DXP ENTERPRISES INC, 10-K filed on 3/10/2025
Annual Report
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COVER - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Mar. 03, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 0-21513    
Entity Registrant Name DXP Enterprises, Inc.    
Entity Incorporation, State or Country Code TX    
Entity Address, Address Line One 5301 Hollister    
Entity Address, City or Town Houston    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 77040    
Entity Tax Identification Number 76-0509661    
City Area Code 713    
Local Phone Number 996-4700    
Title of 12(b) Security Common Stock par value $0.01    
Trading Symbol DXPE    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 588.7
Entity Common Stock, Shares Outstanding   15,695,088  
Documents Incorporated by Reference
Portions of the definitive proxy statement for our 2025 annual meeting of shareholders are incorporated by reference into Part III hereof. The 2025 proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
    
Entity Central Index Key 0001020710    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
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AUDIT INFORMATION
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Firm ID 238
Auditor Location Houston, Texas
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Sales $ 1,802,040 $ 1,678,600 $ 1,480,832
Cost of sales 1,245,763 1,173,309 1,058,794
Gross profit 556,277 505,291 422,038
Selling, general and administrative expenses 410,895 366,569 324,286
Income from operations 145,382 138,722 97,752
Interest expense 63,927 53,146 29,135
Other (income) expense, net (3,517) (1,355) 2,716
Income before income taxes 84,972 86,931 65,901
Provision for income taxes 14,483 18,119 17,799
Net income 70,489 68,812 48,102
Net loss attributable to noncontrolling interest 0 0 (53)
Net income attributable to DXP Enterprises, Inc. 70,489 68,812 48,155
Preferred stock dividend 90 90 90
Net income attributable to common shareholders 70,399 68,722 48,065
Net income 70,489 68,812 48,102
Foreign currency translation adjustments (2,370) 435 (2,393)
Comprehensive income $ 68,119 $ 69,247 $ 45,709
Earnings per share (Note 12):      
Basic (in dollars per share) $ 4.44 $ 4.07 $ 2.58
Diluted (in dollars per share) $ 4.22 $ 3.89 $ 2.47
Weighted average common shares outstanding:      
Basic (in shares) 15,861 16,870 18,631
Diluted (in shares) 16,701 17,710 19,471
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash $ 148,320 $ 173,120
Restricted cash 91 91
Accounts receivable, net of allowance of $5,172 and $5,584, respectively 339,365 311,171
Inventories 103,113 103,805
Costs and estimated profits in excess of billings 50,735 42,323
Prepaid expenses and other current assets 20,250 18,044
Total current assets 661,874 648,554
Property and equipment, net 81,556 61,618
Goodwill 452,343 343,991
Other intangible assets, net 85,679 63,895
Operating lease right of use assets, net 46,569 48,729
Other long-term assets 21,473 10,649
Total assets 1,349,494 1,177,436
Current liabilities:    
Current maturities of debt 6,595 5,500
Trade accounts payable 103,728 96,469
Accrued wages and benefits 41,650 36,238
Customer advances 13,655 12,160
Billings in excess of costs and estimated profits 12,662 9,506
Short-term operating lease liabilities 14,921 15,438
Other current liabilities 50,773 48,854
Total current liabilities 243,984 224,165
Long-term debt, net of unamortized debt issuance costs and discounts 621,684 520,697
Long-term operating lease liabilities 33,159 34,336
Other long-term liabilities 27,879 17,359
Total long-term liabilities 682,722 572,392
Total liabilities 926,706 796,557
Commitments and Contingencies (Note 17)
Shareholders' Equity:    
Common stock, $0.01 par value, 100,000,000 shares authorized; 20,402,861 issued and 15,695,088 outstanding at December 31, 2024 and 20,319,226 issued and 16,177,237 outstanding at December 31, 2023 204 345
Additional paid-in capital 219,511 216,482
Retained earnings 389,670 319,271
Accumulated other comprehensive loss (33,610) (31,240)
Treasury stock, at cost 4,707,773 and 4,141,989 shares, respectively (153,003) (123,995)
Total DXP Enterprises, Inc. equity 422,788 380,879
Total liabilities and equity 1,349,494 1,177,436
Series A preferred Stock    
Shareholders' Equity:    
Series A preferred stock, $1.00 par value; 1,000,000 shares authorized. Series B preferred stock, $1.00 par value; 1,000,000 shares authorized 1 1
Series B convertible preferred stock    
Shareholders' Equity:    
Series A preferred stock, $1.00 par value; 1,000,000 shares authorized. Series B preferred stock, $1.00 par value; 1,000,000 shares authorized $ 15 $ 15
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Allowances for doubtful accounts $ 5,172 $ 5,584
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares, issued (in shares) 20,402,861 20,319,226
Common stock, shares outstanding (in shares) 15,695,088 16,177,237
Treasury stock, at cost (in shares) 4,707,773 4,141,989
Series A preferred Stock    
Preferred stock, par value (in dollars per share) $ 1.00 $ 1.00
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Series B convertible preferred stock    
Preferred stock, par value (in dollars per share) $ 1.00 $ 1.00
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 70,489 $ 68,812 $ 48,102
Reconciliation of net income to net cash provided by operating activities:      
Depreciation 9,019 8,423 9,585
Amortization of intangibles and fixed assets 24,386 21,682 18,915
Amortization of debt issuance costs 3,646 2,991 1,842
(Recovery of) provision for credit losses (887) (885) 659
Payment of contingent consideration liability in excess of acquisition-date fair value (108) (160) (781)
Fair value adjustment on contingent consideration 745 1,738 2,311
Loss on debt extinguishment 494 1,201 0
Restricted stock compensation expense 4,714 3,072 1,850
Deferred income taxes (14,990) (9,059) (7,541)
Loss on sale of interest in VIE 0 0 1,193
Changes in operating assets and liabilities, net of effects of businesses acquired:      
Accounts receivable (12,552) 13,293 (93,940)
Cost and estimated profits in excess of billings (8,506) (18,720) (6,429)
Inventories 8,432 (2,026) 2,072
Prepaid expenses and other assets 7,655 9,666 (11,865)
Accounts payable and accrued expenses 7,547 10,604 35,965
Billings in excess of costs and estimated profits 3,263 (916) 6,858
Other long-term liabilities (1,136) (3,494) (2,902)
Net cash provided by operating activities 102,211 106,222 5,894
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (25,068) (12,263) (4,916)
Acquisition of businesses, net of cash acquired (156,624) (10,384) (48,506)
Net cash used in investing activities (181,692) (22,647) (53,422)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings on asset-backed credit facility 6,000 7,870 827,152
Repayments on asset-backed credit facility (6,000) (7,870) (827,152)
Proceeds from debt 649,500 550,000 105,000
Principal debt payments (550,249) (429,508) (3,567)
Debt issuance costs (2,309) (12,061) (8,398)
Shares repurchased held in treasury (29,007) (56,215) (47,872)
Payment for acquisition contingent consideration liability (5,000) (5,673) (469)
Preferred stock dividends paid (90) (90) (90)
Payment for employee taxes withheld from stock awards (1,826) (527) (292)
Principal payments on finance leases (4,216) (2,347) 0
Net cash provided by financing activities 56,803 43,579 44,312
Effect of foreign currency on cash (2,122) (60) 253
Net change in cash and restricted cash (24,800) 127,094 (2,963)
Cash and restricted cash at beginning of year 173,211 46,117 49,080
Cash and restricted cash at end of year $ 148,411 $ 173,211 $ 46,117
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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Preferred Stock
Series A preferred Stock
Preferred Stock
Series B preferred Stock
Common Stock
Paid-in Capital
Retained earnings
Accum Other Comp Loss
Treasury stock
Non controlling interest
Beginning Balance at Dec. 31, 2021 $ 346,727 $ 1 $ 15 $ 195 $ 206,772 $ 202,484 $ (29,282) $ (33,511) $ 53
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Preferred dividends paid (90)         (90)      
Compensation expense for restricted stock 1,850       1,850        
Tax related items for share based awards (292)       (292)        
Issuance of shares of common stock 5,757     150 5,607        
Currency translation adjustment (2,393)           (2,393)    
Repurchases of shares (34,269)             (34,269)  
Net income (loss) 48,102         48,155     (53)
Ending Balance at Dec. 31, 2022 365,392 1 15 345 213,937 250,549 (31,675) (67,780) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Preferred dividends paid (90)         (90)      
Compensation expense for restricted stock 3,072       3,072        
Tax related items for share based awards (527)       (527)        
Currency translation adjustment 435           435    
Repurchases of shares (55,696)             (55,696)  
Excise tax on share repurchases (519)             (519)  
Net income (loss) 68,812         68,812      
Ending Balance at Dec. 31, 2023 380,879 1 15 345 216,482 319,271 (31,240) (123,995) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Preferred dividends paid (90)         (90)      
Compensation expense for restricted stock 4,714       4,714        
Tax related items for share based awards (1,826)       (1,826)        
Other 0     (141) 141        
Currency translation adjustment (2,370)           (2,370)    
Repurchases of shares (28,783)             (28,783)  
Excise tax on share repurchases (225)             (225)  
Net income (loss) 70,489         70,489      
Ending Balance at Dec. 31, 2024 $ 422,788 $ 1 $ 15 $ 204 $ 219,511 $ 389,670 $ (33,610) $ (153,003) $ 0
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THE COMPANY
 12 Months Ended
Dec. 31, 2024
THE COMPANY [Abstract]  
THE COMPANY THE COMPANY
DXP Enterprises, Inc. together with its subsidiaries (collectively “DXP,” “Company,” “us,” “we,” or “our”) was incorporated in Texas on July 26, 1996. The Company and its subsidiaries are engaged in the business of distributing maintenance, repair and operating (MRO) products, and service to customers serving a variety of end markets. Additionally, the Company provides integrated, custom pump skid packages, pump remanufacturing and manufactures branded private label pumps to energy and industrial customers. The Company is organized into three business segments: Service Centers (“SC”), Innovative Pumping Solutions (“IPS”), and Supply Chain Services (“SCS”). See Note 20 - Segment Reporting for discussion of the business segments.
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SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES
Basis of Presentation
The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries.

Certain reclassifications were made to the prior year’s consolidated financial statements to conform to the current year presentation. Such reclassifications did not have a material effect on our consolidated statements of operations and comprehensive income, balance sheets, cash flows or equity.

The Company was the primary beneficiary of a VIE in which it owned 47.5% of the VIE's equity. The Company consolidated the VIE within its financial statements. In November 2022, the Company sold its interest in the VIE and ceased the consolidation of the VIE within the Company's financial statements. The losses associated with the VIE that occurred prior to the deconsolidation are included in the consolidated statements of operations and comprehensive income. These losses were $0.2 million for the year ended December 31, 2022.

All intercompany accounts and transactions have been eliminated in consolidation.

Business Combinations
We allocate the total purchase price of a business combination to the assets acquired and the liabilities assumed based on their estimated fair values at the acquisition date, with the excess purchase price recorded as goodwill. For material acquisitions, we engage third-party valuation specialists to assist us in determining the fair value of the assets acquired and liabilities assumed, including goodwill, based on recognized business valuation methodologies. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate in the reporting period in which the adjustment amounts are determined based on facts and circumstances that existed as of the acquisition date, as applicable. Generally, we use an income valuation method to estimate the fair value of the assets acquired or liabilities assumed in a business combination. However, a market or cost valuation method may be utilized.

We expense acquisition-related costs as incurred in connection with each business combination.

Foreign Currency
The financial statements of the Company’s Canadian subsidiaries are measured using local currencies as their functional currencies. Assets and liabilities are translated into U.S. dollars at current exchange rates, while income and expenses are translated at average exchange rates. Translation gains and losses are reported in other comprehensive income (loss). Gains and losses on transactions denominated in foreign currency are reported in the consolidated statements of operations and comprehensive income (loss).
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.

Cash
The Company places its cash with institutions with high credit quality. However, at certain times, such cash may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not historically experienced any losses when in excess of these limits.

Receivables and Credit Risk
Trade receivables consist primarily of uncollateralized customer obligations due under normal trade terms, which usually require payment within 30 days of the invoice date. However, these payment terms are extended in select cases and customers may not pay within stated trade terms.

The Company has trade receivables from a diversified customer base located primarily in the Rocky Mountain, Northeastern, Midwestern, Southeastern and Southwestern regions of the U.S. and Canada. The Company believes no significant concentration of credit risk exists. The Company evaluates the creditworthiness of its customers' financial positions and monitors accounts on a regular basis. Provisions to the allowance for doubtful accounts are made monthly and adjustments are made periodically based upon management’s best estimate of the collectability of such accounts under the current expected credit losses model. The Company writes-off uncollectible trade accounts receivable when the accounts are determined to be uncollectible. No customer represents more than 10% of consolidated sales.

Changes in this allowance for 2024 and 2023 are as follows (in thousands):
 20242023
Beginning balance, January 1
$5,584 $7,610 
(Recoveries) Charges to expense
(887)(885)
Foreign currency translation
(42)13 
Write-offs
517 (1,154)
Ending balance, December 31
$5,172  $5,584 
Inventories
Inventories are made up of equipment purchased for resale, and materials utilized in the fabrication of industrial and wastewater equipment stated at lower of cost and net realizable value, primarily determined using the weighted average cost method. The Company regularly reviews inventory and records provisions for the difference between cost and net realizable value arising from excess and obsolete items on hand based upon the aging of the inventories, market trends, and continued demand.

The carrying values of inventories are as follows (in thousands):
December 31,
 20242023
Finished goods$89,780 $94,031 
Work in process13,333 9,774 
Inventories$103,113 $103,805 

Property and Equipment
Property and equipment are recorded on a historical cost basis. Depreciation of property and equipment is computed using the straight-line method over their estimated useful lives. Maintenance and repairs of depreciable assets are charged against earnings as incurred. When properties are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and gains or losses are credited or charged to earnings.
The principal estimated useful lives used in determining depreciation are as follows:
Buildings
20-39 years
Building improvements
10-20 years
Furniture, fixtures and equipment
3-20 years
Leasehold improvementsShorter of estimated useful life or related lease term
Impairment of Goodwill and Other Intangible Assets
The Company tests goodwill for impairment on an annual basis on October 1st and when events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company assigns the carrying value of these intangible assets to its reporting units and applies the test for goodwill at the reporting unit level. A reporting unit is defined as an operating segment or one level below a segment (a “component”) if the component is a business and discrete information is prepared and reviewed regularly by segment management.

The Company’s goodwill impairment assessment first permits evaluating qualitative factors to determine if a reporting unit's carrying value would more likely than not exceed its fair value. If the Company concludes, based on the qualitative assessment, that a reporting unit's carrying value would more likely than not exceed its fair value, the Company would perform a quantitative test for that reporting unit. Should the reporting unit's carrying amount exceed the fair value, then an impairment charge for the excess would be recognized. The impairment charge is limited to the amount of goodwill allocated to the reporting unit and goodwill will not be reduced below zero. The Company performed qualitative tests and determined no impairment of goodwill was required for the years ended December 31, 2024, 2023 and 2022.

Impairment of Long-Lived Assets, Excluding Goodwill
The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. No impairment of long-lived assets was required for the years ended December 31, 2024, 2023 and 2022.

Revenue Recognition
The Company primarily provides purchased products distributed through its branch of local Service Centers and provides services through its local branch network and recognizes revenue at a point in time when control of the product or service performed transfers to the customer, typically upon shipment or completion from a DXP facility or directly from a supplier. Revenue is measured at the amount of consideration expected to be received in exchange for the products and services provided, net of allowances for product returns, and any taxes collected from customers that will be remitted to governmental authorities. The Service Centers segment primarily provides a wide range of maintenance, repair and operating (MRO) products, equipment and integrated services, including logistics capabilities, to industrial customers. The Supply Chain Services segment also provides a wide range of MRO products as well as manages all or part of various customers' supply chain, including warehouse and inventory management services. Revenue is recognized upon the completion of our performance obligation(s) under the sales agreement. The majority of the Service Centers and Supply Chain Services segment revenues originate from the satisfaction of a single performance obligation--the delivery of products. Revenues are recognized when an agreement is in place, the performance obligations under the contract have been satisfied, and the price or consideration to be received is fixed and allocated to the performance obligation(s) in the contract. We believe our performance obligation has been satisfied when title passes to the customer or services have been rendered under the contract. Revenues are recorded net of sales taxes. The Company reserves for potential customer returns based upon historical levels.
The Company also assembles, kits, and fabricates custom-made pump packages, remanufactures pumps, and manufactures branded private label pumps substantially within our Innovative Pumping Solutions segment. For binding agreements to assemble, fabricate and direct tangible assets to customer specifications, the Company recognizes revenues over time when the customer is able to direct the use of and obtain substantially all of the benefits of the work performed. This occurs when the products have no alternative use for us and we have a right to payment for the work completed to date plus a reasonable profit margin. Contracts include cancellation provisions that require the customer to reimburse us for costs incurred through the date of cancellation. We recognize revenue for these contracts using the percentage of completion method, an “input method” as defined by ASC 606, “Revenue from Contracts with Customers”. Under this method, we recognize sales and profit based upon the cost-to-cost method, in which sales and profit are recorded based upon the ratio of costs incurred to estimated total costs to complete the asset. The percentage-of-completion method of accounting requires the Company to estimate the project costs at completion. Revenues are estimated based upon the original contract price and change orders. Contract costs may be incurred over a period of several months, and the estimation of these costs requires judgment based upon the acquired knowledge and experience of program managers, engineers, and finance professionals. Estimated costs are based primarily on purchase contract terms and estimated cost of materials, labor productivity and cost, and overhead. Percentage of completion revenues were $293.3 million, $311.0 million, and $213.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Shipping and Handling Costs
The Company classifies shipping and handling charges billed to customers as sales. Shipping and handling charges paid to others are classified as a component of cost of sales.

Cost of Sales and Selling, General and Administrative Expense
Cost of sales includes product and product related costs, inbound freight charges, internal transfer costs, and depreciation. Selling, general and administrative expense includes purchasing and receiving costs, inspection costs, warehousing costs, depreciation, and amortization.

Income Taxes
The Company utilizes the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and income tax bases of assets and liabilities. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to reverse. Valuation allowances are established to reduce deferred income tax assets to the amounts expected to be realized under a more likely than not criterion.

Accounting for Uncertainty in Income Taxes
A position taken or expected to be taken in a tax return is recognized in the financial statements when it is more likely than not (i.e. a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal, state and local tax examination by tax authorities for years prior to 2015. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter.

Comprehensive Income
Comprehensive income includes net income and foreign currency translation adjustments. The Company’s other comprehensive income is from translating foreign subsidiaries to the reporting currency.
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RECENT ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS
All new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will likely result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.
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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
We lease office space, warehouses, land, automobiles, office, and manufacturing equipment. Some of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Our lease agreements may include options to purchase the leased property. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements.

The following table presents components of lease cost (in thousands):

 
Twelve Months Ended December 31,
 202420232022
Operating lease costs
$21,210 $21,575 $24,371 
Finance lease costs:
Amortization of assets
4,559 3,451 — 
Interest on lease liabilities
1,108 595 — 
Total finance lease costs
5,667 4,046 — 
Total operating and finance lease costs$26,877 $25,621 $24,371 

The following table presents supplemental cash flow information related to leases (in thousands):
Twelve Months Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases
$20,886 $21,823 $20,584 
Operating cash flows - finance leases
1,088 595 — 
Financing cash flows - finance leases
$4,216 $2,347 $— 
The following table presents the consolidated balance sheet location of assets and liabilities related to operating and finance leases (in thousands):
December 31,
Balance Sheet Location
20242023
Operating
Operating lease right of use assets, net
$46,569 $48,729 
Finance
Property and equipment, net
15,829 11,720 
Total lease assets
$62,398 $60,449 
Current operating
Short-term operating lease liabilities14,921 15,438 
Non-current operating
Long-term operating lease liabilities33,159 34,336 
Current finance
Other current liabilities
5,321 3,329 
Non-current finance
Other long-term liabilities
11,055 8,575 
Total lease liabilities$64,456 $61,678 

As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

As of December 31, 2024 maturities of lease liabilities are as follows (in thousands):

Finance
Operating
2025$6,451 $18,126 
20265,891 14,362 
20274,246 10,268 
20281,847 6,662 
2029188 2,741 
Thereafter— 4,068 
Total future lease payments
18,623 56,227 
Less: imputed interest2,247 8,147 
Total lease liability balance
$16,376 $48,080 

The following table presents cash paid for leases, assets exchanged for operating and finance leases, and weighted average remaining lease terms, and discount rates:

December 31,
20242023
Cash paid for operating leases
$20,886 $21,823 
Cash paid for finance leases
$4,216 $2,347 
Assets obtained in exchange for operating lease obligations, initial recognition
$4,551 $5,556 
Assets obtained in exchange for finance lease obligations
$8,441 $15,171 
Weighted-average remaining lease term - operating leases
3.9 years
4.1 years
Weighted-average remaining lease term - finance leases
3.2 years3.5 years
Weighted average discount rate - operating leases
8.1%6.8%
Weighted-average discount rate - finance leases
8.5%7.5%

The Company incurred approximately $1.9 million, $1.8 million, and $1.9 million in lease expenses to entities controlled by the Company's Chief Executive Officer and family for the years ended December 31, 2024, 2023 and 2022, respectively.
LEASES LEASES
We lease office space, warehouses, land, automobiles, office, and manufacturing equipment. Some of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Our lease agreements may include options to purchase the leased property. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements.

The following table presents components of lease cost (in thousands):

 
Twelve Months Ended December 31,
 202420232022
Operating lease costs
$21,210 $21,575 $24,371 
Finance lease costs:
Amortization of assets
4,559 3,451 — 
Interest on lease liabilities
1,108 595 — 
Total finance lease costs
5,667 4,046 — 
Total operating and finance lease costs$26,877 $25,621 $24,371 

The following table presents supplemental cash flow information related to leases (in thousands):
Twelve Months Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases
$20,886 $21,823 $20,584 
Operating cash flows - finance leases
1,088 595 — 
Financing cash flows - finance leases
$4,216 $2,347 $— 
The following table presents the consolidated balance sheet location of assets and liabilities related to operating and finance leases (in thousands):
December 31,
Balance Sheet Location
20242023
Operating
Operating lease right of use assets, net
$46,569 $48,729 
Finance
Property and equipment, net
15,829 11,720 
Total lease assets
$62,398 $60,449 
Current operating
Short-term operating lease liabilities14,921 15,438 
Non-current operating
Long-term operating lease liabilities33,159 34,336 
Current finance
Other current liabilities
5,321 3,329 
Non-current finance
Other long-term liabilities
11,055 8,575 
Total lease liabilities$64,456 $61,678 

As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

As of December 31, 2024 maturities of lease liabilities are as follows (in thousands):

Finance
Operating
2025$6,451 $18,126 
20265,891 14,362 
20274,246 10,268 
20281,847 6,662 
2029188 2,741 
Thereafter— 4,068 
Total future lease payments
18,623 56,227 
Less: imputed interest2,247 8,147 
Total lease liability balance
$16,376 $48,080 

The following table presents cash paid for leases, assets exchanged for operating and finance leases, and weighted average remaining lease terms, and discount rates:

December 31,
20242023
Cash paid for operating leases
$20,886 $21,823 
Cash paid for finance leases
$4,216 $2,347 
Assets obtained in exchange for operating lease obligations, initial recognition
$4,551 $5,556 
Assets obtained in exchange for finance lease obligations
$8,441 $15,171 
Weighted-average remaining lease term - operating leases
3.9 years
4.1 years
Weighted-average remaining lease term - finance leases
3.2 years3.5 years
Weighted average discount rate - operating leases
8.1%6.8%
Weighted-average discount rate - finance leases
8.5%7.5%

The Company incurred approximately $1.9 million, $1.8 million, and $1.9 million in lease expenses to entities controlled by the Company's Chief Executive Officer and family for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
Authoritative guidance for financial assets and liabilities measured on a recurring basis applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Fair value, as defined in the authoritative guidance, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance affects the fair value measurement of an investment with quoted market prices in an active market for identical instruments, which must be classified in one of the following categories:

Level 1 Inputs

Level 1 inputs come from quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Inputs

Level 2 inputs are other than quoted prices that are observable for an asset or liability. These inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from, or corroborated by, observable market data by correlation or other means.

Level 3 Inputs

Level 3 inputs are unobservable inputs for the asset or liability which require the Company's own assumptions. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

Our acquisitions may include contingent consideration as part of the purchase price. The fair value of the contingent consideration is estimated as of the acquisition date based on the present value of the contingent payments to be made using a weighted probability of possible payments. The unobservable inputs used in the determination of the fair value of the contingent consideration include management's assumptions about the likelihood of payment based on the established benchmarks and discount rates based on an internal rate of return analysis. The fair value measurement includes inputs that are Level 3 inputs as discussed above, as they are not observable in the market. Should actual results increase or decrease as compared to the assumptions used in our analysis, the fair value of the contingent consideration obligations will increase or decrease, up to the contracted limit, as applicable. Changes in the fair value of the contingent consideration are measured during each reporting period and reflected in our results of operations.

During the twelve months ended December 31, 2024, we recorded $16.3 million in other current and other long-term liabilities for contingent consideration. See further discussion at Note 16 - Business Acquisitions.
For the Company's assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), the following table provides a reconciliation of the beginning and ending balances for each category therein and gains or losses recognized during the last three fiscal years (in thousands):

 Contingent Consideration
Balance at December 31, 2021
$905 
Acquisitions and settlements:
     Acquisitions8,200 
     Settlements
(1,250)
Total remeasurement adjustments:
     Changes in fair value recorded in other (income) expense, net
2,311 
Balance at December 31, 2022
$10,166 
Acquisitions and settlements:
     Acquisitions
2,682 
     Settlements
(5,833)
Total remeasurement adjustments:
     Changes in fair value recorded in other (income) expense, net
1,738 
Balance at December 31, 2023(1)
$8,753 
Acquisitions and settlements:
     Acquisitions (Note 16)
11,932 
     Settlements(5,108)
Total remeasurement adjustments:
     Changes in fair value recorded in other (income) expense, net745 
Balance at December 31, 2024(1)
$16,322 
(1) Amounts included in other current liabilities were $8.0 million and $5.4 million for the periods ending December 31, 2024 and December 31, 2023, respectively. Amounts included in other long-term liabilities were $8.3 million and $3.4 million for the periods ending December 31, 2024 and December 31, 2023, respectively.
Quantitative Information about Level 3 Fair Value Measurements

The significant unobservable inputs used in the fair value measurement of the Company's contingent consideration liabilities designated as Level 3 are as follows:

Fair Value at December 31, 2024Valuation TechniqueSignificant Unobservable Inputs
$16,322 Discounted cash flowAnnualized EBITDA and probability of achievement

Sensitivity to Changes in Significant Unobservable Inputs

The significant Level 3 unobservable inputs used in the fair value measurement of contingent consideration related to the acquisitions are annualized EBITDA forecasts developed by the Company's management and the probability of achievement of those EBITDA results. The discount rate used in the calculation was 9.8%. A decrease in discount rates would increase the contingent consideration liability, whereas an increase or decrease in EBITDA forecasts would increase or decrease the contingent liability. Changes in our unobservable inputs in isolation would result in a change to our fair value measurement. As of December 31, 2024, the maximum amount of contingent consideration payable under these arrangements is $18.7 million over three years.

Other financial instruments not measured at fair value on the Company's consolidated balance sheets at December 31, 2024 and December 31, 2023, but which require disclosure of their fair values include: cash, restricted cash, accounts receivable, trade accounts payable and accrued expenses. The Company believes that the estimated fair value of such instruments at December 31, 2024 and December 31, 2023 approximates their carrying value as reported on the consolidated balance sheets due to the relative short maturity of these instruments.
See Note 9 - Long-term Debt for fair value disclosures on our asset-backed line of credit and term loan debt under our syndicated credit agreement facilities.
v3.25.0.1
CONTRACT ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2024
Contractors [Abstract]  
CONTRACT ASSETS AND LIABILITIES CONTRACT ASSETS AND LIABILITIES
Under our customized pump production contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets presented as “Cost and estimated profits in excess of billings” on our Consolidated Balance Sheets. However, we sometimes receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities that are presented as “Billings in excess of costs and estimated profits” on our Consolidated Balance Sheets.

Costs and estimated profits on uncompleted contracts and related amounts billed were as follows (in thousands):
 December 31,
 202420232022
Costs incurred on uncompleted contracts$122,951 $92,363 $70,329 
Estimated profits, thereon58,373 37,379 23,274 
Total costs and estimated profits on uncompleted contracts
181,324 129,742 93,603 
Less: billings to date143,251 96,925 80,426 
Total
$38,073 $32,817 $13,177 

Such amounts were included in the accompanying Consolidated Balance Sheets for 2024 and 2023 under the following captions (in thousands):
 December 31,
 202420232022
Costs and estimated profits in excess of billings $50,735 $42,323 $23,588 
Billings in excess of costs and estimated profits(12,662)(9,506)(10,411)
Net contract assets
$38,073 $32,817 $13,177 
During the twelve months ended December 31, 2024, 2023, and 2022, $7.4 million, $10.4 million, and $3.6 million of the balances that were previously classified as contract liabilities at the beginning of the period were recognized into revenues, respectively.
REVENUE
The Company disaggregates revenue based upon our geography and our reportable segments - Service Centers, Innovative Pumping Solutions and Supply Chain Services. Each of our geographic and reportable business segments are impacted and influenced by varying factors, including the macroeconomic environment, maintenance and capital spending and commodity prices and exploration and production activity. As such, we believe this information is important in depicting the nature, timing and uncertainty of our contracts with customers. The following Geographical Information and Note 20 - Segment Reporting present our revenue disaggregated by source.

Geographical Information
Revenues are presented in geographic area based on location of the facility shipping products or providing services.

The Company’s revenues by geographical location are as follows (in millions):
  Years Ended December 31,
 202420232022
Revenues   
United States$1,721 $1,602 $1,402 
Canada79 75 79 
Other
2 2 — 
Total$1,802 $1,679 $1,481 
v3.25.0.1
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
The carrying values of property and equipment, net are as follows (in thousands):

December 31,
 20242023
Land$1,704 $2,023 
Buildings and leasehold improvements32,652 29,840 
Furniture, fixtures and equipment137,058 113,945 
Finance lease right of use assets
23,612 15,171 
Less – Accumulated depreciation and amortization
(113,470)(99,361)
Property and equipment, net
$81,556 $61,618 

Depreciation expense was $9.0 million, $8.4 million, and $9.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. Capital expenditures by segment are included in Note 20 - Segment Reporting.
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2024 (in thousands):
 Goodwill
Other
Intangible
Assets, Net
Total
Balances as of December 31, 2023$343,991 $63,895 $407,886 
Translation adjustment(1,380)(10)(1,390)
Acquisitions 109,732 41,621 151,353 
Amortization— (19,827)(19,827)
Balances as of December 31, 2024$452,343 $85,679 $538,022 

The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2023 (in thousands):
 Goodwill
Other
Intangible
Assets, Net
Total
Balances as of December 31, 2022$333,759 $79,584 $413,343 
Translation adjustment464 15 479 
Acquisitions9,768 2,527 12,295 
Amortization— (18,231)(18,231)
Balances as of December 31, 2023$343,991 $63,895 $407,886 

The following table presents the goodwill balance by reportable segment as of December 31, 2024 and 2023 (in thousands):
December 31,
 20242023
Service Centers$335,611 $270,865 
Innovative Pumping Solutions99,593 55,987 
Supply Chain Services17,139 17,139 
Total$452,343 $343,991 
Gross carrying amounts as well as accumulated amortization are partially affected by the fluctuation of foreign currency rates.
Other intangible assets are amortized according to estimated economic benefits over their estimated useful lives. Amortization expense was $19.8 million, $18.2 million, and $18.9 million for the years ended December 31, 2024, 2023, and 2022, respectively. The estimated future annual amortization of intangible assets for each of the next five years and thereafter are as follows (in thousands):
Amount
2025$20,734 
202617,982 
202716,002 
202813,851 
20296,801 
Thereafter10,309 
Total$85,679 
The weighted average remaining estimated life for customer relationships, trade names, and non-compete agreements are 5.8, 9.4, and 3.3 years, respectively.
v3.25.0.1
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consisted of the following (in thousands):
December 31,
 20242023
ABL Revolver$— $— 
Amended Senior Secured Term Loan B due October 13, 2030(1)
647,876 — 
Senior Secured Term Loan B due October 13, 2030(2)
— 548,625 
Promissory Note due November 1, 2029
1,000 — 
Total debt
648,876 548,625 
Less: current maturities
(6,595)(5,500)
Total long-term debt
642,281 543,125 
Unamortized discount and debt issuance costs
20,597 22,428 
Long-term debt, net of unamortized discount and debt issuance costs
$621,684 $520,697 
(1) The fair value of the Amended Term Loan B due October 13, 2030 using level 2 input values was $657.6 million as of December 31, 2024.
(2) The fair value of the Term Loan B due October 13, 2030 using level 2 input values was $554.1 million as of December 31, 2023.
Senior Secured Term Loan B:

On October 3, 2024, the Company entered into an amendment on its existing Senior Secured Term Loan B (the “Term Loan Amendment”), which provides for, among other things, an additional $105.0 million in new incremental commitments. The Term Loan Amendment refinanced the existing Senior Term Loan B and replaced it with an Amended Senior Secured Term Loan B with total borrowings of $649.5 million. The Amended Senior Secured Term Loan B amortizes in equal quarterly installments of 0.25%, with the remaining balance being payable on October 13, 2030, when the facility matures.

As of December 31, 2024 there was $647.9 million outstanding under the Amended Senior Secured Term Loan B.

Interest rate

Quarterly interest payments accrue on outstanding borrowings under the Amended Senior Secured Term Loan B at a rate equal to Term SOFR (with a floor of 1.00%) plus 3.75%, or base rate plus 2.75%. The Amended Senior Secured Term Loan B is guaranteed by each of the Company’s direct and indirect material wholly owned subsidiaries, other than any of the Company’s Canadian subsidiaries and certain other excluded subsidiaries.

The interest rate for the Amended Senior Secured Term Loan B was 8.32% as of December 31, 2024. The interest rate for the Senior Secured Term Loan B was 10.44% as of December 31, 2023

Facility Size Increases

The Amended Senior Secured Term Loan B allows for incremental increases in facility size up to an aggregate of $100 million.

Prepayments

We are required to repay the Amended Senior Secured Term Loan B with the proceeds from certain asset sales, certain debt issuances, and certain insurance proceeds. In addition, on an annual basis, we are required to repay an amount equal to 50% of excess cash flow, as defined in the Amended Senior Secured Term Loan B, reducing to 25% if our Total Leverage Ratio is less than or equal to 3.00 to 1.00. No payment of excess cash flow is required if the Total Leverage Ratio is less than or equal to 2.50 to 1.00.

In connection with the Term Loan Amendment the Company expensed third-party fees of $1.1 million and recognized a $0.5 million loss on debt extinguishment, which were included in Interest expense during 2024. Deferred financing costs associated with the Term Loan Amendment were $2.3 million which were amortized to interest expense using the interest method during 2024.
Restrictive Covenants

The Company’s primary financial covenant under the Term Loan B is a Secured Leverage Ratio, The Term Loan B Agreement requires that the Company’s Secured Leverage Ratio, defined as the ratio, as of the last day of any fiscal quarter of consolidated secured debt (net of unrestricted cash, not to exceed $200 million) as of such day to EBITDA, beginning with the fiscal quarter ending December 31, 2024, is either equal to or less than as indicated in the table below:

Fiscal QuarterSecured Leverage Ratio
December 31, 2024
5.75:1.00
March 31, 2025
5.75:1.00
June 30, 2025
5.50:1.00
September 30, 2025
5.50:1.00
December 31, 2025
5.50:1.00
March 31, 2026
5.25:1.00
June 30, 2026
5.25:1.00
September 30, 2026
5.25:1.00
December 31, 2026
5.00:1.00
March 31, 2027
5.00:1.00
June 30, 2027 and thereafter
4.75:1.00
As of December 31, 2024, the Company’s Secured Leverage Ratio was 2.43 to 1.00.
The Term Loan contains restrictive covenants (in each case, subject to exclusions) that limit, among other things, the ability of the Company and its restricted subsidiaries to:

•make investments, including acquisitions;
•prepay certain indebtedness;
•grant liens;
•incur additional indebtedness;
•sell assets;
•make fundamental changes to our business;
•enter into transactions with affiliates; and
•pay dividends.

The Term Loan also contains other customary restrictive covenants. The covenants are subject to various baskets and materiality thresholds, with certain of the baskets permitted by the restrictions on the repayment of subordinated indebtedness, restricted payments and investments being available only when the Senior Secured Leverage Ratio of the Company is below certain levels.

EBITDA as defined under the Term Loan B Agreement for financial covenant purposes means, without duplication, for any period of determination, the sum of, consolidated net income during such period; plus to the extent deducted from consolidated net income in such period: (i) income tax expense, (ii) franchise tax expense, (iii) interest expense, (iv) amortization and depreciation during such period, (v) all non-cash charges and adjustments, and (vi) non-recurring cash expenses related to the Term Loan, provided, that if the Company acquires or disposes of any property during such period (other than under certain exceptions specified in the Term Loan B Agreement, including the sale of inventory in the ordinary course of business, then EBITDA shall be calculated, after giving pro forma effect to such acquisition or disposition, as if such acquisition or disposition had occurred on the first day of such period.
ABL Revolver:

On July 19, 2022, the Company entered into an Amended and Restated Loan and Security Agreement (the “ABL Credit Agreement”) that provided for a $135.0 million asset-backed revolving line of credit (the “ABL Revolver”). Subject to the conditions set forth in the ABL Credit Agreement, the ABL Revolver may be increased in increments of $10.0 million up to an aggregate of $50.0 million. The ABL Revolver matures on July 19, 2027. Interest accrues on outstanding borrowings at a rate equal to Secured Overnight Financing Rate (“SOFR”) or Canadian Dollar Offered Rate (“CDOR”) plus a margin ranging from 1.25% to 1.75% per annum, or at an alternate base rate, Canadian prime rate or Canadian base rate plus a margin ranging from 0.25% to 0.75% per annum, in each case, based upon the average daily excess availability under the ABL Revolver for the most recently completed calendar quarter. Fees payable on the unused portion of the facility range from 0.25% to 0.375% per annum. At December 31, 2024 the unused line fee was 0.375% and there were no amounts outstanding under the ABL Revolver.

Guarantees

Each of our current and future wholly owned material U.S. subsidiaries and DXP Enterprises, Inc. guarantees the obligations of our borrower under the ABL Revolver. Additionally, each of our Canadian subsidiaries guarantees the obligations of our Canadian borrower subsidiaries under the ABL Revolver.

Security

Obligations under the U.S. Borrowing Base are primarily secured, subject to certain exceptions, by a first-priority secure interest in the accounts receivable, inventory and related assets of our wholly owned, material U.S. subsidiaries. The security interest in accounts receivable, inventory, and related assets of the U.S. borrower subsidiaries ranks prior to the security interest in this collateral which secures the Term Loan B. The obligations under the Canadian Borrowing Base are primarily secured, subject to certain exceptions, by a first-priority secure interest in the accounts receivable, inventory and related assets of our wholly owned, material Canadian subsidiaries and our wholly owned material U.S. subsidiaries.

Interest rate

The interest rate for the ABL Revolver was 7.75% and 8.75% as of December 31, 2024 and December 31, 2023, respectively.

Facility Size Increases

The ABL Credit Agreement allows for incremental increases in facility size up to an aggregate of $50 million.

Excess Availability

As of December 31, 2024, the borrowing availability under our credit facility was $125.6 million compared to $132.1 million at December 31, 2023, primarily as a result of outstanding letters of credit.
 
Financial Covenant

The Company's principal financial covenant under the ABL Credit Agreement include a Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio under the ABL Credit Agreement is defined as the ratio for the most recently completed four-fiscal quarter period, of (a) EBITDA minus capital expenditures (excluding those financed or funded with debt (other than the ABL Loans), (ii) the portion thereof funded with the net proceeds from asset dispositions of equipment or real property which the Company is permitted to reinvest pursuant to the Term Loan and the portion thereof funded with the net proceeds of casualty insurance or condemnation awards in respect of any equipment and real estate which DXP is not required to use to prepay the ABL Loans pursuant to the Term Loan B Agreement or with the proceeds of casualty insurance or condemnation awards in respect of any other property) minus cash taxes paid (net of cash tax refunds received during such period), to (b) fixed charges. The Company is restricted from allowing its fixed charge coverage ratio be less than 1.00 to 1.00 during a compliance period, which is triggered when the availability under the ABL Revolver falls below a threshold set forth in the ABL Credit Agreement.

As of December 31, 2024, the Company's Fixed Charge Coverage Ratio was 1.70 to 1.00.
Maturities of Debt:

As of December 31, 2024, the maturities of long-term debt for the next five years and thereafter were as follows (in thousands):
Amount
2025$6,595 
20266,595 
20276,595 
20286,595 
20297,095 
Thereafter615,401 
Total$648,876 
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of income before income taxes are as follows (in thousands):
 Years Ended December 31,
 202420232022
Domestic$77,309 $79,785 $59,736 
Foreign7,663 7,146 6,165 
Total income before taxes$84,972 $86,931 $65,901 

The provision for income taxes consisted of the following (in thousands):
 Years Ended December 31,
 202420232022
Current -   
Federal$22,066 $22,514 $18,591 
State5,217 2,620 4,501 
Foreign2,190 2,044 2,248 
Total current29,473 27,178 25,340 
Deferred -   
Federal(13,597)(7,679)(5,875)
State(1,347)(1,133)(1,083)
Foreign(46)(247)(583)
Total deferred(14,990)(9,059)(7,541)
Total current and deferred taxes$14,483 $18,119 $17,799 
The difference between income taxes computed at the statutory income tax rate and the provision for income taxes is as follows (in thousands):
 Years Ended December 31,
 202420232022
Income taxes computed at federal statutory rate$17,844 $18,255 $13,839 
State income taxes, net of federal benefit1,935 1,669 2,701 
Foreign taxes352 144 122 
Nondeductible expenses1,048 2,670 1,158 
Return to Provision Adjustment
(1,105)— — 
Blended state rate change
1,122 (58)240 
General business credit
(6,399)(4,811)(250)
Valuation allowance(57)274 (1)
Restricted Stock
(2,056)— — 
Uncertain tax positions1,732 (33)271 
Other67 9 (281)
Total income tax expense
$14,483 $18,119 $17,799 

Deferred tax liabilities and assets were comprised of the following (in thousands):
December 31,
 20242023
Deferred tax assets: 
Allowance for doubtful accounts$954 $879 
Inventory3,585 3,371 
Texas research and development tax credit carryforward2,232 2,239 
   Louisiana research and development tax credit carryforward10 10 
Foreign tax credit carryforward64 64 
Net operating loss carryforward1,258 1,328 
Capital loss carryforward4 4 
Accruals9,814 8,190 
ROU asset304 220 
Research expenses40,650 23,822 
Total deferred tax assets58,875 40,127 
Less valuation allowance(221)(278)
Total deferred tax asset, net of valuation allowance58,654 39,849 
Deferred tax liabilities:
Goodwill(24,847)(18,476)
Intangibles(7,902)(8,363)
Property and equipment(10,204)(7,885)
Deferred compensation2,304 (215)
Unremitted foreign earnings(421)(421)
Method changes(393)(342)
Other(243)(643)
Total deferred tax liability
$(41,706)$(36,345)
Net deferred tax asset
$16,948 $3,504 
The Company records a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. If the Company was to determine that it would be able to realize the deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. As of December 31, 2024, the valuation allowance primarily relates to state operating loss and foreign capital loss carryforwards.

The following summarizes changes in the balance of valuation allowances on deferred tax assets (in thousands):

  202420232022
Balance at January 1$(278)$(4)$(4)
Changes due to state operating loss and foreign capital loss carryforwards
57 (274)— 
Balance at December 31$(221)$(278)$(4)

Expected tax benefit on carryforwards available for use on future income tax returns, prior to valuation allowance, at December 31, 2024, are as follows (in thousands):

  Domestic  ForeignExpiration
Net operating loss - foreign$— $562 2034-2043
Net operating loss - federal (100%)
32 — 2037
Net operating loss - federal (80%)
447 — Indefinite
Net operating loss - state
217 — Indefinite
Capital loss carryforward - foreign— 4 Indefinite
Foreign tax credits64 — 2025
Texas research and development tax credits2,232 — 2037-2043
Louisiana research and development tax credits$10 $— 2025-2027

Changes in the balance of unrecognized tax benefits excluding interest and penalties on uncertain tax positions are as follows (in thousands):

  Assets (Liabilities)
  202420232022
Balance at January 1,$(5,755)$(5,918)$(6,316)
   Decreases related to prior year tax positions142 1,475 614 
   Increases related to current year tax positions(3,089)(1,312)(216)
Balance at December 31,$(8,702)$(5,755)$(5,918)

As of December 31, 2024, the Company had recorded a total tax benefit of $35.6 million related to federal and state research and development tax credits. This benefit is partially offset by $8.5 million uncertain tax position due to the uncertainty related to the realizability of the federal research and development tax credits. The Company is also recording a $0.2 million uncertain tax position related to non-deductible auto expense compensation. The total amount of these unrecognized tax benefits, if recognized, would impact the effective tax rate.

To the extent penalties and interest would be assessed on any underpayment of income tax, such accrued amounts are classified as a component of income tax provision (benefit) in the consolidated financial statements consistent with the Company's policy. For the year ended December 31, 2024, the Company recorded $0.1 million tax expense for interest and penalties related to uncertain tax positions.

The Company is subject to taxation in the U.S., various states, and foreign jurisdictions. The Company has significant operations in the U.S. and Canada and to a lesser extent in various other international jurisdictions. Tax years that remain subject to examination vary by legal entity but are generally closed in the U.S. for the tax years prior to 2015 and outside the U.S. for the tax years ended prior to 2019. There is a 4 year statute of limitations for Canadian returns based on the date tax assessment is received, not filing date. Tax assessments are typically received within weeks of filing date.
v3.25.0.1
SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
2016 Omnibus Incentive Plan

On June 16, 2023, our shareholders approved an amendment to the DXP Enterprises, Inc. 2016 Omnibus Incentive Plan (the “2016 Plan”) to increase the number of shares that can be issued under the 2016 Plan from 1,000,000 shares to a total of 1,250,000 shares, which represents an increase of 250,000 shares (the “Amendment”), which authorized grants of restricted stock awards, restricted stock units, performance awards, options, investment rights, and cash-based awards.

Restricted Stock Awards

The Company grants restricted stock awards (“RSAs”) to employees and non-employee directors. RSAs qualify as participating securities as each award contains non-forfeitable rights to dividends. RSAs are considered outstanding at the date of grant. Refer to Note. 12 Earnings Per Share for further detail.

RSAs are subject to vesting periods between one to ten years. Compensation expense for RSAs is calculated based on the closing price of the Company’s common stock at the date of grant and recognized over the requisite vesting period on a straight-line basis. Unvested RSAs may be forfeited if employees or non-employee directors cease employment or services during the requisite vesting period. Forfeitures reduce expense at the time employment or service cease at the original grant date value. The Company issues new shares of common stock, if available, to settle vested RSAs. At December 31, 2024, 370,962 shares were available for grant.

Changes in RSAs for the twelve months ended December 31, 2024 are as follows:
 Number of
Shares		Weighted Average
Grant Price
Non-vested at December 31, 2023304,437 $27.60 
Granted127,860 $52.89 
Forfeited(9,644)$26.96 
Vested(120,253)$28.13 
Non-vested at December 31, 2024302,400 $38.11 
Changes in RSAs for the twelve months ended December 31, 2023 are as follows:
 Number of
Shares		Weighted Average
Grant Price
Non-vested at December 31, 2022157,767 $28.64 
Granted215,554 $27.36 
Forfeited— $— 
Vested(68,884)$29.23 
Non-vested at December 31, 2023304,437 $27.60 
Changes in RSAs for the twelve months ended December 31, 2022 are as follows:
 Number of
Shares		Weighted Average
Grant Price
Non-vested at December 31, 2021112,044 $31.72 
Granted113,077 $27.48 
Forfeited(8,785)$31.96 
Vested(58,569)$31.79 
Non-vested at December 31, 2022157,767 $28.64 
Compensation expense, associated with RSAs, recognized in the years ended December 31, 2024, December 31, 2023 and December 31, 2022 was $4.7 million, $3.1 million and $1.9 million, respectively. Related income tax benefits recognized in earnings in the years ended December 31, 2024, December 31, 2023 and December 31, 2022 were approximately $0.8 million, $0.8 million and $0.5 million, respectively.

The aggregate grant-date fair value of vested shares for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 was $3.4 million, $2.0 million and $1.9 million, respectively.

Unrecognized compensation expense under the 2016 Plan at December 31, 2024, December 31, 2023 and December 31, 2022 was $7.7 million, $5.9 million and $3.1 million, respectively. As of December 31, 2024, the weighted average period over which the unrecognized compensation expense is expected to be recognized is 1.5 years.
v3.25.0.1
EARNINGS PER SHARE DATA
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE DATA EARNINGS PER SHARE DATA
Basic earnings per share is computed based on weighted average shares outstanding and excludes dilutive securities. Diluted earnings per share is computed including the impacts of all potentially dilutive securities.

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):
  December 31,
 202420232022
Basic earnings per share:   
Weighted average shares outstanding15,861 16,870 18,631 
 
Net income attributable to DXP Enterprises, Inc.
$70,489 $68,812 $48,155 
Series B convertible preferred stock dividend
(90)(90)(90)
Net income attributable to common shareholders
70,399 68,722 48,065 
Per share amount$4.44 $4.07 $2.58 
 
Diluted earnings per share:
Weighted average shares outstanding15,861 16,870 18,631 
Assumed conversion of convertible preferred stock840 840 840 
Total dilutive shares16,701 17,710 19,471 
Net income attributable to common shareholders
$70,399 $68,722 $48,065 
Series B convertible preferred stock dividend
90 90 90 
Net income attributable to DXP Enterprises, Inc.
70,489 68,812 48,155 
Per share amount$4.22 $3.89 $2.47 
Basic earnings per share have been computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period and excludes dilutive securities. Diluted earnings per share reflects the potential dilution that could occur if the preferred stock was converted into common stock. Restricted stock is considered a participating security and is included in the computation of basic earnings per share as if vested. For the year ended December 31, 2024, 2023, and 2022, the weighted average of the unvested RSAs were 302.8 thousand, 270.2 thousand, and 144.3 thousand shares respectively. The preferred stock is convertible into 840,000 shares of common stock.
v3.25.0.1
CAPITAL STOCK
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
CAPITAL STOCK CAPITAL STOCK
The Company has Series A and Series B preferred stock of 1,222 shares and 15,000 shares issued and outstanding as of December 31, 2024, 2023 and 2022, respectively. The preferred stock did not have any activity during 2024, 2023 and 2022.

Series A Preferred Stock

The holders of Series A preferred stock are entitled to one-tenth of a vote per share on all matters presented to a vote of shareholders generally, voting as a class with the holders of common stock, and are not entitled to any dividends or distributions other than in the event of a liquidation of the Company, in which case the holders of the Series A preferred stock are entitled to $100 liquidation preference per share.

Series B Convertible Preferred Stock

Each share of the Series B convertible preferred stock is convertible into 56 shares of common stock and a monthly dividend per share of $0.50. The holders of the Series B convertible stock are entitled to a $100 liquidation preference per share after payment of the distributions to the holders of the Series A preferred stock and to one-tenth of a vote per share on all matters presented to a vote of shareholders generally, voting as a class with the holders of the common stock.

The activity related to outstanding common stock was as follows (in thousands):

 December 31,
 202420232022
Common Stock:
Balance, beginning of period16,177 17,690 18,580 
Issuance of shares for compensation net of withholding86 47 47 
Restricted shares
(2)147 47 
Issuance of common stock related to purchase of businesses— — 267 
Purchase of shares held in treasury(566)(1,707)(1,251)
Balance, end of period15,695 16,177 17,690 
SHARE REPURCHASE
On December 15, 2022, the Company announced a new Share Repurchase Program pursuant to which we may repurchase up to $85.0 million worth, or 2.8 million shares of the Company's outstanding common stock over the next 24 months. The Company completed the program in August 2024.

On August 28, 2024, the Company announced a new Share Repurchase Program pursuant to which we may repurchase up to
$85.0 million worth, or 2.5 million shares of the Company's outstanding common stock over the next 24 months.

The following table represents total number of shares purchased, the amount paid, and the average price paid per share under share repurchase programs authorized by our Board of Directors:

 Twelve Months Ended December 31,
 202420232022
(in millions, except per share data)
Total number of shares purchased0.6 1.7 1.3 
Amount paid$28.8 $54.7 $35.2 
Average price paid per share$50.87 $32.06 $28.17 
v3.25.0.1
SHARE REPURCHASE
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
SHARE REPURCHASE CAPITAL STOCK
The Company has Series A and Series B preferred stock of 1,222 shares and 15,000 shares issued and outstanding as of December 31, 2024, 2023 and 2022, respectively. The preferred stock did not have any activity during 2024, 2023 and 2022.

Series A Preferred Stock

The holders of Series A preferred stock are entitled to one-tenth of a vote per share on all matters presented to a vote of shareholders generally, voting as a class with the holders of common stock, and are not entitled to any dividends or distributions other than in the event of a liquidation of the Company, in which case the holders of the Series A preferred stock are entitled to $100 liquidation preference per share.

Series B Convertible Preferred Stock

Each share of the Series B convertible preferred stock is convertible into 56 shares of common stock and a monthly dividend per share of $0.50. The holders of the Series B convertible stock are entitled to a $100 liquidation preference per share after payment of the distributions to the holders of the Series A preferred stock and to one-tenth of a vote per share on all matters presented to a vote of shareholders generally, voting as a class with the holders of the common stock.

The activity related to outstanding common stock was as follows (in thousands):

 December 31,
 202420232022
Common Stock:
Balance, beginning of period16,177 17,690 18,580 
Issuance of shares for compensation net of withholding86 47 47 
Restricted shares
(2)147 47 
Issuance of common stock related to purchase of businesses— — 267 
Purchase of shares held in treasury(566)(1,707)(1,251)
Balance, end of period15,695 16,177 17,690 
SHARE REPURCHASE
On December 15, 2022, the Company announced a new Share Repurchase Program pursuant to which we may repurchase up to $85.0 million worth, or 2.8 million shares of the Company's outstanding common stock over the next 24 months. The Company completed the program in August 2024.

On August 28, 2024, the Company announced a new Share Repurchase Program pursuant to which we may repurchase up to
$85.0 million worth, or 2.5 million shares of the Company's outstanding common stock over the next 24 months.

The following table represents total number of shares purchased, the amount paid, and the average price paid per share under share repurchase programs authorized by our Board of Directors:

 Twelve Months Ended December 31,
 202420232022
(in millions, except per share data)
Total number of shares purchased0.6 1.7 1.3 
Amount paid$28.8 $54.7 $35.2 
Average price paid per share$50.87 $32.06 $28.17 
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
 Twelve Months Ended December 31,
 202420232022
Supplemental disclosures of cash flow information:
Cash paid for interest(1)
$67,005 $48,954 $25,321 
Cash paid for income taxes
$20,433 $21,839 $26,179 
Shares repurchased held in treasury
$— $— $13,603 
Non-cash investing and financing activities:
Treasury shares excise tax accruals
$(225)$(519)$— 
Shares issued for acquisition
$— $— $5,757 
(1) FY 2024 includes $9.3 million of interest associated with 2023 paid in 2024.
v3.25.0.1
BUSINESS ACQUISITIONS
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
The Company continually evaluates potential acquisitions that either strategically fit with the Company’s existing portfolio or expand the Company’s portfolio into new and attractive markets. The Company has completed a number of acquisitions and the purchases of the acquired businesses have resulted in the recognition of goodwill and other intangible assets in the Company’s Consolidated Financial Statements.

The Company makes an initial allocation of the purchase price at the date of acquisition based upon its estimate of the fair value of the acquired assets and assumed liabilities. The Company obtains the information used for the purchase price allocation during due diligence and through other sources. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized. Final determination of the fair values may result in further adjustments.

The fair values of acquired intangibles are determined based on estimates and assumptions that are deemed reasonable by the Company. The Company from time-to-time engages third-party valuation specialists who review the Company’s critical assumptions and calculations of the fair value of acquired intangible assets in connection with significant acquisitions. Only facts and circumstances that existed as of the acquisition date are considered for subsequent adjustment. The Company is continuing to evaluate certain pre-acquisition contingencies associated with certain of its 2024 acquisitions. The Company will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.

Each acquisition has been accounted for as a business combination under ASC 805, “Business Combinations”.

2024 Acquisitions

During the first quarter of 2024, the Company acquired three businesses for a total of $46.8 million. We acquired these three businesses to expand our water & wastewater end-market, enhance our aftermarket and service capabilities, as well as expand into new geographic territories.

During the second quarter of 2024, the Company acquired a pump and rotating equipment distribution company for $81.5 million. We acquired this business as part of our growth strategy and to maintain our leading position as the largest distributor of rotating equipment in North America.

During the third quarter of 2024, the Company acquired a rotating equipment distribution company for $36.8 million. We acquired this business to expand our water & wastewater end-market.

During the fourth quarter of 2024, the Company acquired two businesses for a total of $9.8 million. We acquired these two businesses to expand our water & wastewater end-market and our product categories.

The results for the seven businesses acquired during the year have been included in our Consolidated Financial Statements beginning on the respective dates of acquisition.
Purchase Price Allocation and Consideration

In aggregate, the acquisition-date fair value of the consideration transferred for the seven businesses acquired in 2024 totaled $174.9 million. The seven acquisitions contributed $91.3 million in Sales and $19.1 million in Net income attributable to common shareholders for the year ended December 31, 2024. The following table summarizes the total consideration, the estimated fair values of the assets acquired and liabilities assumed at the acquisition date for the 2024 acquisitions:

Q1 2024Q2 2024Q3 2024Q4 2024Total
Total Acquisitions
31127
Cash payments
$40,661 $81,538 $31,564 $8,201 $161,964 
Promissory Note due 11/1/ 2029
— — — 1,000 1,000 
Contingent consideration
6,132 — 5,197 626 11,955 
Total purchase price consideration
46,793 81,538 36,761 9,827 174,919 
Tangible assets acquired
18,632 4,485 9,026 4,630 36,773 
Intangible assets acquired
8,155 23,400 8,246 1,820 41,621 
Total assets acquired
26,787 27,885 17,272 6,450 78,394 
Total liabilities assumed(8,605)(2,652)(1,205)(745)(13,207)
Net assets acquired18,182 25,233 16,067 5,705 65,187 
Goodwill$28,611 $56,305 $20,694 $4,122 $109,732 

The total cash and cash equivalents acquired for these seven acquisitions was $5.5 million. Transaction-related costs included within selling, general, and administrative expenses in the consolidated statements of operations was $1.6 million for the twelve months ended December 31, 2024.

The goodwill total of approximately $109.7 million is attributable primarily to expected synergies and the assembled workforce of each entity of which $22.6 million is deductible for tax purposes and $87.1 million is not deductible for tax purposes. Goodwill assigned to our SC and IPS segments as a result of these transactions was $66.2 million and $43.5 million, respectively.

Of the $41.6 million of acquired intangible assets, $2.3 million was provisionally assigned to non-compete agreements that are subject to amortization over 5 years and $3.7 million was assigned to trade names and will be amortized over a period of 10 years. In addition, $35.6 million was assigned to customer relationships and will be amortized over a period of 8 years.

Contingent Consideration

The acquisitions included contingent consideration arrangements that requires additional consideration to be paid based on the achievement of annual EBITDA targets over a one to three year period. The range of undiscounted amounts the Company may be required to pay under the contingent consideration agreement is between zero and $14.2 million. The combined fair value of the contingent consideration recognized on each acquisition date of $11.9 million was estimated by using a weighted probability of possible payments. That measure is based on significant Level 3 inputs not observable in the market. The significant assumption includes a discount rate of 9.8%. Changes in the fair value measurement each period reflect the passage of time as well as the impact of adjustments, if any, to the likelihood of achieving the specified targets. The changes in the fair value of the contingent consideration are measured during each reporting period and reflected in our results of operations. The fair value measurement includes earnings forecasts which are a Level 3 measurement as discussed in Note 5 - Fair Value of Financial Assets and Liabilities. The fair value of the contingent consideration is reviewed quarterly over the earn-out period to compare actual earnings before interest, taxes, depreciation and amortization (“EBITDA”) achieved to the estimated EBITDA used in our forecasts.
Pro Forma Results of Operations (unaudited)

The following unaudited supplemental pro forma results of operations for the Company which incorporate the acquisitions completed in 2024, 2023 and 2022, have been provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in thousands).

  Years Ended December 31,
(in thousands)
202420232022
Sales$1,856,860 $1,794,749 $1,513,743 
Net income attributable to common shareholders$84,327 $82,738 $54,527 

The pro forma combined results of operations for the years ended December 31, 2024, 2023, and 2022 were prepared by adjusting the historical results of the Company to include the historical results of the businesses acquired in each year as if the business combinations that occurred during each year had occurred as of the beginning of the comparable prior annual reporting period.

2023 Acquisitions

During the second quarter of 2023, the Company acquired two businesses for a total of $11.7 million. We acquired these two businesses to expand our water & wastewater end-market by expanding into new geographic territories, enhance our product capabilities, and attract and retain talent.

During the fourth quarter of 2023, the Company acquired a leading municipal and industrial pump sales, service, and repair business for $1.7 million. We acquired this company to enhance our end-markets as well as expand into additional geographic territories.
In aggregate, the acquisition-date fair value of the consideration transferred for the three businesses acquired in 2023 totaled $13.4 million. The three acquisitions contributed $7.6 million in Sales and $0.8 million in Net income attributable to common shareholders for the year ended December 31, 2023. The following table summarize the total consideration, the estimated fair values of the assets acquired and liabilities assumed at the acquisition date for the 2023 acquisitions:

Q1 2023
Q2 2023
Q3 2023
Q4 2023
Total
Total Acquisitions
— 2— 13
Cash payments
$— $9,235 $— $1,502 $10,737 
Contingent consideration
— 2,498 — 184 2,682 
Total purchase price consideration
— 11,733 — 1,686 13,419 
Tangible assets acquired
— 3,379 — 146 3,525 
Intangible assets acquired
— 2,142 — 385 2,527 
Total assets acquired
— 5,521 — 531 6,052 
Total liabilities assumed— (2,260)— (141)(2,401)
Net assets acquired— 3,261 — 390 3,651 
Goodwill$— $8,472 $— $1,296 $9,768 

2022 Acquisitions

During the first quarter of 2022 the Company acquired two businesses for $9.0 million. We acquired these two businesses to diversify our end-markets and expand into new geographic territories.

During the second quarter of 2022 the Company acquired a leading distributor of air compressors and related products and services for $52.3 million. We acquired this business to diversify our end-markets, enhance our product and service offerings, and attract and retain talent.

During the third quarter of 2022, the Company acquired a leading distributor and manufacturers’ representative of pumps, valves, controls, and process equipment for $6.5 million. We acquired this company to expand our water and wastewater end-market, expand our geographic territories, expand our product offerings, and attract and retain talent.

In aggregate, the acquisition-date fair value of the consideration transferred for the four businesses acquired in 2022 totaled $67.9 million. The four acquisitions contributed $41.5 million in Sales and $8.4 million in Net income attributable to common shareholders for the year ended December 31, 2022. The following table summarize the total consideration, the estimated fair values of the assets acquired and liabilities assumed at the acquisition date for the 2022 acquisitions:

Q1 2022
Q2 2022
Q3 2022
Q4 2022
Total
Total Acquisitions
211— 4
Cash payments
$5,832 $43,483 $4,615 $— $53,930 
Common stock consideration
527 4,365 865 — 5,757 
Contingent consideration
2,689 4,484 1,027 — 8,200 
Total purchase price consideration
9,048 52,332 6,507 — 67,887 
Tangible assets acquired
3,274 16,046 3,642 — 22,962 
Intangible assets acquired
1,193 17,677 560 — 19,430 
Total assets acquired
4,467 33,723 4,202 — 42,392 
Total liabilities assumed(1,290)(11,886)(167)— (13,343)
Net assets acquired3,177 21,837 4,035 — 29,049 
Goodwill$5,871 $30,495 $2,472 $— $38,838 
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. While the Company is unable to predict the outcome or estimate the financial impact of these disputes, it believes that the ultimate resolution will not have, either individually or in the aggregate, a material adverse effect on its consolidated financial position, cash flows, or results of operations.
v3.25.0.1
OTHER INCOME AND EXPENSE, NET
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
OTHER INCOME AND EXPENSE, NET OTHER INCOME AND EXPENSE, NET
The components of other (income) expense, net were as followed:
  Years Ended December 31,
(in thousands)
202420232022
Interest income
$(4,766)$(2,680)$(191)
Change in fair value of contingent consideration
745 1,738 2,311 
Other, net
504 (413)596 
Other (income) expense, net
$(3,517)$(1,355)$2,716 
v3.25.0.1
REVENUE
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE CONTRACT ASSETS AND LIABILITIES
Under our customized pump production contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets presented as “Cost and estimated profits in excess of billings” on our Consolidated Balance Sheets. However, we sometimes receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities that are presented as “Billings in excess of costs and estimated profits” on our Consolidated Balance Sheets.

Costs and estimated profits on uncompleted contracts and related amounts billed were as follows (in thousands):
 December 31,
 202420232022
Costs incurred on uncompleted contracts$122,951 $92,363 $70,329 
Estimated profits, thereon58,373 37,379 23,274 
Total costs and estimated profits on uncompleted contracts
181,324 129,742 93,603 
Less: billings to date143,251 96,925 80,426 
Total
$38,073 $32,817 $13,177 

Such amounts were included in the accompanying Consolidated Balance Sheets for 2024 and 2023 under the following captions (in thousands):
 December 31,
 202420232022
Costs and estimated profits in excess of billings $50,735 $42,323 $23,588 
Billings in excess of costs and estimated profits(12,662)(9,506)(10,411)
Net contract assets
$38,073 $32,817 $13,177 
During the twelve months ended December 31, 2024, 2023, and 2022, $7.4 million, $10.4 million, and $3.6 million of the balances that were previously classified as contract liabilities at the beginning of the period were recognized into revenues, respectively.
REVENUE
The Company disaggregates revenue based upon our geography and our reportable segments - Service Centers, Innovative Pumping Solutions and Supply Chain Services. Each of our geographic and reportable business segments are impacted and influenced by varying factors, including the macroeconomic environment, maintenance and capital spending and commodity prices and exploration and production activity. As such, we believe this information is important in depicting the nature, timing and uncertainty of our contracts with customers. The following Geographical Information and Note 20 - Segment Reporting present our revenue disaggregated by source.

Geographical Information
Revenues are presented in geographic area based on location of the facility shipping products or providing services.

The Company’s revenues by geographical location are as follows (in millions):
  Years Ended December 31,
 202420232022
Revenues   
United States$1,721 $1,602 $1,402 
Canada79 75 79 
Other
2 2 — 
Total$1,802 $1,679 $1,481 
v3.25.0.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
We have three reportable and operating segments: Service Centers, Innovative Pumping Solutions and Supply Chain Services.

The Service Centers segment is engaged in providing maintenance, MRO products and equipment, including logistics capabilities, to industrial customers. The Service Centers segment provides a wide range of MRO products in the rotating equipment, bearing, power transmission, hose, fluid power, metal working, fastener, industrial supply, safety products and safety services categories.

The Innovative Pumping Solutions segment fabricates and assembles custom-made pump packages, re-manufactures pumps, manufactures branded private label pumps, and provides products and process lines for the water and wastewater treatment industries.

The Supply Chain Services segment provides a wide range of MRO products and manages all or part of a customer's supply chain, including warehouse and inventory management.

No customer accounts for 10% or more of our revenues. Sales are shown net of intersegment eliminations.

Segment information is prepared on the same basis that our Chief Executive Officer, who is our chief operating decision maker (“CODM”), manages the segments, evaluates financial results, and makes key operating decisions.

These segments were determined primarily on the distribution channels of the products and services offered and the nature of the customer markets and the primary driver of the customers spend. The Company's CODM directs the allocation of resources to these segments based upon historical and current revenue, direct operating expenses, operating income, and capital expenditures of each respective segment. The allocation of resources across these segments is dependent upon, among other factors, the segments' historical or future expected operating margins; the segments' historical or future expected returns on capital; outlook within a specific market; opportunities to grow profitability; new products, services or new customer accounts; confidence in management; and competitive landscape and intensity.

As a part of the Company's annual business planning, the CODM reviews our reportable segment composition and financial performance. As a result of this review, on January 1st, 2024, we moved certain branch locations previously reported under our IPS segment to our SC segment. Prior period segment disclosures have been recast.

The following table sets out financial information related to the Company’s segments (in thousands):
Years Ended December 31,Service CentersInnovative Pumping SolutionsSupply Chain ServicesTotal
2024    
Total Revenue$1,222,599 $323,026 $256,415 $1,802,040 
Operating income for reportable segments
$174,995 $53,736 $21,742 $250,473 
Identifiable assets at year end$764,533 $311,429 $62,760 $1,138,722 
Capital expenditures$4,423 $2,586 $13 $7,022 
Depreciation$3,142 $3,379 $32 $6,553 
Amortization of finance leases
$3,594 $508 $133 $4,235 
 
Years Ended December 31,Service CentersInnovative Pumping SolutionsSupply Chain ServicesTotal
2023    
Total Revenue$1,199,501 $218,731 $260,368 $1,678,600 
Operating income for reportable segments
$172,095 $35,147 $21,522 $228,764 
Identifiable assets at year end$660,209 $233,552 $62,610 $956,371 
Capital expenditures$6,065 $1,972 $— $8,037 
Depreciation$2,734 $3,713 $27 $6,474 
Amortization of finance leases
$3,026 $214 $45 $3,285 
Years Ended December 31,Service CentersInnovative Pumping SolutionsSupply Chain ServicesTotal
2022    
Total Revenue$1,041,462 $198,895 $240,475 $1,480,832 
Operating income for reportable segments
$132,421 $24,773 $19,547 $176,741 
Identifiable assets at year end$668,029 $223,369 $90,771 $982,169 
Capital expenditures$1,849 $2,368 $43 $4,260 
Depreciation$2,998 $4,512 $144 $7,654 
 Years Ended December 31,
202420232022
Income from operations for reportable segments
$250,473 $228,764 $176,741 
Adjustments for:
Amortization of intangible assets(1)
19,827 18,231 18,915 
Corporate expenses
85,264 71,811 60,074 
Income from operations
$145,382 $138,722 $97,752 
Interest expense63,927 53,146 29,135 
Other expense (income), net
(3,517)(1,355)2,716 
Income before income taxes$84,972 $86,931 $65,901 
(1) Amortization of intangible assets is recorded at the corporate level.
Corporate expenses includes selling, general, and administrative expenses, amortization of finance leases, and other expenses that are not directly attributable to a reportable segment. The Company had capital expenditures at corporate of $18.0 million, $4.2 million, and $0.7 million for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company had identifiable assets at corporate of $210.8 million, $221.1 million, and $55.1 million as of December 31, 2024, 2023, and 2022, respectively. Corporate depreciation was $2.5 million, $1.9 million, and $1.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Amortization of finance leases for Corporate was $0.3 million and $0.2 million for the years ended December 31, 2024 and December 31, 2023.
v3.25.0.1
RELATED PARTIES DISCLOSURES
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTIES DISCLOSURES RELATED PARTIES DISCLOSURES
The Board uses policies and procedures, to be applied by the Audit Committee of the Board, for review, approval or ratification of any transactions with related persons. Those policies and procedures will apply to any proposed transactions in which the Company is a participant, the amount involved exceeds $120,000 and any director, executive officer or significant shareholder or any immediate family member of such a person has a direct or material indirect interest. Any related party transaction will be reviewed by the Audit Committee of the Board of Directors to determine, among other things, the benefits of any transaction to the Company, the availability of other sources of comparable products or services and whether the terms of the proposed transaction are comparable to those provided to unrelated third parties.

The Company incurred approximately $1.9 million, $1.8 million, and $1.9 million in lease expenses to entities controlled by the Company’s Chief Executive Officer and family for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On February 1, 2025 the Company completed the acquisition of a leading distributor of pumps, process equipment, and related service and repairs. We acquired this company in order to expand our end-markets and expand our geographic territories. The acquisition was not material to our consolidated financial statements.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 70,489 $ 68,812 $ 48,155
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have processes in place to identify, assess and manage material risks from cybersecurity threats. These processes are part of our overall enterprise risk management process and have been embedded in our internal controls and information systems.

Our cybersecurity and information security framework includes risk assessment and mitigation through a threat intelligence-driven approach, application controls, and enhanced security with ransomware defense. The framework leverages the National Institute of Standards and Technology Cyber Security Framework (“NIST CSF”) for measuring overall readiness to respond to cyber threats, and Sarbanes-Oxley for assessment of internal controls.

We contract with external firms to assess our cyber security controls relative to our peers using the NIST CSF. We also have a third-party risk management program that assesses risks from vendors and suppliers. In addition, we maintain a Business Continuity and Disaster Recovery Plan as well as a cybersecurity insurance policy.

We have established cybersecurity and information security awareness training programs. Formal training on topics relating to our cybersecurity, data privacy and information security policies and procedures is mandatory at least annually for all employees, contractors and third parties with access to our network. Training is administered and tracked through online learning modules. Training topics include how to escalate suspicious activities including phishing, viruses, spams, insider threats, suspect human behaviors or safety issues. Based on role and location, some employees receive additional in-depth training to provide more comprehensive knowledge on potential risks related to their individual job responsibilities. Training is supplemented through regular company-wide communications with frequent updates to educate on the latest adversary trends and social engineering techniques.

Additionally, we engage in cyber crisis response simulations to assess our ability to adapt to information and operational technology threats. Improper or illegitimate use of our information system resources or violation of our information security policies and procedures is subject to disciplinary action. Our security posture is supported by a comprehensive defense-in-depth strategy that relies on layers of technology including Multi-Factor Authentication to ensure that access to information and communication is vetted and secure.

We also utilize internal and external audits and assessments, vulnerability testing, governance processes over outsourced service providers, active risk management and benchmarking against peers in the industry to validate our security posture. We also engage external firms to measure our NIST CSF maturity level.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have processes in place to identify, assess and manage material risks from cybersecurity threats. These processes are part of our overall enterprise risk management process and have been embedded in our internal controls and information systems.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance

Our board of directors established a standing Cybersecurity Committee, which is tasked with oversight of the Cybersecurity Program, including: (i) strategy and governance; (ii) operations; and (iii) risk management and regulatory compliance.

The Cybersecurity Committee responsibilities include:

•reviewing our enterprise cybersecurity strategy and framework, including our assessment of cybersecurity threats and risk, data security programs, and our management and mitigation of cybersecurity and information technology risks and potential breach incidents;
•reviewing any significant cybersecurity incident that has occurred, reports to or from regulators with respect thereto, and steps that have been taken to mitigate against reoccurrence;
•evaluating the effectiveness of our cyber risk management and data security programs measured against our cybersecurity threat landscape;
•assessing the effectiveness of our data breach incident response plan;
•reviewing and assessing our information technology disaster recovery capabilities; and
•reviewing our assessment of cybersecurity threats and risk associated with our supply chain and actions we are taking to address such threats and risks.

The Cybersecurity Committee receives reports and updates at committee meetings from our Chief Information Officer (“CIO”) and other executives and cybersecurity specialists. Following each committee meeting, the chair of the Cybersecurity Committee briefs the full board of directors on matters covered at the prior Cybersecurity Committee meeting. The board also receives periodic briefings on emerging trends in order to enhance its literacy on cybersecurity issues. At least annually, the Cybersecurity Committee receives updates about the results of the Cybersecurity Program reviews.

The Cybersecurity Committee participates with management periodically in “tabletop” exercises to evaluate our data breach incident response plan.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our board of directors established a standing Cybersecurity Committee, which is tasked with oversight of the Cybersecurity Program, including: (i) strategy and governance; (ii) operations; and (iii) risk management and regulatory compliance.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Cybersecurity Committee responsibilities include:

•reviewing our enterprise cybersecurity strategy and framework, including our assessment of cybersecurity threats and risk, data security programs, and our management and mitigation of cybersecurity and information technology risks and potential breach incidents;
•reviewing any significant cybersecurity incident that has occurred, reports to or from regulators with respect thereto, and steps that have been taken to mitigate against reoccurrence;
•evaluating the effectiveness of our cyber risk management and data security programs measured against our cybersecurity threat landscape;
•assessing the effectiveness of our data breach incident response plan;
•reviewing and assessing our information technology disaster recovery capabilities; and
•reviewing our assessment of cybersecurity threats and risk associated with our supply chain and actions we are taking to address such threats and risks.
Cybersecurity Risk Role of Management [Text Block]
Our Cybersecurity and Information Technology organization is led by our CIO, who is responsible for cybersecurity risk management. Our CIO has more than 27 years of experience in the IT industry. Since 2006, he has held multiple roles at the Company and most recently as Vice President of IT Strategic Solutions.

Our cybersecurity incident response framework is governed by a corporate Cybersecurity Incident Response Plan (the “IRP”), which sets out our approach for categorizing, responding to, and mitigating cybersecurity incidents. The IRP provides definitions of key terms, stakeholder roles and responsibilities, and a response governance and escalation process.

We have an incident response team comprised of our CIO, executive leaders, management, and internal and external legal counsel, whose primary responsibilities include:
•evaluating and validating the impact of an incident;
•approving certain incident response countermeasures and remediation actions;
•escalating incidents and response countermeasures for approval; and
•acting in an advisory capacity in support of cybersecurity incident remediation, as appropriate.

We maintain a Business Continuity and Disaster Recovery Plan that addresses our preparation for, management, recovery from, and ultimate resumption of business after a crisis, including emergency response, continued recovery, and business resumption activities such as information systems recovery, when a cybersecurity incident may potentially have a significant impact on our business strategy, results of operations, or financial condition.

As of the date of this report, we are not aware of any cybersecurity threats that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, as discussed under “Item 1A. Risk Factors,” specifically the risks titled “Cybersecurity breaches and other disruptions or misuse of our network and information systems could affect our ability to conduct our business effectively.”, the sophistication of cyber threats continues to increase, and the preventative actions we take to reduce the risk of cyber incidents and protect our systems and information may be insufficient. Accordingly, no matter how well our controls are designed or implemented, we will not be able to anticipate all security breaches, and we may not be able to implement effective preventive measures against such security breaches in a timely manner.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Cybersecurity Committee receives reports and updates at committee meetings from our Chief Information Officer (“CIO”) and other executives and cybersecurity specialists.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our Cybersecurity and Information Technology organization is led by our CIO, who is responsible for cybersecurity risk management. Our CIO has more than 27 years of experience in the IT industry. Since 2006, he has held multiple roles at the Company and most recently as Vice President of IT Strategic Solutions.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Cybersecurity and Information Technology organization is led by our CIO, who is responsible for cybersecurity risk management. Our CIO has more than 27 years of experience in the IT industry. Since 2006, he has held multiple roles at the Company and most recently as Vice President of IT Strategic Solutions.

Our cybersecurity incident response framework is governed by a corporate Cybersecurity Incident Response Plan (the “IRP”), which sets out our approach for categorizing, responding to, and mitigating cybersecurity incidents. The IRP provides definitions of key terms, stakeholder roles and responsibilities, and a response governance and escalation process.

We have an incident response team comprised of our CIO, executive leaders, management, and internal and external legal counsel, whose primary responsibilities include:
•evaluating and validating the impact of an incident;
•approving certain incident response countermeasures and remediation actions;
•escalating incidents and response countermeasures for approval; and
•acting in an advisory capacity in support of cybersecurity incident remediation, as appropriate.
We maintain a Business Continuity and Disaster Recovery Plan that addresses our preparation for, management, recovery from, and ultimate resumption of business after a crisis, including emergency response, continued recovery, and business resumption activities such as information systems recovery, when a cybersecurity incident may potentially have a significant impact on our business strategy, results of operations, or financial condition
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] false
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries.

Certain reclassifications were made to the prior year’s consolidated financial statements to conform to the current year presentation. Such reclassifications did not have a material effect on our consolidated statements of operations and comprehensive income, balance sheets, cash flows or equity.

The Company was the primary beneficiary of a VIE in which it owned 47.5% of the VIE's equity. The Company consolidated the VIE within its financial statements. In November 2022, the Company sold its interest in the VIE and ceased the consolidation of the VIE within the Company's financial statements. The losses associated with the VIE that occurred prior to the deconsolidation are included in the consolidated statements of operations and comprehensive income. These losses were $0.2 million for the year ended December 31, 2022.
All intercompany accounts and transactions have been eliminated in consolidation.
Business Combinations
Business Combinations
We allocate the total purchase price of a business combination to the assets acquired and the liabilities assumed based on their estimated fair values at the acquisition date, with the excess purchase price recorded as goodwill. For material acquisitions, we engage third-party valuation specialists to assist us in determining the fair value of the assets acquired and liabilities assumed, including goodwill, based on recognized business valuation methodologies. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate in the reporting period in which the adjustment amounts are determined based on facts and circumstances that existed as of the acquisition date, as applicable. Generally, we use an income valuation method to estimate the fair value of the assets acquired or liabilities assumed in a business combination. However, a market or cost valuation method may be utilized.

We expense acquisition-related costs as incurred in connection with each business combination.
Foreign Currency
Foreign Currency
The financial statements of the Company’s Canadian subsidiaries are measured using local currencies as their functional currencies. Assets and liabilities are translated into U.S. dollars at current exchange rates, while income and expenses are translated at average exchange rates. Translation gains and losses are reported in other comprehensive income (loss). Gains and losses on transactions denominated in foreign currency are reported in the consolidated statements of operations and comprehensive income (loss).
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.
Cash
Cash
The Company places its cash with institutions with high credit quality. However, at certain times, such cash may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not historically experienced any losses when in excess of these limits.
Receivables and Credit Risk
Receivables and Credit Risk
Trade receivables consist primarily of uncollateralized customer obligations due under normal trade terms, which usually require payment within 30 days of the invoice date. However, these payment terms are extended in select cases and customers may not pay within stated trade terms.

The Company has trade receivables from a diversified customer base located primarily in the Rocky Mountain, Northeastern, Midwestern, Southeastern and Southwestern regions of the U.S. and Canada. The Company believes no significant concentration of credit risk exists. The Company evaluates the creditworthiness of its customers' financial positions and monitors accounts on a regular basis. Provisions to the allowance for doubtful accounts are made monthly and adjustments are made periodically based upon management’s best estimate of the collectability of such accounts under the current expected credit losses model. The Company writes-off uncollectible trade accounts receivable when the accounts are determined to be uncollectible. No customer represents more than 10% of consolidated sales.
Inventories
Inventories
Inventories are made up of equipment purchased for resale, and materials utilized in the fabrication of industrial and wastewater equipment stated at lower of cost and net realizable value, primarily determined using the weighted average cost method. The Company regularly reviews inventory and records provisions for the difference between cost and net realizable value arising from excess and obsolete items on hand based upon the aging of the inventories, market trends, and continued demand.
Property and Equipment
Property and Equipment
Property and equipment are recorded on a historical cost basis. Depreciation of property and equipment is computed using the straight-line method over their estimated useful lives. Maintenance and repairs of depreciable assets are charged against earnings as incurred. When properties are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and gains or losses are credited or charged to earnings.
The principal estimated useful lives used in determining depreciation are as follows:
Buildings
20-39 years
Building improvements
10-20 years
Furniture, fixtures and equipment
3-20 years
Leasehold improvementsShorter of estimated useful life or related lease term
Impairment of Goodwill and Other Intangible Assets
Impairment of Goodwill and Other Intangible Assets
The Company tests goodwill for impairment on an annual basis on October 1st and when events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company assigns the carrying value of these intangible assets to its reporting units and applies the test for goodwill at the reporting unit level. A reporting unit is defined as an operating segment or one level below a segment (a “component”) if the component is a business and discrete information is prepared and reviewed regularly by segment management.
The Company’s goodwill impairment assessment first permits evaluating qualitative factors to determine if a reporting unit's carrying value would more likely than not exceed its fair value. If the Company concludes, based on the qualitative assessment, that a reporting unit's carrying value would more likely than not exceed its fair value, the Company would perform a quantitative test for that reporting unit. Should the reporting unit's carrying amount exceed the fair value, then an impairment charge for the excess would be recognized. The impairment charge is limited to the amount of goodwill allocated to the reporting unit and goodwill will not be reduced below zero.
Impairment of Long-Lived Assets, Excluding Goodwill
Impairment of Long-Lived Assets, Excluding Goodwill
The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.
Revenue Recognition
Revenue Recognition
The Company primarily provides purchased products distributed through its branch of local Service Centers and provides services through its local branch network and recognizes revenue at a point in time when control of the product or service performed transfers to the customer, typically upon shipment or completion from a DXP facility or directly from a supplier. Revenue is measured at the amount of consideration expected to be received in exchange for the products and services provided, net of allowances for product returns, and any taxes collected from customers that will be remitted to governmental authorities. The Service Centers segment primarily provides a wide range of maintenance, repair and operating (MRO) products, equipment and integrated services, including logistics capabilities, to industrial customers. The Supply Chain Services segment also provides a wide range of MRO products as well as manages all or part of various customers' supply chain, including warehouse and inventory management services. Revenue is recognized upon the completion of our performance obligation(s) under the sales agreement. The majority of the Service Centers and Supply Chain Services segment revenues originate from the satisfaction of a single performance obligation--the delivery of products. Revenues are recognized when an agreement is in place, the performance obligations under the contract have been satisfied, and the price or consideration to be received is fixed and allocated to the performance obligation(s) in the contract. We believe our performance obligation has been satisfied when title passes to the customer or services have been rendered under the contract. Revenues are recorded net of sales taxes. The Company reserves for potential customer returns based upon historical levels.
The Company also assembles, kits, and fabricates custom-made pump packages, remanufactures pumps, and manufactures branded private label pumps substantially within our Innovative Pumping Solutions segment. For binding agreements to assemble, fabricate and direct tangible assets to customer specifications, the Company recognizes revenues over time when the customer is able to direct the use of and obtain substantially all of the benefits of the work performed. This occurs when the products have no alternative use for us and we have a right to payment for the work completed to date plus a reasonable profit margin. Contracts include cancellation provisions that require the customer to reimburse us for costs incurred through the date of cancellation. We recognize revenue for these contracts using the percentage of completion method, an “input method” as defined by ASC 606, “Revenue from Contracts with Customers”. Under this method, we recognize sales and profit based upon the cost-to-cost method, in which sales and profit are recorded based upon the ratio of costs incurred to estimated total costs to complete the asset. The percentage-of-completion method of accounting requires the Company to estimate the project costs at completion. Revenues are estimated based upon the original contract price and change orders. Contract costs may be incurred over a period of several months, and the estimation of these costs requires judgment based upon the acquired knowledge and experience of program managers, engineers, and finance professionals. Estimated costs are based primarily on purchase contract terms and estimated cost of materials, labor productivity and cost, and overhead.
Shipping and Handling Costs
Shipping and Handling Costs
The Company classifies shipping and handling charges billed to customers as sales. Shipping and handling charges paid to others are classified as a component of cost of sales.
Cost of Sales and Selling, General and Administrative Expense
Cost of Sales and Selling, General and Administrative Expense
Cost of sales includes product and product related costs, inbound freight charges, internal transfer costs, and depreciation. Selling, general and administrative expense includes purchasing and receiving costs, inspection costs, warehousing costs, depreciation, and amortization.
Income Taxes
Income Taxes
The Company utilizes the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and income tax bases of assets and liabilities. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to reverse. Valuation allowances are established to reduce deferred income tax assets to the amounts expected to be realized under a more likely than not criterion.
Accounting for Uncertainty in Income Taxes
Accounting for Uncertainty in Income Taxes
A position taken or expected to be taken in a tax return is recognized in the financial statements when it is more likely than not (i.e. a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal, state and local tax examination by tax authorities for years prior to 2015. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter.
Comprehensive Income
Comprehensive Income
Comprehensive income includes net income and foreign currency translation adjustments. The Company’s other comprehensive income is from translating foreign subsidiaries to the reporting currency.
Accounting Pronouncements Not Yet Adopted
Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will likely result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.
Leases LEASES
We lease office space, warehouses, land, automobiles, office, and manufacturing equipment. Some of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Our lease agreements may include options to purchase the leased property. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements.
Fair Value of Financial Assets and Liabilities FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
Authoritative guidance for financial assets and liabilities measured on a recurring basis applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Fair value, as defined in the authoritative guidance, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance affects the fair value measurement of an investment with quoted market prices in an active market for identical instruments, which must be classified in one of the following categories:

Level 1 Inputs

Level 1 inputs come from quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Inputs

Level 2 inputs are other than quoted prices that are observable for an asset or liability. These inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from, or corroborated by, observable market data by correlation or other means.

Level 3 Inputs

Level 3 inputs are unobservable inputs for the asset or liability which require the Company's own assumptions. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

Our acquisitions may include contingent consideration as part of the purchase price. The fair value of the contingent consideration is estimated as of the acquisition date based on the present value of the contingent payments to be made using a weighted probability of possible payments. The unobservable inputs used in the determination of the fair value of the contingent consideration include management's assumptions about the likelihood of payment based on the established benchmarks and discount rates based on an internal rate of return analysis. The fair value measurement includes inputs that are Level 3 inputs as discussed above, as they are not observable in the market. Should actual results increase or decrease as compared to the assumptions used in our analysis, the fair value of the contingent consideration obligations will increase or decrease, up to the contracted limit, as applicable. Changes in the fair value of the contingent consideration are measured during each reporting period and reflected in our results of operations.
Segments and Geographical Reporting SEGMENT REPORTING
We have three reportable and operating segments: Service Centers, Innovative Pumping Solutions and Supply Chain Services.

The Service Centers segment is engaged in providing maintenance, MRO products and equipment, including logistics capabilities, to industrial customers. The Service Centers segment provides a wide range of MRO products in the rotating equipment, bearing, power transmission, hose, fluid power, metal working, fastener, industrial supply, safety products and safety services categories.

The Innovative Pumping Solutions segment fabricates and assembles custom-made pump packages, re-manufactures pumps, manufactures branded private label pumps, and provides products and process lines for the water and wastewater treatment industries.

The Supply Chain Services segment provides a wide range of MRO products and manages all or part of a customer's supply chain, including warehouse and inventory management.

No customer accounts for 10% or more of our revenues. Sales are shown net of intersegment eliminations.

Segment information is prepared on the same basis that our Chief Executive Officer, who is our chief operating decision maker (“CODM”), manages the segments, evaluates financial results, and makes key operating decisions.

These segments were determined primarily on the distribution channels of the products and services offered and the nature of the customer markets and the primary driver of the customers spend. The Company's CODM directs the allocation of resources to these segments based upon historical and current revenue, direct operating expenses, operating income, and capital expenditures of each respective segment. The allocation of resources across these segments is dependent upon, among other factors, the segments' historical or future expected operating margins; the segments' historical or future expected returns on capital; outlook within a specific market; opportunities to grow profitability; new products, services or new customer accounts; confidence in management; and competitive landscape and intensity.

As a part of the Company's annual business planning, the CODM reviews our reportable segment composition and financial performance. As a result of this review, on January 1st, 2024, we moved certain branch locations previously reported under our IPS segment to our SC segment. Prior period segment disclosures have been recast.
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Changes in Allowance
Changes in this allowance for 2024 and 2023 are as follows (in thousands):
 20242023
Beginning balance, January 1
$5,584 $7,610 
(Recoveries) Charges to expense
(887)(885)
Foreign currency translation
(42)13 
Write-offs
517 (1,154)
Ending balance, December 31
$5,172  $5,584 
Schedule of Carrying Values of Inventories
The carrying values of inventories are as follows (in thousands):
December 31,
 20242023
Finished goods$89,780 $94,031 
Work in process13,333 9,774 
Inventories$103,113 $103,805 
Schedule of Principal Estimated Useful Lives of Property and Equipment
The principal estimated useful lives used in determining depreciation are as follows:
Buildings
20-39 years
Building improvements
10-20 years
Furniture, fixtures and equipment
3-20 years
Leasehold improvementsShorter of estimated useful life or related lease term
v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Expenses, Supplemental Cash Flow and Balance Sheet Information and Lease Term and Discount Rate
The following table presents components of lease cost (in thousands):

 
Twelve Months Ended December 31,
 202420232022
Operating lease costs
$21,210 $21,575 $24,371 
Finance lease costs:
Amortization of assets
4,559 3,451 — 
Interest on lease liabilities
1,108 595 — 
Total finance lease costs
5,667 4,046 — 
Total operating and finance lease costs$26,877 $25,621 $24,371 
Twelve Months Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases
$20,886 $21,823 $20,584 
Operating cash flows - finance leases
1,088 595 — 
Financing cash flows - finance leases
$4,216 $2,347 $— 
The following table presents cash paid for leases, assets exchanged for operating and finance leases, and weighted average remaining lease terms, and discount rates:

December 31,
20242023
Cash paid for operating leases
$20,886 $21,823 
Cash paid for finance leases
$4,216 $2,347 
Assets obtained in exchange for operating lease obligations, initial recognition
$4,551 $5,556 
Assets obtained in exchange for finance lease obligations
$8,441 $15,171 
Weighted-average remaining lease term - operating leases
3.9 years
4.1 years
Weighted-average remaining lease term - finance leases
3.2 years3.5 years
Weighted average discount rate - operating leases
8.1%6.8%
Weighted-average discount rate - finance leases
8.5%7.5%
Schedule of Supplemental Balance Sheet Information
The following table presents the consolidated balance sheet location of assets and liabilities related to operating and finance leases (in thousands):
December 31,
Balance Sheet Location
20242023
Operating
Operating lease right of use assets, net
$46,569 $48,729 
Finance
Property and equipment, net
15,829 11,720 
Total lease assets
$62,398 $60,449 
Current operating
Short-term operating lease liabilities14,921 15,438 
Non-current operating
Long-term operating lease liabilities33,159 34,336 
Current finance
Other current liabilities
5,321 3,329 
Non-current finance
Other long-term liabilities
11,055 8,575 
Total lease liabilities$64,456 $61,678 
Schedule of Maturity of Operating Lease Liabilities
As of December 31, 2024 maturities of lease liabilities are as follows (in thousands):

Finance
Operating
2025$6,451 $18,126 
20265,891 14,362 
20274,246 10,268 
20281,847 6,662 
2029188 2,741 
Thereafter— 4,068 
Total future lease payments
18,623 56,227 
Less: imputed interest2,247 8,147 
Total lease liability balance
$16,376 $48,080 
Schedule of Maturity of Finance Lease Liabilities
As of December 31, 2024 maturities of lease liabilities are as follows (in thousands):

Finance
Operating
2025$6,451 $18,126 
20265,891 14,362 
20274,246 10,268 
20281,847 6,662 
2029188 2,741 
Thereafter— 4,068 
Total future lease payments
18,623 56,227 
Less: imputed interest2,247 8,147 
Total lease liability balance
$16,376 $48,080 
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Reconciliation of the Beginning and Ending Balance and Gains or Losses Recognized
For the Company's assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), the following table provides a reconciliation of the beginning and ending balances for each category therein and gains or losses recognized during the last three fiscal years (in thousands):

 Contingent Consideration
Balance at December 31, 2021
$905 
Acquisitions and settlements:
     Acquisitions8,200 
     Settlements
(1,250)
Total remeasurement adjustments:
     Changes in fair value recorded in other (income) expense, net
2,311 
Balance at December 31, 2022
$10,166 
Acquisitions and settlements:
     Acquisitions
2,682 
     Settlements
(5,833)
Total remeasurement adjustments:
     Changes in fair value recorded in other (income) expense, net
1,738 
Balance at December 31, 2023(1)
$8,753 
Acquisitions and settlements:
     Acquisitions (Note 16)
11,932 
     Settlements(5,108)
Total remeasurement adjustments:
     Changes in fair value recorded in other (income) expense, net745 
Balance at December 31, 2024(1)
$16,322 
(1) Amounts included in other current liabilities were $8.0 million and $5.4 million for the periods ending December 31, 2024 and December 31, 2023, respectively. Amounts included in other long-term liabilities were $8.3 million and $3.4 million for the periods ending December 31, 2024 and December 31, 2023, respectively.
Schedule of Quantitative Information About Level 3 Fair Value Measurements
The significant unobservable inputs used in the fair value measurement of the Company's contingent consideration liabilities designated as Level 3 are as follows:

Fair Value at December 31, 2024Valuation TechniqueSignificant Unobservable Inputs
$16,322 Discounted cash flowAnnualized EBITDA and probability of achievement
v3.25.0.1
CONTRACT ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Contractors [Abstract]  
Schedule of Costs and Estimated Earnings on Uncompleted Contracts Included in Condensed Consolidated Balance Sheets
Costs and estimated profits on uncompleted contracts and related amounts billed were as follows (in thousands):
 December 31,
 202420232022
Costs incurred on uncompleted contracts$122,951 $92,363 $70,329 
Estimated profits, thereon58,373 37,379 23,274 
Total costs and estimated profits on uncompleted contracts
181,324 129,742 93,603 
Less: billings to date143,251 96,925 80,426 
Total
$38,073 $32,817 $13,177 

Such amounts were included in the accompanying Consolidated Balance Sheets for 2024 and 2023 under the following captions (in thousands):
 December 31,
 202420232022
Costs and estimated profits in excess of billings $50,735 $42,323 $23,588 
Billings in excess of costs and estimated profits(12,662)(9,506)(10,411)
Net contract assets
$38,073 $32,817 $13,177 
v3.25.0.1
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
The carrying values of property and equipment, net are as follows (in thousands):

December 31,
 20242023
Land$1,704 $2,023 
Buildings and leasehold improvements32,652 29,840 
Furniture, fixtures and equipment137,058 113,945 
Finance lease right of use assets
23,612 15,171 
Less – Accumulated depreciation and amortization
(113,470)(99,361)
Property and equipment, net
$81,556 $61,618 
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill and Other Intangible Assets
The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2024 (in thousands):
 Goodwill
Other
Intangible
Assets, Net
Total
Balances as of December 31, 2023$343,991 $63,895 $407,886 
Translation adjustment(1,380)(10)(1,390)
Acquisitions 109,732 41,621 151,353 
Amortization— (19,827)(19,827)
Balances as of December 31, 2024$452,343 $85,679 $538,022 

The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2023 (in thousands):
 Goodwill
Other
Intangible
Assets, Net
Total
Balances as of December 31, 2022$333,759 $79,584 $413,343 
Translation adjustment464 15 479 
Acquisitions9,768 2,527 12,295 
Amortization— (18,231)(18,231)
Balances as of December 31, 2023$343,991 $63,895 $407,886 
Schedule of Goodwill Balance by Reportable Segment
The following table presents the goodwill balance by reportable segment as of December 31, 2024 and 2023 (in thousands):
December 31,
 20242023
Service Centers$335,611 $270,865 
Innovative Pumping Solutions99,593 55,987 
Supply Chain Services17,139 17,139 
Total$452,343 $343,991 
Schedule of Future Amortization Expense of Other Intangible Assets The estimated future annual amortization of intangible assets for each of the next five years and thereafter are as follows (in thousands):
Amount
2025$20,734 
202617,982 
202716,002 
202813,851 
20296,801 
Thereafter10,309 
Total$85,679 
v3.25.0.1
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following (in thousands):
December 31,
 20242023
ABL Revolver$— $— 
Amended Senior Secured Term Loan B due October 13, 2030(1)
647,876 — 
Senior Secured Term Loan B due October 13, 2030(2)
— 548,625 
Promissory Note due November 1, 2029
1,000 — 
Total debt
648,876 548,625 
Less: current maturities
(6,595)(5,500)
Total long-term debt
642,281 543,125 
Unamortized discount and debt issuance costs
20,597 22,428 
Long-term debt, net of unamortized discount and debt issuance costs
$621,684 $520,697 
(1) The fair value of the Amended Term Loan B due October 13, 2030 using level 2 input values was $657.6 million as of December 31, 2024.
(2) The fair value of the Term Loan B due October 13, 2030 using level 2 input values was $554.1 million as of December 31, 2023.
Schedule of Secured Leverage Ratio to EBITDA
Fiscal QuarterSecured Leverage Ratio
December 31, 2024
5.75:1.00
March 31, 2025
5.75:1.00
June 30, 2025
5.50:1.00
September 30, 2025
5.50:1.00
December 31, 2025
5.50:1.00
March 31, 2026
5.25:1.00
June 30, 2026
5.25:1.00
September 30, 2026
5.25:1.00
December 31, 2026
5.00:1.00
March 31, 2027
5.00:1.00
June 30, 2027 and thereafter
4.75:1.00
Schedule of Maturities of Long-term Debt
As of December 31, 2024, the maturities of long-term debt for the next five years and thereafter were as follows (in thousands):
Amount
2025$6,595 
20266,595 
20276,595 
20286,595 
20297,095 
Thereafter615,401 
Total$648,876 
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Income Taxes
The components of income before income taxes are as follows (in thousands):
 Years Ended December 31,
 202420232022
Domestic$77,309 $79,785 $59,736 
Foreign7,663 7,146 6,165 
Total income before taxes$84,972 $86,931 $65,901 
Schedule of Provision for Income Taxes
The provision for income taxes consisted of the following (in thousands):
 Years Ended December 31,
 202420232022
Current -   
Federal$22,066 $22,514 $18,591 
State5,217 2,620 4,501 
Foreign2,190 2,044 2,248 
Total current29,473 27,178 25,340 
Deferred -   
Federal(13,597)(7,679)(5,875)
State(1,347)(1,133)(1,083)
Foreign(46)(247)(583)
Total deferred(14,990)(9,059)(7,541)
Total current and deferred taxes$14,483 $18,119 $17,799 
Schedule of Differences Between Income Taxes Computed at Statutory Income Tax Rate and Provision For Income Taxes
The difference between income taxes computed at the statutory income tax rate and the provision for income taxes is as follows (in thousands):
 Years Ended December 31,
 202420232022
Income taxes computed at federal statutory rate$17,844 $18,255 $13,839 
State income taxes, net of federal benefit1,935 1,669 2,701 
Foreign taxes352 144 122 
Nondeductible expenses1,048 2,670 1,158 
Return to Provision Adjustment
(1,105)— — 
Blended state rate change
1,122 (58)240 
General business credit
(6,399)(4,811)(250)
Valuation allowance(57)274 (1)
Restricted Stock
(2,056)— — 
Uncertain tax positions1,732 (33)271 
Other67 9 (281)
Total income tax expense
$14,483 $18,119 $17,799 
Schedule of Deferred Tax Liabilities and Assets
Deferred tax liabilities and assets were comprised of the following (in thousands):
December 31,
 20242023
Deferred tax assets: 
Allowance for doubtful accounts$954 $879 
Inventory3,585 3,371 
Texas research and development tax credit carryforward2,232 2,239 
   Louisiana research and development tax credit carryforward10 10 
Foreign tax credit carryforward64 64 
Net operating loss carryforward1,258 1,328 
Capital loss carryforward4 4 
Accruals9,814 8,190 
ROU asset304 220 
Research expenses40,650 23,822 
Total deferred tax assets58,875 40,127 
Less valuation allowance(221)(278)
Total deferred tax asset, net of valuation allowance58,654 39,849 
Deferred tax liabilities:
Goodwill(24,847)(18,476)
Intangibles(7,902)(8,363)
Property and equipment(10,204)(7,885)
Deferred compensation2,304 (215)
Unremitted foreign earnings(421)(421)
Method changes(393)(342)
Other(243)(643)
Total deferred tax liability
$(41,706)$(36,345)
Net deferred tax asset
$16,948 $3,504 
Schedule of Changes in Valuation Allowance for Deferred Tax Assets
The following summarizes changes in the balance of valuation allowances on deferred tax assets (in thousands):

  202420232022
Balance at January 1$(278)$(4)$(4)
Changes due to state operating loss and foreign capital loss carryforwards
57 (274)— 
Balance at December 31$(221)$(278)$(4)
Schedule of Tax Carryforwards
Expected tax benefit on carryforwards available for use on future income tax returns, prior to valuation allowance, at December 31, 2024, are as follows (in thousands):

  Domestic  ForeignExpiration
Net operating loss - foreign$— $562 2034-2043
Net operating loss - federal (100%)
32 — 2037
Net operating loss - federal (80%)
447 — Indefinite
Net operating loss - state
217 — Indefinite
Capital loss carryforward - foreign— 4 Indefinite
Foreign tax credits64 — 2025
Texas research and development tax credits2,232 — 2037-2043
Louisiana research and development tax credits$10 $— 2025-2027
Schedule of Changes in Unrecognized Tax Benefits
Changes in the balance of unrecognized tax benefits excluding interest and penalties on uncertain tax positions are as follows (in thousands):

  Assets (Liabilities)
  202420232022
Balance at January 1,$(5,755)$(5,918)$(6,316)
   Decreases related to prior year tax positions142 1,475 614 
   Increases related to current year tax positions(3,089)(1,312)(216)
Balance at December 31,$(8,702)$(5,755)$(5,918)
v3.25.0.1
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Changes in Restricted Stock
Changes in RSAs for the twelve months ended December 31, 2024 are as follows:
 Number of
Shares		Weighted Average
Grant Price
Non-vested at December 31, 2023304,437 $27.60 
Granted127,860 $52.89 
Forfeited(9,644)$26.96 
Vested(120,253)$28.13 
Non-vested at December 31, 2024302,400 $38.11 
Changes in RSAs for the twelve months ended December 31, 2023 are as follows:
 Number of
Shares		Weighted Average
Grant Price
Non-vested at December 31, 2022157,767 $28.64 
Granted215,554 $27.36 
Forfeited— $— 
Vested(68,884)$29.23 
Non-vested at December 31, 2023304,437 $27.60 
Changes in RSAs for the twelve months ended December 31, 2022 are as follows:
 Number of
Shares		Weighted Average
Grant Price
Non-vested at December 31, 2021112,044 $31.72 
Granted113,077 $27.48 
Forfeited(8,785)$31.96 
Vested(58,569)$31.79 
Non-vested at December 31, 2022157,767 $28.64 
v3.25.0.1
EARNINGS PER SHARE DATA (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):
  December 31,
 202420232022
Basic earnings per share:   
Weighted average shares outstanding15,861 16,870 18,631 
 
Net income attributable to DXP Enterprises, Inc.
$70,489 $68,812 $48,155 
Series B convertible preferred stock dividend
(90)(90)(90)
Net income attributable to common shareholders
70,399 68,722 48,065 
Per share amount$4.44 $4.07 $2.58 
 
Diluted earnings per share:
Weighted average shares outstanding15,861 16,870 18,631 
Assumed conversion of convertible preferred stock840 840 840 
Total dilutive shares16,701 17,710 19,471 
Net income attributable to common shareholders
$70,399 $68,722 $48,065 
Series B convertible preferred stock dividend
90 90 90 
Net income attributable to DXP Enterprises, Inc.
70,489 68,812 48,155 
Per share amount$4.22 $3.89 $2.47 
v3.25.0.1
CAPITAL STOCK (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Activity Related to Common Stock Issued
The activity related to outstanding common stock was as follows (in thousands):

 December 31,
 202420232022
Common Stock:
Balance, beginning of period16,177 17,690 18,580 
Issuance of shares for compensation net of withholding86 47 47 
Restricted shares
(2)147 47 
Issuance of common stock related to purchase of businesses— — 267 
Purchase of shares held in treasury(566)(1,707)(1,251)
Balance, end of period15,695 16,177 17,690 
v3.25.0.1
SHARE REPURCHASE (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Share Repurchase
The following table represents total number of shares purchased, the amount paid, and the average price paid per share under share repurchase programs authorized by our Board of Directors:

 Twelve Months Ended December 31,
 202420232022
(in millions, except per share data)
Total number of shares purchased0.6 1.7 1.3 
Amount paid$28.8 $54.7 $35.2 
Average price paid per share$50.87 $32.06 $28.17 
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]  
Supplemental Disclosures of Cash Flow Information
 Twelve Months Ended December 31,
 202420232022
Supplemental disclosures of cash flow information:
Cash paid for interest(1)
$67,005 $48,954 $25,321 
Cash paid for income taxes
$20,433 $21,839 $26,179 
Shares repurchased held in treasury
$— $— $13,603 
Non-cash investing and financing activities:
Treasury shares excise tax accruals
$(225)$(519)$— 
Shares issued for acquisition
$— $— $5,757 
(1) FY 2024 includes $9.3 million of interest associated with 2023 paid in 2024.
v3.25.0.1
BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed The following table summarizes the total consideration, the estimated fair values of the assets acquired and liabilities assumed at the acquisition date for the 2024 acquisitions:
Q1 2024Q2 2024Q3 2024Q4 2024Total
Total Acquisitions
31127
Cash payments
$40,661 $81,538 $31,564 $8,201 $161,964 
Promissory Note due 11/1/ 2029
— — — 1,000 1,000 
Contingent consideration
6,132 — 5,197 626 11,955 
Total purchase price consideration
46,793 81,538 36,761 9,827 174,919 
Tangible assets acquired
18,632 4,485 9,026 4,630 36,773 
Intangible assets acquired
8,155 23,400 8,246 1,820 41,621 
Total assets acquired
26,787 27,885 17,272 6,450 78,394 
Total liabilities assumed(8,605)(2,652)(1,205)(745)(13,207)
Net assets acquired18,182 25,233 16,067 5,705 65,187 
Goodwill$28,611 $56,305 $20,694 $4,122 $109,732 
The following table summarize the total consideration, the estimated fair values of the assets acquired and liabilities assumed at the acquisition date for the 2023 acquisitions:
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Total
Total Acquisitions
— 2— 13
Cash payments
$— $9,235 $— $1,502 $10,737 
Contingent consideration
— 2,498 — 184 2,682 
Total purchase price consideration
— 11,733 — 1,686 13,419 
Tangible assets acquired
— 3,379 — 146 3,525 
Intangible assets acquired
— 2,142 — 385 2,527 
Total assets acquired
— 5,521 — 531 6,052 
Total liabilities assumed— (2,260)— (141)(2,401)
Net assets acquired— 3,261 — 390 3,651 
Goodwill$— $8,472 $— $1,296 $9,768 
The following table summarize the total consideration, the estimated fair values of the assets acquired and liabilities assumed at the acquisition date for the 2022 acquisitions:
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Total
Total Acquisitions
211— 4
Cash payments
$5,832 $43,483 $4,615 $— $53,930 
Common stock consideration
527 4,365 865 — 5,757 
Contingent consideration
2,689 4,484 1,027 — 8,200 
Total purchase price consideration
9,048 52,332 6,507 — 67,887 
Tangible assets acquired
3,274 16,046 3,642 — 22,962 
Intangible assets acquired
1,193 17,677 560 — 19,430 
Total assets acquired
4,467 33,723 4,202 — 42,392 
Total liabilities assumed(1,290)(11,886)(167)— (13,343)
Net assets acquired3,177 21,837 4,035 — 29,049 
Goodwill$5,871 $30,495 $2,472 $— $38,838 
Schedule of Pro Forma Financial Results (Unaudited)
The following unaudited supplemental pro forma results of operations for the Company which incorporate the acquisitions completed in 2024, 2023 and 2022, have been provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in thousands).

  Years Ended December 31,
(in thousands)
202420232022
Sales$1,856,860 $1,794,749 $1,513,743 
Net income attributable to common shareholders$84,327 $82,738 $54,527 
v3.25.0.1
OTHER INCOME AND EXPENSE, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Nonoperating Income (Expense)
The components of other (income) expense, net were as followed:
  Years Ended December 31,
(in thousands)
202420232022
Interest income
$(4,766)$(2,680)$(191)
Change in fair value of contingent consideration
745 1,738 2,311 
Other, net
504 (413)596 
Other (income) expense, net
$(3,517)$(1,355)$2,716 
v3.25.0.1
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues by Geographical Location
The Company’s revenues by geographical location are as follows (in millions):
  Years Ended December 31,
 202420232022
Revenues   
United States$1,721 $1,602 $1,402 
Canada79 75 79 
Other
2 2 — 
Total$1,802 $1,679 $1,481 
v3.25.0.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information Related to Company's Segments
The following table sets out financial information related to the Company’s segments (in thousands):
Years Ended December 31,Service CentersInnovative Pumping SolutionsSupply Chain ServicesTotal
2024    
Total Revenue$1,222,599 $323,026 $256,415 $1,802,040 
Operating income for reportable segments
$174,995 $53,736 $21,742 $250,473 
Identifiable assets at year end$764,533 $311,429 $62,760 $1,138,722 
Capital expenditures$4,423 $2,586 $13 $7,022 
Depreciation$3,142 $3,379 $32 $6,553 
Amortization of finance leases
$3,594 $508 $133 $4,235 
 
Years Ended December 31,Service CentersInnovative Pumping SolutionsSupply Chain ServicesTotal
2023    
Total Revenue$1,199,501 $218,731 $260,368 $1,678,600 
Operating income for reportable segments
$172,095 $35,147 $21,522 $228,764 
Identifiable assets at year end$660,209 $233,552 $62,610 $956,371 
Capital expenditures$6,065 $1,972 $— $8,037 
Depreciation$2,734 $3,713 $27 $6,474 
Amortization of finance leases
$3,026 $214 $45 $3,285 
Years Ended December 31,Service CentersInnovative Pumping SolutionsSupply Chain ServicesTotal
2022    
Total Revenue$1,041,462 $198,895 $240,475 $1,480,832 
Operating income for reportable segments
$132,421 $24,773 $19,547 $176,741 
Identifiable assets at year end$668,029 $223,369 $90,771 $982,169 
Capital expenditures$1,849 $2,368 $43 $4,260 
Depreciation$2,998 $4,512 $144 $7,654 
Schedule of Reconciliation of Operating Income for Reportable Segments to Consolidated Income Before Taxes
 Years Ended December 31,
202420232022
Income from operations for reportable segments
$250,473 $228,764 $176,741 
Adjustments for:
Amortization of intangible assets(1)
19,827 18,231 18,915 
Corporate expenses
85,264 71,811 60,074 
Income from operations
$145,382 $138,722 $97,752 
Interest expense63,927 53,146 29,135 
Other expense (income), net
(3,517)(1,355)2,716 
Income before income taxes$84,972 $86,931 $65,901 
(1) Amortization of intangible assets is recorded at the corporate level.
v3.25.0.1
THE COMPANY (Details)
 12 Months Ended
Dec. 31, 2024
segment
THE COMPANY [Abstract]  
Number of business segments 3
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES - Variable Interest Entity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Risks and Uncertainties [Abstract]      
Net loss attributable to noncontrolling interest $ 0 $ 0 $ (53)
Variable Interest Entity, Primary Beneficiary      
Risks and Uncertainties [Abstract]      
Ownership percentage in VIE 47.50%    
Net loss attributable to noncontrolling interest     $ (200)
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES - Changes in Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable , Allowances for Credit Loss [Roll Forward]      
Beginning balance, January 1 $ 5,584 $ 7,610  
(Recoveries) Charges to expense (887) (885) $ 659
Foreign currency translation (42) 13  
Write-offs 517 (1,154)  
Ending balance, December 31 $ 5,172 $ 5,584 $ 7,610
v3.25.0.1
SUMMARY OF SIGNIFICANT ACOCUNTING AND BUSINESS POLICIES - Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Finished goods $ 89,780 $ 94,031
Work in process 13,333 9,774
Inventories $ 103,113 $ 103,805
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES - Property and Equipment (Details)
Dec. 31, 2024
Buildings | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 20 years
Buildings | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 39 years
Building improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 10 years
Building improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 20 years
Furniture, fixtures and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 3 years
Furniture, fixtures and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life of property and equipment 20 years
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES - Impairment of Goodwill, Other Intangibles and Long-lived Assets (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Goodwill impairments $ 0 $ 0 $ 0
Long-lived asset impairments $ 0 $ 0 $ 0
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES - Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
Sales $ 1,802,040 $ 1,678,600 $ 1,480,832
Transferred over Time      
Revenue from External Customer [Line Items]      
Sales $ 293,300 $ 311,000 $ 213,300
v3.25.0.1
LEASES - Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases, Operating [Abstract]      
Operating lease costs $ 21,210 $ 21,575 $ 24,371
Finance lease costs:      
Amortization of assets 4,559 3,451 0
Interest on lease liabilities 1,108 595 0
Total finance lease costs 5,667 4,046 0
Total operating and finance lease costs $ 26,877 $ 25,621 $ 24,371
v3.25.0.1
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows - operating leases $ 20,886 $ 21,823 $ 20,584
Operating cash flows - finance leases 1,088 595 0
Cash paid for finance lease liability $ 4,216 $ 2,347 $ 0
v3.25.0.1
LEASES - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Operating lease right of use assets, net $ 46,569 $ 48,729
Finance lease right-of-use assets 15,829 11,720
Total lease assets 62,398 60,449
Liabilities    
Short-term operating lease liabilities 14,921 15,438
Long-term operating lease liabilities 33,159 34,336
Current finance 5,321 3,329
Non-current finance 11,055 8,575
Present value of lease liabilities $ 64,456 $ 61,678
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current, Other long-term liabilities Other Liabilities, Current, Other long-term liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
v3.25.0.1
LEASES - Maturity of Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Finance lease costs:  
2025 $ 6,451
2026 5,891
2027 4,246
2028 1,847
2029 188
Thereafter 0
Total future lease payments 18,623
Less: imputed interest 2,247
Total lease liability balance 16,376
Operating Leases  
2025 18,126
2026 14,362
2027 10,268
2028 6,662
2029 2,741
Thereafter 4,068
Total future lease payments 56,227
Less: imputed interest 8,147
Total lease liability balance $ 48,080
v3.25.0.1
LEASES - Lease Term and Discount Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Cash paid for operating leases $ 20,886 $ 21,823 $ 20,584
Cash paid for finance leases 4,216 2,347 $ 0
Assets obtained in exchange for operating lease obligations, initial recognition 4,551 5,556  
Assets obtained in exchange for finance lease obligations $ 8,441 $ 15,171  
Weighted-average remaining lease term - operating leases 3 years 10 months 24 days 4 years 1 month 6 days  
Weighted-average remaining lease term - finance leases 3 years 2 months 12 days 3 years 6 months  
Weighted average discount rate - operating leases 8.10% 6.80%  
Weighted-average discount rate - finance leases 8.50% 7.50%  
v3.25.0.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Chief Executive Officer      
Lessee, Lease, Description [Line Items]      
Lease expenses $ 1.9 $ 1.8 $ 1.9
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Higher range of undiscounted amounts to pay under contingent consideration $ 18,700      
Contingent consideration arrangement, term 3 years      
Fair Value, Inputs, Level 3 | Contingent Consideration Liability | Fair Value, Measurements, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Fair value of contingent consideration liability $ 16,322 $ 8,753 $ 10,166 $ 905
Fair Value, Inputs, Level 3 | Annualized EBITDA and probability of achievement | Discounted cash flow        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Discount rate 0.098      
Acquisitions 2024        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Higher range of undiscounted amounts to pay under contingent consideration $ 14,200      
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Reconciliation of Beginning and Ending Balances (Details) - Fair Value, Measurements, Recurring - Fair Value, Inputs, Level 3 - Contingent Consideration Liability - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Contingent Liability for Accrued Consideration      
Beginning Balance $ 8,753 $ 10,166 $ 905
Acquisitions and settlements:      
Acquisitions 11,932 2,682 8,200
Settlements (5,108) (5,833) (1,250)
Total remeasurement adjustments:      
Changes in fair value recorded in other (income) expense, net 745 1,738 2,311
Ending Balance 16,322 8,753 $ 10,166
Other Current Liabilities      
Contingent Liability for Accrued Consideration      
Beginning Balance 5,400    
Total remeasurement adjustments:      
Ending Balance 8,000 5,400  
Other Noncurrent Liabilities      
Contingent Liability for Accrued Consideration      
Beginning Balance 3,400    
Total remeasurement adjustments:      
Ending Balance $ 8,300 $ 3,400  
v3.25.0.1
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Quantitative Information About Level 3 (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Fair Value, Inputs, Level 3 | Discounted cash flow | Annualized EBITDA and probability of achievement | PMI, Burlingame, Drydon, Cisco and Sullivan  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Drydon, Cisco, Sullivan, Florida Valve, Riordan and Alliance acquisitions $ 16,322
v3.25.0.1
CONTRACT ASSETS AND LIABILITIES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of costs and estimated earnings on uncompleted contracts [Abstract]      
Costs incurred on uncompleted contracts $ 122,951 $ 92,363 $ 70,329
Estimated profits, thereon 58,373 37,379 23,274
Total costs and estimated profits on uncompleted contracts 181,324 129,742 93,603
Less: billings to date 143,251 96,925 80,426
Total 38,073 32,817 13,177
Schedule of Costs and Estimated Earnings on Uncompleted Contracts Included in Condensed Consolidated Balance Sheets [Abstract]      
Costs and estimated profits in excess of billings 50,735 42,323 23,588
Billings in excess of costs and estimated profits (12,662) (9,506) (10,411)
Net contract assets 38,073 32,817 13,177
Balances previously classified as contract liabilities at the beginning of the period shipped during fiscal year $ 7,400 $ 10,400 $ 3,600
v3.25.0.1
PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Finance lease right of use assets $ 23,612 $ 15,171  
Less – Accumulated depreciation and amortization (113,470) (99,361)  
Property and equipment, net 81,556 61,618  
Depreciation expense 9,019 8,423 $ 9,585
Land      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 1,704 2,023  
Buildings and leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 32,652 29,840  
Furniture, fixtures and equipment      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 137,058 $ 113,945  
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill      
Balance at beginning of period $ 343,991 $ 333,759  
Translation adjustment (1,380) 464  
Acquisitions 109,732 9,768  
Balance at end of period 452,343 343,991 $ 333,759
Other Intangible Assets, Net      
Balance at beginning of period 63,895 79,584  
Translation adjustment (10) 15  
Acquisitions 41,621 2,527  
Amortization (19,827) (18,231) (18,915)
Balance at end of period 85,679 63,895 79,584
Total      
Balance at beginning of period 407,886 413,343  
Translation adjustment (1,390) 479  
Acquisitions 151,353 12,295  
Amortization (19,827) (18,231) (18,915)
Balance at end of period $ 538,022 $ 407,886 $ 413,343
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Balance by Reportable Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Line Items]      
Goodwill $ 452,343 $ 343,991 $ 333,759
Service Centers      
Goodwill [Line Items]      
Goodwill 335,611 270,865  
Innovative Pumping Solutions      
Goodwill [Line Items]      
Goodwill 99,593 55,987  
Supply Chain Services      
Goodwill [Line Items]      
Goodwill $ 17,139 $ 17,139  
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Amortization of intangibles and fixed assets $ 19,827 $ 18,231 $ 18,915
Customer relationships      
Finite-Lived Intangible Assets [Line Items]      
Amortization term of acquired intangibles 5 years 9 months 18 days    
Trade Names      
Finite-Lived Intangible Assets [Line Items]      
Amortization term of acquired intangibles 9 years 4 months 24 days    
Non-compete agreements      
Finite-Lived Intangible Assets [Line Items]      
Amortization term of acquired intangibles 3 years 3 months 18 days    
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Future Annual Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
2025 $ 20,734    
2026 17,982    
2027 16,002    
2028 13,851    
2029 6,801    
Thereafter 10,309    
Total $ 85,679 $ 63,895 $ 79,584
Customer relationships      
Finite-Lived Intangible Assets [Line Items]      
Amortization term of acquired intangibles 5 years 9 months 18 days    
Non-compete agreements      
Finite-Lived Intangible Assets [Line Items]      
Amortization term of acquired intangibles 3 years 3 months 18 days    
v3.25.0.1
LONG-TERM DEBT - Components of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Borrowings [Abstract]    
Less: current maturities $ (6,595) $ (5,500)
Unamortized discount and debt issuance costs 20,597 22,428
Long-term debt, net of unamortized debt issuance costs and discounts 621,684 520,697
Carrying Value    
Borrowings [Abstract]    
Total debt 648,876 548,625
Less: current maturities (6,595) (5,500)
Total long-term debt 642,281 543,125
Long-term debt, net of unamortized debt issuance costs and discounts 621,684 520,697
Carrying Value | ABL Revolver    
Borrowings [Abstract]    
Total debt 0 0
Carrying Value | Amended Term Loan B due October 13, 2030    
Borrowings [Abstract]    
Total debt 647,876 0
Carrying Value | Term Loan B, due October 13, 2030    
Borrowings [Abstract]    
Total debt 0 548,625
Carrying Value | Promissory Note due November 1, 2029    
Borrowings [Abstract]    
Total debt 1,000 0
Fair Value | Amended Term Loan B due October 13, 2030    
Borrowings [Abstract]    
Total debt $ 657,600  
Fair Value | Term Loan B, due October 13, 2030    
Borrowings [Abstract]    
Total debt   $ 554,100
v3.25.0.1
LONG-TERM DEBT - Senior Secured Term Loan B (Details)
$ in Thousands
 12 Months Ended
Oct. 03, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Oct. 04, 2024
Debt Instrument [Line Items]          
Loss on debt extinguishment   $ (494) $ (1,201) $ 0  
Secured Debt | Amended Term Loan B due October 13, 2030          
Debt Instrument [Line Items]          
Increase in borrowing capacity $ 105,000        
Deb instrument face amount $ 649,500        
Percentage of quarterly installment payments 0.25%        
Liability outstanding   $ 647,900      
Interest rate   8.32%      
Increase in borrowing capacity   $ 100,000      
Debt Instrument, Excess Cash Flow Percentage 0.50       0.25
Covenant, leverage ratio, maximum 3.00        
Covenant, leverage ratio minimum 2.50        
Debt amendment fees   1,100      
Loss on debt extinguishment   500      
Deferred financing costs   $ 2,300      
Secured Leverage Ratio   243.00%      
Debt covenant, unrestricted cash limit   $ 200,000      
Secured Debt | Amended Term Loan B due October 13, 2030 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate          
Debt Instrument [Line Items]          
Variable rate floor 1.00%        
Margin rate 3.75%        
Secured Debt | Amended Term Loan B due October 13, 2030 | Base Rate          
Debt Instrument [Line Items]          
Margin rate 2.75%        
Secured Debt | Term Loan B Agreement          
Debt Instrument [Line Items]          
Interest rate     10.44%    
v3.25.0.1
LONG-TERM DEBT - Secured Leverage Ratio to EBITDA (Details) - Secured Debt - Amended Term Loan B due October 13, 2030
Dec. 31, 2024
Dec. 23, 2020
Debt Instrument [Line Items]    
Secured Leverage Ratio 243.00%  
Debt Covenant Period One    
Debt Instrument [Line Items]    
Secured Leverage Ratio   575.00%
Debt Covenant Period Two    
Debt Instrument [Line Items]    
Secured Leverage Ratio   575.00%
Debt Covenant Period Three    
Debt Instrument [Line Items]    
Secured Leverage Ratio   550.00%
Debt Covenant Period Four    
Debt Instrument [Line Items]    
Secured Leverage Ratio   550.00%
Debt Covenant Period Five    
Debt Instrument [Line Items]    
Secured Leverage Ratio   550.00%
Debt Covenant Period Six    
Debt Instrument [Line Items]    
Secured Leverage Ratio   525.00%
Debt Covenant Period Seven    
Debt Instrument [Line Items]    
Secured Leverage Ratio   525.00%
Debt Covenant Period Eight    
Debt Instrument [Line Items]    
Secured Leverage Ratio   525.00%
Debt Covenant Period Nine    
Debt Instrument [Line Items]    
Secured Leverage Ratio   500.00%
Debt Covenant Period Ten    
Debt Instrument [Line Items]    
Secured Leverage Ratio   500.00%
Debt Covenant Period Eleven    
Debt Instrument [Line Items]    
Secured Leverage Ratio   475.00%
v3.25.0.1
LONG-TERM DEBT - ABL Revolver (Details)
 12 Months Ended
Jul. 19, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 23, 2020
Debt Instrument [Line Items]        
Consolidated fixed charge coverage ratio   170.00%    
Revolving Credit Facility | ABL Revolver        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 135,000,000      
Minimum increments of borrowing capacity 10,000,000      
Increase in borrowing capacity $ 50,000,000 $ 50,000,000    
Unused facility fee percentage   0.375%    
Interest rate   7.75% 8.75%  
Available borrowing capacity, including impact of letters of credit   $ 125,600,000 $ 132,100,000  
Amount outstanding under line of credit   $ 0    
Revolving Credit Facility | ABL Revolver | Minimum        
Debt Instrument [Line Items]        
Unused facility fee percentage 0.25%      
Revolving Credit Facility | ABL Revolver | Minimum | SOFR or CDOR        
Debt Instrument [Line Items]        
Margin rate 1.25%      
Revolving Credit Facility | ABL Revolver | Minimum | Canadian Prime Rate or Canadian Base Rate        
Debt Instrument [Line Items]        
Margin rate 0.25%      
Revolving Credit Facility | ABL Revolver | Maximum        
Debt Instrument [Line Items]        
Unused facility fee percentage 0.375%      
Revolving Credit Facility | ABL Revolver | Maximum | SOFR or CDOR        
Debt Instrument [Line Items]        
Margin rate 1.75%      
Revolving Credit Facility | ABL Revolver | Maximum | Canadian Prime Rate or Canadian Base Rate        
Debt Instrument [Line Items]        
Margin rate 0.75%      
Secured Debt | Term Loan B Agreement        
Debt Instrument [Line Items]        
Interest rate     10.44%  
Fixed charge coverage ratio       1.00
v3.25.0.1
LONG-TERM DEBT - Maturities of Long-term Debt (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 6,595
2026 6,595
2027 6,595
2028 6,595
2029 7,095
Thereafter 615,401
Total debt $ 648,876
v3.25.0.1
INCOME TAXES - Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ 77,309 $ 79,785 $ 59,736
Foreign 7,663 7,146 6,165
Income before income taxes $ 84,972 $ 86,931 $ 65,901
v3.25.0.1
INCOME TAXES - Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current -      
Federal $ 22,066 $ 22,514 $ 18,591
State 5,217 2,620 4,501
Foreign 2,190 2,044 2,248
Total current 29,473 27,178 25,340
Deferred -      
Federal (13,597) (7,679) (5,875)
State (1,347) (1,133) (1,083)
Foreign (46) (247) (583)
Total deferred (14,990) (9,059) (7,541)
Total income tax expense $ 14,483 $ 18,119 $ 17,799
v3.25.0.1
INCOME TAXES - Differences Between Income Taxes Computed at Statutory Income Tax Rate and Provision For Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income taxes computed at federal statutory rate $ 17,844 $ 18,255 $ 13,839
State income taxes, net of federal benefit 1,935 1,669 2,701
Foreign taxes 352 144 122
Nondeductible expenses 1,048 2,670 1,158
Return to Provision Adjustment (1,105) 0 0
Blended state rate change 1,122 (58) 240
General business credit (6,399) (4,811) (250)
Valuation allowance (57) 274 (1)
Restricted Stock (2,056) 0 0
Uncertain tax positions 1,732 (33) 271
Other 67 9 (281)
Total income tax expense $ 14,483 $ 18,119 $ 17,799
v3.25.0.1
INCOME TAXES - Deferred Tax Liabilities and Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Allowance for doubtful accounts $ 954 $ 879
Inventory 3,585 3,371
Foreign tax credit carryforward 64 64
Net operating loss carryforward 1,258 1,328
Capital loss carryforward 4 4
Accruals 9,814 8,190
ROU asset 304 220
Research expenses 40,650 23,822
Total deferred tax assets 58,875 40,127
Less valuation allowance (221) (278)
Total deferred tax asset, net of valuation allowance 58,654 39,849
Deferred tax liabilities:    
Goodwill (24,847) (18,476)
Intangibles (7,902) (8,363)
Property and equipment (10,204) (7,885)
Deferred compensation 2,304 (215)
Unremitted foreign earnings (421) (421)
Method changes (393) (342)
Other (243) (643)
Total deferred tax liability (41,706) (36,345)
Net deferred tax asset 16,948 3,504
State | Texas    
Deferred tax assets:    
Credit carryforward 2,232 2,239
State | Louisiana    
Deferred tax assets:    
Credit carryforward $ 10 $ 10
v3.25.0.1
INCOME TAXES - Changes in Valuation Allowance for Deferred Tax Assets (Details) - Valuation Allowance, Deferred Tax Asset - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at January 1 $ (278) $ (4) $ (4)
Changes due to state operating loss and foreign capital loss carryforwards 57 (274) 0
Balance at December 31 $ (221) $ (278) $ (4)
v3.25.0.1
INCOME TAXES - Tax Carryforwards (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Domestic  
Operating Loss Carryforwards [Line Items]  
Net operating loss - federal (100%) $ 32
Net operating loss - federal (80%) 447
Domestic | Foreign Tax Credits  
Operating Loss Carryforwards [Line Items]  
Tax credits 64
Domestic | Research and Development Tax Credits | Texas  
Operating Loss Carryforwards [Line Items]  
Tax credits 2,232
Domestic | Research and Development Tax Credits | Louisiana  
Operating Loss Carryforwards [Line Items]  
Tax credits 10
Foreign  
Operating Loss Carryforwards [Line Items]  
Net operating loss 562
Foreign | Capital Loss Carryforward  
Operating Loss Carryforwards [Line Items]  
Tax credits 4
State  
Operating Loss Carryforwards [Line Items]  
Net operating loss $ 217
v3.25.0.1
INCOME TAXES - Changes in Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance at January 1, $ (5,755) $ (5,918) $ (6,316)
Decreases related to prior year tax positions 142 1,475 614
Increases related to current year tax positions (3,089) (1,312) (216)
Balance at December 31, $ (8,702) $ (5,755) $ (5,918)
v3.25.0.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Loss Carryforwards [Line Items]        
Benefit for uncertain tax positions $ 8,702 $ 5,755 $ 5,918 $ 6,316
Tax expense for interest and penalties related to uncertain tax positions 100      
Research And Development Tax Credits        
Operating Loss Carryforwards [Line Items]        
Benefit for uncertain tax positions 8,500      
Nondeductible Expense, Auto Expense Compensation        
Operating Loss Carryforwards [Line Items]        
Benefit for uncertain tax positions 200      
Federal and State        
Operating Loss Carryforwards [Line Items]        
Total tax benefit related to federal and state research and development $ 35,600      
v3.25.0.1
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 16, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 15, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Aggregate grant-date fair value of vested shares   $ 3.4 $ 2.0 $ 1.9  
Weighted average period over which compensation costs are expected to be recognized   1 year 6 months      
Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Compensation expense   $ 4.7 3.1 1.9  
Income tax benefit recognized in earnings for benefit compensation   $ 0.8 0.8 0.5  
Restricted Stock | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period   1 year      
Restricted Stock | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period   10 years      
2016 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares authorized for issuance (in shares) 1,250,000       1,000,000
Increase in number of shares authorized for grant (in shares) 250,000        
Unrecognized compensation expense   $ 7.7 $ 5.9 $ 3.1  
2016 Plan | Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares available for future grant (in shares)   370,962      
v3.25.0.1
SHARE-BASED COMPENSATION - Changes in Restricted Stock (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Shares      
Non-vested, beginning balance (in shares) 304,437 157,767 112,044
Granted (in shares) 127,860 215,554 113,077
Forfeited (in shares) (9,644) 0 (8,785)
Vested (in shares) (120,253) (68,884) (58,569)
Non-vested, ending balance (in shares) 302,400 304,437 157,767
Weighted Average Grant Price      
Non-vested, beginning balance (in dollars per share) $ 27.60 $ 28.64 $ 31.72
Granted (in dollars per share) 52.89 27.36 27.48
Forfeited (in dollars per share) 26.96 0 31.96
Vested (in dollars per share) 28.13 29.23 31.79
Non-vested, ending balance (in dollars per share) $ 38.11 $ 27.60 $ 28.64
v3.25.0.1
EARNINGS PER SHARE DATA - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Basic earnings per share:      
Weighted average shares outstanding (in shares) 15,861 16,870 18,631
Net income attributable to DXP Enterprises, Inc. $ 70,489 $ 68,812 $ 48,155
Series B convertible preferred stock dividend (90) (90) (90)
Net income attributable to common shareholders $ 70,399 $ 68,722 $ 48,065
Per share amount (in dollars per share) $ 4.44 $ 4.07 $ 2.58
Diluted earnings per share:      
Weighted average shares outstanding (in shares) 15,861 16,870 18,631
Assumed conversion of convertible preferred stock (in shares) 840 840 840
Total dilutive shares (in shares) 16,701 17,710 19,471
Net income attributable to common shareholders $ 70,399 $ 68,722 $ 48,065
Series B convertible preferred stock dividend 90 90 90
Net income attributable to DXP Enterprises, Inc. $ 70,489 $ 68,812 $ 48,155
Per share amount (in dollars per share) $ 4.22 $ 3.89 $ 2.47
v3.25.0.1
EARNINGS PER SHARE DATA - Narrative (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Convertible preferred stock (in shares) 840,000 840,000 840,000
Restricted Stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted average unvested (in shares) 302,800 270,200 144,300
v3.25.0.1
CAPITAL STOCK - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
rate
$ / shares
shares
Dec. 31, 2023
shares
Dec. 31, 2022
shares
Series A preferred Stock      
Class of Stock [Line Items]      
Preferred stock, shares Issued (in shares) 1,222 1,222 1,222
Preferred stock, shares outstanding (in shares) 1,222 1,222 1,222
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares $ 100    
Preferred stock, votes per each share | rate 0.10    
Series B Preferred Stock      
Class of Stock [Line Items]      
Preferred stock, shares Issued (in shares) 15,000 15,000 15,000
Preferred stock, shares outstanding (in shares) 15,000 15,000 15,000
Series B convertible preferred stock      
Class of Stock [Line Items]      
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares $ 100    
Convertible preferred stock, shares Issued upon conversion (in shares) 56    
Preferred stock, dividend rate per share (in dollars per share) | $ / shares $ 0.50    
Preferred stock, votes per each share | rate 0.10    
v3.25.0.1
CAPITAL STOCK - Activity of Common Stock Issued (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Common Stock:      
Balance, beginning of period (in shares) 16,177,237    
Balance, end of period (in shares) 15,695,088 16,177,237  
Common Stock      
Common Stock:      
Balance, beginning of period (in shares) 16,177,000 17,690,000 18,580,000
Issuance of shares for compensation net of withholding (in shares) 86,000 47,000 47,000
Restricted shares (in shares) (2,000) 147,000 47,000
Issuance of common stock related to purchase of businesses (in shares) 0 0 267,000
Purchase of shares held in treasury (in shares) (566,000) (1,707,000) (1,251,000)
Balance, end of period (in shares) 15,695,000 16,177,000 17,690,000
v3.25.0.1
SHARE REPURCHASE - Narrative (Details) - Share Repurchase Program December 2022 - USD ($)
$ in Millions
Aug. 28, 2024
Dec. 15, 2022
Class of Stock [Line Items]    
Share repurchase period 24 months 24 months
Common Stock    
Class of Stock [Line Items]    
Share repurchase, amount authorized $ 85.0 $ 85.0
Shares repurchase, shares authorized (in shares) 2,500,000 2,800,000
v3.25.0.1
SHARE REPURCHASE - Schedule of Share Repurchase (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]      
Amount paid $ 28,783 $ 55,696 $ 34,269
Share Repurchase Program May 2021 | Common Stock      
Class of Stock [Line Items]      
Total number of shares repurchased (in shares) 0.6 1.7 1.3
Amount paid $ 28,800 $ 54,700 $ 35,200
Average price paid per share (in dollars per share) $ 50.87 $ 32.06 $ 28.17
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental disclosures of cash flow information:      
Cash paid for interest $ 67,005 $ 48,954 $ 25,321
Cash paid for income taxes 20,433 21,839 26,179
Shares repurchased held in treasury 0 0 13,603
Non-cash investing and financing activities:      
Treasury shares excise tax accruals (225) (519) 0
Shares issued for acquisition $ 0 0 $ 5,757
Cash paid for interest   $ 9,300  
v3.25.0.1
BUSINESS ACQUISITIONS - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
rate
business_acquired
Sep. 30, 2024
USD ($)
business_acquired
Jun. 30, 2024
USD ($)
business_acquired
Mar. 31, 2024
USD ($)
business_acquired
Dec. 31, 2023
USD ($)
business_acquired
Jun. 30, 2023
USD ($)
business_acquired
Sep. 30, 2022
USD ($)
business_acquired
Jun. 30, 2022
USD ($)
business_acquired
Mar. 31, 2022
USD ($)
business_acquired
Dec. 31, 2024
USD ($)
rate
business_acquired
Dec. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
business_acquired
Dec. 31, 2023
USD ($)
Business
Dec. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
business_acquired
Dec. 31, 2022
USD ($)
Business
Business Acquisition [Line Items]                                
Sales                   $ 1,802,040 $ 1,678,600     $ 1,480,832    
Income (loss) before income taxes                   84,972 86,931     65,901    
Goodwill $ 452,343       $ 343,991         452,343 343,991 $ 343,991 $ 343,991 333,759 $ 333,759 $ 333,759
Higher range of undiscounted amounts to pay under contingent consideration                   $ 18,700            
Non-compete agreements                                
Business Acquisition [Line Items]                                
Amortization term of acquired intangibles                   3 years 3 months 18 days            
Trade Names                                
Business Acquisition [Line Items]                                
Amortization term of acquired intangibles                   9 years 4 months 24 days            
Customer relationships                                
Business Acquisition [Line Items]                                
Amortization term of acquired intangibles                   5 years 9 months 18 days            
Service Centers                                
Business Acquisition [Line Items]                                
Sales                   $ 1,222,599 1,199,501     1,041,462    
Goodwill 335,611       270,865         335,611 270,865 270,865 270,865      
Innovative Pumping Solutions                                
Business Acquisition [Line Items]                                
Sales                   323,026 218,731     198,895    
Goodwill 99,593       55,987         $ 99,593 55,987 $ 55,987 $ 55,987      
Acquisitions 2024                                
Business Acquisition [Line Items]                                
Number of completed acquisitions | business_acquired                   7            
Total purchase price consideration                   $ 174,919            
Sales                   91,300            
Income (loss) before income taxes                   19,100            
Cash 5,500                 5,500            
Acquisition related costs                   1,600            
Goodwill 109,732                 109,732            
Tax deductible transaction expenses                   22,600            
Transaction expenses not deductible for tax purposes                   87,100            
Intangible assets acquired $ 41,621                 41,621            
Lower range of undiscounted amounts to pay under contingent consideration                   0            
Higher range of undiscounted amounts to pay under contingent consideration                   14,200            
Contingent consideration                   11,955            
Acquisitions 2024 | Fair Value, Inputs, Level 3                                
Business Acquisition [Line Items]                                
Contingent consideration                   $ 11,900            
Acquisitions 2024 | Fair Value, Inputs, Level 3 | Contingent Consideration Liability | Valuation, Weighted Probability Of Possible Payments                                
Business Acquisition [Line Items]                                
Discount rate | rate 0.098                 0.098            
Acquisitions 2024 | Minimum                                
Business Acquisition [Line Items]                                
Achievement of annual EBITDA target period                   1 year            
Acquisitions 2024 | Maximum                                
Business Acquisition [Line Items]                                
Achievement of annual EBITDA target period                   3 years            
Acquisitions 2024 | Non-compete agreements                                
Business Acquisition [Line Items]                                
Intangible assets acquired $ 2,300                 $ 2,300            
Amortization term of acquired intangibles                   5 years            
Acquisitions 2024 | Trade Names                                
Business Acquisition [Line Items]                                
Intangible assets acquired 3,700                 $ 3,700            
Amortization term of acquired intangibles                   10 years            
Acquisitions 2024 | Customer relationships                                
Business Acquisition [Line Items]                                
Intangible assets acquired 35,600                 $ 35,600            
Amortization term of acquired intangibles                   8 years            
Acquisitions 2024 | Service Centers                                
Business Acquisition [Line Items]                                
Goodwill 66,200                 $ 66,200            
Acquisitions 2024 | Innovative Pumping Solutions                                
Business Acquisition [Line Items]                                
Goodwill $ 43,500                 43,500            
Acquisitions 2024, Q1                                
Business Acquisition [Line Items]                                
Number of completed acquisitions | business_acquired       3                        
Total purchase price consideration       $ 46,793                        
Goodwill       28,611                        
Intangible assets acquired       8,155                        
Contingent consideration       $ 6,132                        
Acquisitions 2024, Q2                                
Business Acquisition [Line Items]                                
Number of completed acquisitions | business_acquired     1                          
Total purchase price consideration     $ 81,538                          
Goodwill     56,305                          
Intangible assets acquired     23,400                          
Contingent consideration     $ 0                          
Acquisitions 2024, Q3                                
Business Acquisition [Line Items]                                
Number of completed acquisitions | business_acquired   1                            
Total purchase price consideration   $ 36,761                            
Goodwill   20,694                            
Intangible assets acquired   8,246                            
Contingent consideration   $ 5,197                            
Acquisitions 2024, Q4                                
Business Acquisition [Line Items]                                
Number of completed acquisitions | business_acquired 2                              
Total purchase price consideration $ 9,827                              
Goodwill 4,122                 4,122            
Intangible assets acquired 1,820                 $ 1,820            
Contingent consideration $ 626                              
Acquisitions 2023                                
Business Acquisition [Line Items]                                
Number of completed acquisitions                       3 3      
Total purchase price consideration                     13,419          
Sales                     7,600          
Income (loss) before income taxes                     800          
Goodwill         9,768           9,768 $ 9,768 $ 9,768      
Intangible assets acquired         $ 2,527           2,527 2,527 2,527      
Contingent consideration                     2,682          
Acquisitions 2023, Q2                                
Business Acquisition [Line Items]                                
Number of completed acquisitions | business_acquired           2   2                
Total purchase price consideration           $ 11,733   $ 11,700                
Goodwill           8,472                    
Intangible assets acquired           2,142                    
Contingent consideration           $ 2,498                    
Acquisitions 2023, Q4                                
Business Acquisition [Line Items]                                
Number of completed acquisitions | business_acquired         1                      
Total purchase price consideration         $ 1,686                      
Goodwill         1,296           1,296 1,296 1,296      
Intangible assets acquired         385           $ 385 $ 385 $ 385      
Contingent consideration         $ 184                      
Acquisitions 2022                                
Business Acquisition [Line Items]                                
Number of completed acquisitions                             4 4
Total purchase price consideration                           67,887    
Sales                           41,500    
Income (loss) before income taxes                           8,400    
Goodwill                           38,838 $ 38,838 $ 38,838
Intangible assets acquired                           19,430 $ 19,430 $ 19,430
Contingent consideration                           $ 8,200    
Acquisitions 2022, Q1                                
Business Acquisition [Line Items]                                
Number of completed acquisitions | business_acquired                 2              
Total purchase price consideration                 $ 9,048              
Goodwill                 5,871              
Intangible assets acquired                 1,193              
Contingent consideration                 $ 2,689              
Acquisitions 2022, Q2                                
Business Acquisition [Line Items]                                
Number of completed acquisitions | business_acquired               1                
Total purchase price consideration               $ 52,332                
Goodwill               30,495                
Intangible assets acquired               17,677                
Contingent consideration               $ 4,484                
Acquisitions 2022, Q3                                
Business Acquisition [Line Items]                                
Number of completed acquisitions | business_acquired             1                  
Total purchase price consideration             $ 6,507                  
Goodwill             2,472                  
Intangible assets acquired             560                  
Contingent consideration             $ 1,027                  
v3.25.0.1
BUSINESS ACQUISITIONS - Purchase Price Consideration (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
business_acquired
Sep. 30, 2024
USD ($)
business_acquired
Jun. 30, 2024
USD ($)
business_acquired
Mar. 31, 2024
USD ($)
business_acquired
Dec. 31, 2023
USD ($)
business_acquired
Sep. 30, 2023
USD ($)
business_acquired
Jun. 30, 2023
USD ($)
business_acquired
Mar. 31, 2023
USD ($)
business_acquired
Sep. 30, 2022
USD ($)
business_acquired
Jun. 30, 2022
USD ($)
business_acquired
Mar. 31, 2022
USD ($)
business_acquired
Dec. 31, 2024
USD ($)
business_acquired
Dec. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
business_acquired
Dec. 31, 2023
USD ($)
Business
Dec. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
business_acquired
Dec. 31, 2022
USD ($)
Business
Business Acquisition [Line Items]                                    
Goodwill $ 452,343       $ 343,991             $ 452,343 $ 343,991 $ 343,991 $ 343,991 $ 333,759 $ 333,759 $ 333,759
Acquisitions 2024                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired                       7            
Cash payments                       $ 161,964            
Promissory Note due 11/1/ 2029                       1,000            
Contingent consideration                       11,955            
Total purchase price consideration                       174,919            
Tangible assets acquired 36,773                     36,773            
Intangible assets acquired 41,621                     41,621            
Total assets acquired 78,394                     78,394            
Total liabilities assumed (13,207)                     (13,207)            
Net assets acquired 65,187                     65,187            
Goodwill $ 109,732                     109,732            
Acquisitions 2024, Q1                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired       3                            
Cash payments       $ 40,661                            
Promissory Note due 11/1/ 2029       0                            
Contingent consideration       6,132                            
Total purchase price consideration       46,793                            
Tangible assets acquired       18,632                            
Intangible assets acquired       8,155                            
Total assets acquired       26,787                            
Total liabilities assumed       (8,605)                            
Net assets acquired       18,182                            
Goodwill       $ 28,611                            
Acquisitions 2024, Q2                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired     1                              
Cash payments     $ 81,538                              
Promissory Note due 11/1/ 2029     0                              
Contingent consideration     0                              
Total purchase price consideration     81,538                              
Tangible assets acquired     4,485                              
Intangible assets acquired     23,400                              
Total assets acquired     27,885                              
Total liabilities assumed     (2,652)                              
Net assets acquired     25,233                              
Goodwill     $ 56,305                              
Acquisitions 2024, Q3                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired   1                                
Cash payments   $ 31,564                                
Promissory Note due 11/1/ 2029   0                                
Contingent consideration   5,197                                
Total purchase price consideration   36,761                                
Tangible assets acquired   9,026                                
Intangible assets acquired   8,246                                
Total assets acquired   17,272                                
Total liabilities assumed   (1,205)                                
Net assets acquired   16,067                                
Goodwill   $ 20,694                                
Acquisitions 2024, Q4                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired 2                                  
Cash payments $ 8,201                                  
Promissory Note due 11/1/ 2029 1,000                                  
Contingent consideration 626                                  
Total purchase price consideration 9,827                                  
Tangible assets acquired 4,630                     4,630            
Intangible assets acquired 1,820                     1,820            
Total assets acquired 6,450                     6,450            
Total liabilities assumed (745)                     (745)            
Net assets acquired 5,705                     5,705            
Goodwill $ 4,122                     $ 4,122            
Acquisitions 2023                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions                           3 3      
Cash payments                         10,737          
Contingent consideration                         2,682          
Total purchase price consideration                         13,419          
Tangible assets acquired         3,525               3,525 $ 3,525 $ 3,525      
Intangible assets acquired         2,527               2,527 2,527 2,527      
Total assets acquired         6,052               6,052 6,052 6,052      
Total liabilities assumed         (2,401)               (2,401) (2,401) (2,401)      
Net assets acquired         3,651               3,651 3,651 3,651      
Goodwill         $ 9,768               9,768 9,768 9,768      
Acquisitions 2023, Q1                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired               0                    
Cash payments               $ 0                    
Contingent consideration               0                    
Total purchase price consideration               0                    
Tangible assets acquired               0                    
Intangible assets acquired               0                    
Total assets acquired               0                    
Total liabilities assumed               0                    
Net assets acquired               0                    
Goodwill               $ 0                    
Acquisitions 2023, Q2                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired             2     2                
Cash payments             $ 9,235                      
Contingent consideration             2,498                      
Total purchase price consideration             11,733     $ 11,700                
Tangible assets acquired             3,379                      
Intangible assets acquired             2,142                      
Total assets acquired             5,521                      
Total liabilities assumed             (2,260)                      
Net assets acquired             3,261                      
Goodwill             $ 8,472                      
Acquisitions 2023, Q3                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired           0                        
Cash payments           $ 0                        
Contingent consideration           0                        
Total purchase price consideration           0                        
Tangible assets acquired           0                        
Intangible assets acquired           0                        
Total assets acquired           0                        
Total liabilities assumed           0                        
Net assets acquired           0                        
Goodwill           $ 0                        
Acquisitions 2023, Q4                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired         1                          
Cash payments         $ 1,502                          
Contingent consideration         184                          
Total purchase price consideration         1,686                          
Tangible assets acquired         146               146 146 146      
Intangible assets acquired         385               385 385 385      
Total assets acquired         531               531 531 531      
Total liabilities assumed         (141)               (141) (141) (141)      
Net assets acquired         390               390 390 390      
Goodwill         $ 1,296               $ 1,296 $ 1,296 $ 1,296      
Acquisitions 2022                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions                                 4 4
Cash payments                               53,930    
Common stock consideration                               5,757    
Contingent consideration                               8,200    
Total purchase price consideration                               67,887    
Tangible assets acquired                               22,962 $ 22,962 $ 22,962
Intangible assets acquired                               19,430 19,430 19,430
Total assets acquired                               42,392 42,392 42,392
Total liabilities assumed                               (13,343) (13,343) (13,343)
Net assets acquired                               29,049 29,049 29,049
Goodwill                               38,838 38,838 38,838
Acquisitions 2022, Q1                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired                     2              
Cash payments                     $ 5,832              
Common stock consideration                     527              
Contingent consideration                     2,689              
Total purchase price consideration                     9,048              
Tangible assets acquired                     3,274              
Intangible assets acquired                     1,193              
Total assets acquired                     4,467              
Total liabilities assumed                     (1,290)              
Net assets acquired                     3,177              
Goodwill                     $ 5,871              
Acquisitions 2022, Q2                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired                   1                
Cash payments                   $ 43,483                
Common stock consideration                   4,365                
Contingent consideration                   4,484                
Total purchase price consideration                   52,332                
Tangible assets acquired                   16,046                
Intangible assets acquired                   17,677                
Total assets acquired                   33,723                
Total liabilities assumed                   (11,886)                
Net assets acquired                   21,837                
Goodwill                   $ 30,495                
Acquisitions 2022, Q3                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired                 1                  
Cash payments                 $ 4,615                  
Common stock consideration                 865                  
Contingent consideration                 1,027                  
Total purchase price consideration                 6,507                  
Tangible assets acquired                 3,642                  
Intangible assets acquired                 560                  
Total assets acquired                 4,202                  
Total liabilities assumed                 (167)                  
Net assets acquired                 4,035                  
Goodwill                 $ 2,472                  
Acquisitions 2022, Q4                                    
Business Acquisition [Line Items]                                    
Number of completed acquisitions | business_acquired         0                          
Cash payments         $ 0                          
Common stock consideration         0                          
Contingent consideration         0                          
Total purchase price consideration         $ 0                          
Tangible assets acquired                               0 0 0
Intangible assets acquired                               0 0 0
Total assets acquired                               0 0 0
Total liabilities assumed                               0 0 0
Net assets acquired                               0 0 0
Goodwill                               $ 0 $ 0 $ 0
v3.25.0.1
BUSINESS ACQUISITIONS - Pro Forma Financial Results (Unaudited) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]      
Sales $ 1,856,860 $ 1,794,749 $ 1,513,743
Net income attributable to common shareholders $ 84,327 $ 82,738 $ 54,527
v3.25.0.1
OTHER INCOME AND EXPENSE, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Abstract]      
Interest income $ (4,766) $ (2,680) $ (191)
Change in fair value of contingent consideration 745 1,738 2,311
Other, net 504 (413) 596
Other (income) expense, net $ (3,517) $ (1,355) $ 2,716
v3.25.0.1
REVENUE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenue $ 1,802,040 $ 1,678,600 $ 1,480,832
Reportable Geographical Components | United States      
Disaggregation of Revenue [Line Items]      
Total revenue 1,721,000 1,602,000 1,402,000
Reportable Geographical Components | Canada      
Disaggregation of Revenue [Line Items]      
Total revenue 79,000 75,000 79,000
Reportable Geographical Components | Other      
Disaggregation of Revenue [Line Items]      
Total revenue $ 2,000 $ 2,000 $ 0
v3.25.0.1
SEGMENT REPORTING - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of operating segments | segment 3    
Identifiable assets at year end $ 1,349,494 $ 1,177,436  
Depreciation 9,019 8,423 $ 9,585
Amortization of assets 4,559 3,451 0
Corporate      
Segment Reporting Information [Line Items]      
Capital expenditures 18,000 4,200 700
Identifiable assets at year end 210,800 221,100 55,100
Depreciation 2,500 1,900 $ 1,900
Amortization of assets $ 300 $ 200  
v3.25.0.1
SEGMENT REPORTING - Financial Information of Company's Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total revenue $ 1,802,040 $ 1,678,600 $ 1,480,832
Operating income for reportable segments 250,473 228,764 176,741
Identifiable assets at year end 1,138,722 956,371 982,169
Capital expenditures 7,022 8,037 4,260
Depreciation 6,553 6,474 7,654
Amortization of finance leases 4,235 3,285  
Service Centers      
Segment Reporting Information [Line Items]      
Total revenue 1,222,599 1,199,501 1,041,462
Operating income for reportable segments 174,995 172,095 132,421
Identifiable assets at year end 764,533 660,209 668,029
Capital expenditures 4,423 6,065 1,849
Depreciation 3,142 2,734 2,998
Amortization of finance leases 3,594 3,026  
Innovative Pumping Solutions      
Segment Reporting Information [Line Items]      
Total revenue 323,026 218,731 198,895
Operating income for reportable segments 53,736 35,147 24,773
Identifiable assets at year end 311,429 233,552 223,369
Capital expenditures 2,586 1,972 2,368
Depreciation 3,379 3,713 4,512
Amortization of finance leases 508 214  
Supply Chain Services      
Segment Reporting Information [Line Items]      
Total revenue 256,415 260,368 240,475
Operating income for reportable segments 21,742 21,522 19,547
Identifiable assets at year end 62,760 62,610 90,771
Capital expenditures 13 0 43
Depreciation 32 27 $ 144
Amortization of finance leases $ 133 $ 45  
v3.25.0.1
SEGMENT REPORTING - Reconciliation of Operating Income to Consolidated Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting [Abstract]      
Income from operations for reportable segments $ 250,473 $ 228,764 $ 176,741
Adjustments for:      
Amortization of intangible assets 19,827 18,231 18,915
Corporate expenses 85,264 71,811 60,074
Income from operations 145,382 138,722 97,752
Interest expense 63,927 53,146 29,135
Other (income) expense, net (3,517) (1,355) 2,716
Income before income taxes $ 84,972 $ 86,931 $ 65,901
v3.25.0.1
RELATED PARTIES DISCLOSURES (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Minimum      
Related Party Transaction [Line Items]      
Amount of transaction with related party $ 120,000    
Chief Executive Officer      
Related Party Transaction [Line Items]      
Lease expenses $ 1,900,000 $ 1,800,000 $ 1,900,000