Global Industrial (GIC) 10-Q 30 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-13792
Entity Registrant Name	Global Industrial Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3262067
Entity Address, Address Line One	11 Harbor Park Drive
Entity Address, City or Town	Port Washington
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11050
City Area Code	516
Local Phone Number	608-7000
Title of 12(b) Security	Common Stock ($.01 par value)
Trading Symbol	GIC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,200,397
Entity Central Index Key	0000945114
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 38.8	$ 34.4
Accounts receivable, net	142.8	130.7
Inventories	172.9	150.8
Prepaid expenses and other current assets	12.4	13.9
Total current assets	366.9	329.8
Property, plant and equipment, net	19.9	20
Operating lease right-of-use assets	77.4	84.4
Deferred income taxes	8.1	7.9
Goodwill and intangible assets	67.3	69.3
Other assets	2.9	2
Total assets	542.5	513.4
Current liabilities:
Accounts payable	126	111
Accrued expenses and other current liabilities	55.6	49.1
Operating lease liabilities	14.2	14.1
Total current liabilities	195.8	174.2
Operating lease liabilities	73.9	81.4
Other liabilities	2.4	2.6
Total liabilities	272.1	258.2
Commitments and contingencies
Shareholders’ equity:
Preferred stock	0	0
Common stock	0.4	0.4
Additional paid-in capital	204.6	204.8
Treasury stock	(17.1)	(18.6)
Retained earnings	80.3	66
Accumulated other comprehensive income	2.2	2.6
Total shareholders’ equity	270.4	255.2
Total liabilities and shareholders’ equity	$ 542.5	$ 513.4

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 347.8	$ 325.8	$ 671.2	$ 599.6
Cost of sales	225.3	212.9	437.8	388.3
Gross profit	122.5	112.9	233.4	211.3
Selling, distribution & administrative expenses	96.1	83.8	189.6	164.4
Operating income from continuing operations	26.4	29.1	43.8	46.9
Interest and other expense, net	0.1	0.3	0.3	0.5
Income from continuing operations before income taxes	26.3	28.8	43.5	46.4
Provision for income taxes	6.1	7.3	10.2	11.6
Net income from continuing operations	20.2	21.5	33.3	34.8
Net income (loss) from discontinued operations, net of tax	0.1	0	0.2	(0.1)
Net income	$ 20.3	$ 21.5	$ 33.5	$ 34.7
Net income per common share from continuing operations:
Basic (in dollars per share)	$ 0.52	$ 0.56	$ 0.87	$ 0.91
Diluted (in dollars per share)	0.52	0.56	0.86	0.91
Net income (loss) per common share from discontinued operations:
Basic (in dollars per share)	0	0	0.01	0
Diluted (in dollars per share)	0	0	0.01	0
Net income per common share:
Basic (in dollars per share)	0.52	0.56	0.88	0.91
Diluted (in dollars per share)	$ 0.52	$ 0.56	$ 0.87	$ 0.91
Weighted average common and common equivalent shares:
Basic (in shares)	38.2	38.1	38.2	38.1
Diluted (in shares)	38.4	38.2	38.4	38.2
Dividends declared (in dollars per share)	$ 0.25	$ 0.20	$ 0.50	$ 0.40

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 20.3	$ 21.5	$ 33.5	$ 34.7
Other comprehensive income:
Foreign currency translation (loss) gain	(0.2)	0.2	(0.4)	0.3
Total comprehensive income	$ 20.1	$ 21.7	$ 33.1	$ 35

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income from continuing operations	$ 20.2	$ 21.5	$ 33.3	$ 34.8
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization			3.8	2.6
Provision for credit losses			1.9	1.4
Stock-based compensation			0.6	1.2
(Benefit) provision for deferred taxes			(0.1)	0.1
Changes in operating assets and liabilities:
Accounts receivable			(14.2)	(16.9)
Inventories			(22.4)	25.6
Prepaid expenses and other assets			(1.9)	0.4
Income taxes payable			2.8	3.6
Accounts payable			15.2	8.9
Accrued expenses, other current liabilities and other liabilities			6	3.8
Net cash provided by operating activities from continuing operations			25	65.5
Net cash provided by (used in) operating activities from discontinued operations			0.2	(0.2)
Net cash provided by operating activities			25.2	65.3
Cash flows from investing activities:
Purchases of property, plant and equipment			(2.2)	(1.4)
Purchase of Indoff LLC, net of cash acquired			0	(72.3)
Net cash used in investing activities			(2.2)	(73.7)
Cash flows from financing activities:
Proceeds from short-term borrowings			0	50.6
Repayment of short-term borrowings			0	(10.9)
Dividends paid			(19.2)	(15.3)
Proceeds from issuance of common stock			1.4	0.3
Payment of payroll taxes on stock-based compensation through shares withheld			(1.5)	(0.5)
Proceeds from the issuance of common stock from employee stock purchase plan			0.8	0.7
Net cash (used in) provided by financing activities			(18.5)	24.9
Effects of exchange rates on cash			(0.1)	(0.1)
Net increase in cash			4.4	16.4
Cash and cash equivalents – beginning of period			34.4	28.5	$ 28.5
Cash and cash equivalents – end of period	$ 38.8	$ 44.9	38.8	44.9	34.4
Supplemental disclosures of non-cash investing and financing activities:
Operating leases			$ 1.2	$ 5.9	$ 6.3

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2022		37,961
Beginning balance at Dec. 31, 2022	$ 210.4	$ 0.4	$ 201.2	$ (19.5)	$ 25.9	$ 2.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	0.6		0.6
Issuance of restricted stock (in shares)		36
Issuance of restricted stock	0		(0.6)	0.6
Stock withheld for employee taxes (in shares)		(14)
Stock withheld for employee taxes	(0.4)		(0.1)	(0.3)
Proceeds from issuance of common stock (in shares)		3
Proceeds from issuance of common stock	0.1		0	0.1
Issuance of shares under employee stock purchase plan (in shares)		31
Issuance of shares under employee stock purchase plan	0.7		0.7
Dividends	(7.7)				(7.7)
Change in cumulative translation adjustment	0.1					0.1
Net income	13.2				13.2
Ending balance (in shares) at Mar. 31, 2023		38,017
Ending balance at Mar. 31, 2023	217	$ 0.4	201.8	(19.1)	31.4	2.5
Beginning balance (in shares) at Dec. 31, 2022		37,961
Beginning balance at Dec. 31, 2022	210.4	$ 0.4	201.2	(19.5)	25.9	2.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in cumulative translation adjustment	0.3
Net income	34.7
Ending balance (in shares) at Jun. 30, 2023		38,031
Ending balance at Jun. 30, 2023	231.8	$ 0.4	202.3	(18.9)	45.3	2.7
Beginning balance (in shares) at Mar. 31, 2023		38,017
Beginning balance at Mar. 31, 2023	217	$ 0.4	201.8	(19.1)	31.4	2.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	0.6		0.6
Issuance of restricted stock (in shares)		8
Issuance of restricted stock	0		(0.1)	0.1
Stock withheld for employee taxes (in shares)		(2)
Stock withheld for employee taxes	(0.1)		(0.1)	0
Proceeds from issuance of common stock (in shares)		8
Proceeds from issuance of common stock	0.2		0.1	0.1
Dividends	(7.6)				(7.6)
Change in cumulative translation adjustment	0.2					0.2
Net income	21.5				21.5
Ending balance (in shares) at Jun. 30, 2023		38,031
Ending balance at Jun. 30, 2023	231.8	$ 0.4	202.3	(18.9)	45.3	2.7
Beginning balance (in shares) at Dec. 31, 2023		38,074
Beginning balance at Dec. 31, 2023	255.2	$ 0.4	204.8	(18.6)	66	2.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1		1
Issuance of restricted stock (in shares)		66
Issuance of restricted stock	0		(1.2)	1.2
Stock withheld for employee taxes (in shares)		(37)
Stock withheld for employee taxes	(1.5)		(0.8)	(0.7)
Proceeds from issuance of common stock (in shares)		50
Proceeds from issuance of common stock	1.3		0.4	0.9
Issuance of shares under employee stock purchase plan (in shares)		28
Issuance of shares under employee stock purchase plan	0.8		0.8
Dividends	(9.6)				(9.6)
Change in cumulative translation adjustment	(0.2)					(0.2)
Net income	13.2				13.2
Ending balance (in shares) at Mar. 31, 2024		38,181
Ending balance at Mar. 31, 2024	260.2	$ 0.4	205	(17.2)	69.6	2.4
Beginning balance (in shares) at Dec. 31, 2023		38,074
Beginning balance at Dec. 31, 2023	255.2	$ 0.4	204.8	(18.6)	66	2.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in cumulative translation adjustment	(0.4)
Net income	33.5
Ending balance (in shares) at Jun. 30, 2024		38,187
Ending balance at Jun. 30, 2024	270.4	$ 0.4	204.6	(17.1)	80.3	2.2
Beginning balance (in shares) at Mar. 31, 2024		38,181
Beginning balance at Mar. 31, 2024	260.2	$ 0.4	205	(17.2)	69.6	2.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	(0.4)		(0.4)
Issuance of restricted stock (in shares)		4
Issuance of restricted stock	0		(0.1)	0.1
Proceeds from issuance of common stock (in shares)		2
Proceeds from issuance of common stock	0.1		0.1
Dividends	(9.6)				(9.6)
Change in cumulative translation adjustment	(0.2)					(0.2)
Net income	20.3				20.3
Ending balance (in shares) at Jun. 30, 2024		38,187
Ending balance at Jun. 30, 2024	$ 270.4	$ 0.4	$ 204.6	$ (17.1)	$ 80.3	$ 2.2

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Global Industrial Company, (the "Company" or "Global Industrial"), with its subsidiaries are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America are not required in these interim financial statements and have been condensed or omitted. All significant intercompany accounts and transactions have been eliminated in consolidation. Global Industrial Company, through its operating subsidiaries, is a value-added distributor currently offering hundreds of thousands of industrial and maintenance, repair and operation ("MRO") products in North America going to market through a system of branded e-commerce websites and relationship marketers. The Company operates and is internally managed in one reportable business segment. The Company sells a wide array of industrial and MRO products, markets the Company has served since 1949. Because of the large number of products and product categories the Company offers, providing information on the amount of revenue derived from transactions with external customers for each product or groupings of product is impractical. As previously disclosed, the Company acquired 100% of the outstanding equity interests of Indoff LLC ("Indoff''), a business-to-business direct marketer of material handling products, commercial interior products and business products with operations in North America, on May 19, 2023 for approximately $72.6 million in cash. The Indoff accounts are included in the accompanying condensed consolidated financial statements from the date of acquisition (see Note 2). In the opinion of management, the accompanying condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of June 30, 2024 and the results of operations for the three and six month periods ended June 30, 2024 and 2023, statements of comprehensive income for the three and six month periods ended June 30, 2024 and 2023, cash flows for the six month periods ended June 30, 2024 and 2023 and changes in shareholders’ equity for the three and six month periods ended June 30, 2024 and 2023. The December 31, 2023 Condensed Consolidated Balance Sheet has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2023 and for the year then ended included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The results for the six month period ended June 30, 2024 are not necessarily indicative of the results for the entire year. Global Industrial Company manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation herein, fiscal years and quarters are referred to as if they ended on the traditional calendar month. The actual fiscal second quarters ended on June 29, 2024 and July 1, 2023, respectively. The second quarters of both 2024 and 2023 included 13 weeks and the first six months of both 2024 and 2023 included 26 weeks. Recent Accounting Pronouncements Public companies in the United States are subject to the accounting and reporting requirements of various authorities, including the Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”). These authorities issue numerous pronouncements, most of which are not applicable to the Company’s current or reasonably foreseeable operating structure. In December 2023, the FASB issued Accounting Standard Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU requires public business entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU should be applied on a prospective basis, but retrospective application is permitted. The Company does not expect the adoption of this standard to have a material impact on the Company's financial position or results of operations.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition	Acquisition The Company acquired 100% of the outstanding equity interests of Indoff, a business-to-business direct marketer of material handling products, commercial interiors and business products with operations in North America, on May 19, 2023 for approximately $72.6 million in cash, $5.2 million of which was placed into an escrow account for two years to secure the sellers’ indemnification obligations under the purchase agreement. In accordance with the terms of the escrow agreement, the escrow amount was reduced to $2.5 million on the one year anniversary of the closing date. This acquisition expanded the Company's presence in the industrial products market in North America. The acquisition was accounted for as a business combination using the acquisition method of accounting, which requires, among other things, the assets acquired and the liabilities assumed be recognized at their fair values as of the acquisition date. The fair value assigned to the identified intangible assets acquired were based on assumptions and estimates made by management. The Company acquired in the transaction customer lists and trademark assets that are amortizing over a ten-year period which results in approximately $3.0 million in annual amortization expense. The acquisition was an asset acquisition for tax purposes and as such, the customer lists, trademarks and goodwill resulting from this acquisition will be tax deductible over a fifteen-year period. The Indoff accounts are included in the accompanying condensed consolidated financial statements from the date of acquisition. The Company prepared a purchase price fair value allocation of the assets acquired and liabilities assumed in the acquisition. The fair value allocation has been finalized. The following table details the fair values as of the acquisition date (in millions): Purchase price: $ 72.6 Less: Cash 0.3 Accounts receivable 23.0 Inventories 4.6 Prepaid expenses and other current assets 2.5 Property, plant and equipment 0.3 Operating lease right-of-use assets 0.8 Customer lists 24.1 Trademarks 6.2 Other assets 0.1 Total identifiable assets acquired $ 61.9 Accounts payable (12.5) Accrued expenses and other current liabilities (5.9) Deferred revenue (4.2) Operating lease liabilities (0.8) Total identifiable liabilities acquired $ (23.4) Net identifiable assets acquired 38.5 Goodwill $ 34.1 Total net assets acquired $ 72.6 The amount allocated to goodwill reflects the benefits the Company expects to realize from the growth of the acquisition's operations. For the three and six months ended June 30, 2024, Indoff generated revenue of approximately $40.4 million and $78.5 million, respectively, and net income of approximately $1.1 million and $2.1 million, respectively. The Company’s unaudited pro forma revenue and net income for the quarter and six months ended June 30, 2023 below have been prepared as if the Indoff acquisition had occurred on January 1, 2023. This information is provided for illustrative purposes and does not purport to be indicative of the actual results that would have been achieved by the Company for the period presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2023 Net sales $ 346.1 $ 662.1 Net income from continuing operations $ 21.7 $ 36.4

Goodwill and Intangibles

Goodwill and Intangibles	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles The following table provides information related to the goodwill and intangible assets as of June 30, 2024 and December 31, 2023 (in millions): June 30, December 31, 2024 2023 Goodwill $ 39.6 $ 40.0 Definite-lived intangibles 27.0 28.6 Indefinite-lived intangibles 0.7 0.7 Balance $ 67.3 $ 69.3 The following table summarizes information related to the Company's definite-lived intangible assets as of June 30, 2024 (in millions): Amortization Gross Carrying Accumulated Net Book Value Weighted Average Useful Life Client lists 10 yrs $ 26.1 $ 4.6 $ 21.5 8.8 Trademarks 10 yrs 6.2 0.7 5.5 8.9 Total $ 32.3 $ 5.3 $ 27.0 8.8 The following table summarizes information related to the Company's definite-lived intangible assets as of December 31, 2023 (in millions): Amortization Gross Carrying Accumulated Net Book Value Weighted Average Useful Life Client lists 10 yrs $ 26.1 $ 3.3 $ 22.8 9.3 Trademarks 10 yrs 6.2 0.4 5.8 9.4 Total $ 32.3 $ 3.7 $ 28.6 9.3 In the second quarter of 2024, the Company recorded $0.8 million of intangible amortization expense related to the prior year's Indoff acquisition. For the six months ended June 30, 2024, the Company recorded $1.6 million of intangible amortization expense, of which $1.5 million related to the prior year's acquisition of Indoff. The estimated amortization for future years ending December 31 is as follows (in millions): 2024 remainder $ 1.6 2025 3.0 2026 3.0 2027 3.0 2028 3.0 Thereafter $ 13.4 Total $ 27.0

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenues The Company believes its presentation of revenue by geography most reasonably depicts how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic and industry factors, including fluctuations in exchange rates between the U.S. and Canada. The following table presents the Company's revenue from continuing operations by geography for the three and six months ended June 30, 2024 and 2023, respectively (in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Net sales: United States $ 330.7 $ 308.1 $ 637.1 $ 565.3 Canada 17.1 17.7 34.1 34.3 Consolidated $ 347.8 $ 325.8 $ 671.2 $ 599.6

Credit Losses

Credit Losses	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Credit Losses	Credit Losses The Company’s trade accounts receivable is one portfolio comprised of commercial businesses as well as public sector organizations operating in the U.S. and, to a lesser extent, Canada. The Company develops its allowances for credit losses, which represent an estimate of expected losses over the remaining contractual life of its receivables, considering customer financial condition, historical loss experience with its customers, current market economic conditions and forecasts of future economic conditions when appropriate. When the Company becomes aware of a customer's inability to meet its financial obligation, a specific reserve is recorded to reduce the receivable to the expected amount to be collected. For the balance of its trade receivables, the Company uses a loss rate method to estimate its credit loss reserve. Historical loss experience rates are calculated using receivable write-offs over a trailing twelve-month period and comparing that to the average receivable balances over the same period. That rate is applied to the current accounts receivable portfolio, excluding accounts that have been specifically reserved. Any write-offs incurred are recorded against the established reserves. The Company grants credit to commercial business customers using an electronic application process that evaluates the customer's detailed credit report, reference responses, availability under credit facilities, existing liens, tenure of management and business history, among other factors. Credit terms are typically net 30 days payment required with larger businesses eligible for up to net 90 day terms, if qualified. The following is a rollforward of the allowances for credit losses related to trade accounts receivable for the six months ended June 30, 2024 (in millions): June 30, 2024 Balance at beginning of period $ 2.9 Current period provision 1.9 Write-offs - trade accounts receivable (1.2) Balance at end of period $ 3.6 The following is a rollforward of the allowances for credit losses related to trade accounts receivable for the year ended December 31, 2023 (in millions): December 31, 2023 Balance at beginning of period $ 2.3 Current period provision 3.2 Write-offs - trade accounts receivable (2.6) Balance at end of period $ 2.9

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company has operating and finance leases for office and warehouse facilities, headquarters, call centers, machinery and certain computer and communications equipment which provide the right to use the underlying assets in exchange for agreed upon lease payments, determined by the payment schedule contained in each lease. The Company’s lease portfolio consists primarily of operating leases which expire at various dates through 2032. In the first quarter of 2024, the Company recorded an operating right-of-use ("ROU") asset and related lease liability of $0.7 million related to a three year term extension of an existing administrative office location consisting of approximately 16,200 square feet. In the second quarter of 2024, the Company recorded an ROU asset and related lease liability of approximately of $0.5 million related to a thirty-seven The Company's operating lease costs, included in continuing operations, was $4.4 million and $4.2 million for the three months ended June 30, 2024 and 2023, respectively, and $8.7 million and $8.4 million for June 30, 2024 and 2023, respectively. The Company has sublease agreements for unused facilities, as well as excess space in facilities we are currently occupying, which expire at various dates through 2028. Total sublease income of $0.6 million and $1.2 million was recorded for the three and six months ended June 30, 2024 and 2023, respectively. Information relating to operating and finance leases for continuing and discontinued operations as of June 30, 2024 and December 31, 2023: Six Months Ended June 30, Year Ended December 31, 2024 2023 Weighted Average Remaining Lease Term Operating and finance leases 7.0 years 7.2 years Weighted Average Discount Rate Operating and finance leases 5.5 % 5.4 % ROU assets obtained in exchange for operating and finance lease obligations (in millions) $ 1.2 $ 6.3 Maturities of lease liabilities were as follows (in millions): Year Ending December 31 Operating Leases 2024 (adjusted for six months of payments) $ 9.4 2025 17.9 2026 15.9 2027 12.0 2028 11.9 2029 12.1 Thereafter 28.4 Total lease payments 107.6 Less: interest (19.5) Total present value of lease liabilities $ 88.1
Leases	Leases The Company has operating and finance leases for office and warehouse facilities, headquarters, call centers, machinery and certain computer and communications equipment which provide the right to use the underlying assets in exchange for agreed upon lease payments, determined by the payment schedule contained in each lease. The Company’s lease portfolio consists primarily of operating leases which expire at various dates through 2032. In the first quarter of 2024, the Company recorded an operating right-of-use ("ROU") asset and related lease liability of $0.7 million related to a three year term extension of an existing administrative office location consisting of approximately 16,200 square feet. In the second quarter of 2024, the Company recorded an ROU asset and related lease liability of approximately of $0.5 million related to a thirty-seven The Company's operating lease costs, included in continuing operations, was $4.4 million and $4.2 million for the three months ended June 30, 2024 and 2023, respectively, and $8.7 million and $8.4 million for June 30, 2024 and 2023, respectively. The Company has sublease agreements for unused facilities, as well as excess space in facilities we are currently occupying, which expire at various dates through 2028. Total sublease income of $0.6 million and $1.2 million was recorded for the three and six months ended June 30, 2024 and 2023, respectively. Information relating to operating and finance leases for continuing and discontinued operations as of June 30, 2024 and December 31, 2023: Six Months Ended June 30, Year Ended December 31, 2024 2023 Weighted Average Remaining Lease Term Operating and finance leases 7.0 years 7.2 years Weighted Average Discount Rate Operating and finance leases 5.5 % 5.4 % ROU assets obtained in exchange for operating and finance lease obligations (in millions) $ 1.2 $ 6.3 Maturities of lease liabilities were as follows (in millions): Year Ending December 31 Operating Leases 2024 (adjusted for six months of payments) $ 9.4 2025 17.9 2026 15.9 2027 12.0 2028 11.9 2029 12.1 Thereafter 28.4 Total lease payments 107.6 Less: interest (19.5) Total present value of lease liabilities $ 88.1

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share Net income (loss) per common share - basic was calculated based upon the weighted average number of common shares outstanding during the respective periods presented using the two-class method of computing earnings per share. The two-class method was used as the Company has outstanding restricted stock with rights to dividend participation for unvested shares. Undistributed net income is allocated between common shares outstanding and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Undistributed net losses are not allocated to our participating securities as these participating securities do not have a contractual obligation to share in losses. Net income (loss) per common share - diluted was calculated based upon the weighted average number of common shares outstanding and included the equivalent shares for dilutive options outstanding during the respective periods, including unvested options. The dilutive effect of outstanding options and restricted stock issued by the Company is reflected in net income per share - diluted using the treasury stock method. Under the treasury stock method, options will only have a dilutive effect when the average market price of common stock during the period exceeds the exercise price of the options. The following table presents the computation of basic and diluted net income (loss) per share under the two-class method for the three and six months ended June 30, 2024 and 2023 (in millions, except for per share amounts): Three Months Ended Six Months Ended 2024 2023 2024 2023 Net income from continuing operations $ 20.2 $ 21.5 33.3 34.8 Less: Distributed net income available to participating securities (0.1) 0.0 (0.1) (0.1) Less: Undistributed net income available to participating securities 0.0 (0.1) (0.1) (0.1) Numerator for basic net income per share: Undistributed and distributed net income available to common shareholders $ 20.1 $ 21.4 $ 33.1 $ 34.6 Add: Undistributed net income allocated to participating securities 0.0 0.1 0.1 0.1 Less: Undistributed net income reallocated to participating securities 0.0 (0.1) (0.1) (0.1) Numerator for diluted net income per share: Undistributed and distributed net income available to common shareholders $ 20.1 $ 21.4 33.1 34.6 Denominator: Weighted average shares outstanding for basic net income per share 38.2 38.1 38.2 38.1 Effect of dilutive securities 0.2 0.1 0.2 0.1 Weighted average shares outstanding for diluted net income per share 38.4 38.2 38.4 38.2 Net income per share from continuing operations: Basic $ 0.52 $ 0.56 $ 0.87 $ 0.91 Diluted $ 0.52 $ 0.56 $ 0.86 $ 0.91 Net income (loss) from discontinued operations $ 0.1 $ 0.0 $ 0.2 $ (0.1) Numerator for basic and diluted net income (loss) per share: Undistributed and distributed net (loss) income available to common shareholders $ 0.1 $ 0.0 $ 0.2 $ (0.1) Net income (loss) income per share from discontinued operations: Basic $ 0.00 $ 0.00 $ 0.01 $ 0.00 Diluted $ 0.00 $ 0.00 $ 0.01 $ 0.00 Net income per share: Basic $ 0.52 $ 0.56 $ 0.88 $ 0.91 Diluted $ 0.52 $ 0.56 $ 0.87 $ 0.91 Potentially dilutive securities 0.2 0.3 0.2 0.3 Potentially dilutive securities attributable to outstanding stock options, restricted stock units, and performance share units are excluded from the calculation of diluted earnings per share when the combined exercise price and average unamortized fair value are greater than the average market price of Global Industrial Company's common stock during the period, and their inclusion would be anti-dilutive.

Credit Facilities

Credit Facilities	6 Months Ended
	Jun. 30, 2024
Line of Credit Facility [Abstract]
Credit Facilities	Credit Facilities The Company maintains a $125.0 million secured revolving credit facility with one financial institution. This facility has a five-year term, maturing on October 19, 2026 and provides for borrowings in the United States. The credit agreement contains certain operating, financial and other covenants, including limits on annual levels of capital expenditures, availability tests related to payments of dividends and stock repurchases and fixed charge coverage tests related to acquisitions. The revolving credit agreement requires that a minimum level of availability be maintained. If such availability is not maintained, the Company will be required to maintain a fixed charge coverage ratio (as defined). The borrowings under the agreement are subject to borrowing base limitations of up to 85% of eligible accounts receivable and the inventory advance rate computed as the lesser of 65% or 85% of the net orderly liquidation value (“NOLV”). Borrowings are secured by substantially all of the Borrower’s assets, as defined, including all accounts, accounts receivable, inventory and certain other assets, subject to limited exceptions, including the exclusion of certain foreign assets from the collateral. The interest rate under the amended and restated facility is computed at applicable market rates based on the Secured Overnight Financing Rate (“SOFR”), the Federal Reserve Bank of New York (“NYFRB”) or the Prime Rate, plus an applicable margin. The applicable margin varies based on borrowing base availability. As of June 30, 2024, eligible collateral under the credit agreement was $125.0 million, total availability was $122.2 million, total outstanding letters of credit was $1.6 million, and total excess availability was $120.6 million. The Company was in compliance with all of the covenants of the credit agreement as of June 30, 2024.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value accounting standards define fair value as 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 fair value standards establish the fair value hierarchy to prioritize the inputs used in valuation techniques. There are three levels to the fair value hierarchy (Level 1 is the highest priority and Level 3 is the lowest priority): Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3 - Unobservable inputs which are supported by little or no market activity. Financial instruments consist primarily of investments in cash, trade accounts receivable, debt and accounts payable. The Company determines the fair value of financial instruments based on interest rates available to the Company. At June 30, 2024 and December 31, 2023, the carrying amounts of cash, accounts receivable and accounts payable are considered to be representative of their respective fair values due to their short-term nature. Cash is classified as Level 1 within the fair value hierarchy. The fair value with respect to goodwill and indefinite-lived intangible assets are measured in connection with the Company’s annual impairment testing. The Company operates in three reporting units and in the fourth quarter of each year, or more frequently if impairment indicators exist, tests goodwill and indefinite-lived intangibles for impairment. The Company performs a qualitative assessment of current circumstances, such as a reporting unit's operating results, cash flows, future operating forecasts and anticipated future cash flows to determine the existence of impairment indicators and to assess if it is more likely than not that the fair value of the reporting unit or an indefinite lived intangible asset is less than its carrying value. If it is determined that the fair value of the reporting unit or an indefinite-lived intangible asset may be less than its carrying value, the Company will do a quantitative impairment test. In the quantitative test the carrying value of the reporting unit or an indefinite-lived intangible asset is calculated and compared to its fair value. Any excess of the carrying amount over fair value would be charged to impairment loss. Long-lived assets are assets used in the Company's operations and include definite-lived intangible assets, operating lease right of use assets, property and equipment used to generate sales and cash flows. Long-lived assets are evaluated for impairment by reviewing operating results, cash flows, future operating forecasts and anticipated future cash flows. Impairment is assessed by evaluating the estimated undiscounted cash flows over the asset’s remaining life. If the undiscounted cash flows of an asset group is less than the carrying value of the asset group, the asset group is impaired and an impairment loss is recorded.

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings The Company and its subsidiaries are from time to time involved in various lawsuits, claims, investigations and proceedings which may include commercial, employment, tax, customs and trade, customer, vendor, personal injury, creditors rights and health and safety law matters, which are handled and defended in the ordinary course of business. In addition, the Company is from time to time subjected to various assertions, claims, proceedings and requests for damages and/or indemnification concerning sales channel practices and intellectual property matters, including patent infringement suits involving technologies that are incorporated in a broad spectrum of products the Company sells or that are incorporated in the Company’s e-commerce sales channels, as well as trademark/copyright infringement claims. The Company is also audited by (or has initiated voluntary disclosure agreements with) various U.S. federal and state authorities, as well as Canadian authorities, concerning potential income tax and/or sales tax. These matters are in various stages of investigation, negotiation and/or litigation. Although the Company does not expect, based on currently available information, that the outcome in any of these matters, individually or collectively, will have a material adverse effect on its financial position or results of operations, the ultimate outcome is inherently unpredictable. Therefore, judgments could be rendered or settlements entered, that could adversely affect the Company’s operating results or cash flows in a particular period. The Company regularly assesses all of its material litigation and threatened litigation as to the probability of ultimately incurring a liability and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable and estimable. In this regard, the Company establishes accrual estimates for its various lawsuits, claims, investigations and proceedings when it is probable that an asset has been impaired or a liability incurred at the date of the financial statements and the loss can be reasonably estimated. At June 30, 2024 the Company has established accruals for certain of its various lawsuits, claims, investigations and proceedings based upon estimates of the most likely outcome in a range of loss or the minimum amounts in a range of loss if no amount within a range is a more likely estimate. The Company does not believe that at June 30, 2024 any reasonably possible losses in excess of the amounts accrued would be material to the financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 20.3	$ 13.2	$ 21.5	$ 13.2	$ 33.5	$ 34.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation
Recent Accounting Pronouncements	Recent Accounting Pronouncements Public companies in the United States are subject to the accounting and reporting requirements of various authorities, including the Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”). These authorities issue numerous pronouncements, most of which are not applicable to the Company’s current or reasonably foreseeable operating structure. In December 2023, the FASB issued Accounting Standard Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU requires public business entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU should be applied on a prospective basis, but retrospective application is permitted. The Company does not expect the adoption of this standard to have a material impact on the Company's financial position or results of operations.

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Preliminary Acquisition Fair Value	The following table details the fair values as of the acquisition date (in millions): Purchase price: $ 72.6 Less: Cash 0.3 Accounts receivable 23.0 Inventories 4.6 Prepaid expenses and other current assets 2.5 Property, plant and equipment 0.3 Operating lease right-of-use assets 0.8 Customer lists 24.1 Trademarks 6.2 Other assets 0.1 Total identifiable assets acquired $ 61.9 Accounts payable (12.5) Accrued expenses and other current liabilities (5.9) Deferred revenue (4.2) Operating lease liabilities (0.8) Total identifiable liabilities acquired $ (23.4) Net identifiable assets acquired 38.5 Goodwill $ 34.1 Total net assets acquired $ 72.6
Schedule of Pro Forma Acquisition Information	The Company’s unaudited pro forma revenue and net income for the quarter and six months ended June 30, 2023 below have been prepared as if the Indoff acquisition had occurred on January 1, 2023. This information is provided for illustrative purposes and does not purport to be indicative of the actual results that would have been achieved by the Company for the period presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2023 Net sales $ 346.1 $ 662.1 Net income from continuing operations $ 21.7 $ 36.4

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Goodwill and Other Assets	The following table provides information related to the goodwill and intangible assets as of June 30, 2024 and December 31, 2023 (in millions): June 30, December 31, 2024 2023 Goodwill $ 39.6 $ 40.0 Definite-lived intangibles 27.0 28.6 Indefinite-lived intangibles 0.7 0.7 Balance $ 67.3 $ 69.3
Schedule of Finite-Lived Intangible Assets	The following table summarizes information related to the Company's definite-lived intangible assets as of June 30, 2024 (in millions): Amortization Gross Carrying Accumulated Net Book Value Weighted Average Useful Life Client lists 10 yrs $ 26.1 $ 4.6 $ 21.5 8.8 Trademarks 10 yrs 6.2 0.7 5.5 8.9 Total $ 32.3 $ 5.3 $ 27.0 8.8 The following table summarizes information related to the Company's definite-lived intangible assets as of December 31, 2023 (in millions): Amortization Gross Carrying Accumulated Net Book Value Weighted Average Useful Life Client lists 10 yrs $ 26.1 $ 3.3 $ 22.8 9.3 Trademarks 10 yrs 6.2 0.4 5.8 9.4 Total $ 32.3 $ 3.7 $ 28.6 9.3
Schedule of Future Amortization Expense of Intangible Assets	In the second quarter of 2024, the Company recorded $0.8 million of intangible amortization expense related to the prior year's Indoff acquisition. For the six months ended June 30, 2024, the Company recorded $1.6 million of intangible amortization expense, of which $1.5 million related to the prior year's acquisition of Indoff. The estimated amortization for future years ending December 31 is as follows (in millions): 2024 remainder $ 1.6 2025 3.0 2026 3.0 2027 3.0 2028 3.0 Thereafter $ 13.4 Total $ 27.0

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the Company's revenue from continuing operations by geography for the three and six months ended June 30, 2024 and 2023, respectively (in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Net sales: United States $ 330.7 $ 308.1 $ 637.1 $ 565.3 Canada 17.1 17.7 34.1 34.3 Consolidated $ 347.8 $ 325.8 $ 671.2 $ 599.6

Credit Losses (Tables)

Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Allowance for Credit Losses on Trade Accounts Receivable	The following is a rollforward of the allowances for credit losses related to trade accounts receivable for the six months ended June 30, 2024 (in millions): June 30, 2024 Balance at beginning of period $ 2.9 Current period provision 1.9 Write-offs - trade accounts receivable (1.2) Balance at end of period $ 3.6 The following is a rollforward of the allowances for credit losses related to trade accounts receivable for the year ended December 31, 2023 (in millions): December 31, 2023 Balance at beginning of period $ 2.3 Current period provision 3.2 Write-offs - trade accounts receivable (2.6) Balance at end of period $ 2.9

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of ROU, Remaining Lease Term and Discount Rate	Information relating to operating and finance leases for continuing and discontinued operations as of June 30, 2024 and December 31, 2023: Six Months Ended June 30, Year Ended December 31, 2024 2023 Weighted Average Remaining Lease Term Operating and finance leases 7.0 years 7.2 years Weighted Average Discount Rate Operating and finance leases 5.5 % 5.4 % ROU assets obtained in exchange for operating and finance lease obligations (in millions) $ 1.2 $ 6.3
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities were as follows (in millions): Year Ending December 31 Operating Leases 2024 (adjusted for six months of payments) $ 9.4 2025 17.9 2026 15.9 2027 12.0 2028 11.9 2029 12.1 Thereafter 28.4 Total lease payments 107.6 Less: interest (19.5) Total present value of lease liabilities $ 88.1

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic And Diluted Net Income (Loss) Per Share	The following table presents the computation of basic and diluted net income (loss) per share under the two-class method for the three and six months ended June 30, 2024 and 2023 (in millions, except for per share amounts): Three Months Ended Six Months Ended 2024 2023 2024 2023 Net income from continuing operations $ 20.2 $ 21.5 33.3 34.8 Less: Distributed net income available to participating securities (0.1) 0.0 (0.1) (0.1) Less: Undistributed net income available to participating securities 0.0 (0.1) (0.1) (0.1) Numerator for basic net income per share: Undistributed and distributed net income available to common shareholders $ 20.1 $ 21.4 $ 33.1 $ 34.6 Add: Undistributed net income allocated to participating securities 0.0 0.1 0.1 0.1 Less: Undistributed net income reallocated to participating securities 0.0 (0.1) (0.1) (0.1) Numerator for diluted net income per share: Undistributed and distributed net income available to common shareholders $ 20.1 $ 21.4 33.1 34.6 Denominator: Weighted average shares outstanding for basic net income per share 38.2 38.1 38.2 38.1 Effect of dilutive securities 0.2 0.1 0.2 0.1 Weighted average shares outstanding for diluted net income per share 38.4 38.2 38.4 38.2 Net income per share from continuing operations: Basic $ 0.52 $ 0.56 $ 0.87 $ 0.91 Diluted $ 0.52 $ 0.56 $ 0.86 $ 0.91 Net income (loss) from discontinued operations $ 0.1 $ 0.0 $ 0.2 $ (0.1) Numerator for basic and diluted net income (loss) per share: Undistributed and distributed net (loss) income available to common shareholders $ 0.1 $ 0.0 $ 0.2 $ (0.1) Net income (loss) income per share from discontinued operations: Basic $ 0.00 $ 0.00 $ 0.01 $ 0.00 Diluted $ 0.00 $ 0.00 $ 0.01 $ 0.00 Net income per share: Basic $ 0.52 $ 0.56 $ 0.88 $ 0.91 Diluted $ 0.52 $ 0.56 $ 0.87 $ 0.91 Potentially dilutive securities 0.2 0.3 0.2 0.3

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions		6 Months Ended
	May 19, 2023 USD ($)	Jun. 30, 2024 segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reportable segments | segment		1
Indoff LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of voting interests acquired (as a percent)	100%
Payments made in cash | $	$ 72.6

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	May 19, 2023	Jun. 30, 2024	Jun. 30, 2024
Business Acquisition [Line Items]
Amortization of intangible assets			$ 1.6
Indoff LLC
Business Acquisition [Line Items]
Percentage of voting interests acquired (as a percent)	100%
Payments made in cash	$ 72.6
Escrow deposit	$ 5.2
Imdemnification obligation period	2 years
Reduction in escrow deposits	$ 2.5
Amortization Period (Years)	10 years
Amortization of intangible assets	$ 3	$ 0.8	1.5
Tax deductible period	15 years
Revenue of acquiree since acquisition date		40.4	78.5
Net income of acquiree since acquisition date		$ 1.1	$ 2.1

Acquisition - Schedule of Busin

Acquisition - Schedule of Business Acquisition (Details) - USD ($) $ in Millions	May 19, 2023	Jun. 30, 2024	Dec. 31, 2023
Liabilities
Goodwill		$ 39.6	$ 40
Indoff LLC
Business Acquisition [Line Items]
Purchase price	$ 72.6
Less:
Cash	0.3
Accounts receivable	23
Inventories	4.6
Prepaid expenses and other current assets	2.5
Property, plant and equipment	0.3
Operating lease right-of-use assets	0.8
Other assets	0.1
Total identifiable assets acquired	61.9
Liabilities
Accounts payable	(12.5)
Accrued expenses and other current liabilities	(5.9)
Deferred revenue	(4.2)
Operating lease liabilities	(0.8)
Total identifiable liabilities acquired	(23.4)
Net identifiable assets acquired	38.5
Goodwill	34.1
Total net assets acquired	72.6
Indoff LLC | Customer lists
Less:
Intangibles assets	24.1
Indoff LLC | Trademarks
Less:
Intangibles assets	$ 6.2

Acquisition - Schedule of Pro F

Acquisition - Schedule of Pro Forma Information (Details) - Indoff LLC - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Net sales	$ 346.1	$ 662.1
Net income from continuing operations	$ 21.7	$ 36.4

Goodwill and Intangibles - Sche

Goodwill and Intangibles - Schedule of Goodwill, Intangibles (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 39.6	$ 40
Definite-lived intangibles	27	28.6
Indefinite-lived intangibles	0.7	0.7
Goodwill and intangibles	$ 67.3	$ 69.3

Goodwill and Intangibles - Sc_2

Goodwill and Intangibles - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 32.3	$ 32.3
Accumulated Amortization	5.3	3.7
Net Book Value	$ 27	$ 28.6
Weighted Average Useful Life	8 years 9 months 18 days	9 years 3 months 18 days
Client lists
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	10 years	10 years
Gross Carrying Amount	$ 26.1	$ 26.1
Accumulated Amortization	4.6	3.3
Net Book Value	$ 21.5	$ 22.8
Weighted Average Useful Life	8 years 9 months 18 days	9 years 3 months 18 days
Trademarks
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	10 years	10 years
Gross Carrying Amount	$ 6.2	$ 6.2
Accumulated Amortization	0.7	0.4
Net Book Value	$ 5.5	$ 5.8
Weighted Average Useful Life	8 years 10 months 24 days	9 years 4 months 24 days

Goodwill and Intangibles - Sc_3

Goodwill and Intangibles - Schedule of Amortization Expense (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	May 19, 2023	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets			$ 1.6
2024 remainder		$ 1.6	1.6
2025		3	3
2026		3	3
2027		3	3
2028		3	3
Thereafter		13.4	13.4
Net Book Value		27	27	$ 28.6
Indoff LLC
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 3	$ 0.8	$ 1.5

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 347.8	$ 325.8	$ 671.2	$ 599.6
Performance obligation	4.5		4.5		$ 3.3
Reportable geographical components | United States
Disaggregation of Revenue [Line Items]
Net sales	330.7	308.1	637.1	565.3
Reportable geographical components | Canada
Disaggregation of Revenue [Line Items]
Net sales	$ 17.1	$ 17.7	$ 34.1	$ 34.3

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 2.9	$ 2.3
Current period provision	1.9	3.2
Write-offs - trade accounts receivable	(1.2)	(2.6)
Balance at end of period	$ 3.6	$ 2.9

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($) ft²
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 4.4	$ 4.2	$ 8.7	$ 8.4
Sublease income	0.6	$ 0.6	1.2	$ 1.2
Existing sales office
Lessee, Lease, Description [Line Items]
Right-of-use asset and related lease liability	$ 0.5		$ 0.5
Length of extension term	37 months		37 months
Administrative office, area (in sq ft) | ft²	6,600		6,600
Indoff LLC
Lessee, Lease, Description [Line Items]
Right-of-use asset and related lease liability					$ 0.7
Length of extension term					3 years
Administrative office, area (in sq ft) | ft²					16,200

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Weighted Average Remaining Lease Term
Operating lease (in years)	7 years		7 years 2 months 12 days
Finance leases (in years)	7 years		7 years 2 months 12 days
Weighted Average Discount Rate
Operating leases (as a percent)	5.50%		5.40%
Finance lease (as a percent)	5.50%		5.40%
ROU assets obtained in exchange for operating lease obligations (in millions)	$ 1.2	$ 5.9	$ 6.3
ROU assets obtained in exchange for finance lease obligations (in millions)	$ 1.2		$ 6.3

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Millions	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (adjusted for six months of payments)	$ 9.4
2025	17.9
2026	15.9
2027	12
2028	11.9
2029	12.1
Thereafter	28.4
Total lease payments	107.6
Less: interest	(19.5)
Total present value of lease liabilities	$ 88.1

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share - Schedule of Computation of Basic And Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income from continuing operations	$ 20.2	$ 21.5	$ 33.3	$ 34.8
Less: Distributed net income available to participating securities	(0.1)	0	(0.1)	(0.1)
Less: Undistributed net income available to participating securities	0	(0.1)	(0.1)	(0.1)
Numerator for basic net income per share:
Undistributed and distributed net income available to common shareholders	20.1	21.4	33.1	34.6
Add: Undistributed net income allocated to participating securities	0	0.1	0.1	0.1
Less: Undistributed net income reallocated to participating securities	0	(0.1)	(0.1)	(0.1)
Numerator for diluted net income per share:
Undistributed and distributed net (loss) income available to common shareholders	$ 20.1	$ 21.4	$ 33.1	$ 34.6
Denominator:
Weighted average shares outstanding for basic net income per share (in shares)	38.2	38.1	38.2	38.1
Effect of dilutive securities (in shares)	0.2	0.1	0.2	0.1
Weighted average shares outstanding for diluted net income per share (in shares)	38.4	38.2	38.4	38.2
Net income per share from continuing operations:
Basic (in dollars per share)	$ 0.52	$ 0.56	$ 0.87	$ 0.91
Diluted (in dollars per share)	$ 0.52	$ 0.56	$ 0.86	$ 0.91
Numerator for basic and diluted net income (loss) per share:
Undistributed and distributed net income available to common shareholders, diluted	$ 20.1	$ 21.4	$ 33.1	$ 34.6
Net income (loss) income per share from discontinued operations:
Basic (in dollars per share)	$ 0	$ 0	$ 0.01	$ 0
Diluted (in dollars per share)	0	0	0.01	0
Net income per share - Basic (in dollars per share)	0.52	0.56	0.88	0.91
Net income per share - Diluted (in dollars per share)	$ 0.52	$ 0.56	$ 0.87	$ 0.91
Potentially dilutive securities (in shares)	0.2	0.3	0.2	0.3
Discontinued Operations
Numerator for diluted net income per share:
Undistributed and distributed net (loss) income available to common shareholders	$ 0.1	$ 0	$ 0.2	$ (0.1)
Net income (loss) per common share from discontinued operations:
Net income (loss) from discontinued operations	0.1	0	0.2	(0.1)
Numerator for basic and diluted net income (loss) per share:
Undistributed and distributed net income available to common shareholders, basic	0.1	0	0.2	(0.1)
Undistributed and distributed net income available to common shareholders, diluted	$ 0.1	$ 0	$ 0.2	$ (0.1)

Credit Facilities (Details)

Credit Facilities (Details) - Revolving Credit Facility	6 Months Ended
	Jun. 30, 2024 USD ($) financialInstitution
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 125,000,000
Number of financial institutions | financialInstitution	1
Revolving credit facility term (in years)	5 years
Percentage of inventory advance rate (as a percent)	65%
Percentage of inventory advance rate of net orderly liquidation value (as a percent)	85%
Total availability under the credit facility	$ 122,200,000
Letters of credit outstanding	1,600,000
Total excess availability under the credit facility	$ 120,600,000
Maximum
Line of Credit Facility [Line Items]
Percentage of eligible accounts receivable for borrowings (as a percent)	85%

Fair Value Measurements (Detail

Fair Value Measurements (Details)	6 Months Ended
	Jun. 30, 2024 reportingUnit
Fair Value Disclosures [Abstract]
Number of reporting units	3