Revenue and Segment Reporting

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
Net Sales
Wholegoods	$	1,185,885	$	1,024,158	$	885,254
Parts	280,261		262,432		247,126
Other *	47,470		47,633		31,086
Consolidated	$	1,513,616	$	1,334,223	$	1,163,466

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

The Company’s sales are principally within the United States, United Kingdom, France, Canada and Australia. The Company sells its products primarily through a network of independent dealers and distributors to governmental end-users, related independent contractors, as well as to the agricultural and commercial turf markets. 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 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, 2022, 2021, and 2020:

 

	December 31,
(in thousands)	2022		2021		2020
Net Revenue
Vegetation Management	$	937,065	$	812,676	$	654,630
Industrial Equipment	576,551		521,547		508,836
Consolidated	$	1,513,616	$	1,334,223	$	1,163,466
Income from Operations
Vegetation Management	$	108,508	$	78,917	$	46,651
Industrial Equipment	40,084		38,021		48,134
Consolidated	$	148,592	$	116,938	$	94,785

The following table presents the goodwill and total identifiable assets by reporting segment for the years ended December 31, 2022 and 2021:

 

	December 31,
(in thousands)	2022		2021
Goodwill
Vegetation Management	$	127,562	$	132,963
Industrial Equipment	68,296		69,443
Consolidated	$	195,858	$	202,406
Identifiable Assets
Vegetation Management	$	866,974	$	789,838
Industrial Equipment	441,534		415,904
Consolidated	$	1,308,508	$	1,205,742