Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Reporting Information by Segment

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

	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Net Sales
Material Handling	$	150,718		$	132,484		$	468,951		$	428,341
Distribution		54,384			65,335			163,543			193,693
Inter-company sales		(35	)		(21	)		(89	)		(44	)
Total net sales	$	205,067		$	197,798		$	632,405		$	621,990
Operating income (loss)
Material Handling (2) (3) (4) (6)	$	886		$	19,978		$	51,843		$	70,157
Distribution (4) (5)		2,131			4,993			4,915			10,628
Corporate (1) (3) (4) (5)		(7,781	)		(6,268	)		(26,915	)		(26,983	)
Total operating income (loss)		(4,764	)		18,703			29,843			53,802
Interest expense, net		(8,091	)		(1,539	)		(23,176	)		(4,975	)
Income (loss) before income taxes	$	(12,855	)	$	17,164		$	6,667		$	48,827

(1) The Company recognized $(0.5) million and $(0.1) million of expense (income) to the estimated environmental reserve, net of probable insurance recoveries for the quarters ended September 30, 2024 and 2023, respectively, and $(0.7) million and $2.2 million for the nine months ended September 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 $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the nine months ended September 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 $0.3 million and $4.4 million of acquisition related costs associated with the Signature acquisition, as described in Note 3, for the quarter and nine months ended September 30, 2024, respectively, of which $0.3 million and $4.1 million are included in Corporate, for the quarter and nine months ended September 30, 2024, respectively and $0.3 million is included in Material Handling's results, for the nine months ended September 30, 2024. Corporate costs also include $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.

(4) The Company incurred $2.0 million and $5.3 million of restructuring costs associated with the restructuring initiatives described in Note 4, for the quarter and nine months ended September 30, 2024, of which $1.4 million and $3.9 million are included in Material Handling, $0.2 million and $1.0 million are included in Distribution's results and $0.4 million is included in Corporate's results, for the quarter and nine months ended September 30, 2024, respectively.

(5) The Company recognized $1.4 million of executive severance which is included in Corporate's results for the quarter and nine months ended September 30, 2024. 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 benefits and $0.3 million was recognized in Corporate related to charges for the acceleration of stock compensation.

(6) The Company recognized $22.0 million of non-cash impairment charges, as described in Note 7, for the quarter and nine months ended September 30, 2024, which are included in Material Handling's results.