Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Reporting Information by Segment

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

	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
	2023			2022			2023			2022
Net Sales
Material Handling	$	132,484		$	155,658		$	428,341		$	505,384
Distribution		65,335			72,416			193,693			181,352
Inter-company sales		(21	)		(9	)		(44	)		(29	)
Total net sales	$	197,798		$	228,065		$	621,990		$	686,707
Operating income
Material Handling	$	19,978		$	23,962		$	70,157		$	83,216
Distribution (1)		4,993			4,899			10,628			12,469
Corporate (1) (2) (3)		(6,268	)		(8,964	)		(26,983	)		(28,766	)
Total operating income		18,703			19,897			53,802			66,919
Interest expense, net		(1,539	)		(1,719	)		(4,975	)		(4,077	)
Income before income taxes	$	17,164		$	18,178		$	48,827		$	62,842

(1) In the nine months ended September 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 $0.3 million was recognized in Corporate related to charges for the acceleration of stock compensation.

(2) The company recognized $(0.1) million and $1.5 million of expense (income) from changes to the estimated environmental reserve, net of probable insurance recoveries for the quarters ended September 30, 2023 and 2022, respectively, and $2.2 million and $2.8 million for the nine months ended September 30, 2023 and 2022, respectively, as described in Note 10. Environmental charges are not included in segment results and are shown with Corporate.

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