Segment Information

3 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The accounting policies of the Company’s reportable segments are generally the same as those used to prepare the condensed consolidated financial statements. LIFO expense of $1,976 and $4,591 in the three months ended September 30, 2024 and 2023, respectively, is recorded in cost of sales in the condensed statements of income, and is included in operating income for the related reportable segment, as the Company allocates LIFO expense between the segments. Intercompany sales, primarily from the Engineered Solutions segment to the Service Center Based Distribution segment, of $13,299 and $12,318, in the three months ended September 30, 2024 and 2023, respectively, have been eliminated in the Segment Financial Information tables below.

Three Months Ended	Service Center Based Distribution		Engineered Solutions		Total
September 30, 2024
Net sales	$	749,739	$	349,205	$	1,098,944
Operating income for reportable segments	94,627		48,145		142,772
Assets used in the segment	1,894,467		1,108,744		3,003,211
Depreciation and amortization of property	4,419		1,505		5,924
Capital expenditures	4,435		1,114		5,549
September 30, 2023
Net sales	$	746,533	$	348,655	$	1,095,188
Operating income for reportable segments	96,881		49,595		146,476
Assets used in the segment	1,749,309		1,001,202		2,750,511
Depreciation and amortization of property	4,436		1,281		5,717
Capital expenditures	3,634		706		4,340

A reconciliation of operating income for reportable segments to the condensed consolidated income before income taxes is as follows:

	Three Months Ended
	September 30,
	2024		2023
Operating income for reportable segments	$	142,772	$	146,476
Adjustment for:
Intangible amortization—Service Center Based Distribution	802		677
Intangible amortization—Engineered Solutions	6,798		6,716
Corporate and other expense, net	22,000		18,403
Total operating income	113,172		120,680
Interest (income) expense, net	(627)		1,320
Other (income) expense, net	(2,281)		431
Income before income taxes	$	116,080	$	118,929

Corporate and other expense, net reflect expenses being allocated to the segments including corporate charges for working capital, logistics support, and other items.