Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Reporting Information by Segment

Summarized segment detail for the quarters and six months ended June 30, 2024 and 2023 are presented in the following table:

	For the Quarter Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Net Sales
Material Handling	$	166,008		$	143,295		$	318,233		$	295,857
Distribution		54,265			65,173			109,159			128,358
Inter-company sales		(37	)		(15	)		(54	)		(23	)
Total net sales	$	220,236		$	208,453		$	427,338		$	424,192
Operating income
Material Handling (2) (3) (4)	$	28,701		$	24,828		$	50,957		$	50,179
Distribution (4) (5)		2,179			3,398			2,784			5,635
Corporate (1) (3) (5)		(7,152	)		(12,084	)		(19,134	)		(20,715	)
Total operating income		23,728			16,142			34,607			35,099
Interest expense, net		(9,006	)		(1,790	)		(15,085	)		(3,436	)
Income before income taxes	$	14,722		$	14,352		$	19,522		$	31,663

(1) The Company recognized $0.1 million and $1.8 million of expense to the estimated environmental reserve, net of probable insurance recoveries for the quarters ended June 30, 2024 and 2023, respectively, and $(0.2) million and $2.3 million for the six months ended June 30, 2024 and 2023, respectively, as described in Note 10. Environmental charges are not included in segment results and are shown with Corporate.

(2) The Company recognized $1.3 million and $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the quarter and six months ended June 30, 2024, related to the reporting of inventory at fair value in conjunction with the acquisition of Signature, as described in Note 3.

(3) The Company incurred $0.7 million and $4.1 million of acquisition related costs associated with the Signature acquisition, as described in Note 3, for the quarter and six months ended June 30, 2024, of which $0.5 million and $3.8 million are included in Corporate and $0.2 million and $0.3 million are included in Material Handling's results, for the quarter and six months ended June 30, 2024, respectively. Corporate costs also 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.

(4) The Company incurred $3.0 million and $3.2 million of restructuring costs associated with the restructuring initiatives described in Note 4, for the quarter and six months ended June 30, 2024, of which $2.2 million and $2.5 million are included in Material Handling and $0.8 million and $0.8 million are included in Distribution's results, for the quarter and six months ended June 30, 2024, respectively.

(5) 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.