Revenue and Segment Reporting

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Net Sales
Wholegoods	$	1,024,158	$	885,254	$	875,805
Parts	262,432		247,126		207,766
Other	47,633		31,086		35,567
Consolidated	$	1,334,223	$	1,163,466	$	1,119,138

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

Effective for the fourth quarter of 2021, the Company began reporting its operating results on the basis of the following segments, Vegetation Management Division and Industrial Equipment Division. Prior to the fourth quarter of 2021, the Company had been reporting its operating results on the basis of two segments which were the Industrial Division and Agricultural Division. The Vegetation Management Division includes all of the operations of the former Agricultural Division plus the mowing and forestry/tree care operations that were previously part of the former Industrial Division. The Industrial Equipment Division includes the Company’s vocational truck business and other industrial operations such as excavators, vacuum trucks, street sweepers, and snow removal equipment. 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, 2021, 2020, and 2019:

	December 31,
(in thousands)	2021		2020		2019
Net Revenue
Vegetation Management	$	812,676	$	654,630	$	502,194
Industrial Equipment	521,547		508,836		616,944
Consolidated	$	1,334,223	$	1,163,466	$	1,119,138
Income from Operations
Vegetation Management	$	78,917	$	46,651	$	34,035
Industrial Equipment	38,021		48,134		60,877
Consolidated	$	116,938	$	94,785	$	94,912

The following table presents the goodwill and total identifiable assets by reporting segment for the years ended December 31, 2021 and 2020:

	December 31,
(in thousands)	2021		2020
Goodwill
Vegetation Management	$	132,963	$	124,981
Industrial Equipment	69,443		70,151
Consolidated	$	202,406	$	195,132
Identifiable Assets
Vegetation Management	$	789,838	$	707,398
Industrial Equipment	415,904		414,461
Consolidated	$	1,205,742	$	1,121,859