continue.
 
Government Regulation and Environmental Matters

We are subject to various laws and regulations relating to our business and operations, and various health and safety regulations including those established by the Occupational Safety and Health Administration and Canadian Occupational Health and Safety.

Certain of our operations are subject to federal, state and local laws and regulations as well as provincial regulations controlling the discharge of materials into or otherwise relating to the protection of the environment.

Although we believe that we have adequate procedures to comply with applicable discharge and other environmental laws, such laws and regulations could result in costs to remediate releases of regulated substances into the environment or costs to remediate sites to which we sent regulated substances for disposal. In some cases, these laws can impose strict liability for the entire cost of clean-up on any responsible party without regard to negligence or fault and impose liability on us for the conduct of others or conditions others have caused, or for our acts that complied with all applicable requirements when we performed them. New laws have been enacted and regulations are being adopted by various regulatory agencies on a continuing basis and the costs of compliance with these new laws can only be broadly appraised until their implementation becomes more defined.

The risks of accidental contamination or injury from the discharge of controlled or hazardous materials and chemicals cannot be eliminated completely. In the event of such a discharge, we could be held liable for any damages that result, and any such liability could have a material adverse effect on us.

We are not currently aware of any situation or condition that we believe is likely to have a material adverse effect on our results of operations or financial condition.

Employees

At December 31, 2017, DXP had approximately 2,511employees, all of whom were full-time.

Background of Executive Officers

The following is a list of DXP’s executive officers, their age, positions, and a description of each officer’s business experience as of March 28, 2018. All of our executive officers hold office at the pleasure of DXP’s Board of Directors.

 
NAME
  
POSITION
AGE
 
David R. Little
  
Chairman of the Board, President and Chief Executive Officer
66
 
Kent Yee
  
Senior Vice President/Chief Financial Officer
42
 
Mac McConnell
  
Senior Vice President/Finance, Chief Accounting Officer and Secretary*
64
 
David C. Vinson
  
Senior Vice President/Innovative Pumping Solutions
67
 
John J. Jeffery
  
Senior Vice President/Supply Chain Services
50
 
Todd Hamlin
  
Senior Vice President/Service Centers
46
 
Chris Gregory
  
Senior Vice President/Information Technology
43

* As previously disclosed, on March 16, 2018, Mac McConnell notified the Company of his intention to retire from his role with the Company effective March 31, 2018. The Company is in the process of conducting a search for a new Chief Accounting Officer.

David R. Little. Mr. Little has served as Chairman of the Board, President and Chief Executive Officer of DXP since its organization in 1996 and also has held these positions with SEPCO Industries, Inc., predecessor to the Company (“SEPCO”), since he acquired a controlling interest in SEPCO in 1986. Mr. Little has been employed by SEPCO since 1975 in various capacities, including Staff Accountant, Controller, Vice President/Finance and President. Mr. Little gives our Board insight and in-depth knowledge of our industry and our specific operations and strategies. He also provides leadership skills and knowledge of our local community and business environment, which he has gained through his long career with DXP and its predecessor companies.
 
Kent Yee. Mr. Yee was appointed Senior Vice President/Chief Financial Officer in June 2017.  Currently, Mr. Yee is responsible for acquisitions, finance, accounting and human resources of DXP. From March 2011 to June 2017, Mr. Yee served as Senior Vice President Corporate Development and led DXP's mergers and acquisitions, business integration and internal strategic project activities. During March 2011, Mr. Yee joined DXP from Stephens Inc.'s Industrial Distribution and Services team where he served in various positions and most recently as Vice President from August 2005 to February 2011. Prior to Stephens, Mr. Yee was a member of The Home Depot’s Strategic Business Development Group with a primary focus on acquisition activity for HD Supply.  Mr. Yee was also an Associate in the Global Syndicated Finance Group at JPMorgan Chase. He has executed over 43 transactions including more than $1.4 billion in M&A and $3.4 billion in financing transactions primarily for change of control deals and numerous industrial and distribution acquisition and sale assignments. He holds a Bachelors of Arts in Urban Planning from Morehouse College and an MBA from Harvard University Graduate School of Business.

Mac McConnell. Mr. McConnell transitioned from Senior Vice President/Finance and Chief Financial Officer to Senior Vice President/Finance and Chief Accounting Officer in June 2017. From September 2000 to June 2017, Mr. McConnell served as Senior Vice President/Finance and Chief Financial Officer. From February 1998 until September 2000, Mr. McConnell served as Senior Vice President, Chief Financial Officer and a director of Transportation Components, Inc., a NYSE-listed distributor of truck parts. From December 1992 to February 1998, he served as Chief Financial Officer of Sterling Electronics Corporation, a NYSE-listed electronics parts distributor, which was acquired by Marshall Industries, Inc. in 1998. From 1990 to 1992, Mr. McConnell was Vice President-Finance of Interpak Holdings, Inc., a publicly-traded company involved in packaging and warehousing thermoplastic resins. From 1976 to 1990, he served in various capacities, including as a partner, with Ernst & Young LLP.

David C. Vinson. Mr. Vinson was elected Senior Vice President/Innovative Pumping Solutions in January 2006. He served as Senior Vice President/Operations of DXP from October 2000 to December 2005. From 1996 until October 2000, Mr. Vinson served as Vice President/Traffic, Logistics and Inventory. Mr. Vinson has served in various capacities with DXP since his employment in 1981.

John J. Jeffery. Mr. Jeffery serves as Senior Vice President of Supply Chain Services, Marketing and Information Technology. He oversees the strategic direction for the Supply Chain Services business unit while leveraging both Marketing and Information Technology to drive innovative business development initiatives for organizational growth and visibility. He began his career with T.L. Walker, which was later acquired by DXP in 1991. During his tenure with DXP, Mr. Jeffery has served in various significant capacities including branch, area, regional and national sales management as well as sales, marketing and Service Center vice president roles. He holds a Bachelor of Science in Industrial Distribution from Texas A&M University and is also a graduate of the Executive Business Program at Rice University.

Todd Hamlin. Mr. Hamlin was elected Senior Vice President of DXP Service Centers in June of 2010. Mr. Hamlin joined the Company in 1995. From February 2006 until June 2010 he served as Regional Vice President of the Gulf Coast Region. Prior to serving as Regional Vice President of the Gulf Coast Region he served in various capacities, including application engineer, product specialist and sales representative. From April 2005 through February 2006, Mr. Hamlin worked as a sales manager for the UPS Supply Chain Services division of United Parcel Service, Inc. He holds a Bachelor’s of Science in Industrial Distribution from Texas A&M University and a Master in Distribution from Texas A&M University. Mr. Hamlin serves on the Advisory Board for Texas A&M’s Master in Distribution degree program. In 2014, Mr. Hamlin was elected to the Bearing Specialists Association’s Board of Directors.

Chris Gregory. Mr. Gregory was elected Senior Vice President and Chief Information Officer in March of 2018. Mr. Gregory joined the Company in August 2006. From December 2014 until January 2018 he served as Vice President of IT Strategic Solutions. Prior to serving as Vice President of IT Strategic Solutions he served in various roles, including application developer, database manager as well as leading the business intelligence and application development departments. He holds a Bachelor of Business Administration and Computer Information Systems from the University of Houston and an MBA from The University of Texas at Austin, McCombs School of Business.
 
All officers of DXP hold office until the regular meeting of the board of directors following the Annual Meeting of Shareholders or until their respective successors are duly elected and qualified or their earlier resignation or removal.

Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended (the “Exchange Act”), are available free of charge through our Internet website (www.dxpe.com) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission. Additionally, we make the following available free of charge through our Internet website ir.dxpe.com:

-
DXP Code of Ethics for Senior Financial Officers;
-
DXP Code of Conduct;
-
Compensation Committee Charter;
-
Nominating and Governance Committee Charter; and
-
Audit Committee Charter
 
ITEM 1A.
Risk Factors

We are subject to various risks and uncertainties in the course of our business. Investing in DXP involves risk. In deciding whether to invest in DXP, you should carefully consider the risk factors below as well as those matters referenced in the foregoing pages under “Disclosure Regarding Forward-Looking Statements” and other information included and incorporated by reference into this Report and other reports and materials filed by us with the Securities and Exchange Commission. Any of these risk factors could have a significant or material adverse effect on our businesses, results of operations, financial condition or liquidity. They could also cause significant fluctuations and volatility in the trading price of our securities. Readers should not consider any descriptions of these factors to be a complete set of all potential risks that could affect DXP. Further, many of these risks are interrelated and could occur under similar business and economic conditions, and the occurrence of certain of them may in turn cause the emergence or exacerbate the effects of others. Such a combination could materially increase the severity of the impact of these risks on our results of operations, liquidity and financial condition.

Decreased capital expenditures in the energy industry can adversely impact our customers’ demand for our products and services.

A significant portion of our revenue depends upon the level of capital and operating expenditures in the oil and natural gas industry, including capital expenditures in connection with the upstream, midstream, and downstream phases in the energy industry. Therefore, a significant decline in oil or natural gas prices could lead to a decrease in our customers’ capital and other expenditures and could adversely affect our revenues.

Demand for our products could decrease if the manufacturers of those products sell them directly to end users.

Typically, MRO products have been purchased through distributors and not directly from the manufacturers of those products. If customers were to purchase our products directly from manufacturers, or if manufacturers sought to increase their efforts to sell directly to end users, we could experience a significant decrease in sales and earnings.

Changes in our customer and product mix, or adverse changes to the cost of goods we sell, could cause our gross margin percentage to fluctuate or decrease, and we may not be able to maintain historical margins.

Changes in our customer mix have resulted from geographic expansion, daily selling activities within current geographic markets, and targeted selling activities to new customers. Changes in our product mix have resulted from marketing activities to existing customers and needs communicated to us from existing and prospective customers. There can be no assurance that we will be able to maintain our historical gross margins. In addition, we may also be subject to price increases from vendors that we may not be able to pass along to our customers.
 
A deterioration in the oil and gas sector or other circumstances may negatively impact our business and results of operations and thus hinder our ability to comply with financial covenants under our credit facilities, including the Secured Leverage Ratio and Fixed Charge Coverage Ratio financial covenants.

A deterioration of the oil and gas sector or other circumstances that reduce our earnings may hinder our ability to comply with certain financial covenants under our credit facilities. Specifically, compliance with the Secured Leverage Ratio and Fixed Charge Coverage Ratio covenants depend on our ability to maintain net income and prevent losses. In the future we may not be able to comply with the covenants and, if we are not able to do so, our lenders may not be willing to waive such non-compliance or amend such covenants. If we are unable to comply with our financial covenants or obtain a waiver or amendment of those covenants or obtain alternative financing, our business and financial condition would be adversely affected.

We rely upon third-party transportation providers for our merchandise shipments and are subject to increased shipping costs as well as the potential inability of our third-party transportation providers to deliver products on a timely basis.

We rely upon independent third-party transportation providers for our merchandise shipments, including shipments to and from all of our service centers. Our utilization of these delivery services for shipments is subject to risks, including increases in fuel prices, labor availability, labor strikes and inclement weather, which may impact a shipping company’s ability to provide delivery services that adequately meet our shipping needs. If we change the shipping companies we use, we could face logistical difficulties that could adversely affect deliveries and we would incur costs and expend resources in connection with such change. In addition, we may not be able to obtain favorable terms as we have with our current third-party transportation providers.

Adverse weather events or natural disasters could negatively disrupt our operations.

Certain areas in which we operate are susceptible to adverse weather conditions or natural disasters, such as hurricanes, tornadoes, floods and earthquakes. These events can disrupt our operations, result in damage to our properties and negatively affect the local economies in which we operate. Additionally, we may experience communication disruptions with our customers, vendors and employees.

We cannot predict whether or to what extent damage caused by these events will affect our operations or the economies in regions where we operate. These adverse events could result in disruption of our purchasing or distribution capabilities, interruption of our business that exceeds our insurance coverage, our inability to collect from customers and increased operating costs. Our business or results of operations may be adversely affected by these and other negative effects of these events.

The loss of or the failure to attract and retain key personnel could adversely impact our results of operations.

The loss of the services of any of the executive officers of the Company could have a material adverse effect on our financial condition and results of operations. In addition, our ability to grow successfully will be dependent upon our ability to attract and retain qualified management and technical and operational personnel. The failure to attract and retain such persons could materially adversely affect our financial condition and results of operations.

The loss of any key supplier could adversely affect DXP’s sales and profitability.

We have distribution rights for certain product lines and depend on these distribution rights for a substantial portion of our business. Many of these distribution rights are pursuant to contracts that are subject to cancellation upon little or no prior notice. The termination or limitation by any key supplier of its relationship with the Company could result in a temporary disruption of our business and, in turn, could adversely affect our results of operations and financial condition.

If we do not successfully remediate our internal controls weaknesses, our financial statements may not be accurate and the trading price of our stock could be negatively impacted.
 
As discussed in Item 9A, “Managements Report on Internal Controls Over Financial Reporting,” we had material weaknesses in our internal controls during 2017.  If we fail to successfully remediate those weaknesses, our financial statements may not be accurate and the trading price of our stock could be negatively impacted

We are subject to various government regulations.

We are subject to laws and regulations in every jurisdiction where we operate. Compliance with laws and regulations increases our cost of doing business. We are subject to a variety of laws and regulations, including without limitation import and export requirements, the Foreign Corrupt Practices Act, tax laws (including U.S. taxes on our foreign subsidiaries), data privacy requirements, labor laws and anti-competition regulations. We are also subject to audits and inquiries in the ordinary course of business. Changes to the legal and regulatory environments could increase the cost of doing business, and such costs may increase in the future as a result of changes in these laws and regulations or in their interpretation. Our employees, contractors or agents may violate laws and regulations despite our attempts to implement policies and procedures to comply with such laws and regulations. Any such violations could individually or in the aggregate materially adversely affect our financial condition or results of operations.

We are subject to environmental, health and safety laws and regulations.

We are subject to federal, state, local, foreign and provincial environmental, health and safety laws and regulations. Fines and penalties may be imposed for non-compliance with applicable environmental, health and safety requirements and the failure to have or to comply with the terms and conditions of required permits. The failure by us to comply with applicable environmental, health and safety requirements could result in fines, penalties, enforcement actions, third party claims for property damage and personal injury, requirements to clean up property or to pay for the costs of cleanup, or regulatory or judicial orders requiring corrective measures.

A general slowdown in the economy could negatively impact DXP’s sales growth.

Economic and industry trends affect DXP’s business. Demand for our products is subject to economic trends affecting our customers and the industries in which they compete in particular. Many of these industries, such as the oil and gas industry, are subject to volatility while others, such as the petrochemical industry, are cyclical and materially affected by changes in the economy. As a result, demand for our products could be adversely impacted by changes in the markets of our customers. We traditionally do not enter into long-term contracts with our customers which increases the likelihood that economic downturns would affect our business.

Risks Associated With Conducting Business in Foreign Countries

We conduct a meaningful amount of business outside of the United States of America. We could be adversely affected by economic, legal, political and regulatory developments in countries that we conduct business in. We have meaningful operations in Canada in which the functional currency is denominated in Canadian dollars. As the value of currencies in foreign countries in which we have operations increases or decreases related to the U.S. dollar, the sales, expenses, profits, losses assets and liabilities of our foreign operations, as reported in our Consolidated Financial Statements, increase or decrease, accordingly.
 
The trading price of our common stock may be volatile.

The market price of our common stock could be subject to wide fluctuations in response to, among other things, the risk factors described in this and other periodic reports, and other factors beyond our control, such as fluctuations in the valuation of companies perceived by investors to be comparable to us. Furthermore, the stock markets have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance of those companies. These broad market and industry fluctuations, as well as general economic, political, and market conditions, such as recessions, interest rate changes or international currency fluctuations, may negatively affect the market price of our common stock. In the past, many companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert our management's attention from other business concerns, which could adversely affect our business.
 
Our future results will be impacted by our ability to implement our internal growth strategy.

Our future results will depend in part on our success in implementing our internal growth strategy, which includes expanding our existing geographic areas, selling additional products to existing customers and adding new customers. Our ability to implement this strategy will depend on our success in selling more products and services to existing customers, acquiring new customers, hiring qualified sales persons, and marketing integrated forms of supply management such as those being pursued by us through our SmartSourceSM program. We may not be successful in efforts to increase sales and product offerings to existing customers. Consolidation in our industry could heighten the impacts of competition on our business and results of operations discussed above. The fact that we do not traditionally enter into long-term contracts with our suppliers or customers may provide opportunities for our competitors.

We are subject to personal injury and product liability claims involving allegedly defective products.

A variety of products we distribute are used in potentially hazardous applications that can result in personal injury and product liability claims. A catastrophic occurrence at a location where the products we distribute are used may result in us being named as a defendant in lawsuits asserting potentially large claims and applicable law may render us liable for damages without regard to negligence or fault.

Risks Associated With Acquisition Strategy

Our future results will depend in part on our ability to successfully implement our acquisition strategy. We may not be able to consummate acquisitions at rates similar to the past, which could adversely impact our growth rate and stock price. This strategy includes taking advantage of a consolidation trend in the industry and effecting acquisitions of businesses with complementary or desirable product lines, strategic distribution locations, attractive customer bases or manufacturer relationships. Promising acquisitions are difficult to identify and complete for a number of reasons, including high valuations, competition among prospective buyers, the need for regulatory (including antitrust) approvals and the availability of affordable funding in the capital markets. In addition, competition for acquisitions in our business areas is significant and may result in higher purchase prices. Changes in accounting or regulatory requirements or instability in the credit markets could also adversely impact our ability to consummate acquisitions. In addition, acquisitions involve a number of special risks, including possible adverse effects on our operating results, diversion of management’s attention, failure to retain key personnel of the acquired business, difficulties in integrating operations, technologies, services and personnel of acquired companies, potential loss of customers of acquired companies, preserving business relationships of the acquired companies, risks associated with unanticipated events or liabilities, and expenses associated with obsolete inventory of an acquired business, some or all of which could have a material adverse effect on our business, financial condition and results of operations. Our ability to grow at or above our historic rates depends in part upon our ability to identify and successfully acquire and integrate companies and businesses at appropriate prices and realize anticipated cost savings.

Risks Related to Acquisition Financing

We may need to finance acquisitions by using shares of common stock for a portion or all of the consideration to be paid. In the event that the common stock does not maintain a sufficient market value, or potential acquisition candidates are otherwise unwilling to accept common stock as part of the consideration for the sale of their businesses, we may be required to use more of our cash resources, if available, to maintain our acquisition program. These cash resources may include borrowings under our existing credit agreements or equity or debt financings. Our current credit agreements with lenders contain certain restrictions that could adversely affect our ability to implement and finance potential acquisitions. Such restrictions include provisions which limit our ability to merge or consolidate with, or acquire all or a substantial part of the properties or capital stock of, other entities without the prior written consent of the lenders. There can be no assurance that we will be able to obtain the lenders’ consent to any of our proposed acquisitions. If we do not have sufficient cash resources, our growth could be limited unless we are able to obtain additional capital through debt or equity financings.
 
Ability to Comply with Financial Covenants of Credit Facilities

Our credit facilities require the Company to comply with certain specified covenants, restrictions, financial ratios and other financial and operating tests. The Company’s ability to comply with any of the foregoing restrictions will depend on its future performance, which will be subject to prevailing economic conditions and other factors, including factors beyond the Company’s control. A failure to comply with any of these obligations could result in an event of default under the credit facilities, which could permit acceleration of the Company’s indebtedness under the credit facilities. The Company from time to time has been unable to comply with some of the financial covenants contained in previous credit facilities (relating to, among other things, the maintenance of prescribed financial ratios) and has, when necessary, obtained waivers or amendments to the covenants from its lenders. In the future the Company may not be able to comply with the covenants or, if is not able to do so, that its lenders will be willing to waive such non-compliance or amend such covenants.

Ability to Refinance

We may not be able to refinance existing debt or the terms of any refinancing may not be as favorable as the terms of our existing debt. If principal payments due upon default or at maturity cannot be refinanced, extended or repaid with proceeds from other sources, such as new equity capital, our cash flow may not be sufficient to repay all maturing debt in years when significant payments come due.

Goodwill and intangible assets recorded as a result of our acquisitions could become impaired.

Goodwill represents the difference between the purchase price of acquired companies and the related fair values of net assets acquired. We test goodwill for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. Goodwill and intangibles represent a significant amount of our total assets.  As of December 31, 2017, our combined goodwill and intangible assets amounted to $266.1 million, net of accumulated amortization. To the extent we do not generate sufficient cash flows to recover the net amount of any investments in goodwill and other intangible assets recorded, the investment could be considered impaired and subject to write-off which would directly impact earnings. We expect to record additional goodwill and other intangible assets as a result of future business acquisitions. Future amortization of such other intangible assets or impairments, if any, of goodwill or intangible assets would adversely affect our results of operations in any given period. See Note 8 of the Notes to Consolidated Financial Statements regarding the 2015 impairments of B27 goodwill.

Our business has substantial competition that could adversely affect our results.

Our business is highly competitive. We compete with a variety of industrial supply distributors, some of which may have greater financial and other resources than us. Although many of our traditional distribution competitors are small enterprises selling to customers in a limited geographic area, we also compete with larger distributors that provide integrated supply programs such as those offered through outsourcing services similar to those that are offered by our SCS segment. Some of these large distributors may be able to supply their products in a more timely and cost-efficient manner than us. Our competitors include catalog suppliers, large warehouse stores and, to a lesser extent, certain manufacturers. Competitive pressures could adversely affect DXP’s sales and profitability.

Interruptions in the proper functioning of our information systems could disrupt operations and cause increases in costs and/or decreases in revenues.

The proper functioning of DXP’s information systems is critical to the successful operation of our business. Our information systems are vulnerable to natural disasters, power losses, telecommunication failures and other problems despite the protection of our information systems through physical and software safeguards and remote processing capabilities. If critical information systems fail or are otherwise unavailable, DXP’s ability to procure products to sell, process and ship customer orders, identify business opportunities, maintain proper levels of inventories, collect accounts receivable and pay accounts payable and expenses could be adversely affected.
 
Risks Associated with Insurance

In the ordinary course of business we at times may become the subject of various claims, lawsuits or administrative proceedings seeking damages or other remedies concerning our commercial operations, the products we distribute, employees and other matters, including potential claims by individuals alleging exposure to hazardous materials as a result of the products we distribute or our operations. Some of these claims may relate to the activities of businesses that we have acquired, even though these activities may have occurred prior to acquisition. The products we distribute are subject to inherent risks that could result in personal injury, property damage, pollution, death or loss of production.

We maintain insurance to cover potential losses, and we are subject to various deductibles and caps under our insurance. It is possible, however, that judgments could be rendered against us in cases in which we would be uninsured and beyond the amounts that we currently have reserved or anticipate incurring for such matters. Even a partially uninsured claim, if successful and of significant size, could have a material adverse effect on our business, results of operations and financial condition. Furthermore, we may not be able to continue to obtain insurance on commercially reasonable terms in the future, and we may incur losses from interruption of our business that exceed our insurance coverage. In cases where we maintain insurance coverage, our insurers may raise various objections and exceptions to coverage which could make uncertain the timing and amount of any possible insurance recovery.

Risks Associated with Cyber-Security

Through our sales channels and electronic communications with customers generally, we collect and maintain confidential information that customers provide to us in order to purchase products or services. We also acquire and retain information about suppliers and employees in the normal course of business. Computer hackers may attempt to penetrate our information systems or our vendors' information systems and, if successful, misappropriate confidential customer, supplier, employee or other business information. In addition, one of our employees, contractors or other third party may attempt to circumvent security measures in order to obtain such information or inadvertently cause a breach involving such information. Loss of information could expose us to claims from customers, suppliers, financial institutions, regulators, payment card associations, employees and other persons, any of which could have an adverse effect on our financial condition and results of operations. We may not be able to adequately insure against cyber risks.

ITEM 1B.
Unresolved Staff Comments

None.

ITEM 2.
Properties

We own 8 of our facilities, including our headquarters facility in Houston, Texas, which has approximately 48,000 square feet of office space. The remainder of our facilities are leased. At December 31, 2017, we had approximately 176 facilities which contained 161 services centers, 4 distribution centers and 11 fabrication facilities.

At December 31, 2017, the Service Centers segment operated out of 161 service center facilities. Of these facilities, 125 were located in the U.S. in 34 states, 34 were located in 9 Canadian provinces, one was located in Sonora, Mexico and one was located in Dubai. All of the distribution centers were located in the U.S., specifically in Montana, Nebraska, and Texas. At December 31, 2017, the Innovative Pumping Solutions segment operated out of 11 fabrication facilities located in 4 states in the U.S. and two provinces in Canada. At December 31, 2017, the Supply Chain Services segment operated supply chain installations in 67 of our customers’ facilities in 25 U.S. states.

At December 31, 2017, our owned facilities ranged from 5,000 square feet to 48,000 square feet in size. We leased facilities for terms generally ranging from one to fifteen years. The leased facilities ranged from approximately 570 square feet to 105,000 square feet in size. The leases provide for periodic specified rental payments and certain leases are renewable at our option. We believe that our facilities are suitable and adequate for the needs of our existing business. We believe that if the leases for any of our facilities were not renewed, other suitable facilities could be leased with no material adverse effect on our business, financial condition or results of operations.
 
ITEM 3.
Legal Proceedings

From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. While DXP is unable to predict the outcome of these lawsuits, it believes that the ultimate resolution will not have, either individually or in the aggregate, a material adverse effect on DXP’s business, consolidated financial position, cash flows, or results of operations.

ITEM 4.
Mine Safety Disclosures

Not applicable.

PART II

ITEM 5.
Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Our common stock trades on The NASDAQ Global Select Market under the stock symbol "DXPE".

The following table sets forth on a per share basis the high and low sales prices for our common stock as reported by NASDAQ for the periods indicated:

   
High
    
Low
  
2017
            
Fourth Quarter
  
$
32.44
    
$
25.01
  
Third Quarter
  
$
35.62
    
$
25.35
  
Second Quarter
  
$
41.67
    
$
32.80
  
First Quarter
  
$
39.94
    
$
29.54
  
                 
2016
                
Fourth Quarter
  
$
37.88
    
$
19.75
  
Third Quarter
  
$
30.69
    
$
15.07
  
Second Quarter
  
$
22.94
    
$
12.78
  
First Quarter
  
$
21.91
    
$
13.31
  

On March 21, 2018, we had approximately registered 381 holders of record for outstanding shares of our common stock. This number does not include shareholders for whom shares are held in “nominee” or “street name”. We anticipate that future earnings will be retained to finance the continuing development of our business. In addition, our credit facilities limit our ability to declare or pay cash dividends or other distributions on our capital stock. We do not anticipate paying cash dividends on our common stock in the foreseeable future. The payment of any future dividends will be at the discretion of our Board of Directors and will depend upon, among other things, future earnings, the success of our business activities, regulatory and capital requirements, lenders, and general financial and business conditions.

Stock Performance

The following performance graph compares the performance of DXP’s common stock to the NASDAQ Industrial Index and the NASDAQ Composite (US). The graph assumes that the value of the investment in DXP’s common stock and in each index was $100 at December 31, 2012 and that all dividends were reinvested.

Investors are cautioned against drawing conclusions from the data contained in the graph below as past results are not necessarily indicative of future performance.
 
 
Equity Compensation Table

The following table provides information regarding shares covered by the Company’s equity compensation plans as of December 31, 2017:

Plan category
  
Number
of Securities
to be issued
upon exercise
of outstanding
options
    
Weighted
average
exercise
price of
outstanding
 options
    
Non-vested
 restricted
shares
outstanding
    
Weighted
average
grant
price
    
Number of
securities
remaining
 available for
 future
 issuance
under equity
compensation
plans
  
Equity compensation plans approved by shareholders
    
N/A
      
N/A
      
77,901
    
$
30.36
      
401,223
(1) 
Equity compensation plans not approved by shareholders
    
N/A
      
N/A
      
N/A
      
N/A
      
N/A
  
Total
    
N/A
      
N/A
      
77,901
    
$
30.36
      
401,223
(1) 
 
(1) Represents shares of common stock authorized for issuance under the 2016 Omnibus Incentive Plan.
 
Unregistered Shares

DXP issued 148,769 unregistered shares of DXP’s common stock as part of the consideration for the September 1, 2015 acquisition of Cortech. The unregistered shares were issued to the sellers of Cortech.

DXP issued 30,305 unregistered shares of DXP’s common stock as part of the consideration for the January 1, 2018 acquisition of ASI. The unregistered shares were issued ot the sellers of ASI.

We relied on Section 4(a)(2) of the Securities Exchange Act as a basis for exemption from registration. All issuances were as a result of private negotiation, and not pursuant to public solicitation. In addition, we believe the shares were issued to “accredited investors” as defined by Rule 501 of the Securities Act.

Recent Sales of Common Stock

On August 19, 2016, the Company filed with the Securities and Exchange Commission a Form S-3 Registration Statement, commonly referred to as a “shelf registration,” which was effective August 26, 2016, whereby the Company registered shares of common stock and which shall have an aggregate offering price of up to $100 million.

In September 2016, pursuant to this registration statement, the Company issued 238,858 shares of common stock at a weighted average price of $26.38 per share under the related Equity Distribution Agreement. The distribution agents received $0.1 million aggregate commissions on such sales. Net proceeds were approximately $6.0 million. These proceeds were used to pay down debt obligations.

On October 31, 2016, the Company closed on the sale of 2,484,000 shares of stock for total net proceeds of $46.2 million after expenses. These proceeds were used to pay down debt obligations.

Repurchases of Common Stock

During 2017, 2016 and 2015 the Company withheld 30,500, 12,507 and 20,440 shares, respectively, to satisfy tax withholding obligations in connection with vesting of employee equity awards.

On December 17, 2014, DXP publicly announced an authorization from the Board of Directors that allowed DXP from time to time to purchase up to 400,000 shares of DXP's common stock over 24 months. Purchases could be made in open market or in privately negotiated transactions. DXP purchased 191,420 shares for $8.9 million under this authorization through December 31, 2015. No shares were purchased during 2016.  The authorization expired on December 16, 2016.

ITEM 6.
Selected Financial Data

The selected historical consolidated financial data set forth below for each of the years in the five-year period ended December 31, 2017 has been derived from our audited Consolidated Financial Statements. This information should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Consolidated Financial Statements and notes thereto included elsewhere in this Report.

       
Years Ended December 31,
  
 
2017
    
2016
    
2015(2)
    
2014(1)
    
2013
  
         
(in thousands, except per share amounts)
  
Consolidated Statement of Earnings Data:
                              
Sales
  
$
1,006,782
    
$
962,092
    
$
1,247,043
    
$
1,499,662
    
$
1,241,510
  
Gross Profit
    
271,581
      
264,802
      
351,986
      
432,840
      
372,345
  
Impairment expense
    
-
      
-
      
68,735
      
117,569
      
-
  
B27 settlement
    
-
      
-
      
7,348
      
-
      
-
  
Operating income (loss)
    
33,490
      
19,332
      
(27,916
)
    
(12,628
)
    
100,924
  
Income (loss) before income taxes
    
16,892
      
9,674
      
(38,920
)
    
(25,556
)
    
94,717
  
Net income (loss)
    
16,529
      
7,151
      
(39,070
)
    
(45,238
)
    
60,237
  
Net (loss) attributable to noncontrolling interest
    
(359
)
    
(551
)
    
(534
)
    
-
      
-
  
Net income (loss) attributable to DXP Enterprises, Inc.
    
16,888
      
7,702
      
(38,536
)
    
(45,328
)
    
60,237
  
Per share amounts
                                        
Basic earnings (loss) per common share(3)
    
0.97
      
0.51
    
$ 
(2.68
)
  
$ 
(3.10
)
  
$
4.17
  
Common shares outstanding(3)
    
17,400
      
15,042
      
14,423
      
14,639
      
14,439
  
Diluted earnings (loss) per share(3)
    
0.93
      
0.49
    
$ 
(2.68
)
  
$ 
(3.10
)
  
$
3.94
  
Common and common equivalent shares
Outstanding(3)
    
18,240
      
15,882
      
14,423
      
14,639
      
15,279
  
 
(1)The impairment expense in 2014, further discussed in Note 8 of the Notes to Consolidated Financial Statements, reduced operating income by $117.6 million, increased the net loss by $102.0 million, and increased basic and diluted loss per share by $6.97.
(2) The impairment expense in 2015, further discussed in Note 8 of the Notes to Consolidated Financial Statements, reduced operating income by $68.7 million, increased the net loss by $58.4 million, and increased basic and diluted loss per share by $4.05.
(3) See Note 12 of the Notes to Consolidated Financial Statements for the calculation of basic and diluted earnings per share.
 
Consolidated Balance Sheet Data:
                              
                               
   
2017
    
2016
    
2015
    
2014
    
2013
  
                               
Total assets
  
$
639,083
    
$
602,052
    
$
683,980
    
$
841,632
    
$
636,615
  
Long-term debt obligations
    
248,716
      
174,323
      
300,726
      
372,908
      
168,372
  
Shareholders’ equity
    
268,546
      
252,549
      
198,870
      
242,952
      
296,250
  

ITEM 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and related notes contained within Item 8, Financial Statements and Supplementary Data and the other financial information found elsewhere in this Report. Management’s Discussion and Analysis uses forward-looking statements that involve certain risks and uncertainties as described previously in our Disclosure Regarding Forward-Looking Statements and Item 1A. Risk Factors.

General Overview

Our products are marketed in the United States, Canada, Dubai and Mexico to over 50,000 customers that are engaged in a variety of industries, many of which may be countercyclical to each other. Demand for our products generally is subject to changes in the United States and Canada, and global and micro-economic trends affecting our customers and the industries in which they compete in particular. Certain of these industries, such as the oil and gas industry, are subject to volatility driven by a variety of factors, while others, such as the petrochemical industry and the construction industry, are cyclical and materially affected by changes in the United States and global economy. As a result, we may experience changes in demand within particular markets, segments and product categories as changes occur in our customers' respective markets.

During 2013, the growth rate of the general economy slowed from 2012 and sales of metal working and bearing and power transmission products to manufacturers of oil field equipment declined. Our employee headcount increased by 13.8% primarily as a result of multiple acquisitions. Sales for the year ended December 31, 2013 increased $144.4 million, or 13.2%, to $1.2 billion from $1.1 billion in 2012. Sales by businesses acquired in 2013 accounted for $63.7 million of 2013 sales. Sales by businesses acquired in 2012 accounted for $75.9 million of 2013 sales, on a same store sales basis. Excluding 2013 sales of $139.6 million by businesses acquired in 2012 and 2013, on a same store sales basis, sales increased $4.8 million, or 0.4%, from 2012.
 
During 2014, the growth rate of the general economy increased slightly from 2013. However, oil prices declined significantly during the second half of 2014. Our employee headcount increased 15.5% primarily as a result of the two acquisitions completed during the year. Sales for the year ended December 31, 2014 increased $258.2 million, or 20.8%, to approximately $1,499.7 million from $1,241.5 million in 2013. Sales by businesses acquired in 2014 accounted for $176.4 million of 2014 sales. Sales by businesses acquired in 2013 accounted for $35.1 million of the 2014 increase, on a same store sales basis. Excluding 2014 sales of $211.5 million by businesses acquired in 2014 and 2013, on a same store sales basis, sales increased by $46.7 million, or 3.8%, from 2013. This sales increase is primarily the result of increased sales by the Service Centers segment of $22.1 million, IPS segment of $8.1 million, and SCS segment of $16.5 million, on a same store sales basis. The majority of these 2014 sales increases came from a broad based increase in sales of pumps, bearings, industrial supplies, metal working and safety products to customers engaged in oilfield service, oil and gas exploration and production, mining, manufacturing and petrochemical processing.

During 2015, the growth rate of the general economy was flat with 2014. However, the growth rate of the industrial economy slowed. Oil prices significantly declined during the year, falling approximately 35%. Our employee headcount decreased 12.7%, despite two acquisitions, primarily as a result of headcount reductions stemming from reduced capital spending by oil and gas producers. Sales for the year ended December 31, 2015 decreased $252.6 million, or 16.9%, to approximately $1,247.0 million from $1,499.7 million in 2014.  Sales by businesses acquired in 2014 and 2015 reduced the decline by $14.5 million and $9.1 million, respectively. Excluding 2015 sales of $23.6 million by businesses acquired in 2014 and 2015, on a same store sales basis, sales decreased by $276.2 million, or 18.4%, from 2014. This sales decrease is primarily the result of decreased sales by the Service Centers segment of $184.6 million and IPS segment of $93.3 million, which were partially offset by increased sales by the Supply Chain Services segment of $1.7 million, on a same store sales basis. The majority of these 2015 sales decreases resulted from declines in sales of rotating equipment, bearings, metal working products, industrial supplies and safety products and services to customers engaged in oil and gas production, mining and manufacturing. The sales declines were primarily the result of reduced capital spending by oil and gas producers.

During 2016, the growth rate of the general economy remained flat with 2015 and the rig count declined significantly during the first half of 2016, increased during the second half, but remained significantly below 2014 peaks.  The energy market for our products remained depressed.  We reduced our employee headcount 24.1% due to the continued reduction of spending by the oil and gas producers. Sales for the year ended December 31, 2016 decreased $285.0 million, or 22.9%, to approximately $962.1 million from $1,247.0 million in 2015. Sales by businesses acquired in 2015 accounted for $15.1 million of 2016 sales. Sales by a business sold in 2016 accounted for a decline of $7.1 million on a same store basis.  Excluding 2016 sales of $15.1 million by businesses acquired in 2015; and 2015 sales of $7.1 million of the business divestiture in 2016, on a same store sales basis, sales decreased by $292.9 million, or 23.6%, from 2015. This sales decrease is the result of decreased sales by the Service Centers segment of $213.5 million, the IPS segment of $67.7 million and the Supply Chain Services segment of $11.7 million, on a same store sales basis.  The majority of the 2016 sales decline is the result of a decrease in sales of pumps, bearings, industrial supplies, metal working and safety products to customers engaged in oilfield service, oil and gas exploration and production, mining, manufacturing and petrochemical processing.

During 2017, the growth rate of the general economy improved from 2016 and the rig count increased, but remained significantly below 2014 peaks.  The energy market for our products improved. Sales for the year ended December 31, 2017 increased $44.7 million, or 4.6%, to approximately $1.0 billion from $962.1 million for the prior corresponding period. Sales from a business sold in 2016 accounted for $22.7 million of 2016 sales. Excluding the 2016 sales of the sold business, on a same store sales basis, sales for 2017 increased by $67.4 million, or 7.2% from the prior corresponding period. This same store sales increase is the result of sales increases in our Service Centers, IPS and SCS segments of $42.9 million, $16.9 million and $7.5 million respectively. The majority of the 2017 sales increase is the result of increased sales of pumps, bearings, industrial supplies, metal working and safety services to customers engaged in oilfield service, oil and gas exploration and production, mining, manufacturing and petrochemical processing.

Our sales growth strategy in recent years has focused on internal growth and acquisitions. Key elements of our sales strategy include leveraging existing customer relationships by cross-selling new products, expanding product offerings to new and existing customers, and increasing business-to-business solutions using system agreements and supply chain solutions for our integrated supply customers. We will continue to review opportunities to grow through the acquisition of distributors and other businesses that would expand our geographic reach and/or add additional products and services. Our results will depend on our success in executing our internal growth strategy and, to the extent we complete any acquisitions, our ability to integrate such acquisitions effectively.
 
Our strategies to increase productivity include consolidated purchasing programs, centralizing product distribution, customer service and inside sales functions, and using information technology to increase employee productivity.
 
Results of Operations
 
    Years Ended December 31,  
                                     
   
2017
    
%
    
2016
    
%
    
2015
    
%
  
   
(in millions, except percentages and per share amounts)
  
       
Sales
  
$
1,006.8
      
100.0
    
$
962.1
      
100.0
    
$
1,247.0
      
100.0
  
Cost of sales
    
735.2
      
73.0
      
697.3
      
72.5
      
895.1
      
71.8
  
Gross profit
    
271.6
      
27.0
      
264.8
      
27.5
      
351.9
      
28.2
  
Selling, general & administrative expense
    
238.1
      
23.7
      
245.5
      
25.5
      
303.8
      
24.4
  
Impairment expense
    
-
      
-
      
-
      
-
      
68.7
      
5.5
  
B27 settlement
    
-
      
-
      
-
      
-
      
7.3
      
0.6
  
Operating income (loss)
    
33.5
      
3.3
      
19.3
      
2.0
      
(27.9
)
    
(2.2
)
Interest expense
    
17.1
      
1.7
      
15.5
      
1.6
      
10.9
      
0.9
  
Other expense (income)
    
(0.5
)
    
-
      
(5.9
)
    
(0.6
)
    
0.1
      
-
  
Income (loss)before income taxes
    
16.9
      
1.6
      
9.7
      
1.0
      
(38.9
)
    
(3.1
)
Provision for income taxes
    
0.4
      
-
      
2.5
      
0.3
      
0.1
      
-
  
Net income (loss)
    
16.5
      
1.7
      
7.2
      
0.7
      
(39.0
)
    
(3.1
)
Net (loss) attributable to noncontrolling interest
    
(0.4
)
    
-
      
(0.5
)
    
-
      
(0.5
)
    
-
  
Net income (loss) attributable to DXP Enterprises, Inc.
  
$
16.9
      
1.7
    
$
7.7
      
0.8
    
$
(38.5
)
    
(3.1
)
Per share
                                                
Basic earnings (loss) per share
  
$
0.97
            
$
0.51
            
$
(2.68
)
        
Diluted earnings (loss) per share
  
$
0.93
            
$
0.49
            
$
(2.68
)
        

DXP is organized into three business segments: Service Centers (“SC”), Supply Chain Services (“SCS”) and Innovative Pumping Solutions (“IPS”). The Service Centers are engaged in providing maintenance, repair and operating (“MRO”) products and equipment, including technical expertise and logistics capabilities, to industrial customers with the ability to provide same day delivery. The Service Centers provide a wide range of MRO products and expertise in the rotating equipment, bearing, power transmission, hose, fluid power, metal working, industrial supply and safety product and service categories. The SCS segment manages all or part of our customers’ MRO products supply chain, including warehouse and inventory management. The IPS segment fabricates and assembles integrated pump system packages custom made to customer specifications, remanufactures pumps and manufactures branded private label pumps.
 
Results of operations for the Service Centers segment are as follows:

   
2017
    
%
    
2016
    
%
    
2015
    
%
  
   
(in millions, except percentages and per share amounts)
  
                                     
Sales
  
$
641.3
      
100.0
    
$
621.0
      
100.0
    
$
826.6
      
100.0
  
Cost of sales
    
451.2
      
70.3
      
437.6
      
70.5
      
575.0
      
69.6
  
Gross profit
    
190.1
      
29.7
      
183.4
      
29.5
      
251.6
      
30.4
  
Selling, general & administrative expense
    
126.9
      
19.8
      
135.8
      
21.9
      
173.4
      
21.0
  
Impairment expense
    
-
      
-
      
-
      
-
      
15.8
      
1.9
  
Operating income (loss), excluding amortization
  
$
63.2
      
9.9
    
$
47.6
      
7.6
    
$
62.4
      
7.5
  
Operating income, excluding impairment and amortization
  
$
63.2
      
9.9
    
$
47.6
      
7.6
    
$
78.2
      
9.5
  

Results of operations for the IPS segment are as follows:
 
   
2017
    
%
    
2016
    
%
    
2015
    
%
  
   
(in millions, except percentages and per share amounts)
  
                                     
Sales
  
$
204.0
      
100.0
    
$
187.1
      
100.0
    
$
254.8
      
100.0
  
Cost of sales
    
160.2
      
78.5
      
142.5
      
76.2
      
191.6
      
75.2
  
Gross profit
    
43.8
      
21.5
      
44.6
      
23.8
      
63.2
      
24.8
  
Selling, general & administrative expense
    
32.4
      
15.9
      
34.7
      
18.5
      
41.6
      
16.3
  
Impairment expense
    
-
      
-
      
-
      
-
      
52.9
      
20.8
  
Operating income (loss), excluding amortization
  
$
11.4
      
5.6
    
$
9.9
      
5.3
    
$
(31.3
)
    
(12.3
)
Operating income excluding impairment and amortization
  
$
11.4
      
5.6
    
$
9.9
      
5.3
    
$
21.6
      
8.5
  

Results of operations for the SCS segment are as follows:

 
   
2017
    
%
    
2016
    
%
    
2015
    
%
  
    (in millions, except percentages and per share amounts  
Sales
  
$
161.5
      
100.0
    
$
154.0
      
100.0
    
$
165.6
      
100.0
  
Cost of sales
    
123.8
      
76.7
      
117.1
      
76.1
      
128.4
      
77.5
  
Gross profit
    
37.7
      
23.3
      
36.9
      
23.9
      
37.2
      
22.5
  
Selling, general & administrative expense
    
22.2
      
13.7
      
21.5
      
13.9
      
23.0
      
13.9
  
Operating income (loss), excluding amortization
  
$
15.5
      
9.6
    
$
15.4
      
10.0
    
$
14.2
      
8.6
  
 
Year Ended December 31, 2017 compared to Year Ended December 31, 2016

SALES. Sales for the year ended December 31, 2017 increased $44.7 million, or 4.6%, to approximately $1.0 billion from $962.1 million for the year ended December 31, 2016. Sales from a business sold in 2016 accounted for $22.7 million of 2016 sales. Excluding the 2016 sales of the sold business, on a same store sales basis, sales for 2017 increased by $67.4 million, or 7.2% from 2016. This same store sales increase is the result of an increase in our Service Centers, IPS and SCS segments of $42.9 million, $16.9 million and $7.5 million respectively. These fluctuations in the sales in our segments are further explained in segment discussions below.

GROSS PROFIT. Gross profit as a percentage of sales for the year ended December 31, 2017 decreased by approximately 55 basis points from the year ended December 31, 2016. On a same store sales basis, gross profit as a percentage of sales decreased by approximately 25 basis points. The overall decrease in the profit percentage, on a same store sales basis, is the result of an approximate 235 basis point decrease in the gross profit percentage in our IPS segment and an approximate 61 basis point decrease in gross profit percentage in our Supply Chain Services segment partially offset by an approximate 51 basis point increase in the gross profit percentage in our Service Centers segment. These fluctuations are explained in the segment discussions below.

SELLING, GENERAL AND ADMINISTRATIVE. Selling, general and administrative expense (SG&A) for the year ended December 31, 2017 decreased by approximately $7.4 million, or 3.0%, to $238.1 million from $245.5 million for the year ended December 31, 2016. SG&A from a business that was sold accounted for $6.1 million of the decrease. Excluding the 2016 SG&A from the business that was sold in 2016, on a same store sales basis, SG&A decreased by $1.3 million, or 1.0%. The overall decline in SG&A, on a same store sales basis, is the result of decreased payroll, related taxes and 401(k) expenses due to headcount and salary reductions and other cost reduction measures primarily implemented near the end of the first quarter of 2016. Additionally, amortization expense declined by $0.8 million, on a same store sales basis. As a percentage of sales, the 2017 expense decreased approximately 183 basis points to 23.7% from 25.5% for 2016, on a same store sales basis.

OPERATING INCOME. Operating income for the year ended December 31, 2017 increased $14.2 million, to $33.5 million, from $19.3 million in the year ended December 31, 2016. The operating income from the business sold in 2016 reduced the overall increase during 2017 in operating income in the amount of $2.9 million. Excluding the operating income from the business sold, on a same store sales basis, operating income increased $17.1 million, or 103.8% from 2016. This increase in operating income is primarily related to the increase in gross profit and decrease in SG&A discussed above.

INTEREST EXPENSE. Interest expense for the year ended December 31, 2017 increased 9.6% from the year ended December 31, 2016 primarily as a result of increased interest rates under our credit facilities.

INCOME TAXES. Our effective tax rate from continuing operations was a tax expense of 2.2% for the year ended December 31, 2017 compared to a tax expense of 26.1% for the year ended December 31, 2016. Compared to the U.S. statutory rate for the year ended December 31, 2017, the effective tax rate was increased by state taxes and nondeductible expenses. The effective tax rate decreased because of the remeasurement of our net deferred income tax liabilities, lower income tax rates on income earned in foreign jurisdictions, the change in valuation allowance recorded against deferred tax assets, the reduction of tax rates used to establish deferred tax liabilities related to intangibles for customer relationships acquired in Canada in 2012 and 2013, research and development tax credits and domestic production activity deduction. Compared to the U.S. statutory rate for the year ended December 31, 2016, the effective tax rate was increased by state taxes and nondeductible expenses. The effective tax rate decreased by the book gain on the sale of Vertex, lower income tax rates on income earned in foreign jurisdictions, research and development credits, and foreign tax credits.

SERVICE CENTERS SEGMENT. Sales for the Service Centers segment increased by $20.3 million, or 3.3% for the year ended December 31, 2017 compared to the year ended December 31, 2016. Excluding $22.7 million of the 2016 Service Centers segment sales from a business sold in 2016, Service Centers segment sales for 2017 increased $42.9 million, or 7.2% from the year ended December 31, 2016, on a same store sales basis. This sales increase is primarily the result of increased sales of safety services and rotating equipment to customers engaged in the upstream, midstream or downstream oil and gas markets or manufacturing equipment for the upstream, midstream or downstream oil and gas markets in connection with increased capital spending by oil and gas producers and related businesses during 2017 compared to 2016. As a percentage of sales, the 2017 gross profit percentage for the Service Centers increased approximately 12 basis points but increased approximately 51 basis points on a same store sales basis, from 2016. This increase in the gross profit percentage is primarily the result of improved margins on sales of rotating equipment, bearings and industrial supplies. Operating income for the Service Centers segment increased $18.5 million, or 41.4% on a same store sales basis. The increase in operating income is primarily the result of the reduced SG&A combined with increased gross profit.
 
INNOVATIVE PUMPING SOLUTIONS SEGMENT. Sales for the IPS segment increased by $16.9 million, or 9.0% for the year ended December 31, 2017 compared to the year ended December 31, 2016. This increase is primarily the result of increased capital spending by oil and gas producers and related businesses during 2017 compared to 2016. As a percentage of sales, 2017 gross profit percentage for the IPS segment decreased approximately 235 basis points from 2016 primarily as a result competitive pricing pressures and a reduced level of large, complex, high margin orders in 2017. Additionally, gross profit margins for individual orders for the IPS segment can fluctuate significantly because each order is for a unique package built to customer specifications and subject to varying competition. Operating income for the IPS segment increased $1.6 million, or 15.8%, primarily as a result of the $16.9 million increase in sales discussed above and a decrease of $2.3 million in SG&A.

SUPPLY CHAIN SERVICES SEGMENT. Sales for the SCS segment increased by $7.5 million, or 4.9%, for the year ended December 31, 2017 compared to the year ended December 31, 2016. The increase in sales is primarily related to increased sales to customers in the oil and gas industries. We suspect customers in the oilfield services and oilfield equipment manufacturing industries purchased more from DXP because of the increase in capital spending by oil and gas companies operating in the U.S and Canada. Gross profit as a percentage of sales decreased approximately 61 basis points in 2017 compared to 2016 primarily as a result of increased sales of lower margin products to oil and gas related customers. Operating income for 2017 was flat compared to 2016 for the SCS segment because gross profit increased $0.8 million, which was partially offset by an increase of $0.8 million in SG&A.

Year Ended December 31, 2016 compared to Year Ended December 31, 2015

SALES. Sales for the year ended December 31, 2016 decreased $285.0 million, or 22.9%, to approximately $962.1 million from $1,247.0 million in 2015. Sales by businesses acquired in 2015 accounted for $15.1 million of 2016 sales. Sales by a business sold in 2016 accounted for a decline of $7.1 million of sales on a same store basis.  Excluding 2016 sales of $15.1 million by businesses acquired in 2015 and 2015 sales of $7.1 million of the business sold in 2016, on a same store sales basis, sales decreased by $292.9 million, or 23.6%, from 2015. This sales decline is the result of decreased sales by all three segments including $213.5 million in Service Centers, $67.7 million in IPS and $11.7 million in SCS, on a same store sales basis. These decreases are explained in the segment discussions below.

GROSS PROFIT. Gross profit as a percentage of sales decreased approximately 70 basis points to 27.5% for 2016 compared to 28.2% for 2015. On a same store sales basis, gross profit as a percentage of sales decreased by approximately 60 basis points. This decline is primarily the result of an approximate 100 basis point decline in the 2016 gross profit percentage for our IPS segment and an approximate 80 basis point decline in our Service Centers segment, which was partially offset by an increase of approximately 145 basis points for the SCS segment. Gross profit as a percentage of sales for each segment are explained below.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE. Selling, general and administrative (or “SG&A”) expense for 2016 decreased by approximately $58.3 million, or 19.21%, when compared to 2015. Selling, general and administrative expense by businesses acquired in 2015 was $5.2 million on a same store basis. The 2015 SG&A expense for the 2016 business divestiture was $2.1 million on a same store sales basis. Excluding 2016 expenses of $5.2 million by businesses acquired in 2015 and 2015 expenses of $2.1 million for the 2016 business divestiture, on a same store sales basis, selling, general and administrative expenses decreased by $61.4 million, or 20.4%. The decline in SG&A, on a same store sales basis, is partially the result of a $39.0 million decrease in payroll, variable compensation, payroll taxes and 401(k) expense due to headcount reductions. Amortization expense for 2016 decreased by $2.6 million compared to 2015.
 
OPERATING INCOME. Operating income for 2016 decreased approximately $28.8 million, or 59.9%, from $48.2 million to $19.3 million, compared to 2015, excluding the 2015 impairment expense and B27 settlement,. Businesses acquired in 2015 increased the decline by $0.6 million, on a same store sales basis, and the business divested reduced the decline by $1.2 million.  Excluding operating income from businesses acquired and divested, the B27 settlement and impairment expense, operating income decreased $27.1 million or 57.6%. This decrease in operating income, on a same store sales basis, is primarily related to the decreased gross profit which is partially offset by the decline in SG&A discussed above.

INTEREST EXPENSE. Interest expense for 2016 increased by $4.6 million, or 42.4%, from 2015 primarily due to an increase in our interest rates.

INCOME TAXES. Our 2016 provision for income taxes, which is at an effective rate of 26.1%, differed from the U.S. statutory rate of 35% primarily due to the effect of the book gain, but tax loss, recognized on the sale of Vertex during 2016. Our effective tax rate for 2016 of 62.4%, after excluding the effect of the sale of Vertex, increased from 27.7% for the prior corresponding period, before the effect of the mostly non-deductible impairment of goodwill and B27 settlement, primarily as a result of reduced research and development and foreign tax credits, reduced domestic production activity deductions and prior year provision to return adjustments.  During 2009, DXP wrote off $38.2 million of goodwill and intangibles in connection with an impairment which substantially reduced the book basis of Vertex, but not the tax basis.

SERVICE CENTERS SEGMENT. Sales for the Service Centers decreased $205.6 million, or 24.9%, in 2016 compared to 2015. Sales by businesses acquired in 2015 accounted for $15.1 million of 2016 sales. Sales by the 2016 business divestiture accounted for a decline of $7.1 million on a same store basis.  Excluding 2016 sales of $15.1 million by businesses acquired in 2015 and $7.1 million of 2015 sales for the 2016 divested business, on a same stores sales basis, Service Centers’ sales decreased $213.5 million, or 26.1%, on a same stores sales basis, from the prior corresponding period. The majority of the 2016 sales decrease is the result of decreased sales of rotating equipment, bearings, metal working products, industrial supplies and safety products and services to customers engaged in the upstream oil and gas market or manufacturing equipment for the upstream oil and gas market. If crude oil and natural gas prices were to return to, or go below the prices experienced during the first nine months of 2016, this level of sales to the upstream oil and gas industry would be expected to continue, or decline, during 2017. Gross profit as a percentage of sales, on a same store sales basis, declined approximately 80 basis points in 2016 compared to 2015 as a result of declines in the gross profit percentages for sales of pumps, safety services and metal working products due to competitive pressures. Excluding year-to-date Service Centers segment operating income from acquired businesses of $0.4 million and $1.2 million of 2015 income for the business divestiture, Service Centers segment operating income for 2016 decreased by $29.7 million, or 38.6%, primarily as a result of the decline in sales discussed above and the percentage decrease in sales exceeding the percentage decrease in SG&A.

SUPPLY CHAIN SERVICES SEGMENT. Sales for Supply Chain Services decreased by $11.7 million, or 7.0%, in 2016 compared to 2015. None of the 2015 acquisitions or the 2016 divestiture contributed sales to this segment. The decrease is primarily related to decreased sales to customers engaged in the oilfield services and oilfield manufacturing industries. We suspect customers in the oilfield services and oilfield equipment manufacturing industries purchased less from DXP because of the decline in the number of drilling rigs operating in the U.S and Canada. Gross profit as a percentage of sales increased approximately 145 basis points in 2016 compared to the prior corresponding period as a result of decreased sales of lower margin products to oil and gas and trucking related customers. Operating income for the SCS segment increased $1.2 million, or 8.7%, primarily as a result of the 145 basis point increase in gross profit as a percentage of sales combined with a 7.0% reduction in SG&A.

INNOVATIVE PUMPING SOLUTIONS SEGMENT. Sales for Innovative Pumping Solutions decreased by $67.7 million, or 26.6%, in 2016 compared to 2015. The sales decrease primarily resulted from a significant decline in capital spending by our oil and gas producers and related businesses stemming from the decline in the price of oil. If crude oil and natural gas prices were to return to, or go below prices experienced during the first nine months of 2016, this level of sales to the upstream and mid-stream oil and gas industry would be expected to continue, or decline, during 2017. Gross profit as a percentage of sales declined approximately100 basis points in 2016 compared to 2015 primarily as a result of competitive pressures resulting in lower margin jobs and $3.7 million of unabsorbed manufacturing overhead related to the start-up of manufacturing our ANSI pumps. Additionally, gross profit margins for individual orders for the IPS segment can fluctuate significantly because each order is for a unique package built to customer specifications and subject to varying competition. Operating income decreased $11.7 million, or 54.3%, primarily as a result of the 26.6% decline in sales and approximate 100 basis point decline in the gross profit percentage discussed above.
 
Pro Forma Results

The pro forma unaudited results of operations for the Company on a consolidated basis for the twelve months ended December 31, 2017 and 2016, assuming the divestiture of a business completed in 2016 (previously discussed in Item 1, Business) was consummated as of  January 1, 2016 are as follows (in millions, except per share amounts):

   
Years Ended
December 31,
  
   
2017
    
2016
  
Net sales
  
$
1,006.8
    
$
939.4
  
Net income attributable to DXP Enterprises, Inc.
  
$
16.9
    
$
5.5
  
Per share data
                
Basic earnings
  
$
0.97
    
$
0.36
  
Diluted earnings
  
$
0.93
    
$
0.35
  

The pro forma unaudited results of operations for the Company on a consolidated basis for the twelve months ended December 31, 2016 and 2015, assuming the acquisition of businesses completed in 2015 and divestiture of a business completed in 2016 (previously discussed in Item 1, Business) were consummated as of January 1, 2015 are as follows (in millions, except per share amounts.

   
Years Ended
December 31,
  
   
2016
    
2015
  
Net sales
  
$
939.4
    
$
1,228.9
  
Net income (loss) attributable to DXP Enterprises, Inc.
  
$
5.5
    
$
(40.7
)
Per share data
                
Basic earnings (loss)
  
$
0.36
    
$
(2.83
)
Diluted earnings (loss)
  
$
0.35
    
$
(2.83
)

Liquidity and Capital Resources

General Overview

As a distributor of MRO products and services, we require significant amounts of working capital to fund inventories and accounts receivable. Additional cash is required for capital items such as information technology, warehouse equipment, metal working equipment and capital expenditures for our safety products and services category. We also require cash to pay our lease obligations and to service our debt.

We generated approximately $12.5 million of cash in operating activities in 2017 as compared to generating $48.2 million in 2016. The decrease between the two periods was primarily driven by a $20.5 million increase in accounts receivable in 2017 compared to a $12.1 million reduction in 2016. The increase in accounts receivable resulted from the $43.3 million increase in sales for the fourth quarter ended December 31, 2017 compared to the fourth quarter ended December 31, 2016. Sales for the fourth quarter of 2016 declined $56.4 million compared to sales for the fourth quarter of 2015.

We purchased approximately $2.8 million of capital assets during 2017 compared to $4.9 million for 2016. Capital expenditures during 2017 were primarily related to building improvements, manufacturing equipment, and patterns. Capital expenditures for 2018 are expected to be within the range of capital expenditures during 2017 and 2016.
 
At December 31, 2017, our total long-term debt, including the current portion, less principal repayments and less unamortized debt issuance fees, was $242.0 million, or 47.4% of total capitalization (total long-term debt including current portion plus shareholders’ equity) of $510.6 million. Approximately $249.4 million of this outstanding debt bears interest at various floating rates. Therefore, as an example, a 200 basis point increase in interest rates would increase our annual interest expense by approximately $5.0 million.

Our normal trade terms for our customers require payment within 30 days of invoice date. In response to competition and customer demands we will offer extended terms to selected customers with good credit history. Customers that are financially strong tend to request extended terms more often than customers that are not financially strong. Many of our customers, including companies listed in the Fortune 500, do not pay us within stated terms for a variety of reasons, including a general business philosophy to pay vendors as late as possible.

During 2017, the amount available to be borrowed under our credit facilities increased from $37.3 million at December 31, 2016, to $82.0 million at December 31, 2017. This increase in availability is primarily a result of the Company terminating its previously existing credit facility and replacing it with the ABL Credit Agreement and Term Loan, as discussed further below.

Senior Secured Term Loan B and ABL Facility
 
On August 29, 2017, DXP entered into a five year, $85 million Asset Based Loan and Security Agreement (the “ABL Credit Agreement”) and a six-year, $250 million Senior Secured Term Loan B (the “Term Loan B Agreement”), which replaced DXP’s previously existing credit facility.
 
The ABL Credit Agreement provides for asset-based revolving loans in an aggregate principal amount of up to $85.0 million (the “ABL Loans”).  The ABL Credit Agreement may be increased in increments of $10.0 million up to an aggregate of $50.0 million. The facility will mature on August 29, 2022. Interest accrues on outstanding borrowings at a rate equal to LIBOR or CDOR plus a margin ranging from 1.25% to 1.75% per annum, or at an alternate base rate, Canadian prime rate or Canadian base rate plus a margin ranging from 0.25% to 0.75% per annum, in each case, based upon the average daily excess availability under the facility for the most recently completed calendar quarter. Fees ranging from 0.25% to 0.375% per annum are payable on the portion of the facility not in use at any given time. The unused line fee was 0.375% at December 31, 2017.
 
The interest rate for the ABL facility was 2.9% at December 31, 2017.
 
The Term Loan B Agreement provides for a $250 million term loan (the “Term Loan”) that amortizes in equal quarterly installments of 0.25% with the balance payable in August 2023, when the facility matures.  Subject to securing additional lender commitments, the Term Loan B Agreement allows for incremental increases in facility size up to an aggregate of $30 million, plus an additional amount such that DXP’s Secured Leverage Ratio (as defined in the Term Loan B Agreement) would not exceed 3.60 to 1.00. Interest accrues on the Term Loan at a rate equal to the base rate plus a margin of 4.5% for the Base Rate Loans (as defined in the Term Loan B Agreement), or LIBOR plus a margin of 5.5% for the Eurodollar Rate Loans (as defined in the Term Loan B Agreement). We are required to repay the Term Loan with certain asset sales and insurance proceeds, certain debt proceeds and 50% of excess cash flow, reducing to 25%, if our total leverage ratio is no more than 3.00 to 1.00 and 0%, if our total leverage ratio is no more than 2.50 to 1.00.
 
The interest rate for the Term Loan was 7.1% as of December 31, 2017.

DXP’s principal financial covenants under the ABL Credit Agreement and Term Loan B Agreement include:
 
Fixed Charge Coverage Ratio – The Fixed Charge Coverage Ratio under the ABL Credit Agreement is defined as the ratio for the most recently completed four-fiscal quarter period, of (a) EBITDA minus capital expenditures (excluding those financed or funded with debt (other than the ABL Loans), (ii) the portion thereof funded with the net proceeds from asset dispositions of equipment or real property which DXP is permitted to reinvest pursuant to the Term Loan and the portion thereof funded with the net proceeds of casualty insurance or condemnation awards in respect of any equipment and real estate which DXP is not required to use to prepay the ABL Loans pursuant to the Term Loan B Agreement or with the proceeds of casualty insurance or condemnation awards in respect of any other property) minus cash taxes paid (net of cash tax refunds received during such period), to (b) fixed charges.  The Company is restricted from allowing its fixed charge coverage ratio be less than 1.00 to 1.00 during a compliance period, which is triggered when the availability under the ABL facility falls below a threshold set forth in the ABL Credit Agreement.
 
As of December 31, 2017, the Company's consolidated Fixed Charge Coverage Ratio was 3.67 to 1.00.
 
Secured Leverage Ratio – The Term Loan B Agreement requires that the Company’s Secured Leverage Ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt (net of unrestricted cash, not to exceed $30 million) as of such day to EBITDA, beginning with the fiscal quarter ending December 31, 2017, is either equal to or less than as indicated in the table below:

Fiscal Quarter
Secured Leverage Ratio
December 31, 2017
5.75:1.00
March 31, 2018
5.75:1.00
June 30, 2018
5.50:1.00
September 30, 2018
5.50:1.00
December 31, 2018
5.25:1.00
March 31, 2019
5.25:1.00
June 30, 2019
5.00:1.00
September 30, 2019
5.00:1.00
December 31, 2019
4.75:1.00
March 31, 2020
4.75:1.00
June 30, 2020 and each Fiscal Quarter thereafter
4.50:1.00

EBITDA as defined under the Term Loan B Agreement for financial covenant purposes means, without duplication, for any period of determination, the sum of, consolidated net income during such period; plus to the extent deducted from consolidated net income in such period: (i) income tax expense, (ii) franchise tax expense, (iii) consolidated interest expense, (iv) amortization and depreciation during such period, (v) all non-cash charges and adjustments, and (vi) non-recurring cash expenses related to the Term Loan, provided, that if the Company acquires or disposes of any property during such period (other than under certain exceptions specified in the Term Loan B Agreement, including the sale of inventory in the ordinary course of business, then EBITDA shall be calculated, after giving pro forma effect to such acquisition or disposition, as if such acquisition or disposition had occurred on the first day of such period.

As of December 31, 2017, the Company’s consolidated Secured Leverage Ratio was 3.59 to 1.00.

The ABL Loans and the Term Loan are secured by substantially all of the assets of the Company.

Borrowings (in thousands):

   
December 31,
2017
    
December 31,
2016
    
Increase
 (Decrease)
  
             
Current portion of long-term debt
  
$
3,381
    
$
51,354
    
$
(47,973
)
Long-term debt, less debt issuance costs
    
238,643
      
173,331
      
65,312
  
Total long-term debt
  
$
242,024
    
$
224,685
    
$
17,339
  
Amount available(1)
  
$
82,007
    
$
37,347
    
$
44,660
  

(1) Represents the amount available to be borrowed at the indicated date under the most restrictive covenant of the credit facility in effect at the indicated date. The increase in the amount available to be borrowed is primarily the result of the Company terminating its previously existing credit facility and replacing it with the Term Loan B Agreement and the ABL Credit Agreement.
 
Performance Metrics (in days):

   
Three Months Ended
December 31,
        
      
2017
        
2016
      
Increase
(Decrease)
   
                       
Days of sales outstanding
    
60.7
      
65.0
      
(4.3
)
Inventory turns
    
8.4
      
7.7
      
0.7
  

Accounts receivable days of sales outstanding were 60.7 days at December 31, 2017 compared to 65.0 days at December 31, 2016. The 4.3 days decrease was primarily due to more timely payment times in connection with an improved economy. Inventory turns increased primarily due to stronger sales for the three months ended December 31, 2017 compared to sales for the three months ended December 31, 2016.

   
Three Months Ended
December 31,
        
               
Increase
  
   
2016
    
2015
    
(Decrease)
  
       
Days of sales outstanding
    
65.0
      
56.9
      
8.1
  
Inventory turns
    
7.7
      
7.7
      
-
  

Accounts receivable days of sales outstanding were 65.0 days at December 31, 2016 compared to 56.9 days at December 31, 2015. The 8.1 days increase was primarily due to slower payment times by oil and gas customers. Inventory turns remained flat at December 31, 2016 compared to December 31, 2015.

Funding Commitments

We believe our cash generated from operations will meet our normal working capital needs during the next twelve months. However, we may require additional debt outside of our credit facilities or equity financing to fund potential acquisitions. Such additional financings may include additional bank debt or the public or private sale of debt or equity securities. In connection with any such financing, we may issue securities that substantially dilute the interests of our shareholders.

Repurchases of Common Stock

On December 17, 2014, DXP publicly announced an authorization from the Board of Directors that allowed DXP from time to time to purchase up to 400,000 shares of DXP's common stock over 24 months. Purchases could be made in open market or in privately negotiated transactions. DXP purchased 191,420 shares for $8.9 million under this authorization through December 31, 2015. No shares were purchased during 2016.  The authorization expired on December 16, 2016.

Contractual Obligations

The impact that our contractual obligations as of December 31, 2017 are expected to have on our liquidity and cash flow in future periods is as follows (in thousands):
 
   
Payments Due by Period
  
                               
   
Less than 1
Year
    
1–3 Years
    
3-5
Years
    
More than
 5 Years
    
Total
  
Long-term debt, including current portion (1)
  
$
3,381
    
$
6,841
    
$
5,000
    
$
236,875
    
$
252,097
  
Operating lease obligations
    
19,419
      
26,494
      
16,072
      
3,441
      
65,426
  
Estimated interest payments (2)
    
17,607
      
34,611
      
33,870
      
8,382
      
94,470
  
Total
  
$
40,407
    
$
67,946
    
$
54,942
    
$
248,698
    
$
411,993
  

(1)
Amounts represent the expected cash payments of our long-term debt and do not include any fair value adjustment.
(2)
Assumes interest rates in effect at December 31, 2017. Assumes debt is paid on maturity date and not replaced.

Off-Balance Sheet Arrangements

As part of our ongoing business, we do not participate in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities ("SPE's"), which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As of December 31, 2017, we were not involved in any unconsolidated SPE transactions.

The Company has not made any guarantees to customers or vendors nor does the Company have any off-balance sheet arrangements or commitments, that have, or are reasonably likely to have, a current or future effect on the Company’s financial condition, change in financial condition, revenue, expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Indemnification

In the ordinary course of business, DXP enters into contractual arrangements under which DXP may agree to indemnify customers from any losses incurred relating to the services we perform. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments made related to these indemnities have been immaterial.

DISCUSSION OF CRITICAL ACCOUNTING POLICIES

Critical accounting policies are those that are both most important to the portrayal of a company’s financial position and results of operations, and require management’s subjective or complex judgments. These policies have been discussed with the Audit Committee of the Board of Directors of DXP.

The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“USGAAP”). The accompanying Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries and its variable interest entity (“VIE”).

Variable Interest Entity (VIE)

DXP is the primary beneficiary of a VIE in which DXP owns 47.5% of the equity. DXP consolidates the financial statements of the VIE with the financial statements of DXP. As of December 31, 2017, the total assets of the VIE were approximately $5.2 million including approximately $4.5 million of fixed assets. DXP is the primary customer of the VIE. Consolidation of the VIE increased cost of sales by approximately $0.6 million and $1.3 million for the twelve months ended December 31, 2017 and 2016, respectively. The Company recognized a related income tax benefit of $0.2 million and $0.3 million related to the VIE for the years ended December 31, 2017 and 2016, respectively.  At December 31, 2017, the owners of the 52.5% of the equity not owned by DXP included employees of DXP.
 
Receivables and Credit Risk

Trade receivables consist primarily of uncollateralized customer obligations due under normal trade terms, which usually require payment within 30 days of the invoice date. However, these payment terms are extended in select cases and customers may not pay within stated trade terms.

The Company has trade receivables from a diversified customer base located primarily in the Rocky Mountain, Northeastern, Midwestern, Southeastern and Southwestern regions of the United States, and Canada. The Company believes no significant concentration of credit risk exists. The Company evaluates the creditworthiness of its customers' financial positions and monitors accounts on a regular basis, but generally does not require collateral. Provisions to the allowance for doubtful accounts are made monthly and adjustments are made periodically (as circumstances warrant) based upon management’s best estimate of the collectability of such accounts. The Company writes-off uncollectible trade accounts receivable when the accounts are determined to be uncollectible. No customer represents more than 10% of consolidated sales.

Uncertainties require the Company to make frequent judgments and estimates regarding a customer’s ability to pay amounts due in order to assess and quantify an appropriate allowance for doubtful accounts. The primary factors used to quantify the allowance are customer delinquency, bankruptcy, and the Company’s estimate of its ability to collect outstanding receivables based on the number of days a receivable has been outstanding.

The majority of the Company’s customers operate in the energy industry. The cyclical nature of the industry may affect customers’ operating performance and cash flows, which could impact the Company’s ability to collect on these obligations.

The Company continues to monitor the economic climate in which its customers operate and the aging of its accounts receivable. The allowance for doubtful accounts is based on the aging of accounts and an individual assessment of each invoice. At December 31, 2017, the allowance was 5.1% of the gross accounts receivable, compared to an allowance of 5.2% a year earlier. While credit losses have historically been within expectations and the provisions established, should actual write-offs differ from estimates, revisions to the allowance would be required.

Impairment of Goodwill and Other Indefinite Intangible Assets

The Company tests goodwill and other indefinite lived intangible assets for impairment on an annual basis in the fourth quarter and when events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company assigns the carrying value of these intangible assets to its "reporting units" and applies the test for goodwill at the reporting unit level. A reporting unit is defined as an operating segment or one level below a segment (a "component") if the component is a business and discrete information is prepared and reviewed regularly by segment management. As of December 31, 2017 DXP Core Service Centers (“Core SC”), DXP Core IPS, and DXP Core Supply Chain Services (“Core SCS”) had goodwill.

The Company’s goodwill impairment assessment first permits evaluating qualitative factors to determine if a reporting unit's carrying value would more likely than not exceed its fair value. If the Company concludes, based on the qualitative assessment, that a reporting unit's carrying value would more likely than not exceed its fair value, the Company would perform a two-step quantitative test for that reporting unit. When a quantitative assessment is performed, the first step is to identify a potential impairment, and the second step measures the amount of the impairment loss, if any. Goodwill is deemed to be impaired if the carrying amount of a reporting unit’s goodwill exceeds its estimated fair value. For 2017 and 2016, the Company’s annual tests of goodwill for impairment, including qualitative assessments of all of its reporting units of goodwill, determined that a quantitative impairment was not necessary.
 
The Company determines fair value using widely accepted valuation techniques, including discounted cash flows and market multiples analyses, and through use of independent fixed asset valuation firms, as appropriate. These types of analyses contain uncertainties as they require management to make assumptions and to apply judgments regarding industry economic factors and the profitability of future business strategies. The Company’s policy is to conduct impairment testing based on current business strategies, taking into consideration current industry and economic conditions, as well as the Company’s future expectations. Key assumptions used in the discounted cash flow valuation model include, among others, discount rates, growth rates, cash flow projections and terminal value rates. Discount rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined using a weighted average cost of capital (“WACC”). The WACC considers market an industry data, as well as Company-specific risk factors for each reporting unit in determining the appropriate discount rate to be used. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in a similar business. Management uses industry considerations and Company-specific historical and projected results to develop cash flow projections for each reporting unit. Additionally, as part of the market multiples approach, the Company utilizes market data from publicly traded entities whose businesses operate in industries comparable to the Company’s reporting units, adjusted for certain factors that increase comparability.

The Company cannot predict the occurrence of events or circumstances that could adversely affect the fair value of goodwill. Such events may include, but are not limited to, deterioration of the economic environment, increase in the Company’s weighted average cost of capital, material negative changes in relationships with significant customers, reductions in valuations of other public companies in the Company’s industry, or strategic decisions made in response to economic and competitive conditions. If actual results are not consistent with the Company’s current estimates and assumptions, impairment of goodwill could be required.

During the third quarter of 2015, the price of DXP’s common stock and the price of crude oil declined over 40% and over 20%, respectively. The decline in oil prices reduced spending by our customers and reduced our revenue expectations. This sustained decline in crude oil prices, reduced capital spending by customers and reduced revenue expectations were determined to be a triggering event during the third quarter of 2015. This triggering event required us to perform testing for possible goodwill impairment in two of our reporting units, and our step one testing indicated there was an impairment in the B27 IPS and B27 SC reporting units. No triggering event was identified in our other reporting units during the third quarter. Accounting Standards Codification 350 Intangibles – Goodwill and Other (“ASC 350”) step two of the goodwill impairment testing for the reporting units was performed preliminarily during the third quarter of 2015. Our preliminary analysis concluded that $48.0 million of our B27 IPS reporting unit’s goodwill and $9.8 of our B27 SC reporting unit’s goodwill was impaired. The remaining goodwill for the B27 IPS and B27 SC reporting units at September 30, 2015 was $4.9 million and $10.3 million, respectively. The third quarter of 2015 ASC 350 step two testing was completed in the fourth quarter of 2015 without any adjustment to the amount recorded in the third quarter of 2015.

As of October 1, 2015, DXP performed a qualitative assessment (“Step 0”) to determine whether DXP was required to proceed to ASC 350 step one of the impairment analysis for any of its reporting units. It is the position of DXP that the factors taken into the Step 0 analysis failed to meet the more likely than not criteria that the fair value of any of our reporting units had fallen below its carrying value as of October 1, 2015.

During the fourth quarter of 2015, the price of DXP’s common stock and the price of crude oil declined over 16% and over 18%, respectively. Actual earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the fourth quarter of 2015 for the Core SCS and Core SC reporting units exceeded the EBITDA amounts in the October 1, 2015 Step 0 analysis. Therefore, evidence of a fourth quarter triggering event for these two reporting units does not exist. Additionally, the fair value of each of these reporting units is substantially in excess of each reporting units carrying value as of October 1, 2015. Actual EBITDA for the fourth quarter of 2015 for the Core IPS reporting unit was below the EBITDA amount in the October 1, 2015 Step 0 analysis. Therefore, DXP updated the 2016 through 2020 forecasts for the Core IPS reporting unit. The forecasted EBITDA for 2016 through 2020 in the updated forecast declined less than $1 million from the October 1, 2015 forecast. The effect of this decline was more than offset by a $12 million reduction in the carrying value of the Core IPS reporting unit at December 31, 2015 from the October 1, 2015 value. Therefore, evidence of a triggering event for this reporting unit does not exist. Additionally, the fair value of this reporting unit is substantially in excess of its carrying value as of October 1, 2015.
 
Actual EBITDA for the fourth quarter of 2015 for the B27 IPS and B27 SC reporting units were below the EBITDA amounts in the October 1, 2015 Step 0 analysis. Therefore, DXP updated the 2016 through 2020 forecasts for the B27 IPS and B27 SC reporting units. The forecasted EBITDA for 2016 through 2020 in the updated forecasts declined significantly from the October 1, 2015 forecast. The declines in the forecasted EBITDA for these two reporting units were determined to be a triggering event during the fourth quarter of 2015. This triggering event required us to perform testing for possible goodwill impairment in these two reporting units, and our ASC 350 step one testing indicated there may be an impairment in our B27 IPS and B27 SC reporting units. ASC 350 step two testing for reporting units was performed during the fourth quarter of 2015. Our analysis concluded that $4.9 million of our B27 IPS reporting unit’s goodwill was impaired, and $5.0 million of our B27 SC reporting unit’s goodwill was impaired. The remaining goodwill for the B27 IPS and B27 SC reporting units at December 31, 2015 was zero and $5.3 million, respectively.

Impairment of Long-Lived Assets, Excluding Goodwill

The Company tests long-lived assets or asset groups for recoverability on an annual basis and when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. No impairment was recorded for property and equipment and intangible assets with indefinite or determinable lives during 2017, 2016 and 2015.

Revenue Recognition

For binding, long-term agreements to fabricate tangible assets to customer specifications, the Company recognizes revenues using the percentage of completion method. Under this method, revenues are recognized as costs are incurred and include estimated profits calculated on the basis of the relationship between costs incurred and total estimated costs at completion. Changes in estimated profitability may periodically result in revisions to revenue and expenses and are recognized in the period such revisions become probable. If at any time expected costs exceed the value of the contract, the loss is recognized immediately. Revenues of approximately $40.6 million, $31.5 million, and $47.5 million were recognized on contracts in process for the years ended December 31, 2017, 2016, and 2015, respectively. The typical time span of these contracts is approximately one to two years.

For other sales, the Company recognizes revenues when an agreement is in place, the price is fixed, title for product passes to the customer or services have been provided and collectability is reasonably assured. Revenues are recorded net of sales taxes.

The Company reserves for potential customer returns based upon the historical level of returns. Reserves for customer returns were $0.3 and $0.2 million at December 31, 2017 and 2016, respectively.

Self-insured Insurance and Medical Claims

We generally retain up to $100,000 of risk for each claim for workers compensation, general liability, automobile and property loss. We accrue for the estimated loss on the self-insured portion of these claims. The accrual is adjusted quarterly based upon reported claims information. The actual cost could deviate from the recorded estimate.

We generally retain up to $175,000 of risk on each medical claim for our employees and their dependents with the exception of less than 0.05% of employees where a higher risk is retained. We accrue for the estimated outstanding balance of unpaid medical claims for our employees and their dependents. The accrual is adjusted monthly based on recent claims experience. The actual claims could deviate from recent claims experience and be materially different from the reserve.
 
The accrual for these claims at December 31, 2017 and 2016 was approximately $2.7 million and $3.1 million, respectively.
 
Purchase Accounting

DXP estimates the fair value of assets, including property, machinery and equipment and their related useful lives and salvage values, intangibles and liabilities when allocating the purchase price of an acquisition. The fair value estimates are developed using the best information available. Third party valuation specialists assist in valuing the Company’s significant acquisitions. Our purchase price allocation methodology contains uncertainties because it requires management to make assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities. Management estimates the fair value of assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including the income approach and the market approach. Unanticipated events or circumstances may occur which could affect the accuracy of our fair value estimates, including assumptions regarding industry economic factors and business strategies. We typically engage an independent valuation firm to assist in estimating the fair value of goodwill and other intangible assets. We do not expect that there will be material change in the future estimates or assumptions we use to complete the purchase price allocation and estimate the fair values of acquired assets and liabilities. However, if actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material. DXP did not complete any acquisitions during 2017 or 2016.

Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and income tax bases of assets and liabilities. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to reverse. Valuation allowances are established to reduce deferred income tax assets to the amounts expected to be realized under a more likely than not criterion.

Accounting for Uncertainty in Income Taxes

A position taken or expected to be taken in a tax return is recognized in the financial statements when it is more likely than not (i.e. a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U. S. federal, state and local tax examination by tax authorities for years prior to 2012. The Company's policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter.

RECENT ACCOUNTING PRONOUNCEMENTS

Standards Effective in 2017 or Earlier
 
Accounting Changes and Error Corrections. In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2017-03 ("ASU 2017-03"), Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. This update adds language to the SEC Staff Guidance in relation to ASU 2014-09, ASU 2016-02, and ASU 2016-13. This ASU 2017-03 provides the SEC Staff view that a registrant should consider additional quantitative and qualitative disclosures related to the previously mentioned ASUs in connection with the status and impact of their adoption. This guidance, which was effective immediately, did not have a material impact on our Condensed Consolidated Financial Statements.
 
Compensation – Stock Compensation. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The update aims to simplify aspects of accounting for share-based payment award transactions, including (a) income tax consequences, (b) classification of awards as either equity or liabilities, and (c) classification on the statement of cash flows. This pronouncement is effective for financial statements issued for annual periods beginning after December 15, 2016 and interim periods within those annual periods.  The Company adopted the ASU January 1, 2017 and it had the following impact on the Company’s Condensed Consolidated Financial Statements:
 
Topic
Method of Adoption
Impact on Consolidated Financial Statements
     
Recognize all excess tax benefits and tax deficiencies as income tax benefit or expense
Prospective
The Company recognized $0.1 million of excess tax benefit in income taxes for the year ended December 31, 2017, decreasing the effective tax rate for the year.
     
Excess tax benefits and deficiencies on the statement of cash flows are classified as an operating activity
Prospective
The Company recognized $0.1 million of excess tax benefit for the year ended December 31, 2017 as an operating activity.  Prior to the adoption of the ASU 2016-09, the excess tax expense for the year ended December 31, 2016 of $0.6 million was recognized as a financing activity. The excess tax expense for the year ended December 31, 2015 was zero.
     
Employee taxes paid when an employer withholds shares for tax-withholding purposes on the statement of cash flows are classified as a financing activity
Retrospective
The Company reclassified $0.2 million and $0.8 million of employee taxes paid from cash flows from operating activities to cash flows from financing activities on the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and December 31, 2015.
     
Accounting for forfeitures and tax withholding elections
Prospective
The Company has not changed its accounting policy for forfeitures.  There is no significant impact on Consolidated Financial Statements.

Income Taxes. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The update requires entities to present deferred tax assets and liabilities as noncurrent in a classified balance sheet. The update simplifies the current guidance, which requires entities to separately present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. This pronouncement is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within.  The Company adopted this ASU January 1, 2017 and reclassified $9.5 million of current deferred income tax assets from current assets to non-current deferred income tax liabilities on the Condensed Consolidated Balance Sheet as of December 31, 2016.

Inventory. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory. The amendments in ASU 2015-11 clarify the subsequent measurement of inventory requiring an entity to subsequently measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. This ASU applies only to inventory that is measured using the first-in, first-out (FIFO) or average cost method. Subsequent measurement is unchanged for inventory measured using last-in, first-out (LIFO) or the retail inventory method. The amendments in ASU 2015-11 should be applied prospectively and are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years.  The Company adopted this ASU January 1, 2017 and it did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Statement of Cash Flows. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Classification of Restricted Cash. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amounts should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in ASU 2016-18 should be applied retrospectively and are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company early adopted this ASU September 30, 2017 and classified $3.5 million of cash to restricted cash on the Condensed Consolidated Balance Sheet as of December 31, 2017. This cash deposit was required as collateral for letters of credit outstanding under our previously existing credit facility.
 
Standards Effective in 2018 or Later

Compensation - Stock Compensation.  In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. An entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 with early adoption permitted. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. The Company is currently assessing the impact, if any, that this ASU will have upon adoption.
 
Intangibles-Goodwill and Other. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.  This ASU is to simplify how an entity is required to test goodwill for impairment. The effective date of the amendment to the standard is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company early adopted this ASU December 31, 2017. The Company’s annual tests of goodwill for impairment, including qualitative assessments of all of its reporting units goodwill, determined a quantitative impairment test was not necessary.
 
Business Combinations. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The effective date of this ASU is for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements.
 
Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The effective date of the amendment to the standard is for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This ASU is not expected to have a material impact on the Company's Consolidated Financial Statements.

Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13: Financial Instruments – Credit Losses, which replaces the incurred loss impairment methodology in current US GAAP with a methodology that reflects expected credit losses.  The update is intended to provide financial statement users with more useful information about expected credit losses.  The amended guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted.  We are currently evaluating the effect, if any, that the guidance will have on the Company’s Consolidated Financial Statements and related disclosures.

Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The update requires organizations that lease assets (“lessees”) to recognize the assets and liabilities for the rights and obligations created by leases with terms of more than 12 months. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee remains dependent on its classification as a finance or operating lease. The criteria for determining whether a lease is a finance or operating lease has not been significantly changed by this ASU. The ASU also requires additional disclosure of the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. This pronouncement is effective for financial statements issued for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that this standard will have on its Consolidated Financial Statements.
 
Financial Instruments. In January 2016, the FASB issued ASU 2016-01, Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities. This change to the financial instrument model primarily affects the accounting for equity investments, financial liabilities under fair value options and the presentation and disclosure requirements for financial instruments. The effective date for the standard is for fiscal years and interim periods within those years beginning after December 15, 2017. Certain provisions of the new guidance can be adopted early. The Company is evaluating the impact of this ASU.

Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance on revenue recognition. The core principal of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance requires entities to apply a five-step method to (1) identify the contract(s) with customers, (2) identify the performance obligation(s) in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligation(s) in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This pronouncement, as amended by ASU 2015-14, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017.

The Company has evaluated the provisions of the new standard and is in the process of assessing its impact on financial statements, information systems, business processes and financial statement disclosures. We have engaged third party consultants to assist us in assessing our contracts with customers, processes and controls required to address the impact that ASU No. 2014-09 will have on our business. The Company believes that our current plan will enable us to implement our new procedures and controls; and assess the cumulative effect of applying ASU No. 2014-09 at the date of initial application. Based on our overall assessment performed to date, the standard is not expected to have a material impact on the Company’s Consolidated Financial Statements.

Inflation

We do not believe the effects of inflation have any material adverse effect on our results of operations or financial condition. We attempt to minimize inflationary trends by passing manufacturer price increases on to the customer whenever practicable.

ITEM 7A.
Quantitative and Qualitative Disclosures about Market Risk

Our market risk results primarily from volatility in interest rates. Our exposure to interest rate risk relates primarily to our debt portfolio. Using floating interest rate debt outstanding at December 31, 2017, a 100 basis point increase in interest rates would increase our annual interest expense by approximately $2.5 million. Also see “Risk Factors,” included in Item 1A of this Report for additional risk factors associated with our business.

The table below provides information about the Company’s market sensitive financial instruments and constitutes a forward-looking statement.

Principal Amount By Expected Maturity
(in thousands, except percentages)
  
   
2018
    
2019
    
2020
    
2021
    
2022
    
There-
after
    
Total
    
Fair
Value
  
Fixed Rate Long- term Debt
  
$
881
    
$
905
    
$
936
    
$
-
    
$
-
    
$
-
    
$
2,722
    
$
2,722
  
Fixed Interest Rate
    
2.9
%
    
2.9
%
    
2.9
%
    
-
      
-
      
-
      
-
      
-
  
Floating Rate Long-term Debt
  
$
2,500
    
$
2,500
    
$
2,500
    
$
2,500
    
$
2,500
    
$
236,875
    
$
249,375
    
$
249,375
  
Average Interest Rate (1)
    
7.1
%
    
7.1
%
    
7.1
%
    
7.1
%
    
7.1
%
    
7.1
%
    
-
      
-
  
Total Maturities
  
$
3,381
    
$
3,405
    
$
3,436
    
$
2,500
    
$
2,500
    
$
236,875
    
$
252,097
    
$
252,097
  
 
(1) Assumes weighted average floating interest rates in effect at December 31, 2017.                 
 
ITEM 8.
Financial Statements and Supplementary Data

TABLE OF CONTENTS
 
Page
   
Reports of Independent Registered Public Accounting Firms
42
   
Consolidated Balance Sheets
47
   
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
48
   
Consolidated Statements of Equity
49
   
Consolidated Statements of Cash Flows
50
   
Notes to Consolidated Financial Statements
51
 
Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of
DXP Enterprises, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of DXP Enterprises, Inc. and subsidiaries (the “Company”) as of December 31, 2017, the related consolidated statements of income (loss) and comprehensive income (loss), equity and cash flows for the year ended December 31, 2017, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2017, and the consolidated results of its operations and its cash flows for the year ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 27, 2018 expressed an adverse opinion on the Company’s internal control over financial reporting due to material weaknesses.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
 
Houston, TX
March 28, 2018

We have served as the Company’s auditor since 2017.
 
Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders
DXP Enterprises, Inc.

We have audited the accompanying consolidated balance sheet of DXP Enterprises, Inc. and subsidiaries (collectively, the “Company”) as of December 31, 2016, and the related consolidated statements of income (loss) and comprehensive income (loss), shareholders' equity and cash flows for the year ended December 31, 2016. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of DXP Enterprises, Inc. and subsidiaries as of December 31, 2016, and the results of their operations and their cash flows for the year ended December 31, 2016, in conformity with U.S. generally accepted accounting principles.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. Our report dated March 31, 2017 expressed an opinion that the Company had not maintained effective internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

/s/ Hein & Associates LLP

Houston, Texas
March 31, 2017
 
Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders
DXP Enterprises, Inc. and Subsidiaries

We have audited the accompanying consolidated balance sheet of DXP Enterprises, Inc. (a Texas corporation) and subsidiaries (the “Company”) as of December 31, 2015 (not represented herein), and the related consolidated statements of income (loss) and comprehensive income (loss), shareholders’ equity, and cash flows for the year then ended.  These financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of DXP Enterprises, Inc. and subsidiaries as of December 31, 2015, and the results of their operations and their cash flows for the year ended December 31, 2015  in conformity with accounting principles generally accepted in the United States of America.

/s/ GRANT THORNTON LLP
Houston, Texas

February 29, 2016
 
Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of
DXP Enterprises, Inc.

Opinion on Internal Control over Financial Reporting

We have audited DXP Enterprises, Inc. and subsidiaries’ (the “Company”) internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, because of the effect of the material weaknesses identified below on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheet of DXP Enterprises, Inc. and subsidiaries as of December 31, 2017, the related consolidated statements of income (loss) and comprehensive income (loss), equity and cash flows for the year ended December 31, 2017, and the related notes (collectively referred to as the “consolidated financial statements”) and our report dated March 27, 2017 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control over Financial Reporting included in Item 9A. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weaknesses have been identified and included in management’s assessment in Item 9A:
 
Ineffective control environment and monitoring to support the financial reporting process.
 
The Company’s control environment did not sufficiently promote effective internal control over financial reporting; specifically, the following factors relating to the control environment:
 
The Company did not maintain effective management review controls over the monitoring and review of certain accounts, thus we were not able properly conclude these account reconciliations and analyses were performed at an appropriate level of detail.
 
The Company did not effectively design, document nor monitor (review, evaluate and assess) the key internal control activities that provide the accounting information contained in the Company’s financial statements.
 
Ineffective Information Technology General Controls (“ITGC”).
 
The Company did not maintain effective ITGC, which are required to support automated controls and information technology (“IT”) functionality; therefore, automated controls and IT functionality were deemed ineffective for the same period under audit.
 
We considered the material weaknesses in determining the nature, timing, and extent of audit tests applied in our audit of the Company’s consolidated financial statements as of and for the year ended December 31, 2017, and our opinion on such consolidated financial statements was not affected.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
Houston, TX
March 28, 2018
 
DXP ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
 
   
December 31, 2017
    
December 31, 2016
  
ASSETS
            
Current assets:
            
Cash
  
$
22,047
    
$
1,590
  
Restricted Cash
    
3,532
      
-
  
Trade accounts receivable, net of allowances for doubtful accounts of $9,015 in 2017 and $8,160 in 2016
    
167,272
      
148,919
  
Inventories
    
91,413
      
83,699
  
Costs and estimated profits in excess of billings on
                
uncompleted  contracts
    
26,915
      
18,421
  
Prepaid expenses and other current assets
    
5,296
      
2,138
  
Federal income taxes recoverable
    
1,440
      
2,558
  
Total current assets
    
317,915
      
257,325
  
Property and equipment, net
    
53,337
      
60,807
  
Goodwill
    
187,591
      
187,591
  
Other intangible assets, net of accumulated amortization of $84,624 in 2017 and $70,027 in 2016
    
78,525
      
94,831
  
Other long-term assets
    
1,715
      
1,498
  
Total assets
  
$
639,083
    
$
602,052
  
LIABILITIES AND EQUITY
                
Current liabilities:
                
Current maturities of long-term debt
  
$
3,381
    
$
51,354
  
Trade accounts payable
    
80,303
      
78,698
  
Accrued wages and benefits
    
18,483
      
16,962
  
Customer advances
    
2,189
      
2,441
  
Billings in excess of costs and estimated profits on uncompleted contracts
    
4,249
      
2,813
  
Other current liabilities
    
16,220
      
14,391
  
Total current liabilities
    
124,825
      
166,659
  
Long-term debt, less current maturities and unamortized debt issuance costs
    
238,643
      
173,331
  
Deferred income taxes
    
7,069
      
9,513
  
Total long-term liabilities
     245,712       182,844  
Commitments and Contingencies (Note 15)
                
Equity:
                
Series A preferred stock, 1/10th vote per share; $1.00 par value; liquidation preference of $100 per share ($112 at December 31, 2017 and 2016); 1,000,000 shares authorized; 1,122 shares issued and outstanding
    
1
      
1
  
Series B convertible preferred stock, 1/10th vote per share; $1.00 par value; $100 stated value; liquidation preference of $100 per share ($1,500 at December 31, 2017 and 2016); 1,000,000 shares authorized; 15,000 shares issued and outstanding
    
15
      
15
  
Common stock, $0.01 par value, 100,000,000 shares authorized; 17,315,573  in 2017 and 17,197,380  in 2016 shares issued
    
174
      
173
  
Additional paid-in capital
    
153,087
      
152,313
  
Retained earnings
    
134,193
      
117,395
  
Accumulated other comprehensive loss
    
(19,491
)
    
(18,274
)
Total DXP Enterprises, Inc. equity
    
267,979
      
251,623
  
Noncontrolling interest
    
567
      
926
  
Total equity
    
268,546
      
252,549
  
Total liabilities and equity
  
$
639,083
    
$
602,052
  

The accompanying notes are an integral part of these consolidated financial statements.
 
DXP ENTERPRISES, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME (LOSS)
AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share amounts)

   
Years Ended December 31,
  
   
2017
    
2016
    
2015
  
                   
Sales
  
$
1,006,782
    
$
962,092
    
$
1,247,043
  
Cost of sales
    
735,201
      
697,290
      
895,057
  
Gross profit
    
271,581
      
264,802
      
351,986
  
Selling, general and administrative expense
    
238,091
      
245,470
      
303,819
  
Impairment expense
    
-
      
-
      
68,735
  
B27 settlement
    
-
      
-
      
7,348
  
Operating income (loss)
    
33,490
      
19,332
      
(27,916
)
Other expense (income), net
    
(456
)
    
(5,906
)
    
72
  
Interest expense
    
17,054
      
15,564
      
10,932
  
Income (loss) before income taxes
    
16,892
      
9,674
      
(38,920
)
Provision for income taxes
    
363
      
2,523
      
150
  
Net income (loss)
    
16,529
      
7,151
      
(39,070
)
Net loss attributable to noncontrolling interest
    
(359
)
    
(551
)
    
(534
)
Net income (loss) attributable to DXP Enterprises, Inc.
    
16,888
      
7,702
      
(38,536
)
Preferred stock dividend
    
90
      
90
      
90
  
Net income (loss) attributable to common shareholders
  
$
16,798
    
$
7,612
    
$
(38,626
)
                         
Net income (loss)
  
$
16,529
    
$
7,151
    
$
(39,070
)
Cumulative translation adjustment, net of income taxes
    
(1,217
)
    
(7,658
)
    
(4,916
)
Comprehensive income (loss)
  
$
15,312
    
$
(507
)
  
$
(43,986
)
                         
Basic earnings (loss) per share
  
$
0.97
    
$
0.51
    
$
(2.68
)
Weighted average common shares outstanding
    
17,400
      
15,042
      
14,423
  
Diluted earnings (loss) per share
  
$
0.93
    
$
0.49
    
$
(2.68
)
Weighted average common shares and common equivalent shares outstanding
    
18,240
      
15,882
      
14,423
  

The accompanying notes are an integral part of these consolidated financial statements.
 
DXP ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
Years Ended December 31, 2017, 2016 and 2015
(in thousands, except share amounts)
 
   
Series A
Preferred
Stock
    
Series B
Preferred
Stock
    
Common
Stock
    
Paid-In
Capital
    
Retained
Earnings
    
Treasury
Stock
    
Non-
Control
Interest
    
Accum.
Other
Comp.
Income
    
Total Equity
  
BALANCES AT January 1, 2015
  
$
1
    
$
15
    
$
146
    
$
115,605
    
$
148,409
    
$
(15,524
)
  
$
-
    
$
(5,700
)
  
$
242,952
  
                                                                         
Dividends paid
    
-
      
-
      
-
      
-
      
(90
)
    
-
      
-
      
-
      
(90
)
Compensation expense for restricted stock
    
-
      
-
      
-
      
2,973
      
-
      
-
      
-
      
-
      
2,973
  
Tax related items for share based awards
    
-
      
-
      
-
      
(815
)
    
-
      
-
      
-
      
-
      
(815
)
Issuance of 148,769 treasury shares in connection with an acquisition
    
-
      
-
      
-
      
(4,825
)
    
-
      
9,223
      
-
      
-
      
4,398
  
Acquisition of 191,420 shares of treasury stock
    
-
      
-
      
-
      
-
      
-
      
(8,908
)
    
-
      
-
      
(8,908
)
Issuance of 57,401 treasury shares upon vesting of restricted stock
    
-
      
-
      
-
      
(2,632
)
    
-
      
2,632
      
-
      
-
      
-
  
Noncontrolling interest holder contributions, net of tax benefits
    
-
      
-
      
-
      
-
      
-
      
-
      
2,346
      
-
      
2,346
  
Cumulative translation adjustment
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
(4,916
)
    
(4,916
)
Net loss
    
-
      
-
      
-
      
-
      
(38,536
)
    
-
      
(534
)
    
-
      
(39,070
)
BALANCES AT DECEMBER 31, 2015
  
$
1
    
$
15
    
$
146
    
$
110,306
    
$
109,783
    
$
(12,577
)
  
$
1,812
    
$
(10,616
)
  
$
198,870
  
                                                                         
Dividends paid
    
-
      
-
      
-
      
-
      
(90
)
    
-
      
-
      
-
      
(90
)
Compensation expense for restricted stock
    
-
      
-
      
-
      
3,580
      
-
      
-
      
-
      
-
      
3,580
  
Tax related items for share based awards
    
-
      
-
      
-
      
(858
)
    
-
      
-
      
-
      
-
      
(858
)
Issuance of 2,722,858 shares of Common stock
    
-
      
-
      
27
      
51,862
      
-
      
-
      
-
      
-
      
51,889
  
Issuance of 264,297 treasury shares
    
-
      
-
      
-
      
(12,577
)
    
-
      
12,577
      
-
      
-
      
-
  
Noncontrolling interest holder contributions, net of tax benefits
    
-
      
-
      
-
      
-
      
-
      
-
      
(335
)
    
-
      
(335
)
Cumulative translation adjustment
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
(7,658
)
    
(7,658
)
Net income (loss)
    
-
      
-
      
-
      
-
      
7,702
      
-
      
(551
)
    
-
      
7,151
  
BALANCES AT DECEMBER 31, 2016
  
$
1
    
$
15
    
$
173
    
$
152,313
    
$
117,395
    
$
-
    
$
926
    
$
(18,274
)
  
$
252,549
  
Dividends paid
    
-
      
-
      
-
      
-
      
(90
)
    
-
      
-
      
-
      
(90
)
Compensation expense for restricted stock
    
-
      
-
      
-
      
1,708
      
-
      
-
      
-
      
-
      
1,708
  
Tax related items for share based awards
    
-
      
-
      
-
      
(933
)
    
-
      
-
      
-
      
-
      
(933
)
Issuance of shares of Common stock
    
-
      
-
      
1
      
(1
)
    
-
      
-
      
-
      
-
      
-
  
Cumulative translation adjustment
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
(1,217
)
    
(1,217
)
Net income (loss)
    
-
      
-
      
-
      
-
      
16,888
      
-
      
(359
)
    
-
      
16,529
  
BALANCES AT DECEMBER 31, 2017
  
$
1
    
$
15
    
$
174
    
$
153,087
    
$
134,193
    
$
-
    
$
567
    
$
(19,491
)
  
$
268,546
  

The accompanying notes are an integral part of these consolidated financial statements.
 
DXP ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
   
Years Ended
December 31,
  
   
2017
    
2016
    
2015
  
CASH FLOWS FROM OPERATING ACTIVITIES:
                  
Net income (loss) attributable to DXP Enterprises, Inc.
  
$
16,888
    
$
7,702
    
$
(38,536
)
Less net loss attributable to noncontrolling interest
    
(359
)
    
(551
)
    
(534
)
Net income (loss)
    
16,529
      
7,151
      
(39,070
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                        
Depreciation
    
10,520
      
11,933
      
12,622
  
Amortization of intangible assets
    
17,266
      
18,061
      
20,621
  
Impairment of goodwill
    
-
      
-
      
68,735
  
Bad debt expense
    
3,416
      
180
      
2,014
  
Amortization of debt issuance costs
    
1,548
      
1,856
      
1,211
  
Write off of debt issuance costs
    
578
      
-
      
-
  
Gain on sale of subsidiary
    
-
      
(5,635
)
    
-
  
Stock compensation expense
    
1,708
      
3,580
      
2,973
  
Tax  loss related to vesting of restricted stock
    
-
      
619
      
-
  
Deferred income taxes
    
(3,827
)
    
2,687
      
(9,024
)
Changes in operating assets and liabilities, net of assets and liabilities acquired in business acquisitions:
                        
Trade accounts receivable
    
(20,539
)
    
12,080
      
71,261
  
Costs and estimated profits in excess of billings on uncompleted contracts
    
(8,419
)
    
3,457
      
(2,047
)
Inventories
    
(7,544
)
    
5,453
      
12,724
  
Prepaid expenses and other assets
    
(3,287
)
    
620
      
159
  
Accounts payable and accrued expenses
    
3,189
      
(8,595
)
    
(42,862
)
Billings in excess of costs & estimated profits on uncompleted contracts
    
1,406
      
(5,203
)
    
(513
)
Net cash provided by operating activities
    
12,544
      
48,244
      
98,804
  
                         
CASH FLOWS FROM INVESTING ACTIVITIES:
                        
Purchase of property and equipment
    
(2,811
)
    
(4,868
)
    
(13,992
)
Proceeds from the sale of fixed assets
    
-
      
1,206
      
-
  
Proceeds from sale of subsidiary
    
-
      
31,476
      
-
  
Acquisitions of businesses, net of cash acquired (1)
    
-
      
-
      
(15,501
)
Net cash provided by (used in) investing activities
    
(2,811
)
    
27,814
      
(29,493
)
                         
CASH FLOWS FROM FINANCING ACTIVITIES:
                        
Proceeds from debt
    
728,822
      
517,689
      
393,551
  
Principal payments on revolving line of credit and other long-term debt
    
(702,402
)
    
(643,568
)
    
(453,480
)
Debt issuance costs
    
(11,208
)
    
(801
)
    
(543
)
Noncontrolling interest holder contributions (distributions), net of tax benefits
    
-
      
(335
)
    
2,346
  
Preferred dividends paid
    
(90
)
    
(90
)
    
(90
)
Purchase of treasury stock
    
-
      
-
      
(8,908
)
Proceeds from issuance of common shares, net
    
-
      
51,889
      
-
  
Payment for employee taxes withheld from stock awards
    
(934
)
    
(238
)
    
(815
)
Tax (loss)  related to vesting of restricted stock
    
-
      
(619
)
    
-
  
Net  cash provided by (used in) financing activities
    
14,188
      
(76,073
)
    
(67,939
)
EFFECT OF FOREIGN CURRENCY ON CASH
    
68
      
(88
)
    
274
  
(DECREASE) INCREASE IN CASH
    
23,989
      
(103
)
    
1,646
  
CASH AT BEGINNING OF YEAR
    
1,590
      
1,693
      
47
  
CASH AT END OF YEAR
  
$
25,579
    
$
1,590
    
$
1,693
  
                         
SUPPLEMENTAL CASH FLOW INFORMATION:
                        
Cash paid for Interest
  
$
15,205
    
$
13,708
    
$
9,721
  
Cash paid for Income Taxes
  
$
714
    
$
4,780
    
$
13,792
  

(1)
Purchases of businesses in 2015 exclude $4.4 million in common stock issued in connection with an acquisition.
 
The accompanying notes are an integral part of these consolidated financial statements.
 
DXP ENTERPRISES INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - THE COMPANY

DXP Enterprises, Inc. together with its subsidiaries (collectively “DXP,” “Company,” “us,” “we,” or “our”) was incorporated in Texas on July 26, 1996. DXP Enterprises, Inc. and its subsidiaries are engaged in the business of distributing maintenance, repair and operating (MRO) products, and service to energy and industrial customers. Additionally, DXP provides integrated, custom pump skid packages, pump remanufacturing and manufactures branded private label pumps to energy and industrial customers. The Company is organized into three business segments: Service Centers (“SC”), Supply Chain Services (“SCS”) and Innovative Pumping Solutions (“IPS”). See Note 18 for discussion of the business segments.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES

Basis of Presentation

The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and its variable interest entity (“VIE”).

DXP is the primary beneficiary of a VIE in which DXP owns 47.5% of the equity. DXP consolidates the financial statements of the VIE with the financial statements of DXP. As of December 31, 2017, the total assets of the VIE were approximately $5.2 million including approximately $4.5 million of fixed assets. DXP is the primary customer of the VIE. Consolidation of the VIE increased cost of sales by approximately $0.6 million and $1.3 million for the twelve months ended December 31, 2017 and 2016, respectively. The Company recognized a related income tax benefit of $0.2 million and $0.3 million related to the VIE for the years ended December 31, 2017 and 2016, respectively.  At December 31, 2017, the owners of the 52.5% of the equity not owned by DXP included employees of DXP.

All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation; none affected net income.

Foreign Currency

The financial statements of the Company’s Canadian subsidiaries are measured using local currencies as their functional currencies. Assets and liabilities are translated into U.S. dollars at current exchange rates, while income and expenses are translated at average exchange rates. Translation gains and losses are reported in other comprehensive income (loss). Gains and losses on transactions denominated in foreign currency are reported in consolidated statements of income (loss).

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company’s presentation of cash includes cash equivalents. Cash equivalents are defined as short-term investments with maturity dates of 90 days or less at time of purchase. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not historically experienced any losses when in excess of these limits.
 
Receivables and Credit Risk

Trade receivables consist primarily of uncollateralized customer obligations due under normal trade terms, which usually require payment within 30 days of the invoice date. However, these payment terms are extended in select cases and customers may not pay within stated trade terms.

The Company has trade receivables from a diversified customer base located primarily in the Rocky Mountain, Northeastern, Midwestern, Southeastern and Southwestern regions of the United States, and Canada. The Company believes no significant concentration of credit risk exists. The Company evaluates the creditworthiness of its customers' financial positions and monitors accounts on a regular basis. Provisions to the allowance for doubtful accounts are made monthly and adjustments are made periodically (as circumstances warrant) based upon management’s best estimate of the collectability of such accounts. The Company writes off uncollectible trade accounts receivable when the accounts are determined to be uncollectible. No customer represents more than 10% of consolidated sales.

Changes in this allowance for 2017, 2016 and 2015 were as follows (in thousands):

   
Years Ended December 31,
  
   
2017
    
2016
    
2015
  
Balance at beginning of year
  
$
8,160
    
$
9,364
    
$
8,713
  
Charged to costs and expenses
    
3,367
      
180
      
2,014
  
Charged to other accounts
    
22
3 
    
(17
)2
    
1,255
2 
Deductions
    
(2,534
)1
    
(1,367
)1
    
(2,618
)1
Balance at end of year
  
$
9,015
    
$
8,160
    
$
9,364
  

(1) Uncollectible accounts written off, net of recoveries
(2) Includes allowance for doubtful accounts from acquisitions and divestiture
(3) Primarily due to translation adjustments

Fair Value of Financial Instruments
 
The Company is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. US GAAP establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. US GAAP prioritizes the inputs into three levels that may be used to measure fair value:
 
Level 1
 
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
 
Level 2
 
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
 
Level 3
 
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

See Note 4 for further information regarding the Company’s financial instruments.

Inventories

Inventories consist principally of finished goods and are priced at net realizable value, cost being determined using the first-in, first-out (“FIFO”) method. Provisions are provided against inventories for estimated obsolescence based upon the aging of the inventories and market trends and are applied as a reduction in cost of associated inventory.
 
Property and Equipment

Property and equipment are carried on the basis of cost. Depreciation of property and equipment is computed using the straight-line method over their estimated useful lives. Maintenance and repairs of depreciable assets are charged against earnings as incurred. When properties are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and gains or losses are credited or charged to earnings.

The principal estimated useful lives used in determining depreciation are as follows:

Buildings
20-39 years
Building improvements
10-20 years
Furniture, fixtures and equipment
3-20 years
Leasehold improvements
Shorter of estimated useful life or related lease term

Impairment of Goodwill and Other Intangible Assets

The Company tests goodwill and other indefinite lived intangible assets for impairment on an annual basis in the fourth quarter and when events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company assigns the carrying value of these intangible assets to its "reporting units" and applies the test for goodwill at the reporting unit level. A reporting unit is defined as an operating segment or one level below a segment (a "component") if the component is a business and discrete information is prepared and reviewed regularly by segment management.

The Company’s goodwill impairment assessment first permits evaluating qualitative factors to determine if a reporting unit's carrying value would more likely than not exceed its fair value. If the Company concludes, based on the qualitative assessment, that a reporting unit's carrying value would more likely than not exceed its fair value, the Company would perform a two-step quantitative test for that reporting unit. When a quantitative assessment is performed, the first step is to identify a potential impairment, and the second step measures the amount of the impairment loss, if any. Goodwill is deemed to be impaired if the carrying amount of a reporting unit’s goodwill exceeds its estimated fair value. During the third and fourth quarter of 2015, DXP performed interim impairment tests using a quantitative approach and recognized goodwill impairments of $57.8 million and $9.8 million, respectively. No impairment of goodwill was required in 2017 and 2016.

Impairment of Long-Lived Assets, Excluding Goodwill

The Company tests long-lived assets or asset groups for recoverability on an annual basis and when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. No impairment of long-lived assets excluding goodwill, was required in 2017, 2016 and 2015.

Share-based Compensation

The Company uses restricted stock for share-based compensation programs. The Company measures compensation cost with respect to equity instruments granted as stock-based payments to employees based upon the estimated fair value of the equity instruments at the date of the grant. The cost as measured is recognized as expense over the period which an employee is required to provide services in exchange for the award.

Revenue Recognition

For binding agreements to fabricate tangible assets to customer specifications, the Company recognizes revenues using the percentage of completion method. Under this method, revenues are recognized as costs are incurred and include estimated profits calculated on the basis of the relationship between costs incurred and total estimated costs at completion. If at any time expected costs exceed the value of the contract, the loss is recognized immediately. Revenues of approximately $40.6 million, $31.5 million, and $47.5 million were recognized on contracts in process for the years ended December 31, 2017, 2016, and 2015, respectively. The typical time span of these contracts is approximately one to two years.
 
For other sales, the Company recognizes revenues when an agreement is in place, the price is fixed, title for product passes to the customer or services have been provided and collectability is reasonably assured, which is generally upon delivery to the customer. Revenues are recorded net of sales taxes.

The Company reserves for potential customer returns based upon the historical level of returns.

Shipping and Handling Costs

The Company classifies shipping and handling charges billed to customers as sales. Shipping and handling charges paid to others are classified as a component of cost of sales.

Self-insured Insurance and Medical Claims

We generally retain up to $100,000 of risk for each claim for workers compensation, general liability, automobile and property loss. We accrue for the estimated loss on the self-insured portion of these claims. The accrual is adjusted quarterly based upon reported claims information. The actual cost could deviate from the recorded estimate.

We generally retain up to $175,000 of risk on each medical claim for our employees and their dependents with the exception of less than 0.05% of employees where a higher risk is retained. We accrue for the estimated outstanding balance of unpaid medical claims for our employees and their dependents. The accrual is adjusted monthly based on recent claims experience. The actual claims could deviate from recent claims experience and be materially different from the reserve.

The accrual for these claims at December 31, 2017 and 2016 was approximately $2.7 million and $3.1 million, respectively.

Purchase Accounting
 
DXP estimates the fair value of assets, including property, machinery and equipment and their related useful lives and salvage values, intangibles and liabilities when allocating the purchase price of an acquisition. The fair value estimates are developed using the best information available.

Cost of Sales and Selling, General and Administrative Expense
Cost of sales includes product and product related costs, inbound freight charges, internal transfer costs and depreciation. Selling, general and administrative expense includes purchasing and receiving costs, inspection costs, warehousing costs, depreciation and amortization.

Debt Issuance Cost Amortization

Fees paid to DXP’s lenders to secure a firm commitment on a term loan and revolving line of credit are presented as a direct deduction from the carrying amount of the debt liability. For the term loan, fees paid by DXP are amortized over the life of the loan as additional interest. Fees paid to secure a firm commitment from our lender on a revolving line of credit are amortized on a straight-line basis over the entire term of the arrangement. The total unamortized debt issuance costs reported on the consolidated balance sheets as of December 31, 2017 and 2016 was $10.1 million and $1.0 million, respectively. In connection with the extinguishment of the previously existing credit facility we recorded a $0.6 million write-off of debt issuance costs, which was included in interest expense during the third quarter of 2017.

Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and income tax bases of assets and liabilities. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to reverse. Valuation allowances are established to reduce deferred income tax assets to the amounts expected to be realized under a more likely than not criterion.
 
Accounting for Uncertainty in Income Taxes

A position taken or expected to be taken in a tax return is recognized in the financial statements when it is more likely than not (i.e. a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U. S. federal, state and local tax examination by tax authorities for years prior to 2012. The Company's policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter

Comprehensive Income (Loss)

Comprehensive income (loss) includes net income, foreign currency translation adjustments and unrealized gains and losses on certain investments in debt and equity securities. The Company’s other comprehensive (loss) income is comprised of changes in the market value of an investment with quoted market prices in an active market for identical instruments and translation adjustments from translating foreign subsidiaries to the reporting currency.  Comprehensive income for the year ended December 31, 2016 was reduced by an $8.6 million charge recorded during the fourth quarter of 2016 to correct errors which accumulated during 2013, 2014 and 2015 due to the Company improperly recognizing an $8.6 million deferred tax asset on unrealized foreign currency losses not expected to be realized within one year. We assessed the materiality of this misstatement and concluded the misstatement was not material to the results of operations or financial condition for the years ended December 31, 2016 and 2015.

Out-of-Period Items
 
Deferred tax liabilities related to intangibles for customer relationships acquired in Canada during 2012 and 2013 were reduced by $2.2 million during the fourth quarter of 2017 to correct the tax rate used to establish the deferred tax liabilities at the dates of acquisition. The Company evaluated the misstatement of each period since these acquisitions were completed and concluded the effects were immaterial.
 
During the first quarter of 2015, we identified a $2.5 million ($1.6 million net of tax) overstatement of an accrual at December 31, 2014, which overstated 2014 selling, general and administrative expense. We recorded an out-of-period adjustment to correct this overstatement in the quarter ended March 31, 2015. During the fourth quarter of 2015, we realized $1.5 million of net tax benefits related to events which occurred in earlier years. These out-of-period items reduced the 2015 net loss by $3.1 million and 2015 basic and diluted net loss per share by $0.21. We assessed the materiality of this overstatement and concluded the overstatement was not material to the results of operations or financial condition for the year ended December 31, 2015.

NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS

Standards Effective in 2017 or Earlier
 
Accounting Changes and Error Corrections. In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2017-03 ("ASU 2017-03"), Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. This update adds language to the SEC Staff Guidance in relation to ASU 2014-09, ASU 2016-02, and ASU 2016-13. This ASU 2017-03 provides the SEC Staff view that a registrant should consider additional quantitative and qualitative disclosures related to the previously mentioned ASUs in connection with the status and impact of their adoption. This guidance, which was effective immediately, did not have a material impact on our Condensed Consolidated Financial Statements.
 
Compensation – Stock Compensation. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The update aims to simplify aspects of accounting for share-based payment award transactions, including (a) income tax consequences, (b) classification of awards as either equity or liabilities, and (c) classification on the statement of cash flows. This pronouncement is effective for financial statements issued for annual periods beginning after December 15, 2016 and interim periods within those annual periods.  The Company adopted the ASU January 1, 2017 and it had the following impact on the Company’s Condensed Consolidated Financial Statements:
 
Topic
Method of Adoption
Impact on Consolidated Financial Statements
     
Recognize all excess tax benefits and tax deficiencies as income tax benefit or expense
Prospective
The Company recognized $0.1 million of excess tax benefit in income taxes for the year ended December 31, 2017, decreasing the effective tax rate for the year.
     
Excess tax benefits and deficiencies on the statement of cash flows are classified as an operating activity
Prospective
The Company recognized $0.1 million of excess tax benefit for the year ended December 31, 2017 as an operating activity.  Prior to the adoption of the ASU 2016-09, the excess tax expense for the year ended December 31, 2016 of $0.6 million was recognized as a financing activity. The excess tax expense for the year ended December 31, 2015 was zero.
     
Employee taxes paid when an employer withholds shares for tax-withholding purposes on the statement of cash flows are classified as financing activity
Retrospective
The Company reclassified $0.2 million and $0.8 million of employee taxes paid from cash flows from operating activities to cash flows from financing activities on the Consolidated Statements of Cash Flows for the years ended December 31, 2016 and December 31, 2015.
     
Accounting for forfeitures and tax withholding elections
Prospective
The Company has not changed its accounting policy for forfeitures.  There is no significant impact on Consolidated Financial Statements.

Income Taxes. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The update requires entities to present deferred tax assets and liabilities as noncurrent in a classified balance sheet. The update simplifies the current guidance, which requires entities to separately present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. This pronouncement is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within.  The Company adopted this ASU January 1, 2017 and reclassified $9.5 million of current deferred income tax assets from current assets to non-current deferred income tax liabilities on the Condensed Consolidated Balance Sheet as of December 31, 2016.

Inventory. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory. The amendments in ASU 2015-11 clarify the subsequent measurement of inventory requiring an entity to subsequently measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. This ASU applies only to inventory that is measured using the first-in, first-out (FIFO) or average cost method. Subsequent measurement is unchanged for inventory measured using last-in, first-out (LIFO) or the retail inventory method. The amendments in ASU 2015-11 should be applied prospectively and are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years.  The Company adopted this ASU January 1, 2017 and it did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Statement of Cash Flows. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Classification of Restricted Cash. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amounts should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in ASU 2016-18 should be applied retrospectively and are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company early adopted this ASU September 30, 2017 and classified $3.5 million of cash to restricted cash on the Condensed Consolidated Balance Sheet as of December 31, 2017. This cash deposit was required as collateral for letters of credit outstanding under our previously existing credit facility.

Standards Effective in 2018 or Later

Compensation - Stock Compensation.  In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. An entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 with early adoption permitted. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. The Company is currently assessing the impact, if any, that this ASU will have upon adoption.
 
Intangibles-Goodwill and Other. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.  This ASU is to simplify how an entity is required to test goodwill for impairment. The effective date of the amendment to the standard is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company early adopted this ASU December 31, 2017. The Company’s annual tests of goodwill for impairment, including qualitative assessments of all of its reporting units goodwill, determined a quantitative impairment test was not necessary.
 
Business Combinations. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The effective date of this ASU is for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements.
 
Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The effective date of the amendment to the standard is for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This ASU is not expected to have a material impact on the Company's Consolidated Financial Statements.

Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13: Financial Instruments – Credit Losses, which replaces the incurred loss impairment methodology in current US GAAP with a methodology that reflects expected credit losses.  The update is intended to provide financial statement users with more useful information about expected credit losses.  The amended guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted.  We are currently evaluating the effect, if any, that the guidance will have on the Company’s Consolidated Financial Statements and related disclosures.

Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The update requires organizations that lease assets (“lessees”) to recognize the assets and liabilities for the rights and obligations created by leases with terms of more than 12 months. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee remains dependent on its classification as a finance or operating lease. The criteria for determining whether a lease is a finance or operating lease has not been significantly changed by this ASU. The ASU also requires additional disclosure of the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. This pronouncement is effective for financial statements issued for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that this standard will have on its Consolidated Financial Statements.

Financial Instruments. In January 2016, the FASB issued ASU 2016-01, Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities. This change to the financial instrument model primarily affects the accounting for equity investments, financial liabilities under fair value options and the presentation and disclosure requirements for financial instruments. The effective date for the standard is for fiscal years and interim periods within those years beginning after December 15, 2017. Certain provisions of the new guidance can be adopted early. The Company is evaluating the impact of this ASU.

Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance on revenue recognition. The core principal of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance requires entities to apply a five-step method to (1) identify the contract(s) with customers, (2) identify the performance obligation(s) in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligation(s) in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This pronouncement, as amended by ASU 2015-14, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017.

The Company has evaluated the provisions of the new standard and is in the process of assessing its impact on financial statements, information systems, business processes and financial statement disclosures. We have engaged third party consultants to assist us in assessing our contracts with customers, processes and controls required to address the impact that ASU No. 2014-09 will have on our business. The Company has elected the modified retrospective method and will adopt the new revenue guidance effective January 1, 2018, with an expected immaterial impact to the opening retained earnings.
 
The analysis of contracts with customers under the new revenue recognition standard was consistent with the Company’s current revenue recognition model, whereby revenue is recognized primarily on the date products are shipped to the customer. The ASU also requires expanded qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, significant judgments and accounting policy.

Based on our overall assessment performed to date, the adoption of the new standard is not expected to have an ongoing material impact on the Company’s Consolidated Financial Statements.

NOTE 4 - FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

Authoritative guidance for financial assets and liabilities measured on a recurring basis applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Fair value, as defined in the authoritative guidance, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

During the third and fourth quarters of 2015, in connection with interim tests for impairment, DXP recorded impairment charges of $57.8 million and $9.8 million, respectively, in order to reflect the implied fair values of goodwill, which is a non-recurring fair value adjustment. The fair values of goodwill used in the impairment calculations were estimated based on discounted estimated future cash flows with the discount rates of 10.0% to 11.5%. The measurements utilized to determine the implied fair value of goodwill represent significant unobservable inputs (Level 3) in accordance with the fair value hierarchy.

NOTE 5 - INVENTORIES

The carrying values of inventories were as follows (in thousands):

   
December 31,
2017
    
December 31,
2016
  
Finished goods
  
$
79,820
    
$
74,269
  
Work in process
    
11,593
      
9,430
  
Inventories
  
$
91,413
    
$
83,699
  
 
NOTE 6 – COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

Costs and estimated profits in excess of billings on uncompleted contracts arise in the consolidated balance sheets when revenues have been recognized but the amounts cannot be billed under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract.

Costs and estimated profits on uncompleted contracts and related amounts billed for 2017 and 2016 were as follows (in thousands):
 
   
December 31,
  
   
2017
    
2016
  
Costs incurred on uncompleted contracts
  
$
37,899
    
$
25,214
  
Estimated earnings, thereon
    
2,665
      
6,274
  
Total
    
40,564
      
31,488
  
Less: billings to date
    
17,881
      
15,864
  
Net
  
$
22,683
    
$
15,624
  
 
Such amounts were included in the accompanying Consolidated Balance Sheets for 2017 and 2016 under the following captions (in thousands):

   
December 31,
  
   
2017
    
2016
  
Costs and estimated profits in excess of billings on uncompleted contracts
  
$
26,915
    
$
18,421
  
Billings in excess of costs and estimated profits on uncompleted contracts
    
(4,249
)
    
(2,813
)
Translation Adjustment
    
17
      
16
  
Net
  
$
22,683
    
$
15,624
  

NOTE 7 - PROPERTY AND EQUIPMENT

The carrying values of property and equipment were as follows (in thousands):

   
December 31,
2017
    
December 31,
2016
  
             
Land
  
$
2,346
    
$
2,346
  
Buildings and leasehold improvements
    
16,724
      
16,259
  
Furniture, fixtures and equipment
    
94,475
      
94,784
  
Less – Accumulated depreciation
    
(60,208
)
    
(52,582
)
Total Property and Equipment
  
$
53,337
    
$
60,807
  

Depreciation expense was $10.5 million, $11.9 million, and $12.6 million for the years ended December 31, 2017, 2016, and 2015, respectively. Capital expenditures by segment are included in Note 18.

NOTE 8 - GOODWILL AND OTHER INTANGIBLE ASSETS

The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2017 (in thousands):

   
Goodwill
    
Other
Intangible
Assets
    
Total
  
                   
Balances as of December 31, 2016
  
$
187,591
    
$
94,831
    
$
282,422
  
Translation adjustment
    
-
      
960
      
960
  
Amortization
    
-
      
(17,266
)
    
(17,266
)
Balances as of December 31, 2017
  
$
187,591
    
$
78,525
    
$
266,116
  
 
The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2016 (in thousands):
 
   
Goodwill
    
Other
Intangible
Assets
    
Total
  
                   
Balances as of December 31, 2015
  
$
197,362
    
$
112,297
    
$
309,659
  
Sale of subsidiary
    
(9,620
)
    
-
      
(9,620
)
Purchase accounting adjustment
    
(151
)
    
-
      
(151
)
Translation adjustment
    
-
      
595
      
595
  
Amortization
    
-
      
(18,061
)
    
(18,061
)
Balances as of December 31, 2016
  
$
187,591
    
$
94,831
    
$
282,422
  
 
The following table presents goodwill balance by reportable segment as of December 31, 2017 and 2016 (in thousands):

 
As of December 31,
  
   
2017
    
2016
  
Service Centers
  
$
154,473
    
$
154,473
  
Innovative Pumping Solutions
    
15,980
      
15,980
  
Supply Chain Services
    
17,138
      
17,138
  
Total
  
$
187,591
    
$
187,591
  

During the third quarter of 2015, the price of DXP’s common stock and the price of crude oil declined over 40% and over 20%, respectively. This decline in oil prices reduced spending by our customers and reduced our revenue expectations. This sustained decline in crude oil prices, reduced capital spending by customers and reduced revenue expectations were determined to be a triggering event during the third quarter of 2015. This triggering event required us to perform testing for possible goodwill impairment in two of our reporting units, and our step one testing indicated there was an impairment in the B27 IPS and B27 SC reporting units. No triggering event was identified in our other reporting units during the third quarter. ASC 350 step two of the goodwill impairment testing for the reporting units was performed preliminarily during the third quarter of 2015. Our preliminary analysis concluded that $48.0 million of our B27 IPS reporting unit’s goodwill and $9.8 million of our B27 SC reporting unit’s goodwill was impaired. The remaining goodwill for the B27 IPS and B27 SC reporting units at September 30, 2015 was $4.9 million and $10.3 million, respectively. The September 30, 2015 ASC 350 step two testing was completed in the fourth quarter of 2015 without any adjustment to the amount recorded in the third quarter of 2015. Fair value was based on expected future cash flow using Level 3 inputs under Account Standards Codification 820 Fair Value Measurements (“ASC 820”). The cash flows are those expected to be generated by market participants, discounted at a rate of return market participants would expect. Approximately 60% of the goodwill associated with the B27 acquisition is not deductible for tax purposes. Accordingly, the financial statement tax benefit is calculated for only 40% of the goodwill impairment. The pretax impairment impacted DXP’s effective tax rate for 2015. For the year ended December 31, 2014, accumulated impairment for the B27 IPS and B27 SC reporting units was $95.1 million and $10.2 million, respectively. After recording the third quarter impairment loss, accumulated impairment expenses for the B27 IPS and B27 SC reporting units were $143.1 million and $20.0 million, respectively, at September 30, 2015.

DXP recorded $1.1 million of impairment expense in the third quarter of 2015 to write off an acquired intangible asset related to an ITT Goulds distribution agreement, which was terminated by ITT Goulds during 2015. The remaining intangible asset value of vendor distribution agreements for the year ended December 31, 2015 was zero. None of the impairment is expected to be deductible for tax purposes.

During the fourth quarter of 2015, the price of DXP’s common stock and the price of crude oil declined over 16% and over 18%, respectively. This decline in oil prices reduced spending by our customers during the fourth quarter and resulted in fourth quarter actual earnings for the B27 IPS and B27 SC reporting units declining significantly from the forecasts used in the impairment analysis at the end of the third quarter of 2015. The declines in forecasted earnings for these two reporting units were determined to be a triggering event during the fourth quarter of 2015. This triggering event required us to perform testing for possible goodwill impairment in these two reporting units, and our step one testing indicated there may be an impairment in the B27 IPS and B27 SC reporting units. No triggering event was identified in our other reporting units during the fourth quarter. ASC 350 step two of the goodwill impairment testing for the reporting units was performed during the fourth quarter of 2015. Our analysis concluded that $4.9 million of our B27 IPS reporting unit’s goodwill and $5.0 million of our B27 SC reporting unit’s goodwill was impaired. Fair value was based on expected future cash flow using Level 3 inputs under ASC 820. The cash flows are those expected to be generated by market participants, discounted at a rate of return market participants would expect. The remaining goodwill for the B27 IPS and B27 SC reporting units at December 31, 2015 was zero and $5.3 million, respectively. Approximately 60% of the goodwill associated with the B27 acquisition is not deductible for tax purposes. Accordingly, the financial statement tax benefit is calculated for only 40% of the goodwill impairment. The pretax impairment impacted DXP’s effective tax rate for 2015. After recording the fourth quarter impairment loss, accumulated impairment for the B27 IPS and B27 SC reporting units were $148.0 million and $25.0 million, respectively, for the year ended December 31, 2015. As none of the Company’s other reporting units recorded impairment losses in 2015, accumulated impairment for these units remained at $12.3 million.

The impairment losses during the year ended December 31, 2015 are included in the “impairment expense” line item on the consolidated statements of income (loss).
 
The following table presents a summary of amortizable other intangible assets (in thousands):

   
As of December 31, 2017
    
As of December 31, 2016
  
   
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Carrying
Amount,
net
    
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Carrying
Amount,
net
  
Customer relationships
  
$
162,200
    
$
(83,806
)
  
$
78,394
    
$
163,022
    
$
(68,446
)
  
$
94,576
  
Non-compete agreements
    
949
      
(818
)
    
131
      
1,836
      
(1,581
)
    
255
  
Total
  
$
163,149
    
$
(84,624
)
  
$
78,525
    
$
164,858
    
$
(70,027
)
  
$
94,831
  
 
Gross carrying amounts as well as accumulated amortization are partially affected by the fluctuation of foreign currency rates. Other intangible assets are amortized according to estimated economic benefits over their estimated useful lives.

Customer relationships are amortized over their estimated useful lives. Amortization expense is recognized according to estimated economic benefits and was $17.3 million, $18.1 million, and $20.6 million for the years ended December 31, 2017, 2016, and 2015, respectively.  The estimated future annual amortization of intangible assets for each of the next five years and thereafter are as follows (in thousands):

2018
  
$
15,615
  
2019
    
14,170
  
2020
    
10,292
  
2021
    
8,911
  
2022
    
7,264
  
Thereafter
    
22,273
  
Total
  
$
78,525
  

The weighted average remaining estimated life for customer relationships and non-compete agreements are 8.3 years and 1.8 years, respectively.

NOTE 9 – LONG-TERM DEBT

Long-term debt consisted of the following (in thousands):
 
   
December 31,
  
   
2017
    
2016
  
             
ABL Revolver
  
$
-
    
$
-
  
Term Loan B
    
249,375
      
-
  
Line of credit
    
-
      
147,600
  
Term loan
    
-
      
74,500
  
Promissory note payable in monthly installments at 2.9% through January 2021, collateralized by equipment
    
2,722
      
3,577
  
Less unamortized debt issuance costs
    
(10,073
)
    
(992
)
Total Debt
    
242,024
      
224,685
  
Less: Current maturities
    
(3,381
)
    
(51,354
)
Total Long-term Debt
  
$
238,643
    
$
173,331
  
 
ABL Facility
 
On August 29, 2017, DXP  entered into a five year, $85 million Asset Based Loan and Security Agreement (the “ABL Credit Agreement”).  The ABL Credit Agreement provides for asset-based revolving loans in an aggregate principal amount of up to $85.0 million (the “ABL Loans”). The ABL Loans may be increased, in increments of $10.0 million, up to an aggregate of $50.0 million. The facility will mature on August 29, 2022. Interest accrues on outstanding borrowings at a rate equal to LIBOR or CDOR plus a margin ranging from 1.25% to 1.75% per annum, or at an alternate base rate, Canadian prime rate or Canadian base rate plus a margin ranging from 0.25% to 0.75% per annum, in each case, based upon the average daily excess availability under the facility for the most recently completed calendar quarter. Fees ranging from 0.25% to 0.375% per annum are payable on the portion of the facility not in use at any given time. The interest rate for the ABL facility was 2.9% at December 31, 2017. The unused line fee was 0.375% at December 31, 2017.
 
The obligations of the Borrowers are guaranteed by the Company and its direct and indirect material wholly-owned subsidiaries other than certain excluded subsidiaries.

The ABL Credit Agreement contains a financial covenant restricting the Company from allowing its Fixed Charge Coverage Ratio be less than 1.00 to 1.00 during a compliance period, which is triggered when the availability under ABL facility falls below a threshold set forth in the ABL Credit Agreement. As of December 31, 2017, the Company's consolidated Fixed Charge Coverage Ratio was 3.67 to 1.00.

The ABL Loan is secured by substantially all of the assets of the Company.

Senior Secured Term Loan B:
 
On August 29, 2017, DXP entered into a six year Senior Secured Term Loan B (the “Term Loan”) with an original principal amount of $250 million which amortizes in equal quarterly installments of 0.25% with the balance payable in August 2023, when the facility matures.  Subject to securing additional lender commitments, the Term Loan allows for incremental increases in facility size up to an aggregate of $30 million, in minimum increments of $10 million, plus an additional amount such that DXP’s Secured Leverage Ratio (as defined under the Term Loan) would not exceed 3.60 to 1.00. We are required to repay the Term Loan in connection with certain asset sales and insurance proceeds, certain debt proceeds and 50% of excess cash flow, reducing to 25%, if our total leverage ratio is no more than 3.00 to 1.00 and 0%, if our total leverage ratio is no more than 2.50 to 1.00. In addition, the Term Loan contains a number of customary restrictive covenants. The interest rate for the Term Loan was 7.1 % as of December 31, 2017.
 
The Term Loan requires that the company’s Secured Leverage Ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt (net of restricted cash, not to exceed $30 million) as of such day to EBITDA, beginning with the fiscal quarter ending December 31, 2017, is either equal to or less than as indicated in the table below:

Fiscal Quarter
Secured Leverage Ratio
December 31, 2017
5.75:1.00
March 31, 2018
5.75:1.00
June 30, 2018
5.50:1.00
September 30, 2018
5.50:1.00
December 31, 2018
5.25:1.00
March 31, 2019
5.25:1.00
June 30, 2019
5.00:1.00
September 30, 2019
5.00:1.00
December 31, 2019
4.75:1.00
March 31, 2020
4.75:1.00
June 30, 2020 and each Fiscal Quarter thereafter
4.50:1.00
 
As of December 31, 2017, the Company's consolidated Secured Leverage Ratio was 3.59 to 1.00.

The Term Loan is guaranteed by each of the Company’s direct and indirect material wholly owned subsidiaries, other than any of the Company’s Canadian subsidiaries and certain other excluded subsidiaries.

The Term Loan is secured by substantially all of the assets of the Company.
 
Extinguishment of Previously Existing Credit Facility

As set forth above, on August 29, 2017, the Company terminated its previously existing credit agreement and facility and replaced it with the Term Loan and the ABL Credit Agreement. The terminated facility was under the Amended and Restated Credit Agreement, dated as of January 2, 2014, by and among the Company, as borrower, and Wells Fargo Bank, National Association, as issuing lender and administrative agent for other lenders (the “Original Credit Agreement”). This Original Credit Agreement was subsequently amended five times by the First Amendment to Restated Credit Agreement dated as of August 6, 2015, Second Amendment to Restated Credit Agreement dated as of September 30, 2015, Third Amendment to Restated Credit Agreement dated as of May 12, 2016, Fourth Amendment to Restated Credit Agreement dated as of August 15, 2016, and Fifth Amendment to Amended and Restated Credit Agreement dated as of November 28, 2016. A description of the material terms of these terminated agreements can be found in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2017.  In connection with the extinguishment of the previously existing Credit Facility we recorded a $0.6 million write-off of debt issuance costs, which was included in interest expense during the third quarter of 2017.

As of December 31, 2017, the maturities of long-term debt for the next five years and thereafter were as follows (in thousands):

2018
  
$
3,381
  
2019
    
3,405
  
2020
    
3,436
  
2021
    
2,500
  
2022
    
2,500
  
Thereafter
    
236,875
  
Total
  
$
252,097
  

NOTE 10 - INCOME TAXES

The components of income before income taxes were as follows (in thousands):

   
Years Ended December 31,
  
   
2017
    
2016
    
2015
  
                   
Domestic
  
$
13,183
    
$
11,079
    
$
(42,179
)
Foreign
    
3,709
      
(1,405
)
    
3,259
  
Total income before taxes
  
$
16,892
    
$
9,674
    
$
(38,920
)

The provision for income taxes consisted of the following (in thousands):

   
Years Ended December 31,
  
   
2017
    
2016
    
2015
  
Current -
                  
Federal
  
$
1,400
    
$
(902
)
  
$
5,182
  
State
    
698
      
136
      
1,499
  
Foreign
    
2,092
      
602
      
2,493
  
     
4,190
      
(164
)
    
9,174
  
Deferred -
                        
Federal
    
686
      
4,174
      
(7,090
)
State
    
(464
)
    
120
      
-
  
Foreign
    
(4,049
)
    
(1,607
)
    
(1,934
)
     
(3,827
)
    
2,687
      
(9,024
)
   
$
363
    
$
2,523
    
$
150
  
 
The difference between income taxes computed at the federal statutory income tax rate (35%) and the provision for income taxes is as follows (in thousands):

   
Years Ended December 31,
  
   
2017
    
2016
    
2015
  
Income taxes computed at federal statutory rate
  
$
5,912
    
$
3,386
    
$
(13,622
)
State income taxes, net of federal benefit
    
152
      
166
      
974
  
Non-tax deductible impairment expense computed at federal statutory rate
    
-
      
-
      
15,765
  
Foreign adjustment
    
255
      
140
      
689
  
Meals and entertainment
    
422
      
361
      
620
  
Gain on sale of Vertex
    
-
      
(1,971
)
    
-
  
Domestic Production Activity Deduction
    
(98
)
    
-
      
(1,143
)
Research and development tax credit
    
(641
)
    
(886
)
    
(1,730
)
Foreign tax credit
    
-
      
(383
)
    
(921
)
Valuation Allowance
    
(791
)
    
-
      
-
  
Tax Reform Deferred Tax Remeasurement
    
(1,294
)
    
-
      
-
  
Canadian Acquisition Deferred Tax Liability True Up
    
(2,180
)
    
-
      
-
  
Foreign rate difference
    
(297
)
    
112
      
(261
)
Other
    
(1,077
)
    
1,598
      
(221
)
   
$
363
    
$
2,523
    
$
150
  

Deferred tax liabilities and assets were comprised of the following (in thousands):

   
December 31,
  
   
2017
    
2016
  
Deferred tax assets:
            
Goodwill
  
$
2,668
    
$
4,029
  
Allowance for doubtful accounts
    
1,707
      
2,469
  
Inventories
    
2,365
      
3,944
  
Accruals
    
(61
)
    
97
  
Research and development credit carryforward
    
1,115
      
886
  
Foreign Tax Credit Carryforward
    
64
      
64
  
Charitable Contribution Carryforward
    
559
      
138
  
Net operating loss carryforward
    
136
      
760
  
Capital loss carryforward
    
12,225
      
18,903
  
Deferred Compensation
    
475
      
1,881
  
Other Accruals
    
266
      
-
  
Other
    
65
      
107
  
Total deferred tax assets
    
21,584
      
33,278
  
Less valuation allowance
    
(12,220
)
    
(19,633
)
Total deferred tax asset, net of valuation Deferred tax liabilities :
    
9,364
      
13,645
  
Intangibles
    
(8,695
)
    
(10,042
)
Property and equipment
    
(6,860
)
    
(12,762
)
Unremitted foreign earnings
    
(354
)
    
(354
)
Cumulative translation adjustment
    
(67
)
    
-
  
Other
    
(457
)
    
-
  
Net deferred tax liability
  
$
(7,069
)
  
$
(9,513
)
 
At December 31, 2017, the Company had $51.4 million of capital loss carryforward, which will expire in 2021. The Company has recorded a valuation allowance for nearly all of this carryforward amount.  The valuation allowance represents a provision for uncertainty as to the realization of the tax benefits of these carryforwards and the deferred tax assets that may not be realized.

On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was enacted into law.  The majority of the provisions signed into law in 2017 do not take effect until January 1, 2018.  The Act is a comprehensive tax reform legislation that contains significant changes to corporate taxation.  Provisions on the enacted law include a permanent reduction of the corporate income tax rate from 35% to 21%, imposing a mandatory one-time tax on un-repatriated accumulated earnings of foreign subsidiaries, a partial limitation on the deductibility of business interest expense, a limitation on net operating losses to 80% of taxable income each year, a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a partial territorial system (along with rules that create a new U.S. minimum tax on earnings of foreign subsidiaries), and other related provisions to maintain the U.S. tax base.

In accordance with SAB 118 issued by the Securities and Exchange Commission on December 22, 2017, companies are allowed a one year measurement period to complete the accounting related to The Act. Specifically, SAB 118 permits companies to record a provisional amount which can be remeasured during the measurement period due to obtaining, preparing, or analyzing additional information about facts and circumstances that existed as of the enacted date.  As a result, we remeasured our net deferred income tax liabilities by a provisional $1.3 million benefit and a corresponding provisional decrease in the net deferred tax liability as of December 31, 2017.  We are still in the process of analyzing The Act's impact as permitted under SAB 118. The largest impact to the Company being the remeasurement of deferred taxes due to the U.S. statutory tax rate change. The mandatory repatriation and resulting toll charge on accumulated foreign earnings and profits has limited impact on the Company as unremitted earnings from non-US jurisdictions is minimal.  The Company is provisional in its approach and assertion that there is no financial statement impact as of December 31, 2017.

Deferred tax liabilities related to intangibles for customer relationships acquired in Canada during 2012 and 2013 were reduced by $2.2 million during the fourth quarter of 2017 to correct the tax rate used to establish the deferred tax liabilities at the dates of acquisition. The Company evaluated the misstatement of each period since these acquisitions were completed and concluded the effects were immaterial.

Total deferred tax assets at December 31, 2016 were reduced by an $8.6 million charge recorded during the fourth quarter of 2016 to correct errors of $1.3 million, $2.7 million and $4.6 million which were recorded during 2013, 2014 and 2015, respectively, due to the Company improperly recognizing a deferred tax asset related to cumulative translation adjustment losses.  The Company evaluated the misstatement of each period and concluded the effects were immaterial.  Therefore, the Company decided to correct the accumulated $8.6 million error in the fourth quarter of 2016. We assessed the materiality of this misstatement and concluded the misstatement was not material to the results of operations or financial condition for the years ended December 31, 2017, 2016 and 2015.

NOTE 11 - SHARE-BASED COMPENSATION

Restricted Stock

Under the restricted stock plans approved by our shareholders, directors, consultants and employees may be awarded shares of DXP’s common stock. The shares of restricted stock granted to employees and that are outstanding as of December 31, 2017 vest in accordance with one of the following vesting schedules: 100% one year after date of grant; 33.3% each year for three years after date of grant; 20% each year for five years after date of grant; or 10% each year for ten years after date of grant. The shares of restricted stock granted to non-employee directors of DXP vest one year after the grant date. The fair value of restricted stock awards is measured based upon the closing prices of DXP’s common stock on the grant dates and is recognized as compensation expense over the vesting period of the awards. Once restricted stock vests, new shares of the Company’s stock are issued.  At December 31, 2017, 401,223 shares were available for future grant.

Changes in restricted stock for the twelve months ended December 31, 2017 were as follows:

   
Number of
Shares
    
Weighted Average
Grant Price
  
Non-vested at December 31, 2016
    
143,380
    
$
26.76
  
Granted
    
18,672
    
$
34.07
  
Forfeited
    
(298
)
  
$
59.60
  
Vested
    
(83,853
)
  
$
24.92
  
Non-vested at December 31, 2017
    
77,901
    
$
30.36
  
 
Changes in restricted stock for the twelve months ended December 31, 2016 were as follows:

   
Number of
Shares
    
Weighted Average
Grant Price
  
Non-vested at December 31, 2015
    
137,507
    
$
54.58
  
Granted
    
108,553
    
$
17.07
  
Forfeited
    
(39,000
)
  
$
65.41
  
Vested
    
(63,680
)
  
$
46.65
  
Non-vested at December 31, 2016
    
143,380
    
$
26.76
  

Changes in restricted stock for the twelve months ended December 31, 2015 were as follows:

   
Number of
Shares
    
Weighted Average
Grant Price
  
Non-vested at December 31, 2014
    
179,942
    
$
52.71
  
Granted
    
35,821
    
$
40.95
  
Forfeited
    
(20,855
)
  
$
41.34
  
Vested
    
(57,401
)
  
$
44.99
  
Non-vested at December 31, 2015
    
137,507
    
$
54.58
  

Compensation expense, associated with restricted stock, recognized in the years ended December 31, 2017, 2016 and 2015 was $1.7 million, $2.0 million, and $3.0 million, respectively. Related income tax benefits recognized in earnings in the years ended December 31, 2017, 2016 and 2015 were approximately $0.7 million, $0.8 million and $1.2 million, respectively. Unrecognized compensation expense under the DXP Enterprises, Inc. 2016 Omnibus Incentive Plan at December 31, 2017, December 31, 2016 and December 31, 2015 was $1.6 million, $2.7 million and $4.9 million, respectively. As of December 31, 2017, the weighted average period over which the unrecognized compensation expense is expected to be recognized is 15.2 months.

NOTE 12 - EARNINGS PER SHARE DATA

Basic earnings per share is computed based on weighted average shares outstanding and excludes dilutive securities. Diluted earnings per share is computed including the impacts of all potentially dilutive securities. For the year ended December 31, 2015, we excluded the potential dilution of convertible preferred stock, which could be converted into 840,000 shares because they would be anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):

     
December 31,
  
   
   
2017
    
2016
    
2015
  
Basic:
                  
Weighted average shares outstanding
    
17,400
      
15,042
      
14,423
  
                         
Net income (loss) attributable to DXP Enterprises, Inc.
  
$
16,888
    
$
7,702
    
$
(38,536
)
Convertible preferred stock dividend
    
(90
)
    
(90
)
    
(90
)
Net income (loss)  attributable to common shareholders
  
$
16,798
    
$
7,612
    
$
(38,626
)
Per share amount
  
$
0.97
    
$
0.51
    
$
(2.68
)
                         
Diluted:
                        
Weighted average shares outstanding
    
17,400
      
15,042
      
14,423
  
Assumed conversion of convertible preferred stock
    
840
      
840
      
-
  
Total dilutive shares
    
18,240
      
15,882
      
14,423
  
Net income (loss) attributable to common shareholders
  
$
16,798
    
$
7,612
    
$
(38,626
)
Convertible preferred stock dividend
    
90
      
90
      
-
  
Net income (loss) attributable to DXP Enterprises, Inc. for diluted earnings per share
  
$
16,888
    
$
7,702
    
$
(38,626
)
Per share amount
  
$
0.93
    
$
0.49
    
$
(2.68
)
 
Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the period and excludes dilutive securities. Diluted earnings per share reflects the potential dilution that could occur if the preferred stock was converted into common stock. Restricted stock is considered a participating security and is included in the computation of basic earnings per share as if vested. Because holders of Preferred Stock do not participate in losses, the loss was not allocated to Preferred Stock for fiscal year 2015. The Preferred Stock is convertible into 840,000 shares of common stock.

NOTE 13 – CAPITAL STOCK

The Company has Series A and Series B preferred stock of 1,122 shares and 15,000 shares outstanding as of year-end 2017, 2016 and 2015, respectively. The preferred stock did not have any activity during 2017, 2016 and 2015. The activity related to outstanding common stock and common stock held in treasury was as follows:

   
December 31,
  
   
2017
    
2016
    
2015
  
Common Stock:
  
Quantity (in thousands)
  
Balance, beginning of period
    
17,197
      
14,390
      
14,375
  
Issuance of shares for compensation net of withholding
    
119
      
84
      
15
  
Issuance of common stock related to equity distribution agreements
    
-
      
2,723
      
-
  
Balance, end of period
    
17,316
      
17,197
      
14,390
  

   
December 31,
  
   
2017
    
2016
    
2015
  
Treasury Shares:
  
Quantity (in thousands)
  
Balance, beginning of period
    
-
      
264
      
280
  
Issuance of treasury shares for acquisition
    
-
      
-
      
(149
)
Purchase of treasury shares
    
-
      
-
      
191
  
Issuance of treasury shares upon vesting of restricted shares net of withholding
    
-
      
(264
)
    
(58
)
Balance, end of period
    
-
      
-
      
264
  

NOTE 14 - BUSINESS ACQUISITIONS

All of the Company’s acquisitions have been accounted for using the purchase method of accounting. Revenues and expenses of the acquired businesses have been included in the accompanying consolidated financial statements beginning on their respective dates of acquisition. The allocation of purchase price to the acquired assets and liabilities is based on estimates of fair market value and may be revised if and when additional information the Company is awaiting concerning certain asset and liability valuations is obtained, provided that such information is received no later than one year after the date of acquisition. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. It specifically includes the expected synergies and other benefits that we believe will result from combining the operations of our acquisitions with the operations of DXP and any intangible assets that do not qualify for separate recognition such as the assembled workforce.

On April 1, 2015, the Company completed the acquisition of all of the equity interests of Tool Supply, Inc. (“TSI”) to expand DXP’s cutting tools offering in the Northwest region of the United States. DXP paid approximately $5.0 million for TSI, which was borrowed under the Company’s credit facility in effect at the date of acquisition. Estimated goodwill of $2.9 million and intangible assets of $2.0 were recognized for this acquisition. All of the estimated goodwill is included in the Service Centers segment. None of the estimated goodwill or intangible assets are expected to be tax deductible.
 
On September 1, 2015, the Company completed the acquisition of all of the equity interests of Cortech Engineering, LLC (“Cortech”) to expand DXP’s rotating equipment offering to the Western seaboard. DXP paid approximately $14.9 million for Cortech. The purchase was financed with borrowings under the Company’s credit facility in effect at the date of acquisition, as well as by issuing $4.4 million (148.8 thousand shares) of DXP common stock. Estimated intangible assets of $5.2 were recognized for this acquisition. In the first quarter of 2016, DXP adjusted the deferred tax liability associated with the acquisition by $151 thousand, which resulted in an adjusted goodwill balance of $8.7 million. All of the estimated goodwill is included in the Service Centers segment. Approximately $4.5 million of the goodwill and intangible assets are not deductible for tax purposes.

The value assigned to the non-compete agreements and customer relationships for business acquisitions were determined by discounting the estimated cash flows associated with non-compete agreements and customer relationships as of the date the acquisition was consummated. The estimated cash flows were based on estimated revenues net of operating expenses and net of capital charges for assets that contribute to the projected cash flow from these assets. The projected revenues and operating expenses were estimated based on management estimates. Net capital charges for assets that contribute to projected cash flow were based on the estimated fair value of those assets.

For the twelve months ended December 31, 2016, businesses acquired during 2015 contributed sales of $25.2 million and earnings (loss) before taxes of approximately $(0.3) million.

The pro forma unaudited results of operations for the Company on a consolidated basis for the twelve months ended December 31, 2017 and 2016, assuming the divestiture of a business completed in 2016 were consummated as of  January 1, 2016 are as follows (in millions, except per share amounts):

   
Years Ended
December 31,
  
   
2017
    
2016
  
Net sales
  
$
1,006.8
    
$
939.4
  
Net income attributable to DXP Enterprises, Inc.
  
$
16.9
    
$
5.5
  
Per share data
                
Basic earnings
  
$
0.97
    
$
0.36
  
Diluted earnings
  
$
0.93
    
$
0.35
  

The pro forma unaudited results of operations for the Company on a consolidated basis for the twelve months ended December 31, 2016 and 2015, assuming the acquisition of businesses completed in 2015 and divestiture of a business completed in 2016 (previously discussed in Item 1, Business) was consummated as of January 1, 2015 are as follows (in millions, except per share amounts.

   
Years Ended
December 31,
  
   
2016
    
2015
  
Net sales
  
$
939.4
    
$
1,228.9
  
Net income (loss) attributable to DXP Enterprises, Inc.
  
$
5.5
    
$
(40.7
)
Per share data
                
Basic earnings (loss)
  
$
0.36
    
$
(2.83
)
Diluted earnings (loss)
  
$
0.35
    
$
(2.83
)
 
NOTE 15 - COMMITMENTS AND CONTINGENCIES

The Company leases equipment, automobiles and office facilities under various operating leases. The future minimum rental commitments as of December 31, 2017, for non-cancelable leases are as follows (in thousands):

2018
  
$
19,419
  
2019
    
15,002
  
2020
    
11,492
  
2021
    
9,435
  
2022
    
6,637
  
Thereafter
    
3,441
  

Rental expense for operating leases was $27.7 million, $27.6 million and $32.7 million for the years ended December 31, 2017, 2016 and 2015, respectively.

From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. While DXP is unable to predict the outcome of these lawsuits, it believes that the ultimate resolution will not have, either individually or in the aggregate, a material adverse effect on DXP’s consolidated financial position, cash flows, or results of operations.

NOTE 16 - EMPLOYEE BENEFIT PLANS

The Company offers a 401(k) plan which is eligible to substantially all employees in the United States. For the year ended December 31, 2015 as well as the first quarter of 2016, the Company elected to match employee contributions at a rate of 50 percent of up to 4 percent of salary deferral. The Company contributed $0.2 million, $0.4 million, and $2.6 million to the 401(k) plan in the years ended December 31, 2017, 2016, and 2015, respectively.  In 2016 the Company suspended indefinitely the employee match program. The Company contributed $0.4 million in the first quarter of 2016 to the 401(k) plan.  No other contributions were made during the remainder of 2016.  The Company reinstated the employee match program in October 2017 contributing $0.2 million to the 401(k) plan for 2017.

NOTE 17 - OTHER COMPREHENSIVE INCOME

Other comprehensive income generally represents all changes in shareholders’ equity during the period, except those resulting from investments by, or distributions to, shareholders.

During 2012 and 2013, the Company acquired four entities that operate in Canada. These Canadian entities maintain financial data in Canadian dollars. Upon consolidation, the Company translates the financial data from these foreign subsidiaries into U.S. dollars and records cumulative translation adjustments in other comprehensive income. The Company recorded $(1.2) million, $(7.7) million and ($4.9) million in translation adjustments, net of tax, in other comprehensive income during the years ended December 31, 2017, 2016 and 2015, respectively. Comprehensive income for the year ended December 31, 2016 was reduced by an $8.6 million charge recorded during the fourth quarter of 2016 to correct errors which accumulated during 2013, 2014 and 2015 due to the Company improperly recognizing an $8.6 million deferred tax asset on unrealized foreign currency losses not expected to be realized within one year. We assessed the materiality of this misstatement and concluded the misstatement was not material to the results of operations or financial condition for the years ended December 31, 2016 and 2015.

NOTE 18 – SEGMENT AND GEOGRAPHICAL 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, 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, remanufactures pumps and manufactures branded private label pumps. The Supply Chain Services segment manages all or part of a customer's MRO products 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 intersegment eliminations.
 
Business Segmented Financial Information

The following table sets out financial information relating the Company’s segments (in thousands):

Years Ended
December 31,
  
Service
Centers
    
Innovative
Pumping
Solutions
    
Supply
Chain
Services
    
Total
  
2017
                        
Sales
  
$
641,275
    
$
204,030
    
$
161,477
    
$
1,006,782
  
Operating income for reportable segments, excluding amortization
    
63,250
      
11,423
      
15,451
      
90,124
  
Identifiable assets at year end
    
385,744
      
172,538
      
59,942
      
618,224
  
Capital expenditures
    
1,076
      
1,488
      
82
      
2,646
  
Depreciation
    
5,162
      
4,198
      
103
      
9,463
  
Amortization
    
8,989
      
7,194
      
1,083
      
17,266
  
Interest expense
    
9,712
      
5,352
      
1,990
      
17,054
  
 
2016
                                
Sales
  
$
621,007
    
$
187,124
    
$
153,961
    
$
962,092
  
Operating income for reportable segments, excluding impairment expense
    
47,634
      
9,867
      
15,449
      
72,950
  
Identifiable assets at year end
    
370,261
      
175,198
      
44,796
      
590,255
  
Capital expenditures
    
447
      
3,827
      
129
      
4,403
  
Proceeds from sale of fixed assets
    
(1,038
)
    
(168
)
    
-
      
(1,206
)
Depreciation
    
6,520
      
3,834
      
126
      
10,480
  
Amortization
    
9,152
      
7,826
      
1,083
      
18,061
  
Interest expense
    
9,290
      
4,422
      
1,852
      
15,564
  
 
2015
                                
Sales
  
$
826,588
    
$
254,829
    
$
165,626
    
$
1,247,043
  
Operating income for reportable segments, excluding impairment expense
    
78,170
      
21,584
      
14,213
      
113,967
  
Identifiable assets at year end
    
451,333
      
159,365
      
50,012
      
660,710
  
Capital expenditures
    
3,185
      
8,383
      
604
      
12,172
  
Depreciation
    
7,734
      
2,930
      
227
      
10,891
  
Amortization
    
10,334
      
8,406
      
1,881
      
20,621
  
Interest expense
    
2,967
      
6,881
      
1,084
      
10,932
  
Impairment expense by segment
    
15,842
      
52,893
      
-
      
68,735
  
 

   
Years Ended December 31,
  
                   
   
2017
    
2016
    
2015
  
Operating income for reportable segments, excluding impairment expense
  
$
90,124
    
$
72,950
    
$
113,967
  
Adjustments for:
                        
B27 settlement
    
-
      
-
      
7,348
  
Impairment expense
    
-
      
-
      
68,735
  
Amortization of intangibles
    
17,266
      
18,061
      
20,621
  
Corporate and other expense, net
    
39,368
      
35,557
      
45,179
  
Total operating income (loss)
    
33,490
      
19,332
      
(27,916
)
Interest expense
    
17,054
      
15,564
      
10,932
  
Other expenses (income), net
    
(456
)
    
(5,906
)
    
72
  
Income (loss) before income taxes
  
$
16,892
    
$
9,674
    
$
(38,920
)

The Company had capital expenditures at Corporate of $0.2 million, $0.5 million, and $1.8 million for the years ended December 31, 2017, 2016, and 2015, respectively. The Company had identifiable assets at Corporate of $19.4 million, $18.3 million, and $23.3 million as of December 31, 2017, 2016, and 2015, respectively. Corporate depreciation was $1.8 million, $1.4 million, and $1.7 million for the years ended December 31, 2017, 2016, and 2015, respectively.

Geographical Information

Revenues are presented in geographic area based on location of the facility shipping products or providing services. Long-lived assets are based on physical locations and are comprised of the net book value of property.

The Company’s revenues and property and equipment by geographical location are as follows (in thousands):

     
Years Ended December 31,
  
   
2017
    
2016
    
2015
  
Revenues
                  
United States
  
$
902,636
    
$
873,926
    
$
1,119,210
  
Canada
    
104,146
      
88,166
      
127,833
  
Total
  
$
1,006,782
    
$
962,092
    
$
1,247,043
  

   
As of December 31,
  
   
2017
    
2016
  
Property and Equipment, net
            
United States
  
$
42,683
    
$
48,635
  
Canada
    
10,654
      
12,172
  
Total
  
$
53,337
    
$
60,807
  
 
NOTE 19 - QUARTERLY FINANCIAL INFORMATION (unaudited)

Summarized quarterly financial information for the years ended December 31, 2017, 2016 and 2015 is as follows (in millions, except per share data):

   
First
Quarter
    
Second
Quarter
    
Third
Quarter
    
Fourth
Quarter
  
2017
                        
Sales
  
$
238.5
    
$
250.7
    
$
251.9
    
$
265.7
  
Gross profit
    
64.5
      
68.9
      
67.0
      
71.2
  
Net income (loss)
    
3.1
      
4.1
      
3.0
      
6.6
  
Net income (loss) attributable to DXP Enterprises, Inc.
    
3.0
      
4.0
      
2.9
      
6.6
  
Earnings (loss) per share - basic
  
$
0.18
    
$
0.24
    
$
0.17
    
$
0.38
  
Earnings (loss) per share - diluted
  
$
0.17
    
$
0.23
    
$
0.16
    
$
0.37
  
                                 
2016
                                
Sales
  
$
253.6
    
$
256.2
    
$
230.0
    
$
222.3
  
Gross profit
    
68.8
      
71.6
      
63.8
      
60.6
  
Net income (loss)
    
(5.2
)
    
5.1
      
0.1
      
7.1
  
Net income (loss) attributable to DXP Enterprises, Inc.
    
(5.1
)
    
5.1
      
0.2
      
7.4
  
Earnings (loss) per share - basic
  
$
(0.36
)
  
$
0.36
    
$
0.02
    
$
0.44
  
Earnings (loss) per share - diluted
  
$
(0.36
)
  
$
0.34
    
$
0.02
    
$
0.42
  
                                 
2015
                                
Sales
  
$
341.6
    
$
323.7
    
$
303.1
    
$
278.6
  
Gross profit
    
98.1
      
91.3
      
85.7
      
76.9
  
Impairment expense
    
-
      
-
      
58.9
      
9.8
  
Net income (loss)
    
9.7
      
7.2
      
(52.7
)
    
(3.2
)
Net income (loss) attributable to DXP Enterprises, Inc.
    
9.7
      
7.2
      
(52.4
)
    
(3.0
)
Earnings (loss) per share - basic
  
$
0.67
    
$
0.50
    
$
(3.64
)
  
$
(0.20
)

The sum of the individual quarterly earnings per share amounts may not agree with year-to-date earnings per share as each quarter’s computation is based on the weighted average number of shares outstanding during the quarter, the weighted average stock price during the quarter and the dilutive effects of the stock options and restricted stock in each quarter.
 
NOTE 20 – RELATED PARTIES

The Board uses policies and procedures, to be applied by the Audit Committee of the Board, for review, approval or ratification of any transactions with related persons. Those policies and procedures will apply to any proposed transactions in which DXP is a participant, the amount involved exceeds $120,000 and any director, executive officer or significant shareholder or any immediate family member of such a person has a direct or material indirect interest. Any related party transaction will be reviewed by the Audit Committee of the Board of Directors to determine, among other things, the benefits of any transaction to DXP, the availability of other sources of comparable products or services and whether the terms of the proposed transaction are comparable to those provided to unrelated third parties.

For the year ended December 31, 2017, the Company paid approximately $1.4 million in lease expenses to entities controlled by the Company’s Chief Executive Officer, David Little, $1.2 million in lease expenses to an entity in which a retired senior vice president holds a minority interest, and $0.3 million in lease expenses to an entity in which a retired senior vice president holds an interest, and the children of David Little hold a majority interest. The Company employs six people who work for David Little, and Mr. Little reimbursed the Company for the cost. Total cost to Mr. Little for the year ended December 31, 2017 for payroll, related payroll expenses, vehicles, fuel and supplies was $0.4 million. The Company employs two sons and two sons-in-laws of executives. Total wages and other compensation for 2017 was approximately $1.3 million for the four employees.
 
NOTE 21 – SUBSEQUENT EVENTS

On January 1, 2018, the Company completed the acquisition of Application Specialties, Inc. (“ASI”), a distributor of cutting tools, abrasives, coolants and machine shop supplies. DXP paid approximately $11.5 million for ASI. The purchase was financed with $10.6 million of cash on hand as well as issuing $0.9 million of DXP common stock.

ITEM 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

ITEM 9A.
Controls and Procedures

Disclosure Controls and Procedures

DXP carried out an evaluation, under the supervision and with the participation of its management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness as of December 31, 2017, of the design and operation of DXP’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15e and 15d-15e. Disclosure controls and procedures are the controls and other procedures of DXP that are designed to ensure that information required to be disclosed by DXP in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the U.S. Securities and Exchange Commission (the “Commission”). Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by DXP in the reports that it files or submits under the Exchange Act, is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that DXP’s disclosure controls and procedures were not effective as of the end of the period covered by this Report due to material weaknesses in internal control over financial reporting as further discussed below.

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

DXP Enterprises, Inc.’s management is responsible for establishing and maintaining adequate internal control over financial reporting. DXP Enterprises, Inc.’s internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting can also be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

Management has used the 2013 framework set forth in the report entitled “Internal Control – Integrated Framework” published by the Committee of Sponsoring Organizations (“COSO”) of the Treadway Commission to evaluate the effectiveness of the Company’s internal control over financial reporting. Management has concluded that the Company’s internal control over financial reporting was not effective as of December 31, 2017 due to material weaknesses in internal control over financial reporting as further discussed below.  Management’s remediation plans are also discussed below.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

We had material weaknesses in our control environment and monitoring to support the financial reporting process.
 
The Company’s control environment did not sufficiently promote effective internal control over financial reporting; specifically, the following factors relating to the control environment:
 
Management did not maintain effective management review controls over the monitoring and review of certain accounts.

Management did not effectively design, document nor monitor (review, evaluate and assess) the key internal control activities that provide the accounting information contained in the Company’s financial statements.
 
We had material weaknesses related to information technology general controls (“ITGC”).  We did not maintain effective ITGC, which are required to support automated controls and information technology (“IT”) functionality; therefore, automated controls and IT functionality were ineffective.
 
Remediation Plans
 
During the second quarter of 2018 we will engage third party accounting consultants to assist us with our efforts to maintain adequate and effective internal control over financial reporting, to implement measures designed to improve our financial closing process and enhance certain internal controls, processes and procedures, including ITGC. Specifically, the Company will undertake the following steps to remediate the deficiencies underlying these material weaknesses:

·
In connection with the remediation of the material weakness in our control activities, we will enhance our policies relating to the design, documentation, review, monitoring and approval of management review controls and other key internal control activities that provide the accounting information contained in our financial statements.
·
To enhance our information technology controls, we will implement systems and processes in order to create an effective segregation of duties, restrict user access to applications and improve output controls.
 
We are committed to maintaining a strong internal control environment, and believe that these remediation efforts represent significant improvements in our control environment. The identified material weaknesses in internal control will not be considered fully remediated until the internal controls over these areas have been in operation for a sufficient period of time for our management to conclude that the material weakness has been fully remediated. The Company will continue its efforts to implement and test the new controls in order to make this final determination.
 
Remediated Material Weakness

As of the filing of this Annual Report on Form 10-K, our management has completed the implementation of our remediation efforts related to the material weakness over the accounting for income taxes which included the following:

·
Engaged third party professionals and hired an experienced tax director to strengthen tax accounting review procedures in the United States and Canada.
·
Developed and implemented enhanced policies and procedures relating to tax account reconciliations and analysis.
·
Implemented close procedures at interim periods to allow for more timely and increased oversight by our management of the calculation and reporting of certain tax balances.
·
Reassessed the design of our tax review controls to identify areas where enhanced precision will help detect and prevent material misstatements.
 
Changes in Internal Control over Financial Reporting

Except as described above, there are no changes in our internal control over financial reporting that occurred during the year ended December 31, 2017 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The effectiveness of our internal control over financial reporting as of December 31, 2017 has been audited by Moss Adams LLP, the independent registered public accounting firm, which also has audited the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K.
 
/s/ David R. Little
  
/s/ Kent Yee
  
David R. Little
  
Kent Yee
  
President and Chief Executive Officer
(Principal Executive Officer)
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
 
ITEM 9B. 
Other Information

None.

PART III

ITEM 10.
Directors, Executive Officers and Corporate Governance

The information required by this item will be included in our definitive Proxy statement for the 2018 Annual Meeting of Shareholders that we will file with the SEC within 120 days of the end of the fiscal year to which this Report relates (the “Proxy Statement”) and is hereby incorporated by reference thereto.

ITEM 11.
Executive Compensation

The information required by this item will be included in the Proxy Statement and is hereby incorporated by reference.

ITEM 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this item will be included in the Proxy Statement and is hereby incorporated by reference.

ITEM 13.
Certain Relationships and Related Transactions, and Director Independence

The information required by this item will be included in the Proxy Statement and is hereby incorporated by reference.

ITEM 14.
Principal Accounting Fees and Services.

The information required by this item will be included in the Proxy Statement and is hereby incorporated by reference.
 
PART IV

ITEM 15.
Exhibits, Financial Statement Schedules.

(a) Documents included in this Report:

1.
Financial Statements – See Part II, Item 8 of this Report.
   
2.
Financial Statement Schedules - All other schedules have been omitted since the required information is not applicable or significant or is included in the Consolidated Financial Statements or notes thereto.
   
3.
Exhibits:

The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed with the Commission.
 
Exhibit
No.
Description
   
Restated Articles of Incorporation, as amended (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-8 (Reg. No. 333-61953), filed with the Commission on August 20, 1998).
   
Bylaws, as amended on July 27, 2011.
   
Form of Common Stock certificate (incorporated by reference to Exhibit 4.3 to the Company's Registration Statement on Form S-8 (Reg. No. 333-61953), filed with the Commission on August 20, 1998).
   
See Exhibit 3.1 for provisions of the Company's Restated Articles of Incorporation, as amended, defining the rights of security holders.
   
See Exhibit 3.2 for provisions of the Company's Bylaws defining the rights of security holders.
   
Form of Senior Debt Indenture of DXP Enterprises, Inc. (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-3 (Reg. No. 333-166582), filed with the Commission on May 6, 2010).
   
Form of Subordinated Debt Indenture of DXP Enterprises, Inc. (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form S-3 (Reg. No. 333-166582), filed with the SEC on May 6, 2010).
   
Employment Agreement dated effective as of January 1, 2004, between DXP Enterprises, Inc. and David R.  Little (incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K (File No. 000-21513:04663259) for the fiscal year ended December 31, 2003, filed with the Commission on March 11, 2004).
   
Employment Agreement dated effective as of June 1, 2004, between DXP Enterprises, Inc. and Mac McConnell (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 000-21513:04783822) for the quarterly period ended March 31, 2004, filed with the Commission on May 6, 2004).
   
DXP Enterprises, Inc. 2005 Restricted Stock Plan (incorporated by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K (File No. 000-21513:06677037) for the fiscal year ended December 31, 2005, (filed with the Commission on March 10, 2006).
   
Amendment Number One to Employment Agreement dated effective as of January 1, 2004, between DXP Enterprises, Inc. and David R. Little (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-21513:06979954), filed with the Commission on July 26, 2006).
   
Amendment No. One to DXP Enterprises, Inc. 2005 Restricted Stock Plan (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 000-21513:06979954), filed with the Commission on July 26, 2006).
 
Amendment Number Two to Employment Agreement dated effective January 1, 2004 between DXP Enterprises, Inc. and David R. Little (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-21513:09846339) filed with the Commission on May 22, 2009).
   
Amendment Number One to Employment Agreement dated effective June 1, 2004 between DXP Enterprises, Inc. and Mac McConnell (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 000-21513:11823072) filed with the Commission on May 9, 2011).
   
Amendment Two to David Little Equity Incentive Program effective May 1, 2013 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 000-21513:11823072) filed with the Commission on May 3, 2013).
   
Purchase Agreement, dated as of December 9, 2013, whereby DXP Enterprises, Inc. agreed to acquire all of the equity securities and units of B27, LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8K filed with the Commission on December 10, 2013).
   
DXP Enterprises, Inc. 2016 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.6 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016 (File No. 000-21513:161832364) filed with the Commission on August 15, 2016).
   
Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.7 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016 (File No. 000-21513:161832364) filed with the Commission on August 15, 2016).
   
Term Loan and Security Agreement Dated as of August 29, 2017 by and among DXP Enterprises, Inc., Borrower and the Other Persons Party hereto from time to time, as Guarantors, and Goldman Sachs Bank USA, as Administrative Agent and Certain Financial Institutions, as Lenders (incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 (File No. 000-21513:171191516) filed with the Commission on November 9, 2017).
   
Loan and Security Agreement Dated as of August 29, 2017 by and among DXP Enterprises, Inc., Pump-PMI, LLC, PMI Operating Company, LTD., PMI Investment, LLC, Integrated Flow Solutions, LLC, DXP Holdings, Inc., Best Holding, LLC, Best Equipment Service & Sales Company, LLC, B27 Holdings Corp., B27, LLC, B27 Resources, Inc. and Pumpworks 610, LLC as US Borrowers, DXP Canada Enterprises, LTD., Industrial Paramedic Services, LTD., HSE Integrated LTD., and National Process Equipment Inc., as Canadian Borrowers and the Other Persons Party hereto from time to time, as Guarantors, and Bank of America, N.A., as agent and Certain Financial Institutions as Lenders, Bank of America, N.A. as Sole Lead Arranger and Sole Bookrunner and BMO Capital Markets Corp., as Documentation Agent (incorporated by reference to Exhibit 10.2 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 (File No. 000-21513:171191516) filed with the Commission on November 9, 2017).
   
Letter of Grant Thornton LLP to the SEC dated May 24, 2016 (incorporated by reference to Exhibit 16.1 to Registrant’s current report on Form 8-K (File No. 000-21513:161671171) filed with the Commission on May 24, 2016).
   
Letter of Hein & Associates LLP to the SEC dated November 17, 2017 (incorporated by reference to Exhibit 16.1 to Registrant’s current report on Form 8-K (File No. 000-21513:171210595) filed with the Commission on November 17, 2017).

Subsidiaries of the Company.
   
Consent of Moss Adams LLP, Independent Registered Public Accounting Firm.
   
Consent of Hein and Associates LLP, Independent Registered Public Accounting Firm.
   
Consent of Grant Thornton LLP, Independent Registered Public Accounting Firm.
   
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended.
 
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended.
   
Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.
   
Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.
   
101
Interactive Data Files

Exhibits designated by the symbol * are filed with this Report. All exhibits not so designated are incorporated by reference to a prior filing with the Commission as indicated.

+ Indicates a management contract or compensation plan or arrangement.

The Company undertakes to furnish to any shareholder so requesting a copy of any of the exhibits to this Report on upon payment to the Company of the reasonable costs incurred by the Company in furnishing any such exhibit.
 
ITEM 16.
Form 10-K Summary.

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  DXP ENTERPRISES, INC. (Registrant)  
          
  By: /s/
DAVID R. LITTLE
  
      David R. Little  
      Chairman of the Board,  
      President and Chief Executive Officer  

Dated: March 28, 2018

Each person whose signature appears below appoints David R. Little, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, with full power and authority to said attorney-in-fact and agent to do and perform each and every act whatsoever that is necessary, appropriate or advisable in connection with any or all of the above-described matters and to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:
 
 
NAME
  
TITLE
  
DATE
           
 
/s/David R. Little
  
Chairman of the Board, President
    
 
 David R. Little
  
Chief Executive Officer and Director
  
March 28, 2018
     
(Principal Executive Officer)
    
           
 
/s/Kent Yee
  
Senior Vice President/Finance and
  
March 28, 2018
 
 Kent Yee
  
Chief Financial Officer
    
     
(Principal Financial Officer)
    
           
 
/s/Mac McConnell
  
Senior Vice President/Finance,
  
March 28, 2018
 
Mac McConnell
  
Chief Accounting Officer and Secretary
    
     
(Principal Accounting Officer)
    
           
 
/s/Cletus Davis
  
Director
  
March 28, 2018
 
 Cletus Davis
        
           
 
/s/Timothy P. Halter
  
Director
  
March 28, 2018
 
 Timothy P. Halter
        
           
 
/s/David Patton
  
Director
  
March 28, 2018
 
 David Patton
        
 
 
81
 EX-21.1 2 ex21_1.htm EXHIBIT 21.1
Exhibit 21.1

SUBSIDIARIES OF THE COMPANY

PMI Operating Company, Ltd., a Texas limited partnership

PMI Investment, LLC, a Delaware limited liability corporation

Pump – PMI LLC, a Texas limited liability corporation

DXP Canada Enterprises, Ltd., a British Columbia Corporation

HSE Integrated, Ltd, an Alberta Corporation

Industrial Paramedic Services, Ltd., an Alberta Corporation

DXP Holdings, Inc., a Texas corporation

National Process Equipment, Inc. , an Alberta Corporation

Best Equipment Service and Sales Company, LLC, a Delaware limited liability corporation

Integrated Flow Solutions, LLC, a Delaware limited liability corporation

B27, LLC, a Delaware limited liability corporation

Best Holdings, LLC, a Delaware limited liability corporation

Application Specialties, Inc., a Washington corporation
 
 
 
 EX-23.1 3 ex23_1.htm EXHIBIT 23.1
Exhibit 23.1

Consent of Independent Registered Public Accounting Firm
 
We consent to the incorporation by reference in the Registration Statements (Forms S-8 No. 333-134606, 333-123698, 333-92875, 333-92877 and 333-213226, and Forms S-3 No. 333-134603, 333-188907, and 333-213227) of our reports dated March 27, 2018, relating to the consolidated financial statements of DXP Enterprises, Inc. and the effectiveness of internal control over financial reporting of DXP Enterprises, Inc. (which report expresses an adverse opinion), appearing in this Annual Report (Form 10-K) for the year ended December 31, 2017.
 
/s/ Moss Adams LLP

Houston, Texas
March 28, 2018
 
 
 EX-23.2 4 ex23_2.htm EXHIBIT 23.2
Exhibit 23.2

Consent of Independent Registered Public Accounting Firm

We have issued our report dated February 29, 2016 with respect to the consolidated financial statements of DXP Enterprises, Inc. as of December 31, 2015 and for the year then ended, included in this Annual Report of DXP Enterprises, Inc. on Form 10-K for the year ended December 31, 2017.  We consent to the incorporation by reference of said report in the Registration Statements of DXP Enterprises, Inc. on Forms S-3 (File No. 333-134603, File No. 333-188907, and File No. 333-213227) and on Forms S-8 (File No. 333-134606, File No. 333-123698, File No. 333-92875, File No. 333-92877, and File No. 333-213226).
 
Hein & Associates LLP

Houston, Texas
March 28, 2018
 
 
 EX-23.3 5 ex23_3.htm EXHIBIT 23.3
Exhibit 23.3
 
Consent of Independent Registered Public Accounting Firm
 
We have issued our report dated February 29, 2016 with respect to the consolidated financial statements of DXP Enterprises, Inc. for the year ended December 31, 2015, included in this Annual Report of DXP Enterprises, Inc. on Form 10-K for the year ended December 31, 2017.  We consent to the incorporation by reference of said report in the Registration Statements of DXP Enterprises, Inc. on Forms S-8 (File No. 333-134606, File No. 333-123698, File No. 333-92875, File No. 333-92877, and File No. 333-213226) and on Forms S-3 (File No. 333-134603, File No. 333-188907, and File No. 333-213227).

/s/ GRANT THORNTON LLP
Houston, Texas

March 28, 2018
 
 
 
 EX-31.1 6 ex31_1.htm EXHIBIT 31.1
Exhibit 31.1
CERTIFICATIONS

I, David R. Little, certify that:

1.
I have reviewed this annual report on Form 10-K of DXP Enterprises, Inc.;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:
 
(a)          Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)          Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)          Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)          Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)          All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)          Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 28, 2018

/s/ David R. Little
David R. Little
President and Chief Executive Officer
(Principal Executive Officer)
 
 
 EX-31.2 7 ex31_2.htm EXHIBIT 31.2
Exhibit 31.2
CERTIFICATIONS

I, Kent Yee, certify that:

1.
I have reviewed this annual report on Form 10-K of DXP Enterprises, Inc.;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:
 
(a)          Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)          Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)          Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)          Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)          All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)          Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 28, 2018

/s/ Kent Yee
Kent Yee
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
 
 
 EX-32.1 8 ex32_1.htm EXHIBIT 32.1
Exhibit 32.1

CERTIFICATION
Pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.

Pursuant to 18 U.S.C. Section 1350, as added by Section 906 of the Sarbanes-Oxley Act of 2002, as amended, the undersigned officer of DXP Enterprises, Inc. (the “Company”) hereby certifies that the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78m or 78o(d)), and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: March 28, 2018
 
/s/David R. Little
David R. Little
President and Chief Executive Officer
 
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.
 
 
 EX-32.2 9 ex32_2.htm EXHIBIT 32.2
Exhibit 32.2

CERTIFICATION
Pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended

Pursuant to 18 U.S.C. Section 1350, as added by Section 906 of the Sarbanes-Oxley Act of 2002, as amended, the undersigned officer of DXP Enterprises, Inc. (the “Company”) hereby certifies that the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78m or 78o(d)), and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: March 28, 2018

/s/Kent Yee
Kent Yee
Senior Vice President and Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.
 
 
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font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">NOTE 14 - BUSINESS ACQUISITIONS</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">All of the Company&#8217;s acquisitions have been accounted for using the purchase method of accounting. Revenues and expenses of the acquired businesses have been included in the accompanying consolidated financial statements beginning on their respective dates of acquisition. The allocation of purchase price to the acquired assets and liabilities is based on estimates of fair market value and may be revised if and when additional information the Company is awaiting concerning certain asset and liability valuations is obtained, provided that such information is received no later than one year after the date of acquisition. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. It specifically includes the expected synergies and other benefits that we believe will result from combining the operations of our acquisitions with the operations of DXP and any intangible assets that do not qualify for separate recognition such as the assembled workforce.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On April 1, 2015, the Company completed the acquisition of all of the equity interests of Tool Supply, Inc. (&#8220;TSI&#8221;) to expand DXP&#8217;s cutting tools offering in the Northwest region of the United States. DXP paid approximately $5.0 million for TSI, which was borrowed under the Company&#8217;s credit facility in effect at the date of acquisition. Estimated goodwill of $2.9 million and intangible assets of $2.0 were recognized for this acquisition. All of the estimated goodwill is included in the Service Centers segment. 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font-family: 'Times New Roman';">(992</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 66%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Total Debt</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">242,024</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">224,685</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 66%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Less: Current maturities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman';">238,643</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">173,331</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;"><u>ABL Facility</u></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On August 29, 2017, DXP&#160; entered into a five year, $85 million Asset Based Loan and Security Agreement (the &#8220;ABL Credit Agreement&#8221;).&#160; The ABL Credit Agreement provides for asset-based revolving loans in an aggregate principal amount of up to $85.0 million (the &#8220;ABL Loans&#8221;). The ABL Loans may be increased, in increments of $10.0 million, up to an aggregate of $50.0 million. The facility will mature on August 29, 2022. Interest accrues on outstanding borrowings at a rate equal to LIBOR or CDOR plus a margin ranging from 1.25% to 1.75% per annum, or at an alternate base rate, Canadian prime rate or Canadian base rate plus a margin ranging from 0.25% to 0.75% per annum, in each case, based upon the average daily excess availability under the facility for the most recently completed calendar quarter. Fees ranging from 0.25% to 0.375% per annum are payable on the portion of the facility not in use at any given time. The interest rate for the ABL facility was 2.9% at December 31, 2017. 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We are required to repay the Term Loan in connection with certain asset sales and insurance proceeds, certain debt proceeds and 50% of excess cash flow, reducing to 25%, if our total leverage ratio is no more than 3.00 to 1.00 and 0%, if our total leverage ratio is no more than 2.50 to 1.00. In addition, the Term Loan contains a number of customary restrictive covenants. 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font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Fiscal Quarter</div></td><td style="border-top: #000000 2px solid; border-right: #000000 2px solid; width: 30%; vertical-align: middle; border-bottom: #000000 2px solid; border-left: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Secured Leverage Ratio</div></td></tr><tr><td style="border-top: #000000 2px solid; border-right: #000000 2px solid; width: 30%; vertical-align: top; border-bottom: #000000 2px solid; border-left: #000000 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">December 31, 2017</div></td><td style="border-top: #000000 2px solid; border-right: #000000 2px solid; width: 30%; vertical-align: top; border-bottom: #000000 2px solid; border-left: #000000 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">5.75:1.00</div></td></tr><tr><td style="border-top: #000000 2px solid; 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font-family: 'Times New Roman'; text-align: center;">December 31, 2018</div></td><td style="border-top: #000000 2px solid; border-right: #000000 2px solid; width: 30%; vertical-align: top; border-bottom: #000000 2px solid; border-left: #000000 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">5.25:1.00</div></td></tr><tr><td style="border-top: #000000 2px solid; border-right: #000000 2px solid; width: 30%; vertical-align: top; border-bottom: #000000 2px solid; border-left: #000000 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">March 31, 2019</div></td><td style="border-top: #000000 2px solid; border-right: #000000 2px solid; width: 30%; vertical-align: top; border-bottom: #000000 2px solid; border-left: #000000 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">5.25:1.00</div></td></tr><tr><td style="border-top: #000000 2px solid; 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The terminated facility was under the Amended and Restated Credit Agreement, dated as of January 2, 2014, by and among the Company, as borrower, and Wells Fargo Bank, National Association, as issuing lender and administrative agent for other lenders (the &#8220;Original<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>&#160;</u></font>Credit Agreement&#8221;). This Original Credit Agreement was subsequently amended five times by the First Amendment to Restated Credit Agreement dated as of August 6, 2015, Second Amendment to Restated Credit Agreement dated as of September 30, 2015, Third Amendment to Restated Credit Agreement dated as of May 12, 2016, Fourth Amendment to Restated Credit Agreement dated as of August 15, 2016, and Fifth Amendment to Amended and Restated Credit Agreement dated as of November 28, 2016. 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font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,381</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">2019</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Per share amount</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">0.93</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(2.68</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr></table><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the period and excludes dilutive securities. Diluted earnings per share reflects the potential dilution that could occur if the preferred stock was converted into common stock. Restricted stock is considered a participating security and is included in the computation of basic earnings per share as if vested. Because holders of Preferred Stock do not participate in losses, the loss was not allocated to Preferred Stock for fiscal year 2015. The Preferred Stock is convertible into 840,000 shares of common stock.</div></div> 0.51 -2.68 0.97 -0.21 0.50 0.24 0.17 -0.20 0.44 -3.64 0.38 0.67 0.18 0.36 -0.36 0.02 -88000 274000 68000 0.35 0.21 4900000 1600000 2700000 2700000 3100000 P15M6D 16962000 18483000 -619000 0 0 600000 800000 200000 -619000 0 0 100000 0.115 0.100 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">NOTE 4 - FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Authoritative guidance for financial assets and liabilities measured on a recurring basis applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. 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font-family: 'Times New Roman'; text-align: justify;">During the third quarter of 2015, the price of DXP&#8217;s common stock and the price of crude oil declined over 40% and over 20%, respectively. 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The remaining goodwill for the B27 IPS and B27 SC reporting units at September 30, 2015 was $4.9 million and $10.3 million, respectively. The September 30, 2015 ASC 350 step two testing was completed in the fourth quarter of 2015 without any adjustment to the amount recorded in the third quarter of 2015. Fair value was based on expected future cash flow using Level 3 inputs under Account Standards Codification 820 <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Fair Value Measurements </font>(&#8220;ASC 820&#8221;). The cash flows are those expected to be generated by market participants, discounted at a rate of return market participants would expect. Approximately 60% of the goodwill associated with the B27 acquisition is not deductible for tax purposes. Accordingly, the financial statement tax benefit is calculated for only 40% of the goodwill impairment. The pretax impairment impacted DXP&#8217;s effective tax rate for 2015. For the year ended December 31, 2014, accumulated impairment for the B27 IPS and B27 SC reporting units was $95.1 million and $10.2 million, respectively. After recording the third quarter impairment loss, accumulated impairment expenses for the B27 IPS and B27 SC reporting units were $143.1 million and $20.0 million, respectively, at September 30, 2015.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">DXP recorded $1.1 million of impairment expense in the third quarter of 2015 to write off an acquired intangible asset related to an ITT Goulds distribution agreement, which was terminated by ITT Goulds during 2015. The remaining intangible asset value of vendor distribution agreements for the year ended December 31, 2015 was zero. 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font-family: 'Times New Roman';">. The Company assigns the carrying value of these intangible assets to its "reporting units" and applies the test for goodwill at the reporting unit level. A reporting unit is defined as an operating segment or one level below a segment (a "component") if the component is a business and discrete information is prepared and reviewed regularly by segment management.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; background-color: #ffffff;">The Company&#8217;s goodwill impairment assessment first permits evaluating qualitative factors to determine if a reporting unit's carrying value would more likely than not exceed its fair value. If the Company concludes, based on the qualitative assessment, that a reporting unit's carrying value would more likely than not exceed its fair value, the Company would perform a two-step quantitative test for that reporting unit. 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Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. 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vertical-align: top;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 34%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">11,079</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(42,179</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 34%; 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(1,405</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; 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DXP Enterprises, Inc. and its subsidiaries are engaged in the business of distributing maintenance, repair and operating (MRO) products, and service to energy and industrial customers. Additionally, DXP provides integrated, custom pump skid packages, pump remanufacturing and manufactures branded private label pumps to energy and industrial customers. The Company is organized into three business segments: Service Centers (&#8220;SC&#8221;), Supply Chain Services (&#8220;SCS&#8221;) and Innovative Pumping Solutions (&#8220;IPS&#8221;). 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This update adds language to the SEC Staff Guidance in relation to ASU 2014-09, ASU 2016-02, and ASU 2016-13. This ASU 2017-03 provides the SEC Staff view that a registrant should consider additional quantitative and qualitative disclosures related to the previously mentioned ASUs in connection with the status and impact of their adoption. 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font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">NOTE 20 &#8211; RELATED PARTIES</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Board uses policies and procedures, to be applied by the Audit Committee of the Board, for review, approval or ratification of any transactions with related persons. Those policies and procedures will apply to any proposed transactions in which DXP is a participant, the amount involved exceeds $120,000 and any director, executive officer or significant shareholder or any immediate family member of such a person has a direct or material indirect interest. Any related party transaction will be reviewed by the Audit Committee of the Board of Directors to determine, among other things, the benefits of any transaction to DXP, the availability of other sources of comparable products or services and whether the terms of the proposed transaction are comparable to those provided to unrelated third parties.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">For the year ended December 31, 2017, the Company paid approximately $1.4 million in lease expenses to entities controlled by the Company&#8217;s Chief Executive Officer, David Little, $1.2 million in lease expenses to an entity in which a retired senior vice president holds a minority interest, and $0.3 million in lease expenses to an entity in which a retired senior vice president holds an interest, and the children of David Little hold a majority interest. The Company employs six people who work for David Little, and Mr. Little reimbursed the Company for the cost. Total cost to Mr. Little for the year ended December 31, 2017 for payroll, related payroll expenses, vehicles, fuel and supplies was $0.4 million. The Company employs two sons and two sons-in-laws of executives. Total wages and other compensation for 2017 was approximately $1.3 million for the four employees.</div></div> 643568000 702402000 453480000 3532000 0 3500000 1700000 2000000 3000000 134193000 117395000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; text-align: justify;">Revenue Recognition</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">For binding agreements to fabricate tangible assets to customer specifications, the Company recognizes revenues using the percentage of completion method. Under this method, revenues are recognized as costs are incurred and include estimated profits calculated on the basis of the relationship between costs incurred and total estimated costs at completion. If at any time expected costs exceed the value of the contract, the loss is recognized immediately. Revenues of approximately $40.6 million, $31.5 million, and $47.5 million were recognized on contracts in process for the years ended December 31, 2017, 2016, and 2015, respectively. The typical time span of these contracts is approximately one to two years.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">For other sales, the Company recognizes revenues when an agreement is in place, the price is fixed, title for product passes to the customer or services have been provided and collectability is reasonably assured, which is generally upon delivery to the customer. Revenues are recorded net of sales taxes.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company reserves for potential customer returns based upon the historical level of returns.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The estimated future annual amortization of intangible assets for each of the next five years and thereafter are as follows <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">(in thousands)</font>:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 40%;"><tr><td valign="bottom" style="width: 28%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 54%; 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vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; 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text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Weighted average shares outstanding</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">17,400</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">15,042</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Total dilutive shares</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman';">1,836</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(1,581</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; 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font-family: 'Times New Roman';">(84,624</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">78,525</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">164,858</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(70,027</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">94,831</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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The Company measures compensation cost with respect to equity instruments granted as stock-based payments to employees based upon the estimated fair value of the equity instruments at the date of the grant. The cost as measured is recognized as expense over the period which an employee is required to provide services in exchange for the award.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; text-align: justify;">Shipping and Handling Costs</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company classifies shipping and handling charges billed to customers as sales. Shipping and handling charges paid to others are classified as a component of cost of sales.</div></div> 0 0 51862000 0 0 -1000 0 0 1000 0 51889000 27000 0 0 0 0 0 0 0 0 4398000 0 0 -4825000 9223000 0 0 264297 57401 -264000 -58000 0 15000 84000 119000 2632000 0 0 0 0 0 0 0 0 0 -12577000 0 0 0 0 -2632000 0 12577000 2722858 148769 0 -149000 0 252549000 268546000 15000 115605000 0 1000 -15524000 -5700000 148409000 242952000 146000 117395000 0 1812000 926000 198870000 -19491000 146000 -12577000 15000 134193000 0 174000 152313000 1000 109783000 173000 -10616000 -18274000 153087000 1000 1000 567000 15000 15000 110306000 267979000 251623000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">NOTE 13 &#8211; CAPITAL STOCK</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">The Company has Series A and Series B preferred stock of 1,122 shares and 15,000 shares outstanding as of year-end 2017, 2016 and 2015, respectively. 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recognized as an operating activity Estimated future cash flows, discount rate Fair Value Inputs, Discount Rate Fair Value, Hierarchy [Axis] Asset Class [Axis] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES [Abstract] Asset Class [Domain] Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES Fair Value Disclosures [Text Block] Fair Value of Financial Instruments Level 3 [Member] Fair Value, Inputs, Level 3 [Member] Balance at beginning of period Balance at end of period Carrying amount, net Finite-Lived Intangible Assets, Net 2018 Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months Purchase price adjustment Finite-Lived Intangible Assets, Purchase Accounting Adjustments Finite-Lived Intangible Assets [Line Items] 2022 Finite-Lived Intangible Assets, Amortization 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Goodwill and Intangible Assets Disclosure [Text Block] Translation adjustment Goodwill and Intangible Asset Impairment [Abstract] Goodwill acquired Goodwill Balance at beginning of period Balance at end of period Impairment expense Goodwill impairment loss Impairment of goodwill Accumulated impairment of goodwill Impairment of Goodwill and Other Intangible Assets Goodwill and Intangible Assets, Policy [Policy Text Block] Goodwill adjustment Purchase accounting adjustment Goodwill [Line Items] Sale of subsidiary Goodwill, Written off Related to Sale of Business Unit Goodwill [Roll Forward] GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] Goodwill [Member] Gross profit Gross profit Impairment expense of write off an acquired intangible asset Impairment of Long-Lived Assets, Excluding Goodwill Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] INCOME TAXES [Abstract] Income (loss) before income taxes Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Domestic Foreign Components of income before income taxes [Abstract] CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) [Abstract] INCOME TAXES Income Tax Disclosure [Text Block] Income taxes computed at federal statutory rate Foreign rate difference The difference between income taxes computed at the federal statutory income tax rate and the provision for income taxes [Abstract] Effective Income Tax Rate Reconciliation, Amount [Abstract] Valuation allowance Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount Domestic production activity deduction Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount Provision for income taxes Income tax (benefit) Total Income Tax Expense (Benefit) Gain on sale of Vertex Effective Income Tax Rate Reconciliation, Disposition of Business, Amount Meals and entertainment Effective Income Tax Rate Reconciliation, Nondeductible Expense, Meals and Entertainment, Amount Other Effective Income Tax Rate Reconciliation, Other Adjustments, Amount Foreign tax credit Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount Federal income taxes recoverable State income taxes, net of federal benefit Comprehensive income - deferred tax assets change in amount Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount Cash paid for Income Taxes Research and development tax credit Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount Income Taxes Accounting for Uncertainty in Income Taxes Non-tax deductible impairment expense computed at federal statutory rate Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount Foreign adjustment Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount Trade accounts receivable Increase (Decrease) in Accounts Receivable Trade accounts payable and accrued expenses Changes in operating assets and liabilities, net of assets and liabilities acquired in business acquisitions: Prepaid expenses and other assets Increase (Decrease) in Prepaid Expense and Other Assets Inventories Increase (Decrease) in Inventories Increase (Decrease) in Stockholders' Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity [Roll Forward] Assumed conversion of convertible preferred stock (in shares) Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock Balance at beginning of period Balance at end of period Intangible Assets, Net (Including Goodwill) Interest expense Interest expense Cash paid for Interest INVENTORIES Inventory Disclosure [Text Block] Inventories Inventories Inventory, Net Finished goods INVENTORIES [Abstract] Work in process Inventories LIBOR [Member] Land [Member] Lease expenses Leasehold Improvements [Member] Total liabilities and equity Liabilities and Equity LIABILITIES AND EQUITY Liabilities and Equity [Abstract] Total current liabilities Liabilities, Current Current liabilities: Total long-term liabilities Liabilities, Noncurrent Line of Credit Facility [Table] Line of Credit Facility [Line Items] Line of Credit [Member] Commitment fee COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS Total Debt Long-term Debt Maturities of Long-term Debt [Abstract] Borrowings [Abstract] Long-term Debt, by Current and Noncurrent [Abstract] 2022 Long-term Debt, Maturities, Repayments of Principal in Year Five 2021 Long-term Debt, Maturities, Repayments of Principal in Year Four 2020 Long-term Debt, Maturities, Repayments of Principal in Year Three Current maturities of long-term debt Less: Current maturities Long-term Debt, Current Maturities 2018 Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months Long-term debt, less current maturities and unamortized debt issuance costs Total Long-term Debt 2019 Long-term Debt, Maturities, Repayments of Principal in Year Two Thereafter Long-term Debt, Maturities, Repayments of Principal after Year Five Segment Reconciling Items [Member] Maximum [Member] Minimum [Member] Noncontrolling interest Changes in allowance [Roll Forward] Nature of Error [Domain] THE COMPANY Nature of Operations [Text Block] Net cash provided by (used in) financing activities Net Cash Provided by (Used in) Financing Activities CASH FLOWS FROM FINANCING ACTIVITIES: CASH FLOWS FROM INVESTING ACTIVITIES: CASH FLOWS FROM OPERATING ACTIVITIES: Noncontrolling interest holder contributions, net of tax benefits Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Investing Activities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Net income (loss) attributable to common shareholders Net Income (Loss) Available to Common Stockholders, Basic Net income (loss) attributable to DXP Enterprises, Inc. Net income (loss) attributable to DXP Enterprises, Inc. Net Income (Loss) Attributable to Parent Net income (loss) attributable to DXP Enterprises, Inc. for diluted earnings per share Net Income (Loss) Available to Common Stockholders, Diluted Net loss attributable to noncontrolling interest Less net loss attributable to non-controlling interest Net Income (Loss) Attributable to Noncontrolling Interest New Accounting Pronouncements or Change in Accounting Principle [Table] RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements and Changes in Accounting Principles [Text Block] RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] New Accounting Pronouncements or Change in Accounting Principle [Line Items] Non-Compete Agreements [Member] Noncompete Agreements [Member] Other expense (income), net Other income, net Nonoperating Income (Expense) Number of segments Non-Control Interest [Member] Noncontrolling Interest [Member] Thereafter Operating Leases, Future Minimum Payments, Due Thereafter 2019 Rental expense for operating leases Future minimum rental commitments for non-cancelable leases [Abstract] 2018 2022 Reportable Segment [Member] Operating Segments [Member] 2021 Operating income (loss) Total operating income (loss) 2020 SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES [Abstract] Cumulative translation adjustment Cumulative translation adjustment, net of income taxes Other intangible assets, net of accumulated amortization of $84,624 in 2017 and $70,027 in 2016 Other long-term assets Other current liabilities Other Liabilities, Current Prime rate [Member] Payment for employee taxes withheld from stock awards Payments Related to Tax Withholding for Share-based Compensation Purchase price financed in cash Preferred dividends paid Payments of Dividends Debt issuance costs Payments of Debt Issuance Costs Purchase of treasury stock Payments for Repurchase of Equity Acquisitions of businesses, net of cash acquired Payments to Acquire Businesses, Net of Cash Acquired Purchase of property and equipment Payments to Acquire Property, Plant, and Equipment Noncontrolling interest holder distributions, net of tax benefits Payments to Noncontrolling Interests Plan Name [Axis] Plan Name [Domain] Preferred stock, par value (in dollars per share) Preferred Stock [Member] Preferred stock, liquidation preference (in dollars per share) Preferred stock dividend Convertible preferred stock dividend Preferred stock Preferred stock, issued (in shares) Preferred stock, voting rights Preferred Stock, Voting Rights Preferred stock, outstanding (in shares) Preferred stock, authorized (in shares) Prepaid expenses and other current assets Prepaid Expense and Other Assets, Current Proceeds from debt Proceeds from Issuance of Debt Proceeds from issuance of common shares, net Proceeds from Issuance of Common Stock Proceeds from sale of subsidiary Proceeds from Divestiture of Interest in Subsidiaries and Affiliates Noncontrolling interest holder contributions, net of tax benefits Proceeds from the sale of fixed assets Proceeds from sale of fixed assets Net income (loss) Net income (loss) Net income (loss) Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Estimated useful life Property, Plant and Equipment, Estimated Useful Lives Property and Equipment Property, Plant and Equipment, Policy [Policy Text Block] Property and Equipment Capital expenditures Property, Plant and Equipment, Additions PROPERTY AND EQUIPMENT [Abstract] Property and equipment, net Total property and equipment Property and equipment, gross Property, Plant and Equipment, Gross PROPERTY AND EQUIPMENT Property, Plant and Equipment Disclosure [Text Block] Property, Plant and Equipment [Line Items] Estimated useful life Fixed Assets [Member] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Bad debt expense Out-of-Period Items [Abstract] Quantifying Misstatement in Current Year Financial Statements [Line Items] Out-of-period adjustment, net of tax Nature of Error [Axis] QUARTERLY FINANCIAL INFORMATION (Unaudited) Quarterly Financial Information [Text Block] QUARTERLY FINANCIAL INFORMATION (Unaudited) [Abstract] Reportable Geographical Components [Member] Range [Domain] Range [Axis] Reconciliation of Operating Income for Reportable Segments to Consolidated Income before Taxes Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] Schedule of Property and Equipment by Geographical Areas Schedule of Revenue by Geographic Area Reinsurance Policy [Domain] Amount retained, per claim Reinsurance Policy, Type [Axis] Reinsurance Retention Policy [Line Items] Reinsurance Retention Policy [Table] Transaction amount Related Party Transaction [Line Items] Related Party [Domain] Related Party [Axis] RELATED PARTIES RELATED PARTIES [Abstract] Principal payments on revolving line of credit and other long-term debt Repayments of Long-term Debt Adjusted [Member] Restatement Adjustment [Member] Restricted Stock [Member] Restricted Cash Cash classified to restricted cash Restricted Cash Stock compensation expense Restricted Stock or Unit Expense Retained earnings Retained Earnings [Member] Revenue Recognition [Abstract] Revenue Recognition Risks and Uncertainties [Abstract] Estimated Future Annual Amortization of Intangible Assets Wages and other compensation Sales Sales Revenues Scenario, Unspecified [Domain] Plan [Member] Scenario, Forecast [Member] Previously Reported [Member] Changes in Restricted Stock Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] Deferred Tax Liabilities and Assets Goodwill and Other Intangible Assets Schedule of Intangible Assets and Goodwill [Table Text Block] Computation of Basic and Diluted Earnings per Share Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of Finite-Lived Intangible Assets [Table] Difference between Income Taxes Computed at the Federal Statutory Income Tax Rate and the Provision for Income Taxes Carrying Values of Inventories Schedule of Inventory, Current [Table Text Block] Maturities of Long-Term Debt Schedule of Maturities of Long-term Debt [Table Text Block] Amortizable Other Intangible Assets Schedule of Finite-Lived Intangible Assets [Table Text Block] Future Minimum Rental Commitments for Non-cancelable Leases Summarized Quarterly Financial Information Quarterly Financial Information [Table Text Block] Provision for Income Taxes Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Income Before Income Taxes Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] Activity of Outstanding Common Stock Long Term Debt Schedule of Long-term Debt Instruments [Table Text Block] Schedule of Business Acquisitions, by Acquisition [Table] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Schedule of Error Corrections and Prior Period Adjustment Restatement [Table] Goodwill Balance by Reportable Segment Schedule of Goodwill [Table Text Block] Schedule of Goodwill [Table] Schedule of Related Party Transactions, by Related Party [Table] Property, Plant and Equipment [Table] Property, Plant and Equipment [Table] Schedule of Quantifying Prior Year Misstatement Corrected in Current Year Financial Statements [Table] Segment Reporting Financial Information Schedule of Segment Reporting Information, by Segment [Table Text Block] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Schedule of Segment Reporting Information, by Segment [Table] Schedule of Variable Interest Entities [Table] Schedule of Stock by Class [Table] SEGMENT AND GEOGRAPHICAL REPORTING SEGMENT AND GEOGRAPHICAL REPORTING [Abstract] Segments [Domain] Segment Reporting Information [Line Items] Segment, Geographical [Domain] Geographical [Domain] Selling, general and administrative expense Selling, general and administrative expenses Series A Preferred Stock [Member] Series A Preferred Stock [Member] Series B Preferred Stock [Member] Forfeited (in dollars per share) Weighted Average Grant Price [Roll Forward] Stock compensation expense Share-based Compensation Award vesting period Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Forfeited (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Vested (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Granted (in dollars per share) Granted (in shares) Nonvested, ending balance (in dollars per share) Non vested, beginning balance (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Vested (in dollars per share) Non-vested, beginning balance (in shares) Nonvested, ending balance (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Number of shares available for future grants (in shares) Restricted Stock [Roll Forward] Award Type [Domain] Share-based Compensation Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Shipping and Handling Costs Class of Stock [Axis] Statement [Line Items] CONSOLIDATED STATEMENTS OF EQUITY [Abstract] Geographical [Axis] CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract] Segments [Axis] OTHER COMPREHENSIVE INCOME [Abstract] CONSOLIDATED BALANCE SHEETS [Abstract] Scenario [Axis] Statement [Table] Equity Components [Axis] Issuance of shares of Common stock Stock Issued During Period, Value, New Issues Issuance of 148,769 treasury shares in connection with an acquisition Stock Issued During Period, Value, Acquisitions Issuance of treasury shares for vesting of restricted stock (in shares) Issuance of treasury shares upon vesting of restricted shares net of withholding (in shares) Issuance of shares for compensation net of withholding (in shares) Issuance of treasury shares upon vesting of restricted stock Stock Issued During Period, Value, Treasury Stock Reissued Issuance of common stock (in shares) Stock Issued During Period, Shares, New Issues Issuance of shares in connection with acquisitions (in shares) Issuance of treasury shares for acquisition (in shares) BALANCES BALANCES Total equity Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total DXP Enterprises, Inc. equity Stockholders' Equity Attributable to Parent Equity: CAPITAL STOCK CAPITAL STOCK [Abstract] SUBSEQUENT EVENTS [Abstract] Subsequent Event Type [Domain] Subsequent Event Type [Axis] SUBSEQUENT EVENTS Subsequent Event [Line Items] Subsequent Event [Table] Subsequent Event [Member] Schedule of Changes in Allowance Summary of Valuation Allowance [Table Text Block] SUPPLEMENTAL CASH FLOW INFORMATION: Supplemental Cash Flow Information [Abstract] Tax Credit Carryforward, Name [Domain] Tax Credit Carryforward [Table] Capital loss carryforward Tax Credit Carryforward [Axis] Tax Credit Carryforward [Line Items] Relationship to Entity [Domain] Title of Individual [Axis] Treasury Stock [Member] Balance, beginning of period (in shares) Balance, end of period (in shares) Treasury Stock, Shares Acquisition of treasury stock (in shares) Purchase of treasury shares (in shares) Acquisition of 191,420 shares of treasury stock Treasury Stock, Value, Acquired, Cost Method Type of Adoption [Domain] Use of Estimates Charged to cost and expenses Valuation Allowances and Reserves, Additions for Charges to Cost and Expense Balance at end of year Balance at beginning of year Valuation Allowances and Reserves, Balance Charged to other accounts Valuation Allowances and Reserves, Additions for Charges to Other Accounts Deductions Valuation Allowances and Reserves, Deductions Variable Rate [Domain] Assets of VIE Variable Interest Entity, Consolidated, Carrying Amount, Assets Ownership percentage in VIE Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage Variable Interest Entity [Line Items] Variable Rate [Axis] Senior Vice President [Member] Vice President [Member] Weighted average common shares outstanding (in shares) Weighted average shares outstanding (in shares) Weighted average common shares and common equivalent shares outstanding (in shares) Total dilutive shares (in shares) Weighted Average Number of Shares Outstanding, Diluted Write off of debt issuance costs Canada [Member] CANADA United States [Member] Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year. Quarterly Financial Information [Table] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Quarterly Financial Information [Line Items] Quarterly Financial Information [Line Items] Represents increase (decrease) in amortization expense. Increase (decrease) in amortization expense Increase in amortization expense Amount of payroll and payroll related expenses, vehicles, fuel and supplies. Payroll And Related Payroll Expenses Payroll, related payroll expenses, vehicles, fuel and supplies Treasury Shares [Roll Forward] Refers to number of shares (or other type of equity) issued during the period as a result of any issuance of stock in connection with equity distribution agreement. Stock Issued During Period, Equity Distribution Agreement Issuance of common stock related to equity distribution agreements (in shares) Common Stock [Roll Forward] Tabular disclosure of the change in common stock held in treasury. Schedule of Common Stock Held in Treasury Roll Forward [Text Block] Activity of Common Stock Held in Treasury Amount of reported income tax expense (benefit) in excess of (less than) expected income tax expense (benefit) computed by applying domestic federal statutory income tax rate to pretax income (loss) from continuing operations, attributable to increase (decrease) in income tax rate and transition tax on accumulated earnings of controlled foreign corporation deemed repatriated pursuant to Tax Cuts and Jobs Act of 2017. Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Amount Tax reform deferred tax remeasurement Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Income Tax Disclosure [Line Items] Disclosure of information about income taxes. Income Tax Disclosure [Table] Refers to an individual who works part-time or full-time under a contract of employment, Employees [Member] Amount of income tax expense (benefit) related to variable interest entity pertaining to continuing operations. Income Tax Benefit Of Variable Interest Entity Income tax benefit of VIE The increase (decrease) cost of sales recognized from consolidation of variable interest entity (VIE). Variable Interest Entity, Increase (Decrease) Cost of Sales Increase cost of sales from consolidation of the VIE Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to foreign acquisition deferred tax liability pursuant to Tax Cuts and Jobs Act of 2017. Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Foreign Acquisition Deferred Tax Liability Canadian acquisition deferred tax liability true up Overstatement of an accrual at December 31, 2014, which overstated 2014 selling, general and administrative expense. Overstatement of Accrual at December 31, 2014 [Member] Tabular disclosure of the useful life of physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Property Plant and Equipment Estimated Useful Lives [Table Text Block] Principal Estimated Useful Lives Used in Determining Depreciation The coverage on each medical claim for employees and their dependents. Medical Claims [Member] Medical Claims [Member] The portion that covers the self-insured insurance for each claim for workers compensation, general liability, automobile and property loss. Self-insured Insurance [Member] Self-insured Insurance [Member] Refers to the retention percentage for employee where a higher risk claims per medical insurance claim. Retention Percentage of Employee Higher Risk Claims Retention percentage of employee higher risk claims Self insured Insurance and Medical Claims [Abstract] Self-insured Insurance and Medical Claims [Abstract] Term of the service revenue contract, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Service Revenue Contract Term Service revenue contract term Disclosure of accounting policy for recognition of costs in the period which correspond to self insurance and medical claims. Self insured Insurance and Medical Claims [Policy Text Block] Self-insured Insurance and Medical Claims Disclosure of accounting policy for out-of-Period Items. Out of Period Items [Policy Text Block] Out-of-Period Items Disclosure of accounting policy for recognition of costs in the period which correspond to the sales and revenue categories presented in the statement of operations. The accounting policy may include the amount and nature of costs incurred, provisions associated with inventories, purchase discounts, freight and other costs included in cost of sales incurred and recorded in the period. This disclosure also includes the nature of costs of sales incurred and recorded in the statement of operations for the period relating to transactions with related parties. Also includes the disclosure of accounting policy for inclusion of significant items in the selling, general and administrative (or similar) expense report caption. Cost of Sales and Selling, General and Administrative Expenses, Policy [Policy Text Block] Cost of Sales and Selling, General and Administrative Expense Refers to equity-based compensation arrangement plan name "2016 Omnibus Incentive Plan". 2016 Omnibus Incentive Plan [Member] 2016 Omnibus Incentive Plan [Member] Represents percentages of vesting in five year after date of grant. Percentages of vesting in period three Percentages of vesting for five years Represents percentages of vesting in three year after date of grant. Percentages of vesting in period two Percentages of vesting for three years Represents percentages of vesting in ten year after date of grant. Percentages of vesting in period four Percentages of vesting for ten years Represents percentages of vesting in one year after date of grant. Percentages of vesting in period one Percentages of vesting for one year The disposal of asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Sale Of Subsidiary Sale of subsidiary The entity that is being acquired or purchased in a merger or acquisition. B27, LLC [Member] The total amount of intangible assets including goodwill sale during period and allocated to the reportable segment. Total Intangible Assets Including Goodwill Sale Of Subsidiary Sale of subsidiary Refers to the decrease in common stock due to changes in market conditions. Percentage of Decrease in Common Stock Percentage of decrease in common stock Refers to the percentage goodwill impairment. Percentage Goodwill impairment Refers to the decrease in price of crude oil due to changes in market conditions. Percentage on Decrease in Price of Crude Oil Percentage on decrease in price of crude oil The amount of remaining intangible asset value recognized during the period. Intangible Asset Remaining Value Remaining intangible asset value of vendor distribution agreements Represents the percentage of goodwill not deductible for tax purpose. Percentage of goodwill not deductible for tax purpose Total purchase price allocation foreign translation adjustment for allocation not yet complete at the prior year end. Total, Intangible Assets Translation adjustment to prior year estimates Translation adjustment Total amount of intangible assets including goodwill allocated to purchase accounting adjustment. Purchase Accounting Adjustments Purchase price adjustment Total Goodwill and Intangible Assets [Roll Forward] A ratio that indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. Fixed charge coverage ratio Refers to percentage of reduction in excess cash flow of debt instrument if total leverage ratio is no more than 2.50 to 1.00. Reduction In Percentage Of Excess Cash Flow Condition Two Reduction in percentage of excess cash flow, condition two A loan from a bank for a specific amount that has a specified repayment schedule. Term Loan B [Member] Arrangement in which loan proceeds can be obtained by Asset Based Loan and Security Agreement (the "ABL Credit Agreement"). ABL Revolver [Member] Represents the secured leverage ratio required to be maintained under financial covenants. Debt Instrument Covenant Secured Leverage Ratio Debt instrument secured leverage ratio Debt instrument amortized discount percentage. Debt Instrument Amortized Discount Percentage Amortization in quarterly installments Incremental increase under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Incremental Increase In Term Loan Incremental increase in term loan Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period ten. Secured Leverage Ratio Period Ten March 31, 2020 Refers to the secured debt covenant amount net of restricted cash for secured leverage ratio. Secured Debt Covenant Amount Net of Restricted Cash Secured debt covenant amount net of restricted cash Refers to percentage of reduction in excess cash flow of debt instrument if total leverage ratio is no more than 3.00 to 1.00. Reduction In Percentage Of Excess Cash Flow Condition One Reduction in percentage of excess cash flow, condition one Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period one. Secured Leverage Ratio Period One December 31, 2017 Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period nine. Secured Leverage Ratio Period Nine December 31, 2019 Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA. Secured Leverage Ratio Secured Leverage Ratio Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period four. Secured Leverage Ratio Period Four September 30, 2018 Refers to consolidated leverage ratio period one. Consolidated Leverage Ratio Covenant Period One Debt instrument leverage ratio, condition one Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period two. Secured Leverage Ratio Period Two March 31, 2018 Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period six. Secured Leverage Ratio Period Six March 31, 2019 Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period ten and thereafter. Secured Leverage Ratio Period Ten And Thereafter June 30, 2020 and each Fiscal Quarter thereafter Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period three. Secured Leverage Ratio Period Three June 30, 2018 Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period five. Secured Leverage Ratio Period Five December 31, 2018 Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period seven. Secured Leverage Ratio Period Seven June 30, 2019 Secured leverage ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt as of such day to EBITDA for period eight. Secured Leverage Ratio Period Eight September 30, 2019 Secured Leverage Ratio Abstract [Abstract] Secured Leverage Ratio [Abstract] Refers to percentage of excess cash flow of debt instrument. Percentage of excess cash flow Refers to consolidated leverage ratio period two. Consolidated Leverage Ratio Covenant Period Two Debt instrument leverage ratio, condition two A loan from a bank for a specific amount that has a specified repayment schedule. Term Loan [Member] Interest rate at which a bank borrows funds from other banks in the Canadian interbank market. Canadian Interbank Offered Rate [Member] CDOR [Member] THE COMPANY [Abstract] Document and Entity Information [Abstract] Tabular disclosure of computation of secured leverage ratio to EBITDA. Computation Of Secured Leverage Ratio To EBITDA [Table Text Block] Computation of Secured Leverage Ratio to EBITDA Debt Issuance Cost Amortization [Abstract] Debt Issuance Cost Amortization [Abstract] Operating income for reportable segments before amortization of intangibles, corporate and other expense, net. Operating income for reportable segments Operating income for reportable segments, excluding impairment expense Adjustment for [Abstract] Total expenditures for additions to long-lived assets (except corporate) other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets of the reportable segment; if the amount: (a) is included in the determination of segment assets reviewed by the chief operating decision maker or (b) is otherwise regularly provided to the chief operating decision maker, even if not included in the determination of segment assets. Segment Reporting Information, Expenditures for Additions to Long Lived Assets, Except Corporate Capital expenditures Operating income for reportable segments excluding impairment expense before amortization of intangibles, corporate and other expense, net. Operating income for reportable segments, excluding impairment expense Operating income for reportable segments, excluding amortization The amount of expense recognized in the current period (except corporate) that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Depreciation, Except Corporate Depreciation Sum of the carrying amounts as of the balance sheet date of all assets (except corporate) that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Assets, Except Corporate Identifiable assets at year end The innovative pumping solutions segment of the entity. Innovative Pumping Solutions [Member] Innovative Pumping Solutions [Member] The service centers segment of the entity. Service Centers [Member] The supply chain services segment of the entity. Supply Chain Services [Member] Supply Chain Services [Member] Tabular disclosure of costs and estimated earnings on uncompleted contracts accompanying in balance sheet. Costs and Estimated Earnings on Uncompleted Contracts Accompanying in Balance Sheet [Table Text Block] Schedule of Costs and Estimated Earnings on Uncompleted Contracts Included in Balance Sheet Tabular disclosure of costs and estimated earnings on uncompleted contracts. Costs And Estimated Earnings On Uncompleted Contracts [Table Text Block] Costs and Estimated Profits on Uncompleted Contracts Stated value of convertible preferred stock; generally not indicative of the fair market value. Preferred stock, stated value Preferred stock, stated value (in dollars per share) This amount represents the costs and estimated earnings of uncompleted contracts before billing date. Cost And Earnings Of Uncompleted Contracts Total Amount billed to customers under long-term contracts or programs as of the date. Costs And Estimated Earnings Billed To Date Less: billings to date Estimated earnings thereon, on uncompleted contracts. Estimated Earnings Thereon, on Uncompleted Contracts Estimated earnings, thereon Amount of Translation adjustment reflecting the cost incurred on uncompleted contracts in excess of related billings which is expected to be collected within one year or the normal operating cycle, if longer. Billings In Excess Of Cost Current Translation Adjustment Translation adjustment Costs And Estimated Earnings On Uncompleted Contracts Included In Accompanying Balance Sheets Under Captions [Abstract] Schedule of Costs and Estimated Earnings on Uncompleted Contracts Included in Condensed Consolidated Balance Sheets [Abstract] Pro Forma Per Share Data [Abstract] Per share data [Abstract] Companies acquired in 2015 and 2016. Units Acquired In 2015 and 2016 [Member] The portion of the amount of goodwill arising from a business combination that is not expected to be deductible for tax purposes. Business Acquisition, Goodwill, Not Expected Tax Deductible Amount Nontax deductible goodwill or intangible assets Refers to business acquired during 2014 and 2015 contributed sales and a loss before taxes. Business Acquired In Year Three [Member] Business Acquired during 2015 [Member] The name of the company acquired by the entity. Tool Supply, Inc. [Member] The entity that is being acquired or purchased in a merger or acquisition. Cortech Engineering, LLC [Member] The name of the company acquired by the entity. Application Specialties, Inc. [Member] Refers to acquired companies that operate in Canada. Number of Entities Acquired Which Operate in Canada Number of companies acquired Amount of increase (decrease) in the asset reflecting the billings on uncompleted contracts in excess of related costs and estimated profits. Increase (Decrease) in Billings in Excess of Costs and Estimated Profits on Uncompleted Contract Billings in excess of costs & estimated profits on uncompleted contracts The increase (decrease) during the reporting period in the amount of cost and estimated profits in excess of billings on uncompleted contracts. Increase (Decrease) in Costs and Estimated Profits in Excess of Billings on Uncompleted Contracts Costs and estimated profits in excess of billings on uncompleted contracts The title of the senior manager. Chairman of the Board, President and Chief Executive Officer [Member] Refers to sons of executives. Sons Member [Member] Sons of Executives [Member] Refers to sons and sons-in-laws of executives. Sons and Sons in Law of Executives [Member] Refers to the Children of Senior Manager. Children Of David Little [Member] Children of Chairman of the Board, President and Chief Executive Officer [Member] Refers to sons-in-laws of executives. 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Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2017
Mar. 21, 2018
Jun. 30, 2017
Document and Entity Information [Abstract]      
Entity Registrant Name DXP ENTERPRISES INC    
Entity Central Index Key 0001020710    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Accelerated Filer    
Entity Public Float     $ 536,658,521
Entity Common Stock, Shares Outstanding   17,358,186  
Document Fiscal Year Focus 2017    
Document Fiscal Period Focus FY    
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2017    

XML 18 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 22,047 $ 1,590
Restricted Cash 3,532 0
Trade accounts receivable, net of allowances for doubtful accounts of $9,015 in 2017 and $8,160 in 2016 167,272 148,919
Inventories 91,413 83,699
Costs and estimated profits in excess of billings on uncompleted contracts 26,915 18,421
Prepaid expenses and other current assets 5,296 2,138
Federal income taxes recoverable 1,440 2,558
Total current assets 317,915 257,325
Property and equipment, net 53,337 60,807
Goodwill 187,591 187,591
Other intangible assets, net of accumulated amortization of $84,624 in 2017 and $70,027 in 2016 78,525 94,831
Other long-term assets 1,715 1,498
Total assets 639,083 602,052
Current liabilities:    
Current maturities of long-term debt 3,381 51,354
Trade accounts payable 80,303 78,698
Accrued wages and benefits 18,483 16,962
Customer advances 2,189 2,441
Billings in excess of costs and estimated profits on uncompleted contracts 4,249 2,813
Other current liabilities 16,220 14,391
Total current liabilities 124,825 166,659
Long-term debt, less current maturities and unamortized debt issuance costs 238,643 173,331
Deferred income taxes 7,069 9,513
Total long-term liabilities 245,712 182,844
Commitments and contingencies (Note 15)
Equity:    
Common stock, $0.01 par value, 100,000,000 shares authorized; 17,315,573 in 2017 and 17,197,380 in 2016 shares issued 174 173
Additional paid-in capital 153,087 152,313
Retained earnings 134,193 117,395
Accumulated other comprehensive loss (19,491) (18,274)
Total DXP Enterprises, Inc. equity 267,979 251,623
Noncontrolling interest 567 926
Total equity 268,546 252,549
Total liabilities and equity 639,083 602,052
Series A Preferred Stock [Member]    
Equity:    
Preferred stock 1 1
Total equity 1 1
Series B Convertible Preferred Stock [Member]    
Equity:    
Preferred stock $ 15 $ 15
XML 19 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Trade accounts receivable, allowances for doubtful accounts $ 9,015 $ 8,160
Other intangible assets, accumulated amortization $ 84,624 $ 70,027
Equity:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 100,000,000 100,000,000
Common stock, issued (in shares) 17,315,573 17,197,380
Common stock shares outstanding (in shares) 17,315,573 17,197,380
Series A Preferred Stock [Member]    
Equity:    
Preferred stock, voting rights 1/10th vote per share 1/10th vote per share
Preferred stock, par value (in dollars per share) $ 1.00 $ 1.00
Preferred stock, stated value (in dollars per share) 112 112
Preferred stock, liquidation preference (in dollars per share) $ 100 $ 100
Preferred stock, authorized (in shares) 1,000,000 1,000,000
Preferred stock, issued (in shares) 1,122 1,122
Preferred stock, outstanding (in shares) 1,122 1,122
Series B Convertible Preferred Stock [Member]    
Equity:    
Preferred stock, voting rights 1/10th vote per share 1/10th vote per share
Preferred stock, par value (in dollars per share) $ 1.00 $ 1.00
Preferred stock, stated value (in dollars per share) 100 100
Preferred stock, liquidation preference (in dollars per share) $ 1,500 $ 1,500
Preferred stock, authorized (in shares) 1,000,000 1,000,000
Preferred stock, issued (in shares) 15,000 15,000
Preferred stock, outstanding (in shares) 15,000 15,000
XML 20 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) [Abstract]      
Sales $ 1,006,782 $ 962,092 $ 1,247,043
Cost of sales 735,201 697,290 895,057
Gross profit 271,581 264,802 351,986
Selling, general and administrative expense 238,091 245,470 303,819
Impairment expense 0 0 68,735
B27 settlement 0 0 7,348
Operating income (loss) 33,490 19,332 (27,916)
Other expense (income), net (456) (5,906) 72
Interest expense 17,054 15,564 10,932
Income (loss) before income taxes 16,892 9,674 (38,920)
Provision for income taxes 363 2,523 150
Net income (loss) 16,529 7,151 (39,070)
Net loss attributable to noncontrolling interest (359) (551) (534)
Net income (loss) attributable to DXP Enterprises, Inc. 16,888 7,702 (38,536)
Preferred stock dividend 90 90 90
Net income (loss) attributable to common shareholders 16,798 7,612 (38,626)
Net income (loss) 16,529 7,151 (39,070)
Cumulative translation adjustment, net of income taxes (1,217) (7,658) (4,916)
Comprehensive income (loss) $ 15,312 $ (507) $ (43,986)
Basic earnings (loss) per share (in dollars per share) $ 0.97 $ 0.51 $ (2.68)
Weighted average common shares outstanding (in shares) 17,400 15,042 14,423
Diluted earnings (loss) per share (in dollars per share) $ 0.93 $ 0.49 $ (2.68)
Weighted average common shares and common equivalent shares outstanding (in shares) 18,240 15,882 14,423
XML 21 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Series A Preferred Stock [Member]
Series B Preferred Stock [Member]
Common Stock [Member]
Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Non-Control Interest [Member]
Accum. Other Comp. Income [Member]
Total
BALANCES at Dec. 31, 2014 $ 1 $ 15 $ 146 $ 115,605 $ 148,409 $ (15,524) $ 0 $ (5,700) $ 242,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends paid 0 0 0 0 (90) 0 0 0 (90)
Compensation expense for restricted stock 0 0 0 2,973 0 0 0 0 2,973
Tax related items for share based awards 0 0 0 (815) 0 0 0 0 (815)
Issuance of 148,769 treasury shares in connection with an acquisition 0 0 0 (4,825) 0 9,223 0 0 4,398
Acquisition of 191,420 shares of treasury stock 0 0 0 0 0 (8,908) 0 0 (8,908)
Issuance of treasury shares upon vesting of restricted stock 0 0 0 (2,632) 0 2,632 0 0 0
Noncontrolling interest holder contributions, net of tax benefits 0 0 0 0 0 0 2,346 0 2,346
Cumulative translation adjustment 0 0 0 0 0 0 0 (4,916) (4,916)
Net income (loss) 0 0 0 0 (38,536) 0 (534) 0 (39,070)
BALANCES at Dec. 31, 2015 1 15 146 110,306 109,783 (12,577) 1,812 (10,616) 198,870
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends paid 0 0 0 0 (90) 0 0 0 (90)
Compensation expense for restricted stock 0 0 0 3,580 0 0 0 0 3,580
Tax related items for share based awards 0 0 0 (858) 0 0 0 0 (858)
Issuance of shares of Common stock 0 0 27 51,862 0 0 0 0 51,889
Issuance of treasury shares upon vesting of restricted stock 0 0 0 (12,577) 0 12,577 0 0 0
Noncontrolling interest holder contributions, net of tax benefits 0 0 0 0 0 0 (335) 0 (335)
Cumulative translation adjustment 0 0 0 0 0 0 0 (7,658) (7,658)
Net income (loss) 0 0 0 0 7,702 0 (551) 0 7,151
BALANCES at Dec. 31, 2016 1 15 173 152,313 117,395 0 926 (18,274) 252,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends paid 0 0 0 0 (90) 0 0 0 (90)
Compensation expense for restricted stock 0 0 0 1,708 0 0 0 0 1,708
Tax related items for share based awards 0 0 0 (933) 0 0 0 0 (933)
Issuance of shares of Common stock 0 0 1 (1) 0 0 0 0 0
Cumulative translation adjustment 0 0 0 0 0 0 0 (1,217) (1,217)
Net income (loss) 0 0 0 0 16,888 0 (359) 0 16,529
BALANCES at Dec. 31, 2017 $ 1 $ 15 $ 174 $ 153,087 $ 134,193 $ 0 $ 567 $ (19,491) $ 268,546
XML 22 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)
 12 Months Ended
Dec. 31, 2016
shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Issuance of common stock (in shares) 2,722,858
Issuance of treasury shares for vesting of restricted stock (in shares) 264,297
XML 23 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) attributable to DXP Enterprises, Inc. $ 16,888 $ 7,702 $ (38,536)
Less net loss attributable to non-controlling interest (359) (551) (534)
Net income (loss) 16,529 7,151 (39,070)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 10,520 11,933 12,622
Amortization of intangible assets 17,266 18,061 20,621
Impairment of goodwill 0 0 68,735
Bad debt expense 3,416 180 2,014
Amortization of debt issuance costs 1,548 1,856 1,211
Write off of debt issuance costs 578 0 0
Gain on sale of subsidiary 0 (5,635) 0
Stock compensation expense 1,708 3,580 2,973
Tax loss related to vesting of restricted stock 0 619 0
Deferred income taxes (3,827) 2,687 (9,024)
Changes in operating assets and liabilities, net of assets and liabilities acquired in business acquisitions:      
Trade accounts receivable (20,539) 12,080 71,261
Costs and estimated profits in excess of billings on uncompleted contracts (8,419) 3,457 (2,047)
Inventories (7,544) 5,453 12,724
Prepaid expenses and other assets (3,287) 620 159
Trade accounts payable and accrued expenses 3,189 (8,595) (42,862)
Billings in excess of costs & estimated profits on uncompleted contracts 1,406 (5,203) (513)
Net cash provided by operating activities 12,544 48,244 98,804
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (2,811) (4,868) (13,992)
Proceeds from the sale of fixed assets 0 1,206 0
Proceeds from sale of subsidiary 0 31,476 0
Acquisitions of businesses, net of cash acquired 0 0 (15,501) [1]
Net cash provided by (used in) investing activities (2,811) 27,814 (29,493)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from debt 728,822 517,689 393,551
Principal payments on revolving line of credit and other long-term debt (702,402) (643,568) (453,480)
Debt issuance costs (11,208) (801) (543)
Noncontrolling interest holder contributions, net of tax benefits     2,346
Noncontrolling interest holder distributions, net of tax benefits 0 (335)  
Preferred dividends paid (90) (90) (90)
Purchase of treasury stock 0 0 (8,908)
Proceeds from issuance of common shares, net 0 51,889 0
Payment for employee taxes withheld from stock awards (934) (238) (815)
Tax (loss) related to vesting of restricted stock 0 (619) 0
Net cash provided by (used in) financing activities 14,188 (76,073) (67,939)
EFFECT OF FOREIGN CURRENCY ON CASH 68 (88) 274
(DECREASE) INCREASE IN CASH 23,989 (103) 1,646
CASH AT BEGINNING OF YEAR 1,590 1,693 47
CASH AT END OF YEAR 25,579 1,590 1,693
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for Interest 15,205 13,708 9,721
Cash paid for Income Taxes $ 714 $ 4,780 $ 13,792
[1] Purchases of businesses in 2015 exclude $4.4 million in common stock issued in connection with an acquisition.
XML 24 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)
$ in Millions
 12 Months Ended
Dec. 31, 2015
USD ($)
CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]  
Stock issued in connection with acquisitions $ 4.4
XML 25 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
THE COMPANY
 12 Months Ended
Dec. 31, 2017
THE COMPANY [Abstract]  
THE COMPANY
NOTE 1 - THE COMPANY

DXP Enterprises, Inc. together with its subsidiaries (collectively “DXP,” “Company,” “us,” “we,” or “our”) was incorporated in Texas on July 26, 1996. DXP Enterprises, Inc. and its subsidiaries are engaged in the business of distributing maintenance, repair and operating (MRO) products, and service to energy and industrial customers. Additionally, DXP provides integrated, custom pump skid packages, pump remanufacturing and manufactures branded private label pumps to energy and industrial customers. The Company is organized into three business segments: Service Centers (“SC”), Supply Chain Services (“SCS”) and Innovative Pumping Solutions (“IPS”). See Note 18 for discussion of the business segments.
XML 26 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES
 12 Months Ended
Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES

Basis of Presentation

The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and its variable interest entity (“VIE”).

DXP is the primary beneficiary of a VIE in which DXP owns 47.5% of the equity. DXP consolidates the financial statements of the VIE with the financial statements of DXP. As of December 31, 2017, the total assets of the VIE were approximately $5.2 million including approximately $4.5 million of fixed assets. DXP is the primary customer of the VIE. Consolidation of the VIE increased cost of sales by approximately $0.6 million and $1.3 million for the twelve months ended December 31, 2017 and 2016, respectively. The Company recognized a related income tax benefit of $0.2 million and $0.3 million related to the VIE for the years ended December 31, 2017 and 2016, respectively.  At December 31, 2017, the owners of the 52.5% of the equity not owned by DXP included employees of DXP.

All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation; none affected net income.

Foreign Currency

The financial statements of the Company’s Canadian subsidiaries are measured using local currencies as their functional currencies. Assets and liabilities are translated into U.S. dollars at current exchange rates, while income and expenses are translated at average exchange rates. Translation gains and losses are reported in other comprehensive income (loss). Gains and losses on transactions denominated in foreign currency are reported in consolidated statements of income (loss).

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company’s presentation of cash includes cash equivalents. Cash equivalents are defined as short-term investments with maturity dates of 90 days or less at time of purchase. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not historically experienced any losses when in excess of these limits.
 
Receivables and Credit Risk

Trade receivables consist primarily of uncollateralized customer obligations due under normal trade terms, which usually require payment within 30 days of the invoice date. However, these payment terms are extended in select cases and customers may not pay within stated trade terms.

The Company has trade receivables from a diversified customer base located primarily in the Rocky Mountain, Northeastern, Midwestern, Southeastern and Southwestern regions of the United States, and Canada. The Company believes no significant concentration of credit risk exists. The Company evaluates the creditworthiness of its customers' financial positions and monitors accounts on a regular basis. Provisions to the allowance for doubtful accounts are made monthly and adjustments are made periodically (as circumstances warrant) based upon management’s best estimate of the collectability of such accounts. The Company writes off uncollectible trade accounts receivable when the accounts are determined to be uncollectible. No customer represents more than 10% of consolidated sales.

Changes in this allowance for 2017, 2016 and 2015 were as follows (in thousands):

  
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
Balance at beginning of year
 
$
8,160
  
$
9,364
  
$
8,713
 
Charged to costs and expenses
  
3,367
   
180
   
2,014
 
Charged to other accounts
  
22
3 
  
(17
)2
  
1,255
2 
Deductions
  
(2,534
)1
  
(1,367
)1
  
(2,618
)1
Balance at end of year
 
$
9,015
  
$
8,160
  
$
9,364
 

(1) Uncollectible accounts written off, net of recoveries
(2) Includes allowance for doubtful accounts from acquisitions and divestiture
(3) Primarily due to translation adjustments

Fair Value of Financial Instruments
 
The Company is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. US GAAP establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. US GAAP prioritizes the inputs into three levels that may be used to measure fair value:
 
Level 1
 
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
 
Level 2
 
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
 
Level 3
 
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

See Note 4 for further information regarding the Company’s financial instruments.

Inventories

Inventories consist principally of finished goods and are priced at net realizable value, cost being determined using the first-in, first-out (“FIFO”) method. Provisions are provided against inventories for estimated obsolescence based upon the aging of the inventories and market trends and are applied as a reduction in cost of associated inventory.
 
Property and Equipment

Property and equipment are carried on the basis of cost. Depreciation of property and equipment is computed using the straight-line method over their estimated useful lives. Maintenance and repairs of depreciable assets are charged against earnings as incurred. When properties are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and gains or losses are credited or charged to earnings.

The principal estimated useful lives used in determining depreciation are as follows:

Buildings
20-39 years
Building improvements
10-20 years
Furniture, fixtures and equipment
3-20 years
Leasehold improvements
Shorter of estimated useful life or related lease term

Impairment of Goodwill and Other Intangible Assets

The Company tests goodwill and other indefinite lived intangible assets for impairment on an annual basis in the fourth quarter and when events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company assigns the carrying value of these intangible assets to its "reporting units" and applies the test for goodwill at the reporting unit level. A reporting unit is defined as an operating segment or one level below a segment (a "component") if the component is a business and discrete information is prepared and reviewed regularly by segment management.

The Company’s goodwill impairment assessment first permits evaluating qualitative factors to determine if a reporting unit's carrying value would more likely than not exceed its fair value. If the Company concludes, based on the qualitative assessment, that a reporting unit's carrying value would more likely than not exceed its fair value, the Company would perform a two-step quantitative test for that reporting unit. When a quantitative assessment is performed, the first step is to identify a potential impairment, and the second step measures the amount of the impairment loss, if any. Goodwill is deemed to be impaired if the carrying amount of a reporting unit’s goodwill exceeds its estimated fair value. During the third and fourth quarter of 2015, DXP performed interim impairment tests using a quantitative approach and recognized goodwill impairments of $57.8 million and $9.8 million, respectively. No impairment of goodwill was required in 2017 and 2016.

Impairment of Long-Lived Assets, Excluding Goodwill

The Company tests long-lived assets or asset groups for recoverability on an annual basis and when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. No impairment of long-lived assets excluding goodwill, was required in 2017, 2016 and 2015.

Share-based Compensation

The Company uses restricted stock for share-based compensation programs. The Company measures compensation cost with respect to equity instruments granted as stock-based payments to employees based upon the estimated fair value of the equity instruments at the date of the grant. The cost as measured is recognized as expense over the period which an employee is required to provide services in exchange for the award.

Revenue Recognition

For binding agreements to fabricate tangible assets to customer specifications, the Company recognizes revenues using the percentage of completion method. Under this method, revenues are recognized as costs are incurred and include estimated profits calculated on the basis of the relationship between costs incurred and total estimated costs at completion. If at any time expected costs exceed the value of the contract, the loss is recognized immediately. Revenues of approximately $40.6 million, $31.5 million, and $47.5 million were recognized on contracts in process for the years ended December 31, 2017, 2016, and 2015, respectively. The typical time span of these contracts is approximately one to two years.
 
For other sales, the Company recognizes revenues when an agreement is in place, the price is fixed, title for product passes to the customer or services have been provided and collectability is reasonably assured, which is generally upon delivery to the customer. Revenues are recorded net of sales taxes.

The Company reserves for potential customer returns based upon the historical level of returns.

Shipping and Handling Costs

The Company classifies shipping and handling charges billed to customers as sales. Shipping and handling charges paid to others are classified as a component of cost of sales.

Self-insured Insurance and Medical Claims

We generally retain up to $100,000 of risk for each claim for workers compensation, general liability, automobile and property loss. We accrue for the estimated loss on the self-insured portion of these claims. The accrual is adjusted quarterly based upon reported claims information. The actual cost could deviate from the recorded estimate.

We generally retain up to $175,000 of risk on each medical claim for our employees and their dependents with the exception of less than 0.05% of employees where a higher risk is retained. We accrue for the estimated outstanding balance of unpaid medical claims for our employees and their dependents. The accrual is adjusted monthly based on recent claims experience. The actual claims could deviate from recent claims experience and be materially different from the reserve.

The accrual for these claims at December 31, 2017 and 2016 was approximately $2.7 million and $3.1 million, respectively.

Purchase Accounting
 
DXP estimates the fair value of assets, including property, machinery and equipment and their related useful lives and salvage values, intangibles and liabilities when allocating the purchase price of an acquisition. The fair value estimates are developed using the best information available.

Cost of Sales and Selling, General and Administrative Expense
 
Cost of sales includes product and product related costs, inbound freight charges, internal transfer costs and depreciation. Selling, general and administrative expense includes purchasing and receiving costs, inspection costs, warehousing costs, depreciation and amortization.

Debt Issuance Cost Amortization

Fees paid to DXP’s lenders to secure a firm commitment on a term loan and revolving line of credit are presented as a direct deduction from the carrying amount of the debt liability. For the term loan, fees paid by DXP are amortized over the life of the loan as additional interest. Fees paid to secure a firm commitment from our lender on a revolving line of credit are amortized on a straight-line basis over the entire term of the arrangement. The total unamortized debt issuance costs reported on the consolidated balance sheets as of December 31, 2017 and 2016 was $10.1 million and $1.0 million, respectively. In connection with the extinguishment of the previously existing credit facility we recorded a $0.6 million write-off of debt issuance costs, which was included in interest expense during the third quarter of 2017.

Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and income tax bases of assets and liabilities. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to reverse. Valuation allowances are established to reduce deferred income tax assets to the amounts expected to be realized under a more likely than not criterion.
 
Accounting for Uncertainty in Income Taxes

A position taken or expected to be taken in a tax return is recognized in the financial statements when it is more likely than not (i.e. a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U. S. federal, state and local tax examination by tax authorities for years prior to 2012. The Company's policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter

Comprehensive Income (Loss)

Comprehensive income (loss) includes net income, foreign currency translation adjustments and unrealized gains and losses on certain investments in debt and equity securities. The Company’s other comprehensive (loss) income is comprised of changes in the market value of an investment with quoted market prices in an active market for identical instruments and translation adjustments from translating foreign subsidiaries to the reporting currency.  Comprehensive income for the year ended December 31, 2016 was reduced by an $8.6 million charge recorded during the fourth quarter of 2016 to correct errors which accumulated during 2013, 2014 and 2015 due to the Company improperly recognizing an $8.6 million deferred tax asset on unrealized foreign currency losses not expected to be realized within one year. We assessed the materiality of this misstatement and concluded the misstatement was not material to the results of operations or financial condition for the years ended December 31, 2016 and 2015.

Out-of-Period Items
 
Deferred tax liabilities related to intangibles for customer relationships acquired in Canada during 2012 and 2013 were reduced by $2.2 million during the fourth quarter of 2017 to correct the tax rate used to establish the deferred tax liabilities at the dates of acquisition. The Company evaluated the misstatement of each period since these acquisitions were completed and concluded the effects were immaterial.
 
During the first quarter of 2015, we identified a $2.5 million ($1.6 million net of tax) overstatement of an accrual at December 31, 2014, which overstated 2014 selling, general and administrative expense. We recorded an out-of-period adjustment to correct this overstatement in the quarter ended March 31, 2015. During the fourth quarter of 2015, we realized $1.5 million of net tax benefits related to events which occurred in earlier years. These out-of-period items reduced the 2015 net loss by $3.1 million and 2015 basic and diluted net loss per share by $0.21. We assessed the materiality of this overstatement and concluded the overstatement was not material to the results of operations or financial condition for the year ended December 31, 2015.
XML 27 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
RECENT ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2017
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS
NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS

Standards Effective in 2017 or Earlier
 
Accounting Changes and Error Corrections. In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2017-03 ("ASU 2017-03"), Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. This update adds language to the SEC Staff Guidance in relation to ASU 2014-09, ASU 2016-02, and ASU 2016-13. This ASU 2017-03 provides the SEC Staff view that a registrant should consider additional quantitative and qualitative disclosures related to the previously mentioned ASUs in connection with the status and impact of their adoption. This guidance, which was effective immediately, did not have a material impact on our Condensed Consolidated Financial Statements.
 
Compensation – Stock Compensation. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The update aims to simplify aspects of accounting for share-based payment award transactions, including (a) income tax consequences, (b) classification of awards as either equity or liabilities, and (c) classification on the statement of cash flows. This pronouncement is effective for financial statements issued for annual periods beginning after December 15, 2016 and interim periods within those annual periods.  The Company adopted the ASU January 1, 2017 and it had the following impact on the Company’s Condensed Consolidated Financial Statements:
 
Topic
Method of Adoption
Impact on Consolidated Financial Statements
   
Recognize all excess tax benefits and tax deficiencies as income tax benefit or expense
Prospective
The Company recognized $0.1 million of excess tax benefit in income taxes for the year ended December 31, 2017, decreasing the effective tax rate for the year.
   
Excess tax benefits and deficiencies on the statement of cash flows are classified as an operating activity
Prospective
The Company recognized $0.1 million of excess tax benefit for the year ended December 31, 2017 as an operating activity.  Prior to the adoption of the ASU 2016-09, the excess tax expense for the year ended December 31, 2016 of $0.6 million was recognized as a financing activity. The excess tax expense for the year ended December 31, 2015 was zero.
   
Employee taxes paid when an employer withholds shares for tax-withholding purposes on the statement of cash flows are classified as financing activity
Retrospective
The Company reclassified $0.2 million and $0.8 million of employee taxes paid from cash flows from operating activities to cash flows from financing activities on the Consolidated Statements of Cash Flows for the years ended December 31, 2016 and December 31, 2015.
   
Accounting for forfeitures and tax withholding elections
Prospective
The Company has not changed its accounting policy for forfeitures.  There is no significant impact on Consolidated Financial Statements.

Income Taxes. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The update requires entities to present deferred tax assets and liabilities as noncurrent in a classified balance sheet. The update simplifies the current guidance, which requires entities to separately present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. This pronouncement is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within.  The Company adopted this ASU January 1, 2017 and reclassified $9.5 million of current deferred income tax assets from current assets to non-current deferred income tax liabilities on the Condensed Consolidated Balance Sheet as of December 31, 2016.

Inventory. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory. The amendments in ASU 2015-11 clarify the subsequent measurement of inventory requiring an entity to subsequently measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. This ASU applies only to inventory that is measured using the first-in, first-out (FIFO) or average cost method. Subsequent measurement is unchanged for inventory measured using last-in, first-out (LIFO) or the retail inventory method. The amendments in ASU 2015-11 should be applied prospectively and are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years.  The Company adopted this ASU January 1, 2017 and it did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Statement of Cash Flows. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Classification of Restricted Cash. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amounts should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in ASU 2016-18 should be applied retrospectively and are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company early adopted this ASU September 30, 2017 and classified $3.5 million of cash to restricted cash on the Condensed Consolidated Balance Sheet as of December 31, 2017. This cash deposit was required as collateral for letters of credit outstanding under our previously existing credit facility.

Standards Effective in 2018 or Later

Compensation - Stock Compensation.  In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. An entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 with early adoption permitted. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. The Company is currently assessing the impact, if any, that this ASU will have upon adoption.
 
Intangibles-Goodwill and Other. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.  This ASU is to simplify how an entity is required to test goodwill for impairment. The effective date of the amendment to the standard is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company early adopted this ASU December 31, 2017. The Company’s annual tests of goodwill for impairment, including qualitative assessments of all of its reporting units goodwill, determined a quantitative impairment test was not necessary.
 
Business Combinations. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The effective date of this ASU is for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements.
 
Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The effective date of the amendment to the standard is for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This ASU is not expected to have a material impact on the Company's Consolidated Financial Statements.

Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13: Financial Instruments – Credit Losses, which replaces the incurred loss impairment methodology in current US GAAP with a methodology that reflects expected credit losses.  The update is intended to provide financial statement users with more useful information about expected credit losses.  The amended guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted.  We are currently evaluating the effect, if any, that the guidance will have on the Company’s Consolidated Financial Statements and related disclosures.

Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The update requires organizations that lease assets (“lessees”) to recognize the assets and liabilities for the rights and obligations created by leases with terms of more than 12 months. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee remains dependent on its classification as a finance or operating lease. The criteria for determining whether a lease is a finance or operating lease has not been significantly changed by this ASU. The ASU also requires additional disclosure of the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. This pronouncement is effective for financial statements issued for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that this standard will have on its Consolidated Financial Statements.

Financial Instruments. In January 2016, the FASB issued ASU 2016-01, Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities. This change to the financial instrument model primarily affects the accounting for equity investments, financial liabilities under fair value options and the presentation and disclosure requirements for financial instruments. The effective date for the standard is for fiscal years and interim periods within those years beginning after December 15, 2017. Certain provisions of the new guidance can be adopted early. The Company is evaluating the impact of this ASU.

Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance on revenue recognition. The core principal of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance requires entities to apply a five-step method to (1) identify the contract(s) with customers, (2) identify the performance obligation(s) in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligation(s) in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This pronouncement, as amended by ASU 2015-14, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017.

The Company has evaluated the provisions of the new standard and is in the process of assessing its impact on financial statements, information systems, business processes and financial statement disclosures. We have engaged third party consultants to assist us in assessing our contracts with customers, processes and controls required to address the impact that ASU No. 2014-09 will have on our business. The Company has elected the modified retrospective method and will adopt the new revenue guidance effective January 1, 2018, with an expected immaterial impact to the opening retained earnings.
 
The analysis of contracts with customers under the new revenue recognition standard was consistent with the Company’s current revenue recognition model, whereby revenue is recognized primarily on the date products are shipped to the customer. The ASU also requires expanded qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, significant judgments and accounting policy.

Based on our overall assessment performed to date, the adoption of the new standard is not expected to have an ongoing material impact on the Company’s Consolidated Financial Statements.
XML 28 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2017
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES [Abstract]  
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
NOTE 4 - FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

Authoritative guidance for financial assets and liabilities measured on a recurring basis applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Fair value, as defined in the authoritative guidance, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

During the third and fourth quarters of 2015, in connection with interim tests for impairment, DXP recorded impairment charges of $57.8 million and $9.8 million, respectively, in order to reflect the implied fair values of goodwill, which is a non-recurring fair value adjustment. The fair values of goodwill used in the impairment calculations were estimated based on discounted estimated future cash flows with the discount rates of 10.0% to 11.5%. The measurements utilized to determine the implied fair value of goodwill represent significant unobservable inputs (Level 3) in accordance with the fair value hierarchy.
XML 29 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
INVENTORIES
 12 Months Ended
Dec. 31, 2017
INVENTORIES [Abstract]  
INVENTORIES
NOTE 5 - INVENTORIES

The carrying values of inventories were as follows (in thousands):

  
December 31,
2017
  
December 31,
2016
 
Finished goods
 
$
79,820
  
$
74,269
 
Work in process
  
11,593
   
9,430
 
Inventories
 
$
91,413
  
$
83,699
 
XML 30 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS
 12 Months Ended
Dec. 31, 2017
COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS [Abstract]  
COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS
NOTE 6 – COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

Costs and estimated profits in excess of billings on uncompleted contracts arise in the consolidated balance sheets when revenues have been recognized but the amounts cannot be billed under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract.

Costs and estimated profits on uncompleted contracts and related amounts billed for 2017 and 2016 were as follows (in thousands):
 
  
December 31,
 
  
2017
  
2016
 
Costs incurred on uncompleted contracts
 
$
37,899
  
$
25,214
 
Estimated earnings, thereon
  
2,665
   
6,274
 
Total
  
40,564
   
31,488
 
Less: billings to date
  
17,881
   
15,864
 
Net
 
$
22,683
  
$
15,624
 
 
Such amounts were included in the accompanying Consolidated Balance Sheets for 2017 and 2016 under the following captions (in thousands):

  
December 31,
 
  
2017
  
2016
 
Costs and estimated profits in excess of billings on uncompleted contracts
 
$
26,915
  
$
18,421
 
Billings in excess of costs and estimated profits on uncompleted contracts
  
(4,249
)
  
(2,813
)
Translation Adjustment
  
17
   
16
 
Net
 
$
22,683
  
$
15,624
 
XML 31 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2017
PROPERTY AND EQUIPMENT [Abstract]  
PROPERTY AND EQUIPMENT
NOTE 7 - PROPERTY AND EQUIPMENT

The carrying values of property and equipment were as follows (in thousands):

  
December 31,
2017
  
December 31,
2016
 
       
Land
 
$
2,346
  
$
2,346
 
Buildings and leasehold improvements
  
16,724
   
16,259
 
Furniture, fixtures and equipment
  
94,475
   
94,784
 
Less – Accumulated depreciation
  
(60,208
)
  
(52,582
)
Total Property and Equipment
 
$
53,337
  
$
60,807
 

Depreciation expense was $10.5 million, $11.9 million, and $12.6 million for the years ended December 31, 2017, 2016, and 2015, respectively. Capital expenditures by segment are included in Note 18.
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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2017
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS
NOTE 8 - GOODWILL AND OTHER INTANGIBLE ASSETS

The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2017 (in thousands):

  
Goodwill
  
Other
Intangible
Assets
  
Total
 
          
Balances as of December 31, 2016
 
$
187,591
  
$
94,831
  
$
282,422
 
Translation adjustment
  
-
   
960
   
960
 
Amortization
  
-
   
(17,266
)
  
(17,266
)
Balances as of December 31, 2017
 
$
187,591
  
$
78,525
  
$
266,116
 
 
The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2016 (in thousands):
 
  
Goodwill
  
Other
Intangible
Assets
  
Total
 
          
Balances as of December 31, 2015
 
$
197,362
  
$
112,297
  
$
309,659
 
Sale of subsidiary
  
(9,620
)
  
-
   
(9,620
)
Purchase accounting adjustment
  
(151
)
  
-
   
(151
)
Translation adjustment
  
-
   
595
   
595
 
Amortization
  
-
   
(18,061
)
  
(18,061
)
Balances as of December 31, 2016
 
$
187,591
  
$
94,831
  
$
282,422
 
 
The following table presents goodwill balance by reportable segment as of December 31, 2017 and 2016 (in thousands):

 
As of December 31,
 
  
2017
  
2016
 
Service Centers
 
$
154,473
  
$
154,473
 
Innovative Pumping Solutions
  
15,980
   
15,980
 
Supply Chain Services
  
17,138
   
17,138
 
Total
 
$
187,591
  
$
187,591
 

During the third quarter of 2015, the price of DXP’s common stock and the price of crude oil declined over 40% and over 20%, respectively. This decline in oil prices reduced spending by our customers and reduced our revenue expectations. This sustained decline in crude oil prices, reduced capital spending by customers and reduced revenue expectations were determined to be a triggering event during the third quarter of 2015. This triggering event required us to perform testing for possible goodwill impairment in two of our reporting units, and our step one testing indicated there was an impairment in the B27 IPS and B27 SC reporting units. No triggering event was identified in our other reporting units during the third quarter. ASC 350 step two of the goodwill impairment testing for the reporting units was performed preliminarily during the third quarter of 2015. Our preliminary analysis concluded that $48.0 million of our B27 IPS reporting unit’s goodwill and $9.8 million of our B27 SC reporting unit’s goodwill was impaired. The remaining goodwill for the B27 IPS and B27 SC reporting units at September 30, 2015 was $4.9 million and $10.3 million, respectively. The September 30, 2015 ASC 350 step two testing was completed in the fourth quarter of 2015 without any adjustment to the amount recorded in the third quarter of 2015. Fair value was based on expected future cash flow using Level 3 inputs under Account Standards Codification 820 Fair Value Measurements (“ASC 820”). The cash flows are those expected to be generated by market participants, discounted at a rate of return market participants would expect. Approximately 60% of the goodwill associated with the B27 acquisition is not deductible for tax purposes. Accordingly, the financial statement tax benefit is calculated for only 40% of the goodwill impairment. The pretax impairment impacted DXP’s effective tax rate for 2015. For the year ended December 31, 2014, accumulated impairment for the B27 IPS and B27 SC reporting units was $95.1 million and $10.2 million, respectively. After recording the third quarter impairment loss, accumulated impairment expenses for the B27 IPS and B27 SC reporting units were $143.1 million and $20.0 million, respectively, at September 30, 2015.

DXP recorded $1.1 million of impairment expense in the third quarter of 2015 to write off an acquired intangible asset related to an ITT Goulds distribution agreement, which was terminated by ITT Goulds during 2015. The remaining intangible asset value of vendor distribution agreements for the year ended December 31, 2015 was zero. None of the impairment is expected to be deductible for tax purposes.

During the fourth quarter of 2015, the price of DXP’s common stock and the price of crude oil declined over 16% and over 18%, respectively. This decline in oil prices reduced spending by our customers during the fourth quarter and resulted in fourth quarter actual earnings for the B27 IPS and B27 SC reporting units declining significantly from the forecasts used in the impairment analysis at the end of the third quarter of 2015. The declines in forecasted earnings for these two reporting units were determined to be a triggering event during the fourth quarter of 2015. This triggering event required us to perform testing for possible goodwill impairment in these two reporting units, and our step one testing indicated there may be an impairment in the B27 IPS and B27 SC reporting units. No triggering event was identified in our other reporting units during the fourth quarter. ASC 350 step two of the goodwill impairment testing for the reporting units was performed during the fourth quarter of 2015. Our analysis concluded that $4.9 million of our B27 IPS reporting unit’s goodwill and $5.0 million of our B27 SC reporting unit’s goodwill was impaired. Fair value was based on expected future cash flow using Level 3 inputs under ASC 820. The cash flows are those expected to be generated by market participants, discounted at a rate of return market participants would expect. The remaining goodwill for the B27 IPS and B27 SC reporting units at December 31, 2015 was zero and $5.3 million, respectively. Approximately 60% of the goodwill associated with the B27 acquisition is not deductible for tax purposes. Accordingly, the financial statement tax benefit is calculated for only 40% of the goodwill impairment. The pretax impairment impacted DXP’s effective tax rate for 2015. After recording the fourth quarter impairment loss, accumulated impairment for the B27 IPS and B27 SC reporting units were $148.0 million and $25.0 million, respectively, for the year ended December 31, 2015. As none of the Company’s other reporting units recorded impairment losses in 2015, accumulated impairment for these units remained at $12.3 million.

The impairment losses during the year ended December 31, 2015 are included in the “impairment expense” line item on the consolidated statements of income (loss).
 
The following table presents a summary of amortizable other intangible assets (in thousands):

  
As of December 31, 2017
  
As of December 31, 2016
 
  
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Carrying
Amount,
net
  
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Carrying
Amount,
net
 
Customer relationships
 
$
162,200
  
$
(83,806
)
 
$
78,394
  
$
163,022
  
$
(68,446
)
 
$
94,576
 
Non-compete agreements
  
949
   
(818
)
  
131
   
1,836
   
(1,581
)
  
255
 
Total
 
$
163,149
  
$
(84,624
)
 
$
78,525
  
$
164,858
  
$
(70,027
)
 
$
94,831
 
 
Gross carrying amounts as well as accumulated amortization are partially affected by the fluctuation of foreign currency rates. Other intangible assets are amortized according to estimated economic benefits over their estimated useful lives.

Customer relationships are amortized over their estimated useful lives. Amortization expense is recognized according to estimated economic benefits and was $17.3 million, $18.1 million, and $20.6 million for the years ended December 31, 2017, 2016, and 2015, respectively.  The estimated future annual amortization of intangible assets for each of the next five years and thereafter are as follows (in thousands):

2018
 
$
15,615
 
2019
  
14,170
 
2020
  
10,292
 
2021
  
8,911
 
2022
  
7,264
 
Thereafter
  
22,273
 
Total
 
$
78,525
 

The weighted average remaining estimated life for customer relationships and non-compete agreements are 8.3 years and 1.8 years, respectively.
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LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2017
LONG-TERM DEBT [Abstract]  
LONG-TERM DEBT
NOTE 9 – LONG-TERM DEBT

Long-term debt consisted of the following (in thousands):
 
  
December 31,
 
  
2017
  
2016
 
       
ABL Revolver
 
$
-
  
$
-
 
Term Loan B
  
249,375
   
-
 
Line of credit
  
-
   
147,600
 
Term loan
  
-
   
74,500
 
Promissory note payable in monthly installments at 2.9% through January 2021, collateralized by equipment
  
2,722
   
3,577
 
Less unamortized debt issuance costs
  
(10,073
)
  
(992
)
Total Debt
  
242,024
   
224,685
 
Less: Current maturities
  
(3,381
)
  
(51,354
)
Total Long-term Debt
 
$
238,643
  
$
173,331
 
 
ABL Facility
 
On August 29, 2017, DXP  entered into a five year, $85 million Asset Based Loan and Security Agreement (the “ABL Credit Agreement”).  The ABL Credit Agreement provides for asset-based revolving loans in an aggregate principal amount of up to $85.0 million (the “ABL Loans”). The ABL Loans may be increased, in increments of $10.0 million, up to an aggregate of $50.0 million. The facility will mature on August 29, 2022. Interest accrues on outstanding borrowings at a rate equal to LIBOR or CDOR plus a margin ranging from 1.25% to 1.75% per annum, or at an alternate base rate, Canadian prime rate or Canadian base rate plus a margin ranging from 0.25% to 0.75% per annum, in each case, based upon the average daily excess availability under the facility for the most recently completed calendar quarter. Fees ranging from 0.25% to 0.375% per annum are payable on the portion of the facility not in use at any given time. The interest rate for the ABL facility was 2.9% at December 31, 2017. The unused line fee was 0.375% at December 31, 2017.
 
The obligations of the Borrowers are guaranteed by the Company and its direct and indirect material wholly-owned subsidiaries other than certain excluded subsidiaries.

The ABL Credit Agreement contains a financial covenant restricting the Company from allowing its Fixed Charge Coverage Ratio be less than 1.00 to 1.00 during a compliance period, which is triggered when the availability under ABL facility falls below a threshold set forth in the ABL Credit Agreement. As of December 31, 2017, the Company's consolidated Fixed Charge Coverage Ratio was 3.67 to 1.00.

The ABL Loan is secured by substantially all of the assets of the Company.

Senior Secured Term Loan B:
 
On August 29, 2017, DXP entered into a six year Senior Secured Term Loan B (the “Term Loan”) with an original principal amount of $250 million which amortizes in equal quarterly installments of 0.25% with the balance payable in August 2023, when the facility matures.  Subject to securing additional lender commitments, the Term Loan allows for incremental increases in facility size up to an aggregate of $30 million, in minimum increments of $10 million, plus an additional amount such that DXP’s Secured Leverage Ratio (as defined under the Term Loan) would not exceed 3.60 to 1.00. We are required to repay the Term Loan in connection with certain asset sales and insurance proceeds, certain debt proceeds and 50% of excess cash flow, reducing to 25%, if our total leverage ratio is no more than 3.00 to 1.00 and 0%, if our total leverage ratio is no more than 2.50 to 1.00. In addition, the Term Loan contains a number of customary restrictive covenants. The interest rate for the Term Loan was 7.1 % as of December 31, 2017.
 
The Term Loan requires that the company’s Secured Leverage Ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt (net of restricted cash, not to exceed $30 million) as of such day to EBITDA, beginning with the fiscal quarter ending December 31, 2017, is either equal to or less than as indicated in the table below:

Fiscal Quarter
Secured Leverage Ratio
December 31, 2017
5.75:1.00
March 31, 2018
5.75:1.00
June 30, 2018
5.50:1.00
September 30, 2018
5.50:1.00
December 31, 2018
5.25:1.00
March 31, 2019
5.25:1.00
June 30, 2019
5.00:1.00
September 30, 2019
5.00:1.00
December 31, 2019
4.75:1.00
March 31, 2020
4.75:1.00
June 30, 2020 and each Fiscal Quarter thereafter
4.50:1.00
 
As of December 31, 2017, the Company's consolidated Secured Leverage Ratio was 3.59 to 1.00.

The Term Loan is guaranteed by each of the Company’s direct and indirect material wholly owned subsidiaries, other than any of the Company’s Canadian subsidiaries and certain other excluded subsidiaries.

The Term Loan is secured by substantially all of the assets of the Company.
 
Extinguishment of Previously Existing Credit Facility

As set forth above, on August 29, 2017, the Company terminated its previously existing credit agreement and facility and replaced it with the Term Loan and the ABL Credit Agreement. The terminated facility was under the Amended and Restated Credit Agreement, dated as of January 2, 2014, by and among the Company, as borrower, and Wells Fargo Bank, National Association, as issuing lender and administrative agent for other lenders (the “Original Credit Agreement”). This Original Credit Agreement was subsequently amended five times by the First Amendment to Restated Credit Agreement dated as of August 6, 2015, Second Amendment to Restated Credit Agreement dated as of September 30, 2015, Third Amendment to Restated Credit Agreement dated as of May 12, 2016, Fourth Amendment to Restated Credit Agreement dated as of August 15, 2016, and Fifth Amendment to Amended and Restated Credit Agreement dated as of November 28, 2016. A description of the material terms of these terminated agreements can be found in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2017.  In connection with the extinguishment of the previously existing Credit Facility we recorded a $0.6 million write-off of debt issuance costs, which was included in interest expense during the third quarter of 2017.

As of December 31, 2017, the maturities of long-term debt for the next five years and thereafter were as follows (in thousands):

2018
 
$
3,381
 
2019
  
3,405
 
2020
  
3,436
 
2021
  
2,500
 
2022
  
2,500
 
Thereafter
  
236,875
 
Total
 
$
252,097
 
XML 34 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2017
INCOME TAXES [Abstract]  
INCOME TAXES
NOTE 10 - INCOME TAXES

The components of income before income taxes were as follows (in thousands):

  
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
          
Domestic
 
$
13,183
  
$
11,079
  
$
(42,179
)
Foreign
  
3,709
   
(1,405
)
  
3,259
 
Total income before taxes
 
$
16,892
  
$
9,674
  
$
(38,920
)

The provision for income taxes consisted of the following (in thousands):

  
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
Current -
         
Federal
 
$
1,400
  
$
(902
)
 
$
5,182
 
State
  
698
   
136
   
1,499
 
Foreign
  
2,092
   
602
   
2,493
 
   
4,190
   
(164
)
  
9,174
 
Deferred -
            
Federal
  
686
   
4,174
   
(7,090
)
State
  
(464
)
  
120
   
-
 
Foreign
  
(4,049
)
  
(1,607
)
  
(1,934
)
   
(3,827
)
  
2,687
   
(9,024
)
  
$
363
  
$
2,523
  
$
150
 
 
The difference between income taxes computed at the federal statutory income tax rate (35%) and the provision for income taxes is as follows (in thousands):

  
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
Income taxes computed at federal statutory rate
 
$
5,912
  
$
3,386
  
$
(13,622
)
State income taxes, net of federal benefit
  
152
   
166
   
974
 
Non-tax deductible impairment expense computed at federal statutory rate
  
-
   
-
   
15,765
 
Foreign adjustment
  
255
   
140
   
689
 
Meals and entertainment
  
422
   
361
   
620
 
Gain on sale of Vertex
  
-
   
(1,971
)
  
-
 
Domestic Production Activity Deduction
  
(98
)
  
-
   
(1,143
)
Research and development tax credit
  
(641
)
  
(886
)
  
(1,730
)
Foreign tax credit
  
-
   
(383
)
  
(921
)
Valuation Allowance
  
(791
)
  
-
   
-
 
Tax Reform Deferred Tax Remeasurement
  
(1,294
)
  
-
   
-
 
Canadian Acquisition Deferred Tax Liability True Up
  
(2,180
)
  
-
   
-
 
Foreign rate difference
  
(297
)
  
112
   
(261
)
Other
  
(1,077
)
  
1,598
   
(221
)
  
$
363
  
$
2,523
  
$
150
 

Deferred tax liabilities and assets were comprised of the following (in thousands):

  
December 31,
 
  
2017
  
2016
 
Deferred tax assets:
      
Goodwill
 
$
2,668
  
$
4,029
 
Allowance for doubtful accounts
  
1,707
   
2,469
 
Inventories
  
2,365
   
3,944
 
Accruals
  
(61
)
  
97
 
Research and development credit carryforward
  
1,115
   
886
 
Foreign Tax Credit Carryforward
  
64
   
64
 
Charitable Contribution Carryforward
  
559
   
138
 
Net operating loss carryforward
  
136
   
760
 
Capital loss carryforward
  
12,225
   
18,903
 
Deferred Compensation
  
475
   
1,881
 
Other Accruals
  
266
   
-
 
Other
  
65
   
107
 
Total deferred tax assets
  
21,584
   
33,278
 
Less valuation allowance
  
(12,220
)
  
(19,633
)
Total deferred tax asset, net of valuation Deferred tax liabilities :
  
9,364
   
13,645
 
Intangibles
  
(8,695
)
  
(10,042
)
Property and equipment
  
(6,860
)
  
(12,762
)
Unremitted foreign earnings
  
(354
)
  
(354
)
Cumulative translation adjustment
  
(67
)
  
-
 
Other
  
(457
)
  
-
 
Net deferred tax liability
 
$
(7,069
)
 
$
(9,513
)
 
At December 31, 2017, the Company had $51.4 million of capital loss carryforward, which will expire in 2021. The Company has recorded a valuation allowance for nearly all of this carryforward amount.  The valuation allowance represents a provision for uncertainty as to the realization of the tax benefits of these carryforwards and the deferred tax assets that may not be realized.

On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was enacted into law.  The majority of the provisions signed into law in 2017 do not take effect until January 1, 2018.  The Act is a comprehensive tax reform legislation that contains significant changes to corporate taxation.  Provisions on the enacted law include a permanent reduction of the corporate income tax rate from 35% to 21%, imposing a mandatory one-time tax on un-repatriated accumulated earnings of foreign subsidiaries, a partial limitation on the deductibility of business interest expense, a limitation on net operating losses to 80% of taxable income each year, a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a partial territorial system (along with rules that create a new U.S. minimum tax on earnings of foreign subsidiaries), and other related provisions to maintain the U.S. tax base.

In accordance with SAB 118 issued by the Securities and Exchange Commission on December 22, 2017, companies are allowed a one year measurement period to complete the accounting related to The Act. Specifically, SAB 118 permits companies to record a provisional amount which can be remeasured during the measurement period due to obtaining, preparing, or analyzing additional information about facts and circumstances that existed as of the enacted date.  As a result, we remeasured our net deferred income tax liabilities by a provisional $1.3 million benefit and a corresponding provisional decrease in the net deferred tax liability as of December 31, 2017.  We are still in the process of analyzing The Act's impact as permitted under SAB 118. The largest impact to the Company being the remeasurement of deferred taxes due to the U.S. statutory tax rate change. The mandatory repatriation and resulting toll charge on accumulated foreign earnings and profits has limited impact on the Company as unremitted earnings from non-US jurisdictions is minimal.  The Company is provisional in its approach and assertion that there is no financial statement impact as of December 31, 2017.

Deferred tax liabilities related to intangibles for customer relationships acquired in Canada during 2012 and 2013 were reduced by $2.2 million during the fourth quarter of 2017 to correct the tax rate used to establish the deferred tax liabilities at the dates of acquisition. The Company evaluated the misstatement of each period since these acquisitions were completed and concluded the effects were immaterial.

Total deferred tax assets at December 31, 2016 were reduced by an $8.6 million charge recorded during the fourth quarter of 2016 to correct errors of $1.3 million, $2.7 million and $4.6 million which were recorded during 2013, 2014 and 2015, respectively, due to the Company improperly recognizing a deferred tax asset related to cumulative translation adjustment losses.  The Company evaluated the misstatement of each period and concluded the effects were immaterial.  Therefore, the Company decided to correct the accumulated $8.6 million error in the fourth quarter of 2016. We assessed the materiality of this misstatement and concluded the misstatement was not material to the results of operations or financial condition for the years ended December 31, 2017, 2016 and 2015.
XML 35 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2017
SHARE-BASED COMPENSATION [Abstract]  
SHARE-BASED COMPENSATION
NOTE 11 - SHARE-BASED COMPENSATION

Restricted Stock

Under the restricted stock plans approved by our shareholders, directors, consultants and employees may be awarded shares of DXP’s common stock. The shares of restricted stock granted to employees and that are outstanding as of December 31, 2017 vest in accordance with one of the following vesting schedules: 100% one year after date of grant; 33.3% each year for three years after date of grant; 20% each year for five years after date of grant; or 10% each year for ten years after date of grant. The shares of restricted stock granted to non-employee directors of DXP vest one year after the grant date. The fair value of restricted stock awards is measured based upon the closing prices of DXP’s common stock on the grant dates and is recognized as compensation expense over the vesting period of the awards. Once restricted stock vests, new shares of the Company’s stock are issued.  At December 31, 2017, 401,223 shares were available for future grant.

Changes in restricted stock for the twelve months ended December 31, 2017 were as follows:

  
Number of
Shares
  
Weighted Average
Grant Price
 
Non-vested at December 31, 2016
  
143,380
  
$
26.76
 
Granted
  
18,672
  
$
34.07
 
Forfeited
  
(298
)
 
$
59.60
 
Vested
  
(83,853
)
 
$
24.92
 
Non-vested at December 31, 2017
  
77,901
  
$
30.36
 
 
Changes in restricted stock for the twelve months ended December 31, 2016 were as follows:

  
Number of
Shares
  
Weighted Average
Grant Price
 
Non-vested at December 31, 2015
  
137,507
  
$
54.58
 
Granted
  
108,553
  
$
17.07
 
Forfeited
  
(39,000
)
 
$
65.41
 
Vested
  
(63,680
)
 
$
46.65
 
Non-vested at December 31, 2016
  
143,380
  
$
26.76
 

Changes in restricted stock for the twelve months ended December 31, 2015 were as follows:

  
Number of
Shares
  
Weighted Average
Grant Price
 
Non-vested at December 31, 2014
  
179,942
  
$
52.71
 
Granted
  
35,821
  
$
40.95
 
Forfeited
  
(20,855
)
 
$
41.34
 
Vested
  
(57,401
)
 
$
44.99
 
Non-vested at December 31, 2015
  
137,507
  
$
54.58
 

Compensation expense, associated with restricted stock, recognized in the years ended December 31, 2017, 2016 and 2015 was $1.7 million, $2.0 million, and $3.0 million, respectively. Related income tax benefits recognized in earnings in the years ended December 31, 2017, 2016 and 2015 were approximately $0.7 million, $0.8 million and $1.2 million, respectively. Unrecognized compensation expense under the DXP Enterprises, Inc. 2016 Omnibus Incentive Plan at December 31, 2017, December 31, 2016 and December 31, 2015 was $1.6 million, $2.7 million and $4.9 million, respectively. As of December 31, 2017, the weighted average period over which the unrecognized compensation expense is expected to be recognized is 15.2 months.
XML 36 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
EARNINGS PER SHARE DATA
 12 Months Ended
Dec. 31, 2017
EARNINGS PER SHARE DATA [Abstract]  
EARNINGS PER SHARE DATA
NOTE 12 - EARNINGS PER SHARE DATA

Basic earnings per share is computed based on weighted average shares outstanding and excludes dilutive securities. Diluted earnings per share is computed including the impacts of all potentially dilutive securities. For the year ended December 31, 2015, we excluded the potential dilution of convertible preferred stock, which could be converted into 840,000 shares because they would be anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):

    
December 31,
 
  
  
2017
  
2016
  
2015
 
Basic:
         
Weighted average shares outstanding
  
17,400
   
15,042
   
14,423
 
             
Net income (loss) attributable to DXP Enterprises, Inc.
 
$
16,888
  
$
7,702
  
$
(38,536
)
Convertible preferred stock dividend
  
(90
)
  
(90
)
  
(90
)
Net income (loss)  attributable to common shareholders
 
$
16,798
  
$
7,612
  
$
(38,626
)
Per share amount
 
$
0.97
  
$
0.51
  
$
(2.68
)
             
Diluted:
            
Weighted average shares outstanding
  
17,400
   
15,042
   
14,423
 
Assumed conversion of convertible preferred stock
  
840
   
840
   
-
 
Total dilutive shares
  
18,240
   
15,882
   
14,423
 
Net income (loss) attributable to common shareholders
 
$
16,798
  
$
7,612
  
$
(38,626
)
Convertible preferred stock dividend
  
90
   
90
   
-
 
Net income (loss) attributable to DXP Enterprises, Inc. for diluted earnings per share
 
$
16,888
  
$
7,702
  
$
(38,626
)
Per share amount
 
$
0.93
  
$
0.49
  
$
(2.68
)
 
Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the period and excludes dilutive securities. Diluted earnings per share reflects the potential dilution that could occur if the preferred stock was converted into common stock. Restricted stock is considered a participating security and is included in the computation of basic earnings per share as if vested. Because holders of Preferred Stock do not participate in losses, the loss was not allocated to Preferred Stock for fiscal year 2015. The Preferred Stock is convertible into 840,000 shares of common stock.
XML 37 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
CAPITAL STOCK
 12 Months Ended
Dec. 31, 2017
CAPITAL STOCK [Abstract]  
CAPITAL STOCK
NOTE 13 – CAPITAL STOCK

The Company has Series A and Series B preferred stock of 1,122 shares and 15,000 shares outstanding as of year-end 2017, 2016 and 2015, respectively. The preferred stock did not have any activity during 2017, 2016 and 2015. The activity related to outstanding common stock and common stock held in treasury was as follows:

  
December 31,
 
  
2017
  
2016
  
2015
 
Common Stock:
 
Quantity (in thousands)
 
Balance, beginning of period
  
17,197
   
14,390
   
14,375
 
Issuance of shares for compensation net of withholding
  
119
   
84
   
15
 
Issuance of common stock related to equity distribution agreements
  
-
   
2,723
   
-
 
Balance, end of period
  
17,316
   
17,197
   
14,390
 

  
December 31,
 
  
2017
  
2016
  
2015
 
Treasury Shares:
 
Quantity (in thousands)
 
Balance, beginning of period
  
-
   
264
   
280
 
Issuance of treasury shares for acquisition
  
-
   
-
   
(149
)
Purchase of treasury shares
  
-
   
-
   
191
 
Issuance of treasury shares upon vesting of restricted shares net of withholding
  
-
   
(264
)
  
(58
)
Balance, end of period
  
-
   
-
   
264
 
XML 38 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS ACQUISITIONS
 12 Months Ended
Dec. 31, 2017
BUSINESS ACQUISITIONS [Abstract]  
BUSINESS ACQUISITIONS
NOTE 14 - BUSINESS ACQUISITIONS

All of the Company’s acquisitions have been accounted for using the purchase method of accounting. Revenues and expenses of the acquired businesses have been included in the accompanying consolidated financial statements beginning on their respective dates of acquisition. The allocation of purchase price to the acquired assets and liabilities is based on estimates of fair market value and may be revised if and when additional information the Company is awaiting concerning certain asset and liability valuations is obtained, provided that such information is received no later than one year after the date of acquisition. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. It specifically includes the expected synergies and other benefits that we believe will result from combining the operations of our acquisitions with the operations of DXP and any intangible assets that do not qualify for separate recognition such as the assembled workforce.

On April 1, 2015, the Company completed the acquisition of all of the equity interests of Tool Supply, Inc. (“TSI”) to expand DXP’s cutting tools offering in the Northwest region of the United States. DXP paid approximately $5.0 million for TSI, which was borrowed under the Company’s credit facility in effect at the date of acquisition. Estimated goodwill of $2.9 million and intangible assets of $2.0 were recognized for this acquisition. All of the estimated goodwill is included in the Service Centers segment. None of the estimated goodwill or intangible assets are expected to be tax deductible.
 
On September 1, 2015, the Company completed the acquisition of all of the equity interests of Cortech Engineering, LLC (“Cortech”) to expand DXP’s rotating equipment offering to the Western seaboard. DXP paid approximately $14.9 million for Cortech. The purchase was financed with borrowings under the Company’s credit facility in effect at the date of acquisition, as well as by issuing $4.4 million (148.8 thousand shares) of DXP common stock. Estimated intangible assets of $5.2 were recognized for this acquisition. In the first quarter of 2016, DXP adjusted the deferred tax liability associated with the acquisition by $151 thousand, which resulted in an adjusted goodwill balance of $8.7 million. All of the estimated goodwill is included in the Service Centers segment. Approximately $4.5 million of the goodwill and intangible assets are not deductible for tax purposes.

The value assigned to the non-compete agreements and customer relationships for business acquisitions were determined by discounting the estimated cash flows associated with non-compete agreements and customer relationships as of the date the acquisition was consummated. The estimated cash flows were based on estimated revenues net of operating expenses and net of capital charges for assets that contribute to the projected cash flow from these assets. The projected revenues and operating expenses were estimated based on management estimates. Net capital charges for assets that contribute to projected cash flow were based on the estimated fair value of those assets.

For the twelve months ended December 31, 2016, businesses acquired during 2015 contributed sales of $25.2 million and earnings (loss) before taxes of approximately $(0.3) million.

The pro forma unaudited results of operations for the Company on a consolidated basis for the twelve months ended December 31, 2017 and 2016, assuming the divestiture of a business completed in 2016 were consummated as of  January 1, 2016 are as follows (in millions, except per share amounts):

  
Years Ended
December 31,
 
  
2017
  
2016
 
Net sales
 
$
1,006.8
  
$
939.4
 
Net income attributable to DXP Enterprises, Inc.
 
$
16.9
  
$
5.5
 
Per share data
        
Basic earnings
 
$
0.97
  
$
0.36
 
Diluted earnings
 
$
0.93
  
$
0.35
 

The pro forma unaudited results of operations for the Company on a consolidated basis for the twelve months ended December 31, 2016 and 2015, assuming the acquisition of businesses completed in 2015 and divestiture of a business completed in 2016 (previously discussed in Item 1, Business) was consummated as of January 1, 2015 are as follows (in millions, except per share amounts.

  
Years Ended
December 31,
 
  
2016
  
2015
 
Net sales
 
$
939.4
  
$
1,228.9
 
Net income (loss) attributable to DXP Enterprises, Inc.
 
$
5.5
  
$
(40.7
)
Per share data
        
Basic earnings (loss)
 
$
0.36
  
$
(2.83
)
Diluted earnings (loss)
 
$
0.35
  
$
(2.83
)
XML 39 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 15 - COMMITMENTS AND CONTINGENCIES

The Company leases equipment, automobiles and office facilities under various operating leases. The future minimum rental commitments as of December 31, 2017, for non-cancelable leases are as follows (in thousands):

2018
 
$
19,419
 
2019
  
15,002
 
2020
  
11,492
 
2021
  
9,435
 
2022
  
6,637
 
Thereafter
  
3,441
 

Rental expense for operating leases was $27.7 million, $27.6 million and $32.7 million for the years ended December 31, 2017, 2016 and 2015, respectively.

From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. While DXP is unable to predict the outcome of these lawsuits, it believes that the ultimate resolution will not have, either individually or in the aggregate, a material adverse effect on DXP’s consolidated financial position, cash flows, or results of operations.
XML 40 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2017
EMPLOYEE BENEFIT PLANS [Abstract]  
EMPLOYEE BENEFIT PLANS
NOTE 16 - EMPLOYEE BENEFIT PLANS

The Company offers a 401(k) plan which is eligible to substantially all employees in the United States. For the year ended December 31, 2015 as well as the first quarter of 2016, the Company elected to match employee contributions at a rate of 50 percent of up to 4 percent of salary deferral. The Company contributed $0.2 million, $0.4 million, and $2.6 million to the 401(k) plan in the years ended December 31, 2017, 2016, and 2015, respectively.  In 2016 the Company suspended indefinitely the employee match program. The Company contributed $0.4 million in the first quarter of 2016 to the 401(k) plan.  No other contributions were made during the remainder of 2016.  The Company reinstated the employee match program in October 2017 contributing $0.2 million to the 401(k) plan for 2017.
XML 41 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
OTHER COMPREHENSIVE INCOME
 12 Months Ended
Dec. 31, 2017
OTHER COMPREHENSIVE INCOME [Abstract]  
OTHER COMPREHENSIVE INCOME
NOTE 17 - OTHER COMPREHENSIVE INCOME

Other comprehensive income generally represents all changes in shareholders’ equity during the period, except those resulting from investments by, or distributions to, shareholders.

During 2012 and 2013, the Company acquired four entities that operate in Canada. These Canadian entities maintain financial data in Canadian dollars. Upon consolidation, the Company translates the financial data from these foreign subsidiaries into U.S. dollars and records cumulative translation adjustments in other comprehensive income. The Company recorded $(1.2) million, $(7.7) million and ($4.9) million in translation adjustments, net of tax, in other comprehensive income during the years ended December 31, 2017, 2016 and 2015, respectively. Comprehensive income for the year ended December 31, 2016 was reduced by an $8.6 million charge recorded during the fourth quarter of 2016 to correct errors which accumulated during 2013, 2014 and 2015 due to the Company improperly recognizing an $8.6 million deferred tax asset on unrealized foreign currency losses not expected to be realized within one year. We assessed the materiality of this misstatement and concluded the misstatement was not material to the results of operations or financial condition for the years ended December 31, 2016 and 2015.
XML 42 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT AND GEOGRAPHICAL REPORTING
 12 Months Ended
Dec. 31, 2017
SEGMENT AND GEOGRAPHICAL REPORTING [Abstract]  
SEGMENT AND GEOGRAPHICAL REPORTING
NOTE 18 – SEGMENT AND GEOGRAPHICAL 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, 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, remanufactures pumps and manufactures branded private label pumps. The Supply Chain Services segment manages all or part of a customer's MRO products 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 intersegment eliminations.
 
Business Segmented Financial Information

The following table sets out financial information relating the Company’s segments (in thousands):

Years Ended
December 31,
 
Service
Centers
  
Innovative
Pumping
Solutions
  
Supply
Chain
Services
  
Total
 
2017
            
Sales
 
$
641,275
  
$
204,030
  
$
161,477
  
$
1,006,782
 
Operating income for reportable segments, excluding amortization
  
63,250
   
11,423
   
15,451
   
90,124
 
Identifiable assets at year end
  
385,744
   
172,538
   
59,942
   
618,224
 
Capital expenditures
  
1,076
   
1,488
   
82
   
2,646
 
Depreciation
  
5,162
   
4,198
   
103
   
9,463
 
Amortization
  
8,989
   
7,194
   
1,083
   
17,266
 
Interest expense
  
9,712
   
5,352
   
1,990
   
17,054
 
 
2016
                
Sales
 
$
621,007
  
$
187,124
  
$
153,961
  
$
962,092
 
Operating income for reportable segments, excluding impairment expense
  
47,634
   
9,867
   
15,449
   
72,950
 
Identifiable assets at year end
  
370,261
   
175,198
   
44,796
   
590,255
 
Capital expenditures
  
447
   
3,827
   
129
   
4,403
 
Proceeds from sale of fixed assets
  
(1,038
)
  
(168
)
  
-
   
(1,206
)
Depreciation
  
6,520
   
3,834
   
126
   
10,480
 
Amortization
  
9,152
   
7,826
   
1,083
   
18,061
 
Interest expense
  
9,290
   
4,422
   
1,852
   
15,564
 
 
2015
                
Sales
 
$
826,588
  
$
254,829
  
$
165,626
  
$
1,247,043
 
Operating income for reportable segments, excluding impairment expense
  
78,170
   
21,584
   
14,213
   
113,967
 
Identifiable assets at year end
  
451,333
   
159,365
   
50,012
   
660,710
 
Capital expenditures
  
3,185
   
8,383
   
604
   
12,172
 
Depreciation
  
7,734
   
2,930
   
227
   
10,891
 
Amortization
  
10,334
   
8,406
   
1,881
   
20,621
 
Interest expense
  
2,967
   
6,881
   
1,084
   
10,932
 
Impairment expense by segment
  
15,842
   
52,893
   
-
   
68,735
 
 

  
Years Ended December 31,
 
          
  
2017
  
2016
  
2015
 
Operating income for reportable segments, excluding impairment expense
 
$
90,124
  
$
72,950
  
$
113,967
 
Adjustments for:
            
B27 settlement
  
-
   
-
   
7,348
 
Impairment expense
  
-
   
-
   
68,735
 
Amortization of intangibles
  
17,266
   
18,061
   
20,621
 
Corporate and other expense, net
  
39,368
   
35,557
   
45,179
 
Total operating income (loss)
  
33,490
   
19,332
   
(27,916
)
Interest expense
  
17,054
   
15,564
   
10,932
 
Other expenses (income), net
  
(456
)
  
(5,906
)
  
72
 
Income (loss) before income taxes
 
$
16,892
  
$
9,674
  
$
(38,920
)

The Company had capital expenditures at Corporate of $0.2 million, $0.5 million, and $1.8 million for the years ended December 31, 2017, 2016, and 2015, respectively. The Company had identifiable assets at Corporate of $19.4 million, $18.3 million, and $23.3 million as of December 31, 2017, 2016, and 2015, respectively. Corporate depreciation was $1.8 million, $1.4 million, and $1.7 million for the years ended December 31, 2017, 2016, and 2015, respectively.

Geographical Information

Revenues are presented in geographic area based on location of the facility shipping products or providing services. Long-lived assets are based on physical locations and are comprised of the net book value of property.

The Company’s revenues and property and equipment by geographical location are as follows (in thousands):

    
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
Revenues
         
United States
 
$
902,636
  
$
873,926
  
$
1,119,210
 
Canada
  
104,146
   
88,166
   
127,833
 
Total
 
$
1,006,782
  
$
962,092
  
$
1,247,043
 

  
As of December 31,
 
  
2017
  
2016
 
Property and Equipment, net
      
United States
 
$
42,683
  
$
48,635
 
Canada
  
10,654
   
12,172
 
Total
 
$
53,337
  
$
60,807
 
XML 43 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
QUARTERLY FINANCIAL INFORMATION (Unaudited)
 12 Months Ended
Dec. 31, 2017
QUARTERLY FINANCIAL INFORMATION (Unaudited) [Abstract]  
QUARTERLY FINANCIAL INFORMATION (Unaudited)
NOTE 19 - QUARTERLY FINANCIAL INFORMATION (unaudited)

Summarized quarterly financial information for the years ended December 31, 2017, 2016 and 2015 is as follows (in millions, except per share data):

  
First
Quarter
  
Second
Quarter
  
Third
Quarter
  
Fourth
Quarter
 
2017
            
Sales
 
$
238.5
  
$
250.7
  
$
251.9
  
$
265.7
 
Gross profit
  
64.5
   
68.9
   
67.0
   
71.2
 
Net income (loss)
  
3.1
   
4.1
   
3.0
   
6.6
 
Net income (loss) attributable to DXP Enterprises, Inc.
  
3.0
   
4.0
   
2.9
   
6.6
 
Earnings (loss) per share - basic
 
$
0.18
  
$
0.24
  
$
0.17
  
$
0.38
 
Earnings (loss) per share - diluted
 
$
0.17
  
$
0.23
  
$
0.16
  
$
0.37
 
                 
2016
                
Sales
 
$
253.6
  
$
256.2
  
$
230.0
  
$
222.3
 
Gross profit
  
68.8
   
71.6
   
63.8
   
60.6
 
Net income (loss)
  
(5.2
)
  
5.1
   
0.1
   
7.1
 
Net income (loss) attributable to DXP Enterprises, Inc.
  
(5.1
)
  
5.1
   
0.2
   
7.4
 
Earnings (loss) per share - basic
 
$
(0.36
)
 
$
0.36
  
$
0.02
  
$
0.44
 
Earnings (loss) per share - diluted
 
$
(0.36
)
 
$
0.34
  
$
0.02
  
$
0.42
 
                 
2015
                
Sales
 
$
341.6
  
$
323.7
  
$
303.1
  
$
278.6
 
Gross profit
  
98.1
   
91.3
   
85.7
   
76.9
 
Impairment expense
  
-
   
-
   
58.9
   
9.8
 
Net income (loss)
  
9.7
   
7.2
   
(52.7
)
  
(3.2
)
Net income (loss) attributable to DXP Enterprises, Inc.
  
9.7
   
7.2
   
(52.4
)
  
(3.0
)
Earnings (loss) per share - basic
 
$
0.67
  
$
0.50
  
$
(3.64
)
 
$
(0.20
)

The sum of the individual quarterly earnings per share amounts may not agree with year-to-date earnings per share as each quarter’s computation is based on the weighted average number of shares outstanding during the quarter, the weighted average stock price during the quarter and the dilutive effects of the stock options and restricted stock in each quarter.
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RELATED PARTIES
 12 Months Ended
Dec. 31, 2017
RELATED PARTIES [Abstract]  
RELATED PARTIES
NOTE 20 – RELATED PARTIES

The Board uses policies and procedures, to be applied by the Audit Committee of the Board, for review, approval or ratification of any transactions with related persons. Those policies and procedures will apply to any proposed transactions in which DXP is a participant, the amount involved exceeds $120,000 and any director, executive officer or significant shareholder or any immediate family member of such a person has a direct or material indirect interest. Any related party transaction will be reviewed by the Audit Committee of the Board of Directors to determine, among other things, the benefits of any transaction to DXP, the availability of other sources of comparable products or services and whether the terms of the proposed transaction are comparable to those provided to unrelated third parties.

For the year ended December 31, 2017, the Company paid approximately $1.4 million in lease expenses to entities controlled by the Company’s Chief Executive Officer, David Little, $1.2 million in lease expenses to an entity in which a retired senior vice president holds a minority interest, and $0.3 million in lease expenses to an entity in which a retired senior vice president holds an interest, and the children of David Little hold a majority interest. The Company employs six people who work for David Little, and Mr. Little reimbursed the Company for the cost. Total cost to Mr. Little for the year ended December 31, 2017 for payroll, related payroll expenses, vehicles, fuel and supplies was $0.4 million. The Company employs two sons and two sons-in-laws of executives. Total wages and other compensation for 2017 was approximately $1.3 million for the four employees.
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SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2017
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS
NOTE 21 – SUBSEQUENT EVENTS

On January 1, 2018, the Company completed the acquisition of Application Specialties, Inc. (“ASI”), a distributor of cutting tools, abrasives, coolants and machine shop supplies. DXP paid approximately $11.5 million for ASI. The purchase was financed with $10.6 million of cash on hand as well as issuing $0.9 million of DXP common stock.
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SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES (Policies)
 12 Months Ended
Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES [Abstract]  
Basis of Presentation
Basis of Presentation

The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and its variable interest entity (“VIE”).

DXP is the primary beneficiary of a VIE in which DXP owns 47.5% of the equity. DXP consolidates the financial statements of the VIE with the financial statements of DXP. As of December 31, 2017, the total assets of the VIE were approximately $5.2 million including approximately $4.5 million of fixed assets. DXP is the primary customer of the VIE. Consolidation of the VIE increased cost of sales by approximately $0.6 million and $1.3 million for the twelve months ended December 31, 2017 and 2016, respectively. The Company recognized a related income tax benefit of $0.2 million and $0.3 million related to the VIE for the years ended December 31, 2017 and 2016, respectively.  At December 31, 2017, the owners of the 52.5% of the equity not owned by DXP included employees of DXP.

All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation; none affected net income.
Foreign Currency
Foreign Currency

The financial statements of the Company’s Canadian subsidiaries are measured using local currencies as their functional currencies. Assets and liabilities are translated into U.S. dollars at current exchange rates, while income and expenses are translated at average exchange rates. Translation gains and losses are reported in other comprehensive income (loss). Gains and losses on transactions denominated in foreign currency are reported in consolidated statements of income (loss).
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents

The Company’s presentation of cash includes cash equivalents. Cash equivalents are defined as short-term investments with maturity dates of 90 days or less at time of purchase. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not historically experienced any losses when in excess of these limits.
Receivables and Credit Risk
Receivables and Credit Risk

Trade receivables consist primarily of uncollateralized customer obligations due under normal trade terms, which usually require payment within 30 days of the invoice date. However, these payment terms are extended in select cases and customers may not pay within stated trade terms.

The Company has trade receivables from a diversified customer base located primarily in the Rocky Mountain, Northeastern, Midwestern, Southeastern and Southwestern regions of the United States, and Canada. The Company believes no significant concentration of credit risk exists. The Company evaluates the creditworthiness of its customers' financial positions and monitors accounts on a regular basis. Provisions to the allowance for doubtful accounts are made monthly and adjustments are made periodically (as circumstances warrant) based upon management’s best estimate of the collectability of such accounts. The Company writes off uncollectible trade accounts receivable when the accounts are determined to be uncollectible. No customer represents more than 10% of consolidated sales.

Changes in this allowance for 2017, 2016 and 2015 were as follows (in thousands):

  
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
Balance at beginning of year
 
$
8,160
  
$
9,364
  
$
8,713
 
Charged to costs and expenses
  
3,367
   
180
   
2,014
 
Charged to other accounts
  
22
3 
  
(17
)2
  
1,255
2 
Deductions
  
(2,534
)1
  
(1,367
)1
  
(2,618
)1
Balance at end of year
 
$
9,015
  
$
8,160
  
$
9,364
 

(1) Uncollectible accounts written off, net of recoveries
(2) Includes allowance for doubtful accounts from acquisitions and divestiture
(3) Primarily due to translation adjustments
Fair Value of Financial Instruments
Fair Value of Financial Instruments
 
The Company is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. US GAAP establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. US GAAP prioritizes the inputs into three levels that may be used to measure fair value:
 
Level 1
 
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
 
Level 2
 
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
 
Level 3
 
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

See Note 4 for further information regarding the Company’s financial instruments.
Inventories
Inventories

Inventories consist principally of finished goods and are priced at net realizable value, cost being determined using the first-in, first-out (“FIFO”) method. Provisions are provided against inventories for estimated obsolescence based upon the aging of the inventories and market trends and are applied as a reduction in cost of associated inventory.
Property and Equipment
Property and Equipment

Property and equipment are carried on the basis of cost. Depreciation of property and equipment is computed using the straight-line method over their estimated useful lives. Maintenance and repairs of depreciable assets are charged against earnings as incurred. When properties are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and gains or losses are credited or charged to earnings.

The principal estimated useful lives used in determining depreciation are as follows:

Buildings
20-39 years
Building improvements
10-20 years
Furniture, fixtures and equipment
3-20 years
Leasehold improvements
Shorter of estimated useful life or related lease term
Impairment of Goodwill and Other Intangible Assets
Impairment of Goodwill and Other Intangible Assets

The Company tests goodwill and other indefinite lived intangible assets for impairment on an annual basis in the fourth quarter and when events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company assigns the carrying value of these intangible assets to its "reporting units" and applies the test for goodwill at the reporting unit level. A reporting unit is defined as an operating segment or one level below a segment (a "component") if the component is a business and discrete information is prepared and reviewed regularly by segment management.

The Company’s goodwill impairment assessment first permits evaluating qualitative factors to determine if a reporting unit's carrying value would more likely than not exceed its fair value. If the Company concludes, based on the qualitative assessment, that a reporting unit's carrying value would more likely than not exceed its fair value, the Company would perform a two-step quantitative test for that reporting unit. When a quantitative assessment is performed, the first step is to identify a potential impairment, and the second step measures the amount of the impairment loss, if any. Goodwill is deemed to be impaired if the carrying amount of a reporting unit’s goodwill exceeds its estimated fair value. During the third and fourth quarter of 2015, DXP performed interim impairment tests using a quantitative approach and recognized goodwill impairments of $57.8 million and $9.8 million, respectively. No impairment of goodwill was required in 2017 and 2016.
Impairment of Long-Lived Assets, Excluding Goodwill
Impairment of Long-Lived Assets, Excluding Goodwill

The Company tests long-lived assets or asset groups for recoverability on an annual basis and when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. No impairment of long-lived assets excluding goodwill, was required in 2017, 2016 and 2015.
Share-based Compensation
Share-based Compensation

The Company uses restricted stock for share-based compensation programs. The Company measures compensation cost with respect to equity instruments granted as stock-based payments to employees based upon the estimated fair value of the equity instruments at the date of the grant. The cost as measured is recognized as expense over the period which an employee is required to provide services in exchange for the award.
Revenue Recognition
Revenue Recognition

For binding agreements to fabricate tangible assets to customer specifications, the Company recognizes revenues using the percentage of completion method. Under this method, revenues are recognized as costs are incurred and include estimated profits calculated on the basis of the relationship between costs incurred and total estimated costs at completion. If at any time expected costs exceed the value of the contract, the loss is recognized immediately. Revenues of approximately $40.6 million, $31.5 million, and $47.5 million were recognized on contracts in process for the years ended December 31, 2017, 2016, and 2015, respectively. The typical time span of these contracts is approximately one to two years.
 
For other sales, the Company recognizes revenues when an agreement is in place, the price is fixed, title for product passes to the customer or services have been provided and collectability is reasonably assured, which is generally upon delivery to the customer. Revenues are recorded net of sales taxes.

The Company reserves for potential customer returns based upon the historical level of returns.
Shipping and Handling Costs
Shipping and Handling Costs

The Company classifies shipping and handling charges billed to customers as sales. Shipping and handling charges paid to others are classified as a component of cost of sales.
Self-insured Insurance and Medical Claims
Self-insured Insurance and Medical Claims

We generally retain up to $100,000 of risk for each claim for workers compensation, general liability, automobile and property loss. We accrue for the estimated loss on the self-insured portion of these claims. The accrual is adjusted quarterly based upon reported claims information. The actual cost could deviate from the recorded estimate.

We generally retain up to $175,000 of risk on each medical claim for our employees and their dependents with the exception of less than 0.05% of employees where a higher risk is retained. We accrue for the estimated outstanding balance of unpaid medical claims for our employees and their dependents. The accrual is adjusted monthly based on recent claims experience. The actual claims could deviate from recent claims experience and be materially different from the reserve.

The accrual for these claims at December 31, 2017 and 2016 was approximately $2.7 million and $3.1 million, respectively.
Purchase Accounting
Purchase Accounting
 
DXP estimates the fair value of assets, including property, machinery and equipment and their related useful lives and salvage values, intangibles and liabilities when allocating the purchase price of an acquisition. The fair value estimates are developed using the best information available.
Cost of Sales and Selling, General and Administrative Expense
Cost of Sales and Selling, General and Administrative Expense
 
Cost of sales includes product and product related costs, inbound freight charges, internal transfer costs and depreciation. Selling, general and administrative expense includes purchasing and receiving costs, inspection costs, warehousing costs, depreciation and amortization.
Debt Issuance Cost Amortization
Debt Issuance Cost Amortization

Fees paid to DXP’s lenders to secure a firm commitment on a term loan and revolving line of credit are presented as a direct deduction from the carrying amount of the debt liability. For the term loan, fees paid by DXP are amortized over the life of the loan as additional interest. Fees paid to secure a firm commitment from our lender on a revolving line of credit are amortized on a straight-line basis over the entire term of the arrangement. The total unamortized debt issuance costs reported on the consolidated balance sheets as of December 31, 2017 and 2016 was $10.1 million and $1.0 million, respectively. In connection with the extinguishment of the previously existing credit facility we recorded a $0.6 million write-off of debt issuance costs, which was included in interest expense during the third quarter of 2017.
Income Taxes
Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and income tax bases of assets and liabilities. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to reverse. Valuation allowances are established to reduce deferred income tax assets to the amounts expected to be realized under a more likely than not criterion.
Accounting for Uncertainty in Income Taxes
Accounting for Uncertainty in Income Taxes

A position taken or expected to be taken in a tax return is recognized in the financial statements when it is more likely than not (i.e. a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U. S. federal, state and local tax examination by tax authorities for years prior to 2012. The Company's policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter
Comprehensive Income (Loss)
Comprehensive Income (Loss)

Comprehensive income (loss) includes net income, foreign currency translation adjustments and unrealized gains and losses on certain investments in debt and equity securities. The Company’s other comprehensive (loss) income is comprised of changes in the market value of an investment with quoted market prices in an active market for identical instruments and translation adjustments from translating foreign subsidiaries to the reporting currency.  Comprehensive income for the year ended December 31, 2016 was reduced by an $8.6 million charge recorded during the fourth quarter of 2016 to correct errors which accumulated during 2013, 2014 and 2015 due to the Company improperly recognizing an $8.6 million deferred tax asset on unrealized foreign currency losses not expected to be realized within one year. We assessed the materiality of this misstatement and concluded the misstatement was not material to the results of operations or financial condition for the years ended December 31, 2016 and 2015.
Out-of-Period Items
Out-of-Period Items
 
Deferred tax liabilities related to intangibles for customer relationships acquired in Canada during 2012 and 2013 were reduced by $2.2 million during the fourth quarter of 2017 to correct the tax rate used to establish the deferred tax liabilities at the dates of acquisition. The Company evaluated the misstatement of each period since these acquisitions were completed and concluded the effects were immaterial.
 
During the first quarter of 2015, we identified a $2.5 million ($1.6 million net of tax) overstatement of an accrual at December 31, 2014, which overstated 2014 selling, general and administrative expense. We recorded an out-of-period adjustment to correct this overstatement in the quarter ended March 31, 2015. During the fourth quarter of 2015, we realized $1.5 million of net tax benefits related to events which occurred in earlier years. These out-of-period items reduced the 2015 net loss by $3.1 million and 2015 basic and diluted net loss per share by $0.21. We assessed the materiality of this overstatement and concluded the overstatement was not material to the results of operations or financial condition for the year ended December 31, 2015.
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SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES (Tables)
 12 Months Ended
Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES [Abstract]  
Schedule of Changes in Allowance
Changes in this allowance for 2017, 2016 and 2015 were as follows (in thousands):

  
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
Balance at beginning of year
 
$
8,160
  
$
9,364
  
$
8,713
 
Charged to costs and expenses
  
3,367
   
180
   
2,014
 
Charged to other accounts
  
22
3 
  
(17
)2
  
1,255
2 
Deductions
  
(2,534
)1
  
(1,367
)1
  
(2,618
)1
Balance at end of year
 
$
9,015
  
$
8,160
  
$
9,364
 

(1) Uncollectible accounts written off, net of recoveries
(2) Includes allowance for doubtful accounts from acquisitions and divestiture
(3) Primarily due to translation adjustments
Principal Estimated Useful Lives Used in Determining Depreciation
The principal estimated useful lives used in determining depreciation are as follows:

Buildings
20-39 years
Building improvements
10-20 years
Furniture, fixtures and equipment
3-20 years
Leasehold improvements
Shorter of estimated useful life or related lease term
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INVENTORIES (Tables)
 12 Months Ended
Dec. 31, 2017
INVENTORIES [Abstract]  
Carrying Values of Inventories
The carrying values of inventories were as follows (in thousands):

  
December 31,
2017
  
December 31,
2016
 
Finished goods
 
$
79,820
  
$
74,269
 
Work in process
  
11,593
   
9,430
 
Inventories
 
$
91,413
  
$
83,699
 
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COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS (Tables)
 12 Months Ended
Dec. 31, 2017
COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS [Abstract]  
Costs and Estimated Profits on Uncompleted Contracts
Costs and estimated profits on uncompleted contracts and related amounts billed for 2017 and 2016 were as follows (in thousands):
 
  
December 31,
 
  
2017
  
2016
 
Costs incurred on uncompleted contracts
 
$
37,899
  
$
25,214
 
Estimated earnings, thereon
  
2,665
   
6,274
 
Total
  
40,564
   
31,488
 
Less: billings to date
  
17,881
   
15,864
 
Net
 
$
22,683
  
$
15,624
 
Schedule of Costs and Estimated Earnings on Uncompleted Contracts Included in Balance Sheet
Such amounts were included in the accompanying Consolidated Balance Sheets for 2017 and 2016 under the following captions (in thousands):

  
December 31,
 
  
2017
  
2016
 
Costs and estimated profits in excess of billings on uncompleted contracts
 
$
26,915
  
$
18,421
 
Billings in excess of costs and estimated profits on uncompleted contracts
  
(4,249
)
  
(2,813
)
Translation Adjustment
  
17
   
16
 
Net
 
$
22,683
  
$
15,624
 
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PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2017
PROPERTY AND EQUIPMENT [Abstract]  
Property and Equipment
The carrying values of property and equipment were as follows (in thousands):

  
December 31,
2017
  
December 31,
2016
 
       
Land
 
$
2,346
  
$
2,346
 
Buildings and leasehold improvements
  
16,724
   
16,259
 
Furniture, fixtures and equipment
  
94,475
   
94,784
 
Less – Accumulated depreciation
  
(60,208
)
  
(52,582
)
Total Property and Equipment
 
$
53,337
  
$
60,807
 
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2017
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]  
Goodwill and Other Intangible Assets
The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2017 (in thousands):

  
Goodwill
  
Other
Intangible
Assets
  
Total
 
          
Balances as of December 31, 2016
 
$
187,591
  
$
94,831
  
$
282,422
 
Translation adjustment
  
-
   
960
   
960
 
Amortization
  
-
   
(17,266
)
  
(17,266
)
Balances as of December 31, 2017
 
$
187,591
  
$
78,525
  
$
266,116
 
 
The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2016 (in thousands):
 
  
Goodwill
  
Other
Intangible
Assets
  
Total
 
          
Balances as of December 31, 2015
 
$
197,362
  
$
112,297
  
$
309,659
 
Sale of subsidiary
  
(9,620
)
  
-
   
(9,620
)
Purchase accounting adjustment
  
(151
)
  
-
   
(151
)
Translation adjustment
  
-
   
595
   
595
 
Amortization
  
-
   
(18,061
)
  
(18,061
)
Balances as of December 31, 2016
 
$
187,591
  
$
94,831
  
$
282,422
 
Goodwill Balance by Reportable Segment
The following table presents goodwill balance by reportable segment as of December 31, 2017 and 2016 (in thousands):

 
As of December 31,
 
  
2017
  
2016
 
Service Centers
 
$
154,473
  
$
154,473
 
Innovative Pumping Solutions
  
15,980
   
15,980
 
Supply Chain Services
  
17,138
   
17,138
 
Total
 
$
187,591
  
$
187,591
 
Amortizable Other Intangible Assets
The following table presents a summary of amortizable other intangible assets (in thousands):

  
As of December 31, 2017
  
As of December 31, 2016
 
  
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Carrying
Amount,
net
  
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Carrying
Amount,
net
 
Customer relationships
 
$
162,200
  
$
(83,806
)
 
$
78,394
  
$
163,022
  
$
(68,446
)
 
$
94,576
 
Non-compete agreements
  
949
   
(818
)
  
131
   
1,836
   
(1,581
)
  
255
 
Total
 
$
163,149
  
$
(84,624
)
 
$
78,525
  
$
164,858
  
$
(70,027
)
 
$
94,831
 
Estimated Future Annual Amortization of Intangible Assets
The estimated future annual amortization of intangible assets for each of the next five years and thereafter are as follows (in thousands):

2018
 
$
15,615
 
2019
  
14,170
 
2020
  
10,292
 
2021
  
8,911
 
2022
  
7,264
 
Thereafter
  
22,273
 
Total
 
$
78,525
 
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LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2017
LONG-TERM DEBT [Abstract]  
Long Term Debt
Long-term debt consisted of the following (in thousands):
 
  
December 31,
 
  
2017
  
2016
 
       
ABL Revolver
 
$
-
  
$
-
 
Term Loan B
  
249,375
   
-
 
Line of credit
  
-
   
147,600
 
Term loan
  
-
   
74,500
 
Promissory note payable in monthly installments at 2.9% through January 2021, collateralized by equipment
  
2,722
   
3,577
 
Less unamortized debt issuance costs
  
(10,073
)
  
(992
)
Total Debt
  
242,024
   
224,685
 
Less: Current maturities
  
(3,381
)
  
(51,354
)
Total Long-term Debt
 
$
238,643
  
$
173,331
 
Computation of Secured Leverage Ratio to EBITDA
The Term Loan requires that the company’s Secured Leverage Ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt (net of restricted cash, not to exceed $30 million) as of such day to EBITDA, beginning with the fiscal quarter ending December 31, 2017, is either equal to or less than as indicated in the table below:

Fiscal Quarter
Secured Leverage Ratio
December 31, 2017
5.75:1.00
March 31, 2018
5.75:1.00
June 30, 2018
5.50:1.00
September 30, 2018
5.50:1.00
December 31, 2018
5.25:1.00
March 31, 2019
5.25:1.00
June 30, 2019
5.00:1.00
September 30, 2019
5.00:1.00
December 31, 2019
4.75:1.00
March 31, 2020
4.75:1.00
June 30, 2020 and each Fiscal Quarter thereafter
4.50:1.00
Maturities of Long-Term Debt
As of December 31, 2017, the maturities of long-term debt for the next five years and thereafter were as follows (in thousands):

2018
 
$
3,381
 
2019
  
3,405
 
2020
  
3,436
 
2021
  
2,500
 
2022
  
2,500
 
Thereafter
  
236,875
 
Total
 
$
252,097
 
XML 53 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2017
INCOME TAXES [Abstract]  
Income Before Income Taxes
The components of income before income taxes were as follows (in thousands):

  
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
          
Domestic
 
$
13,183
  
$
11,079
  
$
(42,179
)
Foreign
  
3,709
   
(1,405
)
  
3,259
 
Total income before taxes
 
$
16,892
  
$
9,674
  
$
(38,920
)
Provision for Income Taxes
The provision for income taxes consisted of the following (in thousands):

  
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
Current -
         
Federal
 
$
1,400
  
$
(902
)
 
$
5,182
 
State
  
698
   
136
   
1,499
 
Foreign
  
2,092
   
602
   
2,493
 
   
4,190
   
(164
)
  
9,174
 
Deferred -
            
Federal
  
686
   
4,174
   
(7,090
)
State
  
(464
)
  
120
   
-
 
Foreign
  
(4,049
)
  
(1,607
)
  
(1,934
)
   
(3,827
)
  
2,687
   
(9,024
)
  
$
363
  
$
2,523
  
$
150
 
Difference between Income Taxes Computed at the Federal Statutory Income Tax Rate and the Provision for Income Taxes
The difference between income taxes computed at the federal statutory income tax rate (35%) and the provision for income taxes is as follows (in thousands):

  
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
Income taxes computed at federal statutory rate
 
$
5,912
  
$
3,386
  
$
(13,622
)
State income taxes, net of federal benefit
  
152
   
166
   
974
 
Non-tax deductible impairment expense computed at federal statutory rate
  
-
   
-
   
15,765
 
Foreign adjustment
  
255
   
140
   
689
 
Meals and entertainment
  
422
   
361
   
620
 
Gain on sale of Vertex
  
-
   
(1,971
)
  
-
 
Domestic Production Activity Deduction
  
(98
)
  
-
   
(1,143
)
Research and development tax credit
  
(641
)
  
(886
)
  
(1,730
)
Foreign tax credit
  
-
   
(383
)
  
(921
)
Valuation Allowance
  
(791
)
  
-
   
-
 
Tax Reform Deferred Tax Remeasurement
  
(1,294
)
  
-
   
-
 
Canadian Acquisition Deferred Tax Liability True Up
  
(2,180
)
  
-
   
-
 
Foreign rate difference
  
(297
)
  
112
   
(261
)
Other
  
(1,077
)
  
1,598
   
(221
)
  
$
363
  
$
2,523
  
$
150
 
Deferred Tax Liabilities and Assets
Deferred tax liabilities and assets were comprised of the following (in thousands):

  
December 31,
 
  
2017
  
2016
 
Deferred tax assets:
      
Goodwill
 
$
2,668
  
$
4,029
 
Allowance for doubtful accounts
  
1,707
   
2,469
 
Inventories
  
2,365
   
3,944
 
Accruals
  
(61
)
  
97
 
Research and development credit carryforward
  
1,115
   
886
 
Foreign Tax Credit Carryforward
  
64
   
64
 
Charitable Contribution Carryforward
  
559
   
138
 
Net operating loss carryforward
  
136
   
760
 
Capital loss carryforward
  
12,225
   
18,903
 
Deferred Compensation
  
475
   
1,881
 
Other Accruals
  
266
   
-
 
Other
  
65
   
107
 
Total deferred tax assets
  
21,584
   
33,278
 
Less valuation allowance
  
(12,220
)
  
(19,633
)
Total deferred tax asset, net of valuation Deferred tax liabilities :
  
9,364
   
13,645
 
Intangibles
  
(8,695
)
  
(10,042
)
Property and equipment
  
(6,860
)
  
(12,762
)
Unremitted foreign earnings
  
(354
)
  
(354
)
Cumulative translation adjustment
  
(67
)
  
-
 
Other
  
(457
)
  
-
 
Net deferred tax liability
 
$
(7,069
)
 
$
(9,513
)
XML 54 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2017
SHARE-BASED COMPENSATION [Abstract]  
Changes in Restricted Stock
Changes in restricted stock for the twelve months ended December 31, 2017 were as follows:

  
Number of
Shares
  
Weighted Average
Grant Price
 
Non-vested at December 31, 2016
  
143,380
  
$
26.76
 
Granted
  
18,672
  
$
34.07
 
Forfeited
  
(298
)
 
$
59.60
 
Vested
  
(83,853
)
 
$
24.92
 
Non-vested at December 31, 2017
  
77,901
  
$
30.36
 
 
Changes in restricted stock for the twelve months ended December 31, 2016 were as follows:

  
Number of
Shares
  
Weighted Average
Grant Price
 
Non-vested at December 31, 2015
  
137,507
  
$
54.58
 
Granted
  
108,553
  
$
17.07
 
Forfeited
  
(39,000
)
 
$
65.41
 
Vested
  
(63,680
)
 
$
46.65
 
Non-vested at December 31, 2016
  
143,380
  
$
26.76
 

Changes in restricted stock for the twelve months ended December 31, 2015 were as follows:

  
Number of
Shares
  
Weighted Average
Grant Price
 
Non-vested at December 31, 2014
  
179,942
  
$
52.71
 
Granted
  
35,821
  
$
40.95
 
Forfeited
  
(20,855
)
 
$
41.34
 
Vested
  
(57,401
)
 
$
44.99
 
Non-vested at December 31, 2015
  
137,507
  
$
54.58
 
XML 55 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
EARNINGS PER SHARE DATA (Tables)
 12 Months Ended
Dec. 31, 2017
EARNINGS PER SHARE DATA [Abstract]  
Computation of Basic and Diluted Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):

    
December 31,
 
  
  
2017
  
2016
  
2015
 
Basic:
         
Weighted average shares outstanding
  
17,400
   
15,042
   
14,423
 
             
Net income (loss) attributable to DXP Enterprises, Inc.
 
$
16,888
  
$
7,702
  
$
(38,536
)
Convertible preferred stock dividend
  
(90
)
  
(90
)
  
(90
)
Net income (loss)  attributable to common shareholders
 
$
16,798
  
$
7,612
  
$
(38,626
)
Per share amount
 
$
0.97
  
$
0.51
  
$
(2.68
)
             
Diluted:
            
Weighted average shares outstanding
  
17,400
   
15,042
   
14,423
 
Assumed conversion of convertible preferred stock
  
840
   
840
   
-
 
Total dilutive shares
  
18,240
   
15,882
   
14,423
 
Net income (loss) attributable to common shareholders
 
$
16,798
  
$
7,612
  
$
(38,626
)
Convertible preferred stock dividend
  
90
   
90
   
-
 
Net income (loss) attributable to DXP Enterprises, Inc. for diluted earnings per share
 
$
16,888
  
$
7,702
  
$
(38,626
)
Per share amount
 
$
0.93
  
$
0.49
  
$
(2.68
)
XML 56 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
CAPITAL STOCK (Tables)
 12 Months Ended
Dec. 31, 2017
CAPITAL STOCK [Abstract]  
Activity of Outstanding Common Stock
  
December 31,
 
  
2017
  
2016
  
2015
 
Common Stock:
 
Quantity (in thousands)
 
Balance, beginning of period
  
17,197
   
14,390
   
14,375
 
Issuance of shares for compensation net of withholding
  
119
   
84
   
15
 
Issuance of common stock related to equity distribution agreements
  
-
   
2,723
   
-
 
Balance, end of period
  
17,316
   
17,197
   
14,390
 
Activity of Common Stock Held in Treasury
  
December 31,
 
  
2017
  
2016
  
2015
 
Treasury Shares:
 
Quantity (in thousands)
 
Balance, beginning of period
  
-
   
264
   
280
 
Issuance of treasury shares for acquisition
  
-
   
-
   
(149
)
Purchase of treasury shares
  
-
   
-
   
191
 
Issuance of treasury shares upon vesting of restricted shares net of withholding
  
-
   
(264
)
  
(58
)
Balance, end of period
  
-
   
-
   
264
 
XML 57 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2017
BUSINESS ACQUISITIONS [Abstract]  
Pro Forma Unaudited Results of Operations
The pro forma unaudited results of operations for the Company on a consolidated basis for the twelve months ended December 31, 2017 and 2016, assuming the divestiture of a business completed in 2016 were consummated as of  January 1, 2016 are as follows (in millions, except per share amounts):

  
Years Ended
December 31,
 
  
2017
  
2016
 
Net sales
 
$
1,006.8
  
$
939.4
 
Net income attributable to DXP Enterprises, Inc.
 
$
16.9
  
$
5.5
 
Per share data
        
Basic earnings
 
$
0.97
  
$
0.36
 
Diluted earnings
 
$
0.93
  
$
0.35
 

The pro forma unaudited results of operations for the Company on a consolidated basis for the twelve months ended December 31, 2016 and 2015, assuming the acquisition of businesses completed in 2015 and divestiture of a business completed in 2016 (previously discussed in Item 1, Business) was consummated as of January 1, 2015 are as follows (in millions, except per share amounts.

  
Years Ended
December 31,
 
  
2016
  
2015
 
Net sales
 
$
939.4
  
$
1,228.9
 
Net income (loss) attributable to DXP Enterprises, Inc.
 
$
5.5
  
$
(40.7
)
Per share data
        
Basic earnings (loss)
 
$
0.36
  
$
(2.83
)
Diluted earnings (loss)
 
$
0.35
  
$
(2.83
)
XML 58 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]  
Future Minimum Rental Commitments for Non-cancelable Leases
The Company leases equipment, automobiles and office facilities under various operating leases. The future minimum rental commitments as of December 31, 2017, for non-cancelable leases are as follows (in thousands):

2018
 
$
19,419
 
2019
  
15,002
 
2020
  
11,492
 
2021
  
9,435
 
2022
  
6,637
 
Thereafter
  
3,441
 
XML 59 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT AND GEOGRAPHICAL REPORTING (Tables)
 12 Months Ended
Dec. 31, 2017
SEGMENT AND GEOGRAPHICAL REPORTING [Abstract]  
Segment Reporting Financial Information
The following table sets out financial information relating the Company’s segments (in thousands):

Years Ended
December 31,
 
Service
Centers
  
Innovative
Pumping
Solutions
  
Supply
Chain
Services
  
Total
 
2017
            
Sales
 
$
641,275
  
$
204,030
  
$
161,477
  
$
1,006,782
 
Operating income for reportable segments, excluding amortization
  
63,250
   
11,423
   
15,451
   
90,124
 
Identifiable assets at year end
  
385,744
   
172,538
   
59,942
   
618,224
 
Capital expenditures
  
1,076
   
1,488
   
82
   
2,646
 
Depreciation
  
5,162
   
4,198
   
103
   
9,463
 
Amortization
  
8,989
   
7,194
   
1,083
   
17,266
 
Interest expense
  
9,712
   
5,352
   
1,990
   
17,054
 
 
2016
                
Sales
 
$
621,007
  
$
187,124
  
$
153,961
  
$
962,092
 
Operating income for reportable segments, excluding impairment expense
  
47,634
   
9,867
   
15,449
   
72,950
 
Identifiable assets at year end
  
370,261
   
175,198
   
44,796
   
590,255
 
Capital expenditures
  
447
   
3,827
   
129
   
4,403
 
Proceeds from sale of fixed assets
  
(1,038
)
  
(168
)
  
-
   
(1,206
)
Depreciation
  
6,520
   
3,834
   
126
   
10,480
 
Amortization
  
9,152
   
7,826
   
1,083
   
18,061
 
Interest expense
  
9,290
   
4,422
   
1,852
   
15,564
 
 
2015
                
Sales
 
$
826,588
  
$
254,829
  
$
165,626
  
$
1,247,043
 
Operating income for reportable segments, excluding impairment expense
  
78,170
   
21,584
   
14,213
   
113,967
 
Identifiable assets at year end
  
451,333
   
159,365
   
50,012
   
660,710
 
Capital expenditures
  
3,185
   
8,383
   
604
   
12,172
 
Depreciation
  
7,734
   
2,930
   
227
   
10,891
 
Amortization
  
10,334
   
8,406
   
1,881
   
20,621
 
Interest expense
  
2,967
   
6,881
   
1,084
   
10,932
 
Impairment expense by segment
  
15,842
   
52,893
   
-
   
68,735
 
Reconciliation of Operating Income for Reportable Segments to Consolidated Income before Taxes

  
Years Ended December 31,
 
          
  
2017
  
2016
  
2015
 
Operating income for reportable segments, excluding impairment expense
 
$
90,124
  
$
72,950
  
$
113,967
 
Adjustments for:
            
B27 settlement
  
-
   
-
   
7,348
 
Impairment expense
  
-
   
-
   
68,735
 
Amortization of intangibles
  
17,266
   
18,061
   
20,621
 
Corporate and other expense, net
  
39,368
   
35,557
   
45,179
 
Total operating income (loss)
  
33,490
   
19,332
   
(27,916
)
Interest expense
  
17,054
   
15,564
   
10,932
 
Other expenses (income), net
  
(456
)
  
(5,906
)
  
72
 
Income (loss) before income taxes
 
$
16,892
  
$
9,674
  
$
(38,920
)
Schedule of Revenue by Geographic Area
The Company’s revenues and property and equipment by geographical location are as follows (in thousands):

    
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
Revenues
         
United States
 
$
902,636
  
$
873,926
  
$
1,119,210
 
Canada
  
104,146
   
88,166
   
127,833
 
Total
 
$
1,006,782
  
$
962,092
  
$
1,247,043
 
Schedule of Property and Equipment by Geographical Areas
  
As of December 31,
 
  
2017
  
2016
 
Property and Equipment, net
      
United States
 
$
42,683
  
$
48,635
 
Canada
  
10,654
   
12,172
 
Total
 
$
53,337
  
$
60,807
 
XML 60 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
QUARTERLY FINANCIAL INFORMATION (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2017
QUARTERLY FINANCIAL INFORMATION (Unaudited) [Abstract]  
Summarized Quarterly Financial Information
Summarized quarterly financial information for the years ended December 31, 2017, 2016 and 2015 is as follows (in millions, except per share data):

  
First
Quarter
  
Second
Quarter
  
Third
Quarter
  
Fourth
Quarter
 
2017
            
Sales
 
$
238.5
  
$
250.7
  
$
251.9
  
$
265.7
 
Gross profit
  
64.5
   
68.9
   
67.0
   
71.2
 
Net income (loss)
  
3.1
   
4.1
   
3.0
   
6.6
 
Net income (loss) attributable to DXP Enterprises, Inc.
  
3.0
   
4.0
   
2.9
   
6.6
 
Earnings (loss) per share - basic
 
$
0.18
  
$
0.24
  
$
0.17
  
$
0.38
 
Earnings (loss) per share - diluted
 
$
0.17
  
$
0.23
  
$
0.16
  
$
0.37
 
                 
2016
                
Sales
 
$
253.6
  
$
256.2
  
$
230.0
  
$
222.3
 
Gross profit
  
68.8
   
71.6
   
63.8
   
60.6
 
Net income (loss)
  
(5.2
)
  
5.1
   
0.1
   
7.1
 
Net income (loss) attributable to DXP Enterprises, Inc.
  
(5.1
)
  
5.1
   
0.2
   
7.4
 
Earnings (loss) per share - basic
 
$
(0.36
)
 
$
0.36
  
$
0.02
  
$
0.44
 
Earnings (loss) per share - diluted
 
$
(0.36
)
 
$
0.34
  
$
0.02
  
$
0.42
 
                 
2015
                
Sales
 
$
341.6
  
$
323.7
  
$
303.1
  
$
278.6
 
Gross profit
  
98.1
   
91.3
   
85.7
   
76.9
 
Impairment expense
  
-
   
-
   
58.9
   
9.8
 
Net income (loss)
  
9.7
   
7.2
   
(52.7
)
  
(3.2
)
Net income (loss) attributable to DXP Enterprises, Inc.
  
9.7
   
7.2
   
(52.4
)
  
(3.0
)
Earnings (loss) per share - basic
 
$
0.67
  
$
0.50
  
$
(3.64
)
 
$
(0.20
)
XML 61 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
THE COMPANY (Details)
 12 Months Ended
Dec. 31, 2017
Segment
THE COMPANY [Abstract]  
Number of segments 3
XML 62 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES, Basis of Presentation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Risks and Uncertainties [Abstract]    
Ownership percentage in VIE 47.50%  
Assets of VIE $ 5.2  
Increase cost of sales from consolidation of the VIE 0.6 $ 1.3
Income tax benefit of VIE $ (0.2) $ (0.3)
Employees [Member]    
Risks and Uncertainties [Abstract]    
Ownership percentage in VIE 52.50%  
Fixed Assets [Member]    
Risks and Uncertainties [Abstract]    
Assets of VIE $ 4.5  
XML 63 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES, Receivables and Credit Risk (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Changes in allowance [Roll Forward]      
Balance at beginning of year $ 8,160 $ 9,364 $ 8,713
Charged to cost and expenses 3,367 180 2,014
Charged to other accounts 22 [1] (17) [2] 1,255 [2]
Deductions [3] (2,534) (1,367) (2,618)
Balance at end of year $ 9,015 $ 8,160 $ 9,364
[1] Primarily due to translation adjustments.
[2] Includes allowance for doubtful accounts from acquisitions and divestiture
[3] Uncollectible accounts written off, net of recoveries
XML 64 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES, Property and Equipment (Details)
 12 Months Ended
Dec. 31, 2017
Buildings [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 20 years
Buildings [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 39 years
Building Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 10 years
Building Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 20 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 20 years
Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life Shorter of estimated useful life or related lease term
XML 65 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES, Impairment of Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Goodwill [Line Items]              
Impairment of goodwill $ 9.8 $ 58.9 $ 0.0 $ 0.0      
Goodwill [Member]              
Goodwill [Line Items]              
Impairment of goodwill $ 9.8 $ 57.8     $ 0.0 $ 0.0 $ 0.0
XML 66 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES, Revenue Recognition (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenue Recognition [Abstract]      
Revenues recognized on contracts in process $ 40.6 $ 31.5 $ 47.5
Minimum [Member]      
Deferred Revenue Arrangement [Line Items]      
Service revenue contract term 1 year    
Maximum [Member]      
Deferred Revenue Arrangement [Line Items]      
Service revenue contract term 2 years    
XML 67 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES, Self-insured Insurance and Medical Claims (Details) - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Reinsurance Retention Policy [Line Items]    
Accrual for claims $ 2,700,000 $ 3,100,000
Self-insured Insurance [Member] | Maximum [Member]    
Reinsurance Retention Policy [Line Items]    
Amount retained, per claim 100,000  
Medical Claims [Member] | Maximum [Member]    
Reinsurance Retention Policy [Line Items]    
Amount retained, per claim $ 175,000  
Retention percentage of employee higher risk claims 0.05%  
XML 68 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES, Debt Issuance Cost Amortization (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Debt Issuance Cost Amortization [Abstract]          
Total unamortized debt issuance costs $ 10,073   $ 10,073 $ 992  
Write off of debt issuance costs $ 600 $ 600 $ 578 $ 0 $ 0
XML 69 R53.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES, Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Deferred tax asset on unrealized foreign currency losses   $ 8.6    
Restatement Adjustment [Member]        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Comprehensive income - deferred tax assets change in amount $ (8.6) $ 4.6 $ 2.7 $ 1.3
XML 70 R54.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES, Out-of-Period Items (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Out-of-Period Items [Abstract]                              
Canadian acquisition deferred tax liability true up $ (2,180)                       $ (2,180) $ 0 $ 0
Selling, general and administrative expenses                         238,091 245,470 303,819
Income tax (benefit)                         363 2,523 150
Net income (loss) $ 6,600 $ 3,000 $ 4,100 $ 3,100 $ 7,100 $ 100 $ 5,100 $ (5,200) $ (3,200) $ (52,700) $ 7,200 $ 9,700 $ 16,529 $ 7,151 $ (39,070)
Basic earnings (loss) per share (in dollars per share) $ 0.38 $ 0.17 $ 0.24 $ 0.18 $ 0.44 $ 0.02 $ 0.36 $ (0.36) $ (0.20) $ (3.64) $ 0.50 $ 0.67 $ 0.97 $ 0.51 $ (2.68)
Diluted earnings (loss) per share (in dollars per share) $ 0.37 $ 0.16 $ 0.23 $ 0.17 $ 0.42 $ 0.02 $ 0.34 $ (0.36)         $ 0.93 $ 0.49 $ (2.68)
Overstatement of Accrual at December 31, 2014 [Member]                              
Out-of-Period Items [Abstract]                              
Selling, general and administrative expenses                       $ 2,500      
Out-of-period adjustment, net of tax                       $ 1,600      
Income tax (benefit)                 $ (1,500)            
Net income (loss)                             $ 3,100
Basic earnings (loss) per share (in dollars per share)                             $ (0.21)
Diluted earnings (loss) per share (in dollars per share)                             $ (0.21)
XML 71 R55.htm IDEA: XBRL DOCUMENT v3.8.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Income tax (benefit) $ 363 $ 2,523 $ 150
Income tax benefit recognized as an operating activity 0 (619) 0
Income tax expense recognized as a financing activity 0 (619) 0
Non-current deferred income tax liabilities 7,069 9,513  
Cash classified to restricted cash 3,532 0  
ASU 2016-09 [Member]      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Income tax (benefit) (100)   0
Income tax benefit recognized as an operating activity 100    
Income tax expense recognized as a financing activity 600 200 $ 800
ASU 2015-17 [Member]      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Non-current deferred income tax liabilities   $ 9,513  
ASU 2016-18 [Member]      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Cash classified to restricted cash $ 3,500    
XML 72 R56.htm IDEA: XBRL DOCUMENT v3.8.0.1
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impairment expense $ 9.8 $ 58.9 $ 0.0 $ 0.0
Level 3 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impairment expense $ 9.8 $ 57.8    
Level 3 [Member] | Minimum [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Estimated future cash flows, discount rate   10.00%    
Level 3 [Member] | Maximum [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Estimated future cash flows, discount rate   11.50%    
XML 73 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
INVENTORIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
INVENTORIES [Abstract]    
Finished goods $ 79,820 $ 74,269
Work in process 11,593 9,430
Inventories $ 91,413 $ 83,699
XML 74 R58.htm IDEA: XBRL DOCUMENT v3.8.0.1
COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Schedule of costs and estimated earnings on uncompleted contracts [Abstract]    
Costs incurred on uncompleted contracts $ 37,899 $ 25,214
Estimated earnings, thereon 2,665 6,274
Total 40,564 31,488
Less: billings to date 17,881 15,864
Net 22,683 15,624
Schedule of Costs and Estimated Earnings on Uncompleted Contracts Included in Condensed Consolidated Balance Sheets [Abstract]    
Costs and estimated profits in excess of billings on uncompleted contracts 26,915 18,421
Billings in excess of costs and estimated profits on uncompleted contracts (4,249) (2,813)
Translation adjustment 17 16
Net $ 22,683 $ 15,624
XML 75 R59.htm IDEA: XBRL DOCUMENT v3.8.0.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Property, Plant and Equipment [Line Items]      
Less - Accumulated depreciation $ (60,208) $ (52,582)  
Total property and equipment 53,337 60,807  
Depreciation expense 10,520 11,933 $ 12,622
Land [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 2,346 2,346  
Buildings and Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 16,724 16,259  
Furniture, Fixtures and Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 94,475 $ 94,784  
XML 76 R60.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Goodwill and Intangible Asset Impairment [Abstract]                
Percentage of decrease in common stock 16.00% 40.00%         16.00%  
Percentage on decrease in price of crude oil 18.00% 20.00%         18.00%  
Accumulated impairment of goodwill $ 12,300           $ 12,300  
Impairment expense of write off an acquired intangible asset   $ 1,100            
Remaining intangible asset value of vendor distribution agreements 0           0  
Goodwill impairment loss 9,800 58,900 $ 0 $ 0        
Goodwill [Roll Forward]                
Balance at beginning of period         $ 187,591 $ 197,362    
Sale of subsidiary           (9,620)    
Purchase accounting adjustment           (151)    
Translation adjustment         0 0    
Balance at end of period 197,362       187,591 187,591 197,362  
Other Intangibles Assets [Roll Forward]                
Balance at beginning of period         94,831 112,297    
Sale of subsidiary           0    
Purchase price adjustment           0    
Translation adjustment         960 595    
Amortization         (17,266) (18,061) (20,621)  
Balance at end of period 112,297       78,525 94,831 112,297  
Total Goodwill and Intangible Assets [Roll Forward]                
Balance at beginning of period         282,422 309,659    
Sale of subsidiary           (9,620)    
Purchase price adjustment           (151)    
Translation adjustment         960 595    
Amortization         (17,266) (18,061) (20,621)  
Balance at end of period 309,659       266,116 282,422 $ 309,659  
B27, LLC [Member]                
Goodwill and Intangible Asset Impairment [Abstract]                
Percentage of goodwill not deductible for tax purpose             60.00%  
Percentage Goodwill impairment             40.00%  
Service Centers [Member]                
Goodwill [Roll Forward]                
Balance at beginning of period         154,473      
Balance at end of period         154,473 154,473    
Service Centers [Member] | B27, LLC [Member]                
Goodwill and Intangible Asset Impairment [Abstract]                
Accumulated impairment of goodwill 25,000 20,000         $ 25,000 $ 10,200
Goodwill impairment loss 5,000 9,800            
Goodwill [Roll Forward]                
Balance at beginning of period 10,300         5,300    
Balance at end of period 5,300 10,300         5,300  
Innovative Pumping Solutions [Member]                
Goodwill [Roll Forward]                
Balance at beginning of period         15,980      
Balance at end of period         $ 15,980 15,980    
Innovative Pumping Solutions [Member] | B27, LLC [Member]                
Goodwill and Intangible Asset Impairment [Abstract]                
Accumulated impairment of goodwill 148,000 143,100         148,000 $ 95,100
Goodwill impairment loss 4,900 48,000            
Goodwill [Roll Forward]                
Balance at beginning of period 4,900         $ 0    
Balance at end of period $ 0 $ 4,900         $ 0  
XML 77 R61.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, Goodwill Balance by Reportable Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Goodwill [Line Items]      
Goodwill $ 187,591 $ 187,591 $ 197,362
Service Centers [Member]      
Goodwill [Line Items]      
Goodwill 154,473 154,473  
Innovative Pumping Solutions [Member]      
Goodwill [Line Items]      
Goodwill 15,980 15,980  
Supply Chain Services [Member]      
Goodwill [Line Items]      
Goodwill $ 17,138 $ 17,138  
XML 78 R62.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, Finite-lived Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount $ 163,149 $ 164,858  
Accumulated amortization (84,624) (70,027)  
Carrying amount, net 78,525 94,831 $ 112,297
Amortization expense 17,266 18,061 $ 20,621
Customer Relationships [Member]      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 162,200 163,022  
Accumulated amortization (83,806) (68,446)  
Carrying amount, net 78,394 94,576  
Non-Compete Agreements [Member]      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 949 1,836  
Accumulated amortization (818) (1,581)  
Carrying amount, net $ 131 $ 255  
XML 79 R63.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, Estimated Future Annual Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
The estimated future annual amortization of intangible assets for each of the next five years and thereafter [Abstract]      
2018 $ 15,615    
2019 14,170    
2020 10,292    
2021 8,911    
2022 7,264    
Thereafter 22,273    
Carrying amount, net 78,525 $ 94,831 $ 112,297
Customer Relationships [Member]      
The estimated future annual amortization of intangible assets for each of the next five years and thereafter [Abstract]      
Carrying amount, net $ 78,394 94,576  
Finite-Lived Intangible Assets [Line Items]      
Weighted average remaining estimated life 8 years 3 months 18 days    
Non-Compete Agreements [Member]      
The estimated future annual amortization of intangible assets for each of the next five years and thereafter [Abstract]      
Carrying amount, net $ 131 $ 255  
Finite-Lived Intangible Assets [Line Items]      
Weighted average remaining estimated life 1 year 9 months 18 days    
XML 80 R64.htm IDEA: XBRL DOCUMENT v3.8.0.1
LONG-TERM DEBT (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Aug. 29, 2017
USD ($)
Dec. 31, 2017
USD ($)
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Borrowings [Abstract]            
Less unamortized debt issuance costs   $ (10,073)   $ (10,073) $ (992)  
Total Debt   242,024   242,024 224,685  
Less: Current maturities   (3,381)   (3,381) (51,354)  
Total Long-term Debt   238,643   238,643 173,331  
Secured Leverage Ratio [Abstract]            
Write off of debt issuance costs   600 $ 600 578 0 $ 0
Maturities of Long-term Debt [Abstract]            
2018   3,381   3,381    
2019   3,405   3,405    
2020   3,436   3,436    
2021   2,500   2,500    
2022   2,500   2,500    
Thereafter   236,875   236,875    
Total   252,097   252,097    
ABL Revolver [Member]            
Borrowings [Abstract]            
Total Debt   $ 0   $ 0 0  
Debt instrument term       5 years    
Debt instrument face amount $ 85,000          
Maturity date       Aug. 29, 2022    
Incremental increase in term loan 50,000          
Interest rate   2.90%   2.90%    
Fixed charge coverage ratio   3.67   3.67    
ABL Revolver [Member] | Minimum [Member]            
Borrowings [Abstract]            
Incremental increase in term loan $ 10,000          
Commitment fee 0.25%          
ABL Revolver [Member] | Maximum [Member]            
Borrowings [Abstract]            
Commitment fee 0.375%          
ABL Revolver [Member] | LIBOR [Member] | Minimum [Member]            
Borrowings [Abstract]            
Basis spread on base rate 1.25%          
ABL Revolver [Member] | LIBOR [Member] | Maximum [Member]            
Borrowings [Abstract]            
Basis spread on base rate 1.75%          
ABL Revolver [Member] | CDOR [Member] | Minimum [Member]            
Borrowings [Abstract]            
Basis spread on base rate 1.25%          
ABL Revolver [Member] | CDOR [Member] | Maximum [Member]            
Borrowings [Abstract]            
Basis spread on base rate 1.75%          
ABL Revolver [Member] | Prime rate [Member] | Minimum [Member]            
Borrowings [Abstract]            
Basis spread on base rate 0.25%          
ABL Revolver [Member] | Prime rate [Member] | Maximum [Member]            
Borrowings [Abstract]            
Basis spread on base rate 0.75%          
ABL Revolver [Member] | Base Rate [Member] | CANADA | Minimum [Member]            
Borrowings [Abstract]            
Basis spread on base rate 0.25%          
ABL Revolver [Member] | Base Rate [Member] | CANADA | Maximum [Member]            
Borrowings [Abstract]            
Basis spread on base rate 0.75%          
Term Loan B [Member]            
Borrowings [Abstract]            
Total Debt   $ 249,375   $ 249,375 0  
Debt instrument term       6 years    
Debt instrument face amount $ 250,000          
Amortization in quarterly installments 0.25%          
Maturity date       Aug. 31, 2023    
Incremental increase in term loan $ 30,000          
Percentage of excess cash flow 50.00%          
Reduction in percentage of excess cash flow, condition one 25.00%          
Debt instrument leverage ratio, condition one 3.00          
Reduction in percentage of excess cash flow, condition two 0.00%          
Debt instrument leverage ratio, condition two 2.50          
Interest rate   7.10%   7.10%    
Secured Leverage Ratio [Abstract]            
December 31, 2017   5.75%   5.75%    
March 31, 2018   5.75%   5.75%    
June 30, 2018   5.50%   5.50%    
September 30, 2018   5.50%   5.50%    
December 31, 2018   5.25%   5.25%    
March 31, 2019   5.25%   5.25%    
June 30, 2019   5.00%   5.00%    
September 30, 2019   5.00%   5.00%    
December 31, 2019   4.75%   4.75%    
March 31, 2020   4.75%   4.75%    
June 30, 2020 and each Fiscal Quarter thereafter   4.50%   4.50%    
Secured Leverage Ratio 3.59%          
Term Loan B [Member] | Minimum [Member]            
Borrowings [Abstract]            
Incremental increase in term loan $ 10,000          
Term Loan B [Member] | Maximum [Member]            
Borrowings [Abstract]            
Debt instrument secured leverage ratio 3.60          
Fixed charge coverage ratio 1.00          
Secured debt covenant amount net of restricted cash   $ 30,000   $ 30,000    
Line of Credit [Member]            
Borrowings [Abstract]            
Total Debt   0   0 147,600  
Term Loan [Member]            
Borrowings [Abstract]            
Total Debt   0   0 74,500  
Promissory Note Payable [Member]            
Borrowings [Abstract]            
Total Debt   $ 2,722   $ 2,722 $ 3,577  
Interest rate   2.90%   2.90%    
XML 81 R65.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Components of income before income taxes [Abstract]                
Domestic       $ 13,183 $ 11,079 $ (42,179)    
Foreign       3,709 (1,405) 3,259    
Income (loss) before income taxes       16,892 9,674 (38,920)    
Current [Abstract]                
Federal       1,400 (902) 5,182    
State       698 136 1,499    
Foreign       2,092 602 2,493    
Total current       4,190 (164) 9,174    
Deferred [Abstract]                
Federal       686 4,174 (7,090)    
State       (464) 120 0    
Foreign       (4,049) (1,607) (1,934)    
Total Deferred       (3,827) 2,687 (9,024)    
Total       $ 363 2,523 150    
Federal statutory income tax rate       35.00%        
The difference between income taxes computed at the federal statutory income tax rate and the provision for income taxes [Abstract]                
Income taxes computed at federal statutory rate       $ 5,912 3,386 (13,622)    
State income taxes, net of federal benefit       152 166 974    
Non-tax deductible impairment expense computed at federal statutory rate       0 0 15,765    
Foreign adjustment       255 140 689    
Meals and entertainment       422 361 620    
Gain on sale of Vertex       0 (1,971) 0    
Domestic production activity deduction       (98) 0 (1,143)    
Research and development tax credit       (641) (886) (1,730)    
Foreign tax credit       0 (383) (921)    
Valuation allowance       (791) 0 0    
Tax reform deferred tax remeasurement       (1,294) 0 0    
Canadian acquisition deferred tax liability true up $ (2,180)     (2,180) 0 0    
Foreign rate difference       (297) 112 (261)    
Other       (1,077) 1,598 (221)    
Total       363 2,523 150    
Deferred tax assets [Abstract]                
Goodwill 2,668 $ 4,029   2,668 4,029      
Allowance for doubtful accounts 1,707 2,469   1,707 2,469      
Inventories 2,365 3,944   2,365 3,944      
Accruals (61) 97   (61) 97      
Research and development credit carryforward 1,115 886   1,115 886      
Foreign Tax Credit Carryforward 64 64   64 64      
Charitable Contribution Carryforward 559 138   559 138      
Net operating loss carryforward 136 760   136 760      
Capital loss carryforward 12,225 18,903   12,225 18,903      
Deferred Compensation 475 1,881   475 1,881      
Other Accruals 266 0   266 0      
Other 65 107   65 107      
Total deferred tax assets 21,584 33,278   21,584 33,278      
Less valuation allowance (12,220) (19,633)   (12,220) (19,633)      
Total deferred tax asset, net of valuation Deferred tax liabilities 9,364 13,645   9,364 13,645      
Intangibles (8,695) (10,042)   (8,695) (10,042)      
Property and equipment (6,860) (12,762)   (6,860) (12,762)      
Unremitted foreign earnings (354) (354)   (354) (354)      
Cumulative translation adjustment (67) 0   (67) 0      
Other (457) 0   (457) 0      
Net deferred tax liability (7,069) (9,513)   (7,069) $ (9,513)      
Capital Loss Carryforward [Member]                
Tax Credit Carryforward [Line Items]                
Capital loss carryforward $ 51,400     $ 51,400        
Plan [Member]                
Deferred [Abstract]                
Federal statutory income tax rate     21.00%          
Restatement Adjustment [Member]                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Comprehensive income - deferred tax assets change in amount   $ (8,600)       $ 4,600 $ 2,700 $ 1,300
XML 82 R66.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE-BASED COMPENSATION (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentages of vesting for one year 100.00%    
Percentages of vesting for three years 33.30%    
Percentages of vesting for five years 20.00%    
Percentages of vesting for ten years 10.00%    
Award vesting period 1 year    
Number of shares available for future grants (in shares) 401,223    
Restricted Stock [Roll Forward]      
Non-vested, beginning balance (in shares) 143,380 137,507 179,942
Granted (in shares) 18,672 108,553 35,821
Forfeited (in shares) (298) (39,000) (20,855)
Vested (in shares) (83,853) (63,680) (57,401)
Nonvested, ending balance (in shares) 77,901 143,380 137,507
Weighted Average Grant Price [Roll Forward]      
Non vested, beginning balance (in dollars per share) $ 26.76 $ 54.58 $ 52.71
Granted (in dollars per share) 34.07 17.07 40.95
Forfeited (in dollars per share) 59.60 65.41 41.34
Vested (in dollars per share) 24.92 46.65 44.99
Nonvested, ending balance (in dollars per share) $ 30.36 $ 26.76 $ 54.58
Stock compensation expense $ 1.7 $ 2.0 $ 3.0
Related income tax benefit recognized 0.7 0.8 1.2
2016 Omnibus Incentive Plan [Member]      
Weighted Average Grant Price [Roll Forward]      
Unrecognized compensation expense $ 1.6 $ 2.7 $ 4.9
Compensation cost not yet recognized, period for recognition 15 months 6 days    
XML 83 R67.htm IDEA: XBRL DOCUMENT v3.8.0.1
EARNINGS PER SHARE DATA (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Basic [Abstract]                              
Weighted average shares outstanding (in shares)                         17,400 15,042 14,423
Net income (loss) attributable to DXP Enterprises, Inc. $ 6,600 $ 2,900 $ 4,000 $ 3,000 $ 7,400 $ 200 $ 5,100 $ (5,100) $ (3,000) $ (52,400) $ 7,200 $ 9,700 $ 16,888 $ 7,702 $ (38,536)
Convertible preferred stock dividend                         (90) (90) (90)
Net income (loss) attributable to common shareholders                         $ 16,798 $ 7,612 $ (38,626)
Per share amount (in dollars per share) $ 0.38 $ 0.17 $ 0.24 $ 0.18 $ 0.44 $ 0.02 $ 0.36 $ (0.36) $ (0.20) $ (3.64) $ 0.50 $ 0.67 $ 0.97 $ 0.51 $ (2.68)
Diluted [Abstract]                              
Weighted average shares outstanding (in shares)                         17,400 15,042 14,423
Assumed conversion of convertible preferred stock (in shares)                         840 840 0
Total dilutive shares (in shares)                         18,240 15,882 14,423
Net income (loss) attributable to common shareholders                         $ 16,798 $ 7,612 $ (38,626)
Convertible preferred stock dividend                         90 90 0
Net income (loss) attributable to DXP Enterprises, Inc. for diluted earnings per share                         $ 16,888 $ 7,702 $ (38,626)
Per share amount (in dollars per share) $ 0.37 $ 0.16 $ 0.23 $ 0.17 $ 0.42 $ 0.02 $ 0.34 $ (0.36)         $ 0.93 $ 0.49 $ (2.68)
Preferred Stock [Member]                              
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                              
Antidilutive securities excluded from earnings per share calculation (in shares)                         840    
XML 84 R68.htm IDEA: XBRL DOCUMENT v3.8.0.1
CAPITAL STOCK (Details) - shares
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Common Stock [Roll Forward]      
Balance, beginning of period (in shares) 17,197,380    
Balance, end of period (in shares) 17,315,573 17,197,380  
Treasury Shares [Roll Forward]      
Issuance of treasury shares for acquisition (in shares)     148,769
Purchase of treasury shares (in shares)     191,420
Issuance of treasury shares upon vesting of restricted shares net of withholding (in shares)   264,297 57,401
Common Stock [Member]      
Common Stock [Roll Forward]      
Balance, beginning of period (in shares) 17,197,000 14,390,000 14,375,000
Issuance of shares for compensation net of withholding (in shares) 119,000 84,000 15,000
Issuance of common stock related to equity distribution agreements (in shares) 0 2,723,000 0
Balance, end of period (in shares) 17,316,000 17,197,000 14,390,000
Treasury Stock [Member]      
Treasury Shares [Roll Forward]      
Balance, beginning of period (in shares) 0 264,000 280,000
Issuance of treasury shares for acquisition (in shares) 0 0 (149,000)
Purchase of treasury shares (in shares) 0 0 191,000
Issuance of treasury shares upon vesting of restricted shares net of withholding (in shares) 0 (264,000) (58,000)
Balance, end of period (in shares) 0 0 264,000
Series A Preferred Stock [Member]      
Class of Stock [Line Items]      
Preferred stock, outstanding (in shares) 1,122 1,122  
Series B Preferred Stock [Member]      
Class of Stock [Line Items]      
Preferred stock, outstanding (in shares) 15,000 15,000  
XML 85 R69.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS ACQUISITIONS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 01, 2015
Apr. 01, 2015
Mar. 31, 2016
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2015
Apr. 02, 2015
Business Acquisition [Line Items]              
Goodwill acquired       $ 187,591 $ 187,591 $ 197,362  
Goodwill adjustment       (151)      
Business Acquired during 2015 [Member]              
Business Acquisition [Line Items]              
Sales from business acquisitions       25,200      
Earnings (loss) before taxes and impairment from business acquisitions       $ (300)      
Tool Supply, Inc. [Member]              
Business Acquisition [Line Items]              
Purchase price   $ 5,000          
Intangible assets acquired             $ 2,000
Goodwill acquired             $ 2,900
Cortech Engineering, LLC [Member]              
Business Acquisition [Line Items]              
Purchase price $ 14,900            
Purchase price financed under common stock issued $ 4,400            
Number of shares issued on acquisition (in shares) 148,800            
Intangible assets acquired $ 5,200            
Goodwill acquired     $ 8,700        
Goodwill adjustment     $ 151        
Nontax deductible goodwill or intangible assets $ 4,500            
XML 86 R70.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS ACQUISITIONS, Pro Forma Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Pro Forma Information [Abstract]      
Net sales $ 1,006.8 $ 939.4  
Net income (loss) attributable to DXP Enterprises, Inc. $ 16.9 $ 5.5  
Per share data [Abstract]      
Basic earnings (loss) (in dollars per share) $ 0.97 $ 0.36  
Diluted earnings (loss) (in dollars per share) $ 0.93 $ 0.35  
Units Acquired In 2015 and 2016 [Member]      
Pro Forma Information [Abstract]      
Net sales   $ 939.4 $ 1,228.9
Net income (loss) attributable to DXP Enterprises, Inc.   $ 5.5 $ (40.7)
Per share data [Abstract]      
Basic earnings (loss) (in dollars per share)   $ 0.36 $ (2.83)
Diluted earnings (loss) (in dollars per share)   $ 0.35 $ (2.83)
XML 87 R71.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Future minimum rental commitments for non-cancelable leases [Abstract]      
2018 $ 19,419    
2019 15,002    
2020 11,492    
2021 9,435    
2022 6,637    
Thereafter 3,441    
Rental expense for operating leases $ 27,700 $ 27,600 $ 32,700
XML 88 R72.htm IDEA: XBRL DOCUMENT v3.8.0.1
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
EMPLOYEE BENEFIT PLANS [Abstract]          
Company match to employee contributions   50.00%     50.00%
Percentage of deferred salary which is matched   4.00%     4.00%
Company contribution to the 401(K) plan $ 0.2 $ 0.4 $ 0.2 $ 0.4 $ 2.6
XML 89 R73.htm IDEA: XBRL DOCUMENT v3.8.0.1
OTHER COMPREHENSIVE INCOME (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2017
USD ($)
Company
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
OTHER COMPREHENSIVE INCOME [Abstract]            
Number of companies acquired | Company   4        
Cumulative translation adjustment   $ (1,217) $ (7,658) $ (4,916)    
Error Corrections and Prior Period Adjustments Restatement [Line Items]            
Deferred tax asset on unrealized foreign currency losses       8,600    
Restatement Adjustment [Member]            
Error Corrections and Prior Period Adjustments Restatement [Line Items]            
Comprehensive income - deferred tax assets change in amount $ (8,600)     $ 4,600 $ 2,700 $ 1,300
XML 90 R74.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT AND GEOGRAPHICAL REPORTING, Business Segmented Financial Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Segment Reporting Information [Line Items]                              
Sales $ 265,700 $ 251,900 $ 250,700 $ 238,500 $ 222,300 $ 230,000 $ 256,200 $ 253,600 $ 278,600 $ 303,100 $ 323,700 $ 341,600 $ 1,006,782 $ 962,092 $ 1,247,043
Operating income for reportable segments, excluding amortization                         90,124 72,950 113,967
Identifiable assets at year end 618,224       590,255       660,710       618,224 590,255 660,710
Capital expenditures                         2,646 4,403 12,172
Proceeds from sale of fixed assets                         0 (1,206) 0
Depreciation                         9,463 10,480 10,891
Amortization                         17,266 18,061 20,621
Interest expense                         17,054 15,564 10,932
Impairment of goodwill and other intangible assets                         0 0 68,735
Reportable Segment [Member] | Service Centers [Member]                              
Segment Reporting Information [Line Items]                              
Sales                         641,275 621,007 826,588
Operating income for reportable segments, excluding amortization                         63,250 47,634 78,170
Identifiable assets at year end 385,744       370,261       451,333       385,744 370,261 451,333
Capital expenditures                         1,076 447 3,185
Proceeds from sale of fixed assets                           (1,038)  
Depreciation                         5,162 6,520 7,734
Amortization                         8,989 9,152 10,334
Interest expense                         9,712 9,290 2,967
Impairment of goodwill and other intangible assets                             15,842
Reportable Segment [Member] | Innovative Pumping Solutions [Member]                              
Segment Reporting Information [Line Items]                              
Sales                         204,030 187,124 254,829
Operating income for reportable segments, excluding amortization                         11,423 9,867 21,584
Identifiable assets at year end 172,538       175,198       159,365       172,538 175,198 159,365
Capital expenditures                         1,488 3,827 8,383
Proceeds from sale of fixed assets                           (168)  
Depreciation                         4,198 3,834 2,930
Amortization                         7,194 7,826 8,406
Interest expense                         5,352 4,422 6,881
Impairment of goodwill and other intangible assets                             52,893
Reportable Segment [Member] | Supply Chain Services [Member]                              
Segment Reporting Information [Line Items]                              
Sales                         161,477 153,961 165,626
Operating income for reportable segments, excluding amortization                         15,451 15,449 14,213
Identifiable assets at year end $ 59,942       $ 44,796       $ 50,012       59,942 44,796 50,012
Capital expenditures                         82 129 604
Proceeds from sale of fixed assets                           0  
Depreciation                         103 126 227
Amortization                         1,083 1,083 1,881
Interest expense                         $ 1,990 $ 1,852 1,084
Impairment of goodwill and other intangible assets                             $ 0
XML 91 R75.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT AND GEOGRAPHICAL REPORTING, Adjustments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Adjustment for [Abstract]      
B27 settlement $ 0 $ 0 $ 7,348
Impairment expense 0 0 68,735
Amortization of intangibles 17,266 18,061 20,621
Total operating income (loss) 33,490 19,332 (27,916)
Interest expense 17,054 15,564 10,932
Other income, net (456) (5,906) 72
Income (loss) before income taxes 16,892 9,674 (38,920)
Identifiable assets at year end 639,083 602,052  
Depreciation 10,520 11,933 12,622
Corporate [Member]      
Adjustment for [Abstract]      
Capital expenditures 200 500 1,800
Identifiable assets at year end 19,400 18,300 23,300
Depreciation 1,800 1,400 1,700
Reportable Segment [Member]      
Segment Reporting Information [Line Items]      
Operating income for reportable segments, excluding impairment expense 90,124 72,950 113,967
Segment Reconciling Items [Member]      
Adjustment for [Abstract]      
B27 settlement 0 0 7,348
Impairment expense 0 0 68,735
Amortization of intangibles 17,266 18,061 20,621
Corporate and other expense, net $ 39,368 $ 35,557 $ 45,179
XML 92 R76.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT AND GEOGRAPHICAL REPORTING, Geographical Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Segment Reporting Information [Line Items]                              
Revenues $ 265,700 $ 251,900 $ 250,700 $ 238,500 $ 222,300 $ 230,000 $ 256,200 $ 253,600 $ 278,600 $ 303,100 $ 323,700 $ 341,600 $ 1,006,782 $ 962,092 $ 1,247,043
Property and equipment, net 53,337       60,807               53,337 60,807  
Reportable Geographical Components [Member] | United States [Member]                              
Segment Reporting Information [Line Items]                              
Revenues                         902,636 873,926 1,119,210
Property and equipment, net 42,683       48,635               42,683 48,635  
Reportable Geographical Components [Member] | Canada [Member]                              
Segment Reporting Information [Line Items]                              
Revenues                         104,146 88,166 $ 127,833
Property and equipment, net $ 10,654       $ 12,172               $ 10,654 $ 12,172  
XML 93 R77.htm IDEA: XBRL DOCUMENT v3.8.0.1
QUARTERLY FINANCIAL INFORMATION (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Quarterly Financial Information [Line Items]                              
Sales $ 265,700 $ 251,900 $ 250,700 $ 238,500 $ 222,300 $ 230,000 $ 256,200 $ 253,600 $ 278,600 $ 303,100 $ 323,700 $ 341,600 $ 1,006,782 $ 962,092 $ 1,247,043
Gross profit 71,200 67,000 68,900 64,500 60,600 63,800 71,600 68,800 76,900 85,700 91,300 98,100 271,581 264,802 351,986
Impairment expense                 9,800 58,900 0 0      
Net income (loss) 6,600 3,000 4,100 3,100 7,100 100 5,100 (5,200) (3,200) (52,700) 7,200 9,700 16,529 7,151 (39,070)
Net income (loss) attributable to DXP Enterprises, Inc. $ 6,600 $ 2,900 $ 4,000 $ 3,000 $ 7,400 $ 200 $ 5,100 $ (5,100) $ (3,000) $ (52,400) $ 7,200 $ 9,700 $ 16,888 $ 7,702 $ (38,536)
Earnings (loss) per share - basic (in dollars per share) $ 0.38 $ 0.17 $ 0.24 $ 0.18 $ 0.44 $ 0.02 $ 0.36 $ (0.36) $ (0.20) $ (3.64) $ 0.50 $ 0.67 $ 0.97 $ 0.51 $ (2.68)
Earnings (loss) per share - diluted (in dollars per share) $ 0.37 $ 0.16 $ 0.23 $ 0.17 $ 0.42 $ 0.02 $ 0.34 $ (0.36)         $ 0.93 $ 0.49 $ (2.68)
XML 94 R78.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTIES (Details)
 12 Months Ended
Dec. 31, 2017
USD ($)
Employee
Minimum [Member]  
Related Party Transaction [Line Items]  
Transaction amount $ 120,000
Chairman of the Board, President and Chief Executive Officer [Member]  
Related Party Transaction [Line Items]  
Lease expenses $ 1,400,000
Number of related party employees | Employee 6
Payroll, related payroll expenses, vehicles, fuel and supplies $ 400,000
Senior Vice President [Member]  
Related Party Transaction [Line Items]  
Lease expenses 1,200,000
Children of Chairman of the Board, President and Chief Executive Officer [Member]  
Related Party Transaction [Line Items]  
Lease expenses $ 300,000
Sons of Executives [Member]  
Related Party Transaction [Line Items]  
Number of related party employees | Employee 2
Sons-in-laws of Executives [Member]  
Related Party Transaction [Line Items]  
Number of related party employees | Employee 2
Sons and Sons in Law of Executives [Member]  
Related Party Transaction [Line Items]  
Number of related party employees | Employee 4
Wages and other compensation $ 1,300,000
XML 95 R79.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - Application Specialties, Inc. [Member]
$ in Thousands
Jan. 01, 2018
USD ($)
Subsequent Event [Line Items]  
Purchase price $ 11,500
Purchase price financed in cash 10,600
Purchase price financed under common stock issued $ 900
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