v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Since all of our sales centers have similar operations and share similar economic characteristics, we aggregate our sales centers into a single reportable segment and one reportable revenue stream. These similarities include (i) the nature of our products and services, (ii) the types of customers served and (iii) the distribution methods we use. Our chief operating decision maker (CODM) is our president and chief executive officer. Our CODM evaluates each sales center based on individual performance that includes both financial and operational measures. These measures include operating income, accounts receivable and inventory management criteria. The accounting policies for our segment are the same as those described in “Note 1 - Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2024 and in Note 1 above.

The table below presents segment revenue, operating expenses and operating income and reconciles segment operating income to consolidated income before taxes and equity in earnings (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Net sales$1,784,530 $1,769,784 $2,856,056 $2,890,594 
Cost of sales1,249,369 1,239,643 2,008,526 2,021,894 
Gross profit535,161 530,141 847,530 868,700 
Compensation expenses135,815 130,955 256,184 250,164 
Freight out expenses28,650 28,329 45,772 46,224 
Other selling and administrative expenses98,026 99,376 195,367 192,111 
Operating income272,670 271,481 350,207 380,201 
Reconciliation:
Interest and other non-operating expenses, net12,219 14,044 23,381 27,463 
Income before income taxes and equity in earnings$260,451 $257,437 $326,826 $352,738 

The tables below present supplemental information for our segment (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Depreciation$9,964 $8,931 $19,804 $17,591 
Amortization2,165 2,113 4,312 4,201 

June 30,
20252024
Receivables, net$172,028 $169,849 
Receivables pledged under receivables facility404,776 407,680 
Product inventories, net1,330,221 1,295,600