MYERS INDUSTRIES INC, 10-K filed on 3/6/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 28, 2025
Jun. 30, 2024
Cover [Abstract]      
Entity Registrant Name MYERS INDUSTRIES, INC.    
Entity Central Index Key 0000069488    
Document Type 10-K    
Document Period End Date Dec. 31, 2024    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Interactive Data Current Yes    
Entity Current Reporting Status Yes    
Entity Filer Category Accelerated Filer    
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
Title of 12(b) Security Common Stock, without par value    
Trading Symbol MYE    
Security Exchange Name NYSE    
Entity File Number 001-08524    
Entity Incorporation, State or Country Code OH    
Entity Tax Identification Number 34-0778636    
Entity Address, Address Line One 1293 S. MAIN STREET    
Entity Address, City or Town AKRON    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 44301    
City Area Code 330    
Local Phone Number 253-5592    
Document Annual Report true    
Document Transition Report false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Public Float     $ 339,559,634
Entity Common Stock, Shares Outstanding   37,295,964  
Auditor Name Ernst & Young LLP    
Auditor Location Akron, Ohio    
Auditor Firm ID 42    
Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE:

Portions of the Registrant’s Definitive Proxy Statement for its 2025 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K.

    
Auditor Opinion [Text Block]

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of Myers Industries, Inc. and Subsidiaries (the Company) as of December 31, 2024, and 2023, the related consolidated statements of operations, comprehensive income (loss), shareholders' equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 6, 2025 expressed an unqualified opinion thereon.

    
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 836,281 $ 813,067 $ 899,547
Cost of sales 565,476 [1] 553,981 616,181
Gross profit 270,805 259,086 283,366
Selling, general and administrative expenses [2],[3] 204,108 [4] 186,876 [4],[5] 199,489
(Gain) loss on disposal of fixed assets 201 (195) (667)
Impairment charges 22,016 [6] 0 0
Other (income) expenses 0 0 603 [7]
Operating income [8] 44,480 72,405 83,941
Interest expense, net 30,937 6,349 5,731
Income before income taxes 13,543 66,056 78,210
Income tax expense 6,342 17,189 17,943
Net income $ 7,201 $ 48,867 $ 60,267
Net income per common share:      
Basic $ 0.19 $ 1.33 $ 1.66
Diluted 0.19 1.32 1.64
Dividends declared per share $ 0.54 $ 0.54 $ 0.54
[1] The Company recognized $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the year ended December 31, 2024, related to the reporting of inventory at fair value in conjunction with the acquisition of Signature, as described in Note 3.
[2] The Company incurred $4.6 million, $3.1 million and $1.0 million of acquisition related costs associated with the acquisitions of Signature and Mohawk, as described in Note 3, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $4.3 million, $2.7 million and $0.6 million are included in Corporate, for the years ended December 31, 2024, 2023, and 2022, respectively, $0.3 million is included in Material Handling's results, for the year ended December 31, 2024 and $0.4 million is included in Distribution's results, for the years ended December 31, 2023 and 2022. Corporate costs also include $1.3 million of consulting costs to improve the Company's capabilities to screen and execute large acquisitions for the year ended December 31, 2023.
[3] The Company recognized $(0.2) million, $3.2 million and $1.4 million of expense (income) related to the estimated environmental reserve, net of expected insurance recoveries in the years ended December 31, 2024, 2023 and 2022, respectively, as described in Note 9. Environmental charges are not included in segment results and are shown with Corporate.
[4] The Company recognized $1.4 million of executive severance which is included in Corporate's results for the year ended December 31, 2024. In the year ended December 31, 2023 the Company recognized $0.7 million of executive severance, of which $0.4 million was recognized in the Distribution Segment related to severance and benefits and $0.3 million was recognized in Corporate related to charges for the acceleration of stock compensation.
[5] In the year ended December 31, 2023, the Company recognized a $10 million recovery of legal costs within the Material Handling Segment related to a settlement agreement with one of its insurers. $6.7 million of these recovered costs were originally incurred prior to 2023.
[6] The Company recognized $22.0 million of non-cash impairment charges, as described in Note 4, for the year ended December 31, 2024, which are included in Material Handling's results.
[7] In the year ended December 31, 2022, the Company recognized a $0.6 million impairment loss on an investment in a legacy joint venture within the Distribution Segment as described in Note 1.
[8] The Company incurred $7.5 million, $2.5 million and $0.7 million of restructuring costs, included within both Cost of Sales and Selling, general and administrative, associated with the restructuring initiatives described in Note 6, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $3.9 million, $1.5 million and $0.7 million are included in Material Handling, $1.4 million, $0.9 million and $0.0 million are included in Distribution's results and $2.3 million, $0.2 million and $0.0 million are included in Corporate's results, for the years ended December 31, 2024, 2023, and 2022, respectively.
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 7,201 $ 48,867 $ 60,267
Other comprehensive income (loss):      
Foreign currency translation adjustment (3,058) 859 (2,475)
Unrealized gain (loss) on interest rate swap contracts, net of tax expense (benefit) of ($843) (1,761) 0 0
Realized (gain) loss on interest rate swap contracts reclassified to interest expense (639) 0 0
Pension liability, net of tax expense (benefit) of $54, $40 and $28, respectively 163 119 83
Total other comprehensive income (loss) (5,295) 978 (2,392)
Comprehensive income (loss) $ 1,906 $ 49,845 $ 57,875
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Statement of Comprehensive Income [Abstract]  
Net of tax expense (benefit) $ (843)
Tax expense on pension liability $ 54
v3.25.0.1
Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash $ 32,222 $ 30,290
Trade accounts receivable, less allowances of $5,234 and $4,189, respectively 109,372 113,907
Other accounts receivable, net 12,654 14,726
Inventories, net 97,001 90,844
Prepaid expenses and other current assets 8,058 6,854
Total Current Assets 259,307 256,621
Property, plant, and equipment, net 137,564 107,933
Right of use asset - operating leases 30,561 27,989
Goodwill 255,532 95,392
Intangible assets, net 166,321 45,129
Deferred income taxes 205 209
Other 11,325 8,358
Total Assets 860,815 541,631
Current Liabilities    
Accounts payable 71,049 79,050
Accrued employee compensation 14,731 17,104
Income taxes payable 4,623 4,253
Accrued taxes payable, other than income taxes 2,781 2,582
Accrued interest 267 1,112
Other current liabilities 26,794 28,472
Operating lease liability - short-term 6,597 5,943
Finance lease liability - short-term 621 593
Long-term debt - current portion 19,649 25,998
Total Current Liabilities 147,112 165,107
Long-term debt 355,310 31,989
Operating lease liability - long-term 23,700 22,352
Finance lease liability - long-term 7,994 8,615
Other liabilities 15,303 12,108
Deferred income taxes 33,884 8,660
Total Liabilities 583,303 248,831
Shareholders’ Equity    
Serial Preferred Shares (authorized 1,000,000 shares; none issued and outstanding) 0 0
Common Shares, without par value (authorized 60,000,000 shares; outstanding 37,262,566 and 36,848,465; net of treasury shares of 5,289,891 and 5,703,992, respectively) 22,923 22,608
Additional paid-in capital 325,163 322,526
Accumulated other comprehensive loss (22,110) (16,815)
Retained deficit (48,464) (35,519)
Total Shareholders’ Equity 277,512 292,800
Total Liabilities and Shareholders’ Equity $ 860,815 $ 541,631
v3.25.0.1
Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Allowance for doubtful trade accounts receivable, current $ 5,234 $ 4,189
Shareholders’ Equity    
Preferred Shares, shares authorized (in shares) 1,000,000 1,000,000
Preferred Shares, shares issued (in shares) 0 0
Preferred Shares, shares outstanding (in shares) 0 0
Common Shares, shares authorized (in shares) 60,000,000 60,000,000
Common Shares, shares outstanding (in shares) 37,262,566 36,848,465
Common shares, treasury (in shares) 5,289,891 5,703,992
v3.25.0.1
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Shares [Member]
Additional Paid-In Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Deficit [Member]
Beginning balance at Dec. 31, 2021 $ 209,325 $ 22,172 $ 306,720 $ (15,401) $ (104,166)
Beginning balance, shares at Dec. 31, 2021   36,262,259      
Stockholders' Equity [Roll Forward]          
Net Income (Loss) 60,267 $ 0 0 0 60,267
Beginning balance at Dec. 31, 2021 209,325 22,172 306,720 (15,401) (104,166)
Stockholders' Equity [Roll Forward]          
Issuances under option plans $ 2,235 $ 78 2,157 0 0
Issuances under option plans, shares 83,102 127,881      
Dividend reinvestment plan $ 85 $ 3 82 0 0
Dividend reinvestment plan, shares   4,218      
Restricted stock vested 0 $ 79 (79) 0 0
Restricted stock vested, shares   130,386      
Stock compensation expense 7,436 $ 0 7,436 0 0
Shares withheld for employee taxes on equity awards (451) $ 0 (451) 0 0
Shares withheld for employee taxes on equity awards, shares   (24,724)      
Foreign currency translation adjustment (2,475) $ 0 0 (2,475) 0
Declared dividends (20,078) 0 0 0 (20,078)
Pension liability, net of tax 83 0 0 83 0
Ending balance at Dec. 31, 2022 256,427 $ 22,332 315,865 (17,793) (63,977)
Ending balance, shares at Dec. 31, 2022   36,500,020      
Stockholders' Equity [Roll Forward]          
Net Income (Loss) 48,867 $ 0 0 0 48,867
Beginning balance at Dec. 31, 2022 256,427 22,332 315,865 (17,793) (63,977)
Stockholders' Equity [Roll Forward]          
Issuances under option plans $ 2,253 $ 83 2,170 0 0
Issuances under option plans, shares 62,551 136,028      
Dividend reinvestment plan $ 85 $ 3 82 0 0
Dividend reinvestment plan, shares   4,241      
Restricted stock vested 0 $ 190 (190) 0 0
Restricted stock vested, shares   312,056      
Stock compensation expense 6,671 $ 0 6,671 0 0
Shares withheld for employee taxes on equity awards (2,072) $ 0 (2,072) 0 0
Shares withheld for employee taxes on equity awards, shares   (103,880)      
Foreign currency translation adjustment 859 $ 0 0 859 0
Declared dividends (20,409) 0 0 0 (20,409)
Pension liability, net of tax 119 0 0 119 0
Ending balance at Dec. 31, 2023 $ 292,800 $ 22,608 322,526 (16,815) (35,519)
Ending balance, shares at Dec. 31, 2023 36,848,465 36,848,465      
Stockholders' Equity [Roll Forward]          
Net Income (Loss) $ 7,201 $ 0 0 0 7,201
Beginning balance at Dec. 31, 2023 292,800 22,608 322,526 (16,815) (35,519)
Stockholders' Equity [Roll Forward]          
Issuances under option plans $ 3,271 $ 115 3,156 0 0
Issuances under option plans, shares 102,468 187,756      
Dividend reinvestment plan $ 71 $ 3 68 0 0
Dividend reinvestment plan, shares   4,565      
Restricted stock vested 0 $ 197 (197) 0 0
Restricted stock vested, shares   323,523      
Stock compensation expense 1,660 $ 0 1,660 0 0
Shares withheld for employee taxes on equity awards (2,050) $ 0 (2,050) 0 0
Shares withheld for employee taxes on equity awards, shares   (101,743)      
Foreign currency translation adjustment (3,058) $ 0 0 (3,058) 0
Declared dividends (20,146) 0 0 0 (20,146)
Interest rate swap, net of tax (2,400) 0 0 (2,400) 0
Pension liability, net of tax 163 0 0 163 0
Ending balance at Dec. 31, 2024 $ 277,512 $ 22,923 $ 325,163 $ (22,110) $ (48,464)
Ending balance, shares at Dec. 31, 2024 37,262,566 37,262,566      
v3.25.0.1
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dividends declared per share $ 0.54 $ 0.54 $ 0.54
Tax expense on pension liability $ 54 $ 40 $ 28
O 2024 A Dividends [Member]      
Dividends declared per share $ 0.54    
O 2023 A Dividends [Member]      
Dividends declared per share   $ 0.54  
O 2022 A Dividends [Member]      
Dividends declared per share     $ 0.54
Accumulated Other Comprehensive Income (Loss) [Member]      
Interest rate swap, tax $ (843)    
Tax expense on pension liability $ 54 $ 40 $ 28
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities      
Net income $ 7,201 $ 48,867 $ 60,267
Adjustments to reconcile net income to net cash provided by (used for) operating activities      
Depreciation and amortization 38,593 22,786 21,216
Amortization of deferred financing costs 1,917 313 441
Amortization of acquisition-related inventory step-up 4,457 0 0
Non-cash stock-based compensation expense 1,660 6,671 7,436
(Gain) loss on disposal of fixed assets 201 (195) (667)
Impairment charges 22,016 [1] 0 0
Deferred taxes (6,048) 1,039 2,072
Other (297) 944 1,520
Cash flows provided by (used for) working capital      
Accounts receivable - trade and other, net 26,822 2,656 (23,625)
Inventories 6,227 2,630 7,955
Prepaid expenses and other current assets (525) 151 (1,409)
Accounts payable and accrued expenses (22,932) 310 (2,585)
Net cash provided by (used for) operating activities 79,292 86,172 72,621
Cash Flows From Investing Activities      
Capital expenditures (24,435) (22,855) (24,292)
Acquisition of business, net of cash acquired (348,312) (160) (27,626)
Proceeds from sale of property, plant and equipment 242 258 1,537
Net cash provided by (used for) investing activities (372,505) (22,757) (50,381)
Cash Flows From Financing Activities      
Borrowings on revolving credit facility 466,400 740,000 1,264,200
Repayments on revolving credit facility (486,400) (776,000) (1,261,200)
Proceeds from Term Loan A 400,000 0 0
Repayments of Term Loan A (18,000) 0 0
Repayments of senior unsecured notes (38,000) 0 0
Payments on finance lease (593) (542) (500)
Cash dividends paid (20,432) (20,240) (19,797)
Proceeds from issuance of common stock 3,342 2,338 2,320
Shares withheld for employee taxes on equity awards (2,050) (2,072) (451)
Deferred financing fees (9,172) 0 (889)
Net cash provided by (used for) financing activities 295,095 (56,516) (16,317)
Foreign exchange rate effect on cash 50 252 (439)
Net increase (decrease) in cash 1,932 7,151 5,484
Cash at January 1 30,290 23,139 17,655
Cash at December 31 32,222 30,290 23,139
Supplemental Disclosures of Cash Flow Information      
Interest 31,653 5,980 4,574
Income taxes $ 13,036 $ 13,451 $ 13,023
[1] The Company recognized $22.0 million of non-cash impairment charges, as described in Note 4, for the year ended December 31, 2024, which are included in Material Handling's results.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 7,201 $ 48,867 $ 60,267
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. Cybersecurity

The Company takes cybersecurity threats seriously, including regular reassessment of cybersecurity risks both internally and with third parties and updates to the Board of Directors at least annually. The Company's information security management system is based upon the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). Among other best practices, the company uses multi-factor authentication wherever possible, maintains current versions of firewalls and security software, performs regular cybersecurity training and email phishing campaigns for employees, uses third parties to perform intrusion testing, and maintains disaster recovery and incident response plans, which include retainer contracts for third party cybersecurity response specialists. The Company employs a combination of active and passive methods to monitor for new or developing cybersecurity risks.

The Board regularly receives reports and training from management and third parties on cybersecurity matters, as part of our overall enterprise risk management program. Management is responsible for developing cybersecurity programs, including as may be required by applicable law or regulation. Company IT personnel have the appropriate expertise in IT and cybersecurity, which generally has been gained from a combination of education, including relevant degrees and/or certifications, and prior work experience. Company cybersecurity personnel monitor the prevention, detection, mitigation and remediation of cybersecurity incidents as part of the cybersecurity programs described above. Incidents, if any, are escalated to management and the Board according to the Company’s incident response policy. There have been no material cybersecurity incidents in the periods presented.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Role of Management [Text Block] The Board regularly receives reports and training from management and third parties on cybersecurity matters, as part of our overall enterprise risk management program. Management is responsible for developing cybersecurity programs, including as may be required by applicable law or regulation.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Company takes cybersecurity threats seriously, including regular reassessment of cybersecurity risks both internally and with third parties and updates to the Board of Directors at least annually.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Management is responsible for developing cybersecurity programs, including as may be required by applicable law or regulation. Company IT personnel have the appropriate expertise in IT and cybersecurity, which generally has been gained from a combination of education, including relevant degrees and/or certifications, and prior work experience. Company cybersecurity personnel monitor the prevention, detection, mitigation and remediation of cybersecurity incidents as part of the cybersecurity programs described above.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity or cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the timing and amount of assets, liabilities, equity, revenues, and expenses recorded and disclosed. Actual results could differ from those estimates.

Accounting Standards Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments within this ASU are required to be applied retrospectively to all prior periods presented in the financial statements. The Company adopted this standard effective December 15, 2024 and the adoption of this standard did not have a material impact on its consolidated financial statements.

Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures to provide information to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. For the Company, this ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments within this ASU should be applied prospectively although retrospective application is also permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to improve the disclosures about an entity's expenses and requires disaggregation of certain expense captions into specified categories to provide more detailed information about the types of expenses commonly presented. For the Company, this ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments within this ASU should be applied prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Translation of Foreign Currencies

All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting foreign currency translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders’ equity.

Fair Value Measurement

Fair value is the price to hypothetically sell an asset or transfer a liability in an orderly manner in the principal market for that asset or liability. Accounting standards prioritize the use of observable inputs in measuring fair value. The level of a fair value measurement is determined entirely by the lowest level input that is significant to the measurement. The three levels are (from highest to lowest):

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly.

Level 3: Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions.

The Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximates carrying value due to the nature and relative short maturity of these assets and liabilities.

The fair value of the Company’s revolving credit facility, as defined in Note 10, approximates carrying value due to the floating rates and the relative short maturity (less than 90 days) of any revolving borrowings under this agreement. The carrying value of the unhedged portion of the Company’s term loan, as defined in Note 10, approximates fair value given that the underlying interest rate applied to such amounts outstanding is currently based upon floating market rates and the Company has the ability to repay the outstanding principal at par value at any time under the terms of this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered Level 2 inputs. At December 31, 2023, the aggregate fair value of the Company’s outstanding fixed rate senior unsecured notes was estimated to be $37.8 million.

The Company has also entered into an interest rate swap contract to reduce its exposure to fluctuations in variable interest rates for future interest payments, as defined in Note 10. The Company uses significant other observable market data or assumptions (Level 2 inputs) in determining the fair value of its interest rate swap that we believe market participants would use in pricing similar assets or liabilities, including assumptions about counterparty risk. The fair value estimates reflect an income approach based on the terms of the interest rate swap contract and inputs corroborated by observable market data including interest rate curves. Refer to the derivative instruments section below for further information regarding the fair value measurements for the interest rate swap.

The purchase price allocations associated with the February 8, 2024 acquisition of Signature CR Intermediate Holdco, Inc. ("Signature" or "Signature Systems") and the May 31, 2022 acquisition of Mohawk Rubber Sales of New England Inc. ("Mohawk"), as described in Note 3, required fair value measurements using unobservable inputs which are considered Level 3 inputs. The fair value of the acquired intangible assets was determined using an income approach.

Impairment testing of goodwill and indefinite-lived intangible assets as described in Note 4 involves determination of fair value using unobservable inputs, which are considered Level 3 inputs. The fair values of the reporting units in accordance with the goodwill impairment test were determined using the income and/or market approaches.

Derivative Instruments

On May 2, 2024, the Company entered into an interest rate swap agreement to limit its exposure to changes in interest rates on a portion of its floating rate indebtedness. The interest rate swap agreement is designated as a cash flow hedge that qualifies for hedge accounting. The swap has a beginning notional value of $200.0 million, which reduces proportionately with scheduled Term Loan A amortization payments, and has a final maturity date of January 31, 2029. The interest rate swap effectively results in a fixed rate of 4.606% plus the applicable margin for the hedged debt, as described in Note 10. The reset dates and all other critical terms on the term loans perfectly match with the interest rate swap and accordingly there were no amounts excluded from the measurement of hedge effectiveness.

At December 31, 2024, the remaining notional value of the Company's interest rate swap totaled $192.5 million and the net fair value of the Company's interest rate swap contract was estimated to be an unrealized loss of $3.2 million, which is included in the Consolidated Statements of Financial Position within Other current liabilities and Other liabilities - long-term at $0.7 million and $2.5 million, respectively. Fair value adjustments are recorded as a component of Accumulated Other Comprehensive Income (Loss) ('AOCI') in the Consolidated Statements of Financial Position and balances in AOCI are reclassified into earnings when transactions related to the underlying risk are settled. The pre-tax balance of interest rate swap gain (loss) in AOCI for the year ended December 31, 2024 was $(3.2) million. As of December 31, 2024, $0.8 million of net interest rate swap losses recorded in AOCI are expected to be reclassified into earnings within the next twelve months; however, the actual amount that will be reclassified will vary based on changes in interest rates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. In 2024, there were no customers that accounted for more than ten percent of net sales. The Company does not have a material concentration of sales in any country outside of the United States.

Allowance for Credit Losses

Management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. The Company reviews historical trends for credit loss as well as current economic conditions in determining an estimate for its allowance for credit losses. Additionally, in circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for credit losses is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably expects will be collected. Expense related to bad debts was approximately $1.9 million, $1.8 million and $0.5 million for 2024, 2023 and 2022, respectively, and is recorded within Selling, general and administrative expenses in the Consolidated Statements of Operations. Deductions from the allowance for doubtful accounts, net of recoveries, were approximately $0.7 million, $1.1 million and $0.4 million for 2024, 2023 and 2022, respectively.

The changes in the allowance for credit losses included within Trade accounts receivable for the years ended December 31, 2024 and 2023 were as follows:

 

 

 

2024

 

 

2023

 

Balance at January 1

 

$

2,989

 

 

$

2,273

 

Provision for expected credit loss, net of recoveries

 

 

1,938

 

 

 

1,808

 

Write-offs and other

 

 

(744

)

 

 

(1,092

)

Balance at December 31

 

$

4,183

 

 

$

2,989

 

Allowance for credit losses pertaining to the purchased credit deteriorated assets acquired in conjunction with the acquisition of Signature, as described in Note 3, are not included in the table above. These amounts total $3.2 million as of December 31, 2024 and are included net within Other accounts receivable and Other assets – long-term.

Inventories

Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 30 percent of our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost.

 

Inventories at December 31 consist of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Finished and in-process products

 

$

62,601

 

 

$

53,382

 

Raw materials and supplies

 

 

34,400

 

 

 

37,462

 

 

 

$

97,001

 

 

$

90,844

 

 

If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $7.6 million and $8.6 million higher than reported at December 31, 2024 and 2023, respectively. Cost of sales decreased by $0.5 million, $0.2 million and $0.8 million in 2024, 2023 and 2022, respectively, as a result of the liquidation of LIFO inventories.

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows:

 

Buildings

20 to 40 years

Machinery and equipment

3 to 10 years

Leasehold improvements

5 to 10 years

 

The Company’s property, plant and equipment by major asset class at December 31 consists of:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Land

 

$

6,208

 

 

$

6,546

 

Buildings and leasehold improvements

 

 

64,600

 

 

 

63,871

 

Machinery and equipment

 

 

366,112

 

 

 

326,650

 

 

 

 

436,920

 

 

 

397,067

 

Less allowances for depreciation and amortization

 

 

(299,356

)

 

 

(289,134

)

 

 

$

137,564

 

 

$

107,933

 

Depreciation expense was $23.0 million, $16.2 million and $15.0 million in the years ended December 31, 2024, 2023 and 2022, respectively.

Long-Lived Assets

The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset and related asset group. For assets held for sale, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset.

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) were as follows:

 

 

 

Foreign
Currency

 

 

Interest Rate Swap (1)

 

 

Defined Benefit
Pension Plans (2)

 

 

Total

 

Balance at January 1, 2022

 

$

(13,935

)

 

$

—

 

 

$

(1,466

)

 

$

(15,401

)

Other comprehensive income (loss) before reclassifications

 

 

(2,475

)

 

 

—

 

 

 

33

 

 

 

(2,442

)

Reclassification to (earnings) loss

 

 

—

 

 

 

—

 

 

 

50

 

 

 

50

 

Net current-period other comprehensive income (loss)

 

 

(2,475

)

 

 

—

 

 

 

83

 

 

 

(2,392

)

Balance at December 31, 2022

 

 

(16,410

)

 

 

—

 

 

 

(1,383

)

 

 

(17,793

)

Other comprehensive income (loss) before reclassifications

 

 

859

 

 

 

—

 

 

 

66

 

 

 

925

 

Reclassification to (earnings) loss

 

 

—

 

 

 

—

 

 

 

53

 

 

 

53

 

Net current-period other comprehensive income (loss)

 

 

859

 

 

 

—

 

 

 

119

 

 

 

978

 

Balance at December 31, 2023

 

 

(15,551

)

 

 

—

 

 

 

(1,264

)

 

 

(16,815

)

Other comprehensive income (loss) before reclassifications

 

 

(3,058

)

 

 

(1,761

)

 

 

115

 

 

 

(4,704

)

Reclassification to (earnings) loss

 

 

—

 

 

 

(639

)

 

 

48

 

 

 

(591

)

Net current-period other comprehensive income (loss)

 

 

(3,058

)

 

 

(2,400

)

 

 

163

 

 

 

(5,295

)

Balance at December 31, 2024

 

$

(18,609

)

 

$

(2,400

)

 

$

(1,101

)

 

$

(22,110

)

 

(1)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(0.8) million for the year ended December 31, 2024.
(2)
The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 12, Retirement Plans for additional details.

Stock Based Compensation

The Company has stock incentive plans that provide for the granting of stock-based compensation to employees and directors. Shares issued for option exercises, restricted stock units and performance units may be either from authorized, but unissued shares or treasury shares. For equity-classified awards, the fair value is determined on the date of the grant and not remeasured. The fair value of restricted stock units without a relative Total Shareholder Return ("rTSR") modifier are determined using the closing price of the Company’s common stock on the grant date (Level 1 measurement). The fair value of performance units with a rTSR modifier is determined using a Monte Carlo simulation, which determines the probability of satisfying the market condition included in the award using market-based inputs (Level 2 measurement). For these awards, the performance-based vesting requirements determine the number of shares that ultimately vest, which can vary from 0% to 250% of target depending on the level of achievement of established performance and market criteria, where applicable. The fair value of options is determined using a binomial lattice option pricing model which uses market-based inputs (Level 2 measurement). When awards contain a required holding period after vesting, the fair value is discounted to reflect the lack of marketability. Expense for restricted stock units and stock options is recognized on a straight-line basis over the requisite service period, which is generally equivalent to the vesting term. Compensation expense for performance units is recognized over the requisite service period subject to adjustment based on the probable number of shares expected to vest under the performance condition. Forfeitures result in reversal of previously recognized expenses for unvested shares and are recognized in the period in which the forfeiture occurs.

Income Taxes

Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. Any effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted.

Deferred tax assets are reduced by a valuation allowance, if based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. The Company evaluates the recovery of its deferred tax assets by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of income inherently rely heavily on estimates.

In the ordinary course of business, there is inherent uncertainty in quantifying certain income tax positions. The Company evaluates uncertain tax positions for all years subject to examination based upon management’s evaluations of the facts, circumstances and information available at the reporting date. Income tax positions must meet a more-likely-than-not recognition threshold at the reporting date to be recognized. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value.

Capital expenditures in the Consolidated Statement of Cash Flows excludes accrued, but unpaid, capital expenditures. Changes in the amount accrued increased (reduced) cash used for capital expenditures by $(1.2) million, $0.7 million and $(0.6) million 2024, 2023 and 2022, respectively.

Investments

In 2013, the Company invested in a joint venture to distribute tools, supplies and equipment to the Indian auto aftermarket. The Company's minority ownership interest has been accounted for under ASC 321, Investments - Equity Securities, as the Company cannot exercise significant influence over operating and financial policies of the joint venture. Under ASC 321, for each reporting period, a qualitative assessment is completed to evaluate whether the investment is impaired. During the fourth quarter of 2022, impairment triggers were identified and the investment in the joint venture was fully impaired, resulting in a $0.6 million pre-tax impairment loss in Other (income) expenses in the Consolidated Statement of Operations.

v3.25.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Revenue Recognition [Abstract]  
Revenue Recognition

2. Revenue Recognition

Revenue is recognized when obligations under the terms of a contract with customers are satisfied. In both the Distribution and Material Handling segments, this generally occurs with the transfer of control of the Company’s products. This transfer of control may occur at either the time of shipment from a Company facility, or at the time of delivery to a designated customer location. Obligations under contracts with customers are typically fulfilled within 90 days of receiving a purchase order from a customer, and generally no other future obligations are required to be performed. The Company generally does not enter into contracts with customers for longer than one year. Based on the nature of the Company’s products and customer contracts, no deferred revenue has been recorded with the exception of cash advances or deposits received from customers prior to transfer of control of the product. These advances are typically fulfilled within the 90 day time frame mentioned above.

 

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring the products. Certain contracts with customers include variable consideration, such as rebates or discounts. The Company recognizes estimates of this variable consideration each period, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs. While the Company’s contracts with customers do not generally include explicit rights to return product, the Company will in practice allow returns in the normal course of business and as part of the customer relationship. Thus, the Company estimates the expected returns each period based on an analysis of historical experience. For certain businesses where physical recovery of the product from returns occurs, the Company records an estimated right to return asset from such recovery, based on the approximate cost of the product.

Amounts included in the Consolidated Statements of Financial Position related to revenue recognition include:

 

 

 

December 31,

 

 

December 31,

 

 

Statement of Financial
Position

 

 

2024

 

 

2023

 

 

Classification

Returns, discounts and other allowances

 

$

(1,051

)

 

$

(1,200

)

 

Trade accounts receivable

Right of return asset

 

$

456

 

 

$

432

 

 

Inventories, net

Customer deposits

 

$

(2,565

)

 

$

(2,017

)

 

Other current liabilities

Accrued rebates

 

$

(4,196

)

 

$

(4,441

)

 

Other current liabilities

 

Sales, value added, and other taxes the Company collects concurrently with revenue from customers are excluded from net sales. The Company has elected to recognize the cost for shipments to customers when control over products has transferred to the customer. Costs for shipments to customers are classified as Selling, general and administrative expenses for the Company’s manufacturing businesses and as Cost of sales for the Company’s distribution business in the accompanying Consolidated Statements of Operations. The Company incurred costs for shipments to customers of approximately $12.0 million, $10.8 million and $13.1 million in Selling, general and administrative expenses for the years ended December 31, 2024, 2023 and 2022, respectively, and $11.0 million, $13.0 million and $10.5 million in Cost of sales for the years ended December 31, 2024, 2023 and 2022, respectively.

Based on the short term nature of contracts described above, the Company does not incur significant contract acquisition costs. These costs, as well as other incidental items that are immaterial in the context of the contract, are recognized as expense as incurred. See Note 14, Segments for additional details on the Company's revenue by major market.
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Acquisitions

3. Acquisitions

Signature

On February 8, 2024, the Company acquired the stock of Signature Systems, a manufacturer and distributor of composite ground protection matting for industrial applications, stadium turf protection and temporary event flooring. Signature is included in the Material Handling Segment. The Signature acquisition aligns with the Company's long-term strategic plan to transform the Company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. Cash consideration was $348.3 million, net of $4.3 million of cash acquired. Total cash consideration also includes the working capital settlement, which was finalized in June 2024.

The Company funded the acquisition of Signature through an amendment and restatement of Myers’ existing loan agreement, as described in Note 10. Transaction costs related to the acquisition are included within Selling, general and administrative on the Consolidated Statements of Operations and totaled $7.2 million, of which $4.6 million and $2.6 million were incurred for the years ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, Signature contributed $102.7 million of revenue and $24.2 million of operating income, to the Material Handling Segment.

The acquisition of Signature was accounted for using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. Goodwill represents the future economic benefits arising from other assets acquired that could not be individually and separately recognized. Goodwill acquired in this transaction will not be tax deductible. The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment during the measurement period. Measurement period adjustments recorded for the year ended December 31, 2024 are summarized in the table below.

A summary of the estimated purchase price allocation is as follows:

 

Initial Allocation of Consideration

 

Measurement Period Adjustments(1)

 

Updated Preliminary Allocation

 

Assets acquired:

 

 

 

 

 

 

Accounts receivable

$

18,902

 

$

(48

)

$

18,854

 

Inventories

 

17,612

 

 

(239

)

 

17,373

 

Prepaid expenses

 

719

 

 

(25

)

 

694

 

Other assets - long-term

 

4,761

 

 

437

 

 

5,198

 

Property, plant and equipment

 

28,281

 

 

(18

)

 

28,263

 

Right of use asset - operating leases

 

3,946

 

 

—

 

 

3,946

 

Intangible assets

 

127,000

 

 

9,700

 

 

136,700

 

Goodwill

 

215,105

 

 

(32,007

)

 

183,098

 

Assets acquired

$

416,326

 

$

(22,200

)

$

394,126

 

 

 

 

 

 

 

 

Liabilities assumed:

 

 

 

 

 

 

Accounts payable

$

4,542

 

$

362

 

$

4,904

 

Accrued expenses

 

5,646

 

 

266

 

 

5,912

 

Operating lease liability - short-term

 

525

 

 

—

 

 

525

 

Operating lease liability - long-term

 

2,400

 

 

—

 

 

2,400

 

Deferred income taxes

 

55,054

 

 

(22,981

)

 

32,073

 

Total liabilities assumed

 

68,167

 

 

(22,353

)

 

45,814

 

 

 

 

 

 

 

 

Net acquisition cost

$

348,159

 

$

153

 

$

348,312

 

(1) The Company's preliminary purchase price allocation changed due to additional information and further analysis.

 

Included in Accounts receivable and Other assets - long-term of the table above are long-term notes receivable with face value of $11.4 million and preliminary estimated fair value of $7.0 million based on a risk-adjusted income approach, of which $1.9 million was classified as current. The long-term notes receivable acquired were considered purchased credit deteriorated assets. At the acquisition date, the Company established a $3.2 million allowance for credit loss, which has been added to the fair value of the loan to determine its amortized cost basis. The $1.2 million difference between the amortized cost basis and unpaid principal represents a noncredit discount that will be amortized into interest income over the remaining lives of the long-term notes receivable through their maturities in August 2026. Subsequent to the acquisition date, there was no change to the allowance for credit loss on the purchased credit deteriorated assets which have been evaluated through the period ended December 31, 2024.

Intangible assets consist of Signature’s technology, customer relationships and the Signature Systems indefinite-lived trade name, and are summarized in the table below:

 

 

Fair Value

 

 

Weighted Average
Estimated
Useful Life

Customer relationships

 

$

83,800

 

 

10.0 years

Technology

 

 

31,300

 

 

12.0 years

Total amortizable intangible assets

 

$

115,100

 

 

 

Intangible assets not subject to amortization:

 

 

 

 

 

Trademarks and trade names

 

$

21,600

 

 

Indefinite

 

 

The following unaudited pro forma results of operations for the year ended December 31, 2024 and 2023, respectively, assumes the Signature acquisition was completed on January 1, 2023. The following pro forma results include adjustments to reflect acquisition related costs, additional interest expense, amortization of intangibles associated with the acquisition, amortization of acquisition-related inventory step-up costs and the effects of adjustments made to the carrying value of certain assets.

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

Net sales

 

$

851,000

 

 

$

923,221

 

Net income

 

 

12,043

 

 

 

37,913

 

The unaudited pro forma results may not be indicative of the results that would have been obtained had the acquisition occurred at the beginning of the periods presented, nor is it intended to be a projection of future results.

Mohawk

On May 31, 2022, the Company acquired the assets of Mohawk, a leading auto aftermarket distributor, which is included in the Distribution Segment. The Mohawk acquisition aligns with the Company's long-term objective to optimize and grow its Distribution business. Cash consideration was $27.8 million, net of $1.1 million of cash acquired. Total cash consideration also includes a $3.5 million working capital adjustment, of which $3.3 million was settled in November 2022 and $0.2 million was settled in February 2023.

v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

The Company tests goodwill and indefinite-lived intangible assets for impairment annually and between annual tests if impairment indicators are present. Such indicators may include, but are not limited to, significant changes in economic and competitive conditions, the impact of the economic environment on the Company’s customer base or its businesses, or a material negative change in its relationships with significant customers.

During the quarter ended September 30, 2024, the Company’s rotational molding reporting unit continued to experience further declining market conditions including overall lower volume and uncertainty regarding the reporting unit's longer range outlook, primarily due to the current macroeconomic environment reducing expected demand for its products. Due to these potential indicators of impairment identified during the quarter ended September 30, 2024, the Company conducted an interim quantitative impairment test of the goodwill at its rotational molding reporting unit and compared the reporting unit's fair value to its carrying value as required by ASC 350. The Company's quantitative analysis identified that the estimated fair value of the rotational molding reporting unit was below the carrying value and accordingly, the Company recorded a $22.0 million non-cash impairment charge, for the full carrying value of the goodwill associated with the rotational molding reporting unit. The goodwill impairment charge was recorded within Impairment charges in the Consolidated Statements of Operations.

The Company’s annual goodwill impairment assessment as of October 1 found no additional impairment at any of the Company's reporting units in 2024. Quantitative impairment assessments were performed for all reporting units in 2024, and they indicated that the fair value of the Company's seven reporting units all had adequate cushion above the carrying value on the assessment date, except for the rotational molding reporting unit, which was fully impaired as of September 30, 2024, as described above. The 2023 and 2022 annual goodwill impairment assessments performed as of October 1, also indicated no impairment for all of the Company's reporting units.

Fair value was determined using the income and market approaches. The income approach employs the discounted cash flow method reflecting projected cash flows expected to be generated by market participants and then adjusted for time value of money factors and requires management to make significant estimates and assumptions related to forecasts of future revenues, earnings before interest, taxes, depreciation, and amortization (EBITDA), and discount rates. The market approach utilizes an analysis of comparable publicly traded companies and requires management to make significant estimates and assumptions related to the forecasts of future revenues, EBITDA, and multiples that are applied to management’s forecasted revenues and EBITDA estimates.

The techniques used in the Company's impairment test have incorporated a number of assumptions that the Company believes to be reasonable and to reflect known market conditions at the interim impairment date. The variables and assumptions used, all of which are Level 3 fair value inputs, include the projections of future revenues and expenses, working capital, terminal values, discount rates and long-term growth rates. The estimate of the fair value, and the related goodwill, could change over time based on a variety of factors,

including the aggregate market value of the Company’s common stock, actual operating performance of the underlying businesses or the impact of future events on the cost of capital and the related discount rates used.

The circumstances leading to the interim goodwill assessment as described above also triggered an evaluation for long-lived assets, for which the Company has first performed an ASC 360-10-35 recoverability test of other long-lived assets, including intangible assets for the rotational molding asset group. With respect to the asset group, future cash flows were estimated over the expected remaining life of the assets, and the Company determined that, on an undiscounted basis, expected cash flows exceeded the carrying value of the asset group, and no impairment was indicated. There were no impairment indicators over long-lived assets for the quarter ended December 31, 2024.

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 were as follows:

 

 

 

Distribution

 

 

Material
Handling

 

 

Total

 

January 1, 2023

 

$

14,730

 

 

$

80,427

 

 

$

95,157

 

Foreign currency translation

 

 

—

 

 

 

235

 

 

 

235

 

December 31, 2023

 

$

14,730

 

 

$

80,662

 

 

$

95,392

 

Acquisition

 

 

—

 

 

 

183,098

 

 

 

183,098

 

Impairment charges

 

 

—

 

 

 

(22,016

)

 

 

(22,016

)

Foreign currency translation

 

 

—

 

 

 

(942

)

 

 

(942

)

December 31, 2024

 

$

14,730

 

 

$

240,802

 

 

$

255,532

 

 

Intangible assets were established in connection with acquisitions. These intangible assets, other than goodwill and certain indefinite lived trade names, are amortized over their estimated useful lives. The Company performed a quantitative annual impairment assessment for the indefinite lived trade names as of October 1, 2024, 2023 and 2022. In performing these assessments, the Company determined the estimated fair value of the trade names exceeded the carrying value and accordingly, no impairment was indicated. An impairment charge would be recorded if the carrying value of the trade name exceeds the estimated fair value at the date of assessment. Refer to Note 3 for the intangible assets acquired through the Signature acquisition during 2024.

Intangible assets at December 31, 2024 and 2023 consisted of the following:

 

 

 

 

 

 

2024

 

 

2023

 

 

 

Weighted Average
Remaining Useful
Life (years)

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

Trade names - indefinite lived

 

 

 

 

$

31,382

 

 

$

—

 

 

$

31,382

 

 

$

9,782

 

 

$

—

 

 

$

9,782

 

Trade names

 

 

5.3

 

 

 

10,267

 

 

 

(4,658

)

 

 

5,609

 

 

 

10,267

 

 

 

(3,417

)

 

 

6,850

 

Customer relationships

 

 

9.7

 

 

 

157,880

 

 

 

(57,821

)

 

 

100,059

 

 

 

75,505

 

 

 

(48,790

)

 

 

26,715

 

Technology

 

 

10.9

 

 

 

56,280

 

 

 

(27,262

)

 

 

29,018

 

 

 

24,980

 

 

 

(23,713

)

 

 

1,267

 

Non-competition agreements

 

 

1.4

 

 

 

1,510

 

 

 

(1,257

)

 

 

253

 

 

 

1,510

 

 

 

(995

)

 

 

515

 

Patents

 

 

—

 

 

 

11,730

 

 

 

(11,730

)

 

 

—

 

 

 

11,730

 

 

 

(11,730

)

 

 

—

 

 

 

 

 

 

$

269,049

 

 

$

(102,728

)

 

$

166,321

 

 

$

133,774

 

 

$

(88,645

)

 

$

45,129

 

 

Intangible amortization expense was $15.5 million, $6.6 million and $6.2 million in 2024, 2023 and 2022, respectively. Estimated annual amortization expense for intangible assets with finite lives for the next five years is: $14.9 million in 2025; $14.2 million in 2026; $13.9 million in 2027; $13.7 million in 2028 and $13.6 million in 2029.
v3.25.0.1
Net Income Per Common Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Income Per Common Share

5. Net Income Per Common Share

Net income per common share, as shown on the accompanying Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows:

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Weighted average common shares outstanding basic

 

 

37,141,030

 

 

 

36,744,560

 

 

 

36,411,389

 

Dilutive effect of stock options and restricted stock

 

 

262,488

 

 

 

351,008

 

 

 

379,450

 

Weighted average common shares outstanding diluted

 

 

37,403,518

 

 

 

37,095,568

 

 

 

36,790,839

 

 

The dilutive effect of stock options and restricted stock was computed using the treasury stock method. Options to purchase 10,290, 101,406 and 114,540 shares of common stock that were outstanding at December 31, 2024, 2023 and 2022, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options was greater than the average market price of common shares and were therefore anti-dilutive.

 

On February 27, 2025, the Company's Board of Directors authorized the repurchase of up to $10.0 million in shares of its Common Stock effective March 10, 2025 (the “2025 Repurchase Program”). The 2025 Repurchase Program replaces the Company’s previously authorized 2013 repurchase program, which is hereby terminated, and will end on the first to occur of reaching the maximum amount of $10.0 million in repurchases or December 31, 2025. Repurchases under the 2025 repurchase program may be made in the open market at prevailing market prices, through accelerated share repurchases, through privately negotiated transactions, in block trades, and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations and the Company’s insider trading policy.
v3.25.0.1
Restructuring
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring

6. Restructuring

In August 2024, the Company announced the consolidation of its Atlantic, Iowa rotational molding facility into other rotational molding facilities to reduce the cost structure within the Material Handling segment. In December 2024, the Company reduced the scope of the consolidation to keep open its Atlantic, Iowa rotational molding facility as a result of increased demand for certain products produced in that facility. Total restructuring costs for these actions incurred were approximately $0.9 million during the year ended December 31, 2024, which includes inventory and other asset write downs, facility costs and employee severance, that were recorded within both Cost of sales and Selling, general and administrative. Accrued and unpaid restructuring expenses were not significant at December 31, 2024.

On May 29, 2024, the Company announced a restructuring plan to improve the Company’s organizational structure and operational efficiency within the Distribution Segment, which related primarily to planned facility consolidations and associated activities to simplify its distribution network and improve service by reducing complexity. Total restructuring costs incurred related to these actions during the year ended December 31, 2024, were approximately $1.4 million, which includes inventory write-downs, employee severance and other facility costs related to the consolidations, which were recorded within both Cost of sales and Selling, general and administrative. In January 2025, the Company announced an additional facility consolidation associated with this initiative. Accrued and unpaid restructuring expenses were not significant at December 31, 2024 and remaining costs to complete the consolidations are expected to be approximately $2.5 million, to be incurred through 2028 related primarily to idled lease facility and maintenance costs.

In conjunction with the Company's previously announced Ameri-Kart plan the Company incurred $2.3 million and $1.0 million of restructuring charges during the years ended December 31, 2024 and 2023, respectively, which were recorded within both Cost of sales and Selling, general and administrative. The Company also incurred $0.7 million of restructuring charges during the year ended December 31, 2022, which were recorded within Cost of sales and $0.3 million related to loss on disposal of fixed assets during the year ended December 31, 2022. On May 7, 2024, the Company entered into a termination agreement to exit the idled lease facility, in conjunction with the Ameri-Kart plan, for which the original lease extended through 2026 and a termination payment of $1.8 million was recorded to satisfy all remaining obligations under the original lease. The Ameri-Kart plan is now complete and there were no remaining accrued and unpaid restructuring expenses at December 31, 2024 or December 31, 2023.

Severance charges from other restructuring initiatives to reduce and streamline overhead costs during the years ended December 31, 2024 and 2023 totaled $2.9 million and $1.5 million, respectively, which were recorded within both Cost of Sales and Selling, general and administrative. No restructuring charges were accrued at December 31, 2024 or December 31, 2023.
v3.25.0.1
Other Liabilities
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Other Liabilities

7. Other Liabilities

The balance of Other current liabilities is comprised of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Customer deposits and accrued rebates

 

$

6,761

 

 

$

6,458

 

Dividends payable

 

 

5,613

 

 

 

5,900

 

Accrued litigation, claims and professional fees

 

 

110

 

 

 

2,868

 

Current portion of environmental reserves

 

 

6,605

 

 

 

8,205

 

Hedge contract liability

 

 

753

 

 

 

—

 

Other accrued expenses

 

 

6,952

 

 

 

5,041

 

 

 

$

26,794

 

 

$

28,472

 

 

The balance of Other liabilities (long-term) is comprised of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Environmental reserves

 

$

9,984

 

 

$

9,357

 

Supplemental executive retirement plan liability

 

 

270

 

 

 

548

 

Pension liability

 

 

79

 

 

 

135

 

Hedge contract liability

 

 

2,490

 

 

 

—

 

Other long-term liabilities

 

 

2,480

 

 

 

2,068

 

 

 

$

15,303

 

 

$

12,108

 
v3.25.0.1
Stock Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Compensation

8. Stock Compensation

The Company’s 2021 Long-Term Incentive Plan (the “2021 Plan”) was adopted by the Board of Directors on March 4, 2021, amended by the Board of Directors on April 20, 2021, and approved by shareholders in the annual shareholder meeting on April 29, 2021. The 2021 Plan authorizes the Compensation and Management Development Committee of the Board of Directors (“Compensation Committee”) to issue up to 2,000,000 additional various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors. No new awards may be issued under the 2021 Plan after March 16, 2024.

The Company’s 2024 Long-Term Incentive Plan (the “2024 Plan”) was adopted by the Board of Directors on February 29, 2024, and approved by shareholders in the annual shareholder meeting on April 25, 2024. The 2024 Plan authorizes the Compensation Committee to issue up to 2,500,000 additional various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors.

Stock compensation expense was approximately $1.7 million, $6.7 million and $7.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, and are included in Selling, general and administrative expenses. Changes in expected performance under performance share award arrangements can cause volatility in stock compensation expense. Total unrecognized compensation cost related to non-vested share-based compensation arrangements at December 31, 2024 was approximately $3.6 million, which will be recognized over the next three years, as such compensation is earned. Outstanding options expire, if unexercised, ten years from the date of grant.

There were no options granted in 2024, 2023 and 2022. Options exercised in 2024, 2023 and 2022 were as follows:

 

Year

 

Options Exercised

 

 

Exercised
Price

2024

 

 

102,468

 

 

$18.58 to $21.30

2023

 

 

62,551

 

 

$11.62 to $18.69

2022

 

 

83,102

 

 

$12.96 to $21.30

 

In addition, options totaling 20, 43,729 and 588 expired or were forfeited during the years ended December 31, 2024, 2023 and 2022, respectively.

Options outstanding and exercisable at December 31, 2024, 2023 and 2022 were as follows:

 

Year

 

Outstanding

 

 

Range of Exercise
Prices

 

Exercisable

 

 

Weighted Average
Exercise Price

 

2024

 

 

16,114

 

 

$11.62 to $21.30

 

 

16,114

 

 

$

17.43

 

2023

 

 

118,602

 

 

$11.62 to $21.30

 

 

118,602

 

 

$

20.35

 

2022

 

 

224,882

 

 

$11.62 to $21.30

 

 

224,882

 

 

$

18.82

 

 

The following table provides a summary of stock option activity for the period ended December 31, 2024:

 

 

 

Shares

 

 

Average
Exercise
Price

 

 

Weighted
Average
Life (in Years)

 

Outstanding at December 31, 2023

 

 

118,602

 

 

$

20.35

 

 

 

 

Options granted

 

 

—

 

 

 

—

 

 

 

 

Options exercised

 

 

(102,468

)

 

 

20.81

 

 

 

 

Canceled or forfeited

 

 

—

 

 

 

—

 

 

 

 

Expired

 

 

(20

)

 

 

20.93

 

 

 

 

Outstanding at December 31, 2024

 

 

16,114

 

 

 

17.43

 

 

 

2.63

 

Exercisable at December 31, 2024

 

 

16,114

 

 

$

17.43

 

 

 

2.63

 

 

The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The intrinsic value of stock options exercised in 2024, 2023 and 2022 was $0.1 million, $0.4 million and $0.3 million, respectively. There is no intrinsic value of stock options outstanding at December 31, 2024 as the closing stock price at the end of 2024 was below the weighted average exercise price of stock options outstanding at December 31, 2024.

The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2024:

 

 

 

Shares

 

 

Average
Grant-Date
Fair Value

 

Unvested shares at December 31, 2023

 

 

845,711

 

 

 

 

Granted

 

 

535,127

 

 

$

19.23

 

Vested

 

 

(323,523

)

 

$

19.28

 

Canceled or forfeited

 

 

(113,460

)

 

$

20.05

 

Unvested shares at December 31, 2024

 

 

943,855

 

 

 

 

 

Restricted stock units are rights to receive shares of common stock, subject to forfeiture and other restrictions, which vest over a one or three year period. Restricted stock units are considered to be non-vested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. At December 31, 2024, restricted stock awards had vesting periods through December 2027. Included in the December 31, 2024 unvested shares are 624,541 performance-based restricted stock units.

v3.25.0.1
Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

9. Contingencies

The Company is a defendant in various lawsuits and a party to various other legal proceedings arising in the ordinary course of business, some of which are covered in whole or in part by insurance. When a loss arising from these matters is probable and can reasonably be estimated, the most likely amount of the estimated probable loss is recorded, or if a range of probable loss can be estimated and no amount within the range is a better estimate than any other amount, the minimum amount in the range is recorded. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary.

Based on current available information, management believes that the ultimate outcome of these matters, including those described below, will not have a material adverse effect on our financial position, cash flows or overall trends in our results of operations. However, these matters are subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which the ruling occurs, or in future periods.

New Idria Mercury Mine

In September 2015, the U.S. Environmental Protection Agency (“EPA”) informed a subsidiary of the Company, Buckhorn, Inc. (“Buckhorn”) via a notice letter and related documents (the “Notice Letter”) that it considers Buckhorn to be a potentially responsible party (“PRP”) in connection with the New Idria Mercury Mine site (“New Idria Mine”). New Idria Mining & Chemical Company (“NIMCC”), which owned and/or operated the New Idria Mine through 1976, was merged into Buckhorn Metal Products Inc. in 1981, which was subsequently acquired by Myers Industries, Inc. in 1987. As a result of the EPA Notice Letter, Buckhorn and the Company entered into an Administrative Order of Consent (“AOC”) with the EPA for the Remedial Investigation/Feasibility Study (“RI/FS”) to determine the extent of remediation necessary and the screening of alternatives. The AOC and related Statement of Work (“SOW”) were effective as of November 27, 2018, the date that it was executed by the EPA. The AOC requires a $2 million letter of credit to be provided for the duration of the RI/FS as assurance of Buckhorn's performance obligations.

All reasonably estimable costs related to the environmental remediation are accrued. These costs are comprised primarily of estimates to perform the RI/FS, identification of possible other PRPs, EPA oversight fees, past cost claims made by the EPA, periodic monitoring, and responses to demands issued by the EPA under the AOC. It is possible that adjustments to the aforementioned reserves will be necessary as new information is obtained, including after finalization and EPA approval of the work plan for the RI/FS. Estimates of Buckhorn’s liability are based on current facts, laws, regulations and technology. Estimates of Buckhorn’s environmental liabilities are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluation and cost estimates, the extent of remedial actions that may be required, the extent of oversight by the EPA and the number and financial condition of other PRPs that may be named, as well as the extent of their responsibility for the remediation. Beginning in late 2021 and continuing through the current period, Buckhorn and the EPA continue to actively discuss the scope of the activities in the work plan for the RI/FS, resulting in changes to the estimated costs to perform the RI/FS work plan from time to time. Cost estimates will continue to be refined as the work plans for the RI/FS and the ultimate remediation are finalized and as the activities are performed over a period expected to last several years.

In the fourth quarter of 2022, Buckhorn reached an agreement with respect to certain insurance coverage related to defense costs, which is expected to apply to a substantial portion of the estimated RI/FS costs. Recovery of accrued costs are recorded as a receivable to the extent such recovery is determined to be probable under this agreement. Estimates of cost recoveries will continue to be refined as the RI/FS work plan is finalized and the activities are performed over a period expected to last several years. Buckhorn may also have opportunity for cost recovery under other insurance policies.

Since October 2011, when the New Idria Mine was added to the Superfund National Priorities List by the EPA, Buckhorn has recognized $25.1 million of cumulative charges, made cumulative payments of $14.6 million and received insurance recoveries of $6.2 million through December 31, 2024. For the years ended December 31, 2024, 2023 and 2022, the following undiscounted activity was recorded in connection with the New Idria Mercury Mine:

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Beginning reserve balance

 

$

13,182

 

 

$

11,855

 

 

$

8,213

 

Changes in estimated environmental liability

 

 

3,100

 

 

 

6,500

 

 

 

4,400

 

Payments made (1) (4)

 

 

(3,857

)

 

 

(5,173

)

 

 

(758

)

Ending reserve balance (2)

 

$

12,425

 

 

$

13,182

 

 

$

11,855

 

 

 

 

 

 

 

 

 

 

 

Beginning receivable balance

 

$

7,245

 

 

$

6,000

 

 

$

—

 

Changes in estimated insurance recovery

 

 

3,300

 

 

 

3,300

 

 

 

6,000

 

Insurance recovery reimbursements

 

 

(2,141

)

 

 

(2,055

)

 

 

—

 

Ending receivable balance (3)

 

$

8,404

 

 

$

7,245

 

 

$

6,000

 

(1) Payments made in the years ended December 31, 2022 were offset by insurance refunds of $0.8 million. In the fourth quarter of 2022, Buckhorn reached an agreement with respect to certain insurance coverage related to defense costs for which recovery of accrued costs are recorded as a receivable to the extent such recovery is determined to be probable under this agreement.

(2) As of December 31, 2024, Buckhorn has a total ending reserve balance of $12.4 million related to the New Idria Mine, of which $6.5 million is classified in Other current liabilities and $5.9 million in Other liabilities (long-term).

(3) As of December 31, 2024, Buckhorn has a total receivable balance related to the probable insurance recovery of $8.4 million, of which $3.9 million is classified in Other accounts receivable and $4.5 million is classified in Other (long-term).

(4) Payments made for the year ended December 31, 2023 include a $1.9 million payment related to a settlement agreement with the EPA to resolve the past costs claim, which Buckhorn paid in the first quarter of 2023.

Given the circumstances referred to above, including the fact that the final remediation strategy has not yet been determined, Buckhorn has not accrued for remediation costs in connection with this site as it is unable to estimate the range of a reasonably possible liability for remediation costs.

New Almaden Mine

A number of parties, including the Company and its subsidiary, Buckhorn (as successor to NIMCC), were alleged by trustee agencies of the United States and the State of California to be responsible for natural resource damages due to environmental contamination of areas comprising the historical New Almaden mercury mines located in the Guadalupe River Watershed region in Santa Clara County, California (“County”). In 2005, Buckhorn and the Company, without admitting liability or chain of ownership of NIMCC, resolved the trustees’ claim against them through a consent decree that required them to contribute financially to the implementation by the County of an environmentally beneficial project within the impacted area. Buckhorn and the Company negotiated an agreement with the County ("Cost Sharing Agreement"), whereby Buckhorn and the Company agreed to reimburse one-half of the County’s costs of implementing the project. A detailed estimate was received from the County in 2016, and estimated costs for implementing the project to range between $3.3 million and $4.4 million. In 2022, the County informed the Company that it may begin implementation of the project in 2023 and that costs were expected to be higher. In January 2023, the County informed Buckhorn that the project will commence in 2023 and that it had accepted a bid to complete the project for approximately $9.0 million. The Company and Buckhorn intend to vigorously challenge, under the terms of the Cost Sharing Agreement, their responsibility to share in the entirety of the project cost increases. In the year ended December 31, 2022, expense of $3.0 million was recorded in Selling, general and administrative expenses based on the updated information received from the County. No additional costs were incurred related to New Almaden in the years ended December 31, 2024 and December 31, 2023 and payments of $0.1 million were made for the year ended December 31, 2023. As of December 31, 2024, Buckhorn has a total reserve of $4.4 million related to the New Almaden Mine, of which $0.3 million is classified in Other current liabilities and $4.1 million is classified in Other liabilities (long-term) on the Consolidated Statements of Financial Position.

It is possible that adjustments to the aforementioned reserves will be necessary to reflect new information. In addition, the Company may have claims against and defenses to claims by the County under the 2005 agreement that could reduce or offset its obligation for reimbursement of some of these potential additional costs. With the assistance of environmental consultants, the Company will closely monitor this matter and will continue to assess its reserves as additional information becomes available.

Other Matters

On February 14, 2023, a lawsuit was filed by Nan Morgan McCartney in the Circuit Court of Escambia County, Florida against the Company, Scepter US Holding Company, Scepter Manufacturing, LLC, Scepter Canada Inc., Walmart Inc., and Wal-Mart Stores East, LP. The complaint seeks compensatory damages and court costs for harm caused to Ms. McCartney allegedly arising from use of a 5-gallon portable fuel container manufactured by a Scepter company and alleges amounts in controversy in excess of $30 thousand exclusive of costs. The case has been removed to the Northern District of Florida, Pensacola Division. The Myers' defendants filed their Answer to the Complaint on April 25, 2023. On May 19, 2023 the Court filed a Final Scheduling Order. Defendants have served written discovery on Plaintiff. Plaintiff was deposed on September 6, 2023. On January 12, 2024 Myers and Walmart signed a joint defense agreement. Depositions of fact witnesses, and corporate representatives are complete. Expert depositions are scheduled throughout February 2025. Mediation is scheduled for April 18, 2025. The Company cannot assess with any meaningful probability the outcome or the potential damages. Scepter has maintained insurance policies, which it believes will cover a substantial portion of the defense costs incurred in this matter.
v3.25.0.1
Long-Term Debt and Loan Agreements
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt and Loan Agreements

10. Long-Term Debt and Loan Agreements

Long-term debt at December 31, 2024 and 2023 consisted of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Amended Loan Agreement - Revolving Credit Facility

 

$

—

 

 

$

20,000

 

Amended Loan Agreement - Term Loan A

 

 

382,000

 

 

 

—

 

5.25% Senior Unsecured Notes due January 15, 2024

 

 

—

 

 

 

11,000

 

5.30% Senior Unsecured Notes due January 15, 2024

 

 

—

 

 

 

15,000

 

5.45% Senior Unsecured Notes due January 15, 2026

 

 

—

 

 

 

12,000

 

 

 

 

382,000

 

 

 

58,000

 

Less unamortized deferred financing costs

 

 

7,041

 

 

 

13

 

 

 

 

374,959

 

 

 

57,987

 

Less current portion long-term debt

 

 

19,649

 

 

 

25,998

 

Long-term debt

 

$

355,310

 

 

$

31,989

 

 

On February 8, 2024, the Company entered into Amendment No. 1 to the Seventh Amended and Restated Loan Agreement (“Amendment No. 1”), which amended the Seventh Amended and Restated Loan Agreement (the "Loan Agreement”) dated September 29, 2022 (collectively, the “Amended Loan Agreement”). Amendment No. 1, among other things, permitted the acquisition of Signature Systems and provided a new 5-year $400 million term loan facility (“Term Loan A”). Term Loan A will amortize in eight quarterly installment payments of $5 million beginning June 30, 2024, quarterly installment payments of $10 million thereafter, and any remaining balance due upon maturity. Term Loan A may be voluntarily prepaid at any time, in whole or in part, without penalty or premium, however, all amounts repaid or prepaid in respect of Term Loan A may not be reborrowed. In December 2024, the Company voluntarily prepaid $3 million of the Term Loan A.

 

Amendment No. 1 did not change the existing revolving credit facility’s maturity date or $250 million borrowing limit, which includes a letter of credit subfacility and swingline subfacility. In connection with Amendment No. 1, the Company incurred deferred financing fees of $9.2 million, of which $8.5 million was related to Term Loan A and included in Long-term debt and Long-term debt - current portion and $0.7 million was related to the Revolving Credit Facility and included in Other Assets (long-term). These deferred financing fees are being amortized to Interest expense over their respective terms to maturity. Remaining deferred financing fees on the Revolving Credit Facility were $1.3 million and $1.1 million as of December 31, 2024 and December 31, 2023, respectively, and remaining unamortized deferred financing costs under the Term Loan A totaled $7.0 million as of December 31, 2024.

The Amended Loan Agreement is on substantially the same terms as the Loan Agreement, except Amendment No. 1 has amended, among other items, (i) to permit the Signature Systems acquisition, (ii) to modify the maximum leverage ratio to not exceed (x) 4.00 to 1:00 on a “net” basis for an initial “net” leverage ratio holiday period for the immediate fiscal quarter end after the Signature Systems acquisition is consummated and for the three immediately following fiscal quarter ends thereafter and (y) 3.25 to 1.00 on a “net” basis after such “net” leverage ratio holiday period (subject to additional “net” leverage ratio holiday periods at the election of the Company for such periods that are more fully described in the Amended Loan Agreement), (iii) to modify certain negative covenants (including the restricted payment covenant) so that the applicable incurrence tests for such negative covenants is now based on the new “net” leverage ratio level, (iv) to increase the applicable margins for the loans under the Amended Loan Agreement to range between 1.775% to 2.35% for Term SOFR, RFR, SONIA, EURIBOR and CORRA based loans and between 0.775% and 1.35% for base rate loans, in each case based from time to time on the determination of the Company’s then net leverage ratio, (v) to replace the Canadian Dealer Offered Rate (CDOR) as the applicable reference rate with respect to loans denominated in Canadian Dollars to the Canadian Overnight Repo Rate Average (CORRA), and (vi) to amend the scope of collateral securing the obligations under the Amended Loan Agreement to be an “all asset” lien (subject to customary provisions of excluded collateral not subject to the liens).

On September 29, 2022, the Company entered into a Seventh Amended and Restated Loan Agreement (the “Seventh Amendment”), which amended the Sixth Amended and Restated Loan Agreement, dated March 12, 2021. The Seventh Amendment, among other things, extended the maturity date to September 2027 from March 2024. The Seventh Amendment did not change the senior revolving credit facility's $250 million borrowing limit, which includes a letter of credit subfacility and swingline subfacility, or the outstanding letters of credit. In connection with the Seventh Amendment, the Company incurred $0.9 million of deferred financing fees, which are included in Other assets (long-term) and being amortized to Interest expense over the term of the Loan Agreement.

 

As of December 31, 2024, the Company had $244.7 million available under the Amended Loan Agreement, which is available for the ongoing working capital requirements of the Company and its subsidiaries and for general corporate purposes. The Company had $5.3 million of letters of credit issued related to insurance and other contracts requiring financial assurance in the ordinary course of business. Borrowings under the Amended Loan Agreement bear interest at the Term SOFR, RFR, SONIA, EURIBOR and CORRA-based borrowing rates. Amounts borrowed under the credit facility are secured by pledges to all of the Company's assets (except with respect to certain assets that are customarily excluded for the incurrence of such liens).

On January 12, 2024, the Company repaid $26.0 million of senior unsecured notes upon maturity using cash on hand and availability under the Loan agreement. On February 6, 2024, in connection with the first amendment and restatement to the Loan Agreement discussed above, the Company prepaid the remaining $12.0 million face value of senior unsecured notes, which were due January 15, 2026, using availability under the revolving credit facility under the Loan Agreement. After giving effect to the payment in full all outstanding senior unsecured notes under the Note Purchase Agreement have been paid and the Note Purchase Agreement has been terminated. In conjunction with the termination the Company recognized a loss on debt extinguishment of $0.1 million, primarily representing the make-whole fees on the senior unsecured notes and the unamortized value of the original issuance discount which were included in Interest expense.

Amortization expense of the deferred financing costs was $1.9 million, $0.3 million, and $0.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in Interest expense.

The weighted average interest rate on borrowings under the Company’s long-term debt was 8.46% for 2024, 6.86% for 2023, and 4.87% for 2022, which includes a quarterly facility fee on the used and unused portion, as well as amortization of deferred financing costs.

On May 2, 2024, the Company entered into an interest rate swap agreement to mitigate the variable interest rate risk of borrowings under the Amended Loan Agreement. The swap has a beginning notional value of $200.0 million, which reduces proportionately with scheduled Term Loan A amortization payments, and has a final maturity date of January 31, 2029. At December 31, 2024, the remaining notional value of the Company's interest rate swap totaled $192.5 million. The swap is designated as a cash flow hedge and effectively results in a fixed rate of 4.606% plus the applicable margin for the hedged debt, as described above and in Note 1.

As of December 31, 2024, the Company was in compliance with all of its debt covenants associated with its Amended Loan Agreement. The most restrictive financial covenants for all of the Company’s debt are a net leverage ratio (defined as net debt divided by earnings before interest, taxes, depreciation and amortization, as adjusted) and an interest coverage ratio (defined as earnings before interest, taxes, depreciation and amortization, as adjusted, divided by interest expense). The ratios as of and for the period ended December 31, 2024 are shown in the following table:

 

 

 

Required Level

 

Actual Level

 

Interest Coverage Ratio

 

3.00 to 1 (minimum)

 

 

4.20

 

Net Leverage Ratio

 

4.00 to 1 (maximum)

 

 

2.69

 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

The Company's effective tax rate was 46.8%, 26.0% and 22.9% in 2024, 2023 and 2022, respectively. A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows:

 

 

 

Percent of Income before
Income Taxes

 

 

 

2024

 

 

2023

 

 

2022

 

Statutory federal income tax rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income taxes - net of federal tax benefit

 

 

6.5

 

 

 

2.8

 

 

 

2.0

 

Foreign tax rate differential

 

 

3.3

 

 

 

1.5

 

 

 

0.6

 

Non-deductible expenses

 

 

17.9

 

 

 

0.4

 

 

 

0.4

 

Tax carryforward expiration

 

 

—

 

 

 

—

 

 

 

2.5

 

Changes in unrecognized tax benefits

 

 

—

 

 

 

—

 

 

 

(1.0

)

Valuation allowances

 

 

—

 

 

 

—

 

 

 

(2.3

)

Other

 

 

(1.9

)

 

 

0.3

 

 

 

(0.3

)

Effective tax rate for the year

 

 

46.8

%

 

 

26.0

%

 

 

22.9

%

 

Income before income taxes was attributable to the following sources:

 

 

 

2024

 

 

2023

 

 

2022

 

United States

 

$

3,409

 

 

$

55,553

 

 

$

66,646

 

Foreign

 

 

10,134

 

 

 

10,503

 

 

 

11,564

 

Totals

 

$

13,543

 

 

$

66,056

 

 

$

78,210

 

 

Income tax expense consisted of the following:

 

 

 

Year ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

7,877

 

 

$

11,296

 

 

$

11,583

 

State and local

 

 

2,013

 

 

 

2,237

 

 

 

1,739

 

Foreign

 

 

2,500

 

 

 

2,617

 

 

 

2,549

 

Total current provision

 

 

12,390

 

 

 

16,150

 

 

 

15,871

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

(5,195

)

 

 

617

 

 

 

1,675

 

State and local

 

 

(903

)

 

 

62

 

 

 

230

 

Foreign

 

 

50

 

 

 

360

 

 

 

167

 

Total deferred provision

 

 

(6,048

)

 

 

1,039

 

 

 

2,072

 

Provision for income taxes

 

$

6,342

 

 

$

17,189

 

 

$

17,943

 

During 2018, the Company recorded a provision and related deferred tax liability of $0.6 million related primarily to the earnings of the Company’s subsidiary in Guatemala, which were deemed by management to no longer be permanently reinvested. The earnings and profits for all foreign subsidiaries had been previously included in the calculation of the one-time deemed repatriation transition tax, and thus, should there be a repatriation of earnings from any other foreign subsidiaries in future periods, the Company expects to be subject to only foreign withholding tax. Management does not currently anticipate a repatriation of earnings from any other foreign subsidiaries, except as provided above, as these earnings are deemed to be permanently reinvested.

Significant components of the Company’s deferred taxes as of December 31, 2024 and 2023 are as follows:

 

 

 

2024

 

 

2023

 

Deferred income tax assets

 

 

 

 

 

 

Compensation accruals

 

$

2,372

 

 

$

2,487

 

Inventory valuation

 

 

3,094

 

 

 

2,515

 

Allowance for uncollectible accounts

 

 

931

 

 

 

672

 

Non-deductible accruals

 

 

3,983

 

 

 

4,040

 

Operating lease liability

 

 

6,438

 

 

 

6,025

 

Finance lease liability

 

 

1,809

 

 

 

1,934

 

Goodwill

 

 

3,766

 

 

 

—

 

Other deductible non-goodwill intangibles

 

 

5,420

 

 

 

5,473

 

Interest limitation carryforward

 

 

2,759

 

 

 

—

 

Capital loss carryforwards

 

 

127

 

 

 

127

 

Net operating loss carryforwards

 

 

54

 

 

 

73

 

 

 

 

30,753

 

 

 

23,346

 

Valuation allowance

 

 

(127

)

 

 

(127

)

 

 

 

30,626

 

 

 

23,219

 

Deferred income tax liabilities

 

 

 

 

 

 

Property, plant and equipment

 

 

15,492

 

 

 

12,208

 

Goodwill and indefinite-lived intangibles

 

 

14,410

 

 

 

10,254

 

Non-deductible intangibles

 

 

22,056

 

 

 

—

 

Right of use asset - operating leases

 

 

6,418

 

 

 

5,878

 

Finance lease assets

 

 

1,665

 

 

 

1,820

 

State deferred taxes

 

 

3,256

 

 

 

18

 

Other

 

 

1,008

 

 

 

1,492

 

 

 

 

64,305

 

 

 

31,670

 

Net deferred income tax liability

 

$

(33,679

)

 

$

(8,451

)

In 2022, the Company impaired its investment in a joint venture, as described in Note 1, incurring a capital loss for which a deferred tax asset of $0.1 million was recorded. As of December 31, 2022 a valuation allowance of $0.1 million was recorded against this capital loss deferred tax asset, as the recovery is not more likely than not.

As of December 31, 2024, the Company has interest limitation carryforwards of $2.8 million, which do not expire. The Company believes it is more likely than not that the interest limitation carryforwards will be realized. The determination was made based upon projections of future book and taxable income.

In 2024, the Company realized a $1.9 million benefit from an net operating loss ("NOL") carryforward acquired in the Signature acquisition described in Note 3. There is no benefit to future years after full utilization of the NOL carryforward in 2024.

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

 

 

 

2024

 

 

2023

 

 

2022

 

Balance at January 1

 

$

—

 

 

$

—

 

 

$

774

 

Increases related to previous year tax positions

 

 

1,339

 

 

 

—

 

 

 

—

 

Reductions due to lapse of applicable statute of limitations

 

 

—

 

 

 

—

 

 

 

(774

)

Balance at December 31

 

$

1,339

 

 

$

—

 

 

$

—

 

 

The total amount of gross unrecognized tax benefits that would reduce the Company’s effective tax rate was $1.3 million, $0.0 million and $0.0 million at December 31, 2024, 2023 and 2022, respectively.

The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of December 31, 2024, the Company is no longer subject to U.S. Federal examinations by tax authorities for tax years before 2021. The company is subject to state and local income tax examinations for tax years 2020 through 2023. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2020 through 2023.

v3.25.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans

12. Retirement Plans

The Company and certain of its subsidiaries have pension and profit sharing plans covering substantially all of their employees. The Company’s defined benefit pension plan, The Pension Agreement between Akro-Mils and United Steelworkers of America Local No. 1761-02, (the “Plan”) provides benefits primarily based upon a fixed amount for each year of service. The Plan was frozen in 2007, and no benefits for service have accumulated after this date.

Net periodic pension cost of the Plan for the years ended December 31, 2024, 2023 and 2022 was as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Interest cost

 

$

222

 

 

$

233

 

 

$

162

 

Expected return on assets

 

 

(125

)

 

 

(144

)

 

 

(156

)

Amortization of net loss

 

 

64

 

 

 

70

 

 

 

67

 

Net periodic pension cost

 

$

161

 

 

$

159

 

 

$

73

 

 

The reconciliation of changes in the Plan’s projected benefit obligations and assets are as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Change in benefit obligation:

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

4,766

 

 

$

4,783

 

Interest cost

 

 

222

 

 

 

233

 

Actuarial (gain) loss

 

 

(291

)

 

 

84

 

Benefits paid

 

 

(417

)

 

 

(334

)

Projected benefit obligation at end of year

 

$

4,280

 

 

$

4,766

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

4,631

 

 

$

4,599

 

Actual return on plan assets

 

 

(13

)

 

 

316

 

Company contributions

 

 

—

 

 

 

50

 

Benefits paid

 

 

(417

)

 

 

(334

)

Fair value of plan assets at end of year

 

$

4,201

 

 

$

4,631

 

Funded status

 

$

(79

)

 

$

(135

)

 

The Plan’s funded status shown above is included in Other liabilities - long-term in the Company’s Consolidated Statements of Financial Position at December 31, 2024 and 2023. In 2024 the Company began the process to terminate the Plan and expects the Plan to be fully terminated in 2025. The Company expects to make contributions of $0.4 million in 2025 and does not plan to make voluntary contributions other than as required in the termination process. Because the Plan has been frozen, the accumulated benefit obligation is equal to the projected benefit obligation. The actuarial gain incurred during the year ended December 31, 2024 was due to an increase in the discount rate whereas the actuarial loss incurred during the year ended December 31, 2023 was due to a decrease in the discount rate for benefit obligations.

 

The assumptions used to determine the Plan’s net periodic benefit cost and benefit obligations are as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Discount rate for net periodic pension cost

 

 

4.85

%

 

 

5.05

%

 

 

2.65

%

Discount rate for benefit obligations

 

 

5.40

%

 

 

4.85

%

 

 

5.05

%

Expected long-term return of plan assets

 

 

5.00

%

 

 

5.25

%

 

 

4.50

%

 

The expected long-term rate of return is based on the long-term expected returns for the investment mix consistent with the Plan’s current asset allocation and investment policy. The Plan’s asset allocation and investment policy increases the allocation of fixed income investments that are managed to match the duration of the underlying pension liability as the funding status improves. The assumed discount rates represent long-term high-quality corporate bond rates commensurate with the liability duration of the Plan.

 

The fair value of Plan assets at December 31, 2024 and 2023 consist of mutual funds valued at $0.4 million and $0.5 million, respectively, and pooled separate accounts valued at $3.8 million and $4.1 million. Fair values of all Plan assets are categorized as Level 1. Mutual fund values are determined based on period end closing quoted prices in active markets. The pooled separate accounts are measured at net asset value, which is made readily available to investors. Each of the pooled separate accounts invest in multiple fixed securities and provide for daily redemptions by the plan with no advance notice requirements and have redemption prices that are also determined by the fund’s net asset value per unit with no redemption fees.

The weighted average asset allocations for the Plan at December 31, 2024 and 2023 were as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

U.S. equities securities

 

 

10

%

 

 

11

%

U.S. debt securities

 

 

90

%

 

 

89

%

 

 

 

100

%

 

 

100

%

 

Benefit payments projected for the Plan are as follows:

 

2025

 

$

360

 

2026

 

 

360

 

2027

 

 

360

 

2028

 

 

350

 

2029

 

 

350

 

2030-2034

 

 

1,690

 

 

The Company maintains defined contribution plans for its U.S.-based employees, who are not covered under defined benefit plans and have met eligibility service requirements. The Company recognized expense related to the 401(k) employer matching contribution in the amount of, $4.9 million, $4.5 million and $4.2 million in 2024, 2023 and 2022, respectively.

In addition, the Company has a Supplemental Executive Retirement Plan (“SERP”) to provide certain former senior executives with retirement benefits in addition to amounts payable under the 401(k) plan. Net expense (benefit) related to the SERP was not meaningful for the years ended December 2024, 2023 and 2022, respectively. The SERP liability was based on the discounted present value of expected future benefit payments using a discount rate of 5.4% at December 31, 2024 and 4.9% at December 31, 2023. The SERP liability was approximately $0.6 million and $0.9 million at December 31, 2024 and 2023, respectively, and is included in Accrued employee compensation and Other liabilities - long-term on the accompanying Consolidated Statements of Financial Position. The SERP is unfunded.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

13. Leases

The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of one to eleven years. Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the Consolidated Statements of Financial Position; the Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. Operating leases with an initial term greater than 12 months are included in Right of use asset – operating leases (“ROU assets”), Operating lease liability – short-term, and Operating lease liability – long-term and finance leases are included in Property, plant and equipment, Finance lease liability – short-term, and Finance lease liability – long-term in the Consolidated Statements of Financial Position.

The ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the obligation to make lease payments. ROU assets and lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. When leases do not provide an implicit rate, the Company’s incremental borrowing rate is used, which is then applied at the portfolio level, based on the information available at commencement date in determining the present value of lease payments. The Company has also elected not to separate lease and non-lease components. The lease terms include options to extend or terminate the lease when it is reasonably certain the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term.

Amounts included in the Consolidated Statements of Financial Position related to leases were:

 

 

 

 

December 31,

 

 

December 31,

 

 

Classification

 

2024

 

 

2023

 

Assets:

 

 

 

 

 

 

 

Operating lease assets

Right of use asset - operating leases

 

$

30,561

 

 

$

27,989

 

Finance lease assets

Property, plant and equipment, net

 

 

7,927

 

 

 

8,668

 

Total lease assets

 

 

$

38,488

 

 

$

36,657

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Current

Operating lease liability - short-term

 

$

6,597

 

 

$

5,943

 

Long-term

Operating lease liability - long-term

 

 

23,700

 

 

 

22,352

 

Total operating lease liabilities

 

 

 

30,297

 

 

 

28,295

 

Current

Finance lease liability - short-term

 

 

621

 

 

 

593

 

Long-term

Finance lease liability - long-term

 

 

7,994

 

 

 

8,615

 

Total finance lease liabilities

 

 

 

8,615

 

 

 

9,208

 

Total lease liabilities

 

 

$

38,912

 

 

$

37,503

 

 

The components of lease expense include:

 

 

 

 

 

For the Year Ended December 31,

 

Lease Cost

 

Classification

 

2024

 

 

2023

 

 

2022

 

Operating lease cost (1) (2)

 

Cost of sales

 

$

8,736

 

 

$

6,193

 

 

$

5,673

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

3,880

 

 

 

3,354

 

 

 

2,884

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

 

Amortization expense

 

Cost of sales

 

 

741

 

 

 

720

 

 

 

689

 

Interest expense on lease liabilities

 

Interest expense, net

 

 

327

 

 

 

337

 

 

 

340

 

Total lease cost

 

 

 

$

13,684

 

 

$

10,604

 

 

$

9,586

 
(1)
Includes short-term leases and variable lease costs, which are immaterial
(2)
Operating lease costs included in Cost of sales for the year ended December 31, 2024, includes a $1.8 million termination charge related to exiting an idled lease facility, as described in Note 6

Supplemental cash flow information related to leases was as follows:

 

 

 

For the Year Ended December 31,

 

Supplemental Cash Flow Information

 

2024

 

 

2023

 

 

2022

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

8,157

 

 

$

7,580

 

 

$

6,941

 

Operating cash flows from finance leases

 

$

327

 

 

$

337

 

 

$

340

 

Financing cash flows from finance leases

 

$

593

 

 

$

542

 

 

$

500

 

Right-of-use assets obtained in exchange for new lease liabilities:

 

 

 

 

 

 

 

 

 

Operating leases

 

$

6,919

 

 

$

6,143

 

 

$

4,371

 

Finance leases

 

$

—

 

 

$

313

 

 

$

—

 

 

 

Lease Term and Discount Rate

 

December 31, 2024

 

 

December 31, 2023

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

Operating leases

 

 

4.93

 

 

 

5.67

 

Finance leases

 

 

11.00

 

 

 

11.99

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

6.3

%

 

 

4.7

%

Finance leases

 

 

3.7

%

 

 

3.7

%

 

Maturity of Lease Liabilities - As of December 31, 2024

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

2025

 

$

8,253

 

 

$

924

 

 

$

9,177

 

2026

 

 

7,711

 

 

 

924

 

 

 

8,635

 

2027

 

 

6,877

 

 

 

945

 

 

 

7,822

 

2028

 

 

4,899

 

 

 

950

 

 

 

5,849

 

2029

 

 

3,207

 

 

 

950

 

 

 

4,157

 

After 2029

 

 

3,841

 

 

 

5,758

 

 

 

9,599

 

Total lease payments

 

 

34,788

 

 

 

10,451

 

 

 

45,239

 

Less: interest

 

 

(4,491

)

 

 

(1,836

)

 

 

(6,327

)

Present value of lease liabilities

 

$

30,297

 

 

$

8,615

 

 

$

38,912

 
v3.25.0.1
Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments

14. Segments

The Company manages its business under two operating segments, Material Handling and Distribution, consistent with the manner in which the Chief Operating Decision Maker ("CODM") evaluates performance and makes resource allocation decisions. The Company's CODM is the Chief Executive Officer. None of the reportable segments include operating segments that have been aggregated. These segments contain individual business components that have been combined on the basis of common management, customers, products, production processes and other economic characteristics. Intersegment sales are recorded with a reasonable margin and are eliminated in consolidation.

The Material Handling Segment manufactures a broad selection of durable plastic reusable products that are used repeatedly during the course of their service life. At the end of their service life, these highly sustainable products can be recovered, recycled, and reprocessed into new products. The Material Handling Segment’s products include a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, composite ground protection matting, consumer fuel containers and tanks for water, fuel and waste handling. Products in the Material Handling Segment are primarily injection molded, rotationally molded, compression molded or blow molded. This segment conducts its primary operations in the United States and Canada, but also exports globally. Markets served include industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational vehicles, marine vehicles, healthcare, appliance, bakery, electronics, textiles, construction, infrastructure and consumer, among others. Products are sold both directly to end-users and through distributors. The acquisition of Signature, as described in Note 3, is included in the Material Handling Segment.

The Distribution Segment is engaged in the distribution of equipment, tools, and supplies used for tire servicing and automotive under-vehicle repair and the manufacture of tire repair and retreading products. The product line includes categories such as tire valves and accessories, tire changing and balancing equipment, lifts and alignment equipment, service equipment and tools, and tire repair/retread supplies. The Distribution Segment also manufactures and sells certain traffic markings, including reflective highway marking tape. The Distribution Segment operates domestically through its regional and customer-focused sales team with strategically located regional distribution centers in the United States, and in certain foreign countries through export sales. In addition, the Distribution Segment operates directly in certain foreign markets, principally Central America, through foreign branch operations. Markets served include retail and truck tire dealers, commercial auto and truck fleets, truck stop operations, auto dealers, general service and repair centers, tire retreaders, and government agencies. The acquisition of Mohawk, as described in Note 3, is included in the Distribution Segment.

Total sales from foreign business units were approximately $46.3 million, $46.1 million, and $54.2 million, for the years ended December 31, 2024, 2023 and 2022, respectively. Export sales from the Company's U.S. operations were approximately $37.1 million, $30.0 million, and $31.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. Sales made to customers in Canada accounted for approximately 3.0%, 4.4%, and 4.3% of total net sales in 2024, 2023 and 2022, respectively. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, primarily in Canada, consisted of property, plant and equipment, and were approximately $10.2 million and $10.3 million at December 31, 2024 and 2023, respectively.

 

An analysis of the Company's operations by segment, including revenue by major market is as follows:

 

For the Year Ended December 31, 2024

 

 

Material
Handling

 

 

Distribution

 

 

Corporate

 

 

Inter-company

 

 

Consolidated

 

Consumer

$

96,174

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

96,174

 

Vehicle

 

107,178

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

107,178

 

Food and beverage

 

74,701

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

74,701

 

Industrial

 

240,910

 

 

 

—

 

 

 

—

 

 

 

(142

)

 

 

240,768

 

Infrastructure

 

102,692

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

102,692

 

Auto aftermarket

 

—

 

 

 

214,768

 

 

 

—

 

 

 

—

 

 

 

214,768

 

Net sales

 

621,655

 

 

 

214,768

 

 

 

—

 

 

 

(142

)

 

 

836,281

 

Cost of sales (2)

 

415,544

 

 

 

150,074

 

 

 

—

 

 

 

(142

)

 

 

565,476

 

Selling, general and administrative expenses (1) (3) (5)

 

106,121

 

 

 

61,338

 

 

 

36,649

 

 

 

—

 

 

 

204,108

 

(Gain) loss on disposal of fixed assets

 

207

 

 

 

(7

)

 

 

1

 

 

 

—

 

 

 

201

 

Impairment charges (6)

 

22,016

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22,016

 

Operating income (loss) (4)

 

77,767

 

 

 

3,363

 

 

 

(36,650

)

 

 

—

 

 

 

44,480

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

30,937

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

$

13,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

712,046

 

 

 

99,193

 

 

 

49,576

 

 

 

—

 

 

 

860,815

 

Capital additions, net

 

22,276

 

 

 

1,272

 

 

 

887

 

 

 

—

 

 

 

24,435

 

Depreciation and Amortization (9)

 

34,499

 

 

 

3,248

 

 

 

2,763

 

 

 

—

 

 

 

40,510

 

 

 

For the Year Ended December 31, 2023

 

 

Material
Handling

 

 

Distribution

 

 

Corporate

 

 

Inter-company

 

 

Consolidated

 

Consumer

$

92,380

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

92,380

 

Vehicle

 

123,155

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

123,155

 

Food and beverage

 

118,063

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

118,063

 

Industrial

 

221,661

 

 

 

—

 

 

 

—

 

 

 

(67

)

 

 

221,594

 

Infrastructure

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Auto aftermarket

 

—

 

 

 

257,875

 

 

 

—

 

 

 

—

 

 

 

257,875

 

Net sales

 

555,259

 

 

 

257,875

 

 

 

—

 

 

 

(67

)

 

 

813,067

 

Cost of sales

 

376,002

 

 

 

178,046

 

 

 

—

 

 

 

(67

)

 

 

553,981

 

Selling, general and administrative expenses (1) (3) (5) (8)

 

79,352

 

 

 

68,874

 

 

 

38,650

 

 

 

—

 

 

 

186,876

 

(Gain) loss on disposal of fixed assets

 

(183

)

 

 

(12

)

 

 

—

 

 

 

—

 

 

 

(195

)

Operating income (loss) (4)

 

100,088

 

 

 

10,967

 

 

 

(38,650

)

 

 

—

 

 

 

72,405

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

6,349

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

$

66,056

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

383,734

 

 

 

112,323

 

 

 

45,574

 

 

 

—

 

 

 

541,631

 

Capital additions, net

 

20,452

 

 

 

1,666

 

 

 

737

 

 

 

—

 

 

 

22,855

 

Depreciation and Amortization (9)

 

18,917

 

 

 

3,197

 

 

 

985

 

 

 

—

 

 

 

23,099

 

 

 

For the Year Ended December 31, 2022

 

 

Material
Handling

 

 

Distribution

 

 

Corporate

 

 

Inter-company

 

 

Consolidated

 

Consumer

$

113,339

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

113,339

 

Vehicle

 

165,139

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

165,139

 

Food and beverage

 

125,111

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

125,111

 

Industrial

 

244,030

 

 

 

—

 

 

 

—

 

 

 

(38

)

 

 

243,992

 

Infrastructure

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Auto aftermarket

 

—

 

 

 

251,966

 

 

 

—

 

 

 

—

 

 

 

251,966

 

Net sales

 

647,619

 

 

 

251,966

 

 

 

—

 

 

 

(38

)

 

 

899,547

 

Cost of sales

 

443,380

 

 

 

172,839

 

 

 

—

 

 

 

(38

)

 

 

616,181

 

Selling, general and administrative expenses (1) (3)

 

100,827

 

 

 

62,662

 

 

 

36,000

 

 

 

—

 

 

 

199,489

 

(Gain) loss on disposal of fixed assets

 

(667

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(667

)

Other (income) expenses (7)

 

—

 

 

 

603

 

 

 

—

 

 

 

—

 

 

 

603

 

Operating income (loss) (4)

 

104,079

 

 

 

15,862

 

 

 

(36,000

)

 

 

—

 

 

 

83,941

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

5,731

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

$

78,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

385,722

 

 

 

119,652

 

 

 

37,260

 

 

 

—

 

 

 

542,634

 

Capital additions, net

 

22,528

 

 

 

705

 

 

 

1,059

 

 

 

—

 

 

 

24,292

 

Depreciation and Amortization (9)

 

17,814

 

 

 

2,889

 

 

 

954

 

 

 

—

 

 

 

21,657

 

 

(1) The Company recognized $(0.2) million, $3.2 million and $1.4 million of expense (income) related to the estimated environmental reserve, net of expected insurance recoveries in the years ended December 31, 2024, 2023 and 2022, respectively, as described in Note 9. Environmental charges are not included in segment results and are shown with Corporate.

(2) The Company recognized $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the year ended December 31, 2024, related to the reporting of inventory at fair value in conjunction with the acquisition of Signature, as described in Note 3.

(3) The Company incurred $4.6 million, $3.1 million and $1.0 million of acquisition related costs associated with the acquisitions of Signature and Mohawk, as described in Note 3, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $4.3 million, $2.7 million and $0.6 million are included in Corporate, for the years ended December 31, 2024, 2023, and 2022, respectively, $0.3 million is included in Material Handling's results, for the year ended December 31, 2024 and $0.4 million is included in Distribution's results, for the years ended December 31, 2023 and 2022. Corporate costs also include $1.3 million of consulting costs to improve the Company's capabilities to screen and execute large acquisitions for the year ended December 31, 2023.

(4) The Company incurred $7.5 million, $2.5 million and $0.7 million of restructuring costs, included within both Cost of Sales and Selling, general and administrative, associated with the restructuring initiatives described in Note 6, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $3.9 million, $1.5 million and $0.7 million are included in Material Handling, $1.4 million, $0.9 million and $0.0 million are included in Distribution's results and $2.3 million, $0.2 million and $0.0 million are included in Corporate's results, for the years ended December 31, 2024, 2023, and 2022, respectively.

(5) The Company recognized $1.4 million of executive severance which is included in Corporate's results for the year ended December 31, 2024. In the year ended December 31, 2023 the Company recognized $0.7 million of executive severance, of which $0.4 million was recognized in the Distribution Segment related to severance and benefits and $0.3 million was recognized in Corporate related to charges for the acceleration of stock compensation.

(6) The Company recognized $22.0 million of non-cash impairment charges, as described in Note 4, for the year ended December 31, 2024, which are included in Material Handling's results.

(7) In the year ended December 31, 2022, the Company recognized a $0.6 million impairment loss on an investment in a legacy joint venture within the Distribution Segment as described in Note 1.

(8) In the year ended December 31, 2023, the Company recognized a $10 million recovery of legal costs within the Material Handling Segment related to a settlement agreement with one of its insurers. $6.7 million of these recovered costs were originally incurred prior to 2023.

(9) Corporate depreciation and amortization includes amortization of deferred financing costs of $1.9 million, $0.3 million and $0.4 million in the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Basis of Presentation

The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity or cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the timing and amount of assets, liabilities, equity, revenues, and expenses recorded and disclosed. Actual results could differ from those estimates.
Accounting Standards Adopted or Not Yet Adopted

Accounting Standards Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments within this ASU are required to be applied retrospectively to all prior periods presented in the financial statements. The Company adopted this standard effective December 15, 2024 and the adoption of this standard did not have a material impact on its consolidated financial statements.

Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures to provide information to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. For the Company, this ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments within this ASU should be applied prospectively although retrospective application is also permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to improve the disclosures about an entity's expenses and requires disaggregation of certain expense captions into specified categories to provide more detailed information about the types of expenses commonly presented. For the Company, this ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments within this ASU should be applied prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.
Translation of Foreign Currencies

Translation of Foreign Currencies

All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting foreign currency translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders’ equity.
Fair Value Measurement

Fair Value Measurement

Fair value is the price to hypothetically sell an asset or transfer a liability in an orderly manner in the principal market for that asset or liability. Accounting standards prioritize the use of observable inputs in measuring fair value. The level of a fair value measurement is determined entirely by the lowest level input that is significant to the measurement. The three levels are (from highest to lowest):

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly.

Level 3: Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions.

The Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximates carrying value due to the nature and relative short maturity of these assets and liabilities.

The fair value of the Company’s revolving credit facility, as defined in Note 10, approximates carrying value due to the floating rates and the relative short maturity (less than 90 days) of any revolving borrowings under this agreement. The carrying value of the unhedged portion of the Company’s term loan, as defined in Note 10, approximates fair value given that the underlying interest rate applied to such amounts outstanding is currently based upon floating market rates and the Company has the ability to repay the outstanding principal at par value at any time under the terms of this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered Level 2 inputs. At December 31, 2023, the aggregate fair value of the Company’s outstanding fixed rate senior unsecured notes was estimated to be $37.8 million.

The Company has also entered into an interest rate swap contract to reduce its exposure to fluctuations in variable interest rates for future interest payments, as defined in Note 10. The Company uses significant other observable market data or assumptions (Level 2 inputs) in determining the fair value of its interest rate swap that we believe market participants would use in pricing similar assets or liabilities, including assumptions about counterparty risk. The fair value estimates reflect an income approach based on the terms of the interest rate swap contract and inputs corroborated by observable market data including interest rate curves. Refer to the derivative instruments section below for further information regarding the fair value measurements for the interest rate swap.

The purchase price allocations associated with the February 8, 2024 acquisition of Signature CR Intermediate Holdco, Inc. ("Signature" or "Signature Systems") and the May 31, 2022 acquisition of Mohawk Rubber Sales of New England Inc. ("Mohawk"), as described in Note 3, required fair value measurements using unobservable inputs which are considered Level 3 inputs. The fair value of the acquired intangible assets was determined using an income approach.

Impairment testing of goodwill and indefinite-lived intangible assets as described in Note 4 involves determination of fair value using unobservable inputs, which are considered Level 3 inputs. The fair values of the reporting units in accordance with the goodwill impairment test were determined using the income and/or market approaches.
Derivative Instruments

Derivative Instruments

On May 2, 2024, the Company entered into an interest rate swap agreement to limit its exposure to changes in interest rates on a portion of its floating rate indebtedness. The interest rate swap agreement is designated as a cash flow hedge that qualifies for hedge accounting. The swap has a beginning notional value of $200.0 million, which reduces proportionately with scheduled Term Loan A amortization payments, and has a final maturity date of January 31, 2029. The interest rate swap effectively results in a fixed rate of 4.606% plus the applicable margin for the hedged debt, as described in Note 10. The reset dates and all other critical terms on the term loans perfectly match with the interest rate swap and accordingly there were no amounts excluded from the measurement of hedge effectiveness.

At December 31, 2024, the remaining notional value of the Company's interest rate swap totaled $192.5 million and the net fair value of the Company's interest rate swap contract was estimated to be an unrealized loss of $3.2 million, which is included in the Consolidated Statements of Financial Position within Other current liabilities and Other liabilities - long-term at $0.7 million and $2.5 million, respectively. Fair value adjustments are recorded as a component of Accumulated Other Comprehensive Income (Loss) ('AOCI') in the Consolidated Statements of Financial Position and balances in AOCI are reclassified into earnings when transactions related to the underlying risk are settled. The pre-tax balance of interest rate swap gain (loss) in AOCI for the year ended December 31, 2024 was $(3.2) million. As of December 31, 2024, $0.8 million of net interest rate swap losses recorded in AOCI are expected to be reclassified into earnings within the next twelve months; however, the actual amount that will be reclassified will vary based on changes in interest rates.
Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. In 2024, there were no customers that accounted for more than ten percent of net sales. The Company does not have a material concentration of sales in any country outside of the United States.

Allowance for Credit Losses

Allowance for Credit Losses

Management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. The Company reviews historical trends for credit loss as well as current economic conditions in determining an estimate for its allowance for credit losses. Additionally, in circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for credit losses is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably expects will be collected. Expense related to bad debts was approximately $1.9 million, $1.8 million and $0.5 million for 2024, 2023 and 2022, respectively, and is recorded within Selling, general and administrative expenses in the Consolidated Statements of Operations. Deductions from the allowance for doubtful accounts, net of recoveries, were approximately $0.7 million, $1.1 million and $0.4 million for 2024, 2023 and 2022, respectively.

The changes in the allowance for credit losses included within Trade accounts receivable for the years ended December 31, 2024 and 2023 were as follows:

 

 

 

2024

 

 

2023

 

Balance at January 1

 

$

2,989

 

 

$

2,273

 

Provision for expected credit loss, net of recoveries

 

 

1,938

 

 

 

1,808

 

Write-offs and other

 

 

(744

)

 

 

(1,092

)

Balance at December 31

 

$

4,183

 

 

$

2,989

 

Allowance for credit losses pertaining to the purchased credit deteriorated assets acquired in conjunction with the acquisition of Signature, as described in Note 3, are not included in the table above. These amounts total $3.2 million as of December 31, 2024 and are included net within Other accounts receivable and Other assets – long-term.
Inventories

Inventories

Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 30 percent of our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost.

 

Inventories at December 31 consist of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Finished and in-process products

 

$

62,601

 

 

$

53,382

 

Raw materials and supplies

 

 

34,400

 

 

 

37,462

 

 

 

$

97,001

 

 

$

90,844

 

 

If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $7.6 million and $8.6 million higher than reported at December 31, 2024 and 2023, respectively. Cost of sales decreased by $0.5 million, $0.2 million and $0.8 million in 2024, 2023 and 2022, respectively, as a result of the liquidation of LIFO inventories.
Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows:

 

Buildings

20 to 40 years

Machinery and equipment

3 to 10 years

Leasehold improvements

5 to 10 years

 

The Company’s property, plant and equipment by major asset class at December 31 consists of:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Land

 

$

6,208

 

 

$

6,546

 

Buildings and leasehold improvements

 

 

64,600

 

 

 

63,871

 

Machinery and equipment

 

 

366,112

 

 

 

326,650

 

 

 

 

436,920

 

 

 

397,067

 

Less allowances for depreciation and amortization

 

 

(299,356

)

 

 

(289,134

)

 

 

$

137,564

 

 

$

107,933

 

Depreciation expense was $23.0 million, $16.2 million and $15.0 million in the years ended December 31, 2024, 2023 and 2022, respectively.
Long-Lived Assets

Long-Lived Assets

The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset and related asset group. For assets held for sale, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset.

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) were as follows:

 

 

 

Foreign
Currency

 

 

Interest Rate Swap (1)

 

 

Defined Benefit
Pension Plans (2)

 

 

Total

 

Balance at January 1, 2022

 

$

(13,935

)

 

$

—

 

 

$

(1,466

)

 

$

(15,401

)

Other comprehensive income (loss) before reclassifications

 

 

(2,475

)

 

 

—

 

 

 

33

 

 

 

(2,442

)

Reclassification to (earnings) loss

 

 

—

 

 

 

—

 

 

 

50

 

 

 

50

 

Net current-period other comprehensive income (loss)

 

 

(2,475

)

 

 

—

 

 

 

83

 

 

 

(2,392

)

Balance at December 31, 2022

 

 

(16,410

)

 

 

—

 

 

 

(1,383

)

 

 

(17,793

)

Other comprehensive income (loss) before reclassifications

 

 

859

 

 

 

—

 

 

 

66

 

 

 

925

 

Reclassification to (earnings) loss

 

 

—

 

 

 

—

 

 

 

53

 

 

 

53

 

Net current-period other comprehensive income (loss)

 

 

859

 

 

 

—

 

 

 

119

 

 

 

978

 

Balance at December 31, 2023

 

 

(15,551

)

 

 

—

 

 

 

(1,264

)

 

 

(16,815

)

Other comprehensive income (loss) before reclassifications

 

 

(3,058

)

 

 

(1,761

)

 

 

115

 

 

 

(4,704

)

Reclassification to (earnings) loss

 

 

—

 

 

 

(639

)

 

 

48

 

 

 

(591

)

Net current-period other comprehensive income (loss)

 

 

(3,058

)

 

 

(2,400

)

 

 

163

 

 

 

(5,295

)

Balance at December 31, 2024

 

$

(18,609

)

 

$

(2,400

)

 

$

(1,101

)

 

$

(22,110

)

 

(1)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(0.8) million for the year ended December 31, 2024.
(2)
The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 12, Retirement Plans for additional details.
Stock Based Compensation

Stock Based Compensation

The Company has stock incentive plans that provide for the granting of stock-based compensation to employees and directors. Shares issued for option exercises, restricted stock units and performance units may be either from authorized, but unissued shares or treasury shares. For equity-classified awards, the fair value is determined on the date of the grant and not remeasured. The fair value of restricted stock units without a relative Total Shareholder Return ("rTSR") modifier are determined using the closing price of the Company’s common stock on the grant date (Level 1 measurement). The fair value of performance units with a rTSR modifier is determined using a Monte Carlo simulation, which determines the probability of satisfying the market condition included in the award using market-based inputs (Level 2 measurement). For these awards, the performance-based vesting requirements determine the number of shares that ultimately vest, which can vary from 0% to 250% of target depending on the level of achievement of established performance and market criteria, where applicable. The fair value of options is determined using a binomial lattice option pricing model which uses market-based inputs (Level 2 measurement). When awards contain a required holding period after vesting, the fair value is discounted to reflect the lack of marketability. Expense for restricted stock units and stock options is recognized on a straight-line basis over the requisite service period, which is generally equivalent to the vesting term. Compensation expense for performance units is recognized over the requisite service period subject to adjustment based on the probable number of shares expected to vest under the performance condition. Forfeitures result in reversal of previously recognized expenses for unvested shares and are recognized in the period in which the forfeiture occurs.
Income Taxes

Income Taxes

Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. Any effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted.

Deferred tax assets are reduced by a valuation allowance, if based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. The Company evaluates the recovery of its deferred tax assets by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of income inherently rely heavily on estimates.

In the ordinary course of business, there is inherent uncertainty in quantifying certain income tax positions. The Company evaluates uncertain tax positions for all years subject to examination based upon management’s evaluations of the facts, circumstances and information available at the reporting date. Income tax positions must meet a more-likely-than-not recognition threshold at the reporting date to be recognized. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense.
Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value.

Capital expenditures in the Consolidated Statement of Cash Flows excludes accrued, but unpaid, capital expenditures. Changes in the amount accrued increased (reduced) cash used for capital expenditures by $(1.2) million, $0.7 million and $(0.6) million 2024, 2023 and 2022, respectively.
Impairment of JV investment

Investments

In 2013, the Company invested in a joint venture to distribute tools, supplies and equipment to the Indian auto aftermarket. The Company's minority ownership interest has been accounted for under ASC 321, Investments - Equity Securities, as the Company cannot exercise significant influence over operating and financial policies of the joint venture. Under ASC 321, for each reporting period, a qualitative assessment is completed to evaluate whether the investment is impaired. During the fourth quarter of 2022, impairment triggers were identified and the investment in the joint venture was fully impaired, resulting in a $0.6 million pre-tax impairment loss in Other (income) expenses in the Consolidated Statement of Operations.

Revenue Recognition

Revenue is recognized when obligations under the terms of a contract with customers are satisfied. In both the Distribution and Material Handling segments, this generally occurs with the transfer of control of the Company’s products. This transfer of control may occur at either the time of shipment from a Company facility, or at the time of delivery to a designated customer location. Obligations under contracts with customers are typically fulfilled within 90 days of receiving a purchase order from a customer, and generally no other future obligations are required to be performed. The Company generally does not enter into contracts with customers for longer than one year. Based on the nature of the Company’s products and customer contracts, no deferred revenue has been recorded with the exception of cash advances or deposits received from customers prior to transfer of control of the product. These advances are typically fulfilled within the 90 day time frame mentioned above.

 

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring the products. Certain contracts with customers include variable consideration, such as rebates or discounts. The Company recognizes estimates of this variable consideration each period, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs. While the Company’s contracts with customers do not generally include explicit rights to return product, the Company will in practice allow returns in the normal course of business and as part of the customer relationship. Thus, the Company estimates the expected returns each period based on an analysis of historical experience. For certain businesses where physical recovery of the product from returns occurs, the Company records an estimated right to return asset from such recovery, based on the approximate cost of the product.
Leases The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of one to eleven years. Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the Consolidated Statements of Financial Position; the Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. Operating leases with an initial term greater than 12 months are included in Right of use asset – operating leases (“ROU assets”), Operating lease liability – short-term, and Operating lease liability – long-term and finance leases are included in Property, plant and equipment, Finance lease liability – short-term, and Finance lease liability – long-term in the Consolidated Statements of Financial Position.

The ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the obligation to make lease payments. ROU assets and lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. When leases do not provide an implicit rate, the Company’s incremental borrowing rate is used, which is then applied at the portfolio level, based on the information available at commencement date in determining the present value of lease payments. The Company has also elected not to separate lease and non-lease components. The lease terms include options to extend or terminate the lease when it is reasonably certain the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Changes in Allowance for Credit Losses

The changes in the allowance for credit losses included within Trade accounts receivable for the years ended December 31, 2024 and 2023 were as follows:

 

 

 

2024

 

 

2023

 

Balance at January 1

 

$

2,989

 

 

$

2,273

 

Provision for expected credit loss, net of recoveries

 

 

1,938

 

 

 

1,808

 

Write-offs and other

 

 

(744

)

 

 

(1,092

)

Balance at December 31

 

$

4,183

 

 

$

2,989

 
Summary of Determination Cost of Inventories

Inventories at December 31 consist of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Finished and in-process products

 

$

62,601

 

 

$

53,382

 

Raw materials and supplies

 

 

34,400

 

 

 

37,462

 

 

 

$

97,001

 

 

$

90,844

 
Schedule of Estimated Useful Lives of the Assets The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows:

 

Buildings

20 to 40 years

Machinery and equipment

3 to 10 years

Leasehold improvements

5 to 10 years

 
Schedule of Property Plant and Equipment by Major Assets Class

The Company’s property, plant and equipment by major asset class at December 31 consists of:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Land

 

$

6,208

 

 

$

6,546

 

Buildings and leasehold improvements

 

 

64,600

 

 

 

63,871

 

Machinery and equipment

 

 

366,112

 

 

 

326,650

 

 

 

 

436,920

 

 

 

397,067

 

Less allowances for depreciation and amortization

 

 

(299,356

)

 

 

(289,134

)

 

 

$

137,564

 

 

$

107,933

 
The balances in the Company's Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) were as follows:

 

 

 

Foreign
Currency

 

 

Interest Rate Swap (1)

 

 

Defined Benefit
Pension Plans (2)

 

 

Total

 

Balance at January 1, 2022

 

$

(13,935

)

 

$

—

 

 

$

(1,466

)

 

$

(15,401

)

Other comprehensive income (loss) before reclassifications

 

 

(2,475

)

 

 

—

 

 

 

33

 

 

 

(2,442

)

Reclassification to (earnings) loss

 

 

—

 

 

 

—

 

 

 

50

 

 

 

50

 

Net current-period other comprehensive income (loss)

 

 

(2,475

)

 

 

—

 

 

 

83

 

 

 

(2,392

)

Balance at December 31, 2022

 

 

(16,410

)

 

 

—

 

 

 

(1,383

)

 

 

(17,793

)

Other comprehensive income (loss) before reclassifications

 

 

859

 

 

 

—

 

 

 

66

 

 

 

925

 

Reclassification to (earnings) loss

 

 

—

 

 

 

—

 

 

 

53

 

 

 

53

 

Net current-period other comprehensive income (loss)

 

 

859

 

 

 

—

 

 

 

119

 

 

 

978

 

Balance at December 31, 2023

 

 

(15,551

)

 

 

—

 

 

 

(1,264

)

 

 

(16,815

)

Other comprehensive income (loss) before reclassifications

 

 

(3,058

)

 

 

(1,761

)

 

 

115

 

 

 

(4,704

)

Reclassification to (earnings) loss

 

 

—

 

 

 

(639

)

 

 

48

 

 

 

(591

)

Net current-period other comprehensive income (loss)

 

 

(3,058

)

 

 

(2,400

)

 

 

163

 

 

 

(5,295

)

Balance at December 31, 2024

 

$

(18,609

)

 

$

(2,400

)

 

$

(1,101

)

 

$

(22,110

)

 

(1)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(0.8) million for the year ended December 31, 2024.
(2)
The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 12, Retirement Plans for additional details.
v3.25.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue Recognition [Abstract]  
Schedule of Balances Included in Consolidated Statements of Financial Position Related to Revenue Recognition

Amounts included in the Consolidated Statements of Financial Position related to revenue recognition include:

 

 

 

December 31,

 

 

December 31,

 

 

Statement of Financial
Position

 

 

2024

 

 

2023

 

 

Classification

Returns, discounts and other allowances

 

$

(1,051

)

 

$

(1,200

)

 

Trade accounts receivable

Right of return asset

 

$

456

 

 

$

432

 

 

Inventories, net

Customer deposits

 

$

(2,565

)

 

$

(2,017

)

 

Other current liabilities

Accrued rebates

 

$

(4,196

)

 

$

(4,441

)

 

Other current liabilities
v3.25.0.1
Acquisitions (Tables) - Signature Systems [Member]
 12 Months Ended
Dec. 31, 2024
Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment during the measurement period. Measurement period adjustments recorded for the year ended December 31, 2024 are summarized in the table below.

A summary of the estimated purchase price allocation is as follows:

 

Initial Allocation of Consideration

 

Measurement Period Adjustments(1)

 

Updated Preliminary Allocation

 

Assets acquired:

 

 

 

 

 

 

Accounts receivable

$

18,902

 

$

(48

)

$

18,854

 

Inventories

 

17,612

 

 

(239

)

 

17,373

 

Prepaid expenses

 

719

 

 

(25

)

 

694

 

Other assets - long-term

 

4,761

 

 

437

 

 

5,198

 

Property, plant and equipment

 

28,281

 

 

(18

)

 

28,263

 

Right of use asset - operating leases

 

3,946

 

 

—

 

 

3,946

 

Intangible assets

 

127,000

 

 

9,700

 

 

136,700

 

Goodwill

 

215,105

 

 

(32,007

)

 

183,098

 

Assets acquired

$

416,326

 

$

(22,200

)

$

394,126

 

 

 

 

 

 

 

 

Liabilities assumed:

 

 

 

 

 

 

Accounts payable

$

4,542

 

$

362

 

$

4,904

 

Accrued expenses

 

5,646

 

 

266

 

 

5,912

 

Operating lease liability - short-term

 

525

 

 

—

 

 

525

 

Operating lease liability - long-term

 

2,400

 

 

—

 

 

2,400

 

Deferred income taxes

 

55,054

 

 

(22,981

)

 

32,073

 

Total liabilities assumed

 

68,167

 

 

(22,353

)

 

45,814

 

 

 

 

 

 

 

 

Net acquisition cost

$

348,159

 

$

153

 

$

348,312

 

(1) The Company's preliminary purchase price allocation changed due to additional information and further analysis.
Summary of Intangible Assets

Intangible assets consist of Signature’s technology, customer relationships and the Signature Systems indefinite-lived trade name, and are summarized in the table below:

 

 

Fair Value

 

 

Weighted Average
Estimated
Useful Life

Customer relationships

 

$

83,800

 

 

10.0 years

Technology

 

 

31,300

 

 

12.0 years

Total amortizable intangible assets

 

$

115,100

 

 

 

Intangible assets not subject to amortization:

 

 

 

 

 

Trademarks and trade names

 

$

21,600

 

 

Indefinite

 
Summary of Pro Forma Results of Operations The following pro forma results include adjustments to reflect acquisition related costs, additional interest expense, amortization of intangibles associated with the acquisition, amortization of acquisition-related inventory step-up costs and the effects of adjustments made to the carrying value of certain assets.

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

Net sales

 

$

851,000

 

 

$

923,221

 

Net income

 

 

12,043

 

 

 

37,913

 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
The change in goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 were as follows:

 

 

 

Distribution

 

 

Material
Handling

 

 

Total

 

January 1, 2023

 

$

14,730

 

 

$

80,427

 

 

$

95,157

 

Foreign currency translation

 

 

—

 

 

 

235

 

 

 

235

 

December 31, 2023

 

$

14,730

 

 

$

80,662

 

 

$

95,392

 

Acquisition

 

 

—

 

 

 

183,098

 

 

 

183,098

 

Impairment charges

 

 

—

 

 

 

(22,016

)

 

 

(22,016

)

Foreign currency translation

 

 

—

 

 

 

(942

)

 

 

(942

)

December 31, 2024

 

$

14,730

 

 

$

240,802

 

 

$

255,532

 
Intangible assets

Intangible assets at December 31, 2024 and 2023 consisted of the following:

 

 

 

 

 

 

2024

 

 

2023

 

 

 

Weighted Average
Remaining Useful
Life (years)

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

Trade names - indefinite lived

 

 

 

 

$

31,382

 

 

$

—

 

 

$

31,382

 

 

$

9,782

 

 

$

—

 

 

$

9,782

 

Trade names

 

 

5.3

 

 

 

10,267

 

 

 

(4,658

)

 

 

5,609

 

 

 

10,267

 

 

 

(3,417

)

 

 

6,850

 

Customer relationships

 

 

9.7

 

 

 

157,880

 

 

 

(57,821

)

 

 

100,059

 

 

 

75,505

 

 

 

(48,790

)

 

 

26,715

 

Technology

 

 

10.9

 

 

 

56,280

 

 

 

(27,262

)

 

 

29,018

 

 

 

24,980

 

 

 

(23,713

)

 

 

1,267

 

Non-competition agreements

 

 

1.4

 

 

 

1,510

 

 

 

(1,257

)

 

 

253

 

 

 

1,510

 

 

 

(995

)

 

 

515

 

Patents

 

 

—

 

 

 

11,730

 

 

 

(11,730

)

 

 

—

 

 

 

11,730

 

 

 

(11,730

)

 

 

—

 

 

 

 

 

 

$

269,049

 

 

$

(102,728

)

 

$

166,321

 

 

$

133,774

 

 

$

(88,645

)

 

$

45,129

 
v3.25.0.1
Net Income Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Weighted Average Number of Common Shares Outstanding During the Period

Net income per common share, as shown on the accompanying Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows:

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Weighted average common shares outstanding basic

 

 

37,141,030

 

 

 

36,744,560

 

 

 

36,411,389

 

Dilutive effect of stock options and restricted stock

 

 

262,488

 

 

 

351,008

 

 

 

379,450

 

Weighted average common shares outstanding diluted

 

 

37,403,518

 

 

 

37,095,568

 

 

 

36,790,839

 
v3.25.0.1
Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities

The balance of Other current liabilities is comprised of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Customer deposits and accrued rebates

 

$

6,761

 

 

$

6,458

 

Dividends payable

 

 

5,613

 

 

 

5,900

 

Accrued litigation, claims and professional fees

 

 

110

 

 

 

2,868

 

Current portion of environmental reserves

 

 

6,605

 

 

 

8,205

 

Hedge contract liability

 

 

753

 

 

 

—

 

Other accrued expenses

 

 

6,952

 

 

 

5,041

 

 

 

$

26,794

 

 

$

28,472

 
Schedule of Other Liabilities (Long-term)

The balance of Other liabilities (long-term) is comprised of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Environmental reserves

 

$

9,984

 

 

$

9,357

 

Supplemental executive retirement plan liability

 

 

270

 

 

 

548

 

Pension liability

 

 

79

 

 

 

135

 

Hedge contract liability

 

 

2,490

 

 

 

—

 

Other long-term liabilities

 

 

2,480

 

 

 

2,068

 

 

 

$

15,303

 

 

$

12,108

 
v3.25.0.1
Stock Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of stock option activity for the period

There were no options granted in 2024, 2023 and 2022. Options exercised in 2024, 2023 and 2022 were as follows:

 

Year

 

Options Exercised

 

 

Exercised
Price

2024

 

 

102,468

 

 

$18.58 to $21.30

2023

 

 

62,551

 

 

$11.62 to $18.69

2022

 

 

83,102

 

 

$12.96 to $21.30

Options outstanding and exercisable at December 31, 2024, 2023 and 2022 were as follows:

 

Year

 

Outstanding

 

 

Range of Exercise
Prices

 

Exercisable

 

 

Weighted Average
Exercise Price

 

2024

 

 

16,114

 

 

$11.62 to $21.30

 

 

16,114

 

 

$

17.43

 

2023

 

 

118,602

 

 

$11.62 to $21.30

 

 

118,602

 

 

$

20.35

 

2022

 

 

224,882

 

 

$11.62 to $21.30

 

 

224,882

 

 

$

18.82

 

The following table provides a summary of stock option activity for the period ended December 31, 2024:

 

 

 

Shares

 

 

Average
Exercise
Price

 

 

Weighted
Average
Life (in Years)

 

Outstanding at December 31, 2023

 

 

118,602

 

 

$

20.35

 

 

 

 

Options granted

 

 

—

 

 

 

—

 

 

 

 

Options exercised

 

 

(102,468

)

 

 

20.81

 

 

 

 

Canceled or forfeited

 

 

—

 

 

 

—

 

 

 

 

Expired

 

 

(20

)

 

 

20.93

 

 

 

 

Outstanding at December 31, 2024

 

 

16,114

 

 

 

17.43

 

 

 

2.63

 

Exercisable at December 31, 2024

 

 

16,114

 

 

$

17.43

 

 

 

2.63

 
Summary of combined restricted stock units, including performance-based restricted stock units and restricted stock activity for the period

The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2024:

 

 

 

Shares

 

 

Average
Grant-Date
Fair Value

 

Unvested shares at December 31, 2023

 

 

845,711

 

 

 

 

Granted

 

 

535,127

 

 

$

19.23

 

Vested

 

 

(323,523

)

 

$

19.28

 

Canceled or forfeited

 

 

(113,460

)

 

$

20.05

 

Unvested shares at December 31, 2024

 

 

943,855

 

 

 

 
v3.25.0.1
Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Contingencies Reserve Balance For the years ended December 31, 2024, 2023 and 2022, the following undiscounted activity was recorded in connection with the New Idria Mercury Mine:

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Beginning reserve balance

 

$

13,182

 

 

$

11,855

 

 

$

8,213

 

Changes in estimated environmental liability

 

 

3,100

 

 

 

6,500

 

 

 

4,400

 

Payments made (1) (4)

 

 

(3,857

)

 

 

(5,173

)

 

 

(758

)

Ending reserve balance (2)

 

$

12,425

 

 

$

13,182

 

 

$

11,855

 

 

 

 

 

 

 

 

 

 

 

Beginning receivable balance

 

$

7,245

 

 

$

6,000

 

 

$

—

 

Changes in estimated insurance recovery

 

 

3,300

 

 

 

3,300

 

 

 

6,000

 

Insurance recovery reimbursements

 

 

(2,141

)

 

 

(2,055

)

 

 

—

 

Ending receivable balance (3)

 

$

8,404

 

 

$

7,245

 

 

$

6,000

 

(1) Payments made in the years ended December 31, 2022 were offset by insurance refunds of $0.8 million. In the fourth quarter of 2022, Buckhorn reached an agreement with respect to certain insurance coverage related to defense costs for which recovery of accrued costs are recorded as a receivable to the extent such recovery is determined to be probable under this agreement.

(2) As of December 31, 2024, Buckhorn has a total ending reserve balance of $12.4 million related to the New Idria Mine, of which $6.5 million is classified in Other current liabilities and $5.9 million in Other liabilities (long-term).

(3) As of December 31, 2024, Buckhorn has a total receivable balance related to the probable insurance recovery of $8.4 million, of which $3.9 million is classified in Other accounts receivable and $4.5 million is classified in Other (long-term).

(4) Payments made for the year ended December 31, 2023 include a $1.9 million payment related to a settlement agreement with the EPA to resolve the past costs claim, which Buckhorn paid in the first quarter of 2023.
v3.25.0.1
Long-Term Debt and Loan Agreements (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long Term Debt

Long-term debt at December 31, 2024 and 2023 consisted of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Amended Loan Agreement - Revolving Credit Facility

 

$

—

 

 

$

20,000

 

Amended Loan Agreement - Term Loan A

 

 

382,000

 

 

 

—

 

5.25% Senior Unsecured Notes due January 15, 2024

 

 

—

 

 

 

11,000

 

5.30% Senior Unsecured Notes due January 15, 2024

 

 

—

 

 

 

15,000

 

5.45% Senior Unsecured Notes due January 15, 2026

 

 

—

 

 

 

12,000

 

 

 

 

382,000

 

 

 

58,000

 

Less unamortized deferred financing costs

 

 

7,041

 

 

 

13

 

 

 

 

374,959

 

 

 

57,987

 

Less current portion long-term debt

 

 

19,649

 

 

 

25,998

 

Long-term debt

 

$

355,310

 

 

$

31,989

 
Schedule of Debt Ratios The ratios as of and for the period ended December 31, 2024 are shown in the following table:

 

 

 

Required Level

 

Actual Level

 

Interest Coverage Ratio

 

3.00 to 1 (minimum)

 

 

4.20

 

Net Leverage Ratio

 

4.00 to 1 (maximum)

 

 

2.69

 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows:

 

 

 

Percent of Income before
Income Taxes

 

 

 

2024

 

 

2023

 

 

2022

 

Statutory federal income tax rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income taxes - net of federal tax benefit

 

 

6.5

 

 

 

2.8

 

 

 

2.0

 

Foreign tax rate differential

 

 

3.3

 

 

 

1.5

 

 

 

0.6

 

Non-deductible expenses

 

 

17.9

 

 

 

0.4

 

 

 

0.4

 

Tax carryforward expiration

 

 

—

 

 

 

—

 

 

 

2.5

 

Changes in unrecognized tax benefits

 

 

—

 

 

 

—

 

 

 

(1.0

)

Valuation allowances

 

 

—

 

 

 

—

 

 

 

(2.3

)

Other

 

 

(1.9

)

 

 

0.3

 

 

 

(0.3

)

Effective tax rate for the year

 

 

46.8

%

 

 

26.0

%

 

 

22.9

%
Income (Loss) from Continuing Operations Before Income Taxes

Income before income taxes was attributable to the following sources:

 

 

 

2024

 

 

2023

 

 

2022

 

United States

 

$

3,409

 

 

$

55,553

 

 

$

66,646

 

Foreign

 

 

10,134

 

 

 

10,503

 

 

 

11,564

 

Totals

 

$

13,543

 

 

$

66,056

 

 

$

78,210

 
Income Tax Expense (Benefit) from Continuing Operations

Income tax expense consisted of the following:

 

 

 

Year ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

7,877

 

 

$

11,296

 

 

$

11,583

 

State and local

 

 

2,013

 

 

 

2,237

 

 

 

1,739

 

Foreign

 

 

2,500

 

 

 

2,617

 

 

 

2,549

 

Total current provision

 

 

12,390

 

 

 

16,150

 

 

 

15,871

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

(5,195

)

 

 

617

 

 

 

1,675

 

State and local

 

 

(903

)

 

 

62

 

 

 

230

 

Foreign

 

 

50

 

 

 

360

 

 

 

167

 

Total deferred provision

 

 

(6,048

)

 

 

1,039

 

 

 

2,072

 

Provision for income taxes

 

$

6,342

 

 

$

17,189

 

 

$

17,943

 
Significant Components of the Company's Deferred Taxes

Significant components of the Company’s deferred taxes as of December 31, 2024 and 2023 are as follows:

 

 

 

2024

 

 

2023

 

Deferred income tax assets

 

 

 

 

 

 

Compensation accruals

 

$

2,372

 

 

$

2,487

 

Inventory valuation

 

 

3,094

 

 

 

2,515

 

Allowance for uncollectible accounts

 

 

931

 

 

 

672

 

Non-deductible accruals

 

 

3,983

 

 

 

4,040

 

Operating lease liability

 

 

6,438

 

 

 

6,025

 

Finance lease liability

 

 

1,809

 

 

 

1,934

 

Goodwill

 

 

3,766

 

 

 

—

 

Other deductible non-goodwill intangibles

 

 

5,420

 

 

 

5,473

 

Interest limitation carryforward

 

 

2,759

 

 

 

—

 

Capital loss carryforwards

 

 

127

 

 

 

127

 

Net operating loss carryforwards

 

 

54

 

 

 

73

 

 

 

 

30,753

 

 

 

23,346

 

Valuation allowance

 

 

(127

)

 

 

(127

)

 

 

 

30,626

 

 

 

23,219

 

Deferred income tax liabilities

 

 

 

 

 

 

Property, plant and equipment

 

 

15,492

 

 

 

12,208

 

Goodwill and indefinite-lived intangibles

 

 

14,410

 

 

 

10,254

 

Non-deductible intangibles

 

 

22,056

 

 

 

—

 

Right of use asset - operating leases

 

 

6,418

 

 

 

5,878

 

Finance lease assets

 

 

1,665

 

 

 

1,820

 

State deferred taxes

 

 

3,256

 

 

 

18

 

Other

 

 

1,008

 

 

 

1,492

 

 

 

 

64,305

 

 

 

31,670

 

Net deferred income tax liability

 

$

(33,679

)

 

$

(8,451

)
Activity Related to the Company's Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

 

 

 

2024

 

 

2023

 

 

2022

 

Balance at January 1

 

$

—

 

 

$

—

 

 

$

774

 

Increases related to previous year tax positions

 

 

1,339

 

 

 

—

 

 

 

—

 

Reductions due to lapse of applicable statute of limitations

 

 

—

 

 

 

—

 

 

 

(774

)

Balance at December 31

 

$

1,339

 

 

$

—

 

 

$

—

 
v3.25.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Net periodic pension cost of plan

Net periodic pension cost of the Plan for the years ended December 31, 2024, 2023 and 2022 was as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Interest cost

 

$

222

 

 

$

233

 

 

$

162

 

Expected return on assets

 

 

(125

)

 

 

(144

)

 

 

(156

)

Amortization of net loss

 

 

64

 

 

 

70

 

 

 

67

 

Net periodic pension cost

 

$

161

 

 

$

159

 

 

$

73

 
Reconciliation of changes in plan's projected benefit obligations and assets

The reconciliation of changes in the Plan’s projected benefit obligations and assets are as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Change in benefit obligation:

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

4,766

 

 

$

4,783

 

Interest cost

 

 

222

 

 

 

233

 

Actuarial (gain) loss

 

 

(291

)

 

 

84

 

Benefits paid

 

 

(417

)

 

 

(334

)

Projected benefit obligation at end of year

 

$

4,280

 

 

$

4,766

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

4,631

 

 

$

4,599

 

Actual return on plan assets

 

 

(13

)

 

 

316

 

Company contributions

 

 

—

 

 

 

50

 

Benefits paid

 

 

(417

)

 

 

(334

)

Fair value of plan assets at end of year

 

$

4,201

 

 

$

4,631

 

Funded status

 

$

(79

)

 

$

(135

)
Assumptions used to determine the net periodic benefit cost and benefit obligations

The assumptions used to determine the Plan’s net periodic benefit cost and benefit obligations are as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Discount rate for net periodic pension cost

 

 

4.85

%

 

 

5.05

%

 

 

2.65

%

Discount rate for benefit obligations

 

 

5.40

%

 

 

4.85

%

 

 

5.05

%

Expected long-term return of plan assets

 

 

5.00

%

 

 

5.25

%

 

 

4.50

%
Weighted average asset allocations for plan

The weighted average asset allocations for the Plan at December 31, 2024 and 2023 were as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

U.S. equities securities

 

 

10

%

 

 

11

%

U.S. debt securities

 

 

90

%

 

 

89

%

 

 

 

100

%

 

 

100

%
Benefit payments projected for the plan

Benefit payments projected for the Plan are as follows:

 

2025

 

$

360

 

2026

 

 

360

 

2027

 

 

360

 

2028

 

 

350

 

2029

 

 

350

 

2030-2034

 

 

1,690

 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Balances Included in Consolidated Statements of Financial Position Related to Leases

Amounts included in the Consolidated Statements of Financial Position related to leases were:

 

 

 

 

December 31,

 

 

December 31,

 

 

Classification

 

2024

 

 

2023

 

Assets:

 

 

 

 

 

 

 

Operating lease assets

Right of use asset - operating leases

 

$

30,561

 

 

$

27,989

 

Finance lease assets

Property, plant and equipment, net

 

 

7,927

 

 

 

8,668

 

Total lease assets

 

 

$

38,488

 

 

$

36,657

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Current

Operating lease liability - short-term

 

$

6,597

 

 

$

5,943

 

Long-term

Operating lease liability - long-term

 

 

23,700

 

 

 

22,352

 

Total operating lease liabilities

 

 

 

30,297

 

 

 

28,295

 

Current

Finance lease liability - short-term

 

 

621

 

 

 

593

 

Long-term

Finance lease liability - long-term

 

 

7,994

 

 

 

8,615

 

Total finance lease liabilities

 

 

 

8,615

 

 

 

9,208

 

Total lease liabilities

 

 

$

38,912

 

 

$

37,503

 
Schedule of Lease Expense

The components of lease expense include:

 

 

 

 

 

For the Year Ended December 31,

 

Lease Cost

 

Classification

 

2024

 

 

2023

 

 

2022

 

Operating lease cost (1) (2)

 

Cost of sales

 

$

8,736

 

 

$

6,193

 

 

$

5,673

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

3,880

 

 

 

3,354

 

 

 

2,884

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

 

Amortization expense

 

Cost of sales

 

 

741

 

 

 

720

 

 

 

689

 

Interest expense on lease liabilities

 

Interest expense, net

 

 

327

 

 

 

337

 

 

 

340

 

Total lease cost

 

 

 

$

13,684

 

 

$

10,604

 

 

$

9,586

 
(1)
Includes short-term leases and variable lease costs, which are immaterial
(2)
Operating lease costs included in Cost of sales for the year ended December 31, 2024, includes a $1.8 million termination charge related to exiting an idled lease facility, as described in Note 6
Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

 

 

 

For the Year Ended December 31,

 

Supplemental Cash Flow Information

 

2024

 

 

2023

 

 

2022

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

8,157

 

 

$

7,580

 

 

$

6,941

 

Operating cash flows from finance leases

 

$

327

 

 

$

337

 

 

$

340

 

Financing cash flows from finance leases

 

$

593

 

 

$

542

 

 

$

500

 

Right-of-use assets obtained in exchange for new lease liabilities:

 

 

 

 

 

 

 

 

 

Operating leases

 

$

6,919

 

 

$

6,143

 

 

$

4,371

 

Finance leases

 

$

—

 

 

$

313

 

 

$

—

 

 

 

Lease Term and Discount Rate

 

December 31, 2024

 

 

December 31, 2023

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

Operating leases

 

 

4.93

 

 

 

5.67

 

Finance leases

 

 

11.00

 

 

 

11.99

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

6.3

%

 

 

4.7

%

Finance leases

 

 

3.7

%

 

 

3.7

%
Maturity of Operating and Finance Lease Liabilities

Maturity of Lease Liabilities - As of December 31, 2024

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

2025

 

$

8,253

 

 

$

924

 

 

$

9,177

 

2026

 

 

7,711

 

 

 

924

 

 

 

8,635

 

2027

 

 

6,877

 

 

 

945

 

 

 

7,822

 

2028

 

 

4,899

 

 

 

950

 

 

 

5,849

 

2029

 

 

3,207

 

 

 

950

 

 

 

4,157

 

After 2029

 

 

3,841

 

 

 

5,758

 

 

 

9,599

 

Total lease payments

 

 

34,788

 

 

 

10,451

 

 

 

45,239

 

Less: interest

 

 

(4,491

)

 

 

(1,836

)

 

 

(6,327

)

Present value of lease liabilities

 

$

30,297

 

 

$

8,615

 

 

$

38,912

 
v3.25.0.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Company's Operations by Segment, Including Revenue by Major Market

 

For the Year Ended December 31, 2024

 

 

Material
Handling

 

 

Distribution

 

 

Corporate

 

 

Inter-company

 

 

Consolidated

 

Consumer

$

96,174

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

96,174

 

Vehicle

 

107,178

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

107,178

 

Food and beverage

 

74,701

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

74,701

 

Industrial

 

240,910

 

 

 

—

 

 

 

—

 

 

 

(142

)

 

 

240,768

 

Infrastructure

 

102,692

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

102,692

 

Auto aftermarket

 

—

 

 

 

214,768

 

 

 

—

 

 

 

—

 

 

 

214,768

 

Net sales

 

621,655

 

 

 

214,768

 

 

 

—

 

 

 

(142

)

 

 

836,281

 

Cost of sales (2)

 

415,544

 

 

 

150,074

 

 

 

—

 

 

 

(142

)

 

 

565,476

 

Selling, general and administrative expenses (1) (3) (5)

 

106,121

 

 

 

61,338

 

 

 

36,649

 

 

 

—

 

 

 

204,108

 

(Gain) loss on disposal of fixed assets

 

207

 

 

 

(7

)

 

 

1

 

 

 

—

 

 

 

201

 

Impairment charges (6)

 

22,016

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22,016

 

Operating income (loss) (4)

 

77,767

 

 

 

3,363

 

 

 

(36,650

)

 

 

—

 

 

 

44,480

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

30,937

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

$

13,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

712,046

 

 

 

99,193

 

 

 

49,576

 

 

 

—

 

 

 

860,815

 

Capital additions, net

 

22,276

 

 

 

1,272

 

 

 

887

 

 

 

—

 

 

 

24,435

 

Depreciation and Amortization (9)

 

34,499

 

 

 

3,248

 

 

 

2,763

 

 

 

—

 

 

 

40,510

 

 

 

For the Year Ended December 31, 2023

 

 

Material
Handling

 

 

Distribution

 

 

Corporate

 

 

Inter-company

 

 

Consolidated

 

Consumer

$

92,380

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

92,380

 

Vehicle

 

123,155

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

123,155

 

Food and beverage

 

118,063

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

118,063

 

Industrial

 

221,661

 

 

 

—

 

 

 

—

 

 

 

(67

)

 

 

221,594

 

Infrastructure

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Auto aftermarket

 

—

 

 

 

257,875

 

 

 

—

 

 

 

—

 

 

 

257,875

 

Net sales

 

555,259

 

 

 

257,875

 

 

 

—

 

 

 

(67

)

 

 

813,067

 

Cost of sales

 

376,002

 

 

 

178,046

 

 

 

—

 

 

 

(67

)

 

 

553,981

 

Selling, general and administrative expenses (1) (3) (5) (8)

 

79,352

 

 

 

68,874

 

 

 

38,650

 

 

 

—

 

 

 

186,876

 

(Gain) loss on disposal of fixed assets

 

(183

)

 

 

(12

)

 

 

—

 

 

 

—

 

 

 

(195

)

Operating income (loss) (4)

 

100,088

 

 

 

10,967

 

 

 

(38,650

)

 

 

—

 

 

 

72,405

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

6,349

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

$

66,056

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

383,734

 

 

 

112,323

 

 

 

45,574

 

 

 

—

 

 

 

541,631

 

Capital additions, net

 

20,452

 

 

 

1,666

 

 

 

737

 

 

 

—

 

 

 

22,855

 

Depreciation and Amortization (9)

 

18,917

 

 

 

3,197

 

 

 

985

 

 

 

—

 

 

 

23,099

 

 

 

For the Year Ended December 31, 2022

 

 

Material
Handling

 

 

Distribution

 

 

Corporate

 

 

Inter-company

 

 

Consolidated

 

Consumer

$

113,339

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

113,339

 

Vehicle

 

165,139

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

165,139

 

Food and beverage

 

125,111

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

125,111

 

Industrial

 

244,030

 

 

 

—

 

 

 

—

 

 

 

(38

)

 

 

243,992

 

Infrastructure

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Auto aftermarket

 

—

 

 

 

251,966

 

 

 

—

 

 

 

—

 

 

 

251,966

 

Net sales

 

647,619

 

 

 

251,966

 

 

 

—

 

 

 

(38

)

 

 

899,547

 

Cost of sales

 

443,380

 

 

 

172,839

 

 

 

—

 

 

 

(38

)

 

 

616,181

 

Selling, general and administrative expenses (1) (3)

 

100,827

 

 

 

62,662

 

 

 

36,000

 

 

 

—

 

 

 

199,489

 

(Gain) loss on disposal of fixed assets

 

(667

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(667

)

Other (income) expenses (7)

 

—

 

 

 

603

 

 

 

—

 

 

 

—

 

 

 

603

 

Operating income (loss) (4)

 

104,079

 

 

 

15,862

 

 

 

(36,000

)

 

 

—

 

 

 

83,941

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

5,731

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

$

78,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

385,722

 

 

 

119,652

 

 

 

37,260

 

 

 

—

 

 

 

542,634

 

Capital additions, net

 

22,528

 

 

 

705

 

 

 

1,059

 

 

 

—

 

 

 

24,292

 

Depreciation and Amortization (9)

 

17,814

 

 

 

2,889

 

 

 

954

 

 

 

—

 

 

 

21,657

 

 

(1) The Company recognized $(0.2) million, $3.2 million and $1.4 million of expense (income) related to the estimated environmental reserve, net of expected insurance recoveries in the years ended December 31, 2024, 2023 and 2022, respectively, as described in Note 9. Environmental charges are not included in segment results and are shown with Corporate.

(2) The Company recognized $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the year ended December 31, 2024, related to the reporting of inventory at fair value in conjunction with the acquisition of Signature, as described in Note 3.

(3) The Company incurred $4.6 million, $3.1 million and $1.0 million of acquisition related costs associated with the acquisitions of Signature and Mohawk, as described in Note 3, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $4.3 million, $2.7 million and $0.6 million are included in Corporate, for the years ended December 31, 2024, 2023, and 2022, respectively, $0.3 million is included in Material Handling's results, for the year ended December 31, 2024 and $0.4 million is included in Distribution's results, for the years ended December 31, 2023 and 2022. Corporate costs also include $1.3 million of consulting costs to improve the Company's capabilities to screen and execute large acquisitions for the year ended December 31, 2023.

(4) The Company incurred $7.5 million, $2.5 million and $0.7 million of restructuring costs, included within both Cost of Sales and Selling, general and administrative, associated with the restructuring initiatives described in Note 6, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $3.9 million, $1.5 million and $0.7 million are included in Material Handling, $1.4 million, $0.9 million and $0.0 million are included in Distribution's results and $2.3 million, $0.2 million and $0.0 million are included in Corporate's results, for the years ended December 31, 2024, 2023, and 2022, respectively.

(5) The Company recognized $1.4 million of executive severance which is included in Corporate's results for the year ended December 31, 2024. In the year ended December 31, 2023 the Company recognized $0.7 million of executive severance, of which $0.4 million was recognized in the Distribution Segment related to severance and benefits and $0.3 million was recognized in Corporate related to charges for the acceleration of stock compensation.

(6) The Company recognized $22.0 million of non-cash impairment charges, as described in Note 4, for the year ended December 31, 2024, which are included in Material Handling's results.

(7) In the year ended December 31, 2022, the Company recognized a $0.6 million impairment loss on an investment in a legacy joint venture within the Distribution Segment as described in Note 1.

(8) In the year ended December 31, 2023, the Company recognized a $10 million recovery of legal costs within the Material Handling Segment related to a settlement agreement with one of its insurers. $6.7 million of these recovered costs were originally incurred prior to 2023.

(9) Corporate depreciation and amortization includes amortization of deferred financing costs of $1.9 million, $0.3 million and $0.4 million in the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
 11 Months Ended 12 Months Ended
May 02, 2024
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments          
Allowance for credit loss on the purchased credit deteriorated assets   $ 0 $ 3,200,000    
Concentration of Credit Risk          
Expense for bad debts     1,938,000 $ 1,808,000  
Deductions from allowance for doubtful accounts, net of recoveries     $ 700,000 1,100,000 $ 400,000
Inventories          
Percentage of LIFO Inventory   30.00% 30.00%    
Cost valuation of inventory if FIFO had been used exclusively   $ 7,600,000 $ 7,600,000 8,600,000  
LIFO inventories increased (decreased) cost of sales     500,000 200,000 800,000
Property, Plant and Equipment          
Depreciation expense     23,000,000 16,200,000 15,000,000
Cash and Cash Equivalents          
Increased (reduced) cash used for capital expenditures     (1,200,000) 700,000 (600,000)
Investments [Abstract]          
Pre-tax impairment loss         600,000
Selling Expense [Member]          
Concentration of Credit Risk          
Expense for bad debts     $ 1,900,000 1,800,000 $ 500,000
Maximum [Member] | Performance-Based Restricted Stock Units [Member]          
Stock Based Compensation          
Percentage of established target performance criteria     250.00%    
Maximum [Member] | Sales [Member] | Customer Concentration Risk [Member]          
Concentration of Credit Risk          
Concentration risk percentage     10.00%    
Minimum [Member] | Performance-Based Restricted Stock Units [Member]          
Stock Based Compensation          
Percentage of established target performance criteria     0.00%    
Interest Rate Swap [Member]          
Derivative Instruments          
Derivative, Notional Amount $ 200,000,000 192,500,000 $ 192,500,000    
Fair value, interest rate swap   3,200,000 3,200,000    
Net interest rate swap gains     (3,200,000)    
Gains expected to be reclassfied     (800,000)    
Maturity date Jan. 31, 2029        
Debt effective rate 4.606%        
Other Current Assets [Member] | Interest Rate Swap [Member]          
Derivative Instruments          
Fair value, interest rate swap   700,000 700,000    
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member]          
Derivative Instruments          
Fair value, interest rate swap   $ 2,500,000 $ 2,500,000    
Estimate of Fair Value, Fair Value Disclosure [Member] | Less unamortized deferred financing fees [Member]          
Organization Consolidation And Presentation Of Financial Statements [Line Items]          
Notes payable, fair value disclosure       $ 37,800,000  
v3.25.0.1
Summary of Significant Accounting Policies - Summary of Changes in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Balance at January 1 $ 2,989 $ 2,273
Provision for expected credit loss, net of recoveries 1,938 1,808
Write-offs and other (744) (1,092)
Balance at December 31 $ 4,183 $ 2,989
v3.25.0.1
Summary of Significant Accounting Policies - Summary of Determination Cost of Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Finished and in-process products $ 62,601 $ 53,382
Raw materials and supplies 34,400 37,462
Inventory net $ 97,001 $ 90,844
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of the Assets (Details)
Dec. 31, 2024
Minimum [Member] | Buildings [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 20 years
Minimum [Member] | Machinery and Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 3 years
Minimum [Member] | Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 5 years
Maximum [Member] | Buildings [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 40 years
Maximum [Member] | Machinery and Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 10 years
Maximum [Member] | Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 10 years
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment by Major Assets Class (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment, Net [Abstract]    
Land $ 6,208 $ 6,546
Buildings and leasehold improvements 64,600 63,871
Machinery and equipment 366,112 326,650
Property, Plant and Equipment, at cost 436,920 397,067
Less allowances for depreciation and amortization (299,356) (289,134)
Property, plant and equipment, net $ 137,564 $ 107,933
v3.25.0.1
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance $ 292,800 $ 256,427 $ 209,325
Total other comprehensive income (loss) (5,295) 978 (2,392)
Ending balance 277,512 292,800 256,427
Interest Rate Swap [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance 0 0 0
Other comprehensive income (loss) before reclassifications (1,761) 0 0
Reclassification to (earnings) loss (639) 0 0
Total other comprehensive income (loss) (2,400) 0 0
Ending balance (2,400) 0 0
Foreign Currency [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (15,551) (16,410) (13,935)
Other comprehensive income (loss) before reclassifications (3,058) 859 (2,475)
Reclassification to (earnings) loss 0 0 0
Total other comprehensive income (loss) (3,058) 859 (2,475)
Ending balance (18,609) (15,551) (16,410)
Defined Benefit Pension Plans [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (1,264) (1,383) (1,466)
Other comprehensive income (loss) before reclassifications 115 66 33
Reclassification to (earnings) loss 48 53 50
Total other comprehensive income (loss) 163 119 83
Ending balance (1,101) (1,264) (1,383)
Accumulated Other Comprehensive Income (Loss) [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (16,815) (17,793) (15,401)
Other comprehensive income (loss) before reclassifications (4,704) 925 (2,442)
Reclassification to (earnings) loss (591) 53 50
Total other comprehensive income (loss) (5,295) 978 (2,392)
Ending balance $ (22,110) $ (16,815) $ (17,793)
v3.25.0.1
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Reclassification from AOCI, Current Period, Tax [Abstract]  
Net of tax expense (benefit) $ (0.8)
v3.25.0.1
Revenue Recognition - Schedule of Balances Included in Consolidated Statements of Financial Position Related to Revenue Recognition (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Trade Accounts Receivable [Member]    
Disaggregation Of Revenue [Line Items]    
Returns, discounts and other allowances $ (1,051) $ (1,200)
Inventories, net [Member]    
Disaggregation Of Revenue [Line Items]    
Right of return asset 456 432
Other Current Liabilities [Member]    
Disaggregation Of Revenue [Line Items]    
Customer deposits (2,565) (2,017)
Accrued rebates $ (4,196) $ (4,441)
v3.25.0.1
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation Of Revenue [Line Items]      
Type of Cost, Good or Service [Extensible Enumeration] us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember
Cost of sales $ 565,476 [1] $ 553,981 $ 616,181
Selling, General and Administrative Expenses [Member]      
Disaggregation Of Revenue [Line Items]      
Cost of sales 12,000 10,800 13,100
Cost of Sales [Member]      
Disaggregation Of Revenue [Line Items]      
Cost of sales $ 11,000 $ 13,000 $ 10,500
[1] The Company recognized $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the year ended December 31, 2024, related to the reporting of inventory at fair value in conjunction with the acquisition of Signature, as described in Note 3.
v3.25.0.1
Acquisitions - Additional Information (Details) - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended 15 Months Ended
Feb. 08, 2024
May 31, 2022
Feb. 28, 2023
Nov. 30, 2022
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Business Acquisition [Line Items]                  
Acquisition related costs           $ 4,600,000 $ 3,100,000 $ 1,000,000  
Long term notes receivable           11,400,000      
Preliminary estimated fair value           7,000,000      
Preliminary estimated fair value current portion           1,900,000      
Allowance for credit loss         $ 3,200,000 3,200,000     $ 3,200,000
Noncredit discount           $ 1,200,000      
Maturity Date         Aug. 30, 2026 Aug. 30, 2026     Aug. 30, 2026
Allowance for credit loss on the purchased credit deteriorated assets         $ 0 $ 3,200,000      
Revenue           836,281,000 813,067,000 899,547,000  
Operating income [1]           44,480,000 72,405,000 $ 83,941,000  
Mohawk [Member]                  
Business Acquisition [Line Items]                  
Purchase price of acquisition   $ 27,800,000              
Net of cash acquired   1,100,000              
Working capital adjustment   $ 3,500,000 $ 200,000 $ 3,300,000          
Signature Systems [Member]                  
Business Acquisition [Line Items]                  
Purchase price of acquisition $ 348,300,000                
Net of cash acquired $ 4,300,000                
Acquisition related costs           4,600,000 $ 2,600,000    
Revenue           102,700,000      
Operating income           $ 24,200,000      
Signature Systems [Member] | Selling, General and Administrative Expenses [Member]                  
Business Acquisition [Line Items]                  
Acquisition related costs                 $ 7,200,000
[1] The Company incurred $7.5 million, $2.5 million and $0.7 million of restructuring costs, included within both Cost of Sales and Selling, general and administrative, associated with the restructuring initiatives described in Note 6, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $3.9 million, $1.5 million and $0.7 million are included in Material Handling, $1.4 million, $0.9 million and $0.0 million are included in Distribution's results and $2.3 million, $0.2 million and $0.0 million are included in Corporate's results, for the years ended December 31, 2024, 2023, and 2022, respectively.
v3.25.0.1
Acquisitions - Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed - Signature (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Feb. 08, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets acquired:        
Goodwill $ 255,532   $ 95,392 $ 95,157
Signature Systems [Member]        
Assets acquired:        
Accounts receivable   $ 18,854    
Inventories   17,373    
Prepaid expenses   694    
Other assets - long term   5,198    
Property, plant and equipment   28,263    
Right of use asset - operating leases   3,946    
Intangible assets   136,700    
Goodwill   183,098    
Assets acquired   394,126    
Liabilities assumed:        
Accounts payable   4,904    
Accrued expenses   5,912    
Operating lease liability - short term   525    
Operating lease liability - long term   2,400    
Deferred income taxes   32,073    
Total liabilities assumed   45,814    
Net acquisition cost   348,312    
Signature Systems [Member] | Initial Allocation of Consideration [Member]        
Assets acquired:        
Accounts receivable   18,902    
Inventories   17,612    
Prepaid expenses   719    
Other assets - long term   4,761    
Property, plant and equipment   28,281    
Right of use asset - operating leases   3,946    
Intangible assets   127,000    
Goodwill   215,105    
Assets acquired   416,326    
Liabilities assumed:        
Accounts payable   4,542    
Accrued expenses   5,646    
Operating lease liability - short term   525    
Operating lease liability - long term   2,400    
Deferred income taxes   55,054    
Total liabilities assumed   68,167    
Net acquisition cost   348,159    
Signature Systems [Member] | Measurement Period Adjustments [Member]        
Assets acquired:        
Accounts receivable [1]   (48)    
Inventories [1]   (239)    
Prepaid expenses [1]   (25)    
Other assets - long term [1]   437    
Property, plant and equipment [1]   (18)    
Right of use asset - operating leases [1]   0    
Intangible assets [1]   9,700    
Goodwill [1]   (32,007)    
Assets acquired [1]   (22,200)    
Liabilities assumed:        
Accounts payable [1]   362    
Accrued expenses [1]   266    
Operating lease liability - short term [1]   0    
Operating lease liability - long term [1]   0    
Deferred income taxes [1]   (22,981)    
Total liabilities assumed [1]   (22,353)    
Net acquisition cost [1]   $ 153    
[1] The Company's preliminary purchase price allocation changed due to additional information and further analysis.
v3.25.0.1
Acquisitions - Summary of Intangible Assets - Signature (Details) - Signature Systems [Member]
$ in Thousands
Feb. 08, 2024
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 115,100
Customer Relationships [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 83,800
Weighted Average Estimated Useful Life 10 years
Trademarks and Trade Names [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 21,600
Weighted Average Estimated Useful Life Indefinite
Technology [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 31,300
Weighted Average Estimated Useful Life 12 years
v3.25.0.1
Acquisitions - Summary of Pro Forma Results of Operations - Signature (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss) $ 7,201 $ 48,867 $ 60,267
Acquisition-related Costs [Member] | Signature Systems [Member]      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net sales 851,000 923,221  
Net income (loss) $ 12,043 $ 37,913  
v3.25.0.1
Assets Impairment - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Long Lived Assets Held For Sale [Line Items]      
Impairment charges $ 22,016 [1] $ 0 $ 0
[1] The Company recognized $22.0 million of non-cash impairment charges, as described in Note 4, for the year ended December 31, 2024, which are included in Material Handling's results.
v3.25.0.1
Goodwill and Intangible Assets - Additional Information (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
ReportingUnit
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Goodwill [Roll Forward]        
Impairment of goodwill and indefinite-lived intangible assets   $ 0 $ 0 $ 0
Impairment charges   $ 22,016,000    
Number of reporting units | ReportingUnit   7    
Amortization of Intangible Assets   $ 15,500,000 $ 6,600,000 $ 6,200,000
Estimated amortization expense, 2025 $ 14,900,000 14,900,000    
Estimated amortization expense, 2026 14,200,000 14,200,000    
Estimated amortization expense, 2027 13,900,000 13,900,000    
Estimated amortization expense, 2028 13,700,000 13,700,000    
Estimated amortization expense, 2029 13,600,000 13,600,000    
Rotational Molding Reporting Unit [Member]        
Goodwill [Roll Forward]        
Impairment charges   $ 22,000,000    
Long-Lived Asset [Member]        
Goodwill [Roll Forward]        
Impairment of goodwill and indefinite-lived intangible assets $ 0      
v3.25.0.1
Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Beginning balance $ 95,392 $ 95,157
Acquisition 183,098  
Impairment charges (22,016)  
Foreign currency translation (942) 235
Ending balance 255,532 95,392
Distribution [Member]    
Goodwill [Roll Forward]    
Beginning balance 14,730 14,730
Acquisition 0  
Impairment charges 0  
Foreign currency translation 0 0
Ending balance 14,730 14,730
Material Handling [Member]    
Goodwill [Roll Forward]    
Beginning balance 80,662 80,427
Acquisition 183,098  
Impairment charges (22,016)  
Foreign currency translation (942) 235
Ending balance $ 240,802 $ 80,662
v3.25.0.1
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite and Indefinite Lived Intangible Assets [Line Items]    
Gross $ 269,049 $ 133,774
Accumulated amortization (102,728) (88,645)
Net 166,321 45,129
Trade Names - Indefinite Lived [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Indefinite-lived intangibles $ 31,382 9,782
Trade Names [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (years) 5 years 3 months 18 days  
Gross $ 10,267 10,267
Accumulated amortization (4,658) (3,417)
Net $ 5,609 6,850
Customer Relationships [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (years) 9 years 8 months 12 days  
Gross $ 157,880 75,505
Accumulated amortization (57,821) (48,790)
Net $ 100,059 26,715
Technology [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (years) 10 years 10 months 24 days  
Gross $ 56,280 24,980
Accumulated amortization (27,262) (23,713)
Net $ 29,018 1,267
Non-competition Agreements [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (years) 1 year 4 months 24 days  
Gross $ 1,510 1,510
Accumulated amortization (1,257) (995)
Net $ 253 515
Patents [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (years) 0 years  
Gross $ 11,730 11,730
Accumulated amortization (11,730) (11,730)
Net $ 0 $ 0
v3.25.0.1
Discontinued Operations - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Provision for loss on notes receivable $ 1,938 $ 1,808
v3.25.0.1
Net Income Per Common Share (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Weighted average common shares outstanding basic 37,141,030 36,744,560 36,411,389
Dilutive effect of stock options and restricted stock (in shares) 262,488 351,008 379,450
Weighted average common shares outstanding diluted (in shares) 37,403,518 37,095,568 36,790,839
v3.25.0.1
Net Income Per Common Share - Additional Information (Details) - USD ($)
 12 Months Ended
Feb. 27, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of net earnings or loss per common share   10,290 101,406 114,540
2025 Repurchase Program [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Stock repurchase program expiration date Dec. 31, 2025      
Maximum [Member] | 2025 Repurchase Program [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares authorized to repurchase $ 10,000,000      
v3.25.0.1
Restructuring - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2028
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost And Reserve [Line Items]        
Gain on sale of property, plant and equipment   $ (201,000) $ 195,000 $ 667,000
Restructuring charges       $ 700,000
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Operating Income (Loss) Operating Income (Loss) Cost of Goods and Services Sold
Accrued restructuring charges   $ 0 $ 0  
Distribution Segment [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges   1,400,000    
Facility Consolidation [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges   900,000    
Selling, General and Administrative Expenses [Member]        
Restructuring Cost And Reserve [Line Items]        
General severance charges   2,900,000 1,500,000  
Manufacturing and Distribution [Member] | Forecast [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges $ 2,500,000      
Ameri-Kart [Member]        
Restructuring Cost And Reserve [Line Items]        
Gain on sale of property, plant and equipment       $ 300,000
Restructuring charges   2,300,000 1,000,000  
Accrued and unpaid restructuring expenses   0 $ 0  
Ameri-Kart [Member] | Contract Termination [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges   $ 1,800,000    
v3.25.0.1
Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Customer deposits and accrued rebates $ 6,761 $ 6,458
Dividends payable 5,613 5,900
Accrued litigation, claims and professional fees 110 2,868
Current portion of environmental reserves $ 6,605 $ 8,205
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] Liabilities, Current Liabilities, Current
Hedge contract liability $ 753 $ 0
Other accrued expenses 6,952 5,041
Other current liabilities, Total $ 26,794 $ 28,472
v3.25.0.1
Other Liabilities - Schedule of Other Liabilities (Long-term) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Environmental reserves $ 9,984 $ 9,357
Supplemental executive retirement plan liability 270 548
Pension liability 79 135
Hedge contract liability 2,490 0
Other long-term liabilities 2,480 2,068
Other liabilities (long-term), Total $ 15,303 $ 12,108
v3.25.0.1
Stock Compensation - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Apr. 25, 2024
Mar. 16, 2024
Apr. 29, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock compensation expense $ 1.7 $ 6.7 $ 7.4      
Total unrecognized compensation cost related to non-vested share based compensation arrangements $ 3.6          
Unrecognized compensation cost period for recognition 3 years          
Options granted 0 0 0      
Stock options expired or forfeited 20 43,729 588      
The total intrinsic value of all stock options exercised $ 0.1 $ 0.4 $ 0.3      
Period of expiration, term 10 years          
Restricted Stock Units [Member] | Minimum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period, in years 1 year          
Restricted Stock Units [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period, in years 3 years          
Performance-Based Restricted Stock Units [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock granted during period 624,541          
2021 Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares authorized for grant under plan (in shares)         0 2,000,000
2024 Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares authorized for grant under plan (in shares)       2,500,000    
v3.25.0.1
Stock Compensation - Summary of Stock Option Activity for the Period (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Outstanding at December 31, 2023 118,602 224,882  
Options Granted (in shares) 0 0 0
Options Exercised, Shares (in shares) 102,468 62,551 83,102
Options Exercised, Shares (in shares) (102,468) (62,551) (83,102)
Cancelled or forfeited (in shares) 0    
Expired (in shares) (20)    
Outstanding at December 31, 2024 16,114 118,602 224,882
Exercisable at December 31, 2024 16,114 118,602 224,882
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Outstanding, Average Price (in dollars per share) $ 20.35    
Options Granted, Average Exercise Price (in dollars per share) 0    
Options Exercised, Average Exercise Price (in dollars per share) 20.81    
Cancelled or forfeited, average exercise price (in dollars per share) 0    
Expired, Average Exercise price (in dollars per share) 20.93    
Outstanding, Average Price (in dollars per share) 17.43 $ 20.35  
Exercisable, Average Exercise Price (in dollars per share) $ 17.43 20.35 $ 18.82
Outstanding, Weighted Average Life 2 years 7 months 17 days    
Exercisable, Weighted Average Life 2 years 7 months 17 days    
Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Options Exercised, Average Exercise Price (in dollars per share) $ 18.58 11.62 12.96
Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Options Exercised, Average Exercise Price (in dollars per share) $ 21.3 $ 18.69 $ 21.3
v3.25.0.1
Stock Compensation - Options outstanding and exercisable (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Outstanding (in shares) 16,114 118,602 224,882
Exercise price range, minimum (in dollars per share) $ 11.62 $ 11.62 $ 11.62
Exercise price range, maximum (in dollars per share) $ 21.3 $ 21.3 $ 21.3
Exercisable (in shares) 16,114 118,602 224,882
Weighted average exercise price (in dollars per share) $ 17.43 $ 20.35 $ 18.82
v3.25.0.1
Stock Compensation - Summary of Combined Restricted Stock Units Including Performance Based Restricted Stock Units and Restricted Stock Activity (Details) - Restricted Stock Units Including Performance Based Restricted Stock Units and Restricted Stock [Member]
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested (in shares) 845,711
Granted (in shares) 535,127
Vested (in shares) (323,523)
Canceled or forfeited (in shares) (113,460)
Unvested (in shares) 943,855
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]  
Granted, Average Grant Date Fair Value (in dollars per share) | $ / shares $ 19.23
Vested, Average Grant Date Fair Value (in dollars per share) | $ / shares 19.28
Canceled or Forfeited, Average Grant Date Fair Value (in dollars per share) | $ / shares $ 20.05
v3.25.0.1
Contingencies - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended 159 Months Ended
Feb. 14, 2023
Dec. 31, 2018
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2016
Dec. 31, 2024
Loss Contingencies [Line Items]              
Other current liabilities     $ 26,794,000 $ 28,472,000     $ 26,794,000
Other liabilities     15,303,000 12,108,000     15,303,000
EPA Notice Letter [Member]              
Loss Contingencies [Line Items]              
Payments made       1,900,000      
New Idria Mercury Mine [Member]              
Loss Contingencies [Line Items]              
Financial assurance required to be provided to EPA to secure performance   $ 2,000,000          
New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member]              
Loss Contingencies [Line Items]              
Payments made       100,000      
Total reserve     4,400,000       4,400,000
Other current liabilities     300,000       300,000
Other liabilities     4,100,000       4,100,000
Expense recognized     0 $ 0      
Revised estimated project cost     $ 9,000,000        
New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member] | Minimum [Member]              
Loss Contingencies [Line Items]              
Original estimated project costs           $ 3,300,000  
New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member] | Maximum [Member]              
Loss Contingencies [Line Items]              
Original estimated project costs           $ 4,400,000  
Scepter Company [Member] | Ms.McCartney [Member]              
Loss Contingencies [Line Items]              
Loss Contingency, Damages Sought, Value $ 30,000            
Selling, General and Administrative Expenses [Member] | New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member]              
Loss Contingencies [Line Items]              
Loss contingency, Loss in period         $ 3,000,000    
Pending Litigation [Member] | New Idria Mercury Mine [Member] | EPA Notice Letter [Member]              
Loss Contingencies [Line Items]              
Insurance recoveries             6,200,000
Loss contingency, Loss in period             25,100,000
Payments made             $ 14,600,000
v3.25.0.1
Contingencies - Schedule of Contingencies Reserve Balance (Details) - New Idria Mercury Mine [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]      
Beginning reserve balance $ 13,182 [1] $ 11,855 [1] $ 8,213
Changes in estimated environmental liability 3,100 6,500 4,400
Payments made [2],[3] (3,857) (5,173) (758)
Ending reserve balance [1] 12,425 13,182 11,855
Beginning receivable balance 7,245 [4] 6,000 [4] 0
Changes in estimated insurance recovery 3,300 3,300 6,000
Insurance recovery reimbursements (2,141) (2,055) 0
Ending receivable balance [4] $ 8,404 $ 7,245 $ 6,000
[1]

(2) As of December 31, 2024, Buckhorn has a total ending reserve balance of $12.4 million related to the New Idria Mine, of which $6.5 million is classified in Other current liabilities and $5.9 million in Other liabilities (long-term).
[2]

(4) Payments made for the year ended December 31, 2023 include a $1.9 million payment related to a settlement agreement with the EPA to resolve the past costs claim, which Buckhorn paid in the first quarter of 2023.
[3]

(1) Payments made in the years ended December 31, 2022 were offset by insurance refunds of $0.8 million. In the fourth quarter of 2022, Buckhorn reached an agreement with respect to certain insurance coverage related to defense costs for which recovery of accrued costs are recorded as a receivable to the extent such recovery is determined to be probable under this agreement.
[4]

(3) As of December 31, 2024, Buckhorn has a total receivable balance related to the probable insurance recovery of $8.4 million, of which $3.9 million is classified in Other accounts receivable and $4.5 million is classified in Other (long-term).
v3.25.0.1
Contingencies - Schedule of Contingencies Reserve Balance (Paranthetical) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2021
EPA Notice Letter [Member]        
Loss Contingencies [Line Items]        
Payment made to settle past cost claims $ 1,900      
New Idria Mercury Mine [Member]        
Loss Contingencies [Line Items]        
Amount of insurance refunds   $ 800    
Accrual for Environmental Loss Contingencies $ 13,182 [1] $ 11,855 [1] $ 12,425 [1] $ 8,213
Estimated Insurance Recoveries     8,400  
New Idria Mercury Mine [Member] | Other Current Liabilities [Member]        
Loss Contingencies [Line Items]        
Accrual for Environmental Loss Contingencies     $ 6,500  
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]     Other Accrued Liabilities, Current  
New Idria Mercury Mine [Member] | Other Noncurrent Liabilities [Member]        
Loss Contingencies [Line Items]        
Accrual for Environmental Loss Contingencies     $ 5,900  
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]     Other Liabilities, Noncurrent  
New Idria Mercury Mine [Member] | Accounts Receivable [Member]        
Loss Contingencies [Line Items]        
Estimated Insurance Recoveries     $ 3,900  
New Idria Mercury Mine [Member] | Other Noncurrent Assets [Member]        
Loss Contingencies [Line Items]        
Estimated Insurance Recoveries     $ 4,500  
[1]

(2) As of December 31, 2024, Buckhorn has a total ending reserve balance of $12.4 million related to the New Idria Mine, of which $6.5 million is classified in Other current liabilities and $5.9 million in Other liabilities (long-term).
v3.25.0.1
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Feb. 08, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Long-term Debt $ 382,000 $ 400,000 $ 58,000
Less unamortized deferred financing fees 7,041   13
Long-term Debt, net of deferred financing costs 374,959   57,987
Less current portion long-term debt 19,649   25,998
Long-term Debt 355,310   31,989
Amended Loan Agreement - Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Revolving Credit Facility 0   20,000
Amended Loan Agreement - Term Loan A [Member]      
Debt Instrument [Line Items]      
Long-term Debt 382,000   0
5.25% Senior Unsecured Notes due January 15, 2024 [Member]      
Debt Instrument [Line Items]      
Long-term Debt 0   11,000
5.30% Senior Unsecured Notes due January 15, 2024 [Member]      
Debt Instrument [Line Items]      
Long-term Debt 0   15,000
5.45% Senior Unsecured Notes due January 15, 2026 [Member]      
Debt Instrument [Line Items]      
Long-term Debt $ 0   $ 12,000
v3.25.0.1
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Parenthetical) (Details)
 12 Months Ended
Dec. 31, 2024
5.25% Senior Unsecured Notes due January 15, 2024 [Member]  
Debt Instrument [Line Items]  
Interest rate 5.25%
Debt instrument maturity date Jan. 15, 2024
5.30% Senior Unsecured Notes due January 15, 2024 [Member]  
Debt Instrument [Line Items]  
Interest rate 5.30%
Debt instrument maturity date Jan. 15, 2024
5.45% Senior Unsecured Notes due January 15, 2026 [Member]  
Debt Instrument [Line Items]  
Interest rate 5.45%
Debt instrument maturity date Jan. 15, 2026
v3.25.0.1
Long-Term Debt and Loan Agreements - Additional Information (Details)
$ in Thousands
 12 Months Ended
May 02, 2024
USD ($)
Feb. 08, 2024
USD ($)
Feb. 06, 2024
USD ($)
Jan. 12, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 29, 2022
USD ($)
Debt Instrument [Line Items]                
Loan maturity period         2027-09      
Long-term Debt   $ 400,000     $ 382,000 $ 58,000    
Line of credit facility, interest rate description         Borrowings under the Amended Loan Agreement bear interest at the Term SOFR, RFR, SONIA, EURIBOR and CORRA-based borrowing rates. Amounts borrowed under the credit facility are secured by pledges to all of the Company's assets (except with respect to certain assets that are customarily excluded for the incurrence of such liens).      
Loss on debt extinguishment     $ (100)          
Loan agreement amendment description   On February 8, 2024, the Company entered into Amendment No. 1 to the Seventh Amended and Restated Loan Agreement (“Amendment No. 1”), which amended the Seventh Amended and Restated Loan Agreement (the "Loan Agreement”) dated September 29, 2022 (collectively, the “Amended Loan Agreement”). Amendment No. 1, among other things, permitted the acquisition of Signature Systems and provided a new 5-year $400 million term loan facility     On September 29, 2022, the Company entered into a Seventh Amended and Restated Loan Agreement (the “Seventh Amendment”), which amended the Sixth Amended and Restated Loan Agreement, dated March 12, 2021. The Seventh Amendment, among other things, extended the maturity date to September 2027 from March 2024.      
Amortization expense of deferred financing costs         $ 1,917 313 $ 441  
Interest Expense [Member]                
Debt Instrument [Line Items]                
Amortization expense of deferred financing costs         1,900 300 $ 400  
Interest Rate Swap [Member]                
Debt Instrument [Line Items]                
Derivative, Notional Amount $ 200,000       192,500      
Debt effective rate 4.606%              
Maturity date Jan. 31, 2029              
Senior Unsecured Notes [Member]                
Debt Instrument [Line Items]                
Repayments of Senior Debt       $ 26,000        
Repayments of Debt     $ 12,000          
Amendment No One To The Seventh Amended [Member]                
Debt Instrument [Line Items]                
Maximum borrowing capacity on line of credit   $ 250,000            
Financing Receivable, Deferred Commitment Fee   $ 9,200     1,300 $ 1,100    
Loan Agreement [Member]                
Debt Instrument [Line Items]                
Remaining amount available under the line of credit         244,700      
Letters of credit         $ 5,300      
Debt weighted average interest rate1         8.46% 6.86% 4.87%  
Seventh and Sixth Amendment [Member]                
Debt Instrument [Line Items]                
Maximum borrowing capacity on line of credit         $ 250,000      
Loan maturity period         2024-03      
Term Loan A [Member]                
Debt Instrument [Line Items]                
Loan maturity period   2029-02            
Financing Receivable, Deferred Commitment Fee   $ 8,500     $ 7,000      
Quarterly installment payments   5,000            
Debt instrument periodic payment, thereafter   10,000            
Voluntarily prepaid   $ 3,000            
Debt Instrument Covenant Period Two [Member] | Amendment No One To The Seventh Amended [Member]                
Debt Instrument [Line Items]                
Line of Credit Facility Covenant Terms Maximum Leverage Coverage Ratio   0.04            
Debt Instrument Covenant Period Three [Member] | Amendment No One To The Seventh Amended [Member]                
Debt Instrument [Line Items]                
Line of Credit Facility Covenant Terms Maximum Leverage Coverage Ratio   0.0325            
Alternate base rate | Minimum [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate   1.775%            
Alternate base rate | Maximum [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate   2.35%            
SOFR,RFR,SONIA,EURIBOR,CORRA Based borrowing [Member] | Minimum [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate   0.775%            
SOFR,RFR,SONIA,EURIBOR,CORRA Based borrowing [Member] | Maximum [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate   1.35%            
Other Assets [Member]                
Debt Instrument [Line Items]                
Deferred financing fees               $ 900
Revolving Credit Facility   $ 700            
v3.25.0.1
Long-Term Debt and Loan Agreements - Schedule of Debt Ratios (Details) - Revolving Debt [Member]
Dec. 31, 2024
Debt Instrument [Line Items]  
Debt Instrument, Interest Coverage Ratio, Actual 0.42%
Debt Instrument, Leverage Ratio, Actual 0.269%
Debt Instrument, Covenant, Interest Coverage Ratio Required, Minimum 3.00%
Debt Instrument, Covenant, Leverage Ratio Required, Maximum 4.00%
v3.25.0.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2018
Income Taxes [Line Items]        
Effective tax rate for the year 46.80% 26.00% 22.90%  
Provision and related deferred tax liability on earnings from subsidiary       $ 600
Deferred tax assets, operating loss carryforwards $ 127 $ 127 $ 100  
Deferred tax assets, valuation allowance 127 127 100  
Interest limitation carryforward 2,759 0    
Benefit from net operating loss carryforwards 1,900      
Unrecognized tax benefits that would impact effective tax rate $ 1,300 $ 0 $ 0  
Income tax examination, description The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of December 31, 2024, the Company is no longer subject to U.S. Federal examinations by tax authorities for tax years before 2021.      
Non-U.S [Member]        
Income Taxes [Line Items]        
Income tax examination for tax years 2020 2021 2022 2023      
v3.25.0.1
Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
State income taxes - net of federal tax benefit 6.50% 2.80% 2.00%
Foreign tax rate differential 3.30% 1.50% 0.60%
Non-deductible expenses 17.90% 0.40% 0.40%
Tax carryforward expiration 0.00% 0.00% 2.50%
Changes in unrecognized tax benefits 0.00% 0.00% (1.00%)
Valuation allowances 0.00% 0.00% (2.30%)
Other (1.90%) 0.30% (0.30%)
Effective tax rate for the year 46.80% 26.00% 22.90%
v3.25.0.1
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ 3,409 $ 55,553 $ 66,646
Foreign 10,134 10,503 11,564
Income before income taxes $ 13,543 $ 66,056 $ 78,210
v3.25.0.1
Income Taxes - Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current      
Federal $ 7,877 $ 11,296 $ 11,583
Foreign 2,500 2,617 2,549
State and local 2,013 2,237 1,739
Total current provision 12,390 16,150 15,871
Deferred      
Federal (5,195) 617 1,675
State and local (903) 62 230
Foreign 50 360 167
Total deferred provision (6,048) 1,039 2,072
Provision for income taxes $ 6,342 $ 17,189 $ 17,943
v3.25.0.1
Income Taxes - Significant Components of the Company's Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred income tax assets      
Compensation accruals $ 2,372 $ 2,487  
Inventory valuation 3,094 2,515  
Allowance for uncollectible accounts 931 672  
Non-deductible accruals 3,983 4,040  
Operating lease liability 6,438 6,025  
Finance lease liability 1,809 1,934  
Goodwill 3,766 0  
Other deductible non-goodwill intangibles 5,420 5,473  
Interest limitation carryforward 2,759 0  
Capital loss carryforwards 127 127 $ 100
Net operating loss carryforwards 54 73  
Deferred tax assets, gross 30,753 23,346  
Valuation allowance (127) (127) $ (100)
Deferred Tax Assets, Net of Valuation Allowance 30,626 23,219  
Deferred income tax liabilities      
Property, plant and equipment 15,492 12,208  
Goodwill and indefinite-lived intangibles 14,410 10,254  
Non-deductible intangibles 22,056 0  
Right of use asset - operating leases 6,418 5,878  
Finance lease assets 1,665 1,820  
State deferred taxes 3,256 18  
Other 1,008 1,492  
Deferred tax liabilities, gross 64,305 31,670  
Net deferred income tax liability $ (33,679) $ (8,451)  
v3.25.0.1
Income Taxes - Activity Related to the Company's Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at January 1 $ 0 $ 0 $ 774
Increases related to previous year tax positions 1,339 0 0
Reductions due to lapse of applicable statute of limitations 0 0 (774)
Balance at December 31 $ 1,339 $ 0 $ 0
v3.25.0.1
Retirement Plans - Net Periodic Pension Cost of Plan (Details) - Pension Plans, Defined Benefit [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Interest cost $ 222 $ 233 $ 162
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest Income (Expense), Nonoperating Interest Income (Expense), Nonoperating Interest Income (Expense), Nonoperating
Expected return on assets $ (125) $ (144) $ (156)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Assets Assets Assets
Amortization of net loss $ 64 $ 70 $ 67
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Depreciation Depreciation Depreciation
Net periodic pension cost $ 161 $ 159 $ 73
v3.25.0.1
Retirement Plans - Reconciliation of Changes in Plan's Projected Benefit Obligations and Assets (Details) - Pension Plans, Defined Benefit [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Change in benefit obligation:      
Projected benefit obligation at beginning of year $ 4,766 $ 4,783  
Interest cost 222 233 $ 162
Actuarial (gain) loss (291) 84  
Benefits paid (417) (334)  
Projected benefit obligation at end of year 4,280 4,766 4,783
Change in plan assets:      
Fair value of plan assets at beginning of year 4,631 4,599  
Actual return on plan assets (13) 316  
Company contributions 0 50  
Benefits paid (417) (334)  
Fair value of plan assets at end of year 4,201 4,631 $ 4,599
Funded status $ (79) $ (135)  
v3.25.0.1
Retirement Plans - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Redemption fees for mutual fund's net asset value   $ 0    
Forecast [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Contributions to plan $ 400      
Executive Officer [Member] | SERP [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Discount rate for benefit obligations   5.40% 4.90%  
Accrued compensation   $ 600 $ 900  
401K Plan [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Recognized expense   4,900 4,500 $ 4,200
Mutual Funds [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Fair value of plan assets   400 500  
Pooled Separate Accounts [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Fair value of plan assets   $ 3,800 $ 4,100  
v3.25.0.1
Retirement Plans - Assumptions Used to Determine the Net Periodic Benefit Cost and Benefit Obligations (Details) - Pension Plans, Defined Benefit [Member]
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Discount rate for net periodic pension cost 4.85% 5.05% 2.65%
Discount rate for benefit obligations 5.40% 4.85% 5.05%
Expected long-term return of plan assets 5.00% 5.25% 4.50%
v3.25.0.1
Retirement Plans - Weighted Average Asset Allocations for Plan (Details) - Pension Plans, Defined Benefit [Member]
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Weighted average asset allocations 100.00% 100.00%
U.S. Equities securities [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Weighted average asset allocations 10.00% 11.00%
U.S. Debt securities [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Weighted average asset allocations 90.00% 89.00%
v3.25.0.1
Retirement Plans - Benefit Payments Projected for the Plan (Details) - Pension Plans, Defined Benefit [Member]
$ in Thousands
Dec. 31, 2024
USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
2025 $ 360
2026 360
2027 360
2028 350
2029 350
2030-2034 $ 1,690
v3.25.0.1
Leases - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
Lessee Lease Description [Line Items]  
Lessee, operating lease, renewal term 5 years
Operating lease, option to terminate Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early.
Minimum [Member]  
Lessee Lease Description [Line Items]  
Facility lease period 1 year
Maximum [Member]  
Lessee Lease Description [Line Items]  
Facility lease period 11 years
v3.25.0.1
Leases - Summary of Amounts Included in the Consolidated Statements of Financial Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Operating lease assets $ 30,561 $ 27,989
Finance lease assets $ 7,927 $ 8,668
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Total lease assets $ 38,488 $ 36,657
Liabilities:    
Current 6,597 5,943
Long-term 23,700 22,352
Total operating lease liabilities 30,297 28,295
Current 621 593
Long-term 7,994 8,615
Total finance lease liabilities 8,615 9,208
Total lease liabilities $ 38,912 $ 37,503
v3.25.0.1
Leases - Summary of Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee Lease Description [Line Items]      
Lease, Cost, Total $ 13,684 $ 10,604 $ 9,586
Cost of Sales [Member]      
Lessee Lease Description [Line Items]      
Total operating lease cost [1],[2] 8,736 6,193 5,673
Amortization expense 741 720 689
Selling, General and Administrative Expenses [Member]      
Lessee Lease Description [Line Items]      
Total operating lease cost [1] 3,880 3,354 2,884
Interest Expense, Net [Member]      
Lessee Lease Description [Line Items]      
Interest expense on lease liabilities $ 327 $ 337 $ 340
[1] Includes short-term leases and variable lease costs, which are immaterial
[2] Operating lease costs included in Cost of sales for the year ended December 31, 2024, includes a $1.8 million termination charge related to exiting an idled lease facility, as described in Note 6
v3.25.0.1
Leases - Summary of Components of Lease Expense (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]      
Restructuring charges     $ 0.7
Ameri-Kart [Member]      
Lessee, Lease, Description [Line Items]      
Restructuring charges $ 2.3 $ 1.0  
Ameri-Kart [Member] | Contract Termination [Member]      
Lessee, Lease, Description [Line Items]      
Restructuring charges $ 1.8    
v3.25.0.1
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 8,157 $ 7,580 $ 6,941
Operating cash flows from finance leases 327 337 340
Financing cash flows from finance leases 593 542 500
Right-of-use assets obtained in exchange for new lease liabilities:      
Operating leases 6,919 6,143 4,371
Finance leases $ 0 $ 313 $ 0
v3.25.0.1
Leases - Summary of Lease Term and Discount Rate (Details)
Dec. 31, 2024
Dec. 31, 2023
Lessee Disclosure [Abstract]    
Weighted-average remaining lease term (years), operating leases 4 years 11 months 4 days 5 years 8 months 1 day
Weighted-average remaining lease term (years), finance leases 11 years 11 years 11 months 26 days
Weighted-average discount rate, operating leases 6.30% 4.70%
Weighted-average discount rate, finance leases 3.70% 3.70%
v3.25.0.1
Leases - Maturity of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating And Finance Lease Liability Payments Due [Abstract]    
Operating Leases, 2025 $ 8,253  
Operating Leases, 2026 7,711  
Operating Leases, 2027 6,877  
Operating Leases, 2028 4,899  
Operating Leases, 2029 3,207  
Operating Leases, After 2029 3,841  
Total operating lease payments 34,788  
Less: interest (4,491)  
Present value of operating lease liabilities 30,297 $ 28,295
Finance Leases, 2025 924  
Finance Leases, 2026 924  
Finance Leases, 2027 945  
Finance Leases, 2028 950  
Finance Leases, 2029 950  
Finance Leases, After 2029 5,758  
Total finance lease payments 10,451  
Less: interest (1,836)  
Present value of finance lease liabilities 8,615 $ 9,208
2025 9,177  
2026 8,635  
2027 7,822  
2028 5,849  
2029 4,157  
After 2029 9,599  
Total lease payments 45,239  
Less: interest (6,327)  
Present value of lease liabilities $ 38,912  
v3.25.0.1
Segments - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of operating segments | Segment 2    
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember    
Net sales $ 836,281 $ 813,067 $ 899,547
Foreign Countries [Member]      
Segment Reporting Information [Line Items]      
Net sales 46,300 46,100 54,200
Long-lived assets 10,200 10,300  
Export Sales [Member] | Foreign Countries [Member]      
Segment Reporting Information [Line Items]      
Net sales $ 37,100 $ 30,000 $ 31,700
Sales [Member] | Customer Concentration Risk [Member] | Canada [Member]      
Segment Reporting Information [Line Items]      
Concentration risk percentage 3.00% 4.40% 4.30%
v3.25.0.1
Segments - Schedule of Company's Operations by Segment, Including Revenue by Major Market (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Net sales $ 836,281 $ 813,067 $ 899,547
Cost of sales 565,476 [1] 553,981 616,181
Selling, general and administrative expenses [2],[3] 204,108 [4] 186,876 [4],[5] 199,489
(Gain) loss on disposal of fixed assets 201 (195) (667)
Other (income) expenses 0 0 603 [6]
Impairment charges 22,016 [7] 0 0
Operating income [8] 44,480 72,405 83,941
Interest expense, net 30,937 6,349 5,731
Income before income taxes 13,543 66,056 78,210
Total Assets 860,815 541,631 542,634
Capital Additions, net 24,435 22,855 24,292
Depreciation and Amortization [9] 40,510 23,099 21,657
Consumer [Member]      
Segment Reporting Information [Line Items]      
Net sales 96,174 92,380 113,339
Vehicle [Member]      
Segment Reporting Information [Line Items]      
Net sales 107,178 123,155 165,139
Food and Beverage [Member]      
Segment Reporting Information [Line Items]      
Net sales 74,701 118,063 125,111
Industrial [Member]      
Segment Reporting Information [Line Items]      
Net sales 240,768 221,594 243,992
Infrastructure [Member]      
Segment Reporting Information [Line Items]      
Net sales 102,692 0 0
Auto Aftermarket [Member]      
Segment Reporting Information [Line Items]      
Net sales 214,768 257,875 251,966
Distribution [Member]      
Segment Reporting Information [Line Items]      
Impairment charges     600
Operating Segments [Member] | Material Handling [Member]      
Segment Reporting Information [Line Items]      
Net sales 621,655 555,259 647,619
Cost of sales 415,544 [1] 376,002 443,380
Selling, general and administrative expenses [2],[3] 106,121 [4] 79,352 [4],[5] 100,827
(Gain) loss on disposal of fixed assets 207 (183) (667)
Other (income) expenses [6]     0
Impairment charges [7] 22,016    
Operating income [8] 77,767 100,088 104,079
Total Assets 712,046 383,734 385,722
Capital Additions, net 22,276 20,452 22,528
Depreciation and Amortization [9] 34,499 18,917 17,814
Operating Segments [Member] | Material Handling [Member] | Consumer [Member]      
Segment Reporting Information [Line Items]      
Net sales 96,174 92,380 113,339
Operating Segments [Member] | Material Handling [Member] | Vehicle [Member]      
Segment Reporting Information [Line Items]      
Net sales 107,178 123,155 165,139
Operating Segments [Member] | Material Handling [Member] | Food and Beverage [Member]      
Segment Reporting Information [Line Items]      
Net sales 74,701 118,063 125,111
Operating Segments [Member] | Material Handling [Member] | Industrial [Member]      
Segment Reporting Information [Line Items]      
Net sales 240,910 221,661 244,030
Operating Segments [Member] | Material Handling [Member] | Infrastructure [Member]      
Segment Reporting Information [Line Items]      
Net sales 102,692 0 0
Operating Segments [Member] | Material Handling [Member] | Auto Aftermarket [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Operating Segments [Member] | Distribution [Member]      
Segment Reporting Information [Line Items]      
Net sales 214,768 257,875 251,966
Cost of sales 150,074 [1] 178,046 172,839
Selling, general and administrative expenses [2],[3] 61,338 [4] 68,874 [4],[5] 62,662
(Gain) loss on disposal of fixed assets (7) (12) 0
Other (income) expenses [6]     603
Impairment charges [7] 0    
Operating income [8] 3,363 10,967 15,862
Total Assets 99,193 112,323 119,652
Capital Additions, net 1,272 1,666 705
Depreciation and Amortization [9] 3,248 3,197 2,889
Operating Segments [Member] | Distribution [Member] | Consumer [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Operating Segments [Member] | Distribution [Member] | Vehicle [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Operating Segments [Member] | Distribution [Member] | Food and Beverage [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Operating Segments [Member] | Distribution [Member] | Industrial [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Operating Segments [Member] | Distribution [Member] | Infrastructure [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Operating Segments [Member] | Distribution [Member] | Auto Aftermarket [Member]      
Segment Reporting Information [Line Items]      
Net sales 214,768 257,875 251,966
Inter-company sales [Member]      
Segment Reporting Information [Line Items]      
Net sales (142) (67) (38)
Cost of sales (142) [1] (67) (38)
Selling, general and administrative expenses [2],[3] 0 [4] 0 [4],[5] 0
(Gain) loss on disposal of fixed assets 0 0 0
Other (income) expenses [6]     0
Impairment charges [7] 0    
Operating income [8] 0 0 0
Total Assets 0 0 0
Capital Additions, net 0 0 0
Depreciation and Amortization [9] 0 0 0
Inter-company sales [Member] | Consumer [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Inter-company sales [Member] | Vehicle [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Inter-company sales [Member] | Food and Beverage [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Inter-company sales [Member] | Industrial [Member]      
Segment Reporting Information [Line Items]      
Net sales (142) (67) (38)
Inter-company sales [Member] | Infrastructure [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Inter-company sales [Member] | Auto Aftermarket [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Corporate [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Cost of sales 0 [1] 0 0
Selling, general and administrative expenses [2],[3] 36,649 [4] 38,650 [4],[5] 36,000
(Gain) loss on disposal of fixed assets 1 0 0
Other (income) expenses [6]     0
Impairment charges [7] 0    
Operating income [8] (36,650) (38,650) (36,000)
Total Assets 49,576 45,574 37,260
Capital Additions, net 887 737 1,059
Depreciation and Amortization [9] 2,763 985 954
Corporate [Member] | Consumer [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Corporate [Member] | Vehicle [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Corporate [Member] | Food and Beverage [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Corporate [Member] | Industrial [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Corporate [Member] | Infrastructure [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Corporate [Member] | Auto Aftermarket [Member]      
Segment Reporting Information [Line Items]      
Net sales $ 0 $ 0 $ 0
[1] The Company recognized $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the year ended December 31, 2024, related to the reporting of inventory at fair value in conjunction with the acquisition of Signature, as described in Note 3.
[2] The Company incurred $4.6 million, $3.1 million and $1.0 million of acquisition related costs associated with the acquisitions of Signature and Mohawk, as described in Note 3, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $4.3 million, $2.7 million and $0.6 million are included in Corporate, for the years ended December 31, 2024, 2023, and 2022, respectively, $0.3 million is included in Material Handling's results, for the year ended December 31, 2024 and $0.4 million is included in Distribution's results, for the years ended December 31, 2023 and 2022. Corporate costs also include $1.3 million of consulting costs to improve the Company's capabilities to screen and execute large acquisitions for the year ended December 31, 2023.
[3] The Company recognized $(0.2) million, $3.2 million and $1.4 million of expense (income) related to the estimated environmental reserve, net of expected insurance recoveries in the years ended December 31, 2024, 2023 and 2022, respectively, as described in Note 9. Environmental charges are not included in segment results and are shown with Corporate.
[4] The Company recognized $1.4 million of executive severance which is included in Corporate's results for the year ended December 31, 2024. In the year ended December 31, 2023 the Company recognized $0.7 million of executive severance, of which $0.4 million was recognized in the Distribution Segment related to severance and benefits and $0.3 million was recognized in Corporate related to charges for the acceleration of stock compensation.
[5] In the year ended December 31, 2023, the Company recognized a $10 million recovery of legal costs within the Material Handling Segment related to a settlement agreement with one of its insurers. $6.7 million of these recovered costs were originally incurred prior to 2023.
[6] In the year ended December 31, 2022, the Company recognized a $0.6 million impairment loss on an investment in a legacy joint venture within the Distribution Segment as described in Note 1.
[7] The Company recognized $22.0 million of non-cash impairment charges, as described in Note 4, for the year ended December 31, 2024, which are included in Material Handling's results.
[8] The Company incurred $7.5 million, $2.5 million and $0.7 million of restructuring costs, included within both Cost of Sales and Selling, general and administrative, associated with the restructuring initiatives described in Note 6, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $3.9 million, $1.5 million and $0.7 million are included in Material Handling, $1.4 million, $0.9 million and $0.0 million are included in Distribution's results and $2.3 million, $0.2 million and $0.0 million are included in Corporate's results, for the years ended December 31, 2024, 2023, and 2022, respectively.
[9] Corporate depreciation and amortization includes amortization of deferred financing costs of $1.9 million, $0.3 million and $0.4 million in the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Segments - Schedule of Company's Operations by Segment, Including Revenue by Major Market (Parenthetical) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Expense from changes to estimated environmental reserve $ (200) $ 3,200 $ 1,400
Non cash inventory 4,500    
Impairment loss on an investment 22,016 [1] 0 0
Executive severance cost   700  
Impairment charges 22,016    
Strategic Consulting Costs   1,300  
Restructuring costs 7,500 2,500 700
Business Combination, Acquisition Related Costs 4,600 3,100 1,000
Signature Systems [Member]      
Segment Reporting Information [Line Items]      
Business Combination, Acquisition Related Costs 4,600 2,600  
Corporate [Member]      
Segment Reporting Information [Line Items]      
Impairment loss on an investment [1] 0    
Deferred financing costs 1,900 300 400
Material Handling [Member]      
Segment Reporting Information [Line Items]      
Impairment charges 22,016    
Restructuring costs 3,900 1,500 700
Business Combination, Acquisition Related Costs 300    
Recovery of legal costs   10,000  
Insurance Recoveries   6,700  
Distribution [Member]      
Segment Reporting Information [Line Items]      
Impairment loss on an investment     600
Impairment charges 0    
Restructuring costs 1,400 900 0
Business Combination, Acquisition Related Costs   400 400
Distribution [Member] | Executive Severances [Member]      
Segment Reporting Information [Line Items]      
Executive severance cost   400  
Corporate [Member]      
Segment Reporting Information [Line Items]      
Restructuring costs 2,300 200 0
Business Combination, Acquisition Related Costs 4,300 2,700 $ 600
Corporate [Member] | Executive Severances [Member]      
Segment Reporting Information [Line Items]      
Executive severance cost $ 1,400    
Share-based payment arrangement, award accelerated cost   $ 300  
[1] The Company recognized $22.0 million of non-cash impairment charges, as described in Note 4, for the year ended December 31, 2024, which are included in Material Handling's results.