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Revenue Recognition (Tables)
12 Months Ended
Dec. 31, 2023
Revenue Recognition [Abstract]  
Schedule of Revenue by Major Market

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

 

 

 

 

For the Year Ended December 31, 2023

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

92,380

 

 

$

 

 

$

 

 

$

92,380

 

Vehicle

 

 

123,155

 

 

 

 

 

 

 

 

 

123,155

 

Food and beverage

 

 

118,063

 

 

 

 

 

 

 

 

 

118,063

 

Industrial

 

 

221,661

 

 

 

 

 

 

(67

)

 

 

221,594

 

Auto aftermarket

 

 

 

 

 

257,875

 

 

 

 

 

 

257,875

 

Total net sales

 

$

555,259

 

 

$

257,875

 

 

$

(67

)

 

$

813,067

 

 

 

 

For the Year Ended December 31, 2022

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

113,339

 

 

$

 

 

$

 

 

$

113,339

 

Vehicle

 

 

165,139

 

 

 

 

 

 

 

 

 

165,139

 

Food and beverage

 

 

125,111

 

 

 

 

 

 

 

 

 

125,111

 

Industrial

 

 

244,030

 

 

 

 

 

 

(38

)

 

 

243,992

 

Auto aftermarket

 

 

 

 

 

251,966

 

 

 

 

 

 

251,966

 

Total net sales

 

$

647,619

 

 

$

251,966

 

 

$

(38

)

 

$

899,547

 

 

 

 

For the Year Ended December 31, 2021

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

116,707

 

 

$

 

 

$

 

 

$

116,707

 

Vehicle

 

 

170,322

 

 

 

 

 

 

 

 

 

170,322

 

Food and beverage

 

 

83,817

 

 

 

 

 

 

 

 

 

83,817

 

Industrial

 

 

193,222

 

 

 

 

 

 

(60

)

 

 

193,162

 

Auto aftermarket

 

 

 

 

 

197,427

 

 

 

 

 

 

197,427

 

Total net sales

 

$

564,068

 

 

$

197,427

 

 

$

(60

)

 

$

761,435

 

Schedule of Balances Included in Consolidated Statements of Financial Position Related to Revenue Recognition

Amounts included in the Consolidated Statements of Financial Position related to revenue recognition include:

 

 

 

December 31,

 

 

December 31,

 

 

Statement of Financial
Position

 

 

2023

 

 

2022

 

 

Classification

Returns, discounts and other allowances

 

$

(1,200

)

 

$

(986

)

 

Trade accounts receivable

Right of return asset

 

$

432

 

 

$

350

 

 

Inventories, net

Customer deposits

 

$

(2,017

)

 

$

(5,896

)

 

Other current liabilities

Accrued rebates

 

$

(4,441

)

 

$

(4,711

)

 

Other current liabilities