Revenue and Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

REVENUE AND SEGMENT REPORTING

REVENUE AND SEGMENT REPORTING

Disaggregation of revenue is presented in the tables below by product type. Management has determined that this level of disaggregation would be beneficial to users of the financial statements.

Revenue by Product Type
	December 31,
(in thousands)	2020		2019		2018
Net Sales
Wholegoods	$	885,254	$	875,805	$	802,403
Parts	247,126		207,766		186,979
Other	31,086		35,567		19,440
Consolidated	$	1,163,466	$	1,119,138	$	1,008,822

Other includes rental sales, extended warranty sales and service sales as it is considered immaterial.

Effective for the fourth quarter of 2019, the Company began reporting its operating results on the basis of two segments, the Industrial Division and Agricultural Division. Prior to the fourth quarter of 2019, the Company had been reporting its operating results on the basis of three segments which included the Company's European Division. The Company's European Division was a mixture of industrial and agricultural products similar to those within the other two segments. The Company's prior period segment information has been retrospectively adjusted to reflect the current segment presentation.

The Company has included a summary of the financial information by reporting segment. The following table presents the revenue and income from operations by reporting segment for the years ended December 31, 2020, 2019, and 2018:

	December 31,
(in thousands)	2020		2019		2018
Net Revenue
Industrial	$	811,161	$	768,454	$	638,198
Agricultural	352,305		350,684		370,624
Consolidated	$	1,163,466	$	1,119,138	$	1,008,822
Income from Operations
Industrial	$	59,881	$	65,262	$	65,077
Agricultural	33,284		29,386		36,011
Consolidated	$	93,165	$	94,648	$	101,088

The following table presents the goodwill and total identifiable assets by reporting segment for the years ended December 31, 2020 and 2019:

	December 31,
(in thousands)	2020		2019
Goodwill
Industrial	$	181,338	$	183,307
Agricultural	13,794		14,715
Consolidated	$	195,132	$	198,022
Identifiable Assets
Industrial	$	868,688	$	922,738
Agricultural	240,641		290,025
Consolidated	$	1,109,329	$	1,212,763