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Revenue Recognition (Tables)
9 Months Ended
Sep. 30, 2023
Revenue Recognition [Abstract]  
Schedule of Revenue by Major Market

The Company’s revenue by major market is as follows:

 

 

 

For the Quarter Ended September 30, 2023

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

21,740

 

 

$

 

 

$

 

 

$

21,740

 

Vehicle

 

 

29,770

 

 

 

 

 

 

 

 

 

29,770

 

Food and beverage

 

 

26,770

 

 

 

 

 

 

 

 

 

26,770

 

Industrial

 

 

54,204

 

 

 

 

 

 

(21

)

 

 

54,183

 

Auto aftermarket

 

 

 

 

 

65,335

 

 

 

 

 

 

65,335

 

Total net sales

 

$

132,484

 

 

$

65,335

 

 

$

(21

)

 

$

197,798

 

 

 

 

For the Quarter Ended September 30, 2022

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

24,476

 

 

$

 

 

$

 

 

$

24,476

 

Vehicle

 

 

38,158

 

 

 

 

 

 

 

 

 

38,158

 

Food and beverage

 

 

31,126

 

 

 

 

 

 

 

 

 

31,126

 

Industrial

 

 

61,898

 

 

 

 

 

 

(9

)

 

 

61,889

 

Auto aftermarket

 

 

 

 

 

72,416

 

 

 

 

 

 

72,416

 

Total net sales

 

$

155,658

 

 

$

72,416

 

 

$

(9

)

 

$

228,065

 

 

 

 

For the Nine Months Ended September 30, 2023

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

75,900

 

 

$

 

 

$

 

 

$

75,900

 

Vehicle

 

 

97,983

 

 

 

 

 

 

 

 

 

97,983

 

Food and beverage

 

 

86,915

 

 

 

 

 

 

 

 

 

86,915

 

Industrial

 

 

167,543

 

 

 

 

 

 

(44

)

 

 

167,499

 

Auto aftermarket

 

 

 

 

 

193,693

 

 

 

 

 

 

193,693

 

Total net sales

 

$

428,341

 

 

$

193,693

 

 

$

(44

)

 

$

621,990

 

 

 

 

For the Nine Months Ended September 30, 2022

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

90,989

 

 

$

 

 

$

 

 

$

90,989

 

Vehicle

 

 

134,036

 

 

 

 

 

 

 

 

 

134,036

 

Food and beverage

 

 

88,960

 

 

 

 

 

 

 

 

 

88,960

 

Industrial

 

 

191,399

 

 

 

 

 

 

(29

)

 

 

191,370

 

Auto aftermarket

 

 

 

 

 

181,352

 

 

 

 

 

 

181,352

 

Total net sales

 

$

505,384

 

 

$

181,352

 

 

$

(29

)

 

$

686,707

 

 

Schedule of Balances included in Condensed Consolidated Statements of Financial Position (Unaudited) Related to Revenue Recognition

Amounts included in the Condensed Consolidated Statements of Financial Position (Unaudited) related to revenue recognition include:

 

 

 

September 30,

 

 

December 31,

 

 

Statement of Financial
Position

 

 

2023

 

 

2022

 

 

Classification

Returns, discounts and other allowances

 

$

(1,138

)

 

$

(986

)

 

Accounts receivable

Right of return asset

 

$

386

 

 

$

350

 

 

Inventories, net

Customer deposits

 

$

(4,013

)

 

$

(5,896

)

 

Other current liabilities

Accrued rebates

 

$

(4,093

)

 

$

(4,711

)

 

Other current liabilities