Revenue and Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

REVENUE AND SEGMENT REPORTING

REVENUE AND SEGMENT REPORTING

Disaggregation of revenue is presented in the tables below by product type. Management has determined that this level of disaggregation would be beneficial to users of the financial statements.

Revenue by Product Type
	December 31,
(in thousands)	2023		2022		2021
Net Sales
Wholegoods	$	1,347,264	$	1,185,885	$	1,024,158
Parts	286,164		280,261		262,432
Other *	56,223		47,470		47,633
Consolidated	$	1,689,651	$	1,513,616	$	1,334,223

    *Other includes rental sales, extended warranty sales and service sales as it is considered immaterial.

The Company’s sales are principally within the United States, United Kingdom, France, Canada, Brazil, Netherlands and Australia. The Company sells its products primarily through a network of independent dealers and distributors to governmental end-users, related independent contractors, as well as to the agricultural and commercial turf markets.

The Company has included a summary of the financial information by reporting segment. The following table presents the revenue and income from operations by reporting segment for the years ended December 31, 2023, 2022, and 2021:

 

	December 31,
(in thousands)	2023		2022		2021
Net Revenue
Vegetation Management	$	979,040	$	937,065	$	812,676
Industrial Equipment	710,611		576,551		521,547
Consolidated	$	1,689,651	$	1,513,616	$	1,334,223
Income from Operations
Vegetation Management	$	122,084	$	108,508	$	78,917
Industrial Equipment	75,883		40,084		38,021
Consolidated	$	197,967	$	148,592	$	116,938

The following table presents the goodwill and total identifiable assets by reporting segment for the years ended December 31, 2023 and 2022:

 

	December 31,
(in thousands)	2023		2022
Goodwill
Vegetation Management	$	128,899	$	127,562
Industrial Equipment	77,637		68,296
Consolidated	$	206,536	$	195,858
Identifiable Assets
Vegetation Management	$	893,582	$	866,974
Industrial Equipment	515,804		441,534
Consolidated	$	1,409,386	$	1,308,508