XML 56 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Financial Information for the Company's Reportable Segments
Financial information for the Company's segments and reconciliations of that information to the consolidated financial statements is presented below.
Year Ended December 31,
(in thousands)20232022
Revenue
Lawson(1)
$468,711 $324,783 
TestEquity641,768 392,358 
Gexpro Services405,733 385,326 
All Other(2)
55,890 48,955 
Intersegment revenue elimination(1,700)— 
Total revenue$1,570,402 $1,151,422 
Operating income (loss)
Lawson(1)
$32,498 $6,536 
TestEquity(16,465)11,375 
Gexpro Services27,000 21,291 
All Other(2)
(42)2,584 
Total operating income (loss)$42,991 $41,786 
(1)    Includes the operating results of Lawson only subsequent to the Merger Date of April 1, 2022 and not Lawson operating results prior to the Mergers.
(2)    Includes the operating results of All Other only subsequent to the Merger Date of April 1, 2022 and not All Other operating results prior to the Mergers.

Segment revenue includes revenue from sales to external customers and intersegment revenue from sales transactions between segments. The Company accounts for intersegment sales similar to third party transactions that are conducted on an arm's-length basis and reflect current market prices. Intersegment revenue is eliminated in consolidation and is not included in consolidated revenue on the financial statements. Segment revenue and the elimination of intersegment revenue was as follows:
(in thousands)LawsonTestEquityGexpro ServicesAll OtherEliminationTotal
Year Ended December 31, 2023
Revenue from external customers$468,379 $641,643 $404,490 $55,890 $— $1,570,402 
Intersegment revenue332 125 1,243 — (1,700)— 
Revenue$468,711 $641,768 $405,733 $55,890 $(1,700)$1,570,402 
Year Ended December 31, 2022
Revenue from external customers$324,783 $392,358 $385,326 $48,955 $— $1,151,422 
Intersegment revenue— — — — — — 
Revenue$324,783 $392,358 $385,326 $48,955 $— $1,151,422 
Long-lived assets, which includes property, plant and equipment, rental equipment, goodwill, intangibles, right of use operating lease assets, and other assets, were as follows:
December 31,
(in thousands)20232022
Long-lived assets by segment
Lawson$312,136 $324,732 
TestEquity378,348 201,919 
Gexpro Services141,797 152,720 
All Other42,132 40,696 
Total$874,413 $720,067 
Long-lived assets by geographic area
United States$765,160 $580,870 
Canada72,054 70,561 
Europe32,997 67,957 
Pacific Rim417 — 
Latin America3,785 679 
Total$874,413 $720,067 

Refer to Note 4 – Revenue Recognition for disaggregated revenue by geographic area.

Capital expenditures and depreciation and amortization by segment were as follows:
Year Ended December 31,
(in thousands)20232022
Capital expenditures
Lawson(1)
$6,626 $3,737 
TestEquity2,955 250 
Gexpro Services5,053 3,809 
All Other(2)
703 511 
Total$15,337 $8,307 
Depreciation and amortization
Lawson(1)
$19,532 $10,594 
TestEquity26,002 17,480 
Gexpro Services15,986 15,175 
All Other(2)
2,068 1,937 
Total$63,588 $45,186 
(1)    Includes Lawson's activities only subsequent to the Merger Date of April 1, 2022 and not prior to the Mergers.
(2)    Includes the activities of All Other only subsequent to the Merger Date of April 1, 2022 and not prior to the Mergers.