Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Reporting Information by Segment

Summarized segment detail for the quarters and six months ended June 30, 2023 and 2022 are presented in the following table:

	For the Quarter Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Net Sales
Material Handling	$	143,295		$	173,090		$	295,857		$	349,726
Distribution		65,173			60,075			128,358			108,936
Inter-company sales		(15	)		(9	)		(23	)		(20	)
Total net sales	$	208,453		$	233,156		$	424,192		$	458,642
Operating income
Material Handling	$	24,828		$	28,034		$	50,179		$	59,254
Distribution (2)		3,398			4,269			5,635			7,570
Corporate(1) (2) (3)		(12,084	)		(9,686	)		(20,715	)		(19,802	)
Total operating income		16,142			22,617			35,099			47,022
Interest expense, net		(1,790	)		(1,211	)		(3,436	)		(2,358	)
Income before income taxes	$	14,352		$	21,406		$	31,663		$	44,664

(1) The company recognized $1.8 million and $0.6 million of expense to the estimated environmental reserve, net of probable insurance recoveries for the quarters ended June 30, 2023 and 2022, respectively, and $2.3 million and $1.3 million for the six months ended June 30, 2023 and 2022, respectively, as described in Note 10. Environmental charges are not included in segment results and are shown with Corporate.

(2) In the three and six months ended June 30, 2023 the company recognized $0.7 million of executive severance, of which $0.4 million was recognized in the Distribution Segment related to severance and benefits and $0.3 million was recognized in Corporate related to charges for the acceleration of stock compensation.

(3) Corporate includes $1.3 million of consulting costs to improve the Company's capabilities to screen and execute large acquisitions in the three and six months ended June 30, 2023.