UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

FOR THE TRANSITION PERIOD FROM ____ TO ____

Commission file number 0-21220

ALAMO GROUP INC.
(Exact name of registrant as specified in its charter)
Delaware	74-1621248
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

 1627 East Walnut, Seguin, Texas  78155

(Address of principal executive offices, including zip code)

830-379-1480

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
	Title of each class	Trading symbol(s)	Name of each exchange on which registered
	Common Stock, par value $.10 per share	ALG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At October 29, 2021, 11,923,746 shares of common stock, $.10 par value, of the registrant were outstanding.

1

Alamo Group Inc. and Subsidiaries

INDEX

                                                                                                                                                                              

PART I.	FINANCIAL INFORMATION		PAGE
Item 1.	Interim Condensed Consolidated Financial Statements  (Unaudited)
	Interim Condensed Consolidated Balance Sheets		3
		September 30, 2021 and December 31, 2020
	Interim Condensed Consolidated Statements of Income		4
		Three and Nine Months Ended September 30, 2021 and September 30, 2020
	Interim Condensed Consolidated Statements of Comprehensive Income		5
		Three and Nine Months Ended September 30, 2021 and September 30, 2020
	Interim Condensed Consolidated Statements of Stockholders' Equity		6
		Three and Nine Months Ended September 30, 2021 and September 30, 2020
	Interim Condensed Consolidated Statements of Cash Flows		8
		Nine Months Ended September 30, 2021 and September 30, 2020
	Notes to Interim Condensed Consolidated Financial Statements		9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		17
Item 3.	Quantitative and Qualitative Disclosures About Market Risks		23
Item 4.	Controls and Procedures		24
PART II.	OTHER INFORMATION		24
Item 1.	Legal Proceedings
Item 1A.	Risk Factors
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.	Defaults Upon Senior Securities
Item 4.	Mine Safety Disclosures
Item 5.	Other Information
Item 6.	Exhibits
	SIGNATURES		27

2

Alamo Group Inc. and Subsidiaries

Interim Condensed Consolidated Balance Sheets

(Unaudited) 

(in thousands, except share amounts)	September 30, 2021			December 31, 2020
					As Adjusted
ASSETS
Current assets:
Cash and cash equivalents		$	89,189		$	50,195
Accounts receivable, net		245,517			209,276
Inventories, net		294,270			242,501
Prepaid expenses and other current assets		6,741			7,382
Income tax receivable		66			6,186
Total current assets		635,783			515,540
Rental equipment, net		36,244			42,266
Property, plant and equipment		316,347			312,362
Less:  Accumulated depreciation		(168,557)			(156,928)
Total property, plant and equipment, net		147,790			155,434
Goodwill		193,572			195,132
Intangible assets, net		181,516			193,172
Deferred income taxes		2,004			1,203
Other non-current assets		20,869			19,112
Total assets		$	1,217,778		$	1,121,859
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable		$	107,059		$	75,317
Income taxes payable		6,425			2,278
Accrued liabilities		67,183			64,634
Current maturities of long-term debt and finance lease obligations		15,059			15,066
Total current liabilities		195,726			157,295
Long-term debt and finance lease obligations, net of current maturities		279,215			270,320
Long-term tax liability		4,408			3,954
Deferred pension liability		963			1,731
Other long-term liabilities		28,095			30,744
Deferred income taxes		17,709			22,812
Stockholders’ equity:
Common stock, $0.10 par value, 20,000,000 shares authorized; 11,870,513 and 11,809,926 outstanding at September 30, 2021 and December 31, 2020, respectively		1,187			1,181
Additional paid-in-capital		123,446			118,528
Treasury stock, at cost; 82,600 shares at September 30, 2021 and December 31, 2020, respectively		(4,566)			(4,566)
Retained earnings		616,235			560,186
Accumulated other comprehensive loss		(44,640)			(40,326)
Total stockholders’ equity		691,662			635,003
Total liabilities and stockholders’ equity		$	1,217,778		$	1,121,859

See accompanying notes.

3

Alamo Group Inc. and Subsidiaries

Interim Condensed Consolidated Statements of Income

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2021		2020		2021		2020
Net sales:
Industrial	$	218,988	$	196,241	$	662,106	$	608,473
Agricultural	119,323		95,518		334,944		266,369
Total net sales	338,311		291,759		997,050		874,842
Cost of sales	252,015		213,123		746,188		649,441
Gross profit	86,296		78,636		250,862		225,401
Selling, general and administrative expenses	52,586		44,069		150,803		136,868
Amortization expense	3,667		3,644		10,988		11,093
Income from operations	30,043		30,923		89,071		77,440
Interest expense	(2,660)		(3,461)		(8,127)		(12,921)
Interest income	296		306		877		968
Other income (expense), net	36		(333)		2,659		720
Income before income taxes	27,715		27,435		84,480		66,207
Provision for income taxes	10,196		7,402		23,462		17,657
Net Income	$	17,519	$	20,033	$	61,018	$	48,550
Net income per common share:
Basic	$	1.48	$	1.70	$	5.16	$	4.12
Diluted	$	1.47	$	1.69	$	5.13	$	4.10
Average common shares:
Basic	11,842		11,788		11,835		11,776
Diluted	11,900		11,851		11,895		11,840
Dividends declared	$	0.14	$	0.13	$	0.42	$	0.39

 See accompanying notes.

4

Alamo Group Inc. and Subsidiaries

Interim Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Net income	$	17,519	$	20,033	$	61,018	$	48,550
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax expense of $(321) and zero, and $(436) and zero, respectively	(9,216)		8,606		(8,660)		(6,244)
Recognition of deferred pension and other post-retirement benefits, net of tax expense of $(67) and $(51), and $(201) and $(155), respectively	251		194		754		582
Unrealized income (loss) on derivative instruments, net of tax (expense) benefit of $(354) and $205, and $(955) and $1,586, respectively	1,331		(986)		3,592		(6,520)
Other comprehensive income (loss), net of tax	(7,634)		7,814		(4,314)		(12,182)
Comprehensive income	$	9,885	$	27,847	$	56,704	$	36,368

See accompanying notes.

5

Alamo Group Inc. and Subsidiaries

Interim Condensed Consolidated Statements of Stockholders’ Equity

 (Unaudited)

For nine months ended September 30, 2021
	Common Stock			Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stock- holders’ Equity
(in thousands)	Shares	Amount
Balance at December 31, 2020	11,727	$	1,181	$	118,528	$	(4,566)	$	560,186	$	(40,326)	$	635,003
Other comprehensive income	—	—		—		—		17,462		(1,586)		15,876
Stock-based compensation expense	—	—		1,240		—		—		—		1,240
Stock-based compensation transactions	29	3		773		—		—		—		776
Dividends paid ($0.14 per share)	—	—		—		—		(1,654)		—		(1,654)
Balance at March 31, 2021	11,756	$	1,184	$	120,541	$	(4,566)	$	575,994	$	(41,912)	$	651,241
Other comprehensive income	—	—		—		—		26,037		4,906		30,943
Stock-based compensation expense	—	—		1,316		—		—		—		1,316
Stock-based compensation transactions	23	2		(604)		—		—		—		(602)
Dividends paid ($0.14 per share)	—	—		—		—		(1,657)		—		(1,657)
Balance at June 30, 2021	11,779	$	1,186	$	121,253	$	(4,566)	$	600,374	$	(37,006)	$	681,241
Other comprehensive income	—	—		—		—		17,519		(7,634)		9,885
Stock-based compensation expense	—	—		2,840		—		—		—		2,840
Stock-based compensation transactions	9	1		(647)		—		—		—		(646)
Dividends paid ($0.14 per share)	—	—		—		—		(1,658)		—		(1,658)
Balance at September 30, 2021	11,788	$	1,187	$	123,446	$	(4,566)	$	616,235	$	(44,640)	$	691,662

6

For nine months ended September 30, 2020
	Common Stock			Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stock- holders’ Equity
(in thousands)	Shares	Amount
Balance at December 31, 2019	11,670	$	1,175	$	113,666	$	(4,566)	$	500,320	$	(40,838)	$	569,757
Other comprehensive income	—	—		—		—		15,528		(24,650)		(9,122)
Stock-based compensation expense	—	—		933		—		—		—		933
Stock-based compensation transactions	9	1		368		—		—		—		369
Dividends paid ($0.13 per share)	—	—		—		—		(1,528)		—		(1,528)
Balance at March 31, 2020	11,679	$	1,176	$	114,967	$	(4,566)	$	514,320	$	(65,488)	$	560,409
Other comprehensive income	—	—		—		—		12,989		4,654		17,643
Stock-based compensation expense	—	—		1,103		—		—		—		1,103
Stock-based compensation transactions	25	3		(476)		—		—		—		(473)
Dividends paid ($0.13 per share)	—	—		—		—		(1,531)		—		(1,531)
Balance at June 30, 2020	11,704	$	1,179	$	115,594	$	(4,566)	$	525,778	$	(60,834)	$	577,151
Other comprehensive income	—	—		—		—		20,033		7,814		27,847
Stock-based compensation expense	—	—		1,079		—		—		—		1,079
Stock-based compensation transactions	16	1		666		—		—		—		667
Dividends paid ($0.13 per share)	—	—		—		—		(1,531)		—		(1,531)
Balance at September 30, 2020	11,720	$	1,180	$	117,339	$	(4,566)	$	544,280	$	(53,020)	$	605,213

See accompanying notes.

7

Alamo Group Inc. and Subsidiaries

Interim Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended September 30,
(in thousands)	2021		2020
Operating Activities
Net income	$	61,018	$	48,550
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts	133		541
Depreciation - Property, plant and equipment	15,798		14,237
Depreciation - Rental equipment	6,562		7,504
Amortization of intangibles	10,988		11,093
Amortization of debt issuance	500		500
Stock-based compensation expense	5,396		3,115
Provision for deferred income tax (benefit)	(6,705)		(4,548)
Gain on sale of property, plant and equipment	(4,162)		(1,037)
Changes in operating assets and liabilities:
Accounts receivable	(38,106)		17,612
Inventories	(54,408)		22,893
Rental equipment	(540)		4,189
Prepaid expenses and other assets	(1,668)		5,765
Trade accounts payable and accrued liabilities	36,331		(2,422)
Income taxes payable	10,266		8,432
Long-term tax payable	454		(654)
Other assets and long-term liabilities, net	1,530		205
Net cash provided by operating activities	43,387		135,975
Investing Activities
Purchase of property, plant and equipment	(14,584)		(14,962)
Proceeds from sale of property, plant and equipment	9,287		3,433
Purchase of patents	(44)		—
Net cash used in investing activities	(5,341)		(11,529)
Financing Activities
Borrowings on bank revolving credit facility	128,000		98,000
Repayments on bank revolving credit facility	(108,000)		(153,000)
Principal payments on long-term debt and finance leases	(11,308)		(15,094)
Dividends paid	(4,969)		(4,590)
Proceeds from exercise of stock options	1,485		1,272
Common stock repurchased	(1,957)		(710)
Net cash provided (used) by financing activities	3,251		(74,122)
Effect of exchange rate changes on cash and cash equivalents	(2,303)		880
Net change in cash and cash equivalents	38,994		51,204
Cash and cash equivalents at beginning of the year	50,195		42,311
Cash and cash equivalents at end of the period	$	89,189	$	93,515
Cash paid during the period for:
Interest	$	7,839	$	14,149
Income taxes	20,151		13,309

See accompanying notes.

8

Alamo Group Inc. and Subsidiaries

Notes to Interim Condensed Consolidated Financial Statements - (Unaudited)

September 30, 2021

1.  Basis of Financial Statement Presentation

General

The accompanying unaudited interim condensed consolidated financial statements of Alamo Group Inc. and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulations S-X.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.  The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2020 (the "2020 10-K").

Effective July 1, 2021, the Company changed its method of accounting for its U.S. inventories currently accounted for under last-in, first-out ("LIFO") method to the first-in, first-out ("FIFO") method. The Company applied this change retrospectively for all prior periods presented and is discussed in further detail in Note 2.

Accounting Pronouncements Adopted on January 1, 2021

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” to simplify the accounting for income taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This guidance became effective for us on January 1, 2021. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. This Topic provides accounting relief for the transition away from LIBOR and certain other reference rates. The amendments for this update are effective through December 31, 2022. The Company is evaluating the impact the adoption of this standard will have on our financial statements.

2. Accounting Policies

Inventory Valuation

Inventories are stated at the lower of cost or net realizable value. Effective July 1, 2021, the Company changed its method of accounting for its U.S. inventories currently accounted for under the LIFO method to the FIFO method. Total U.S. inventories that utilized the LIFO cost method represented 41% of the Company's total inventory as of December 31, 2020 prior to this change in method. The Company believes the FIFO method is preferable because it: (i) more accurately matches cost of sales with the related revenues as the FIFO method more accurately resembles the physical flow of inventory and; (ii) conforms all of the Company’s consolidated inventory to a single method of accounting. The Company also notes that the revised policy improves comparability with many of the Company's peers.

The Company applied this change retrospectively to all periods presented. There was an immaterial impact to the Company’s Consolidated Income Statement and Consolidated Statement of Cash Flows for the three and nine

months ended September 30, 2020 and 2021. The following financial statement line items in the Company's Consolidated Balance Sheet as of December 31, 2020 was adjusted as follows:

9

Consolidated Balance Sheets
(in thousands)	December 31, 2020
	As Originally Reported		Effect of Change		As Adjusted
Inventories, net	$	229,971	$	12,530	$	242,501
Deferred income taxes (liability)	19,642		3,170		22,812
Retained earnings	550,826		9,360		560,186

3.  Accounts Receivable

Accounts receivable is shown net of sales discounts and the allowance for credit losses.

At September 30, 2021 the Company had $10.5 million in reserves for sales discounts compared to $13.5 million at December 31, 2020 related to products shipped to our customers under various promotional programs.

4.  Inventories

Net inventories consist of the following:

(in thousands)	September 30, 2021			December 31, 2020
				As Adjusted
Finished goods		$	253,430		$	208,656
Work in process		23,876			21,225
Raw materials		16,964			12,620
Inventories, net		$	294,270		$	242,501

Inventory obsolescence reserves were $10.7 million at September 30, 2021 and $12.0 million at December 31, 2020.

5. Rental Equipment

Rental equipment is shown net of accumulated depreciation of $20.8 million and $18.0 million at September 30, 2021 and December 31, 2020, respectively. The Company recognized depreciation expense of $2.1 million and $2.3 million for the three months ended September 30, 2021 and 2020, respectively and $6.6 million and $7.5 million for the nine months ended September 30, 2021 and 2020, respectively.

6.  Fair Value Measurements

The carrying values of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, approximate their fair value because of the short-term nature of these items. The carrying value of our debt approximates the fair value as of September 30, 2021 and December 31, 2020, as the floating rates on our outstanding balances approximate current market rates. This conclusion was made based on Level 2 inputs.

10

7. Goodwill and Intangible Assets

The following is the summary of changes to the Company's Goodwill for the nine months ended September 30, 2021:

	Industrial			Agricultural			Consolidated
(in thousands)
Balance at December 31, 2020		$	181,338		$	13,794		$	195,132
Translation adjustment		(1,244)			(316)			(1,560)
Balance at September 30, 2021		$	180,094		$	13,478		$	193,572

The following is a summary of the Company's definite and indefinite-lived intangible assets net of the accumulated amortization:

(in thousands)	Estimated Useful Lives	September 30, 2021			December 31, 2020
Definite:
Trade names and trademarks	15-25 years		$	67,264		$	67,770
Customer and dealer relationships	8-15 years		122,350			122,470
Patents and drawings	3-12 years		28,593			28,764
Favorable leasehold interests	7 years		4,200			4,200
Total at cost			222,407			223,204
Less accumulated amortization			(46,391)			(35,532)
Total net			176,016			187,672
Indefinite:
Trade names and trademarks			5,500			5,500
Total Intangible Assets			$	181,516		$	193,172

The Company recognized amortization expense of $3.7 million and $3.6 million for the three months ended September 30, 2021 and 2020, respectively, and $11.0 million and $11.1 million for the nine months ended September 30, 2021 and 2020, respectively.

8.  Leases

The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The finance leases currently held are considered immaterial. The components of lease cost were as follows:

Components of Lease Cost
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	17	$	22	$	51	$	70
Interest on lease liabilities	1		1		3		5
Operating lease cost	1,464		1,216		3,985		3,624
Short-term lease cost	365		150		822		608
Variable lease cost	87		120		300		364
Total lease cost	$	1,934	$	1,509	$	5,161	$	4,671

Rent expense for the three and nine months ended September 30, 2021 and 2020 was immaterial.

11

Maturities of operating lease liabilities were as follows:

Future Minimum Lease Payments
(in thousands)	September 30, 2021			December 31, 2020
2021	$	1,391	*	$	4,072
2022	4,797			3,063
2023	3,440			2,089
2024	2,329			1,465
2025	1,704			1,244
Thereafter	4,182			3,622
Total minimum lease payments	$	17,843		$	15,555
Less imputed interest	(1,278)			(1,310)
Total operating lease liabilities	$	16,565		$	14,245
*Period ended September 30, 2021 represents the remaining three months of 2021.

Future Lease Commencements

As of September 30, 2021, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $1.2 million. These operating leases will commence in fiscal year 2021 with lease terms of 2 to 5 years.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
(in thousands)	September 30, 2021			December 31, 2020
Other non-current assets	$	16,400		$	14,144
Accrued liabilities	4,742			3,680
Other long-term liabilities	11,823			10,565
Total operating lease liabilities	$	16,565		$	14,245
Weighted Average Remaining Lease Term	5.14 years			5.83 years
Weighted Average Discount Rate	2.85		%	3.04		%

Supplemental Cash Flow information related to leases was as follows:

	Nine Months Ended September 30,
(in thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,603	$	3,362

12

9. Debt

The components of long-term debt are as follows:

(in thousands)	September 30, 2021			December 31, 2020
Current Maturities:
Finance lease obligations		$	59		$	66
Term debt		15,000			15,000
		15,059			15,066
Long-term debt:
Finance lease obligations		33			87
Term debt, net		254,182			265,233
Bank revolving credit facility		25,000			5,000
Total Long-term debt		279,215			270,320
Total debt		$	294,274		$	285,386

As of September 30, 2021, $2.4 million of the revolver capacity was committed to irrevocable standby letters of credit issued in the ordinary course of business as required by vendors' contracts, resulting in $191.6 million in available borrowings.

10.  Common Stock and Dividends

Dividends declared and paid on a per share basis were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Dividends declared	$	0.14	$	0.13	$	0.42	$	0.39
Dividends paid	$	0.14	$	0.13	$	0.42	$	0.39

On October 1, 2021, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.14 per share, which was paid on October 28, 2021, to shareholders of record at the close of business on October 15, 2021.

11.  Earnings Per Share

The following table sets forth the reconciliation from basic to diluted average common shares and the calculations of net income per common share.  Net income for basic and diluted calculations do not differ.

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share)	2021		2020		2021		2020
Net Income	$	17,519	$	20,033	$	61,018	$	48,550
Average Common Shares:
Basic (weighted-average outstanding shares)	11,842		11,788		11,835		11,776
Dilutive potential common shares from stock options	58		63		60		64
Diluted (weighted-average outstanding shares)	11,900		11,851		11,895		11,840
Basic earnings per share	$	1.48	$	1.70	$	5.16	$	4.12
Diluted earnings per share	$	1.47	$	1.69	$	5.13	$	4.10

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12.  Revenue and Segment Information

Revenues from Contracts with Customers

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

Revenue by Product Type
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Net Sales
Wholegoods	$	251,712	$	212,918	$	761,674	$	663,306
Parts	74,009		71,419		201,601		188,712
Other	12,590		7,422		33,775		22,824
Consolidated	$	338,311	$	291,759	$	997,050	$	874,842

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

Revenue by Geographical Location
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Net Sales
United States	$	249,024	$	216,550	$	710,814	$	651,226
France	21,236		20,075		69,252		58,686
Canada	15,499		16,392		60,383		44,789
United Kingdom	15,524		14,127		43,840		38,135
Netherlands	6,624		5,547		22,789		19,433
Brazil	9,212		3,937		23,396		12,200
Australia	4,999		2,587		14,588		7,777
Germany	2,665		2,233		6,497		7,081
Other	13,528		10,311		45,491		35,515
Consolidated	$	338,311	$	291,759	$	997,050	$	874,842

Net sales are attributed to countries based on the location of the customer.

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Segment Information

The following includes a summary of the unaudited financial information by reporting segment at September 30, 2021:  

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Net Sales
Industrial	$	218,988	$	196,241	$	662,106	$	608,473
Agricultural	119,323		95,518		334,944		266,369
Consolidated	$	338,311	$	291,759	$	997,050	$	874,842
Income from Operations
Industrial	$	15,951	$	19,238	$	52,004	$	51,453
Agricultural	14,092		11,685		37,067		25,987
Consolidated	$	30,043	$	30,923