Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Jul. 17, 2020 |
Jun. 30, 2019 |
|
Entity Information [Line Items] | |||
Entity Registrant Name | HAMILTON BEACH BRANDS HOLDING COMPANY | ||
Entity Central Index Key | 0001709164 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | true | ||
Amendment Description | Restatement of prior periods due to accounting irregularities at its Mexican subsidiaries | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 130,361,017 | ||
Shares Outstanding Class A | |||
Entity Information [Line Items] | |||
Shares Outstanding | 9,607,176 | ||
Shares Outstanding Class B | |||
Entity Information [Line Items] | |||
Shares Outstanding | 4,062,422 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Statement [Abstract] | |||||||||||||||
Total revenues | $ 204,570 | $ 149,508 | $ 131,065 | $ 126,642 | $ 198,166 | $ 171,301 | $ 135,583 | $ 125,032 | $ 257,707 | $ 260,615 | $ 407,216 | $ 431,916 | $ 611,786 | $ 630,082 | $ 612,056 |
Cost of sales | 162,173 | 118,562 | 102,558 | 99,940 | 156,173 | 132,897 | 104,856 | 97,104 | 202,498 | 201,960 | 321,060 | 334,857 | 483,234 | 491,030 | 475,939 |
Gross profit | 42,397 | 30,946 | 28,507 | 26,702 | 41,993 | 38,404 | 30,727 | 27,928 | 55,209 | 58,655 | 86,155 | 97,059 | 128,552 | 139,052 | 136,117 |
Selling, general and administrative expenses | 22,996 | 26,165 | 24,976 | 26,246 | 25,599 | 26,296 | 26,437 | 25,789 | 51,222 | 52,225 | 77,385 | 78,522 | 100,381 | 104,121 | 96,780 |
Amortization of intangible assets | 341 | 345 | 346 | 345 | 345 | 345 | 346 | 345 | 691 | 691 | 1,036 | 1,036 | 1,377 | 1,381 | 1,381 |
Operating profit | 19,060 | 4,439 | 3,185 | 111 | 16,050 | 11,763 | 3,944 | 1,794 | 3,296 | 5,738 | 7,734 | 17,501 | 26,794 | 33,550 | 37,956 |
Interest expense, net | 767 | 756 | 789 | 663 | 711 | 886 | 809 | 510 | 1,452 | 1,319 | 2,208 | 2,205 | 2,975 | 2,916 | 1,572 |
Other expense (income), net | (710) | 681 | (132) | (197) | 429 | (433) | 679 | (526) | (329) | 153 | 352 | (280) | (358) | 149 | (692) |
Income from continuing operations before income taxes | 19,003 | 3,002 | 2,528 | (355) | 14,910 | 11,310 | 2,456 | 1,810 | 2,173 | 4,266 | 5,174 | 15,576 | 24,177 | 30,485 | 37,076 |
Income tax expense | 5,699 | 2,449 | 630 | 307 | 3,420 | 2,280 | 811 | 916 | 937 | 1,727 | 3,385 | 4,007 | 9,084 | 7,426 | 18,967 |
Net income from continuing operations | 13,304 | 553 | 1,898 | (662) | 11,490 | 9,030 | 1,645 | 894 | 1,236 | 2,539 | 1,789 | 11,569 | 15,093 | 23,059 | 18,109 |
Loss from discontinued operations, net of tax | (20,608) | (2,753) | (2,516) | (2,723) | 2,371 | (1,889) | (2,766) | (3,077) | (5,239) | (5,843) | (7,992) | (7,732) | (28,600) | (5,361) | (2,225) |
Net income (loss) | $ (7,304) | $ (2,200) | $ (618) | $ (3,385) | $ 13,861 | $ 7,141 | $ (1,121) | $ (2,183) | $ (4,003) | $ (3,304) | $ (6,203) | $ 3,837 | $ (13,507) | $ 17,698 | $ 15,884 |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ 0.98 | $ 0.04 | $ 0.14 | $ (0.05) | $ 0.84 | $ 0.66 | $ 0.12 | $ 0.07 | $ 0.09 | $ 0.19 | $ 0.13 | $ 0.84 | $ 1.10 | $ 1.68 | $ 1.32 |
Basic and diluted earnings per share, discontinued operations (in dollars per share) | (1.52) | (0.20) | (0.18) | (0.20) | 0.17 | (0.14) | (0.20) | (0.22) | (0.38) | (0.43) | (0.58) | (0.56) | (2.09) | (0.39) | (0.16) |
Basic and diluted earnings per share (in dollars per share) | $ (0.54) | $ (0.16) | $ (0.04) | $ (0.25) | $ 1.01 | $ 0.52 | $ (0.08) | $ (0.15) | $ (0.29) | $ (0.24) | $ (0.45) | $ 0.28 | $ (0.99) | $ 1.29 | $ 1.16 |
Basic weighted average shares outstanding (in shares) | 13,518,000 | 13,579,000 | 13,813,000 | 13,786,000 | 13,714,000 | 13,704,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,694,000 | 13,690,000 | 13,699,000 | 13,673,000 |
Diluted weighted average shares outstanding (in shares) | 13,625,000 | 13,595,000 | 13,826,000 | 13,786,000 | 13,844,000 | 13,713,000 | 13,704,000 | 13,692,000 | 13,813,000 | 13,693,000 | 13,731,000 | 13,697,000 | 13,726,000 | 13,731,000 | 13,685,000 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Statement of Comprehensive Income [Abstract] | |||||||||||||||
Net income (loss) | $ (7,304) | $ (2,200) | $ (618) | $ (3,385) | $ 13,861 | $ 7,141 | $ (1,121) | $ (2,183) | $ (4,003) | $ (3,304) | $ (6,203) | $ 3,837 | $ (13,507) | $ 17,698 | $ 15,884 |
Foreign currency translation adjustment | 201 | (18) | 113 | 214 | (1,135) | 902 | (412) | 573 | 327 | 161 | 309 | 1,063 | 510 | (73) | 648 |
Loss on long-term intra-entity foreign currency transactions | 294 | (509) | 121 | 15 | 60 | (53) | (1,013) | 0 | 136 | (1,013) | (373) | (1,066) | (79) | (1,006) | 0 |
Cash flow hedging activity | (143) | (127) | (877) | (422) | (352) | (301) | 464 | 289 | (1,299) | 753 | (1,426) | 452 | (1,569) | 100 | (749) |
Reclassification of hedging activities into earnings | 81 | 122 | 144 | 2 | 48 | (102) | 41 | 166 | 146 | 207 | 268 | 105 | 349 | 153 | 641 |
Pension plan adjustment | 1,410 | 0 | 0 | 0 | (1,920) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,410 | (1,920) | 1,510 |
Reclassification of pension adjustments into earnings | 35 | 127 | 102 | 84 | 141 | 115 | 142 | 158 | 186 | 300 | 313 | 415 | 348 | 556 | 306 |
Total other comprehensive income (loss), net of tax | 1,878 | (405) | (397) | (107) | (3,158) | 561 | (778) | 1,186 | (504) | 408 | (909) | 969 | 969 | (2,190) | 2,356 |
Comprehensive income (loss) | $ (5,426) | $ (2,605) | $ (1,015) | $ (3,492) | $ 10,703 | $ 7,702 | $ (1,899) | $ (997) | $ (4,507) | $ (2,896) | $ (7,112) | $ 4,805 | $ (12,538) | $ 15,508 | $ 18,240 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|---|---|---|---|
Current assets | |||||||||
Cash and cash equivalents | $ 2,142 | $ 1,559 | $ 1,029 | $ 1,636 | $ 4,420 | $ 1,567 | $ 1,393 | $ 1,784 | |
Trade receivables, net | 108,381 | 103,091 | 86,268 | 79,102 | 98,361 | 112,309 | 76,132 | 79,358 | |
Inventory | 109,806 | 161,043 | 121,472 | 120,707 | 122,808 | 155,744 | 138,721 | 132,749 | |
Prepaid expenses and other current assets | 11,345 | 14,086 | 16,412 | 17,379 | 15,396 | 12,595 | 14,569 | 14,615 | |
Current assets of discontinued operations | 5,383 | 22,830 | 21,255 | 24,692 | 27,879 | 32,185 | 30,704 | 29,086 | |
Total current assets | 237,057 | 302,609 | 246,436 | 243,516 | 268,864 | 314,400 | 261,519 | 257,592 | |
Property, plant and equipment, net | 22,324 | 22,193 | 21,649 | 20,984 | 20,842 | 20,988 | 19,088 | 17,643 | $ 15,979 |
Goodwill | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | |
Other intangible assets, net | 3,141 | 3,483 | 3,828 | 4,174 | 4,519 | 4,864 | 5,209 | 5,555 | |
Deferred income taxes | 6,248 | 5,640 | 3,754 | 3,166 | 5,794 | 7,704 | 8,877 | 10,419 | |
Deferred costs | 10,941 | 8,804 | 8,564 | 8,316 | 7,868 | 10,153 | 9,825 | 10,187 | |
Other non-current assets | 2,085 | 1,553 | 1,984 | 2,403 | 2,672 | 3,282 | 3,178 | 3,068 | |
Non-current assets of discontinued operations | 614 | 1,744 | 4,420 | 4,446 | 4,606 | 5,313 | 5,688 | 5,661 | |
Total assets | 288,663 | 352,279 | 296,888 | 293,258 | 321,418 | 372,957 | 319,637 | 316,378 | |
Current liabilities | |||||||||
Accounts payable | 111,348 | 140,011 | 86,199 | 73,720 | 119,271 | 131,620 | 92,488 | 96,924 | |
Accounts payable to NACCO Industries, Inc. | 496 | 220 | 220 | 2,425 | 2,416 | 2,480 | 2,769 | 7,814 | |
Revolving credit agreements | 23,497 | 50,152 | 51,505 | 54,812 | 11,624 | 60,083 | 66,326 | 63,308 | |
Accrued compensation | 15,027 | 14,650 | 11,725 | 8,398 | 15,878 | 15,421 | 11,984 | 9,238 | |
Accrued product returns | 8,697 | 8,266 | 8,224 | 9,314 | 10,698 | 9,601 | 9,648 | 10,815 | |
Other current liabilities | 12,534 | 25,880 | 21,382 | 17,705 | 22,922 | 22,488 | 15,769 | 21,227 | |
Current liabilities of discontinued operations | 29,723 | 24,713 | 20,048 | 21,473 | 22,820 | 29,693 | 26,830 | 21,509 | |
Total current liabilities | 201,322 | 263,892 | 199,303 | 187,847 | 205,629 | 271,386 | 225,814 | 230,835 | |
Revolving credit agreements | 35,000 | 30,000 | 30,000 | 30,000 | 35,000 | 30,000 | 30,000 | 20,000 | |
Other long-term liabilities | 16,075 | 14,258 | 14,699 | 18,619 | 22,011 | 22,343 | 21,654 | 21,831 | |
Non-current liabilities of discontinued operations | 0 | 1,585 | 3,697 | 3,834 | 1,960 | 2,293 | 2,416 | 2,565 | |
Total liabilities | 252,397 | 309,735 | 247,699 | 240,300 | 264,600 | 326,022 | 279,884 | 275,231 | |
Stockholders’ equity | |||||||||
Preferred stock, par value $0.01 per share | 0 | 0 | |||||||
Capital in excess of par value | 54,509 | 51,714 | |||||||
Treasury stock | (5,960) | (5,960) | (2,334) | 0 | 0 | 0 | 0 | 0 | |
Retained earnings | 3,710 | 12,231 | 15,646 | 17,506 | 22,068 | 9,373 | 3,397 | 5,683 | |
Accumulated other comprehensive loss | (16,132) | (18,009) | (17,604) | (17,207) | (17,101) | (13,941) | (14,502) | (13,724) | |
Total stockholders’ equity | 36,266 | 42,544 | 49,189 | 52,958 | 56,818 | 46,935 | 39,753 | 41,147 | |
Total liabilities and stockholders' equity | 288,663 | 352,279 | 296,888 | 293,258 | 321,418 | 372,957 | 319,637 | 316,378 | |
Class A Common stock, par value $0.01 per share; 9,805 and 9,291 shares issued as of December 31, 2019 and 2018, respectively | |||||||||
Stockholders’ equity | |||||||||
Common stock | 98 | 95 | 95 | 95 | 93 | 92 | 92 | 92 | |
Class B Common stock, par value $0.01 per share, convertible into Class A on a one-for-one basis; 4,076 and 4,422 shares issued as of December 31, 2019 and 2018, respectively | |||||||||
Stockholders’ equity | |||||||||
Common stock | $ 41 | 44 | 44 | 44 | $ 44 | 45 | 45 | 45 | |
Capital in excess of par value | $ 54,143 | $ 53,342 | $ 52,520 | $ 51,366 | $ 50,721 | $ 49,051 |
Consolidated Balance Sheets (Parenthetical) shares in Thousands |
Dec. 31, 2019
$ / shares
shares
|
Dec. 31, 2018
$ / shares
shares
|
---|---|---|
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Class A Common Stock | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares, issued (in shares) | shares | 9,805 | 9,291 |
Class B Common Stock | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares, issued (in shares) | shares | 4,076 | 4,422 |
Common stock, convertible conversion ratio | 1 | 1 |
Consolidated Statements of Equity - USD ($) $ in Thousands |
Total |
Common Class A and B |
Total Stockholders' Equity |
Total Stockholders' Equity
Common Class A and B
|
Common Stock
Class A Common Stock
|
Common Stock
Class B Common Stock
|
Capital in Excess of Par Value (1) |
Treasury Stock |
Retained Earnings (1) |
Retained Earnings (1)
Common Class A and B
|
Accumulated Other Comprehensive Income (Loss) |
As Previously Reported |
As Previously Reported
Common Class A and B
|
As Previously Reported
Total Stockholders' Equity
|
As Previously Reported
Common Stock
Class A Common Stock
|
As Previously Reported
Common Stock
Class B Common Stock
|
As Previously Reported
Capital in Excess of Par Value (1)
|
As Previously Reported
Treasury Stock
|
As Previously Reported
Retained Earnings (1)
|
As Previously Reported
Retained Earnings (1)
Common Class A and B
|
As Previously Reported
Accumulated Other Comprehensive Income (Loss)
|
Restatement Impacts |
Restatement Impacts
Total Stockholders' Equity
|
Restatement Impacts
Common Stock
Class A Common Stock
|
Restatement Impacts
Common Stock
Class B Common Stock
|
Restatement Impacts
Capital in Excess of Par Value (1)
|
Restatement Impacts
Treasury Stock
|
Restatement Impacts
Retained Earnings (1)
|
Restatement Impacts
Accumulated Other Comprehensive Income (Loss)
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance, beginning of period at Dec. 31, 2016 | $ 62,948 | $ 62,948 | $ 0 | $ 0 | $ 75,031 | $ 0 | $ 4,016 | $ (16,099) | $ 65,268 | $ 65,268 | $ 0 | $ 0 | $ 75,031 | $ 0 | $ 6,738 | $ (16,501) | $ (2,320) | $ (2,320) | $ 0 | $ 0 | $ 0 | $ 0 | $ (2,722) | $ 402 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | 15,884 | 15,884 | 15,884 | 17,905 | 17,905 | (2,021) | (2,021) | ||||||||||||||||||||||
Issuance of common stock, net of conversions | 0 | 88 | 48 | (136) | 0 | 88 | 48 | (136) | |||||||||||||||||||||
Cash dividends | (38,000) | $ (1,162) | (38,000) | $ (1,162) | (27,122) | (10,878) | $ (1,162) | (38,000) | $ (1,162) | (27,122) | (10,878) | $ (1,162) | |||||||||||||||||
Other comprehensive loss | 1,409 | 1,409 | 1,409 | 1,450 | 1,450 | (41) | (41) | ||||||||||||||||||||||
Reclassification adjustment to net income | 947 | 947 | 947 | 947 | 947 | ||||||||||||||||||||||||
Balance, end of period at Dec. 31, 2017 | 42,026 | 42,026 | 88 | 48 | 47,773 | 0 | 7,860 | (13,743) | 46,408 | 88 | 48 | 47,773 | 0 | 12,603 | (14,104) | (4,382) | 0 | 0 | 0 | 0 | (4,743) | 361 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | (2,183) | (2,183) | (418) | (1,765) | |||||||||||||||||||||||||
Issuance of common stock, net of conversions | 324 | 4 | (3) | 323 | |||||||||||||||||||||||||
Stock compensation expense | 955 | 955 | |||||||||||||||||||||||||||
Cash dividends | (1,162) | (1,162) | |||||||||||||||||||||||||||
Other comprehensive loss | 863 | 863 | |||||||||||||||||||||||||||
Reclassification adjustment to net income | 324 | 324 | |||||||||||||||||||||||||||
Balance, end of period at Mar. 31, 2018 | 41,147 | 92 | 45 | 49,051 | 5,683 | (13,724) | |||||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2017 | 42,026 | 42,026 | 88 | 48 | 47,773 | 0 | 7,860 | (13,743) | 46,408 | 88 | 48 | 47,773 | 0 | 12,603 | (14,104) | (4,382) | 0 | 0 | 0 | 0 | (4,743) | 361 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | (3,304) | (1,292) | (2,012) | ||||||||||||||||||||||||||
Balance, end of period at Jun. 30, 2018 | 39,753 | 92 | 45 | 50,721 | 3,397 | (14,502) | |||||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2017 | 42,026 | 42,026 | 88 | 48 | 47,773 | 0 | 7,860 | (13,743) | 46,408 | 88 | 48 | 47,773 | 0 | 12,603 | (14,104) | (4,382) | 0 | 0 | 0 | 0 | (4,743) | 361 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | 3,837 | 6,752 | (2,915) | ||||||||||||||||||||||||||
Balance, end of period at Sep. 30, 2018 | 46,935 | 92 | 45 | 51,366 | 9,373 | (13,941) | |||||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2017 | 42,026 | 42,026 | 88 | 48 | 47,773 | 0 | 7,860 | (13,743) | 46,408 | 88 | 48 | 47,773 | 0 | 12,603 | (14,104) | (4,382) | 0 | 0 | 0 | 0 | (4,743) | 361 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | 17,698 | 17,698 | 17,698 | 21,784 | 21,784 | (4,086) | (4,086) | ||||||||||||||||||||||
Issuance of common stock, net of conversions | 324 | 5 | (4) | 323 | 324 | 5 | (4) | 323 | |||||||||||||||||||||
Purchase of treasury stock | 0 | 0 | |||||||||||||||||||||||||||
Stock compensation expense | 3,618 | 3,618 | 3,618 | 3,618 | |||||||||||||||||||||||||
Cash dividends | (4,658) | $ (4,658) | (4,658) | (4,658) | (4,658) | (4,658) | |||||||||||||||||||||||
Reclassification due to adoption of ASU 2018-02 | 0 | 1,168 | (1,168) | ||||||||||||||||||||||||||
Other comprehensive loss | (2,899) | (2,899) | (2,899) | (2,841) | (2,841) | (58) | (58) | ||||||||||||||||||||||
Reclassification adjustment to net income | 709 | 709 | 0 | 709 | 803 | 0 | 803 | (94) | (94) | ||||||||||||||||||||
Balance, end of period at Dec. 31, 2018 | 56,818 | 56,818 | 93 | 44 | 51,714 | 0 | 22,068 | (17,101) | 65,438 | 93 | 44 | 51,714 | 0 | 30,897 | (17,310) | (8,620) | 0 | 0 | 0 | 0 | (8,829) | 209 | |||||||
Balance, beginning of period at Mar. 31, 2018 | 41,147 | 92 | 45 | 49,051 | 5,683 | (13,724) | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | (1,121) | (1,121) | (874) | (247) | |||||||||||||||||||||||||
Issuance of common stock, net of conversions | 198 | 198 | |||||||||||||||||||||||||||
Stock compensation expense | 1,472 | 1,472 | |||||||||||||||||||||||||||
Cash dividends | (1,165) | (1,165) | |||||||||||||||||||||||||||
Other comprehensive loss | (961) | (961) | |||||||||||||||||||||||||||
Reclassification adjustment to net income | 183 | 183 | |||||||||||||||||||||||||||
Balance, end of period at Jun. 30, 2018 | 39,753 | 92 | 45 | 50,721 | 3,397 | (14,502) | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | 7,141 | 7,141 | 8,044 | (903) | |||||||||||||||||||||||||
Issuance of common stock, net of conversions | 246 | 246 | |||||||||||||||||||||||||||
Stock compensation expense | 399 | 399 | |||||||||||||||||||||||||||
Cash dividends | (1,165) | (1,165) | |||||||||||||||||||||||||||
Other comprehensive loss | 548 | 548 | |||||||||||||||||||||||||||
Reclassification adjustment to net income | 13 | 13 | |||||||||||||||||||||||||||
Balance, end of period at Sep. 30, 2018 | 46,935 | 92 | 45 | 51,366 | 9,373 | (13,941) | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | 13,861 | 13,861 | 15,032 | (1,171) | |||||||||||||||||||||||||
Issuance of common stock, net of conversions | (444) | 1 | (1) | (444) | |||||||||||||||||||||||||
Stock compensation expense | 792 | 792 | |||||||||||||||||||||||||||
Cash dividends | (1,166) | (1,166) | |||||||||||||||||||||||||||
Other comprehensive loss | (3,349) | (3,349) | |||||||||||||||||||||||||||
Reclassification adjustment to net income | 189 | 189 | |||||||||||||||||||||||||||
Balance, end of period at Dec. 31, 2018 | 56,818 | 56,818 | 93 | 44 | 51,714 | 0 | 22,068 | (17,101) | 65,438 | 93 | 44 | 51,714 | 0 | 30,897 | (17,310) | (8,620) | 0 | 0 | 0 | 0 | (8,829) | 209 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | (3,385) | (3,385) | (1,761) | (1,624) | |||||||||||||||||||||||||
Issuance of common stock, net of conversions | 1 | 2 | (1) | ||||||||||||||||||||||||||
Stock compensation expense | 807 | 807 | |||||||||||||||||||||||||||
Cash dividends | (1,177) | 0 | (1,177) | ||||||||||||||||||||||||||
Other comprehensive loss | (192) | (192) | |||||||||||||||||||||||||||
Reclassification adjustment to net income | 86 | 86 | 100 | ||||||||||||||||||||||||||
Balance, end of period at Mar. 31, 2019 | 52,958 | 95 | 44 | 52,520 | 0 | 17,506 | (17,207) | ||||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2018 | 56,818 | 56,818 | 93 | 44 | 51,714 | 0 | 22,068 | (17,101) | 65,438 | 93 | 44 | 51,714 | 0 | 30,897 | (17,310) | (8,620) | 0 | 0 | 0 | 0 | (8,829) | 209 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | (4,003) | (2,705) | (1,298) | ||||||||||||||||||||||||||
Balance, end of period at Jun. 30, 2019 | 49,189 | 95 | 44 | 53,342 | (2,334) | 15,646 | (17,604) | ||||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2018 | 56,818 | 56,818 | 93 | 44 | 51,714 | 0 | 22,068 | (17,101) | 65,438 | 93 | 44 | 51,714 | 0 | 30,897 | (17,310) | (8,620) | 0 | 0 | 0 | 0 | (8,829) | 209 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | (6,203) | (2,308) | (3,895) | ||||||||||||||||||||||||||
Balance, end of period at Sep. 30, 2019 | 42,544 | 95 | 44 | 54,143 | (5,960) | 12,231 | (18,009) | ||||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2018 | 56,818 | 56,818 | 93 | 44 | 51,714 | 0 | 22,068 | (17,101) | 65,438 | 93 | 44 | 51,714 | 0 | 30,897 | (17,310) | (8,620) | 0 | 0 | 0 | 0 | (8,829) | 209 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | (13,507) | (13,507) | (13,507) | (3,522) | (3,522) | (9,985) | (9,985) | ||||||||||||||||||||||
Issuance of common stock, net of conversions | 0 | 5 | (3) | (2) | 0 | 5 | (3) | (2) | |||||||||||||||||||||
Purchase of treasury stock | (5,960) | (5,960) | (5,960) | (5,960) | |||||||||||||||||||||||||
Stock compensation expense | 2,797 | 2,797 | 2,632 | 2,632 | 165 | 165 | |||||||||||||||||||||||
Cash dividends | (4,851) | $ (4,851) | (4,851) | $ (4,851) | (4,851) | (4,851) | |||||||||||||||||||||||
Other comprehensive loss | 272 | 272 | 272 | 719 | 719 | (447) | (447) | ||||||||||||||||||||||
Reclassification adjustment to net income | 697 | 697 | 697 | 603 | 603 | 94 | 94 | ||||||||||||||||||||||
Balance, end of period at Dec. 31, 2019 | 36,266 | 36,266 | 98 | 41 | 54,509 | (5,960) | 3,710 | (16,132) | 55,059 | 98 | 41 | 54,344 | (5,960) | 22,524 | (15,988) | (18,793) | 0 | 0 | 165 | 0 | (18,814) | (144) | |||||||
Balance, beginning of period at Mar. 31, 2019 | 52,958 | 95 | 44 | 52,520 | 0 | 17,506 | (17,207) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | (618) | (618) | (944) | 326 | |||||||||||||||||||||||||
Purchase of treasury stock | (2,334) | (2,334) | |||||||||||||||||||||||||||
Stock compensation expense | 822 | 822 | |||||||||||||||||||||||||||
Cash dividends | (1,242) | 0 | (1,242) | ||||||||||||||||||||||||||
Other comprehensive loss | (643) | (643) | |||||||||||||||||||||||||||
Reclassification adjustment to net income | 246 | 246 | |||||||||||||||||||||||||||
Balance, end of period at Jun. 30, 2019 | 49,189 | 95 | 44 | 53,342 | (2,334) | 15,646 | (17,604) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | (2,200) | (2,200) | 397 | (2,597) | |||||||||||||||||||||||||
Purchase of treasury stock | (3,626) | (3,626) | |||||||||||||||||||||||||||
Stock compensation expense | 801 | 801 | |||||||||||||||||||||||||||
Cash dividends | (1,215) | 0 | (1,215) | ||||||||||||||||||||||||||
Other comprehensive loss | (654) | (654) | |||||||||||||||||||||||||||
Reclassification adjustment to net income | 249 | 249 | |||||||||||||||||||||||||||
Balance, end of period at Sep. 30, 2019 | 42,544 | 95 | 44 | 54,143 | (5,960) | 12,231 | (18,009) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | (7,304) | (7,304) | (1,214) | (6,090) | |||||||||||||||||||||||||
Issuance of common stock, net of conversions | (1) | 3 | (3) | (1) | |||||||||||||||||||||||||
Purchase of treasury stock | 0 | 0 | |||||||||||||||||||||||||||
Stock compensation expense | 367 | 367 | |||||||||||||||||||||||||||
Cash dividends | (1,217) | 0 | (1,217) | ||||||||||||||||||||||||||
Other comprehensive loss | 1,761 | 1,761 | |||||||||||||||||||||||||||
Reclassification adjustment to net income | 116 | 116 | |||||||||||||||||||||||||||
Balance, end of period at Dec. 31, 2019 | $ 36,266 | $ 36,266 | $ 98 | $ 41 | $ 54,509 | $ (5,960) | $ 3,710 | $ (16,132) | $ 55,059 | $ 98 | $ 41 | $ 54,344 | $ (5,960) | $ 22,524 | $ (15,988) | $ (18,793) | $ 0 | $ 0 | $ 165 | $ 0 | $ (18,814) | $ (144) |
Consolidated Statements of Equity (Parenthetical) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Statement of Stockholders' Equity [Abstract] | |||||||||||
Common stock dividends (in dollars per share) | $ 0.9 | $ 0.9 | $ 0.9 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.355 | $ 0.34 | $ 0.085 |
Nature of Operations and Summary of Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Hamilton Beach Brands Holding Company is an operating holding company and operates through its two wholly-owned subsidiaries Hamilton Beach Brands, Inc. (“HBB”) and The Kitchen Collection, LLC (“KC”) (collectively “Hamilton Beach Holding” or the “Company”). On October 10, 2019, the Company’s board of directors (the “Board”) approved the wind down of KC and its retail operations. By December 31, 2019, all KC stores were closed and the reportable segment qualifies to be reported as discontinued operations. On January 21, 2020, the Board approved the dissolution of the KC legal entity and a Certificate of Dissolution of Ohio Limited Liability Company was filed with the Ohio Secretary of State. See Note 3 for further information on discontinued operations. The only material assets held by Hamilton Beach Brands Holding Company are its investments in its consolidated subsidiaries. Substantially all of its cash flows are provided by dividends paid or distributions made by its subsidiaries. Hamilton Beach Brands Holding Company has not guaranteed any obligations of its subsidiaries. HBB is a leading designer, marketer, and distributor of branded, small electric household and specialty housewares appliances, as well as commercial products for restaurants, bars, and hotels. HBB operates in the consumer, commercial and specialty small appliance markets. On September 29, 2017, NACCO Industries, Inc. ("NACCO"), Hamilton Beach Holding's former parent company, spun-off the Company to NACCO stockholders. In the spin-off, NACCO stockholders, in addition to retaining their shares of NACCO common stock, received one share of Hamilton Beach Brands Holding Company Class A common stock ("Class A Common") and one share of Hamilton Beach Brands Holding Company Class B common stock ("Class B Common") for each share of NACCO Class A or Class B common stock. In accordance with applicable authoritative accounting guidance, the Company accounted for the spin-off from NACCO based on the historical carrying value of assets and liabilities. As a result of the distribution of one share of Class A Common and one share of Class B Common for each share of NACCO Class A or NACCO Class B common stock, the earnings per share amounts for the Company for periods prior to the spin-off have been calculated based upon the number of shares distributed in the spin-off. NACCO did not receive any proceeds from the spin-off. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the financial statements of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Intercompany balances and transactions have been eliminated. Prior period non-trade customer receivable amounts of $9.5 million have been reclassified from trade receivables, net to prepaid expenses and other current assets to conform to the current period presentation. Segment Information As of December 31, 2019, HBB is the Company’s single reportable operating segment. This is supported by the operational structure of HBB which is designed and managed to share resources across the entire suite of products offered by the business. Such resources include research and development, product design, marketing, operations, and administrative functions. The Company's chief operating decision maker does not regularly review financial information for individual product categories, sales channels, or geographic regions that would allow decisions to be made about allocation of resources or performance. Since the Company operates in one reportable segment, all required financial segment information can be found in the consolidated financial statements. Discontinued Operations A component of an entity that is disposed of by sale or abandonment is reported as discontinued operations if the transaction represents a strategic shift that will have a major effect on an entity's operations and financial results. The results of discontinued operations are aggregated and presented separately in the Consolidated Statement of Operations. Assets and liabilities of the discontinued operations are aggregated and reported separately as assets and liabilities of discontinued operations in the Consolidated Balance Sheet, including the comparative prior year period. KC’s cash flows are reflected as cash flows from discontinued operations within the Company’s Consolidated Statements of Cash Flows for each period presented. Amounts presented in discontinued operations have been derived from our consolidated financial statements and accounting records using the historical basis of assets, liabilities, and historical results of KC. The discontinued operations exclude general corporate allocations. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and disclosure of contingent assets and liabilities (if any). Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less. Trade Receivables Allowances for doubtful accounts are maintained against trade receivables for estimated losses resulting from the inability of customers to make required payments. These allowances are based on both recent trends of certain customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur. HBB maintains significant trade receivables balances with several large retail customers. At December 31, 2019 and 2018, receivables from HBB’s five largest customers represented 69% and 57%, respectively, of HBB's net trade receivables. HBB’s significant credit concentration is uncollateralized; however, historically, minimal credit losses have been incurred. Transfer of Financial Assets HBB has entered into an arrangement with a financial institution to sell certain U.S. trade receivables on a non-recourse basis. HBB utilizes this arrangement as an integral part of financing working capital. Under the terms of the agreement, HBB receives cash proceeds and retains no rights or interest and has no obligations with respect to the sold receivables. These transactions are accounted for as sold receivables which result in a reduction in trade receivables because the agreement transfers effective control over and risk related to the receivables to the buyer. Under this arrangement, HBB derecognized $162.7 million, $165.4 million, and $164.0 million of trade receivables during 2019, 2018 and 2017, respectively. The losses incurred on sold receivables in the consolidated results of operations for the years ended December 31, 2019, 2018, and 2017 were not material. The Company does not carry any servicing assets or liabilities. Cash proceeds from this arrangement are reflected as operating activities. Inventory Inventory is stated at the lower of cost or net realizable value with cost determined under the first-in, first-out (“FIFO”) method. Adjustments to the carrying value are recorded for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. Property, Plant and Equipment Property, plant and equipment are measured at cost less accumulated depreciation, amortization and accumulated impairment losses. Depreciation and amortization are recorded generally using the straight-line method over the estimated useful lives of the assets. Estimated lives for buildings are up to 40 years, and for machinery, equipment and furniture and fixtures range from three to seven years. Leasehold improvements are depreciated over the shorter of the estimated useful life or the term of the lease. The units-of-production method is used to amortize certain tooling for sourced products. Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful life of the software. Gains or losses from the sale of assets are included in selling, general and administrative expenses. Repairs and maintenance are charged to expense as incurred. Interest is capitalized for qualifying long-term capital asset projects as a part of the historical cost of acquiring the asset. The Company evaluates long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. Fair value is estimated at 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. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of all acquisitions over the estimated fair value of the net assets acquired. Goodwill is not amortized but evaluated at least annually for impairment. The Company conducts its annual test for impairment as of October 1 of each year and it may be conducted more frequently if changes in circumstances or the occurrence of events indicates that a potential impairment exists. Using a qualitative assessment in the current year, the Company determined that it was not more-likely-than-not that the goodwill was impaired and a quantitative test for impairment was not required. Intangible assets with finite lives are amortized over their estimated useful lives, which represent the period over which the asset is expected to contribute directly or indirectly to future cash flows. Intangible assets with finite lives are reviewed for impairment whenever events and circumstances indicate the carrying value of such assets may not be recoverable and exceed their fair value. If an impairment loss exists, the carrying amount of the intangible asset is adjusted to a new cost basis. The new cost basis is amortized over the remaining useful life of the asset. No impairment has been recognized for identifiable intangible assets or goodwill for any period presented. Environmental Liabilities HBB and environmental consultants are investigating or remediating historical environmental contamination at some current and former sites operated by HBB or by businesses it acquired. Liabilities for environmental matters are recorded in the period when it is determined to be probable and reasonably estimable that the Company will incur costs. When only a range of amounts is reasonably estimable and no amount within the range is more probable than another, the Company records the low end of the range. Environmental liabilities are recorded on an undiscounted basis and recorded in selling, general, and administrative expenses. When recovery of a portion of an environmental liability is probable, such amounts are recognized as a reduction to selling, general, and administrative expenses and included in prepaid expenses and other current assets (current portion) and other non-current assets until settled. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales taxes are excluded from revenue. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promised good or service that is distinct. The Company has elected to account for shipping and handling activities performed after a customer obtains control of the goods as activities to fulfill the promise to transfer the goods, and therefore these activities are not assessed as a separate service to customers. The amount of revenue recognized varies primarily with changes in returns. In addition, the Company offers price concessions to our customers for incentive offerings, special pricing agreements, price competition, promotions or other volume-based arrangements. We determine whether price concessions offered to its customers are a reduction of the transaction price and revenue or are advertising expense, depending on whether we receive a distinct good or service from our customers and, if so, whether we can reasonably estimate the fair value of that distinct good or service. We evaluated such agreements with our customers and determined they should be accounted for as variable consideration. As of December 31, 2019, we have determined that customer price concessions recorded as a reduction of revenue, certain of which were previously recorded in other current liabilities, meet all of the criteria specified in ASC 210-20, "Balance Sheet Offsetting". Accordingly, amounts related to such arrangements have been classified as a reduction of trade receivables, net as of December 31, 2019 (prior periods have not been adjusted as all the criteria in ASC 210-20 had not previously been met). To estimate variable consideration, the Company applies both the expected value method and most likely amount method based on the form of variable consideration, according to which method would provide the better prediction. The expected value method involves a probability weighted determination of the expected amount, whereas the most likely amount method identifies the single most likely outcome in a range of possible amounts. Product Development Costs Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs, included in selling, general and administrative expenses, amounted to $12.1 million, $11.0 million, and $10.4 million in 2019, 2018, and 2017, respectively. Foreign Currency Assets and liabilities of foreign operations are translated into U.S. dollars at the fiscal year-end exchange rate. Revenue and expenses of all foreign operations are translated using average monthly exchange rates prevailing during the year. The related translation adjustments, including translation on long-term intra-entity foreign currency transactions, are recorded as a separate component of stockholders’ equity. Financial Instruments Financial instruments held by the Company include cash and cash equivalents, trade receivables, accounts payable, revolving credit agreements, interest rate swap agreements and forward foreign currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. Interest rate swap agreements and forward foreign currency exchange contracts held by the Company have been designated as hedges of forecasted cash flows. The Company holds these derivative contracts with high-quality financial institutions and limits the amount of credit exposure to any one institution. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges. The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in currencies other than the subsidiaries’ functional currencies. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”). Deferred gains or losses are reclassified from AOCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and generally recognized in cost of sales. The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company’s interest rate swap agreements and its variable rate financings are predominately based upon LIBOR (London Interbank Offered Rate). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in AOCI. Deferred gains or losses are reclassified from AOCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense, net. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and included in interest expense, net. The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company’s exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are included in other expense, net. Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. Fair Value Measurements The Company defines the fair value measurement of its financial assets and liabilities 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. A fair value hierarchy requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. Described below are the three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3 - Unobservable inputs are used when little or no market data is available. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. Stock Compensation Pursuant to the Executive Long-Term Equity Incentive Plan (the "Executive Plan") established in September 2017, the Company grants stock of Class A Common, subject to transfer restrictions, as a means of retaining and rewarding selected employees for long-term performance. Stock awarded under the Executive Plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends after three, five or ten years from the award date or at the earliest of (i) three years after the participant's retirement date, or (ii) the participant's death or permanent disability. The Company issued 118,688 and 5,512 shares of stock of Class A Common in the years ended December 31, 2019 and 2018, respectively. No stock was issued in the year ended December 31, 2017 under the Executive Plan. Stock compensation expense related to the Executive Plan was $1.6 million and $2.7 million for the years ended December 31, 2019 and 2018, respectively, and was based on the fair value of Class A Common on the grant date. Treasury Stock The Company records the aggregate purchase price of treasury stock at cost and includes treasury stock as a reduction to stockholders' equity. Income Taxes Tax law requires certain items to be included in the tax return at different times than the items are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible for tax purposes, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities using currently enacted tax rates. The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year, and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the financial statements or tax returns. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the provision for income taxes in the period that includes the enactment date. Management is required to estimate the timing of the recognition of deferred tax assets and liabilities, make assumptions about the future deductibility of deferred tax assets and assess deferred tax liabilities based on enacted law and tax rates for the appropriate tax jurisdictions to determine the amount of such deferred tax assets and liabilities. Changes in the calculated deferred tax assets and liabilities may occur in certain circumstances, including statutory income tax rate changes, statutory tax law changes, or changes in the Company's structure or tax status. The Company's tax assets, liabilities, and tax expense are supported by historical earnings and losses and the Company's best estimates and assumptions of future earnings. The Company assesses whether a valuation allowance should be established against the Company's deferred tax assets based on consideration of all available evidence, both positive and negative, using a more likely than not standard. This assessment considers, among other matters, scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates the Company is using to manage the underlying businesses. When the Company determines, based on all available evidence, that it is more likely than not that deferred tax assets will not be realized, a valuation allowance is established. Accounting Standards Adopted In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715)," which amends the requirements in GAAP related to the income statement presentation of the components of net periodic benefit cost for an entity's sponsored defined benefit pension and other post-retirement plans. The Company adopted this guidance on January 1, 2019. The change in presentation of the components of net periodic pension cost was applied retrospectively which resulted in $0.7 million and $0.9 million of net periodic pension income for the years end December 31, 2018, and 2017, respectively, being reclassified from selling, general and administrative expenses to other expense (income), net. Accounting Standards Not Yet Adopted The Company is an emerging growth company and has elected not to opt out of the extended transition period for complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public or nonpublic entities, the Company can adopt the new or revised standard at the time nonpublic entities adopt the new or revised standard. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)," which requires an entity to recognize assets and liabilities for the rights and obligations created by leased assets. For nonpublic entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company is planning to adopt ASU 2016-02 for its year ending December 31, 2021 and is currently evaluating to what extent ASU 2016-02 will affect the Company's financial position, results of operations, cash flows and related disclosures. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)," which requires an entity to recognize credit losses as an allowance rather than as a write-down. For nonpublic entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company is planning to adopt ASU 2016-03 for its year ending December 31, 2022 and is currently evaluating to what extent ASU 2016-13 will affect the Company's financial position, results of operations, cash flows and related disclosures. |
Restatement and Revision of Previously Issued Consolidated Financial Statements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restatement and Revision of Previously Issued Consolidated Financial Statements | Restatement of Previously Issued Consolidated Financial Statements Restatement During the quarter ended March 31, 2020, the Company discovered certain accounting irregularities at its Mexican subsidiaries. The Company’s Audit Review Committee commenced an internal investigation, with the assistance of outside counsel and other third party experts. As a result of this investigation, the Company, along with the Audit Review Committee and its third party experts, concluded that certain former employees of one of the Company’s Mexican subsidiaries engaged in unauthorized transactions with the Company’s Mexican subsidiaries that resulted in expenditures being deferred on the balance sheet beyond the period for which the costs pertained. As a result, the Company recorded a non-cash write-off for certain amounts included in the Company’s historical consolidated financial statements in trade receivables and prepaid expenses and other current assets, among other corrections, related to these transactions, and restated its consolidated financial statements as of and for the years ended December 31, 2019, 2018, and 2017 and each of the quarters during the years ended December 31, 2019 and 2018. During the course of the investigation, certain expenses at the Company's Mexican subsidiaries were found to be incorrectly classified within the consolidated statement of operations and have also been corrected in the restatement. These misstatements are described in restatement reference (a) through (d) below. The restated interim financial information for the relevant unaudited interim financial information for the quarterly periods of 2019 and 2018, is included in Note 16, Quarterly Results of Operations (Unaudited). The restatement also includes corrections for other errors identified as immaterial, individually and in the aggregate, to our consolidated financial statements. Description of Misstatements (a) Write-off of Assets: Certain former employees of one of the Company's Mexican subsidiaries engaged in unauthorized transactions with the Company’s Mexican subsidiaries and vendors in which the employees had an interest. In doing so, expenditures were deferred on the balance sheet beyond the period for which the costs pertained. The amounts were recorded as trade receivables, prepaid expenses and other current assets, and reductions in accrued liabilities. The amounts have been written off to selling, general and administrative expenses. Where these write-offs caused the balance in prepaid expenses and other current assets to become a liability, the balance has been reclassified from prepaid expenses and other assets to other current liabilities. (b) Reversal of Revenue: Certain former employees of one of our Mexican subsidiaries engaged in sales activities to customers in which the employees had an interest. The Company concluded that these unauthorized transactions did not meet the criteria for revenue recognition at the time of sale and the revenue has been reversed. (c) Correction of misclassification of Selling and Marketing Expenses: Certain former employees of one of our Mexican subsidiaries engaged a third-party, in which the employees had an interest, to perform selling and marketing activities on behalf of the Mexican subsidiaries. Amounts paid for the selling and marketing activities had previously been treated as variable consideration and reflected as a reduction to revenue; however, the amounts should be reflected as selling, general and administrative expenses. (d) Correction for the timing of recognition of customer price concessions: Customer price concessions at our Mexican subsidiaries were not accrued timely in order to obscure the increased expenses due to unauthorized transactions as described above. (e) Tax adjustments for corrections: The tax impacts of the corrections have been recorded. (f) Correction of other immaterial errors Description of Restatement Tables The following tables present the impact of the restatement on our previously reported consolidated statements of operations, statements of comprehensive income (loss), balance sheets, statements of equity, and statements of cash flows for the years ended December 31, 2019 and December 31, 2018 and the impact of the restatement on our previously reported consolidated statements of operations, statements of comprehensive income (loss), statements of equity, and statements of cash flows for the year ended December 31, 2017. The values as previously reported were derived from our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed on February 26, 2020. CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to revenue of $0.4 million and an increase to selling, general and administrative ("SG&A") expense of $6.9 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $1.1 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.6 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $1.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A expense of $0.6 million, and an increase in other expense of $0.1 million CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $4.9 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.5 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.4 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.1 million, a decrease to cost of sales of $1.2 million, a decrease to SG&A expense of $0.2 million, and a decrease in other expense of $0.1 million CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.3 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.6 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $0.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.5 million, a decrease to cost of sales of $1.3 million, and an increase to SG&A expense of $0.2 million CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets category. The decreases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2017 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets category. CONSOLIDATED BALANCE SHEETS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to trade receivables of $2.5 million, a reduction to prepaid expenses and other current assets of $12.4 million, and an increase to other current liabilities of $0.9 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to trade receivables of $1.3 million and an increase to prepaid expenses and other current assets of $0.2 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to trade receivables of $1.6 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to deferred income taxes of $2.4 million, a decrease to other current liabilities of $1.2 million, and an increase to other long-term liabilities of $3.6 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to prepaid expenses and other current assets of $0.5 million, an increase to inventory of $0.2 million, an increase to accounts payable of $0.2 million, an increase to accrued compensation of $0.7 million, and an increase to capital in excess of par of $0.2 million CONSOLIDATED BALANCE SHEETS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to trade receivables of $0.6 million, a reduction to prepaid expenses and other current assets of $6.9 million, and an increase to other current liabilities of $0.6 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in an increase to other current liabilities of $0.2 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to deferred income taxes of $0.3 million, a decrease to other current liabilities of $0.4 million, and an increase to other long-term liabilities of $0.9 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to trade receivables of $1.9 million, an increase to inventory of $0.1 million, an increase to accrued compensation of $0.4 million, and a decrease to other current liabilities of $2.0 million CONSOLIDATED STATEMENTS OF CASH FLOWS
See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2019 section above. The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash. CONSOLIDATED STATEMENTS OF CASH FLOWS
See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2018 section above. The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash. CONSOLIDATED STATEMENTS OF CASH FLOWS
See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2017 section above. The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2019 sections above. The increase to share-based compensation expense and reclassification adjustment to net loss is the result of the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2018 sections above. The decrease to the reclassification adjustment to net loss is the result of the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2017 sections above. |
Discontinued Operations |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations On October 10, 2019, the Board approved the wind down of KC's retail operation due to further deterioration in foot traffic which lowered the Company's outlook for the prospect of a future return to profitability. By December 31, 2019 all retail stores were closed and operations ceased. Accordingly, KC meets the requirements to be reported as discontinued operations. The Company expects the wind down to continue through the first half of 2020 to facilitate the settlement of remaining liabilities. KC’s operating results are reflected as discontinued operations in the Consolidated Statements of Operation for all periods presented. The major line items constituting the loss from discontinued operations, net of tax are as follows:
KC’s assets and liabilities are reflected as assets and liabilities of discontinued operations in the Company’s Consolidated Balance Sheets for all periods presented. The major classes of assets and liabilities included as part of discontinued operations are as follows:
KC has operating leases for retail stores, a distribution warehouse and corporate office that contractually expire at various dates through 2026. Future minimum operating lease payments at December 31, 2019 are:
Rental expense from discontinued operations net of sublease rental income and excluding termination costs for all operating leases, is reported in selling, general and administrative expenses of discontinued operations and was $14.3 million, $18.0 million and $19.7 million in 2019, 2018 and 2017, respectively. KC maintained a separate revolving line of credit facility (the "KC Facility") that was secured by substantially all of the assets of KC. The Company's decision to wind down KC and its retail operations constituted an event of default under the KC Facility. As a result, on October 23, 2019, KC and its lender entered into a Forbearance Agreement (the “Forbearance Agreement”). Under the terms of the Forbearance Agreement, the lender agreed to forebear from exercising its rights and remedies as a result of the events of default pending accelerated payment in full of the obligations under the KC facility on or before December 15, 2019. All obligations under the KC Facility were paid in full in accordance with the Forbearance Agreement and the KC Facility was terminated on December 3, 2019. Neither Hamilton Beach Brands Holding Company nor HBB has guaranteed any obligations of KC. |
Property, Plant and Equipment, Net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net includes the following:
|
Intangible Assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets Intangible assets other than goodwill, which are subject to amortization, consist of the following:
Amortization expense for intangible assets included in continuing operations was $1.4 million in 2019, 2018 and 2017. Expected annual amortization expense of intangible assets for the next five years is $1.2 million in 2020 and $0.2 million in the remaining years. The weighted average amortization period for intangible assets is approximately 8.9 years. |
Current and Long-Term Financing |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current and Long-Term Financing | Current and Long-Term Financing Financing arrangements exist at the subsidiary level. Hamilton Beach Brands Holding Company has not guaranteed any borrowings of its subsidiaries. The following table summarizes HBB's available and outstanding borrowings:
Including swap settlements, interest paid on total debt was $3.1 million, $3.1 million, and $1.6 million during 2019, 2018, and 2017, respectively. Interest capitalized was $0.4 million in 2019, $0.3 million in 2018 and $0.2 million 2017. HBB maintains a $115.0 million senior secured floating-rate revolving credit facility (the “HBB Facility”) that expires in June 2021. The current portion of borrowings outstanding represents expected voluntary repayments to be made in the next twelve months. The obligations under the HBB Facility are secured by substantially all of HBB's assets. The approximate book value of HBB's assets held as collateral under the HBB Facility was $297.2 million as of December 31, 2019. The maximum availability under the HBB Facility is governed by a borrowing base derived from advance rates against eligible trade receivables, inventory and trademarks of the borrowers, as defined in the HBB Facility. Borrowings bear interest at a floating rate, which can be a base rate, LIBOR or bankers' acceptance rate, as defined in the HBB Facility, plus an applicable margin. The applicable margins, effective December 31, 2019, for base rate loans and LIBOR loans denominated in U.S. dollars were 0.0% and 1.75%, respectively. The applicable margins, effective December 31, 2019, for base rate loans and bankers' acceptance loans denominated in Canadian dollars were 0.0% and 1.75%, respectively. The HBB Facility also requires a fee of 0.25% per annum on the unused commitment. The margins and unused commitment fee under the HBB Facility are subject to quarterly adjustment based on average excess availability. To reduce the exposure to changes in the market rate of interest, HBB has entered into interest rate swap agreements for a portion of the HBB Facility. Terms of the interest rate swap agreements require HBB to receive a variable interest rate and pay a fixed interest rate. HBB has interest rate swaps with notional values totaling $35.0 million at December 31, 2019 at an average fixed interest rate of 1.5%. HBB also has delayed-start interest rate swaps with notional values totaling $10.0 million as of December 31, 2019, with fixed rates of 1.7%. The HBB Facility includes restrictive covenants, which, among other things, limit the payment of dividends to Hamilton Beach Holding, subject to achieving availability thresholds. Under Amendment No. 6 to the HBB Facility, dividends to Hamilton Beach Holding are not to exceed $5.0 million during any calendar year to the extent that for the thirty days prior to the dividend payment date, and after giving effect to the dividend payment, HBB maintains excess availability of not less than $15.0 million. Dividends to Hamilton Beach Holding are discretionary to the extent that for the 30 days prior to the dividend payment date, and after giving effect to the dividend payment, HBB maintains excess availability of not less than $25.0 million. The HBB Facility also requires HBB to achieve a minimum fixed charge coverage ratio in certain circumstances, as defined in the HBB Facility. At December 31, 2019, HBB was in compliance with all financial covenants in the HBB Facility. |
Fair Value Disclosure |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure | Fair Value Disclosure Recurring Fair Value Measurements The Company measures its derivatives at fair value using significant observable inputs, which is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates the LIBOR swap curve, foreign currency spot rates and foreign currency forward rates to value its derivatives, including its interest rate swap agreements and foreign currency exchange contracts, and also incorporates the effect of its subsidiary and counterparty credit risk into the valuation. Other Fair Value Measurement Disclosures The carrying amounts of cash and cash equivalents, trade receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements, including book overdrafts, which approximate book value, were determined using current rates offered for similar obligations taking into account subsidiary credit risk, which is Level 2 as defined in the fair value hierarchy. There were no transfers into or out of Levels 1, 2 or 3 during the years ended December 31, 2019 and 2018. |
Derivative Financial Instruments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments Foreign Currency Derivatives HBB held forward foreign currency exchange contracts with total notional amounts of $13.2 million and $13.0 million at December 31, 2019, and 2018, respectively, denominated primarily in Canadian dollars and Mexican pesos. The fair value of these contracts approximated a payable of $0.3 million at December 31, 2019 and a net receivable of $0.1 million at December 31, 2018. Forward foreign currency exchange contracts that qualify for hedge accounting are used to hedge transactions expected to occur within the next twelve months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in AOCI. Interest Rate Derivatives HBB has interest rate swaps that hedge interest payments on its one-month LIBOR borrowings. All swaps have been designated as cash flow hedges. The following table summarizes the notional amounts, related rates and remaining terms of active and delayed interest rate swap agreements for HBB at December 31 in millions:
The fair value of HBB's interest rate swap agreements was a payable of $0.1 million at December 31, 2019 and a receivable of $1.1 million at December 31, 2018. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in AOCI. The interest rate swap agreements held by HBB on December 31, 2019 are expected to continue to be effective as hedges. The following table summarizes the fair value of derivative instruments at December 31 as recorded in the Consolidated Balance Sheets:
|
Leasing Arrangements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Leasing Arrangements | Leasing Arrangements HBB leases certain office and warehouse facilities as well as machinery and equipment under noncancellable operating leases that expire at various dates through 2034. Many leases include renewal and/or fair value purchase options. Future minimum operating lease payments at December 31, 2019 are:
Rental expense from continuing operations net of sublease rental income for all operating leases, is reported in selling, general and administrative expenses and was $5.6 million in 2019 and 2018 and $5.3 million in 2017. |
Stockholders' Equity and Earnings Per Share |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Earnings Per Share | Stockholders' Equity and Earnings Per Share Capital Stock The authorized capital stock of the Company consists of Class A Common, Class B Common and one series of Preferred stock. Voting, dividend, conversion and liquidation rights of the Preferred stock is established by the Board upon issuance of such preferred stock. Hamilton Beach Brands Holding Company Class A Common is traded on the New York Stock Exchange under the ticker symbol “HBB.” Because of transfer restrictions on Class B Common, no trading market has developed, or is expected to develop, for the Class B Common. Subject to the rights of the holders of any series of preferred stock, each share of Class A Common will entitle the holder of the share to one vote on all matters submitted to stockholders, and each share of the Company's Class B Common will entitle the holder of the share to ten votes on all such matters. Subject to the rights of the preferred stockholders, each share of Class A Common and Class B Common will be equal in respect of rights to dividends, except that in the case of dividends payable in stock, only Class A Common will be distributed with respect to Class A Common and only Class B Common will be distributed with respect to Class B Common. As the liquidation and dividend rights are identical, any distribution of earnings would be allocated to Class A and Class B stockholders on a proportionate basis, and accordingly the net income per share for each class of common stock is identical. The following table sets forth the Company's authorized capital stock information:
(1) Class B Common converted to Class A Common were 345 shares during 2019 and 387 shares 2018. (2) The Company issued Class A Common shares of 169 during 2019 and 32 during 2018. Stock Repurchase Program In May 2018, the Company approved a stock repurchase program for the purchase of up to $25.0 million of the Company's Class A Common Stock outstanding through December 31, 2019. As of December 31, 2019, the Company repurchased 364,893 shares for an aggregate purchase price of $6.0 million. There were no share repurchases during the years ended December 31, 2018 and 2017, respectively. On November 5, 2019, the Company's Board adopted a new stock repurchase program for the purchase of up to $25.0 million of the Company's Class A Common outstanding starting January 1, 2020 and ending December 31, 2021. Accumulated Other Comprehensive Income (Loss) The following table summarizes changes in accumulated other comprehensive income (loss) by component and related tax effects for periods shown:
Earnings per share The weighted average number of shares of Class A Common and Class B Common outstanding used to calculate basic and diluted earnings (loss) per share were as follows:
|
Revenue |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue A description of the performance obligations for HBB is as follows:
HBB’s warranty program to the consumer consists generally of an assurance-type limited warranty lasting for varying periods of up to ten years for electric appliances, with the majority of products having a warranty of one to three years. HBB may repair or replace, at its option, those products returned under warranty. Accordingly, the Company determined that no separate performance obligation exists. HBB products are not sold with a general right of return. However, based on historical experience, a portion of products sold are estimated to be returned due to reasons such as product failure and excess inventory stocked by the customer, which, subject to certain terms and conditions, HBB will agree to accept. Product returns, customer programs and incentive offerings, including special pricing agreements, price competition, promotions, and other volume-based incentives are accounted for as variable consideration. The following table presents the HBB's revenue on a disaggregated basis for the year ending:
Wal-Mart Inc. and its global subsidiaries accounted for approximately 33%, 33% and 32% of the HBB’s revenue in 2019, 2018, and 2017, respectively. Amazon.com, Inc. and its subsidiaries accounted for approximately 14%, 10%, and 12% of the HBB's revenue in 2019, 2018, and 2017 respectively. HBB’s five largest customers accounted for approximately 58%, 53%, and 54% of the HBB’s revenue for the years ended December 31, 2019, 2018, and 2017, respectively. |
Contingencies |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, patent infringement, asbestos related claims, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business of the Company. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. These matters are subject to inherent uncertainties and unfavorable rulings could occur. If an unfavorable ruling were to occur, there exists the possibility of an adverse impact on the Company’s financial position, results of operations and cash flows of the period in which the ruling occurs, or in future periods. HBB is a defendant in a legal proceeding in which the plaintiff alleges that certain HBB products infringe the plaintiff’s patents. On May 3, 2019, the jury returned its verdict finding that the Company had infringed certain patents of the plaintiff and, as a result, awarded the plaintiff damages in the amount of $3.2 million. Accordingly, the Company recorded $3.2 million expense in selling, general and administrative expenses during the second quarter of 2019 for the contingent loss included within other current liabilities on the Consolidated Balance Sheet as of December 31, 2019. On September 23, 2019 the Company filed post-trial motions challenging the jury verdict of infringement and the award of damages and the plaintiffs filed motions seeking interest, post-trial accounting, injunctive relief, and attorneys’ fees. A hearing date on the post-trial motions has not been set. The Company maintains that its products do not infringe on the plaintiff’s patents and will vigorously defend against the plaintiff's post-trial motions. KC is a defendant in a legal proceeding in which the plaintiff alleges that KC is in breach of forty-nine store leases for failing to continue to operate the stores during the entire term of the leases and for the use of certain store sale signs. In November 2019, KC agreed to the entry of an order preventing the use of certain store sale signs in the specified stores. All KC stores ceased operations as of December 31, 2019. An estimate of the fair value of the future minimum lease liability obligation related to the subject store leases has been included in the results of discontinued operations. Environmental matters HBB is investigating or remediating historical environmental contamination at some current and former sites operated by HBB or by businesses it acquired. Based on the current stage of the investigation or remediation at each known site, HBB estimates the total investigation and remediation costs and the period of assessment and remediation activity required for each site. The estimate of future investigation and remediation costs is primarily based on variables associated with site clean-up, including, but not limited to, physical characteristics of the site, the nature and extent of the contamination and applicable regulatory programs and remediation standards. No assessment can fully characterize all subsurface conditions at a site. There is no assurance that additional assessment and remediation efforts will not result in adjustments to estimated remediation costs or the time frame for remediation at these sites. HBB's estimates of investigation and remediation costs may change if it discovers contamination at additional sites or additional contamination at known sites, if the effectiveness of its current remediation efforts change, if applicable federal or state regulations change or if HBB's estimate of the time required to remediate the sites changes. HBB's revised estimates may differ materially from original estimates. At December 31, 2019 and December 31, 2018, HBB had accrued undiscounted obligations of $4.4 million and $8.2 million respectively, for environmental investigation and remediation activities. The reduction in the amount accrued at December 31, 2019 compared to December 31, 2018 is the result of a reduction to the accrual recorded in the second quarter of 2019 due to a change in the expected type and extent of investigation and remediation activities associated with one of the sites based upon additional testing and assessment performed with respect to that site in the second quarter of 2019. HBB estimates that it is reasonably possible that it may incur additional expenses in the range of zero to $4.0 million related to the environmental investigation and remediation at these sites. Additionally, the Company recorded a $1.5 million receivable as of December 31, 2019 related to a probable recovery for environmental investigation and remediation costs associated with one of the sites from a responsible party in exchange for release from all future obligations by that party. |
Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of income before income taxes and the income tax provision for the years ended December 31 are as follows:
The Company made federal income tax payments of $1.9 million, $8.3 million, and $9.9 million during 2019, 2018, and 2017, respectively, to the IRS and to NACCO as a member of the consolidated income tax return for periods prior to spin off. The Company made foreign and state income tax payments of $3.6 million, $2.6 million, and $1.9 million during 2019, 2018, and 2017, respectively. During the same periods, income tax refunds totaled $0.1 million in 2019 and $0.1 million in 2018. There were no tax refunds in 2017. A reconciliation of the federal statutory and effective income tax rate for the years ended December 31 is as follows:
The valuation allowances in 2019 includes $2.0 million of deferred tax expense related to a change in judgment regarding the valuation allowances recorded against certain deferred tax assets of KC. A detailed summary of the total deferred tax assets and liabilities in the Company's Consolidated Balance Sheets resulting from differences in the book and tax basis of assets and liabilities follows:
As of December 31, 2019 and 2018, respectively HBB maintained valuation allowances with respect to certain deferred tax assets relating primarily to operating losses in certain non-U.S. jurisdictions that HBB believes are not likely to be realized. The following table summarizes the tax carryforwards and associated carryforward periods and related valuation allowances where the Company has determined that realization is uncertain:
The Company has valuation allowances for certain foreign deferred tax assets. Based upon the review of historical earnings and the relevant expiration of carryforwards, the Company believes the valuation allowances are appropriate and does not expect to release valuation allowances within the next twelve months that would have a significant effect on the Company’s financial position or results of operations. As of December 31, 2019, the cumulative unremitted earnings of the Company's foreign subsidiaries are approximately $13.2 million. The Company has recorded the tax impact for the unremitted earnings as allowed under the Tax Act, a portion of which is classified in other long-term liabilities as the Company has elected to make payments over eight years. The Company continues to conclude all material entities’ foreign earnings will be indefinitely reinvested in its foreign operations and will remain offshore in order to meet the capital and business needs outside of the U.S. As a result, the Company does not provide a deferred tax liability with respect to the cumulative unremitted earnings. It is not practicable to determine the deferred tax liability associated with these undistributed earnings due to the availability of foreign tax credits and the complexity of the rules governing the utilization of such credits under the Tax Act. The Company made an accounting policy election to account for the global intangible low-tax income as a current period expense when incurred. The Company recognizes any tax impacts of global intangible low-taxed income (GILTI) as period costs similar to other special deductions, and not as deferred taxes for basis differences. The following is a reconciliation of the Company's total gross unrecognized tax benefits, defined as the aggregate tax effect of differences between tax return positions and the benefits recognized in the financial statements for the years ended December 31, 2019, 2018, and 2017. Approximately $3.0 million, $1.4 million, and $0.6 million of these gross amounts as of December 31, 2019, 2018, and 2017, respectively, relate to permanent items that, if recognized, would impact the effective income tax rate. This amount differs from the gross unrecognized tax benefits presented in the table below due to the decrease in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein.
The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The Company recorded immaterial amounts of interest and penalties as of December 31, 2019 and 2018, respectively. The Company expects the amount of unrecognized tax benefits will change within the next 12 months; however, the change in unrecognized tax benefits, which is reasonably possible within the next 12 months, is not expected to have a significant effect on the Company's financial position, results of operations or cash flows. In general, the Company operates in taxing jurisdictions that provide a statute of limitations period ranging from three to five years for the taxing authorities to review the applicable tax filings. The examination of NACCO's 2013-2016 U.S. federal tax returns is ongoing. In addition, the Company does not have any material taxing jurisdictions in which the statute of limitations has been extended beyond the applicable time frame allowed by law. |
Retirement Benefit Plans |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefit Plans | Retirement Benefit Plans Defined Benefit Plans The Company maintains two defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:
Set forth below is a detail of the net periodic pension income for the defined benefit plans for the years ended December 31:
Set forth below is the detail of other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) for the years ended December 31:
The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31:
The actuarial loss included in accumulated other comprehensive loss expected to be recognized in net periodic pension income in 2020 is $0.7 million. The Company recognizes as a component of benefit cost (income), as of the measurement date, any unrecognized actuarial net gains or losses that exceed 10% of the larger of the projected benefit obligations or the plan assets, defined as the "corridor." Amounts outside the corridor are amortized over the average expected remaining lifetime of inactive participants for the pension plans. The gain (loss) amounts recognized in AOCI are not expected to be fully recognized until the plan is terminated or as settlements occur, which would trigger accelerated recognition. The Company's policy is to make contributions to fund its pension plans within the range allowed by applicable regulations. The Company does not expect to contribute to its U.S. and non-U.S. pension plans in 2020. Pension benefit payments are made from assets of the pension plans. Future pension benefit payments expected to be paid from assets of the pension plans are:
The expected long-term rate of return on defined benefit plan assets reflects management's expectations of long-term rates of return on funds invested to provide for benefits included in the projected benefit obligations. In establishing the expected long-term rate of return assumption for plan assets, the Company considers the historical rates of return over a period of time that is consistent with the long-term nature of the underlying obligations of these plans as well as a forward-looking rate of return. The historical and forward-looking rates of return for each of the asset classes used to determine the Company's estimated rate of return assumption were based upon the rates of return earned or expected to be earned by investments in the equivalent benchmark market indices for each of the asset classes. Expected returns for U.S. pension plans are based on a calculated market-related value for U.S. pension plan assets. Under this methodology, asset gains and losses resulting from actual returns that differ from the Company's expected returns are recognized in the market-related value of assets ratably over three years. Expected returns for non-U.S. pension plans are based on fair market value for non-U.S. pension plan assets. The pension plans maintain investment policies that, among other things, establish a portfolio asset allocation methodology with percentage allocation bands for individual asset classes. The investment policies provide that investments are reallocated between asset classes as balances exceed or fall below the appropriate allocation bands. The following is the actual allocation percentage and target allocation percentage for the U.S. pension plan assets at December 31:
The following is the actual allocation percentage and target allocation percentage for the Non-U.S. pension plan assets at December 31:
The fair value of each major category of the Company's U.S. pension plan assets are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. The fair value of each major category of the Company's Non-U.S. pension plan assets are valued using observable inputs, either directly or indirectly, other than quoted market prices in active markets for identical assets. Following are the values as of December 31:
Defined Contribution Plans HBB maintains a defined contribution (401(k)) plan for substantially all U.S. employees and similar plans for employees outside of the U.S. The Company provides employer matching (or safe harbor) contributions based on plan provisions. The defined contribution retirement plans also provide for an additional minimum employer contribution. Certain plans also permit additional contributions whereby the applicable company’s contribution to participants is determined annually based on a formula that includes the effect of actual operating results compared with targeted operating results and the age and/or compensation of the participants. Total costs, including Company contributions, for these plans were $5.0 million in 2019 and $5.3 million in 2018 and 2017. |
Data by Geographic Region |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data by Geographic Region | Data by Geographic Region Revenue and property, plant and equipment related to continuing operations outside the U.S., based on customer and asset location, are as follows:
No single country outside of the U.S. comprised 10% or more of HBB's revenue from unaffiliated customers. |
Quarterly Results of Operations (Unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) In the fourth quarter of 2019, KC met the requirements to be reported as a discontinued operation. The following consolidated financial tables reflect KC as a discontinued operation for all periods presented and are labeled "Recast". See Note 3, Discontinued Operations for more information. A summary of the unaudited results of operations for the year ended December 31 is as follows:
Quarterly Discussion and Analysis Revenue Revenue for the first quarter of 2019 increased $1.6 million, or 1.3% compared to the first quarter of 2018 due to sales of new and higher priced products in the U.S. consumer market partially offset by lower sales volume in the international consumer market and unfavorable foreign currency movements. Revenue for the second quarter of 2019 decreased $4.5 million, or 3.3% compared to the second quarter of 2018 primarily due to lower sales volume in the U.S. consumer and global commercial markets, partially offset by increased sales in the international consumer market. Revenue for the third quarter of 2019 decreased $21.8 million, or 12.7% compared to the third quarter of 2018 primarily due to lower sales volume in the U.S. and international consumer markets. The lower sales volume in the U.S. was primarily due to a significant change in retailer order patterns and lower direct import sales driven by the adverse impact of tariffs. Also contributing to the third-quarter revenue shortfall was a loss of placements in the dollar store channel resulting from HBB's decision to not maintain this low margin business, ongoing foot traffic challenges at some retailers and other pressure points facing individual retail companies. HBB's international consumer markets reported lower sales volume due in large part to a one-time special purchase in 2018 by a customer in Latin America and to a lesser degree to reduced demand in several markets. Gross profit Gross profit for the first quarter of 2019 decreased $1.2 million, or 4.4% compared to the first quarter of 2018. As a percentage of revenue, gross profit declined from 22.3% to 21.1%. Gross profit margin declined primarily due to higher product costs arising from increased inbound freight expenses and unfavorable foreign currency movements. Gross profit for the second quarter of 2019 decreased $2.2 million, or 7.2% compared to the second quarter of 2018 primarily due to lower sales volume. As a percentage of revenue, gross profit declined from 22.7% to 21.8% due to increased inbound freight expenses and unfavorable foreign currency movements. Gross profit for the third quarter of 2019 decreased $7.5 million, or 19.4% compared to the third quarter of 2018 primarily due to lower sales volume. As a percentage of revenue, gross profit declined from 22.4% to 20.7% primarily due to to higher inbound freight, transportation and warehousing expenses, and the adverse impact of tariffs. Selling, general and administrative expenses Selling, general and administrative expenses for the first quarter of 2019 increased $0.4 million, or 1.8% compared to first quarter of 2018 due to increased legal and professional service fees. Selling, general and administrative expenses for the second quarter decreased $1.5 million, or 5.5% compared to second quarter of 2018 primarily due to a $3.7 million decline in the environmental reserve at one site and lower employee-related costs, partially offset by a one-time charge of $3.2 million for a contingent loss related to patent litigation. Selling, general and administrative expenses for the third quarter of 2019 decreased $0.1 million, or 0.5% compared to the third quarter of 2018, including a decline of $1.2 million primarily due to lower legal and professional services fees and a decrease in employee-related costs due to reduced incentive compensation expense. Certain former employees of one of the Company's Mexico subsidiaries engaged in unauthorized transactions with the Company’s Mexican subsidiaries and in doing so expenditures were deferred on the balance sheet of the Mexican subsidiaries beyond the period for which the costs pertained. Included in selling, general and administrative expenses are non-cash charges to write-off unrealizable assets created as a result of these unauthorized transactions as follows:
Interest expense, net During the first quarter of 2019, interest expense, net increased $0.2 million from the first quarter of 2018 primarily due to an increase in average borrowings outstanding under HBB's revolving credit facility and higher average interest rates. In the second quarter of 2019, interest expense, net remained consistent with the prior year. A decrease in average borrowings outstanding under HBB's revolving credit facility was offset by higher average interest rates. In the third quarter of 2019 interest expense, net decreased $0.1 million from the third quarter of 2018 primarily due to decreased average borrowings outstanding under HBB's revolving credit facility. Other expense, net In the first quarter of 2019, other income, net decreased $0.3 million compared with other income in 2018 primarily due to unfavorable foreign currency movements as the Mexican peso weakened against the U.S. dollar during the period. Other income for the second quarter of 2019 includes currency gains of $0.1 million compared with other expense in 2018 related to currency losses of $0.7 million. Other expense for the third quarter of 2019 includes currency losses of $0.8 million compared with other income in 2018 related to currency gains of $0.2 million. Income tax expense The Company recognized $0.3 income tax expense in the first quarter of 2019 on a loss before income taxes of $0.4 million. The expense in 2019 is primarily attributable to non-cash charges to write-off unrealizable assets for which the corresponding tax benefit has been substantially offset by an increase in unrecognized tax benefits. The first quarter of 2018 included an insignificant one-time tax benefit recorded in the first three months of 2019 related to the non-U.S. pension plan. The Company recognized an income tax expense of $0.6 million in the second quarter of 2019 on income from continuing operations before income taxes of $2.5 million, an effective tax rate of 43.1% for the six months ended June 30, 2019. The effective tax rate increased from 40.5% in the first six months of 2018 primarily due to increased tax credits reflected in the forecasted 2019 effective tax rate. During the third quarter of 2019, the Company recognized income tax expense of $2.4 million on income from continuing operations before income taxes of $3.0 million. Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements In lieu of filing amended quarterly reports on Form 10-Q, the following tables represent our restated unaudited condensed consolidated financial statements for each of the quarters during the years ended December 31, 2019 and 2018. See Note 2, Restatement of Previously Issued Consolidated Financial Statements, for additional information. Following the restated consolidated financial statement tables, we have presented a reconciliation from our prior periods, as previously reported, to the restated values. The values as previously reported were derived from our Quarterly Reports on Form 10-Q for the interim periods of 2019 and from the Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed on February 26, 2020. In the fourth quarter of 2019, KC met the requirements to be reported as a discontinued operation. The following consolidated financial tables reflect KC as a discontinued operation for all periods presented and are labeled "Recast". CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS
The restatement corrections impact certain components within operating cash flows of the Consolidated Statements of Cash Flows. Total operating cash flows was unchanged, except for the impact of exchange rate changes resulting from the adjustments. Total investing activities, financing activities, and cash and cash equivalents are unchanged as a result of the restatements. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(1) As Restated. The restatement impacts on net income are described in the reconciliation of the consolidated statement of operations. The restatement impacts on other comprehensive loss are described in the reconciliation of the consolidated statement of comprehensive income (loss) for the corresponding periods of the year ended December 31, 2019. The quarter ended March 31, 2019 included a change to the reclassification adjustment to net loss of $0.1 million. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(1) As Restated. The restatement impacts on net income are described in the reconciliation of the consolidated statement of operations. The restatement impacts on other comprehensive loss are described in the reconciliation of the consolidated statement of comprehensive income (loss) for the corresponding periods of the year ended December 31, 2018. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to revenue of $0.4 million, and an increase to selling, general and administrative ("SG&A") expense of $3.7 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.6 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in a decrease to revenue and a decrease to SG&A expense of $0.2 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $1.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.4 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to SG&A expense of $0.5 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $2.2 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.5 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to SG&A expense of $0.1 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $3.3 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.8 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.2 million, a decrease to cost of sales of $0.1 million, and an increase to other expense of $0.1 million. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to selling, general and administrative ("SG&A") expense of $0.3 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.9 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.1 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A of $0.2 million, and an increase to other expense of $0.1 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.4 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.4 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A expense of $0.2 million, and an increase in other expense of $0.1 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.4 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.6 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.4 million, a decrease to cost of sales of $1.2 million, and a decrease in other income of $0.1 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.2 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.3 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $3.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.9 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, an increase to cost of sales of $0.1 million, and a decrease to SG&A of $0.2 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $0.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.4 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to SG&A of $0.4 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $2.3 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.6 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, an increase to cost of sales of $0.1 million, and a decrease to SG&A of $0.2 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.7 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, and increase to cost of sales of $0.1 million, an increase to SG&A of $0.3 million CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended December 31, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended September 30, 2019 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
See description of the net income (loss) impacts in the consolidated statement of operations for the nine months ended September 30, 2019 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended June 30, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increases to the reclassification of pension adjustments are from the correction of other immaterial errors.
See description of the net income (loss) impacts in the consolidated statement of operations for the six months ended June 30, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets and timing of recognition of customer pricing concessions categories. The increase to cash flow hedging and the reclassification of pension adjustments is from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended March 31, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increase to cash flow hedging is from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended December 31, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The decrease to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended September 30, 2018 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
See description of the net income (loss) impacts in the consolidated statement of operations for the nine months ended September 30, 2018 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended June 30, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
See description of the net income (loss) impacts in the consolidated statement of operations for the six months ended June 30, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended March 31, 2018 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. |
Schedule II - Valuation and Qualifying Accounts |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS HAMILTON BEACH BRANDS HOLDING COMPANY YEAR ENDED DECEMBER 31, 2019, 2018, AND 2017
|
Nature of Operations and Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Discontinued Operations | Discontinued Operations A component of an entity that is disposed of by sale or abandonment is reported as discontinued operations if the transaction represents a strategic shift that will have a major effect on an entity's operations and financial results. The results of discontinued operations are aggregated and presented separately in the Consolidated Statement of Operations. Assets and liabilities of the discontinued operations are aggregated and reported separately as assets and liabilities of discontinued operations in the Consolidated Balance Sheet, including the comparative prior year period. KC’s cash flows are reflected as cash flows from discontinued operations within the Company’s Consolidated Statements of Cash Flows for each period presented. Amounts presented in discontinued operations have been derived from our consolidated financial statements and accounting records using the historical basis of assets, liabilities, and historical results of KC. The discontinued operations exclude general corporate allocations. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and disclosure of contingent assets and liabilities (if any). Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less. |
Trade Receivable | Trade Receivables Allowances for doubtful accounts are maintained against trade receivables for estimated losses resulting from the inability of customers to make required payments. These allowances are based on both recent trends of certain customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur. |
Transfer of Financial Assets | Transfer of Financial Assets HBB has entered into an arrangement with a financial institution to sell certain U.S. trade receivables on a non-recourse basis. HBB utilizes this arrangement as an integral part of financing working capital. Under the terms of the agreement, HBB receives cash proceeds and retains no rights or interest and has no obligations with respect to the sold receivables. These transactions are accounted for as sold receivables which result in a reduction in trade receivables because the agreement transfers effective control over and risk related to the receivables to the buyer. |
Inventory | Inventory Inventory is stated at the lower of cost or net realizable value with cost determined under the first-in, first-out (“FIFO”) method. Adjustments to the carrying value are recorded for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are measured at cost less accumulated depreciation, amortization and accumulated impairment losses. Depreciation and amortization are recorded generally using the straight-line method over the estimated useful lives of the assets. Estimated lives for buildings are up to 40 years, and for machinery, equipment and furniture and fixtures range from three to seven years. Leasehold improvements are depreciated over the shorter of the estimated useful life or the term of the lease. The units-of-production method is used to amortize certain tooling for sourced products. Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful life of the software. Gains or losses from the sale of assets are included in selling, general and administrative expenses. Repairs and maintenance are charged to expense as incurred. Interest is capitalized for qualifying long-term capital asset projects as a part of the historical cost of acquiring the asset. The Company evaluates long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. Fair value is estimated at 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. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of all acquisitions over the estimated fair value of the net assets acquired. Goodwill is not amortized but evaluated at least annually for impairment. The Company conducts its annual test for impairment as of October 1 of each year and it may be conducted more frequently if changes in circumstances or the occurrence of events indicates that a potential impairment exists. Using a qualitative assessment in the current year, the Company determined that it was not more-likely-than-not that the goodwill was impaired and a quantitative test for impairment was not required. Intangible assets with finite lives are amortized over their estimated useful lives, which represent the period over which the asset is expected to contribute directly or indirectly to future cash flows. Intangible assets with finite lives are reviewed for impairment whenever events and circumstances indicate the carrying value of such assets may not be recoverable and exceed their fair value. If an impairment loss exists, the carrying amount of the intangible asset is adjusted to a new cost basis. The new cost basis is amortized over the remaining useful life of the asset. No impairment has been recognized for identifiable intangible assets or goodwill for any period presented. |
Environmental Liabilities | Environmental Liabilities HBB and environmental consultants are investigating or remediating historical environmental contamination at some current and former sites operated by HBB or by businesses it acquired. Liabilities for environmental matters are recorded in the period when it is determined to be probable and reasonably estimable that the Company will incur costs. When only a range of amounts is reasonably estimable and no amount within the range is more probable than another, the Company records the low end of the range. Environmental liabilities are recorded on an undiscounted basis and recorded in selling, general, and administrative expenses. When recovery of a portion of an environmental liability is probable, such amounts are recognized as a reduction to selling, general, and administrative expenses and included in prepaid expenses and other current assets (current portion) and other non-current assets until settled. |
Revenue Recognition | Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales taxes are excluded from revenue. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promised good or service that is distinct. The Company has elected to account for shipping and handling activities performed after a customer obtains control of the goods as activities to fulfill the promise to transfer the goods, and therefore these activities are not assessed as a separate service to customers. The amount of revenue recognized varies primarily with changes in returns. In addition, the Company offers price concessions to our customers for incentive offerings, special pricing agreements, price competition, promotions or other volume-based arrangements. We determine whether price concessions offered to its customers are a reduction of the transaction price and revenue or are advertising expense, depending on whether we receive a distinct good or service from our customers and, if so, whether we can reasonably estimate the fair value of that distinct good or service. We evaluated such agreements with our customers and determined they should be accounted for as variable consideration. As of December 31, 2019, we have determined that customer price concessions recorded as a reduction of revenue, certain of which were previously recorded in other current liabilities, meet all of the criteria specified in ASC 210-20, "Balance Sheet Offsetting". Accordingly, amounts related to such arrangements have been classified as a reduction of trade receivables, net as of December 31, 2019 (prior periods have not been adjusted as all the criteria in ASC 210-20 had not previously been met). To estimate variable consideration, the Company applies both the expected value method and most likely amount method based on the form of variable consideration, according to which method would provide the better prediction. The expected value method involves a probability weighted determination of the expected amount, whereas the most likely amount method identifies the single most likely outcome in a range of possible amounts. |
Product Development Costs | Product Development Costs Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. |
Foreign Currency | Foreign Currency Assets and liabilities of foreign operations are translated into U.S. dollars at the fiscal year-end exchange rate. Revenue and expenses of all foreign operations are translated using average monthly exchange rates prevailing during the year. The related translation adjustments, including translation on long-term intra-entity foreign currency transactions, are recorded as a separate component of stockholders’ equity. |
Financial Instruments | Financial Instruments Financial instruments held by the Company include cash and cash equivalents, trade receivables, accounts payable, revolving credit agreements, interest rate swap agreements and forward foreign currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. Interest rate swap agreements and forward foreign currency exchange contracts held by the Company have been designated as hedges of forecasted cash flows. The Company holds these derivative contracts with high-quality financial institutions and limits the amount of credit exposure to any one institution. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges. The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in currencies other than the subsidiaries’ functional currencies. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”). Deferred gains or losses are reclassified from AOCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and generally recognized in cost of sales. The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company’s interest rate swap agreements and its variable rate financings are predominately based upon LIBOR (London Interbank Offered Rate). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in AOCI. Deferred gains or losses are reclassified from AOCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense, net. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and included in interest expense, net. The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company’s exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are included in other expense, net. Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. |
Fair Value Measurements | Fair Value Measurements The Company defines the fair value measurement of its financial assets and liabilities 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. A fair value hierarchy requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. Described below are the three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3 - Unobservable inputs are used when little or no market data is available. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. |
Stock Compensation | Stock Compensation Pursuant to the Executive Long-Term Equity Incentive Plan (the "Executive Plan") established in September 2017, the Company grants stock of Class A Common, subject to transfer restrictions, as a means of retaining and rewarding selected employees for long-term performance. Stock awarded under the Executive Plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends after three, five or ten years from the award date or at the earliest of (i) three years after the participant's retirement date, or (ii) the participant's death or permanent disability. The Company issued 118,688 and 5,512 shares of stock of Class A Common in the years ended December 31, 2019 and 2018, respectively. No stock was issued in the year ended December 31, 2017 under the Executive Plan. Stock compensation expense related to the Executive Plan was $1.6 million and $2.7 million for the years ended December 31, 2019 and 2018, respectively, and was based on the fair value of Class A Common on the grant date. |
Income Taxes | Income Taxes Tax law requires certain items to be included in the tax return at different times than the items are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible for tax purposes, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities using currently enacted tax rates. The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year, and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the financial statements or tax returns. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the provision for income taxes in the period that includes the enactment date. Management is required to estimate the timing of the recognition of deferred tax assets and liabilities, make assumptions about the future deductibility of deferred tax assets and assess deferred tax liabilities based on enacted law and tax rates for the appropriate tax jurisdictions to determine the amount of such deferred tax assets and liabilities. Changes in the calculated deferred tax assets and liabilities may occur in certain circumstances, including statutory income tax rate changes, statutory tax law changes, or changes in the Company's structure or tax status. The Company's tax assets, liabilities, and tax expense are supported by historical earnings and losses and the Company's best estimates and assumptions of future earnings. The Company assesses whether a valuation allowance should be established against the Company's deferred tax assets based on consideration of all available evidence, both positive and negative, using a more likely than not standard. This assessment considers, among other matters, scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates the Company is using to manage the underlying businesses. When the Company determines, based on all available evidence, that it is more likely than not that deferred tax assets will not be realized, a valuation allowance is established. |
Accounting Standards Adopted | Accounting Standards Adopted In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715)," which amends the requirements in GAAP related to the income statement presentation of the components of net periodic benefit cost for an entity's sponsored defined benefit pension and other post-retirement plans. The Company adopted this guidance on January 1, 2019. The change in presentation of the components of net periodic pension cost was applied retrospectively which resulted in $0.7 million and $0.9 million of net periodic pension income for the years end December 31, 2018, and 2017, respectively, being reclassified from selling, general and administrative expenses to other expense (income), net. Accounting Standards Not Yet Adopted The Company is an emerging growth company and has elected not to opt out of the extended transition period for complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public or nonpublic entities, the Company can adopt the new or revised standard at the time nonpublic entities adopt the new or revised standard. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)," which requires an entity to recognize assets and liabilities for the rights and obligations created by leased assets. For nonpublic entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company is planning to adopt ASU 2016-02 for its year ending December 31, 2021 and is currently evaluating to what extent ASU 2016-02 will affect the Company's financial position, results of operations, cash flows and related disclosures. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)," which requires an entity to recognize credit losses as an allowance rather than as a write-down. For nonpublic entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company is planning to adopt ASU 2016-03 for its year ending December 31, 2022 and is currently evaluating to what extent ASU 2016-13 will affect the Company's financial position, results of operations, cash flows and related disclosures. |
Restatement and Revision of Previously Issued Consolidated Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments |
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to revenue of $0.4 million and an increase to selling, general and administrative ("SG&A") expense of $6.9 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $1.1 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.6 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $1.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A expense of $0.6 million, and an increase in other expense of $0.1 million CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $4.9 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.5 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.4 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.1 million, a decrease to cost of sales of $1.2 million, a decrease to SG&A expense of $0.2 million, and a decrease in other expense of $0.1 million CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.3 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.6 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $0.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.5 million, a decrease to cost of sales of $1.3 million, and an increase to SG&A expense of $0.2 million CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets category. The decreases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2017 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets category.
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to trade receivables of $2.5 million, a reduction to prepaid expenses and other current assets of $12.4 million, and an increase to other current liabilities of $0.9 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to trade receivables of $1.3 million and an increase to prepaid expenses and other current assets of $0.2 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to trade receivables of $1.6 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to deferred income taxes of $2.4 million, a decrease to other current liabilities of $1.2 million, and an increase to other long-term liabilities of $3.6 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to prepaid expenses and other current assets of $0.5 million, an increase to inventory of $0.2 million, an increase to accounts payable of $0.2 million, an increase to accrued compensation of $0.7 million, and an increase to capital in excess of par of $0.2 million CONSOLIDATED BALANCE SHEETS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to trade receivables of $0.6 million, a reduction to prepaid expenses and other current assets of $6.9 million, and an increase to other current liabilities of $0.6 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in an increase to other current liabilities of $0.2 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to deferred income taxes of $0.3 million, a decrease to other current liabilities of $0.4 million, and an increase to other long-term liabilities of $0.9 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to trade receivables of $1.9 million, an increase to inventory of $0.1 million, an increase to accrued compensation of $0.4 million, and a decrease to other current liabilities of $2.0 million
See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2019 section above. The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash. CONSOLIDATED STATEMENTS OF CASH FLOWS
See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2018 section above. The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash. CONSOLIDATED STATEMENTS OF CASH FLOWS
See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2017 section above. The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2019 sections above. The increase to share-based compensation expense and reclassification adjustment to net loss is the result of the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2018 sections above. The decrease to the reclassification adjustment to net loss is the result of the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2017 sections above. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(1) As Restated. The restatement impacts on net income are described in the reconciliation of the consolidated statement of operations. The restatement impacts on other comprehensive loss are described in the reconciliation of the consolidated statement of comprehensive income (loss) for the corresponding periods of the year ended December 31, 2019. The quarter ended March 31, 2019 included a change to the reclassification adjustment to net loss of $0.1 million. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(1) As Restated. The restatement impacts on net income are described in the reconciliation of the consolidated statement of operations. The restatement impacts on other comprehensive loss are described in the reconciliation of the consolidated statement of comprehensive income (loss) for the corresponding periods of the year ended December 31, 2018. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to revenue of $0.4 million, and an increase to selling, general and administrative ("SG&A") expense of $3.7 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.6 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in a decrease to revenue and a decrease to SG&A expense of $0.2 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $1.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.4 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to SG&A expense of $0.5 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $2.2 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.5 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to SG&A expense of $0.1 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $3.3 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.8 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.2 million, a decrease to cost of sales of $0.1 million, and an increase to other expense of $0.1 million. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to selling, general and administrative ("SG&A") expense of $0.3 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.9 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.1 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A of $0.2 million, and an increase to other expense of $0.1 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.4 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.4 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A expense of $0.2 million, and an increase in other expense of $0.1 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.4 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.6 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.4 million, a decrease to cost of sales of $1.2 million, and a decrease in other income of $0.1 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.2 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.3 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $3.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.9 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, an increase to cost of sales of $0.1 million, and a decrease to SG&A of $0.2 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $0.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.4 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to SG&A of $0.4 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $2.3 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.6 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, an increase to cost of sales of $0.1 million, and a decrease to SG&A of $0.2 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.7 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, and increase to cost of sales of $0.1 million, an increase to SG&A of $0.3 million CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended December 31, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended September 30, 2019 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
See description of the net income (loss) impacts in the consolidated statement of operations for the nine months ended September 30, 2019 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended June 30, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increases to the reclassification of pension adjustments are from the correction of other immaterial errors.
See description of the net income (loss) impacts in the consolidated statement of operations for the six months ended June 30, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets and timing of recognition of customer pricing concessions categories. The increase to cash flow hedging and the reclassification of pension adjustments is from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended March 31, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increase to cash flow hedging is from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended December 31, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The decrease to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended September 30, 2018 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
See description of the net income (loss) impacts in the consolidated statement of operations for the nine months ended September 30, 2018 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended June 30, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
See description of the net income (loss) impacts in the consolidated statement of operations for the six months ended June 30, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended March 31, 2018 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. |
Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | KC’s operating results are reflected as discontinued operations in the Consolidated Statements of Operation for all periods presented. The major line items constituting the loss from discontinued operations, net of tax are as follows:
KC’s assets and liabilities are reflected as assets and liabilities of discontinued operations in the Company’s Consolidated Balance Sheets for all periods presented. The major classes of assets and liabilities included as part of discontinued operations are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Operating Lease Payments | KC has operating leases for retail stores, a distribution warehouse and corporate office that contractually expire at various dates through 2026. Future minimum operating lease payments at December 31, 2019 are:
|
Property, Plant and Equipment, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment, net includes the following:
|
Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | Intangible assets other than goodwill, which are subject to amortization, consist of the following:
|
Current and Long-Term Financing (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table summarizes HBB's available and outstanding borrowings:
|
Derivative Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | The following table summarizes the notional amounts, related rates and remaining terms of active and delayed interest rate swap agreements for HBB at December 31 in millions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Fair Value of Derivative Instruments Recorded in the Consolidated Balance Sheets | The following table summarizes the fair value of derivative instruments at December 31 as recorded in the Consolidated Balance Sheets:
|
Leasing Arrangements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Future Minimum Operating Lease Payments | Future minimum operating lease payments at December 31, 2019 are:
|
Stockholders' Equity and Earnings Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class | The following table sets forth the Company's authorized capital stock information:
(1) Class B Common converted to Class A Common were 345 shares during 2019 and 387 shares 2018. (2) The Company issued Class A Common shares of 169 during 2019 and 32 during 2018. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes changes in accumulated other comprehensive income (loss) by component and related tax effects for periods shown:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share | The weighted average number of shares of Class A Common and Class B Common outstanding used to calculate basic and diluted earnings (loss) per share were as follows:
|
Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents the HBB's revenue on a disaggregated basis for the year ending:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Expense (Benefit) | The components of income before income taxes and the income tax provision for the years ended December 31 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory and effective income tax rate for the years ended December 31 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Tax Assets and Liabilities | A detailed summary of the total deferred tax assets and liabilities in the Company's Consolidated Balance Sheets resulting from differences in the book and tax basis of assets and liabilities follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Tax Credit Carryforwards | The following table summarizes the tax carryforwards and associated carryforward periods and related valuation allowances where the Company has determined that realization is uncertain:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the Company's total gross unrecognized tax benefits, defined as the aggregate tax effect of differences between tax return positions and the benefits recognized in the financial statements for the years ended December 31, 2019, 2018, and 2017. Approximately $3.0 million, $1.4 million, and $0.6 million of these gross amounts as of December 31, 2019, 2018, and 2017, respectively, relate to permanent items that, if recognized, would impact the effective income tax rate. This amount differs from the gross unrecognized tax benefits presented in the table below due to the decrease in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein.
|
Retirement Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions used in accounting for the defined benefit plan | The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit income and expense for the defined benefit plan | Set forth below is a detail of the net periodic pension income for the defined benefit plans for the years ended December 31:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in comprehensive income (loss) | Set forth below is the detail of other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) for the years ended December 31:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in benefit obligations during the year and funded status of defined benefit plan | The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future benefit payments | Future pension benefit payments expected to be paid from assets of the pension plans are:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual allocation percentage and target allocation percentage for pension plan assets | The following is the actual allocation percentage and target allocation percentage for the U.S. pension plan assets at December 31:
The following is the actual allocation percentage and target allocation percentage for the Non-U.S. pension plan assets at December 31:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of pension plan assets | Following are the values as of December 31:
|
Data by Geographic Region (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From External Customers and Long-Lived Assets, by Geographical Areas | Revenue and property, plant and equipment related to continuing operations outside the U.S., based on customer and asset location, are as follows:
|
Quarterly Results of Operations (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | A summary of the unaudited results of operations for the year ended December 31 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments |
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to revenue of $0.4 million and an increase to selling, general and administrative ("SG&A") expense of $6.9 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $1.1 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.6 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $1.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A expense of $0.6 million, and an increase in other expense of $0.1 million CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $4.9 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.5 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.4 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.1 million, a decrease to cost of sales of $1.2 million, a decrease to SG&A expense of $0.2 million, and a decrease in other expense of $0.1 million CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.3 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.6 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $0.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.5 million, a decrease to cost of sales of $1.3 million, and an increase to SG&A expense of $0.2 million CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets category. The decreases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2017 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets category.
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to trade receivables of $2.5 million, a reduction to prepaid expenses and other current assets of $12.4 million, and an increase to other current liabilities of $0.9 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to trade receivables of $1.3 million and an increase to prepaid expenses and other current assets of $0.2 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to trade receivables of $1.6 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to deferred income taxes of $2.4 million, a decrease to other current liabilities of $1.2 million, and an increase to other long-term liabilities of $3.6 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to prepaid expenses and other current assets of $0.5 million, an increase to inventory of $0.2 million, an increase to accounts payable of $0.2 million, an increase to accrued compensation of $0.7 million, and an increase to capital in excess of par of $0.2 million CONSOLIDATED BALANCE SHEETS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to trade receivables of $0.6 million, a reduction to prepaid expenses and other current assets of $6.9 million, and an increase to other current liabilities of $0.6 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in an increase to other current liabilities of $0.2 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to deferred income taxes of $0.3 million, a decrease to other current liabilities of $0.4 million, and an increase to other long-term liabilities of $0.9 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to trade receivables of $1.9 million, an increase to inventory of $0.1 million, an increase to accrued compensation of $0.4 million, and a decrease to other current liabilities of $2.0 million
See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2019 section above. The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash. CONSOLIDATED STATEMENTS OF CASH FLOWS
See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2018 section above. The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash. CONSOLIDATED STATEMENTS OF CASH FLOWS
See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2017 section above. The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2019 sections above. The increase to share-based compensation expense and reclassification adjustment to net loss is the result of the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2018 sections above. The decrease to the reclassification adjustment to net loss is the result of the correction of other immaterial errors. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2017 sections above. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(1) As Restated. The restatement impacts on net income are described in the reconciliation of the consolidated statement of operations. The restatement impacts on other comprehensive loss are described in the reconciliation of the consolidated statement of comprehensive income (loss) for the corresponding periods of the year ended December 31, 2019. The quarter ended March 31, 2019 included a change to the reclassification adjustment to net loss of $0.1 million. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(1) As Restated. The restatement impacts on net income are described in the reconciliation of the consolidated statement of operations. The restatement impacts on other comprehensive loss are described in the reconciliation of the consolidated statement of comprehensive income (loss) for the corresponding periods of the year ended December 31, 2018. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to revenue of $0.4 million, and an increase to selling, general and administrative ("SG&A") expense of $3.7 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.6 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in a decrease to revenue and a decrease to SG&A expense of $0.2 million (d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $1.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.4 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to SG&A expense of $0.5 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $2.2 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.5 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to SG&A expense of $0.1 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $3.3 million (b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.8 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.2 million, a decrease to cost of sales of $0.1 million, and an increase to other expense of $0.1 million. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to selling, general and administrative ("SG&A") expense of $0.3 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.9 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.1 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A of $0.2 million, and an increase to other expense of $0.1 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.4 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.4 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A expense of $0.2 million, and an increase in other expense of $0.1 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.4 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.6 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.4 million, a decrease to cost of sales of $1.2 million, and a decrease in other income of $0.1 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.2 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.3 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.3 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $3.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.9 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, an increase to cost of sales of $0.1 million, and a decrease to SG&A of $0.2 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $0.5 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.4 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to SG&A of $0.4 million
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $2.3 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.6 million (e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, an increase to cost of sales of $0.1 million, and a decrease to SG&A of $0.2 million CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.7 million (c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.2 million (f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, and increase to cost of sales of $0.1 million, an increase to SG&A of $0.3 million CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended December 31, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended September 30, 2019 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
See description of the net income (loss) impacts in the consolidated statement of operations for the nine months ended September 30, 2019 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended June 30, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increases to the reclassification of pension adjustments are from the correction of other immaterial errors.
See description of the net income (loss) impacts in the consolidated statement of operations for the six months ended June 30, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets and timing of recognition of customer pricing concessions categories. The increase to cash flow hedging and the reclassification of pension adjustments is from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended March 31, 2019 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The increase to cash flow hedging is from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended December 31, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. The decrease to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended September 30, 2018 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
See description of the net income (loss) impacts in the consolidated statement of operations for the nine months ended September 30, 2018 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended June 30, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
See description of the net income (loss) impacts in the consolidated statement of operations for the six months ended June 30, 2018 section above. The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended March 31, 2018 section above. The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories. |
Nature of Operations and Summary of Significant Accounting Policies (Trade Receivables) (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Consolidated net accounts receivable | Customer Concentration Risk | Five largest customers | HBB | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk (percent) | 69.00% | 57.00% |
Nature of Operations and Summary of Significant Accounting Policies (Transfer of Financial Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Accounting Policies [Abstract] | |||
Accounts receivable derecognized | $ 162.7 | $ 165.4 | $ 164.0 |
Nature of Operations and Summary of Significant Accounting Policies (Property, Plant and Equipment, Net) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Machinery | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Machinery | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 7 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 7 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 7 years |
Nature of Operations and Summary of Significant Accounting Policies (Product Development Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Accounting Policies [Abstract] | |||
Product development costs | $ 12.1 | $ 11.0 | $ 10.4 |
Nature of Operations and Summary of Significant Accounting Policies (Share-based Compensation) (Details) - Executive Plan - Performance Shares - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restriction period from retirement date, participant's death or permanent disability | 3 years | |||
Number of shares issued during the period | 118,688 | 5,512 | 0 | |
Share-based compensation expense | $ 1.6 | $ 2.7 | ||
Restriction Period One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restriction period from award date | 3 years | |||
Restriction Period Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restriction period from award date | 5 years | |||
Restriction Period Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restriction period from award date | 10 years |
Nature of Operations and Summary of Significant Accounting Policies (Accounting Standards Adopted) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Accounting Policies [Abstract] | ||
Reclassified from AOCI to retained earnings | $ 0.7 | $ 0.9 |
Restatement and Revision of Previously Issued Consolidated Financial Statements - Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total revenues | $ 204,570 | $ 149,508 | $ 131,065 | $ 126,642 | $ 198,166 | $ 171,301 | $ 135,583 | $ 125,032 | $ 257,707 | $ 260,615 | $ 407,216 | $ 431,916 | $ 611,786 | $ 630,082 | $ 612,056 |
Cost of sales | 162,173 | 118,562 | 102,558 | 99,940 | 156,173 | 132,897 | 104,856 | 97,104 | 202,498 | 201,960 | 321,060 | 334,857 | 483,234 | 491,030 | 475,939 |
Gross profit | 42,397 | 30,946 | 28,507 | 26,702 | 41,993 | 38,404 | 30,727 | 27,928 | 55,209 | 58,655 | 86,155 | 97,059 | 128,552 | 139,052 | 136,117 |
Selling, general and administrative expenses | 22,996 | 26,165 | 24,976 | 26,246 | 25,599 | 26,296 | 26,437 | 25,789 | 51,222 | 52,225 | 77,385 | 78,522 | 100,381 | 104,121 | 96,780 |
Amortization of intangible assets | 341 | 345 | 346 | 345 | 345 | 345 | 346 | 345 | 691 | 691 | 1,036 | 1,036 | 1,377 | 1,381 | 1,381 |
Operating profit | 19,060 | 4,439 | 3,185 | 111 | 16,050 | 11,763 | 3,944 | 1,794 | 3,296 | 5,738 | 7,734 | 17,501 | 26,794 | 33,550 | 37,956 |
Interest expense, net | 767 | 756 | 789 | 663 | 711 | 886 | 809 | 510 | 1,452 | 1,319 | 2,208 | 2,205 | 2,975 | 2,916 | 1,572 |
Other expense (income), net | (710) | 681 | (132) | (197) | 429 | (433) | 679 | (526) | (329) | 153 | 352 | (280) | (358) | 149 | (692) |
Income from continuing operations before income taxes | 19,003 | 3,002 | 2,528 | (355) | 14,910 | 11,310 | 2,456 | 1,810 | 2,173 | 4,266 | 5,174 | 15,576 | 24,177 | 30,485 | 37,076 |
Income tax benefit | 5,699 | 2,449 | 630 | 307 | 3,420 | 2,280 | 811 | 916 | 937 | 1,727 | 3,385 | 4,007 | 9,084 | 7,426 | 18,967 |
Net income from continuing operations | 13,304 | 553 | 1,898 | (662) | 11,490 | 9,030 | 1,645 | 894 | 1,236 | 2,539 | 1,789 | 11,569 | 15,093 | 23,059 | 18,109 |
Loss from discontinued operations, net of tax | (20,608) | (2,753) | (2,516) | (2,723) | 2,371 | (1,889) | (2,766) | (3,077) | (5,239) | (5,843) | (7,992) | (7,732) | (28,600) | (5,361) | (2,225) |
Net income (loss) | $ (7,304) | $ (2,200) | $ (618) | $ (3,385) | $ 13,861 | $ 7,141 | $ (1,121) | $ (2,183) | $ (4,003) | $ (3,304) | $ (6,203) | $ 3,837 | $ (13,507) | $ 17,698 | $ 15,884 |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ 0.98 | $ 0.04 | $ 0.14 | $ (0.05) | $ 0.84 | $ 0.66 | $ 0.12 | $ 0.07 | $ 0.09 | $ 0.19 | $ 0.13 | $ 0.84 | $ 1.10 | $ 1.68 | $ 1.32 |
Basic and diluted earnings per share, discontinued operations (in dollars per share) | (1.52) | (0.20) | (0.18) | (0.20) | 0.17 | (0.14) | (0.20) | (0.22) | (0.38) | (0.43) | (0.58) | (0.56) | (2.09) | (0.39) | (0.16) |
Basic and diluted earnings per share (in dollars per share) | $ (0.54) | $ (0.16) | $ (0.04) | $ (0.25) | $ 1.01 | $ 0.52 | $ (0.08) | $ (0.15) | $ (0.29) | $ (0.24) | $ (0.45) | $ 0.28 | $ (0.99) | $ 1.29 | $ 1.16 |
Basic weighted average shares outstanding (in shares) | 13,518,000 | 13,579,000 | 13,813,000 | 13,786,000 | 13,714,000 | 13,704,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,694,000 | 13,690,000 | 13,699,000 | 13,673,000 |
Diluted weighted average shares outstanding (in shares) | 13,625,000 | 13,595,000 | 13,826,000 | 13,786,000 | 13,844,000 | 13,713,000 | 13,704,000 | 13,692,000 | 13,813,000 | 13,693,000 | 13,731,000 | 13,697,000 | 13,726,000 | 13,731,000 | 13,685,000 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total revenues | $ 207,085 | $ 169,778 | $ 148,427 | $ 145,377 | $ 198,981 | $ 196,901 | $ 157,941 | $ 146,633 | $ 293,804 | $ 304,574 | $ 463,582 | $ 501,475 | $ 612,843 | $ 629,710 | $ 612,229 |
Cost of sales | 162,173 | 129,194 | 112,770 | 110,654 | 157,419 | 146,550 | 117,088 | 108,840 | 223,424 | 225,928 | 352,618 | 372,478 | 483,298 | 492,195 | 477,220 |
Gross profit | 44,912 | 40,584 | 35,657 | 34,723 | 41,562 | 50,351 | 40,853 | 37,793 | 70,380 | 78,646 | 110,964 | 128,997 | 129,545 | 137,515 | 135,009 |
Selling, general and administrative expenses | 19,054 | 36,182 | 35,617 | 36,507 | 23,677 | 39,211 | 40,123 | 37,994 | 72,124 | 78,117 | 108,306 | 117,328 | 91,302 | 97,964 | 93,700 |
Amortization of intangible assets | 341 | 345 | 346 | 345 | 345 | 345 | 346 | 345 | 691 | 691 | 1,036 | 1,036 | 1,377 | 1,381 | 1,381 |
Operating profit | 25,517 | 4,057 | (306) | (2,129) | 17,540 | 10,795 | 384 | (546) | (2,435) | (162) | 1,622 | 10,633 | 36,866 | 38,170 | 39,928 |
Interest expense, net | 767 | 864 | 904 | 746 | 711 | 1,001 | 889 | 532 | 1,650 | 1,421 | 2,514 | 2,422 | 2,975 | 2,916 | 1,572 |
Other expense (income), net | (710) | 688 | (126) | (332) | 573 | (426) | 687 | (514) | (458) | 173 | 230 | (253) | (502) | 293 | (692) |
Income from continuing operations before income taxes | 25,460 | 2,505 | (1,084) | (2,543) | 16,256 | 10,220 | (1,192) | (564) | (3,627) | (1,756) | (1,122) | 8,464 | 34,393 | 34,961 | 39,048 |
Income tax benefit | 6,066 | 2,108 | (140) | (782) | 3,595 | 2,176 | (318) | (146) | (922) | (464) | 1,186 | 1,712 | 9,315 | 7,816 | 18,918 |
Net income from continuing operations | 19,394 | 397 | (944) | (1,761) | 12,661 | 8,044 | (874) | (418) | (2,705) | (1,292) | (2,308) | 6,752 | 25,078 | 27,145 | 20,130 |
Loss from discontinued operations, net of tax | (20,608) | 0 | 0 | 0 | 2,371 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (28,600) | (5,361) | (2,225) |
Net income (loss) | $ (1,214) | $ 397 | $ (944) | $ (1,761) | $ 15,032 | $ 8,044 | $ (874) | $ (418) | $ (2,705) | $ (1,292) | $ (2,308) | $ 6,752 | $ (3,522) | $ 21,784 | $ 17,905 |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ 1.43 | $ 0.03 | $ (0.07) | $ (0.13) | $ 0.93 | $ 0.59 | $ (0.06) | $ (0.03) | $ (0.20) | $ (0.09) | $ (0.17) | $ 0.49 | $ 1.83 | $ 1.98 | $ 1.47 |
Basic and diluted earnings per share, discontinued operations (in dollars per share) | (1.52) | 0.00 | 0.00 | 0.00 | 0.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (2.09) | (0.39) | (0.16) |
Basic and diluted earnings per share (in dollars per share) | $ (0.09) | $ 0.03 | $ (0.07) | $ (0.13) | $ 1.10 | $ 0.59 | $ (0.06) | $ (0.03) | $ (0.20) | $ (0.09) | $ (0.17) | $ 0.49 | $ (0.26) | $ 1.59 | $ 1.31 |
Basic weighted average shares outstanding (in shares) | 13,518,000 | 13,579,000 | 13,813,000 | 13,786,000 | 13,714,000 | 13,704,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,694,000 | 13,690,000 | 13,699,000 | 13,673,000 |
Diluted weighted average shares outstanding (in shares) | 13,625,000 | 13,595,000 | 13,813,000 | 13,786,000 | 13,844,000 | 13,713,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,697,000 | 13,726,000 | 13,731,000 | 13,685,000 |
Restatement Impacts | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total revenues | $ (2,515) | $ 18 | $ 921 | $ 518 | $ (815) | $ 284 | $ 404 | $ 499 | $ 1,439 | $ 903 | $ 1,458 | $ 1,187 | $ (1,057) | $ 372 | $ (173) |
Cost of sales | 0 | 0 | 0 | (65) | (1,246) | 0 | 0 | 81 | (65) | 81 | (65) | 81 | (64) | (1,165) | (1,281) |
Gross profit | (2,515) | 18 | 921 | 583 | 431 | 284 | 404 | 418 | 1,504 | 822 | 1,522 | 1,106 | (993) | 1,537 | 1,108 |
Selling, general and administrative expenses | 3,942 | 2,573 | 594 | 1,972 | 1,922 | 1,496 | 525 | 2,214 | 2,566 | 2,738 | 5,137 | 4,235 | 9,079 | 6,157 | 3,080 |
Amortization of intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating profit | (6,457) | (2,552) | 327 | (1,389) | (1,490) | (1,212) | (121) | (1,796) | (1,062) | (1,917) | (3,615) | (3,129) | (10,072) | (4,620) | (1,972) |
Interest expense, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 0 | 0 | 144 | (144) | 0 | 0 | 0 | 144 | 0 | 144 | 0 | 144 | (144) | 0 |
Income from continuing operations before income taxes | (6,457) | (2,552) | 327 | (1,533) | (1,346) | (1,212) | (121) | (1,796) | (1,206) | (1,917) | (3,759) | (3,129) | (10,216) | (4,476) | (1,972) |
Income tax benefit | (367) | 45 | 1 | 91 | (175) | (309) | 126 | (31) | 92 | 95 | 136 | (214) | (231) | (390) | 49 |
Net income from continuing operations | (6,090) | (2,597) | 326 | (1,624) | (1,171) | (903) | (247) | (1,765) | (1,298) | (2,012) | (3,895) | (2,915) | (9,985) | (4,086) | (2,021) |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | $ (6,090) | $ (2,597) | $ 326 | $ (1,624) | $ (1,171) | $ (903) | $ (247) | $ (1,765) | $ (1,298) | $ (2,012) | $ (3,895) | $ (2,915) | $ (9,985) | $ (4,086) | $ (2,021) |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ (0.45) | $ (0.19) | $ 0.03 | $ (0.12) | $ (0.09) | $ (0.07) | $ (0.02) | $ (0.12) | $ (0.09) | $ (0.15) | $ (0.28) | $ (0.21) | $ (0.73) | $ (0.30) | $ (0.15) |
Basic and diluted earnings per share, discontinued operations (in dollars per share) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Basic and diluted earnings per share (in dollars per share) | $ (0.45) | $ (0.19) | $ 0.02 | $ (0.12) | $ (0.09) | $ (0.07) | $ (0.02) | $ (0.12) | $ (0.09) | $ (0.15) | $ (0.28) | $ (0.21) | $ (0.73) | $ (0.30) | $ (0.15) |
Basic weighted average shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Diluted weighted average shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Restatement and Revision of Previously Issued Consolidated Financial Statements - Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | $ (7,304) | $ (2,200) | $ (618) | $ (3,385) | $ 13,861 | $ 7,141 | $ (1,121) | $ (2,183) | $ (4,003) | $ (3,304) | $ (6,203) | $ 3,837 | $ (13,507) | $ 17,698 | $ 15,884 |
Foreign currency translation adjustment | 201 | (18) | 113 | 214 | (1,135) | 902 | (412) | 573 | 327 | 161 | 309 | 1,063 | 510 | (73) | 648 |
Loss on long-term intra-entity foreign currency transactions | 294 | (509) | 121 | 15 | 60 | (53) | (1,013) | 0 | 136 | (1,013) | (373) | (1,066) | (79) | (1,006) | 0 |
Cash flow hedging activity | (143) | (127) | (877) | (422) | (352) | (301) | 464 | 289 | (1,299) | 753 | (1,426) | 452 | (1,569) | 100 | (749) |
Reclassification of hedging activities into earnings | 81 | 122 | 144 | 2 | 48 | (102) | 41 | 166 | 146 | 207 | 268 | 105 | 349 | 153 | 641 |
Pension plan adjustment | 1,410 | 0 | 0 | 0 | (1,920) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,410 | (1,920) | 1,510 |
Reclassification of pension adjustments into earnings | 35 | 127 | 102 | 84 | 141 | 115 | 142 | 158 | 186 | 300 | 313 | 415 | 348 | 556 | 306 |
Total other comprehensive income (loss), net of tax | 1,878 | (405) | (397) | (107) | (3,158) | 561 | (778) | 1,186 | (504) | 408 | (909) | 969 | 969 | (2,190) | 2,356 |
Comprehensive income (loss) | (5,426) | (2,605) | (1,015) | (3,492) | 10,703 | 7,702 | (1,899) | (997) | (4,507) | (2,896) | (7,112) | 4,805 | (12,538) | 15,508 | 18,240 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | (1,214) | 397 | (944) | (1,761) | 15,032 | 8,044 | (874) | (418) | (2,705) | (1,292) | (2,308) | 6,752 | (3,522) | 21,784 | 17,905 |
Foreign currency translation adjustment | 857 | (312) | 226 | 330 | (1,441) | 1,257 | (892) | 917 | 556 | 25 | 244 | 1,282 | 1,101 | (159) | 689 |
Loss on long-term intra-entity foreign currency transactions | 294 | (509) | 121 | 15 | 60 | (53) | (1,013) | 0 | 136 | (1,013) | (373) | (1,066) | (79) | (1,006) | 0 |
Cash flow hedging activity | (143) | (127) | (877) | (566) | (208) | (301) | 464 | 289 | (1,443) | 753 | (1,570) | 452 | (1,713) | 244 | (749) |
Reclassification of hedging activities into earnings | 81 | 122 | 144 | 2 | 48 | (102) | 41 | 166 | 146 | 207 | 268 | 105 | 349 | 153 | 641 |
Pension plan adjustment | 1,410 | 0 | 0 | 0 | (1,920) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,410 | (1,920) | 1,510 |
Reclassification of pension adjustments into earnings | 35 | 127 | 102 | (10) | 235 | 115 | 142 | 158 | 92 | 300 | 219 | 415 | 254 | 650 | 306 |
Total other comprehensive income (loss), net of tax | 2,534 | (699) | (284) | (229) | (3,226) | 916 | (1,258) | 1,530 | (513) | 272 | (1,212) | 1,188 | 1,322 | (2,038) | 2,397 |
Comprehensive income (loss) | 1,320 | (302) | (1,228) | (1,990) | 11,806 | 8,960 | (2,132) | 1,112 | (3,218) | (1,020) | (3,520) | 7,940 | (2,200) | 19,746 | 20,302 |
Restatement Impacts | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | (6,090) | (2,597) | 326 | (1,624) | (1,171) | (903) | (247) | (1,765) | (1,298) | (2,012) | (3,895) | (2,915) | (9,985) | (4,086) | (2,021) |
Foreign currency translation adjustment | (656) | 294 | (113) | (116) | 306 | (355) | 480 | (344) | (229) | 136 | 65 | (219) | (591) | 86 | (41) |
Loss on long-term intra-entity foreign currency transactions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash flow hedging activity | 0 | 0 | 0 | 144 | (144) | 0 | 0 | 0 | 144 | 0 | 144 | 0 | 144 | (144) | 0 |
Reclassification of hedging activities into earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pension plan adjustment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Reclassification of pension adjustments into earnings | 0 | 0 | 0 | 94 | (94) | 0 | 0 | 0 | 94 | 0 | 94 | 0 | 94 | (94) | 0 |
Total other comprehensive income (loss), net of tax | (656) | 294 | (113) | 122 | 68 | (355) | 480 | (344) | 9 | 136 | 303 | (219) | (353) | (152) | (41) |
Comprehensive income (loss) | $ (6,746) | $ (2,303) | $ 213 | $ (1,502) | $ (1,103) | $ (1,258) | $ 233 | $ (2,109) | $ (1,289) | $ (1,876) | $ (3,592) | $ (3,135) | $ (10,338) | $ (4,238) | $ (2,062) |
Restatement and Revision of Previously Issued Consolidated Financial Statements - Consolidated Balance Sheets (Details) $ / shares in Units, shares in Thousands, $ in Thousands |
Dec. 31, 2019
USD ($)
$ / shares
shares
|
Sep. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
---|---|---|---|---|---|---|---|---|---|
Current assets | |||||||||
Cash and cash equivalents | $ 2,142 | $ 1,559 | $ 1,029 | $ 1,636 | $ 4,420 | $ 1,567 | $ 1,393 | $ 1,784 | |
Trade receivables, net | 108,381 | 103,091 | 86,268 | 79,102 | 98,361 | 112,309 | 76,132 | 79,358 | |
Inventory | 109,806 | 161,043 | 121,472 | 120,707 | 122,808 | 155,744 | 138,721 | 132,749 | |
Prepaid expenses and other current assets | 11,345 | 14,086 | 16,412 | 17,379 | 15,396 | 12,595 | 14,569 | 14,615 | |
Current assets of discontinued operations | 5,383 | 22,830 | 21,255 | 24,692 | 27,879 | 32,185 | 30,704 | 29,086 | |
Total current assets | 237,057 | 302,609 | 246,436 | 243,516 | 268,864 | 314,400 | 261,519 | 257,592 | |
Property, plant and equipment, net | 22,324 | 22,193 | 21,649 | 20,984 | 20,842 | 20,988 | 19,088 | 17,643 | $ 15,979 |
Goodwill | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | |
Other intangible assets, net | 3,141 | 3,483 | 3,828 | 4,174 | 4,519 | 4,864 | 5,209 | 5,555 | |
Deferred income taxes | 6,248 | 5,640 | 3,754 | 3,166 | 5,794 | 7,704 | 8,877 | 10,419 | |
Deferred costs | 10,941 | 8,804 | 8,564 | 8,316 | 7,868 | 10,153 | 9,825 | 10,187 | |
Other non-current assets | 2,085 | 1,553 | 1,984 | 2,403 | 2,672 | 3,282 | 3,178 | 3,068 | |
Non-current assets of discontinued operations | 614 | 1,744 | 4,420 | 4,446 | 4,606 | 5,313 | 5,688 | 5,661 | |
Total assets | 288,663 | 352,279 | 296,888 | 293,258 | 321,418 | 372,957 | 319,637 | 316,378 | |
Current liabilities | |||||||||
Accounts payable | 111,348 | 140,011 | 86,199 | 73,720 | 119,271 | 131,620 | 92,488 | 96,924 | |
Accounts payable to NACCO Industries, Inc. | 496 | 220 | 220 | 2,425 | 2,416 | 2,480 | 2,769 | 7,814 | |
Revolving credit agreements | 23,497 | 50,152 | 51,505 | 54,812 | 11,624 | 60,083 | 66,326 | 63,308 | |
Accrued compensation | 15,027 | 14,650 | 11,725 | 8,398 | 15,878 | 15,421 | 11,984 | 9,238 | |
Accrued product returns | 8,697 | 8,266 | 8,224 | 9,314 | 10,698 | 9,601 | 9,648 | 10,815 | |
Other current liabilities | 12,534 | 25,880 | 21,382 | 17,705 | 22,922 | 22,488 | 15,769 | 21,227 | |
Current liabilities of discontinued operations | 29,723 | 24,713 | 20,048 | 21,473 | 22,820 | 29,693 | 26,830 | 21,509 | |
Total current liabilities | 201,322 | 263,892 | 199,303 | 187,847 | 205,629 | 271,386 | 225,814 | 230,835 | |
Revolving credit agreements | 35,000 | 30,000 | 30,000 | 30,000 | 35,000 | 30,000 | 30,000 | 20,000 | |
Other long-term liabilities | 16,075 | 14,258 | 14,699 | 18,619 | 22,011 | 22,343 | 21,654 | 21,831 | |
Non-current liabilities of discontinued operations | 0 | 1,585 | 3,697 | 3,834 | 1,960 | 2,293 | 2,416 | 2,565 | |
Total liabilities | 252,397 | 309,735 | 247,699 | 240,300 | 264,600 | 326,022 | 279,884 | 275,231 | |
Stockholders’ equity | |||||||||
Preferred stock, par value $0.01 per share | 0 | 0 | |||||||
Capital in excess of par value | 54,509 | 51,714 | |||||||
Treasury stock | (5,960) | (5,960) | (2,334) | 0 | 0 | 0 | 0 | 0 | |
Retained earnings | 3,710 | 12,231 | 15,646 | 17,506 | 22,068 | 9,373 | 3,397 | 5,683 | |
Accumulated other comprehensive loss | (16,132) | (18,009) | (17,604) | (17,207) | (17,101) | (13,941) | (14,502) | (13,724) | |
Total stockholders’ equity | 36,266 | 42,544 | 49,189 | 52,958 | 56,818 | 46,935 | 39,753 | 41,147 | |
Total liabilities and stockholders' equity | $ 288,663 | 352,279 | 296,888 | 293,258 | $ 321,418 | 372,957 | 319,637 | 316,378 | |
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Class A Common Stock | |||||||||
Stockholders’ equity | |||||||||
Common stock | $ 98 | 95 | 95 | 95 | $ 93 | 92 | 92 | 92 | |
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Common stock, shares, issued (in shares) | shares | 9,805 | 9,291 | |||||||
Class B Common Stock | |||||||||
Stockholders’ equity | |||||||||
Common stock | $ 41 | 44 | 44 | 44 | $ 44 | 45 | 45 | 45 | |
Capital in excess of par value | 54,143 | 53,342 | 52,520 | 51,366 | 50,721 | 49,051 | |||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Common stock, shares, issued (in shares) | shares | 4,076 | 4,422 | |||||||
Common stock, convertible conversion ratio | 1 | 1 | |||||||
As Previously Reported | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ 2,142 | 1,866 | 1,131 | 1,721 | $ 4,420 | 2,139 | 1,962 | 2,389 | |
Trade receivables, net | 113,781 | 106,135 | 89,579 | 92,534 | 100,821 | 113,683 | 77,623 | 88,579 | |
Inventory | 109,621 | 181,847 | 140,817 | 142,261 | 122,697 | 183,831 | 165,237 | 157,622 | |
Prepaid expenses and other current assets | 23,102 | 22,445 | 24,078 | 16,373 | 22,332 | 20,766 | 20,996 | 11,848 | |
Current assets of discontinued operations | 5,383 | 0 | 0 | 0 | 27,879 | 0 | 0 | 0 | |
Total current assets | 254,029 | 312,293 | 255,605 | 252,889 | 278,149 | 320,419 | 265,818 | 260,438 | |
Property, plant and equipment, net | 22,324 | 22,653 | 23,204 | 22,566 | 20,842 | 23,309 | 21,839 | 20,597 | |
Goodwill | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | |
Other intangible assets, net | 3,141 | 3,483 | 3,828 | 4,174 | 4,519 | 4,864 | 5,209 | 5,555 | |
Deferred income taxes | 3,853 | 6,161 | 6,169 | 5,493 | 5,518 | 10,450 | 10,894 | 12,200 | |
Deferred costs | 10,941 | 8,925 | 8,683 | 8,447 | 7,868 | 10,306 | 9,973 | 10,347 | |
Other non-current assets | 2,085 | 1,561 | 1,997 | 2,424 | 2,672 | 3,322 | 3,282 | 3,224 | |
Non-current assets of discontinued operations | 614 | 0 | 0 | 0 | 4,606 | 0 | 0 | 0 | |
Total assets | 303,240 | 361,329 | 305,739 | 302,246 | 330,427 | 378,923 | 323,268 | 318,614 | |
Current liabilities | |||||||||
Accounts payable | 111,117 | 147,206 | 91,737 | 80,649 | 119,264 | 143,955 | 103,461 | 108,185 | |
Accounts payable to NACCO Industries, Inc. | 496 | 220 | 220 | 2,425 | 2,416 | 2,480 | 2,769 | 9,285 | |
Revolving credit agreements | 23,497 | 59,702 | 58,955 | 62,212 | 11,624 | 69,883 | 75,476 | 65,508 | |
Accrued compensation | 14,277 | 15,568 | 12,091 | 8,903 | 15,525 | 16,575 | 12,531 | 9,833 | |
Accrued product returns | 8,697 | 8,266 | 8,224 | 9,314 | 10,698 | 9,601 | 9,648 | 10,815 | |
Other current liabilities | 12,873 | 30,651 | 27,930 | 24,109 | 24,554 | 27,139 | 19,099 | 22,751 | |
Current liabilities of discontinued operations | 29,723 | 0 | 0 | 0 | 22,820 | 0 | 0 | 0 | |
Total current liabilities | 200,680 | 261,613 | 199,157 | 187,612 | 206,901 | 269,633 | 222,984 | 226,377 | |
Revolving credit agreements | 35,000 | 30,000 | 32,000 | 32,000 | 35,000 | 30,000 | 30,000 | 20,000 | |
Other long-term liabilities | 12,501 | 14,961 | 15,485 | 19,555 | 21,128 | 24,840 | 24,274 | 24,600 | |
Non-current liabilities of discontinued operations | 0 | 0 | 0 | 1,960 | 0 | 0 | 0 | ||
Total liabilities | 248,181 | 306,574 | 246,642 | 239,167 | 264,989 | 324,473 | 277,258 | 270,977 | |
Stockholders’ equity | |||||||||
Preferred stock, par value $0.01 per share | 0 | 0 | |||||||
Capital in excess of par value | 54,344 | 51,714 | |||||||
Treasury stock | (5,960) | (5,960) | (2,334) | 0 | 0 | 0 | 0 | ||
Retained earnings | 22,524 | 24,955 | 25,773 | 27,959 | 30,897 | 17,031 | 10,152 | 12,191 | |
Accumulated other comprehensive loss | (15,988) | (18,522) | (17,823) | (17,539) | (17,310) | (14,084) | (15,000) | (13,742) | |
Total stockholders’ equity | 55,059 | 54,755 | 59,097 | 63,079 | 65,438 | 54,450 | 46,010 | 47,637 | |
Total liabilities and stockholders' equity | $ 303,240 | 361,329 | 305,739 | 302,246 | $ 330,427 | 378,923 | 323,268 | 318,614 | |
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
As Previously Reported | Class A Common Stock | |||||||||
Stockholders’ equity | |||||||||
Common stock | $ 98 | 95 | 95 | 95 | $ 93 | 92 | 92 | 92 | |
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Common stock, shares, issued (in shares) | shares | 9,805 | 9,291 | |||||||
As Previously Reported | Class B Common Stock | |||||||||
Stockholders’ equity | |||||||||
Common stock | $ 41 | 44 | 44 | 44 | $ 44 | 45 | 45 | 45 | |
Capital in excess of par value | 54,143 | 53,342 | 52,520 | 51,366 | 50,721 | 49,051 | |||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Common stock, shares, issued (in shares) | shares | 4,076 | 4,422 | |||||||
Common stock, convertible conversion ratio | 1 | 1 | |||||||
Restatement Impacts | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | |
Trade receivables, net | (5,400) | (2,179) | (2,446) | (2,768) | (2,460) | (351) | (411) | (191) | |
Inventory | 185 | 0 | 0 | 0 | 111 | 0 | 0 | 0 | |
Prepaid expenses and other current assets | (11,757) | (7,505) | (6,723) | (6,605) | (6,936) | (5,668) | (3,888) | (2,655) | |
Current assets of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total current assets | (16,972) | (9,684) | (9,169) | (9,373) | (9,285) | (6,019) | (4,299) | (2,846) | |
Property, plant and equipment, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Deferred income taxes | 2,395 | 634 | 318 | 385 | 276 | 53 | 668 | 610 | |
Deferred costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other non-current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Non-current assets of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total assets | (14,577) | (9,050) | (8,851) | (8,988) | (9,009) | (5,966) | (3,631) | (2,236) | |
Current liabilities | |||||||||
Accounts payable | 231 | 16 | 0 | 0 | 7 | 0 | 0 | 0 | |
Accounts payable to NACCO Industries, Inc. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Revolving credit agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Accrued compensation | 750 | 389 | 387 | 370 | 353 | 356 | 325 | 338 | |
Accrued product returns | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other current liabilities | (339) | 1,874 | (241) | (135) | (1,632) | 1,397 | 2,505 | 4,120 | |
Current liabilities of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total current liabilities | 642 | 2,279 | 146 | 235 | (1,272) | 1,753 | 2,830 | 4,458 | |
Revolving credit agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other long-term liabilities | 3,574 | 882 | 911 | 898 | 883 | (204) | (204) | (204) | |
Non-current liabilities of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Total liabilities | 4,216 | 3,161 | 1,057 | 1,133 | (389) | 1,549 | 2,626 | 4,254 | |
Stockholders’ equity | |||||||||
Preferred stock, par value $0.01 per share | 0 | 0 | |||||||
Capital in excess of par value | 165 | 0 | |||||||
Treasury stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retained earnings | (18,814) | (12,724) | (10,127) | (10,453) | (8,829) | (7,658) | (6,755) | (6,508) | |
Accumulated other comprehensive loss | (144) | 513 | 219 | 332 | 209 | 143 | 498 | 18 | |
Total stockholders’ equity | (18,793) | (12,211) | (9,908) | (10,121) | (8,620) | (7,515) | (6,257) | (6,490) | |
Total liabilities and stockholders' equity | $ (14,577) | (9,050) | (8,851) | (8,988) | $ (9,009) | (5,966) | (3,631) | (2,236) | |
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Restatement Impacts | Class A Common Stock | |||||||||
Stockholders’ equity | |||||||||
Common stock | $ 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | |
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Common stock, shares, issued (in shares) | shares | 9,805 | 9,291 | |||||||
Restatement Impacts | Class B Common Stock | |||||||||
Stockholders’ equity | |||||||||
Common stock | $ 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | |
Capital in excess of par value | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Common stock, shares, issued (in shares) | shares | 4,076 | 4,422 | |||||||
Common stock, convertible conversion ratio | 1 | 1 |
Discontinued Operations (Income Statement Disclosures) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Loss from discontinued operations, net of tax | $ (20,608) | $ (2,753) | $ (2,516) | $ (2,723) | $ 2,371 | $ (1,889) | $ (2,766) | $ (3,077) | $ (5,239) | $ (5,843) | $ (7,992) | $ (7,732) | $ (28,600) | $ (5,361) | $ (2,225) |
KC | Discontinued Operations | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Revenue | 100,860 | 113,469 | 128,520 | ||||||||||||
Cost of sales | 62,927 | 61,972 | 69,708 | ||||||||||||
Gross profit | 37,933 | 51,497 | 58,812 | ||||||||||||
Selling, general and administrative expenses | 54,047 | 58,035 | 61,033 | ||||||||||||
Lease termination expense | 15,186 | 0 | 435 | ||||||||||||
Operating loss | (31,300) | (6,538) | (2,656) | ||||||||||||
Interest expense | 583 | 361 | 258 | ||||||||||||
Other expense, net | 26 | 33 | 57 | ||||||||||||
Loss from discontinued operations before income taxes | (31,909) | (6,932) | (2,971) | ||||||||||||
Income tax benefit | (3,309) | (1,571) | (746) | ||||||||||||
Loss from discontinued operations, net of tax | (28,600) | $ (5,361) | $ (2,225) | ||||||||||||
Severance termination benefits | 1,800 | ||||||||||||||
Unpaid severance termination benefits | $ 400 | $ 400 |
Discontinued Operations (Future Minimum Lease Payments) (Details) $ in Thousands |
Dec. 31, 2019
USD ($)
|
---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
2020 | $ 6,114 |
2021 | 4,089 |
2022 | 1,816 |
2023 | 1,574 |
2024 | 1,590 |
Subsequent to 2024 | 16,527 |
Total minimum lease payments | 31,710 |
KC | Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
2020 | 10,942 |
2021 | 5,863 |
2022 | 4,027 |
2023 | 2,458 |
2024 | 1,534 |
Subsequent to 2024 | 1,669 |
Total minimum lease payments | 26,493 |
Minimum sublease rental payments due | $ 6,200 |
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rental expense from discontinued operations, net | $ 5.6 | $ 5.6 | $ 5.3 |
KC | Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rental expense from discontinued operations, net | $ 14.3 | $ 18.0 | $ 19.7 |
Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Finite-Lived Intangible Assets, Net [Abstract] | |||||||||||||||
Gross Carrying Amount | $ 10,100 | $ 10,100 | $ 10,100 | $ 10,100 | |||||||||||
Accumulated Amortization | (6,959) | (5,581) | (6,959) | (5,581) | |||||||||||
Net Balance | 3,141 | $ 3,483 | $ 3,828 | $ 4,174 | 4,519 | $ 4,864 | $ 5,209 | $ 5,555 | $ 3,828 | $ 5,209 | $ 3,483 | $ 4,864 | 3,141 | 4,519 | |
Amortization of intangible assets | 341 | $ 345 | $ 346 | $ 345 | 345 | $ 345 | $ 346 | $ 345 | $ 691 | $ 691 | $ 1,036 | $ 1,036 | 1,377 | 1,381 | $ 1,381 |
Expected annual amortization expense, 2020 | 1,200 | 1,200 | |||||||||||||
Expected annual amortization expense, 2021 | 200 | 200 | |||||||||||||
Expected annual amortization expense, 2022 | 200 | 200 | |||||||||||||
Expected annual amortization expense, 2023 | 200 | 200 | |||||||||||||
Expected annual amortization expense, 2024 | 200 | $ 200 | |||||||||||||
Intangible assets, weighted average amortization period | 8 years 10 months 24 days | ||||||||||||||
Customer relationships | |||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||||||||||
Gross Carrying Amount | 5,760 | 5,760 | $ 5,760 | 5,760 | |||||||||||
Accumulated Amortization | (4,840) | (3,880) | (4,840) | (3,880) | |||||||||||
Net Balance | 920 | 1,880 | 920 | 1,880 | |||||||||||
Trademarks | |||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||||||||||
Gross Carrying Amount | 3,100 | 3,100 | 3,100 | 3,100 | |||||||||||
Accumulated Amortization | (1,008) | (808) | (1,008) | (808) | |||||||||||
Net Balance | 2,092 | 2,292 | 2,092 | 2,292 | |||||||||||
Other intangibles | |||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||||||||||
Gross Carrying Amount | 1,240 | 1,240 | 1,240 | 1,240 | |||||||||||
Accumulated Amortization | (1,111) | (893) | (1,111) | (893) | |||||||||||
Net Balance | $ 129 | $ 347 | $ 129 | $ 347 |
Current and Long-Term Financing (Debt Schedule) (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||
Total debt outstanding | $ 58,497 | $ 46,624 | ||||||
Revolving credit agreements | 35,000 | $ 30,000 | $ 30,000 | $ 30,000 | 35,000 | $ 30,000 | $ 30,000 | $ 20,000 |
HBB | ||||||||
Debt Instrument [Line Items] | ||||||||
Total outstanding borrowings | 58,305 | 45,733 | ||||||
Other debt | 192 | 891 | ||||||
Current portion of borrowings outstanding | 23,497 | 11,624 | ||||||
Revolving credit agreements | 35,000 | 35,000 | ||||||
Current portion and long-term portion of borrowings outstanding | 58,497 | 46,624 | ||||||
Total available borrowings, net of limitations, under revolving credit agreements | 114,366 | 114,669 | ||||||
Unused revolving credit agreements | $ 56,061 | $ 68,936 | ||||||
Weighted average stated interest rate on total borrowings | 4.16% | 4.12% | ||||||
Weighted average effective interest rate on total borrowings (including interest rate swap agreements) | 3.82% | 3.45% |
Derivative Financial Instruments (Narrative) (Details) - HBB $ in Millions, $ in Millions |
Dec. 31, 2019
USD ($)
|
Dec. 31, 2019
CAD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CAD ($)
|
---|---|---|---|---|
Foreign currency exchange contracts | ||||
Derivative [Line Items] | ||||
Notional amount of foreign currency derivatives (in CAD) | $ 13.2 | $ 13.0 | ||
Net receivable approximated by fair value of contracts | $ 0.3 | $ 0.1 | ||
Interest rate swap agreements | ||||
Derivative [Line Items] | ||||
Interest rate swap agreement net receivable | $ 0.1 | $ 1.1 |
Derivative Financial Instruments (Schedule of Interest Rate Derivatives) (Details) - HBB - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Interest rate swaps, Extending to January 2020 | ||
Derivative [Line Items] | ||
Notional Amount | $ 20.0 | $ 20.0 |
Average Fixed Rate | 1.40% | 1.40% |
Interest rate swaps, Extending To January 2024 | ||
Derivative [Line Items] | ||
Notional Amount | $ 15.0 | $ 15.0 |
Average Fixed Rate | 1.60% | 1.60% |
Delayed start interest rate swaps, Extending to January 2024 | ||
Derivative [Line Items] | ||
Notional Amount | $ 10.0 | $ 10.0 |
Average Fixed Rate | 1.70% | 1.70% |
Leasing Arrangements (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Operating Leases | |||
2020 | $ 6,114 | ||
2021 | 4,089 | ||
2022 | 1,816 | ||
2023 | 1,574 | ||
2024 | 1,590 | ||
Subsequent to 2024 | 16,527 | ||
Total minimum lease payments | 31,710 | ||
Rental expense for all operating leases | $ 5,600 | $ 5,600 | $ 5,300 |
Stockholders' Equity and Earnings Per Share (Authorized Capital Stock) (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |
Treasury Stock (in shares) | 364,893 | 0 | 0 |
Shares Outstanding Class A | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 70,000,000 | 70,000,000 | |
Common stock issued during period (in shares) | 169,000 | 32,000 | |
Shares Outstanding Class B | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | |
Class B Common converted to Class A Common (in shares) | 345,000 | 387,000 |
Stockholders' Equity and Earnings Per Share (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Nov. 06, 2019 |
May 31, 2018 |
|
Class of Stock [Line Items] | ||||||||
Shares repurchased (in shares) | 364,893 | 0 | 0 | |||||
Shares repurchased | $ 0 | $ 3,626 | $ 2,334 | $ 5,960 | $ 0 | |||
Stock Repurchase Program | Class A Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Approved repurchase amount (up to) | 25,000,000.0 | 25,000,000.0 |
Stockholders' Equity and Earnings Per Share (Weighted Average Number of Shares Outstanding Reconciliation) (Details) - $ / shares |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Equity [Abstract] | |||||||||||||||
Basic weighted average shares outstanding (in shares) | 13,518,000 | 13,579,000 | 13,813,000 | 13,786,000 | 13,714,000 | 13,704,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,694,000 | 13,690,000 | 13,699,000 | 13,673,000 |
Dilutive effect of share-based compensation awards (in shares) | 36,000 | 32,000 | 12,000 | ||||||||||||
Diluted weighted average shares outstanding (in shares) | 13,625,000 | 13,595,000 | 13,826,000 | 13,786,000 | 13,844,000 | 13,713,000 | 13,704,000 | 13,692,000 | 13,813,000 | 13,693,000 | 13,731,000 | 13,697,000 | 13,726,000 | 13,731,000 | 13,685,000 |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ 0.98 | $ 0.04 | $ 0.14 | $ (0.05) | $ 0.84 | $ 0.66 | $ 0.12 | $ 0.07 | $ 0.09 | $ 0.19 | $ 0.13 | $ 0.84 | $ 1.10 | $ 1.68 | $ 1.32 |
Basic and diluted earnings per share, discontinued operations (in dollars per share) | (1.52) | (0.20) | (0.18) | (0.20) | 0.17 | (0.14) | (0.20) | (0.22) | (0.38) | (0.43) | (0.58) | (0.56) | (2.09) | (0.39) | (0.16) |
Basic and diluted earnings per share (in dollars per share) | $ (0.54) | $ (0.16) | $ (0.04) | $ (0.25) | $ 1.01 | $ 0.52 | $ (0.08) | $ (0.15) | $ (0.29) | $ (0.24) | $ (0.45) | $ 0.28 | $ (0.99) | $ 1.29 | $ 1.16 |
Contingencies (Details) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
May 03, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
lease
|
Dec. 31, 2018
USD ($)
|
|
Loss Contingencies [Line Items] | ||||
Damages awarded | $ 3,200,000 | $ 3,200,000 | ||
Number of leases allegedly breached | lease | 49 | |||
Accrual for environmental investigation and remediation activities | $ 4,400,000 | $ 8,200,000 | ||
Loss contingency receivable | 1,500,000 | |||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Estimate of additional expenses | 0 | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Estimate of additional expenses | $ 4,000,000 |
Income Taxes (Income Before Income Taxes and Provision for Income Taxes) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income (loss) before income taxes | |||||||||||||||
Domestic | $ 24,835 | $ 30,835 | $ 34,136 | ||||||||||||
Foreign | (658) | (350) | 2,940 | ||||||||||||
Total | 24,177 | 30,485 | 37,076 | ||||||||||||
Current income tax provision (benefit): | |||||||||||||||
Federal | 2,966 | (323) | 12,647 | ||||||||||||
State | 1,106 | 356 | 1,396 | ||||||||||||
Foreign | 3,525 | 1,919 | 1,449 | ||||||||||||
Total current | 7,597 | 1,952 | 15,492 | ||||||||||||
Deferred income tax provision (benefit): | |||||||||||||||
Federal | 856 | 5,592 | 3,417 | ||||||||||||
State | 1,676 | 447 | (96) | ||||||||||||
Foreign | (1,045) | (565) | 154 | ||||||||||||
Total deferred | 1,487 | 5,474 | 3,475 | ||||||||||||
Income tax provision | $ 5,699 | $ 2,449 | $ 630 | $ 307 | $ 3,420 | $ 2,280 | $ 811 | $ 916 | $ 937 | $ 1,727 | $ 3,385 | $ 4,007 | $ 9,084 | $ 7,426 | $ 18,967 |
Income Taxes (Textual) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Contingency [Line Items] | |||
Deferred tax expense | $ 1,487,000 | $ 5,474,000 | $ 3,475,000 |
Income tax refunds | 100,000 | 100,000 | 0 |
Permanent items | 3,000,000 | 1,400,000 | 600,000 |
Undistributed Earnings of Foreign Subsidiaries | 13,200,000 | ||
Federal | |||
Income Tax Contingency [Line Items] | |||
Income tax payments | 1,900,000 | 8,300,000 | 9,900,000 |
Foreign and State | |||
Income Tax Contingency [Line Items] | |||
Income tax payments | 3,600,000 | $ 2,600,000 | $ 1,900,000 |
Discontinued Operations | KC | |||
Income Tax Contingency [Line Items] | |||
Deferred tax expense | $ 2,000,000 |
Income Taxes (Reconciliation of the Federal Statutory and Effective Income Tax Rate) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||||||||||||||
Income before income taxes | $ 19,003 | $ 3,002 | $ 2,528 | $ (355) | $ 14,910 | $ 11,310 | $ 2,456 | $ 1,810 | $ 2,173 | $ 4,266 | $ 5,174 | $ 15,576 | $ 24,177 | $ 30,485 | $ 37,076 |
Amount | |||||||||||||||
Statutory taxes at 21.0% (35.0% in 2017) | 5,077 | 6,402 | 12,976 | ||||||||||||
State and local income taxes | 1,031 | 729 | 824 | ||||||||||||
Valuation allowances | 2,190 | 42 | 344 | ||||||||||||
Other non-deductible expenses | 253 | 429 | 0 | ||||||||||||
Credits | (1,195) | (348) | (458) | ||||||||||||
Provisional effect of the Tax Cuts and Jobs Act (the Tax Act) | 0 | 0 | 4,654 | ||||||||||||
Non-deductible spin-related costs | 0 | 0 | 540 | ||||||||||||
Foreign taxes | 2,719 | 1,427 | (12) | ||||||||||||
Other, net | (991) | (1,255) | 99 | ||||||||||||
Income tax provision | $ 5,699 | $ 2,449 | $ 630 | $ 307 | $ 3,420 | $ 2,280 | $ 811 | $ 916 | $ 937 | $ 1,727 | $ 3,385 | $ 4,007 | $ 9,084 | $ 7,426 | $ 18,967 |
Percent | |||||||||||||||
Statutory taxes at 21.0% (35.0% in 2017) | 21.00% | 21.00% | 35.00% | ||||||||||||
State and local income taxes | 4.30% | 2.40% | 2.20% | ||||||||||||
Valuation allowances | 9.10% | 0.10% | 0.90% | ||||||||||||
Other non-deductible expenses | 1.00% | 1.40% | 0.00% | ||||||||||||
Credits | (4.90%) | (1.10%) | (1.20%) | ||||||||||||
Provisional effect of the Tax Cuts and Jobs Act (the Tax Act) | 0.000 | 0.000 | 0.126 | ||||||||||||
Non-deductible spin-related costs | 0.00% | 0.00% | 1.50% | ||||||||||||
Foreign taxes | 11.20% | ||||||||||||||
Other, net | (4.10%) | (4.10%) | 0.30% | ||||||||||||
Income tax provision | 6.90% | 43.10% | 37.60% | 24.40% | 51.20% |
Income Taxes (Summary of the Total Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Deferred tax assets | ||
Tax carryforwards | $ 2,867 | $ 1,456 |
Inventory | 316 | 0 |
Accrued expenses and reserves | 5,896 | 5,505 |
Other employee benefits | 1,500 | 2,349 |
Other | 1,412 | 996 |
Total deferred tax assets | 11,991 | 10,306 |
Less: Valuation allowances | (1,069) | (1,162) |
Deferred tax assets, net of valuation allowance | 10,922 | 9,144 |
Deferred tax liabilities | ||
Inventory | 0 | 37 |
Accrued pension benefits | 2,623 | 1,854 |
Depreciation and amortization | 2,051 | 1,459 |
Total deferred tax liabilities | 4,674 | 3,350 |
Net deferred tax asset | $ 6,248 | $ 5,794 |
Income Taxes (Summary of Operating Loss Carryforwards and Tax Credit Carryforwards) (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Operating Loss Carryforwards [Line Items] | ||
Net deferred tax asset, net operating loss | $ 2,867 | $ 1,456 |
Total net deferred tax asset | 2,867 | 1,456 |
Total valuation allowance | 987 | 917 |
State and local jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Net deferred tax asset, net operating loss | 2,867 | 1,456 |
Valuation allowance, net operating loss | $ 987 | $ 917 |
Income Taxes (Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of period | $ 1,576 | $ 881 | $ 671 |
Additions based on tax positions related to prior years | 97 | 91 | 0 |
Additions based on tax positions related to the current year | 2,593 | 1,110 | 210 |
Reductions due to settlements with taxing authorities | 0 | (506) | 0 |
Balance at end of period | $ 4,266 | $ 1,576 | $ 881 |
Retirement Benefit Plans (Assumptions Used in Accounting for Defined Benefit Plans) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
U.S. Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for pension benefit obligation | 2.88% | 4.00% | 3.30% |
Discount rate for net periodic benefit income | 4.00% | 3.30% | 3.60% |
Expected long-term rate of return on assets for net periodic pension income | 7.50% | 7.50% | 7.50% |
Non-U.S. Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for pension benefit obligation | 2.96% | 3.50% | 3.25% |
Discount rate for net periodic benefit income | 3.50% | 3.50% | 3.75% |
Expected long-term rate of return on assets for net periodic pension income | 5.50% | 5.50% | 5.50% |
Retirement Benefit Plans (Net Periodic Pension Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
U.S. Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 727 | $ 681 | $ 811 |
Expected return on plan assets | (1,987) | (2,047) | (2,074) |
Amortization of actuarial loss | 561 | 623 | 501 |
Net periodic pension (income) loss | (699) | (743) | (762) |
Non-U.S. Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 144 | 142 | 153 |
Expected return on plan assets | (263) | (286) | (264) |
Amortization of actuarial loss | 72 | 200 | 10 |
Net periodic pension (income) loss | $ (47) | $ 56 | $ (101) |
Retirement Benefit Plans (Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
U.S. Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial loss | $ (1,727) | $ 2,347 | $ (2,506) |
Amortization of actuarial loss | (561) | (623) | (501) |
Total recognized in other comprehensive loss | (2,288) | 1,724 | (3,007) |
Non-U.S. Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial loss | (155) | 236 | 60 |
Amortization of actuarial loss | (72) | (200) | (10) |
Total recognized in other comprehensive loss | $ (227) | $ 36 | $ 50 |
Retirement Benefit Plans (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost, before tax | $ (0.7) | ||
Defined contribution plan, total costs | $ 5.0 | $ 5.3 | $ 5.3 |
Retirement Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Millions |
Dec. 31, 2019
USD ($)
|
---|---|
U.S. Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 2,200 |
2021 | 1,870 |
2022 | 1,880 |
2023 | 1,698 |
2024 | 1,591 |
2025 - 2029 | 6,148 |
Total | 15,387 |
Non-U.S. Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 184 |
2021 | 215 |
2022 | 246 |
2023 | 243 |
2024 | 249 |
2025 - 2029 | 1,322 |
Total | $ 2,459 |
Data by Geographic Region (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenue from unaffiliated customers (As Restated) | $ 204,570 | $ 149,508 | $ 131,065 | $ 126,642 | $ 198,166 | $ 171,301 | $ 135,583 | $ 125,032 | $ 257,707 | $ 260,615 | $ 407,216 | $ 431,916 | $ 611,786 | $ 630,082 | $ 612,056 |
Property, plant and equipment, net | 22,324 | $ 22,193 | $ 21,649 | $ 20,984 | 20,842 | $ 20,988 | $ 19,088 | $ 17,643 | $ 21,649 | $ 19,088 | $ 22,193 | $ 20,988 | 22,324 | 20,842 | 15,979 |
U.S. | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenue from unaffiliated customers (As Restated) | 463,608 | 488,520 | 478,770 | ||||||||||||
Property, plant and equipment, net | 16,828 | 15,344 | 16,828 | 15,344 | 10,974 | ||||||||||
Other | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenue from unaffiliated customers (As Restated) | 148,178 | 141,562 | 133,286 | ||||||||||||
Property, plant and equipment, net | $ 5,496 | $ 5,498 | $ 5,496 | $ 5,498 | $ 5,005 |
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Revenues | $ 204,570 | $ 149,508 | $ 131,065 | $ 126,642 | $ 198,166 | $ 171,301 | $ 135,583 | $ 125,032 | |||||||
Gross profit | 42,397 | 30,946 | 28,507 | 26,702 | 41,993 | 38,404 | 30,727 | 27,928 | $ 55,209 | $ 58,655 | $ 86,155 | $ 97,059 | $ 128,552 | $ 139,052 | $ 136,117 |
Operating profit | 19,060 | 4,439 | 3,185 | 111 | 16,050 | 11,763 | 3,944 | 1,794 | 3,296 | 5,738 | 7,734 | 17,501 | 26,794 | 33,550 | 37,956 |
Income (loss) from continuing operations, net of tax | 13,304 | 553 | 1,898 | (662) | 11,490 | 9,030 | 1,645 | 894 | 1,236 | 2,539 | 1,789 | 11,569 | 15,093 | 23,059 | 18,109 |
Loss from discontinued operations, net of tax | (20,608) | (2,753) | (2,516) | (2,723) | 2,371 | (1,889) | (2,766) | (3,077) | (5,239) | (5,843) | (7,992) | (7,732) | (28,600) | (5,361) | (2,225) |
Net income (loss) | $ (7,304) | $ (2,200) | $ (618) | $ (3,385) | $ 13,861 | $ 7,141 | $ (1,121) | $ (2,183) | $ (4,003) | $ (3,304) | $ (6,203) | $ 3,837 | $ (13,507) | $ 17,698 | $ 15,884 |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ 0.98 | $ 0.04 | $ 0.14 | $ (0.05) | $ 0.84 | $ 0.66 | $ 0.12 | $ 0.07 | $ 0.09 | $ 0.19 | $ 0.13 | $ 0.84 | $ 1.10 | $ 1.68 | $ 1.32 |
Basic and diluted earnings per share, discontinued operations (in dollars per share) | (1.52) | (0.20) | (0.18) | (0.20) | 0.17 | (0.14) | (0.20) | (0.22) | $ (0.38) | $ (0.43) | $ (0.58) | $ (0.56) | $ (2.09) | $ (0.39) | $ (0.16) |
Basic earnings (loss) per share (in dollars per share) | $ (0.54) | $ (0.16) | $ (0.04) | $ (0.25) | $ 1.01 | $ 0.52 | $ (0.08) | $ (0.15) |
Quarterly Results of Operations (Unaudited) (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Increase (decrease) to revenue | $ (21,800) | $ (4,500) | $ 1,600 | ||||||||||||
Increase (decrease) to revenue, percent | (12.70%) | (3.30%) | 1.30% | ||||||||||||
Increase (decrease) to gross profit | $ (7,500) | $ (2,200) | $ (1,200) | ||||||||||||
Increase (decrease) to gross profit, percent | (19.40%) | (7.20%) | (4.40%) | ||||||||||||
Gross profit as a percent of revenue | 20.70% | 21.80% | 21.10% | 22.40% | 22.70% | 22.30% | 21.80% | 22.70% | 20.70% | 22.40% | |||||
Increase (decrease) to selling, general, and administrative expense | $ (100) | $ (1,500) | $ 400 | ||||||||||||
Increase (decrease) to selling, general, and administrative expense, percent | (0.50%) | (5.50%) | 1.80% | ||||||||||||
Decline in environmental reserve | $ 3,700 | ||||||||||||||
Contingent loss related to patent litigation | 3,200 | ||||||||||||||
Decline due to lower legal and professional services fees | $ 1,200 | ||||||||||||||
Increase (decrease) in interest expense, net | (100) | $ (200) | |||||||||||||
Decrease in other income | 300 | ||||||||||||||
Foreign currency gain (loss) | (800) | 100 | $ 200 | $ (700) | |||||||||||
Income tax expense | $ 5,699 | 2,449 | 630 | 307 | $ 3,420 | 2,280 | 811 | $ 916 | $ 937 | $ 1,727 | $ 3,385 | $ 4,007 | $ 9,084 | $ 7,426 | $ 18,967 |
Income (loss) before income taxes | $ 19,003 | 3,002 | 2,528 | $ (355) | $ 14,910 | 11,310 | 2,456 | $ 1,810 | $ 2,173 | $ 4,266 | $ 5,174 | $ 15,576 | $ 24,177 | $ 30,485 | $ 37,076 |
Effective tax rate | 6.90% | 43.10% | 37.60% | 24.40% | 51.20% | ||||||||||
Increase (decrease) in effective tax rate | (33.10%) | 40.50% | |||||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Non-cash charges to write-off unrealizable assets created as a result of unauthorized transactions | $ 2,700 | $ 600 | $ 1,800 | $ 1,500 | $ 1,000 | $ 2,000 |
Quarterly Results of Operations (Unaudited) (Restated Condensed Consolidated Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Total revenues | $ 204,570 | $ 149,508 | $ 131,065 | $ 126,642 | $ 198,166 | $ 171,301 | $ 135,583 | $ 125,032 | $ 257,707 | $ 260,615 | $ 407,216 | $ 431,916 | $ 611,786 | $ 630,082 | $ 612,056 |
Cost of sales | 162,173 | 118,562 | 102,558 | 99,940 | 156,173 | 132,897 | 104,856 | 97,104 | 202,498 | 201,960 | 321,060 | 334,857 | 483,234 | 491,030 | 475,939 |
Gross profit | 42,397 | 30,946 | 28,507 | 26,702 | 41,993 | 38,404 | 30,727 | 27,928 | 55,209 | 58,655 | 86,155 | 97,059 | 128,552 | 139,052 | 136,117 |
Selling, general and administrative expenses | 22,996 | 26,165 | 24,976 | 26,246 | 25,599 | 26,296 | 26,437 | 25,789 | 51,222 | 52,225 | 77,385 | 78,522 | 100,381 | 104,121 | 96,780 |
Amortization of intangible assets | 341 | 345 | 346 | 345 | 345 | 345 | 346 | 345 | 691 | 691 | 1,036 | 1,036 | 1,377 | 1,381 | 1,381 |
Operating profit | 19,060 | 4,439 | 3,185 | 111 | 16,050 | 11,763 | 3,944 | 1,794 | 3,296 | 5,738 | 7,734 | 17,501 | 26,794 | 33,550 | 37,956 |
Interest expense, net | 767 | 756 | 789 | 663 | 711 | 886 | 809 | 510 | 1,452 | 1,319 | 2,208 | 2,205 | 2,975 | 2,916 | 1,572 |
Other expense (income), net | (710) | 681 | (132) | (197) | 429 | (433) | 679 | (526) | (329) | 153 | 352 | (280) | (358) | 149 | (692) |
Income from continuing operations before income taxes | 19,003 | 3,002 | 2,528 | (355) | 14,910 | 11,310 | 2,456 | 1,810 | 2,173 | 4,266 | 5,174 | 15,576 | 24,177 | 30,485 | 37,076 |
Income tax expense | 5,699 | 2,449 | 630 | 307 | 3,420 | 2,280 | 811 | 916 | 937 | 1,727 | 3,385 | 4,007 | 9,084 | 7,426 | 18,967 |
Net income from continuing operations | 13,304 | 553 | 1,898 | (662) | 11,490 | 9,030 | 1,645 | 894 | 1,236 | 2,539 | 1,789 | 11,569 | 15,093 | 23,059 | 18,109 |
Loss from discontinued operations, net of tax | (20,608) | (2,753) | (2,516) | (2,723) | 2,371 | (1,889) | (2,766) | (3,077) | (5,239) | (5,843) | (7,992) | (7,732) | (28,600) | (5,361) | (2,225) |
Net income (loss) | $ (7,304) | $ (2,200) | $ (618) | $ (3,385) | $ 13,861 | $ 7,141 | $ (1,121) | $ (2,183) | $ (4,003) | $ (3,304) | $ (6,203) | $ 3,837 | $ (13,507) | $ 17,698 | $ 15,884 |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ 0.98 | $ 0.04 | $ 0.14 | $ (0.05) | $ 0.84 | $ 0.66 | $ 0.12 | $ 0.07 | $ 0.09 | $ 0.19 | $ 0.13 | $ 0.84 | $ 1.10 | $ 1.68 | $ 1.32 |
Basic and diluted earnings per share, discontinued operations (in dollars per share) | (1.52) | (0.20) | (0.18) | (0.20) | 0.17 | (0.14) | (0.20) | (0.22) | (0.38) | (0.43) | (0.58) | (0.56) | (2.09) | (0.39) | (0.16) |
Basic and diluted earnings per share (in dollars per share) | $ (0.54) | $ (0.16) | $ (0.04) | $ (0.25) | $ 1.01 | $ 0.52 | $ (0.08) | $ (0.15) | $ (0.29) | $ (0.24) | $ (0.45) | $ 0.28 | $ (0.99) | $ 1.29 | $ 1.16 |
Basic weighted average shares outstanding (in shares) | 13,518,000 | 13,579,000 | 13,813,000 | 13,786,000 | 13,714,000 | 13,704,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,694,000 | 13,690,000 | 13,699,000 | 13,673,000 |
Diluted weighted average shares outstanding (in shares) | 13,625,000 | 13,595,000 | 13,826,000 | 13,786,000 | 13,844,000 | 13,713,000 | 13,704,000 | 13,692,000 | 13,813,000 | 13,693,000 | 13,731,000 | 13,697,000 | 13,726,000 | 13,731,000 | 13,685,000 |
Quarterly Results of Operations (Unaudited) (Restated Condensed Consolidated Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Net income (loss) | $ (7,304) | $ (2,200) | $ (618) | $ (3,385) | $ 13,861 | $ 7,141 | $ (1,121) | $ (2,183) | $ (4,003) | $ (3,304) | $ (6,203) | $ 3,837 | $ (13,507) | $ 17,698 | $ 15,884 |
Foreign currency translation adjustment | 201 | (18) | 113 | 214 | (1,135) | 902 | (412) | 573 | 327 | 161 | 309 | 1,063 | 510 | (73) | 648 |
Loss on long-term intra-entity foreign currency transactions | 294 | (509) | 121 | 15 | 60 | (53) | (1,013) | 0 | 136 | (1,013) | (373) | (1,066) | (79) | (1,006) | 0 |
Cash flow hedging activity | (143) | (127) | (877) | (422) | (352) | (301) | 464 | 289 | (1,299) | 753 | (1,426) | 452 | (1,569) | 100 | (749) |
Reclassification of hedging activities into earnings | 81 | 122 | 144 | 2 | 48 | (102) | 41 | 166 | 146 | 207 | 268 | 105 | 349 | 153 | 641 |
Pension plan adjustment | 1,410 | 0 | 0 | 0 | (1,920) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,410 | (1,920) | 1,510 |
Reclassification of pension adjustments into earnings | 35 | 127 | 102 | 84 | 141 | 115 | 142 | 158 | 186 | 300 | 313 | 415 | 348 | 556 | 306 |
Total other comprehensive income (loss), net of tax | 1,878 | (405) | (397) | (107) | (3,158) | 561 | (778) | 1,186 | (504) | 408 | (909) | 969 | 969 | (2,190) | 2,356 |
Comprehensive income (loss) | $ (5,426) | $ (2,605) | $ (1,015) | $ (3,492) | $ 10,703 | $ 7,702 | $ (1,899) | $ (997) | $ (4,507) | $ (2,896) | $ (7,112) | $ 4,805 | $ (12,538) | $ 15,508 | $ 18,240 |
Quarterly Results of Operations (Unaudited) (Restated Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|---|---|---|---|
Current assets | |||||||||
Cash and cash equivalents | $ 2,142 | $ 1,559 | $ 1,029 | $ 1,636 | $ 4,420 | $ 1,567 | $ 1,393 | $ 1,784 | |
Trade receivables, net | 108,381 | 103,091 | 86,268 | 79,102 | 98,361 | 112,309 | 76,132 | 79,358 | |
Inventory | 109,806 | 161,043 | 121,472 | 120,707 | 122,808 | 155,744 | 138,721 | 132,749 | |
Prepaid expenses and other current assets | 11,345 | 14,086 | 16,412 | 17,379 | 15,396 | 12,595 | 14,569 | 14,615 | |
Current assets of discontinued operations | 5,383 | 22,830 | 21,255 | 24,692 | 27,879 | 32,185 | 30,704 | 29,086 | |
Total current assets | 237,057 | 302,609 | 246,436 | 243,516 | 268,864 | 314,400 | 261,519 | 257,592 | |
Property, plant and equipment, net | 22,324 | 22,193 | 21,649 | 20,984 | 20,842 | 20,988 | 19,088 | 17,643 | $ 15,979 |
Goodwill | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | |
Other intangible assets, net | 3,141 | 3,483 | 3,828 | 4,174 | 4,519 | 4,864 | 5,209 | 5,555 | |
Deferred income taxes | 6,248 | 5,640 | 3,754 | 3,166 | 5,794 | 7,704 | 8,877 | 10,419 | |
Deferred costs | 10,941 | 8,804 | 8,564 | 8,316 | 7,868 | 10,153 | 9,825 | 10,187 | |
Other non-current assets | 2,085 | 1,553 | 1,984 | 2,403 | 2,672 | 3,282 | 3,178 | 3,068 | |
Non-current assets of discontinued operations | 614 | 1,744 | 4,420 | 4,446 | 4,606 | 5,313 | 5,688 | 5,661 | |
Total assets | 288,663 | 352,279 | 296,888 | 293,258 | 321,418 | 372,957 | 319,637 | 316,378 | |
Current liabilities | |||||||||
Accounts payable | 111,348 | 140,011 | 86,199 | 73,720 | 119,271 | 131,620 | 92,488 | 96,924 | |
Accounts payable to NACCO Industries, Inc. | 496 | 220 | 220 | 2,425 | 2,416 | 2,480 | 2,769 | 7,814 | |
Revolving credit agreements | 23,497 | 50,152 | 51,505 | 54,812 | 11,624 | 60,083 | 66,326 | 63,308 | |
Accrued compensation | 15,027 | 14,650 | 11,725 | 8,398 | 15,878 | 15,421 | 11,984 | 9,238 | |
Accrued product returns | 8,697 | 8,266 | 8,224 | 9,314 | 10,698 | 9,601 | 9,648 | 10,815 | |
Other current liabilities | 12,534 | 25,880 | 21,382 | 17,705 | 22,922 | 22,488 | 15,769 | 21,227 | |
Current liabilities of discontinued operations | 29,723 | 24,713 | 20,048 | 21,473 | 22,820 | 29,693 | 26,830 | 21,509 | |
Total current liabilities | 201,322 | 263,892 | 199,303 | 187,847 | 205,629 | 271,386 | 225,814 | 230,835 | |
Revolving credit agreements | 35,000 | 30,000 | 30,000 | 30,000 | 35,000 | 30,000 | 30,000 | 20,000 | |
Other long-term liabilities | 16,075 | 14,258 | 14,699 | 18,619 | 22,011 | 22,343 | 21,654 | 21,831 | |
Non-current liabilities of discontinued operations | 0 | 1,585 | 3,697 | 3,834 | 1,960 | 2,293 | 2,416 | 2,565 | |
Total liabilities | 252,397 | 309,735 | 247,699 | 240,300 | 264,600 | 326,022 | 279,884 | 275,231 | |
Equity [Abstract] | |||||||||
Capital in excess of par value | 54,509 | 51,714 | |||||||
Treasury stock | (5,960) | (5,960) | (2,334) | 0 | 0 | 0 | 0 | 0 | |
Retained earnings | 3,710 | 12,231 | 15,646 | 17,506 | 22,068 | 9,373 | 3,397 | 5,683 | |
Accumulated other comprehensive loss | (16,132) | (18,009) | (17,604) | (17,207) | (17,101) | (13,941) | (14,502) | (13,724) | |
Total stockholders’ equity | 36,266 | 42,544 | 49,189 | 52,958 | 56,818 | 46,935 | 39,753 | 41,147 | |
Total liabilities and stockholders' equity | 288,663 | 352,279 | 296,888 | 293,258 | 321,418 | 372,957 | 319,637 | 316,378 | |
Shares Outstanding Class A | |||||||||
Equity [Abstract] | |||||||||
Common stock | 98 | 95 | 95 | 95 | 93 | 92 | 92 | 92 | |
Shares Outstanding Class B | |||||||||
Equity [Abstract] | |||||||||
Common stock | $ 41 | 44 | 44 | 44 | $ 44 | 45 | 45 | 45 | |
Capital in excess of par value | $ 54,143 | $ 53,342 | $ 52,520 | $ 51,366 | $ 50,721 | $ 49,051 |
Quarterly Results of Operations (Unaudited) (Restated Condensed Consolidated Statements of Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Balance, beginning of period | $ 42,544 | $ 49,189 | $ 52,958 | $ 56,818 | $ 46,935 | $ 39,753 | $ 41,147 | $ 42,026 | $ 56,818 | $ 42,026 | $ 56,818 | $ 42,026 | $ 56,818 | $ 42,026 | $ 62,948 |
Net income (loss) | (7,304) | (2,200) | (618) | (3,385) | 13,861 | 7,141 | (1,121) | (2,183) | (4,003) | (3,304) | (6,203) | 3,837 | (13,507) | 17,698 | 15,884 |
Issuance of common stock, net of conversions | (1) | 1 | (444) | 246 | 198 | 324 | 0 | 324 | 0 | ||||||
Purchase of treasury stock | 0 | (3,626) | (2,334) | (5,960) | 0 | ||||||||||
Share-based compensation expense | 367 | 801 | 822 | 807 | 792 | 399 | 1,472 | 955 | 2,797 | 3,618 | |||||
Cash dividends | (1,217) | (1,215) | (1,242) | (1,177) | (1,166) | (1,165) | (1,165) | (1,162) | (4,851) | (4,658) | (38,000) | ||||
Other comprehensive loss | 1,761 | (654) | (643) | (192) | (3,349) | 548 | (961) | 863 | 272 | (2,899) | 1,409 | ||||
Reclassification adjustment to net income | 116 | 249 | 246 | 86 | 189 | 13 | 183 | 324 | 697 | 709 | 947 | ||||
Balance, end of period | $ 36,266 | $ 42,544 | $ 49,189 | $ 52,958 | $ 56,818 | $ 46,935 | $ 39,753 | $ 41,147 | 49,189 | 39,753 | 42,544 | 46,935 | $ 36,266 | $ 56,818 | $ 42,026 |
Common stock dividends (in dollars per share) | $ 0.9 | $ 0.9 | $ 0.9 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.355 | $ 0.34 | $ 0.085 | ||||
Capital in Excess of Par Value (1) | |||||||||||||||
Balance, beginning of period | $ 54,143 | $ 53,342 | $ 52,520 | $ 51,714 | $ 51,366 | $ 50,721 | $ 49,051 | $ 47,773 | 51,714 | 47,773 | 51,714 | 47,773 | $ 51,714 | $ 47,773 | $ 75,031 |
Issuance of common stock, net of conversions | (1) | (1) | (444) | 246 | 198 | 323 | (2) | 323 | (136) | ||||||
Share-based compensation expense | 367 | 801 | 822 | 807 | 792 | 399 | 1,472 | 955 | 2,797 | 3,618 | |||||
Cash dividends | 0 | 0 | 0 | 0 | (27,122) | ||||||||||
Balance, end of period | 54,509 | 54,143 | 53,342 | 52,520 | 51,714 | 51,366 | 50,721 | 49,051 | 53,342 | 50,721 | 54,143 | 51,366 | 54,509 | 51,714 | 47,773 |
Retained Earnings (1) | |||||||||||||||
Balance, beginning of period | 12,231 | 15,646 | 17,506 | 22,068 | 9,373 | 3,397 | 5,683 | 7,860 | 22,068 | 7,860 | 22,068 | 7,860 | 22,068 | 7,860 | 4,016 |
Net income (loss) | (7,304) | (2,200) | (618) | (3,385) | 13,861 | 7,141 | (1,121) | (2,183) | (13,507) | 17,698 | 15,884 | ||||
Cash dividends | (1,217) | (1,215) | (1,242) | (1,177) | (1,166) | (1,165) | (1,165) | (1,162) | (4,851) | (4,658) | (10,878) | ||||
Reclassification due to adoption of ASU 2018-02 | 1,168 | ||||||||||||||
Reclassification adjustment to net income | 0 | ||||||||||||||
Balance, end of period | 3,710 | 12,231 | 15,646 | 17,506 | 22,068 | 9,373 | 3,397 | 5,683 | 15,646 | 3,397 | 12,231 | 9,373 | 3,710 | 22,068 | 7,860 |
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Balance, beginning of period | (18,009) | (17,604) | (17,207) | (17,101) | (13,941) | (14,502) | (13,724) | (13,743) | (17,101) | (13,743) | (17,101) | (13,743) | (17,101) | (13,743) | (16,099) |
Reclassification due to adoption of ASU 2018-02 | (1,168) | ||||||||||||||
Other comprehensive loss | 1,761 | (654) | (643) | (192) | (3,349) | 548 | (961) | 863 | 272 | (2,899) | 1,409 | ||||
Reclassification adjustment to net income | 116 | 249 | 246 | 86 | 189 | 13 | 183 | 324 | 697 | 709 | 947 | ||||
Balance, end of period | (16,132) | (18,009) | (17,604) | (17,207) | (17,101) | (13,941) | (14,502) | (13,724) | (17,604) | (14,502) | (18,009) | (13,941) | (16,132) | (17,101) | (13,743) |
Treasury Stock | |||||||||||||||
Balance, beginning of period | (5,960) | (2,334) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Purchase of treasury stock | 0 | (3,626) | (2,334) | (5,960) | |||||||||||
Balance, end of period | (5,960) | (5,960) | (2,334) | 0 | 0 | (2,334) | (5,960) | (5,960) | 0 | 0 | |||||
Class A Common Stock | Common Stock | |||||||||||||||
Balance, beginning of period | 95 | 95 | 95 | 93 | 92 | 92 | 92 | 88 | 93 | 88 | 93 | 88 | 93 | 88 | 0 |
Issuance of common stock, net of conversions | 3 | 2 | 1 | 4 | 5 | 5 | 88 | ||||||||
Balance, end of period | 98 | 95 | 95 | 95 | 93 | 92 | 92 | 92 | 95 | 92 | 95 | 92 | 98 | 93 | 88 |
Class B Common Stock | Common Stock | |||||||||||||||
Balance, beginning of period | 44 | 44 | 44 | 44 | 45 | 45 | 45 | 48 | 44 | 48 | 44 | 48 | 44 | 48 | 0 |
Issuance of common stock, net of conversions | (3) | (1) | (3) | (3) | (4) | 48 | |||||||||
Balance, end of period | 41 | 44 | 44 | 44 | 44 | 45 | 45 | 45 | 44 | 45 | 44 | 45 | 41 | 44 | 48 |
Restatement Impacts | |||||||||||||||
Balance, beginning of period | (8,620) | (4,382) | (8,620) | (4,382) | (8,620) | (4,382) | (8,620) | (4,382) | (2,320) | ||||||
Net income (loss) | (6,090) | $ (2,597) | $ 326 | (1,624) | (1,171) | $ (903) | $ (247) | (1,765) | (1,298) | (2,012) | (3,895) | (2,915) | (9,985) | (4,086) | (2,021) |
Share-based compensation expense | 165 | ||||||||||||||
Other comprehensive loss | (447) | (58) | (41) | ||||||||||||
Reclassification adjustment to net income | 100 | 94 | (94) | ||||||||||||
Balance, end of period | (18,793) | (8,620) | $ (18,793) | $ (8,620) | $ (4,382) | ||||||||||
Common stock dividends (in dollars per share) | $ 0.355 | $ 0.34 | $ 0.085 | ||||||||||||
Restatement Impacts | Capital in Excess of Par Value (1) | |||||||||||||||
Balance, beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | ||||||
Share-based compensation expense | 165 | ||||||||||||||
Balance, end of period | 165 | 0 | 165 | 0 | 0 | ||||||||||
Restatement Impacts | Retained Earnings (1) | |||||||||||||||
Balance, beginning of period | (8,829) | (4,743) | (8,829) | (4,743) | (8,829) | (4,743) | (8,829) | (4,743) | (2,722) | ||||||
Net income (loss) | (9,985) | (4,086) | (2,021) | ||||||||||||
Balance, end of period | (18,814) | (8,829) | (18,814) | (8,829) | (4,743) | ||||||||||
Restatement Impacts | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Balance, beginning of period | 209 | 361 | 209 | 361 | 209 | 361 | 209 | 361 | 402 | ||||||
Other comprehensive loss | (447) | (58) | (41) | ||||||||||||
Reclassification adjustment to net income | 94 | (94) | |||||||||||||
Balance, end of period | (144) | 209 | (144) | 209 | 361 | ||||||||||
Restatement Impacts | Treasury Stock | |||||||||||||||
Balance, beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Balance, end of period | 0 | 0 | 0 | 0 | 0 | ||||||||||
Restatement Impacts | Class A Common Stock | Common Stock | |||||||||||||||
Balance, beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Balance, end of period | 0 | 0 | 0 | 0 | 0 | ||||||||||
Restatement Impacts | Class B Common Stock | Common Stock | |||||||||||||||
Balance, beginning of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Balance, end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Quarterly Results of Operations (Unaudited) (Restated Condensed Consolidated Statements of Operations with Adjustments) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total revenues | $ 204,570 | $ 149,508 | $ 131,065 | $ 126,642 | $ 198,166 | $ 171,301 | $ 135,583 | $ 125,032 | $ 257,707 | $ 260,615 | $ 407,216 | $ 431,916 | $ 611,786 | $ 630,082 | $ 612,056 |
Cost of sales | 162,173 | 118,562 | 102,558 | 99,940 | 156,173 | 132,897 | 104,856 | 97,104 | 202,498 | 201,960 | 321,060 | 334,857 | 483,234 | 491,030 | 475,939 |
Gross profit | 42,397 | 30,946 | 28,507 | 26,702 | 41,993 | 38,404 | 30,727 | 27,928 | 55,209 | 58,655 | 86,155 | 97,059 | 128,552 | 139,052 | 136,117 |
Selling, general and administrative expenses | 22,996 | 26,165 | 24,976 | 26,246 | 25,599 | 26,296 | 26,437 | 25,789 | 51,222 | 52,225 | 77,385 | 78,522 | 100,381 | 104,121 | 96,780 |
Amortization of intangible assets | 341 | 345 | 346 | 345 | 345 | 345 | 346 | 345 | 691 | 691 | 1,036 | 1,036 | 1,377 | 1,381 | 1,381 |
Operating profit | 19,060 | 4,439 | 3,185 | 111 | 16,050 | 11,763 | 3,944 | 1,794 | 3,296 | 5,738 | 7,734 | 17,501 | 26,794 | 33,550 | 37,956 |
Interest expense, net | 767 | 756 | 789 | 663 | 711 | 886 | 809 | 510 | 1,452 | 1,319 | 2,208 | 2,205 | 2,975 | 2,916 | 1,572 |
Other expense (income), net | (710) | 681 | (132) | (197) | 429 | (433) | 679 | (526) | (329) | 153 | 352 | (280) | (358) | 149 | (692) |
Income from continuing operations before income taxes | 19,003 | 3,002 | 2,528 | (355) | 14,910 | 11,310 | 2,456 | 1,810 | 2,173 | 4,266 | 5,174 | 15,576 | 24,177 | 30,485 | 37,076 |
Income tax expense | 5,699 | 2,449 | 630 | 307 | 3,420 | 2,280 | 811 | 916 | 937 | 1,727 | 3,385 | 4,007 | 9,084 | 7,426 | 18,967 |
Net income from continuing operations | 13,304 | 553 | 1,898 | (662) | 11,490 | 9,030 | 1,645 | 894 | 1,236 | 2,539 | 1,789 | 11,569 | 15,093 | 23,059 | 18,109 |
Loss from discontinued operations, net of tax | (20,608) | (2,753) | (2,516) | (2,723) | 2,371 | (1,889) | (2,766) | (3,077) | (5,239) | (5,843) | (7,992) | (7,732) | (28,600) | (5,361) | (2,225) |
Net income (loss) | $ (7,304) | $ (2,200) | $ (618) | $ (3,385) | $ 13,861 | $ 7,141 | $ (1,121) | $ (2,183) | $ (4,003) | $ (3,304) | $ (6,203) | $ 3,837 | $ (13,507) | $ 17,698 | $ 15,884 |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ 0.98 | $ 0.04 | $ 0.14 | $ (0.05) | $ 0.84 | $ 0.66 | $ 0.12 | $ 0.07 | $ 0.09 | $ 0.19 | $ 0.13 | $ 0.84 | $ 1.10 | $ 1.68 | $ 1.32 |
Basic and diluted earnings per share, discontinued operations (in dollars per share) | (1.52) | (0.20) | (0.18) | (0.20) | 0.17 | (0.14) | (0.20) | (0.22) | (0.38) | (0.43) | (0.58) | (0.56) | (2.09) | (0.39) | (0.16) |
Basic and diluted earnings per share (in dollars per share) | $ (0.54) | $ (0.16) | $ (0.04) | $ (0.25) | $ 1.01 | $ 0.52 | $ (0.08) | $ (0.15) | $ (0.29) | $ (0.24) | $ (0.45) | $ 0.28 | $ (0.99) | $ 1.29 | $ 1.16 |
Basic weighted average shares outstanding (in shares) | 13,518,000 | 13,579,000 | 13,813,000 | 13,786,000 | 13,714,000 | 13,704,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,694,000 | 13,690,000 | 13,699,000 | 13,673,000 |
Diluted weighted average shares outstanding (in shares) | 13,625,000 | 13,595,000 | 13,826,000 | 13,786,000 | 13,844,000 | 13,713,000 | 13,704,000 | 13,692,000 | 13,813,000 | 13,693,000 | 13,731,000 | 13,697,000 | 13,726,000 | 13,731,000 | 13,685,000 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total revenues | $ 207,085 | $ 169,778 | $ 148,427 | $ 145,377 | $ 198,981 | $ 196,901 | $ 157,941 | $ 146,633 | $ 293,804 | $ 304,574 | $ 463,582 | $ 501,475 | $ 612,843 | $ 629,710 | $ 612,229 |
Cost of sales | 162,173 | 129,194 | 112,770 | 110,654 | 157,419 | 146,550 | 117,088 | 108,840 | 223,424 | 225,928 | 352,618 | 372,478 | 483,298 | 492,195 | 477,220 |
Gross profit | 44,912 | 40,584 | 35,657 | 34,723 | 41,562 | 50,351 | 40,853 | 37,793 | 70,380 | 78,646 | 110,964 | 128,997 | 129,545 | 137,515 | 135,009 |
Selling, general and administrative expenses | 19,054 | 36,182 | 35,617 | 36,507 | 23,677 | 39,211 | 40,123 | 37,994 | 72,124 | 78,117 | 108,306 | 117,328 | 91,302 | 97,964 | 93,700 |
Amortization of intangible assets | 341 | 345 | 346 | 345 | 345 | 345 | 346 | 345 | 691 | 691 | 1,036 | 1,036 | 1,377 | 1,381 | 1,381 |
Operating profit | 25,517 | 4,057 | (306) | (2,129) | 17,540 | 10,795 | 384 | (546) | (2,435) | (162) | 1,622 | 10,633 | 36,866 | 38,170 | 39,928 |
Interest expense, net | 767 | 864 | 904 | 746 | 711 | 1,001 | 889 | 532 | 1,650 | 1,421 | 2,514 | 2,422 | 2,975 | 2,916 | 1,572 |
Other expense (income), net | (710) | 688 | (126) | (332) | 573 | (426) | 687 | (514) | (458) | 173 | 230 | (253) | (502) | 293 | (692) |
Income from continuing operations before income taxes | 25,460 | 2,505 | (1,084) | (2,543) | 16,256 | 10,220 | (1,192) | (564) | (3,627) | (1,756) | (1,122) | 8,464 | 34,393 | 34,961 | 39,048 |
Income tax expense | 6,066 | 2,108 | (140) | (782) | 3,595 | 2,176 | (318) | (146) | (922) | (464) | 1,186 | 1,712 | 9,315 | 7,816 | 18,918 |
Net income from continuing operations | 19,394 | 397 | (944) | (1,761) | 12,661 | 8,044 | (874) | (418) | (2,705) | (1,292) | (2,308) | 6,752 | 25,078 | 27,145 | 20,130 |
Loss from discontinued operations, net of tax | (20,608) | 0 | 0 | 0 | 2,371 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (28,600) | (5,361) | (2,225) |
Net income (loss) | $ (1,214) | $ 397 | $ (944) | $ (1,761) | $ 15,032 | $ 8,044 | $ (874) | $ (418) | $ (2,705) | $ (1,292) | $ (2,308) | $ 6,752 | $ (3,522) | $ 21,784 | $ 17,905 |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ 1.43 | $ 0.03 | $ (0.07) | $ (0.13) | $ 0.93 | $ 0.59 | $ (0.06) | $ (0.03) | $ (0.20) | $ (0.09) | $ (0.17) | $ 0.49 | $ 1.83 | $ 1.98 | $ 1.47 |
Basic and diluted earnings per share, discontinued operations (in dollars per share) | (1.52) | 0.00 | 0.00 | 0.00 | 0.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (2.09) | (0.39) | (0.16) |
Basic and diluted earnings per share (in dollars per share) | $ (0.09) | $ 0.03 | $ (0.07) | $ (0.13) | $ 1.10 | $ 0.59 | $ (0.06) | $ (0.03) | $ (0.20) | $ (0.09) | $ (0.17) | $ 0.49 | $ (0.26) | $ 1.59 | $ 1.31 |
Basic weighted average shares outstanding (in shares) | 13,518,000 | 13,579,000 | 13,813,000 | 13,786,000 | 13,714,000 | 13,704,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,694,000 | 13,690,000 | 13,699,000 | 13,673,000 |
Diluted weighted average shares outstanding (in shares) | 13,625,000 | 13,595,000 | 13,813,000 | 13,786,000 | 13,844,000 | 13,713,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,697,000 | 13,726,000 | 13,731,000 | 13,685,000 |
Restatement Impacts | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total revenues | $ (2,515) | $ 18 | $ 921 | $ 518 | $ (815) | $ 284 | $ 404 | $ 499 | $ 1,439 | $ 903 | $ 1,458 | $ 1,187 | $ (1,057) | $ 372 | $ (173) |
Cost of sales | 0 | 0 | 0 | (65) | (1,246) | 0 | 0 | 81 | (65) | 81 | (65) | 81 | (64) | (1,165) | (1,281) |
Gross profit | (2,515) | 18 | 921 | 583 | 431 | 284 | 404 | 418 | 1,504 | 822 | 1,522 | 1,106 | (993) | 1,537 | 1,108 |
Selling, general and administrative expenses | 3,942 | 2,573 | 594 | 1,972 | 1,922 | 1,496 | 525 | 2,214 | 2,566 | 2,738 | 5,137 | 4,235 | 9,079 | 6,157 | 3,080 |
Amortization of intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating profit | (6,457) | (2,552) | 327 | (1,389) | (1,490) | (1,212) | (121) | (1,796) | (1,062) | (1,917) | (3,615) | (3,129) | (10,072) | (4,620) | (1,972) |
Interest expense, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 0 | 0 | 144 | (144) | 0 | 0 | 0 | 144 | 0 | 144 | 0 | 144 | (144) | 0 |
Income from continuing operations before income taxes | (6,457) | (2,552) | 327 | (1,533) | (1,346) | (1,212) | (121) | (1,796) | (1,206) | (1,917) | (3,759) | (3,129) | (10,216) | (4,476) | (1,972) |
Income tax expense | (367) | 45 | 1 | 91 | (175) | (309) | 126 | (31) | 92 | 95 | 136 | (214) | (231) | (390) | 49 |
Net income from continuing operations | (6,090) | (2,597) | 326 | (1,624) | (1,171) | (903) | (247) | (1,765) | (1,298) | (2,012) | (3,895) | (2,915) | (9,985) | (4,086) | (2,021) |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | $ (6,090) | $ (2,597) | $ 326 | $ (1,624) | $ (1,171) | $ (903) | $ (247) | $ (1,765) | $ (1,298) | $ (2,012) | $ (3,895) | $ (2,915) | $ (9,985) | $ (4,086) | $ (2,021) |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ (0.45) | $ (0.19) | $ 0.03 | $ (0.12) | $ (0.09) | $ (0.07) | $ (0.02) | $ (0.12) | $ (0.09) | $ (0.15) | $ (0.28) | $ (0.21) | $ (0.73) | $ (0.30) | $ (0.15) |
Basic and diluted earnings per share, discontinued operations (in dollars per share) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Basic and diluted earnings per share (in dollars per share) | $ (0.45) | $ (0.19) | $ 0.02 | $ (0.12) | $ (0.09) | $ (0.07) | $ (0.02) | $ (0.12) | $ (0.09) | $ (0.15) | $ (0.28) | $ (0.21) | $ (0.73) | $ (0.30) | $ (0.15) |
Basic weighted average shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Diluted weighted average shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
As Restated | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total revenues | $ 169,796 | $ 149,348 | $ 145,895 | $ 197,185 | $ 158,345 | $ 147,132 | $ 295,243 | $ 305,477 | $ 465,040 | $ 502,662 | |||||
Cost of sales | 129,194 | 112,770 | 110,589 | 146,550 | 117,088 | 108,921 | 223,359 | 226,009 | 352,553 | 372,559 | |||||
Gross profit | 40,602 | 36,578 | 35,306 | 50,635 | 41,257 | 38,211 | 71,884 | 79,468 | 112,486 | 130,103 | |||||
Selling, general and administrative expenses | 38,755 | 36,211 | 38,479 | 40,707 | 40,648 | 40,208 | 74,690 | 80,855 | 113,443 | 121,563 | |||||
Amortization of intangible assets | 345 | 346 | 345 | 345 | 346 | 345 | 691 | 691 | 1,036 | 1,036 | |||||
Operating profit | 1,505 | 21 | (3,518) | 9,583 | 263 | (2,342) | (3,497) | (2,079) | (1,993) | 7,504 | |||||
Interest expense, net | 864 | 904 | 746 | 1,001 | 889 | 532 | 1,650 | 1,421 | 2,514 | 2,422 | |||||
Other expense (income), net | 688 | (126) | (188) | (426) | 687 | (514) | (314) | 173 | 374 | (253) | |||||
Income from continuing operations before income taxes | (47) | (757) | (4,076) | 9,008 | (1,313) | (2,360) | (4,833) | (3,673) | (4,881) | 5,335 | |||||
Income tax expense | 2,153 | (139) | (691) | 1,867 | (192) | (177) | (830) | (369) | 1,322 | 1,498 | |||||
Net income from continuing operations | (2,200) | (618) | (3,385) | 7,141 | (1,121) | (2,183) | (4,003) | (3,304) | (6,203) | 3,837 | |||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Net income (loss) | $ (2,200) | $ (618) | $ (3,385) | $ 7,141 | $ (1,121) | $ (2,183) | $ (4,003) | $ (3,304) | $ (6,203) | $ 3,837 | |||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ (0.16) | $ (0.04) | $ (0.25) | $ 0.52 | $ (0.08) | $ (0.15) | $ (0.29) | $ (0.24) | $ (0.45) | $ 0.28 | |||||
Basic and diluted earnings per share, discontinued operations (in dollars per share) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Basic and diluted earnings per share (in dollars per share) | $ (0.16) | $ (0.05) | $ (0.25) | $ 0.52 | $ (0.08) | $ (0.15) | $ (0.29) | $ (0.24) | $ (0.45) | $ 0.28 | |||||
Basic weighted average shares outstanding (in shares) | 13,579,000 | 13,813,000 | 13,786,000 | 13,704,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,694,000 | |||||
Diluted weighted average shares outstanding (in shares) | 13,595,000 | 13,813,000 | 13,786,000 | 13,713,000 | 13,695,000 | 13,683,000 | 13,800,000 | 13,689,000 | 13,726,000 | 13,697,000 | |||||
Recasting Impacts | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total revenues | $ (20,288) | $ (18,283) | $ (19,253) | $ (25,884) | $ (22,762) | $ (22,100) | $ (37,536) | $ (44,862) | $ (57,824) | $ (70,746) | |||||
Cost of sales | (10,632) | (10,212) | (10,649) | (13,653) | (12,232) | (11,817) | (20,861) | (24,049) | (31,493) | (37,702) | |||||
Gross profit | (9,656) | (8,071) | (8,604) | (12,231) | (10,530) | (10,283) | (16,675) | (20,813) | (26,331) | (33,044) | |||||
Selling, general and administrative expenses | (12,590) | (11,235) | (12,233) | (14,411) | (14,211) | (14,419) | (23,468) | (28,630) | (36,058) | (43,041) | |||||
Amortization of intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Operating profit | 2,934 | 3,164 | 3,629 | 2,180 | 3,681 | 4,136 | 6,793 | 7,817 | 9,727 | 9,997 | |||||
Interest expense, net | (108) | (115) | (83) | (115) | (80) | (22) | (198) | (102) | (306) | (217) | |||||
Other expense (income), net | (7) | (6) | (9) | (7) | (8) | (12) | (15) | (20) | (22) | (27) | |||||
Income from continuing operations before income taxes | 3,049 | 3,285 | 3,721 | 2,302 | 3,769 | 4,170 | 7,006 | 7,939 | 10,055 | 10,241 | |||||
Income tax expense | 296 | 769 | 998 | 413 | 1,003 | 1,093 | 1,767 | 2,096 | 2,063 | 2,509 | |||||
Net income from continuing operations | 2,753 | 2,516 | 2,723 | 1,889 | 2,766 | 3,077 | 5,239 | 5,843 | 7,992 | 7,732 | |||||
Loss from discontinued operations, net of tax | (2,753) | (2,516) | (2,723) | (1,889) | (2,766) | (3,077) | (5,239) | (5,843) | (7,992) | (7,732) | |||||
Net income (loss) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||
Basic and diluted earnings per share, continuing operations (in dollars per share) | $ 0.20 | $ 0.18 | $ 0.20 | $ 0.14 | $ 0.20 | $ 0.22 | $ 0.38 | $ 0.43 | $ 0.58 | $ 0.56 | |||||
Basic and diluted earnings per share, discontinued operations (in dollars per share) | (0.20) | (0.18) | (0.20) | (0.14) | (0.20) | (0.22) | (0.38) | (0.43) | (0.58) | (0.56) | |||||
Basic and diluted earnings per share (in dollars per share) | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | |||||
Basic weighted average shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Diluted weighted average shares outstanding (in shares) | 0 | 13,000 | 0 | 0 | 9,000 | 9,000 | 13,000 | 4,000 | 5,000 | 0 |
Quarterly Results of Operations (Unaudited) (Restated Condensed Consolidated Statements of Comprehensive Income (Loss) with Adjustments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | $ (7,304) | $ (2,200) | $ (618) | $ (3,385) | $ 13,861 | $ 7,141 | $ (1,121) | $ (2,183) | $ (4,003) | $ (3,304) | $ (6,203) | $ 3,837 | $ (13,507) | $ 17,698 | $ 15,884 |
Foreign currency translation adjustment | 201 | (18) | 113 | 214 | (1,135) | 902 | (412) | 573 | 327 | 161 | 309 | 1,063 | 510 | (73) | 648 |
Loss on long-term intra-entity foreign currency transactions | 294 | (509) | 121 | 15 | 60 | (53) | (1,013) | 0 | 136 | (1,013) | (373) | (1,066) | (79) | (1,006) | 0 |
Cash flow hedging activity | (143) | (127) | (877) | (422) | (352) | (301) | 464 | 289 | (1,299) | 753 | (1,426) | 452 | (1,569) | 100 | (749) |
Reclassification of hedging activities into earnings | 81 | 122 | 144 | 2 | 48 | (102) | 41 | 166 | 146 | 207 | 268 | 105 | 349 | 153 | 641 |
Pension plan adjustment | 1,410 | 0 | 0 | 0 | (1,920) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,410 | (1,920) | 1,510 |
Reclassification of pension adjustments into earnings | 35 | 127 | 102 | 84 | 141 | 115 | 142 | 158 | 186 | 300 | 313 | 415 | 348 | 556 | 306 |
Total other comprehensive income (loss), net of tax | 1,878 | (405) | (397) | (107) | (3,158) | 561 | (778) | 1,186 | (504) | 408 | (909) | 969 | 969 | (2,190) | 2,356 |
Comprehensive income (loss) | (5,426) | (2,605) | (1,015) | (3,492) | 10,703 | 7,702 | (1,899) | (997) | (4,507) | (2,896) | (7,112) | 4,805 | (12,538) | 15,508 | 18,240 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | (1,214) | 397 | (944) | (1,761) | 15,032 | 8,044 | (874) | (418) | (2,705) | (1,292) | (2,308) | 6,752 | (3,522) | 21,784 | 17,905 |
Foreign currency translation adjustment | 857 | (312) | 226 | 330 | (1,441) | 1,257 | (892) | 917 | 556 | 25 | 244 | 1,282 | 1,101 | (159) | 689 |
Loss on long-term intra-entity foreign currency transactions | 294 | (509) | 121 | 15 | 60 | (53) | (1,013) | 0 | 136 | (1,013) | (373) | (1,066) | (79) | (1,006) | 0 |
Cash flow hedging activity | (143) | (127) | (877) | (566) | (208) | (301) | 464 | 289 | (1,443) | 753 | (1,570) | 452 | (1,713) | 244 | (749) |
Reclassification of hedging activities into earnings | 81 | 122 | 144 | 2 | 48 | (102) | 41 | 166 | 146 | 207 | 268 | 105 | 349 | 153 | 641 |
Pension plan adjustment | 1,410 | 0 | 0 | 0 | (1,920) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,410 | (1,920) | 1,510 |
Reclassification of pension adjustments into earnings | 35 | 127 | 102 | (10) | 235 | 115 | 142 | 158 | 92 | 300 | 219 | 415 | 254 | 650 | 306 |
Total other comprehensive income (loss), net of tax | 2,534 | (699) | (284) | (229) | (3,226) | 916 | (1,258) | 1,530 | (513) | 272 | (1,212) | 1,188 | 1,322 | (2,038) | 2,397 |
Comprehensive income (loss) | 1,320 | (302) | (1,228) | (1,990) | 11,806 | 8,960 | (2,132) | 1,112 | (3,218) | (1,020) | (3,520) | 7,940 | (2,200) | 19,746 | 20,302 |
Restatement Impacts | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | (6,090) | (2,597) | 326 | (1,624) | (1,171) | (903) | (247) | (1,765) | (1,298) | (2,012) | (3,895) | (2,915) | (9,985) | (4,086) | (2,021) |
Foreign currency translation adjustment | (656) | 294 | (113) | (116) | 306 | (355) | 480 | (344) | (229) | 136 | 65 | (219) | (591) | 86 | (41) |
Loss on long-term intra-entity foreign currency transactions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash flow hedging activity | 0 | 0 | 0 | 144 | (144) | 0 | 0 | 0 | 144 | 0 | 144 | 0 | 144 | (144) | 0 |
Reclassification of hedging activities into earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pension plan adjustment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Reclassification of pension adjustments into earnings | 0 | 0 | 0 | 94 | (94) | 0 | 0 | 0 | 94 | 0 | 94 | 0 | 94 | (94) | 0 |
Total other comprehensive income (loss), net of tax | (656) | 294 | (113) | 122 | 68 | (355) | 480 | (344) | 9 | 136 | 303 | (219) | (353) | (152) | (41) |
Comprehensive income (loss) | $ (6,746) | $ (2,303) | $ 213 | $ (1,502) | $ (1,103) | $ (1,258) | $ 233 | $ (2,109) | $ (1,289) | $ (1,876) | $ (3,592) | $ (3,135) | $ (10,338) | $ (4,238) | $ (2,062) |
Quarterly Results of Operations (Unaudited) (Restated Condensed Consolidated Balance Sheets with Adjustments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|---|---|---|---|
Current assets | |||||||||
Cash and cash equivalents | $ 2,142 | $ 1,559 | $ 1,029 | $ 1,636 | $ 4,420 | $ 1,567 | $ 1,393 | $ 1,784 | |
Trade receivables, net | 108,381 | 103,091 | 86,268 | 79,102 | 98,361 | 112,309 | 76,132 | 79,358 | |
Inventory | 109,806 | 161,043 | 121,472 | 120,707 | 122,808 | 155,744 | 138,721 | 132,749 | |
Prepaid expenses and other current assets | 11,345 | 14,086 | 16,412 | 17,379 | 15,396 | 12,595 | 14,569 | 14,615 | |
Current assets of discontinued operations | 5,383 | 22,830 | 21,255 | 24,692 | 27,879 | 32,185 | 30,704 | 29,086 | |
Total current assets | 237,057 | 302,609 | 246,436 | 243,516 | 268,864 | 314,400 | 261,519 | 257,592 | |
Property, plant and equipment, net | 22,324 | 22,193 | 21,649 | 20,984 | 20,842 | 20,988 | 19,088 | 17,643 | $ 15,979 |
Goodwill | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | |
Other intangible assets, net | 3,141 | 3,483 | 3,828 | 4,174 | 4,519 | 4,864 | 5,209 | 5,555 | |
Deferred income taxes | 6,248 | 5,640 | 3,754 | 3,166 | 5,794 | 7,704 | 8,877 | 10,419 | |
Deferred costs | 10,941 | 8,804 | 8,564 | 8,316 | 7,868 | 10,153 | 9,825 | 10,187 | |
Other non-current assets | 2,085 | 1,553 | 1,984 | 2,403 | 2,672 | 3,282 | 3,178 | 3,068 | |
Non-current assets of discontinued operations | 614 | 1,744 | 4,420 | 4,446 | 4,606 | 5,313 | 5,688 | 5,661 | |
Total assets | 288,663 | 352,279 | 296,888 | 293,258 | 321,418 | 372,957 | 319,637 | 316,378 | |
Current liabilities | |||||||||
Accounts payable | 111,348 | 140,011 | 86,199 | 73,720 | 119,271 | 131,620 | 92,488 | 96,924 | |
Accounts payable to NACCO Industries, Inc. | 496 | 220 | 220 | 2,425 | 2,416 | 2,480 | 2,769 | 7,814 | |
Revolving credit agreements | 23,497 | 50,152 | 51,505 | 54,812 | 11,624 | 60,083 | 66,326 | 63,308 | |
Accrued compensation | 15,027 | 14,650 | 11,725 | 8,398 | 15,878 | 15,421 | 11,984 | 9,238 | |
Accrued product returns | 8,697 | 8,266 | 8,224 | 9,314 | 10,698 | 9,601 | 9,648 | 10,815 | |
Other current liabilities | 12,534 | 25,880 | 21,382 | 17,705 | 22,922 | 22,488 | 15,769 | 21,227 | |
Current liabilities of discontinued operations | 29,723 | 24,713 | 20,048 | 21,473 | 22,820 | 29,693 | 26,830 | 21,509 | |
Total current liabilities | 201,322 | 263,892 | 199,303 | 187,847 | 205,629 | 271,386 | 225,814 | 230,835 | |
Revolving credit agreements | 35,000 | 30,000 | 30,000 | 30,000 | 35,000 | 30,000 | 30,000 | 20,000 | |
Other long-term liabilities | 16,075 | 14,258 | 14,699 | 18,619 | 22,011 | 22,343 | 21,654 | 21,831 | |
Non-current liabilities of discontinued operations | 0 | 1,585 | 3,697 | 3,834 | 1,960 | 2,293 | 2,416 | 2,565 | |
Total liabilities | 252,397 | 309,735 | 247,699 | 240,300 | 264,600 | 326,022 | 279,884 | 275,231 | |
Stockholders’ equity | |||||||||
Capital in excess of par value | 54,509 | 51,714 | |||||||
Treasury stock | (5,960) | (5,960) | (2,334) | 0 | 0 | 0 | 0 | 0 | |
Retained earnings | 3,710 | 12,231 | 15,646 | 17,506 | 22,068 | 9,373 | 3,397 | 5,683 | |
Accumulated other comprehensive loss | (16,132) | (18,009) | (17,604) | (17,207) | (17,101) | (13,941) | (14,502) | (13,724) | |
Total stockholders’ equity | 36,266 | 42,544 | 49,189 | 52,958 | 56,818 | 46,935 | 39,753 | 41,147 | |
Total liabilities and stockholders' equity | 288,663 | 352,279 | 296,888 | 293,258 | 321,418 | 372,957 | 319,637 | 316,378 | |
Shares Outstanding Class A | |||||||||
Stockholders’ equity | |||||||||
Common stock | 98 | 95 | 95 | 95 | 93 | 92 | 92 | 92 | |
Shares Outstanding Class B | |||||||||
Stockholders’ equity | |||||||||
Common stock | 41 | 44 | 44 | 44 | 44 | 45 | 45 | 45 | |
Capital in excess of par value | 54,143 | 53,342 | 52,520 | 51,366 | 50,721 | 49,051 | |||
As Previously Reported | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 2,142 | 1,866 | 1,131 | 1,721 | 4,420 | 2,139 | 1,962 | 2,389 | |
Trade receivables, net | 113,781 | 106,135 | 89,579 | 92,534 | 100,821 | 113,683 | 77,623 | 88,579 | |
Inventory | 109,621 | 181,847 | 140,817 | 142,261 | 122,697 | 183,831 | 165,237 | 157,622 | |
Prepaid expenses and other current assets | 23,102 | 22,445 | 24,078 | 16,373 | 22,332 | 20,766 | 20,996 | 11,848 | |
Current assets of discontinued operations | 5,383 | 0 | 0 | 0 | 27,879 | 0 | 0 | 0 | |
Total current assets | 254,029 | 312,293 | 255,605 | 252,889 | 278,149 | 320,419 | 265,818 | 260,438 | |
Property, plant and equipment, net | 22,324 | 22,653 | 23,204 | 22,566 | 20,842 | 23,309 | 21,839 | 20,597 | |
Goodwill | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | |
Other intangible assets, net | 3,141 | 3,483 | 3,828 | 4,174 | 4,519 | 4,864 | 5,209 | 5,555 | |
Deferred income taxes | 3,853 | 6,161 | 6,169 | 5,493 | 5,518 | 10,450 | 10,894 | 12,200 | |
Deferred costs | 10,941 | 8,925 | 8,683 | 8,447 | 7,868 | 10,306 | 9,973 | 10,347 | |
Other non-current assets | 2,085 | 1,561 | 1,997 | 2,424 | 2,672 | 3,322 | 3,282 | 3,224 | |
Non-current assets of discontinued operations | 614 | 0 | 0 | 0 | 4,606 | 0 | 0 | 0 | |
Total assets | 303,240 | 361,329 | 305,739 | 302,246 | 330,427 | 378,923 | 323,268 | 318,614 | |
Current liabilities | |||||||||
Accounts payable | 111,117 | 147,206 | 91,737 | 80,649 | 119,264 | 143,955 | 103,461 | 108,185 | |
Accounts payable to NACCO Industries, Inc. | 496 | 220 | 220 | 2,425 | 2,416 | 2,480 | 2,769 | 9,285 | |
Revolving credit agreements | 23,497 | 59,702 | 58,955 | 62,212 | 11,624 | 69,883 | 75,476 | 65,508 | |
Accrued compensation | 14,277 | 15,568 | 12,091 | 8,903 | 15,525 | 16,575 | 12,531 | 9,833 | |
Accrued product returns | 8,697 | 8,266 | 8,224 | 9,314 | 10,698 | 9,601 | 9,648 | 10,815 | |
Other current liabilities | 12,873 | 30,651 | 27,930 | 24,109 | 24,554 | 27,139 | 19,099 | 22,751 | |
Current liabilities of discontinued operations | 29,723 | 0 | 0 | 0 | 22,820 | 0 | 0 | 0 | |
Total current liabilities | 200,680 | 261,613 | 199,157 | 187,612 | 206,901 | 269,633 | 222,984 | 226,377 | |
Revolving credit agreements | 35,000 | 30,000 | 32,000 | 32,000 | 35,000 | 30,000 | 30,000 | 20,000 | |
Other long-term liabilities | 12,501 | 14,961 | 15,485 | 19,555 | 21,128 | 24,840 | 24,274 | 24,600 | |
Non-current liabilities of discontinued operations | 0 | 0 | 0 | 1,960 | 0 | 0 | 0 | ||
Total liabilities | 248,181 | 306,574 | 246,642 | 239,167 | 264,989 | 324,473 | 277,258 | 270,977 | |
Stockholders’ equity | |||||||||
Capital in excess of par value | 54,344 | 51,714 | |||||||
Treasury stock | (5,960) | (5,960) | (2,334) | 0 | 0 | 0 | 0 | ||
Retained earnings | 22,524 | 24,955 | 25,773 | 27,959 | 30,897 | 17,031 | 10,152 | 12,191 | |
Accumulated other comprehensive loss | (15,988) | (18,522) | (17,823) | (17,539) | (17,310) | (14,084) | (15,000) | (13,742) | |
Total stockholders’ equity | 55,059 | 54,755 | 59,097 | 63,079 | 65,438 | 54,450 | 46,010 | 47,637 | |
Total liabilities and stockholders' equity | 303,240 | 361,329 | 305,739 | 302,246 | 330,427 | 378,923 | 323,268 | 318,614 | |
As Previously Reported | Shares Outstanding Class A | |||||||||
Stockholders’ equity | |||||||||
Common stock | 98 | 95 | 95 | 95 | 93 | 92 | 92 | 92 | |
As Previously Reported | Shares Outstanding Class B | |||||||||
Stockholders’ equity | |||||||||
Common stock | 41 | 44 | 44 | 44 | 44 | 45 | 45 | 45 | |
Capital in excess of par value | 54,143 | 53,342 | 52,520 | 51,366 | 50,721 | 49,051 | |||
Restatement Impacts | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Trade receivables, net | (5,400) | (2,179) | (2,446) | (2,768) | (2,460) | (351) | (411) | (191) | |
Inventory | 185 | 0 | 0 | 0 | 111 | 0 | 0 | 0 | |
Prepaid expenses and other current assets | (11,757) | (7,505) | (6,723) | (6,605) | (6,936) | (5,668) | (3,888) | (2,655) | |
Current assets of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total current assets | (16,972) | (9,684) | (9,169) | (9,373) | (9,285) | (6,019) | (4,299) | (2,846) | |
Property, plant and equipment, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Deferred income taxes | 2,395 | 634 | 318 | 385 | 276 | 53 | 668 | 610 | |
Deferred costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other non-current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Non-current assets of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total assets | (14,577) | (9,050) | (8,851) | (8,988) | (9,009) | (5,966) | (3,631) | (2,236) | |
Current liabilities | |||||||||
Accounts payable | 231 | 16 | 0 | 0 | 7 | 0 | 0 | 0 | |
Accounts payable to NACCO Industries, Inc. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Revolving credit agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Accrued compensation | 750 | 389 | 387 | 370 | 353 | 356 | 325 | 338 | |
Accrued product returns | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other current liabilities | (339) | 1,874 | (241) | (135) | (1,632) | 1,397 | 2,505 | 4,120 | |
Current liabilities of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total current liabilities | 642 | 2,279 | 146 | 235 | (1,272) | 1,753 | 2,830 | 4,458 | |
Revolving credit agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other long-term liabilities | 3,574 | 882 | 911 | 898 | 883 | (204) | (204) | (204) | |
Non-current liabilities of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Total liabilities | 4,216 | 3,161 | 1,057 | 1,133 | (389) | 1,549 | 2,626 | 4,254 | |
Stockholders’ equity | |||||||||
Capital in excess of par value | 165 | 0 | |||||||
Treasury stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retained earnings | (18,814) | (12,724) | (10,127) | (10,453) | (8,829) | (7,658) | (6,755) | (6,508) | |
Accumulated other comprehensive loss | (144) | 513 | 219 | 332 | 209 | 143 | 498 | 18 | |
Total stockholders’ equity | (18,793) | (12,211) | (9,908) | (10,121) | (8,620) | (7,515) | (6,257) | (6,490) | |
Total liabilities and stockholders' equity | (14,577) | (9,050) | (8,851) | (8,988) | (9,009) | (5,966) | (3,631) | (2,236) | |
Restatement Impacts | Shares Outstanding Class A | |||||||||
Stockholders’ equity | |||||||||
Common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Restatement Impacts | Shares Outstanding Class B | |||||||||
Stockholders’ equity | |||||||||
Common stock | $ 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | |
Capital in excess of par value | 0 | 0 | 0 | 0 | 0 | 0 | |||
As Restated | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 1,866 | 1,131 | 1,721 | 2,139 | 1,962 | 2,389 | |||
Trade receivables, net | 103,956 | 87,133 | 89,766 | 113,332 | 77,212 | 88,388 | |||
Inventory | 181,847 | 140,817 | 142,261 | 183,831 | 165,237 | 157,622 | |||
Prepaid expenses and other current assets | 14,940 | 17,355 | 9,768 | 15,098 | 17,108 | 9,193 | |||
Current assets of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total current assets | 302,609 | 246,436 | 243,516 | 314,400 | 261,519 | 257,592 | |||
Property, plant and equipment, net | 22,653 | 23,204 | 22,566 | 23,309 | 21,839 | 20,597 | |||
Goodwill | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | 6,253 | |||
Other intangible assets, net | 3,483 | 3,828 | 4,174 | 4,864 | 5,209 | 5,555 | |||
Deferred income taxes | 6,795 | 6,487 | 5,878 | 10,503 | 11,562 | 12,810 | |||
Deferred costs | 8,925 | 8,683 | 8,447 | 10,306 | 9,973 | 10,347 | |||
Other non-current assets | 1,561 | 1,997 | 2,424 | 3,322 | 3,282 | 3,224 | |||
Non-current assets of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total assets | 352,279 | 296,888 | 293,258 | 372,957 | 319,637 | 316,378 | |||
Current liabilities | |||||||||
Accounts payable | 147,222 | 91,737 | 80,649 | 143,955 | 103,461 | 108,185 | |||
Accounts payable to NACCO Industries, Inc. | 220 | 220 | 2,425 | 2,480 | 2,769 | 9,285 | |||
Revolving credit agreements | 59,702 | 58,955 | 62,212 | 69,883 | 75,476 | 65,508 | |||
Accrued compensation | 15,957 | 12,478 | 9,273 | 16,931 | 12,856 | 10,171 | |||
Accrued product returns | 8,266 | 8,224 | 9,314 | 9,601 | 9,648 | 10,815 | |||
Other current liabilities | 32,525 | 27,689 | 23,974 | 28,536 | 21,604 | 26,871 | |||
Current liabilities of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total current liabilities | 263,892 | 199,303 | 187,847 | 271,386 | 225,814 | 230,835 | |||
Revolving credit agreements | 30,000 | 32,000 | 32,000 | 30,000 | 30,000 | 20,000 | |||
Other long-term liabilities | 15,843 | 16,396 | 20,453 | 24,636 | 24,070 | 24,396 | |||
Non-current liabilities of discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total liabilities | 309,735 | 247,699 | 240,300 | 326,022 | 279,884 | 275,231 | |||
Stockholders’ equity | |||||||||
Treasury stock | (5,960) | (2,334) | 0 | 0 | 0 | ||||
Retained earnings | 12,231 | 15,646 | 17,506 | 9,373 | 3,397 | 5,683 | |||
Accumulated other comprehensive loss | (18,009) | (17,604) | (17,207) | (13,941) | (14,502) | (13,724) | |||
Total stockholders’ equity | 42,544 | 49,189 | 52,958 | 46,935 | 39,753 | 41,147 | |||
Total liabilities and stockholders' equity | 352,279 | 296,888 | 293,258 | 372,957 | 319,637 | 316,378 | |||
As Restated | Shares Outstanding Class A | |||||||||
Stockholders’ equity | |||||||||
Common stock | 95 | 95 | 95 | 92 | 92 | 92 | |||
As Restated | Shares Outstanding Class B | |||||||||
Stockholders’ equity | |||||||||
Common stock | 44 | 44 | 44 | 45 | 45 | 45 | |||
Capital in excess of par value | 54,143 | 53,342 | 52,520 | 51,366 | 50,721 | 49,051 | |||
Recasting Impacts | |||||||||
Current assets | |||||||||
Cash and cash equivalents | (307) | (102) | (85) | (572) | (569) | (605) | |||
Trade receivables, net | (865) | (865) | (10,664) | (1,023) | (1,080) | (9,030) | |||
Inventory | (20,804) | (19,345) | (21,554) | (28,087) | (26,516) | (24,873) | |||
Prepaid expenses and other current assets | (854) | (943) | 7,611 | (2,503) | (2,539) | 5,422 | |||
Current assets of discontinued operations | 22,830 | 21,255 | 24,692 | 32,185 | 30,704 | 29,086 | |||
Total current assets | 0 | 0 | 0 | 0 | 0 | 0 | |||
Property, plant and equipment, net | (460) | (1,555) | (1,582) | (2,321) | (2,751) | (2,954) | |||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
Deferred income taxes | (1,155) | (2,733) | (2,712) | (2,799) | (2,685) | (2,391) | |||
Deferred costs | (121) | (119) | (131) | (153) | (148) | (160) | |||
Other non-current assets | (8) | (13) | (21) | (40) | (104) | (156) | |||
Non-current assets of discontinued operations | 1,744 | 4,420 | 4,446 | 5,313 | 5,688 | 5,661 | |||
Total assets | 0 | 0 | 0 | 0 | 0 | 0 | |||
Current liabilities | |||||||||
Accounts payable | (7,211) | (5,538) | (6,929) | (12,335) | (10,973) | (11,261) | |||
Accounts payable to NACCO Industries, Inc. | 0 | 0 | 0 | 0 | 0 | (1,471) | |||
Revolving credit agreements | (9,550) | (7,450) | (7,400) | (9,800) | (9,150) | (2,200) | |||
Accrued compensation | (1,307) | (753) | (875) | (1,510) | (872) | (933) | |||
Accrued product returns | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other current liabilities | (6,645) | (6,307) | (6,269) | (6,048) | (5,835) | (5,644) | |||
Current liabilities of discontinued operations | 24,713 | 20,048 | 21,473 | 29,693 | 26,830 | 21,509 | |||
Total current liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |||
Revolving credit agreements | 0 | (2,000) | (2,000) | 0 | 0 | 0 | |||
Other long-term liabilities | (1,585) | (1,697) | (1,834) | (2,293) | (2,416) | (2,565) | |||
Non-current liabilities of discontinued operations | 1,585 | 3,697 | 3,834 | 2,293 | 2,416 | 2,565 | |||
Total liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |||
Stockholders’ equity | |||||||||
Treasury stock | 0 | 0 | 0 | 0 | 0 | ||||
Retained earnings | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accumulated other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total stockholders’ equity | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total liabilities and stockholders' equity | 0 | 0 | 0 | 0 | 0 | 0 | |||
Recasting Impacts | Shares Outstanding Class A | |||||||||
Stockholders’ equity | |||||||||
Common stock | 0 | 0 | 0 | 0 | 0 | 0 | |||
Recasting Impacts | Shares Outstanding Class B | |||||||||
Stockholders’ equity | |||||||||
Common stock | 0 | 0 | 0 | 0 | 0 | 0 | |||
Capital in excess of par value | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Allowance for doubtful accounts | |||
Valuation allowances and reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 713 | $ 1,177 | $ 862 |
Charged to Costs and Expenses | 309 | 11 | 405 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (1) | 475 | 90 |
Balance at End of Period | 1,023 | 713 | 1,177 |
Allowance for discounts, adjustments and returns | |||
Valuation allowances and reserves [Roll Forward] | |||
Balance at Beginning of Period | 14,164 | 14,650 | |
Charged to Costs and Expenses | 21,358 | ||
Charged to Other Accounts | 0 | ||
Deductions | 21,844 | ||
Balance at End of Period | 14,164 | ||
Deferred tax valuation allowances (as Restated) | |||
Valuation allowances and reserves [Roll Forward] | |||
Balance at Beginning of Period | 1,162 | 1,968 | 1,686 |
Charged to Costs and Expenses | 6,502 | 0 | 295 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 39 | 806 | 13 |
Balance at End of Period | $ 7,625 | $ 1,162 | $ 1,968 |