HAMILTON BEACH BRANDS HOLDING CO, 10-Q filed on 11/2/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
9 Months Ended
Sep. 30, 2022
Oct. 28, 2022
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Document Transition Report false  
Entity File Number 001-38214  
Entity Registrant Name HAMILTON BEACH BRANDS HOLDING COMPANY  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 31-1236686  
Entity Address, Address Line One 4421 WATERFRONT DR.  
Entity Address, City or Town GLEN ALLEN  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23060  
City Area Code (804)  
Local Phone Number 273-9777  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 Per Share  
Trading Symbol HBB  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Central Index Key 0001709164  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Class A Common stock    
Entity Information [Line Items]    
Shares Outstanding (in shares)   10,025,235
Class B Common stock    
Entity Information [Line Items]    
Shares Outstanding (in shares)   3,856,041
v3.22.2.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Current assets      
Cash and cash equivalents $ 1,504 $ 1,125 $ 1,463
Trade receivables, net 97,802 119,580 120,672
Inventory 244,464 183,382 176,982
Prepaid expenses and other current assets 13,295 14,273 22,755
Total current assets 357,065 318,360 321,872
Property, plant and equipment, net 28,363 30,485 31,699
Goodwill 6,253 6,253 6,253
Other intangible assets, net 1,542 1,692 1,742
Deferred income taxes 1,800 4,006 3,088
Deferred costs 14,465 18,703 14,785
Other non-current assets 7,432 3,005 3,024
Total assets 416,920 382,504 382,463
Current liabilities      
Accounts payable 111,485 131,912 126,231
Accrued compensation 10,543 11,719 10,797
Accrued product returns 4,651 6,429 6,048
Other current liabilities 13,222 14,116 17,084
Total current liabilities 139,901 164,176 160,160
Revolving credit agreements 146,051 96,837 114,950
Other long-term liabilities 13,019 19,212 19,448
Total liabilities 298,971 280,225 294,558
Stockholders' equity      
Capital in excess of par value 64,117 61,586 61,233
Treasury stock (8,939) (5,960) (5,960)
Retained earnings 74,597 60,753 49,505
Accumulated other comprehensive loss (11,971) (14,243) (17,016)
Total stockholders' equity 117,949 102,279 87,905
Total liabilities and stockholders' equity 416,920 382,504 382,463
Class A Common stock      
Stockholders' equity      
Common stock 106 103 102
Class B Common stock      
Stockholders' equity      
Common stock $ 39 $ 40 $ 41
v3.22.2.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement [Abstract]        
Revenue $ 150,823 $ 156,740 $ 444,701 $ 460,644
Cost of sales 115,979 123,456 349,649 367,284
Gross profit 34,844 33,284 95,052 93,360
Selling, general and administrative expenses 25,425 25,788 67,361 79,614
Amortization of intangible assets 50 50 150 150
Operating profit (loss) 9,369 7,446 27,541 13,596
Interest expense, net 1,289 662 2,889 2,080
Other expense (income), net 432 (126) 1,646 (179)
Income (loss) before income taxes 7,648 6,910 23,006 11,695
Income tax expense (benefit) 1,741 1,204 4,837 3,027
Net income (loss) $ 5,907 $ 5,706 $ 18,169 $ 8,668
Basic earnings (loss) per share (in dollars per share) $ 0.43 $ 0.41 $ 1.30 $ 0.62
Diluted earnings (loss) per share (in dollars per share) $ 0.43 $ 0.41 $ 1.30 $ 0.62
Basic weighted average shares outstanding (in shares) 13,869 13,887 13,999 13,872
Diluted weighted average shares outstanding (in shares) 13,892 13,902 14,026 13,888
v3.22.2.2
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 5,907 $ 5,706 $ 18,169 $ 8,668
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustment (1,144) 306 (3,260) 229
(Loss) gain on long-term intra-entity foreign currency transactions (14) (960) 1,584 (626)
Cash flow hedging activity 1,963 526 5,384 130
Reclassification of foreign currency adjustments into earnings 0 0 2,085 0
Reclassification of hedging activities into earnings 210 129 78 355
Pension plan adjustment (4,013) 0 (4,013) 0
Reclassification of pension adjustments into earnings 305 147 414 372
Total other comprehensive income (loss), net of tax (2,693) 148 2,272 460
Comprehensive income (loss) $ 3,214 $ 5,854 $ 20,441 $ 9,128
v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income (loss) $ 18,169 $ 8,668
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:    
Depreciation and amortization 3,552 3,077
Deferred income taxes 912 4,245
Stock compensation expense 2,533 2,883
Brazil foreign currency loss 2,085 0
Other 898 1,208
Net changes in operating assets and liabilities:    
Affiliate payable 0 (505)
Trade receivables 21,370 26,546
Inventory (63,328) (3,082)
Other assets 2,181 (12,160)
Accounts payable (20,150) (27,868)
Other liabilities (8,395) (7,118)
Net cash provided by (used for) operating activities (40,173) (4,106)
Investing activities    
Expenditures for property, plant and equipment (1,560) (9,109)
Net cash provided by (used for) investing activities (1,560) (9,109)
Financing activities    
Net additions (reductions) to revolving credit agreements 49,604 16,580
Purchase of treasury stock (2,979) 0
Cash dividends paid (4,325) (4,078)
Financing fees paid (47) 0
Other financing 0 (243)
Net cash provided by (used for) financing activities 42,253 12,259
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (204) 4
Cash, cash equivalents and restricted cash    
Increase (decrease) for the period 316 (952)
Balance at the beginning of the period 2,150 3,436
Balance at the end of the period 2,466 2,484
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 1,504 1,463
Restricted cash included in prepaid expenses and other current assets 58 208
Restricted cash included in other non-current assets 904 813
Total cash, cash equivalents, and restricted cash $ 2,466 $ 2,484
v3.22.2.2
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Capital in Excess of Par Value
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Class A Common stock
Common Stock
Class B Common stock
Common Stock
Balance, beginning of period at Dec. 31, 2020 $ 80,105 $ 58,485 $ (5,960) $ 44,915 $ (17,476) $ 100 $ 41
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 2,876     2,876      
Issuance of common stock, net of conversions 0 (2)       2  
Share-based compensation expense 973 973          
Cash dividends (1,302)     (1,302)      
Other comprehensive income (loss), net of tax (191)       (191)    
Reclassification adjustment to net income (loss) 238       238    
Balance, end of period at Mar. 31, 2021 82,699 59,456 (5,960) 46,489 (17,429) 102 41
Balance, beginning of period at Dec. 31, 2020 80,105 58,485 (5,960) 44,915 (17,476) 100 41
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 8,668            
Balance, end of period at Sep. 30, 2021 87,905 61,233 (5,960) 49,505 (17,016) 102 41
Balance, beginning of period at Mar. 31, 2021 82,699 59,456 (5,960) 46,489 (17,429) 102 41
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 86     86      
Share-based compensation expense 1,425 1,425          
Cash dividends (1,387)     (1,387)      
Other comprehensive income (loss), net of tax 52       52    
Reclassification adjustment to net income (loss) 213       213    
Balance, end of period at Jun. 30, 2021 83,088 60,881 (5,960) 45,188 (17,164) 102 41
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 5,706     5,706      
Share-based compensation expense 352 352          
Cash dividends (1,389)     (1,389)      
Other comprehensive income (loss), net of tax (128)       (128)    
Reclassification adjustment to net income (loss) 276       276    
Balance, end of period at Sep. 30, 2021 87,905 61,233 (5,960) 49,505 (17,016) 102 41
Balance, beginning of period at Dec. 31, 2021 102,279 61,586 (5,960) 60,753 (14,243) 103 40
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 7,173     7,173      
Issuance of common stock, net of conversions 0 (1)       2 (1)
Share-based compensation expense 764 764          
Cash dividends (1,392)     (1,392)      
Other comprehensive income (loss), net of tax 2,321       2,321    
Reclassification adjustment to net income (loss) 2,013       2,013    
Balance, end of period at Mar. 31, 2022 113,158 62,349 (5,960) 66,534 (9,909) 105 39
Balance, beginning of period at Dec. 31, 2021 102,279 61,586 (5,960) 60,753 (14,243) 103 40
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 18,169            
Balance, end of period at Sep. 30, 2022 117,949 64,117 (8,939) 74,597 (11,971) 106 39
Balance, beginning of period at Mar. 31, 2022 113,158 62,349 (5,960) 66,534 (9,909) 105 39
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 5,089     5,089      
Purchase of treasury stock (1,640)   (1,640)        
Issuance of common stock, net of conversions 0 (1)       1  
Share-based compensation expense 1,042 1,042          
Cash dividends (1,478)     (1,478)      
Other comprehensive income (loss), net of tax 582       582    
Reclassification adjustment to net income (loss) 49       49    
Balance, end of period at Jun. 30, 2022 116,802 63,390 (7,600) 70,145 (9,278) 106 39
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 5,907     5,907      
Purchase of treasury stock (1,339)   (1,339)        
Share-based compensation expense 727 727          
Cash dividends (1,455)     (1,455)      
Other comprehensive income (loss), net of tax (3,208)       (3,208)    
Reclassification adjustment to net income (loss) 515       515    
Balance, end of period at Sep. 30, 2022 $ 117,949 $ 64,117 $ (8,939) $ 74,597 $ (11,971) $ 106 $ 39
v3.22.2.2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
3 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]            
Cash dividends (in dollars per share) $ 0.105 $ 0.105 $ 0.10 $ 0.10 $ 0.10 $ 0.095
v3.22.2.2
Basis of Presentation and Recently Issued Accounting Standards
9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Recently Issued Accounting Standards Basis of Presentation and Recently Issued Accounting Standards
Basis of Presentation

Hamilton Beach Brands Holding Company operates through its wholly-owned subsidiary, Hamilton Beach Brands, Inc. (“HBB”) (collectively “Hamilton Beach Holding” or the “Company”). HBB is a leading designer, marketer, and distributor of branded, small electric household and specialty housewares appliances, as well as commercial products for restaurants, bars, and hotels. HBB operates in the consumer, commercial, and specialty appliance markets.

The financial statements have been prepared in accordance with US generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the remainder of the year due to the highly seasonal nature of the Company's primary markets. A majority of revenue and operating profit typically occurs in the second half of the calendar year when sales of products to retailers and consumers historically increase significantly for the fall holiday-selling season.

Accounting Standards Adopted

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new accounting rules provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform. During the third quarter of 2022, the Company adopted certain optional expedients provided under Topic 848 that permit its hedging relationships to continue without de-designation upon changes due to reference rate reform. The adoption of this guidance resulted in no material impact to the Company’s consolidated financial statements. The optional expedients and accounting relief in Topic 848 remain effective through December 31, 2022.

Accounting Standards Not Yet Adopted

The Company is an emerging growth company and has elected not to opt out of the extended transition period for complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public or nonpublic entities, the Company can adopt the new or revised standard at the time nonpublic entities adopt the new or revised standard. We will lose our status as an emerging growth company as of December 31, 2022, the last day of the fiscal year following the fifth anniversary of our spin-off from NACCO Industries, Inc.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)," which requires an entity to recognize assets and liabilities for the rights and obligations created by leased assets. For nonpublic entities, the amendments are currently effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is planning to adopt ASU 2016-02 when required using the modified retrospective transition method applied on the effective date. The Company’s preliminary assessment has focused on the policy elections and practical expedients permitted by the standard. The Company currently anticipates electing to apply the package of practical expedients to all leases that commenced prior to the date of adoption. Based on the analysis performed to date, the Company anticipates making a policy election to not include short-term leases on the Consolidated Balance Sheets and to not separate lease and non-lease components as permitted by the accounting guidance. The assessment is ongoing and the preliminary conclusions are subject to change. We continue to evaluate to what extent ASU 2016-02 will affect the Company's financial position, results of operations, cash flows and related disclosures. The Company expects to record additional material assets and corresponding liabilities related to operating leases in the statement of financial position.
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)," which requires an entity to recognize credit losses as an allowance rather than as a write-down. For nonpublic entities and smaller reporting companies, the amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is planning to adopt ASU 2016-13 for its year beginning January 1, 2023 and subsequent interim periods and is currently evaluating to what extent ASU 2016-13 will affect the Company's financial position, results of operations, cash flows and related disclosures.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The new accounting rules reduce complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. The new accounting rules also simplify accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The Company will adopt ASU 2019-12 for the fiscal year ending December 31, 2022 and the adoption of this guidance is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows.

Assets Held for Sale

During the fourth quarter of 2020, the Company committed to a plan to sell its Brazilian subsidiary and determined that it met all of the criteria to classify the assets and liabilities of this business as held for sale. In April 2021, the Company made the decision to wind down the Brazilian subsidiary and enter into a licensing agreement with a third party to service the Brazilian market. The carrying amounts of the assets were reclassified to held and used during the second quarter of 2021. During the first quarter of 2022, the criteria for substantially complete liquidation were met, and $2.1 million of accumulated other comprehensive losses were released into other expense (income), net in the consolidated results of operations during the three months ended March 31, 2022.

Insurance Recovery

In the first quarter of 2022, the Company recognized $10.0 million of insurance recovery associated with unauthorized transactions by former employees at our Mexican subsidiaries, which were identified in the quarter ended March 31, 2020. The Company maintains fidelity insurance and filed a claim to recover losses incurred up to the policy maximum of $10.0 million. The insurance recovery was received during the second quarter of 2022, and the benefit was recognized in selling, general and administrative expenses in our Consolidated Statement of Operations during the first quarter of 2022.

U.S. Pension Plan Termination

During the second quarter of 2022, the Board of Directors of HBB approved the termination of the Company's U.S. defined benefit pension plan (the "Plan") with an effective date of September 30, 2022. The Plan was previously frozen, effective December 31, 1996, for participation and benefit accrual purposes (except cash balance interest credits required by law). The Company has started the process to terminate and settle the Plan, which could take up to an estimated 24 months to complete. Benefit obligations under the Plan will be settled through a combination of lump sum payments to eligible plan participants and the purchase of a group annuity contract, under which future benefit obligations will be transferred to a third-party insurance company. As of September 30, 2022, December 31, 2021, and September 30, 2021, the plan was overfunded under U.S. generally accepted accounting principles (“GAAP”) measures by $12.0 million, $16.0 million and $13.4 million, respectively. In light of the termination process, the Plan transferred a significant portion of its assets to lower risk investments in 2022. The Company expects that there will be no further required minimum contributions to the Plan. We currently expect that all surplus assets remaining after the Plan termination will be transferred to a qualified replacement plan.

Pension Settlement

In the third quarter of 2022, the Company remeasured the Plan which was triggered by the level of lump sum distributions from the Plans' assets exceeding the Plan's service and interest cost threshold. The Company recognized a pre-tax pension settlement loss in Other expense (income), net of $0.3 million ($0.2 million after-tax or $0.01 per diluted share). The remeasurement resulted in a decrease in the pension benefit obligation of $2.6 million and a decrease in the fair value of the pension plan assets of $6.6 million. The impact of the remeasurement on net periodic pension benefit cost will be recognized prospectively from the remeasurement date.
Amended Credit Agreement

On August 15, 2022, the Company entered into Amendment No. 12 to Amended and Restated Credit Agreement by and among Wells Fargo Bank, National Association, as Administrative Agent, the Lenders that are Parties thereto as the Lenders, Hamilton Beach Brands, Inc., as Parent and U.S. Borrower, and Hamilton Beach Brands Canada, Inc., as Canadian Borrower (the “Amendment”). For a period of ninety days, the Amendment increases the credit facility under the Amended and Restated Credit Amendment from $150 million to $165 million and increases the eligible inventory included in the borrowing base. Additionally, the Amendment amends the pricing grid. The Amendment provides the Company flexibility on a short-term basis as it manages working capital into the holiday selling season. The pricing grid was amended to, among other matters, include an interest rate of Secured Overnight Financing Rate ("SOFR") plus an applicable margin, as allowed under Amendment No. 10 due to the transition away from LIBOR as a benchmark interest rate.
v3.22.2.2
Transfer of Financial Assets
9 Months Ended
Sep. 30, 2022
Transfers and Servicing [Abstract]  
Transfer of Financial Assets Transfer of Financial Assets The Company has entered into an arrangement with a financial institution to sell certain US trade receivables on a non-recourse basis. The Company utilizes this arrangement as an integral part of financing working capital.  Under the terms of the agreement, the Company receives cash proceeds and retains no rights or interest and has no obligations with respect to the sold receivables.  These transactions are accounted for as sold receivables which result in a reduction in trade receivables because the agreement transfers effective control over and risk related to the receivables to the buyer. Under this arrangement, the Company derecognized $28.7 million and $81.0 million of trade receivables during the three and nine months ending September 30, 2022, respectively, $28.1 million and $94.1 million of trade receivables during the three and nine months ending September 30, 2021, respectively, and $140.7 million during the year ending December 31, 2021. The loss incurred on sold receivables in the consolidated results of operations for the nine months ended September 30, 2022 and 2021 was not material. The Company does not carry any servicing assets or liabilities. Cash proceeds from this arrangement are reflected as operating activities in the Consolidated Statements of Cash Flows.
v3.22.2.2
Fair Value Disclosure
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Disclosure Fair Value Disclosure
The following table presents the Company's assets and liabilities accounted for at fair value on a recurring basis:
DescriptionBalance Sheet LocationSEPTEMBER 30
2022
 DECEMBER 31
2021
SEPTEMBER 30
2021
Assets:
Interest rate swap agreements
CurrentPrepaid expenses and other current assets$894 $— $— 
Long-termOther non-current assets4,958 — — 
Foreign currency exchange contracts
CurrentPrepaid expenses and other current assets522 73 182 
$6,374 $73 $182 
Liabilities:
Interest rate swap agreements
CurrentOther current liabilities$ $216 $333 
Long-termOther long-term liabilities 655 864 
Foreign currency exchange contracts
CurrentOther current liabilities50 41 24 
$50 $912 $1,221 

The Company measures its derivatives at fair value using significant observable inputs, which is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates the SOFR swap curve, foreign currency spot rates and foreign currency forward rates to value its derivatives, including its interest rate swap agreements and foreign currency exchange contracts, and also incorporates the effect of its subsidiary and counterparty credit risk into the valuation.
Other Fair Value Measurement Disclosures

The carrying amounts of cash and cash equivalents, trade receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair value of the revolving credit agreement, including book overdrafts, which approximate book value, was determined using current rates offered for similar obligations taking into account subsidiary credit risk, which is Level 2 as defined in the fair value hierarchy.

There were no transfers into or out of Levels 1, 2, or 3 during the three and nine months ended September 30, 2022.
v3.22.2.2
Stockholders' Equity
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Capital Stock 

The following table sets forth the Company's authorized capital stock information:
SEPTEMBER 30
2022
DECEMBER 31
2021
SEPTEMBER 30
2021
Preferred stock, par value $0.01 per share
Preferred stock authorized5,000 5,000 5,000 
Preferred stock outstanding — — 
Class A Common stock, par value $0.01 per share
Class A Common authorized70,000 70,000 70,000 
Class A Common issued(1)(2)
10,623 10,267 10,245 
Treasury Stock626 365 365 
Class B Common stock, par value $0.01 per share, convertible into Class A on a one-for-one basis
Class B Common authorized30,000 30,000 30,000 
Class B Common issued(1)
3,860 4,000 4,007 

(1) Class B Common converted to Class A Common were 5 and 140 shares during the three and nine months ending September 30, 2022, respectively, and 18 and 38 shares during the three and nine months ending September 30, 2021.

(2) The Company issued Class A Common of 26 and 216 shares during the three and nine months ending September 30, 2022, respectively, and 13 and 201 shares during the three and nine months ending September 30, 2021.

Stock Repurchase Program: On February 22, 2022, the Company's Board approved a stock repurchase program for the purchase of up to $25 million of the Company's Class A Common outstanding starting February 22, 2022 and ending December 31, 2023. During the three and nine months ended September 30, 2022, the Company repurchased 109,828 and 261,049 shares, respectively, at prevailing market prices for an aggregate purchase price of $1.4 million and $3.0 million, respectively. There were no share repurchases during the three and nine months ended September 30, 2021 or the twelve months ended December 31, 2021.
Accumulated Other Comprehensive Loss: The following table summarizes changes in accumulated other comprehensive loss by component and related tax effects for periods shown:
 Foreign CurrencyDeferred Gain (Loss) on Cash Flow Hedging Pension Plan AdjustmentTotal
Balance, January 1, 2022$(9,877)$(638)$(3,728)$(14,243)
Other comprehensive income (loss)359 2,691  3,050 
Reclassification adjustment to net income (loss)1,267 (126)50 1,191 
Tax effects727 (609)(25)93 
Balance, March 31, 2022(7,524)1,318 (3,703)(9,909)
Other comprehensive income (loss)(726)1,789  1,063 
Reclassification adjustment to net income (loss) (49)109 60 
Tax effects(60)(407)(25)(492)
Balance, June 30, 2022(8,310)2,651 (3,619)(9,278)
Other comprehensive income (loss)(1,164)2,584 (5,294)(3,874)
Reclassification adjustment to net income (loss) 290 397 687 
Tax effects6 (701)1,189 494 
Balance, September 30, 2022$(9,468)$4,824 $(7,327)$(11,971)
Balance, January 1, 2021$(9,775)$(1,344)$(6,357)$(17,476)
Other comprehensive income (loss)(276)222 — (54)
Reclassification adjustment to net income (loss)— 182 156 338 
Tax effects(79)(115)(43)(237)
Balance, March 31, 2021(10,130)(1,055)(6,244)(17,429)
Other comprehensive income (loss)725 (800)— (75)
Reclassification adjustment to net income (loss)— 145 155 300 
Tax effects(113)196 (43)40 
Balance, June 30, 2021(9,518)(1,514)(6,132)(17,164)
Other comprehensive income (loss)(747)753 — 
Reclassification adjustment to net income (loss)— 180 190 370 
Tax effects93 (278)(43)(228)
Balance, September 30, 2021$(10,172)$(859)$(5,985)$(17,016)
v3.22.2.2
Revenue
9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue is recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services, which includes an estimate for variable consideration.

HBB’s warranty program to the consumer consists generally of an assurance-type limited warranty lasting for varying periods of up to ten years for electric appliances, with the majority of products having a warranty of one to three years. There is no guarantee to the customer as HBB may repair or replace, at its option, those products returned under warranty.  Accordingly, the Company determined that no separate performance obligation exists.

HBB products are not sold with a general right of return. However, based on historical experience, a portion of products sold are estimated to be returned due to reasons such as product failure and excess inventory stocked by the customer, which, subject to certain terms and conditions, HBB will agree to accept. Product returns, customer programs and incentive offerings, including special pricing agreements, price competition, promotions, and other volume-based incentives are accounted for as variable consideration.
A description of revenue sources and performance obligations for HBB are as follows:

Consumer and Commercial product revenue
Transactions with both consumer and commercial customers generally originate upon the receipt of a purchase order from the customer, which in some cases are governed by master sales agreements, specifying product(s) that the customer desires. Contracts for product revenue have an original duration of one year or less, and payment terms are generally standard and based on customer creditworthiness. Revenue from product sales is recognized at the point in time when control transfers to the customer, which is either when product is shipped from the Company's facility, or delivered to customers, depending on the shipping terms. The amount of revenue recognized varies primarily with price concessions and changes in returns. The Company offers price concessions to its customers for incentive offerings, special pricing agreements, price competition, promotions or other volume-based arrangements. The Company evaluated such agreements with its customers and determined returns and price concessions should be accounted for as variable consideration.

Consumer product revenue consists of sales of small electric household and specialty housewares appliances to traditional brick and mortar and ecommerce retailers, distributors and directly to the end consumer. A majority of this revenue is in North America.

Commercial product revenue consists of sales of products to restaurants, fast-food chains, bars and hotels. Approximately one-half of commercial sales are in the U.S. and the other half is in markets across the globe.

License revenue
From time to time, the Company enters into exclusive and non-exclusive licensing agreements which grant the right to use certain of HBB’s intellectual property ("IP") in connection with designing, manufacturing, distributing, advertising, promoting and selling the licensees’ products during the term of the agreement. The IP that is licensed generally consists of trademarks, trade names, patents, trade dress, and/or logos (the “Licensed IP”). In exchange for granting the right to use the Licensed IP, HBB receives a royalty payment, which is a function of (1) the total net sales of products that use the Licensed IP and (2) the royalty percentage that is stated in the licensing agreement. HBB recognizes revenue at the later of when the subsequent sales occur or satisfying the performance obligation (over time).

The following table sets forth Company's revenue on a disaggregated basis for the three and nine months ended September 30:
THREE MONTHS ENDED
SEPTEMBER 30
NINE MONTHS ENDED
SEPTEMBER 30
 2022 202120222021
Type of good or service:
  Consumer products$134,813 $144,734 $395,270 $426,463 
  Commercial products14,819 10,915 44,992 30,498 
  Licensing1,191 1,091 4,439 3,683 
     Total revenues$150,823 $156,740 $444,701 $460,644 
v3.22.2.2
Contingencies
9 Months Ended
Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies Hamilton Beach Brands Holdings Company and its subsidiaries are involved in various legal and regulatory proceedings and claims that have arisen in the ordinary course of business, including product liability, patent infringement, asbestos related claims, environmental and other claims. Although it is difficult to predict the ultimate outcome of these proceedings and claims, management believes the ultimate disposition of these matters will not have a material adverse effect on the financial condition, results of operation or cash flows of the Company. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss.
Proceedings and claims asserted against the Company or its subsidiaries are subject to inherent uncertainties and unfavorable rulings could occur. If an unfavorable ruling were to occur, there exists the possibility of an adverse impact on the Company's financial position, results of operations and cash flows for the period in which the ruling occurs, or in future periods.

Hamilton Beach Brands Holding Company (HBBHC) is a defendant in a legal proceeding instituted in February 2020 in which the plaintiff seeks to hold the Company liable for the unsatisfied portion of an agreed final judgment that plaintiff obtained against The Kitchen Collection, LLC ("KC") related to KC’s failure to continue to operate forty-nine stores during the term of the store leases. In February 2020, KC agreed to the entry of a final judgment in favor of the plaintiff in the amount of $8.1 million and in April 2020 the plaintiff received $0.3 million in the final distribution of KC assets to KC creditors. The Company believes that the plaintiff’s claims are without merit and will vigorously defend against plaintiff’s claims.

Environmental matters

HBB is investigating or remediating historical environmental contamination at some current and former sites operated by HBB or by businesses it acquired. Based on the current stage of the investigation or remediation at each known site, HBB estimates the total investigation and remediation costs and the period of assessment and remediation activity required for each site. The estimate of future investigation and remediation costs is primarily based on variables associated with site clean-up, including, but not limited to, physical characteristics of the site, the nature and extent of the contamination and applicable regulatory programs and remediation standards. No assessment can fully characterize all subsurface conditions at a site. There is no assurance that additional assessment and remediation efforts will not result in adjustments to estimated remediation costs or the time frame for remediation at these sites.

HBB's estimates of investigation and remediation costs may change if it discovers contamination at additional sites or additional contamination at known sites, if the effectiveness of its current remediation efforts change, if applicable federal or state regulations change or if HBB's estimate of the time required to remediate the sites changes. HBB's revised estimates may differ materially from original estimates.
At September 30, 2022, December 31, 2021, and September 30, 2021, HBB had accrued undiscounted obligations of $3.3 million, $3.4 million and $3.4 million respectively, for environmental investigation and remediation activities. HBB estimates that it is reasonably possible that it may incur additional expenses in the range of zero to $1.6 million related to the environmental investigation and remediation at these sites.
v3.22.2.2
Income Taxes
9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period.

The effective tax rate on income was 21.0% and 25.9% for the nine months ended September 30, 2022 and 2021, respectively. The effective tax rate was higher for the nine months ended September 30, 2021 due to the inclusion of interest and penalties on unrecognized tax benefits as a discrete expense item. The interest and penalties on unrecognized tax benefits were reversed during the second quarter of 2022 due to a change in the Company's position on an unresolved Mexico tax matter, favorably impacting the effective tax rate for the nine months ended September 30, 2022, partially offset by a valuation allowance on certain foreign deferred tax assets related to the Brazil liquidation.
v3.22.2.2
Basis of Presentation and Recently Issued Accounting Standards (Policies)
9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

Hamilton Beach Brands Holding Company operates through its wholly-owned subsidiary, Hamilton Beach Brands, Inc. (“HBB”) (collectively “Hamilton Beach Holding” or the “Company”). HBB is a leading designer, marketer, and distributor of branded, small electric household and specialty housewares appliances, as well as commercial products for restaurants, bars, and hotels. HBB operates in the consumer, commercial, and specialty appliance markets.

The financial statements have been prepared in accordance with US generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the remainder of the year due to the highly seasonal nature of the Company's primary markets. A majority of revenue and operating profit typically occurs in the second half of the calendar year when sales of products to retailers and consumers historically increase significantly for the fall holiday-selling season.
Accounting Standards Adopted and Accounting Standards Not Yet Adopted
Accounting Standards Adopted

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new accounting rules provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform. During the third quarter of 2022, the Company adopted certain optional expedients provided under Topic 848 that permit its hedging relationships to continue without de-designation upon changes due to reference rate reform. The adoption of this guidance resulted in no material impact to the Company’s consolidated financial statements. The optional expedients and accounting relief in Topic 848 remain effective through December 31, 2022.

Accounting Standards Not Yet Adopted

The Company is an emerging growth company and has elected not to opt out of the extended transition period for complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public or nonpublic entities, the Company can adopt the new or revised standard at the time nonpublic entities adopt the new or revised standard. We will lose our status as an emerging growth company as of December 31, 2022, the last day of the fiscal year following the fifth anniversary of our spin-off from NACCO Industries, Inc.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)," which requires an entity to recognize assets and liabilities for the rights and obligations created by leased assets. For nonpublic entities, the amendments are currently effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is planning to adopt ASU 2016-02 when required using the modified retrospective transition method applied on the effective date. The Company’s preliminary assessment has focused on the policy elections and practical expedients permitted by the standard. The Company currently anticipates electing to apply the package of practical expedients to all leases that commenced prior to the date of adoption. Based on the analysis performed to date, the Company anticipates making a policy election to not include short-term leases on the Consolidated Balance Sheets and to not separate lease and non-lease components as permitted by the accounting guidance. The assessment is ongoing and the preliminary conclusions are subject to change. We continue to evaluate to what extent ASU 2016-02 will affect the Company's financial position, results of operations, cash flows and related disclosures. The Company expects to record additional material assets and corresponding liabilities related to operating leases in the statement of financial position.
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)," which requires an entity to recognize credit losses as an allowance rather than as a write-down. For nonpublic entities and smaller reporting companies, the amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is planning to adopt ASU 2016-13 for its year beginning January 1, 2023 and subsequent interim periods and is currently evaluating to what extent ASU 2016-13 will affect the Company's financial position, results of operations, cash flows and related disclosures.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The new accounting rules reduce complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. The new accounting rules also simplify accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The Company will adopt ASU 2019-12 for the fiscal year ending December 31, 2022 and the adoption of this guidance is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows.
Assets Held for Sale Assets Held for SaleDuring the fourth quarter of 2020, the Company committed to a plan to sell its Brazilian subsidiary and determined that it met all of the criteria to classify the assets and liabilities of this business as held for sale. In April 2021, the Company made the decision to wind down the Brazilian subsidiary and enter into a licensing agreement with a third party to service the Brazilian market. The carrying amounts of the assets were reclassified to held and used during the second quarter of 2021.
v3.22.2.2
Fair Value Disclosure (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the Company's assets and liabilities accounted for at fair value on a recurring basis:
DescriptionBalance Sheet LocationSEPTEMBER 30
2022
 DECEMBER 31
2021
SEPTEMBER 30
2021
Assets:
Interest rate swap agreements
CurrentPrepaid expenses and other current assets$894 $— $— 
Long-termOther non-current assets4,958 — — 
Foreign currency exchange contracts
CurrentPrepaid expenses and other current assets522 73 182 
$6,374 $73 $182 
Liabilities:
Interest rate swap agreements
CurrentOther current liabilities$ $216 $333 
Long-termOther long-term liabilities 655 864 
Foreign currency exchange contracts
CurrentOther current liabilities50 41 24 
$50 $912 $1,221 
v3.22.2.2
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of Capital Stock
The following table sets forth the Company's authorized capital stock information:
SEPTEMBER 30
2022
DECEMBER 31
2021
SEPTEMBER 30
2021
Preferred stock, par value $0.01 per share
Preferred stock authorized5,000 5,000 5,000 
Preferred stock outstanding — — 
Class A Common stock, par value $0.01 per share
Class A Common authorized70,000 70,000 70,000 
Class A Common issued(1)(2)
10,623 10,267 10,245 
Treasury Stock626 365 365 
Class B Common stock, par value $0.01 per share, convertible into Class A on a one-for-one basis
Class B Common authorized30,000 30,000 30,000 
Class B Common issued(1)
3,860 4,000 4,007 

(1) Class B Common converted to Class A Common were 5 and 140 shares during the three and nine months ending September 30, 2022, respectively, and 18 and 38 shares during the three and nine months ending September 30, 2021.
(2) The Company issued Class A Common of 26 and 216 shares during the three and nine months ending September 30, 2022, respectively, and 13 and 201 shares during the three and nine months ending September 30, 2021.
Schedule of Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss: The following table summarizes changes in accumulated other comprehensive loss by component and related tax effects for periods shown:
 Foreign CurrencyDeferred Gain (Loss) on Cash Flow Hedging Pension Plan AdjustmentTotal
Balance, January 1, 2022$(9,877)$(638)$(3,728)$(14,243)
Other comprehensive income (loss)359 2,691  3,050 
Reclassification adjustment to net income (loss)1,267 (126)50 1,191 
Tax effects727 (609)(25)93 
Balance, March 31, 2022(7,524)1,318 (3,703)(9,909)
Other comprehensive income (loss)(726)1,789  1,063 
Reclassification adjustment to net income (loss) (49)109 60 
Tax effects(60)(407)(25)(492)
Balance, June 30, 2022(8,310)2,651 (3,619)(9,278)
Other comprehensive income (loss)(1,164)2,584 (5,294)(3,874)
Reclassification adjustment to net income (loss) 290 397 687 
Tax effects6 (701)1,189 494 
Balance, September 30, 2022$(9,468)$4,824 $(7,327)$(11,971)
Balance, January 1, 2021$(9,775)$(1,344)$(6,357)$(17,476)
Other comprehensive income (loss)(276)222 — (54)
Reclassification adjustment to net income (loss)— 182 156 338 
Tax effects(79)(115)(43)(237)
Balance, March 31, 2021(10,130)(1,055)(6,244)(17,429)
Other comprehensive income (loss)725 (800)— (75)
Reclassification adjustment to net income (loss)— 145 155 300 
Tax effects(113)196 (43)40 
Balance, June 30, 2021(9,518)(1,514)(6,132)(17,164)
Other comprehensive income (loss)(747)753 — 
Reclassification adjustment to net income (loss)— 180 190 370 
Tax effects93 (278)(43)(228)
Balance, September 30, 2021$(10,172)$(859)$(5,985)$(17,016)
v3.22.2.2
Revenue (Tables)
9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table sets forth Company's revenue on a disaggregated basis for the three and nine months ended September 30:
THREE MONTHS ENDED
SEPTEMBER 30
NINE MONTHS ENDED
SEPTEMBER 30
 2022 202120222021
Type of good or service:
  Consumer products$134,813 $144,734 $395,270 $426,463 
  Commercial products14,819 10,915 44,992 30,498 
  Licensing1,191 1,091 4,439 3,683 
     Total revenues$150,823 $156,740 $444,701 $460,644 
v3.22.2.2
Basis of Presentation and Recently Issued Accounting Standards (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Aug. 15, 2022
Dec. 31, 2021
Sep. 17, 2021
Defined Benefit Plan Disclosure [Line Items]                
Reclassification of foreign currency adjustments into earnings $ 0 $ 2,100 $ 0 $ 2,085 $ 0      
Insurance recoveries   10,000            
Fidelity insurance, loss recovery, policy maximum   $ 10,000            
Debt instrument, period for increase in credit facility       90 days        
Line of credit facility, maximum borrowing capacity           $ 165,000   $ 150,000
Pension Plan                
Defined Benefit Plan Disclosure [Line Items]                
Pre-tax pension settlement loss 300              
Pension settlement loss, after tax $ 200              
Pension gain (loss) after tax (in dollars per share) $ 0.01              
Decrease in pension benefit obligation $ 2,600              
Decrease in fair value of pension plan assets 6,600              
UNITED STATES | Pension Plan                
Defined Benefit Plan Disclosure [Line Items]                
Maximum termination and settlement period       24 months        
Defined benefit plan, funded (unfunded) status of plan $ 12,000   $ 13,400 $ 12,000 $ 13,400   $ 16,000  
v3.22.2.2
Transfer of Financial Assets (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Transfers and Servicing [Abstract]          
Accounts receivable derecognized $ 28.7 $ 28.1 $ 81.0 $ 94.1 $ 140.7
v3.22.2.2
Fair Value Disclosure (Details) - Fair value measurements, recurring - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Assets:      
Assets at fair value $ 6,374 $ 73 $ 182
Liabilities:      
Liabilities at fair value 50 912 1,221
Prepaid expenses and other current assets      
Assets:      
Interest rate swap agreements 894 0 0
Foreign currency exchange contracts 522 73 182
Other non-current assets      
Assets:      
Interest rate swap agreements 4,958 0 0
Other current liabilities      
Liabilities:      
Interest rate swap agreements 0 216 333
Foreign currency exchange contracts 50 41 24
Other long-term liabilities      
Liabilities:      
Interest rate swap agreements $ 0 $ 655 $ 864
v3.22.2.2
Stockholders' Equity - Schedule of Capital Stock (Details)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
$ / shares
shares
Mar. 31, 2022
shares
Sep. 30, 2021
$ / shares
shares
Sep. 30, 2022
$ / shares
shares
Sep. 30, 2021
$ / shares
shares
Dec. 31, 2021
$ / shares
shares
Class of Stock [Line Items]            
Preferred stock, par value (in dollars per share) | $ / shares $ 0.01   $ 0.01 $ 0.01 $ 0.01 $ 0.01
Preferred stock authorized (in shares) 5,000,000   5,000,000 5,000,000 5,000,000 5,000,000
Preferred stock outstanding (in shares) 0   0 0 0 0
Treasury Stock (in shares) 109,828   0 261,049 0 0
Class A Common stock            
Class of Stock [Line Items]            
Common stock, par value (in dollars per share) | $ / shares $ 0.01   $ 0.01 $ 0.01 $ 0.01 $ 0.01
Common stock authorized (in shares) 70,000,000   70,000,000 70,000,000 70,000,000 70,000,000
Common stock issued (in shares) 10,623,000   10,245,000 10,623,000 10,245,000 10,267,000
Treasury Stock (in shares)   365,000   626,000 365,000  
Class A Common shares issued (in shares) 26,000   13,000 216,000 201,000  
Class B Common stock            
Class of Stock [Line Items]            
Common stock, par value (in dollars per share) | $ / shares $ 0.01   $ 0.01 $ 0.01 $ 0.01 $ 0.01
Common stock, convertible conversion ratio 1   1 1 1 1
Common stock authorized (in shares) 30,000,000   30,000,000 30,000,000 30,000,000 30,000,000
Common stock issued (in shares) 3,860,000   4,007,000 3,860,000 4,007,000 4,000,000
Class B Common converted to Class A Common (in shares) 5,000   18,000 140,000 38,000  
v3.22.2.2
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Feb. 22, 2022
Class of Stock [Line Items]              
Treasury stock, shares, acquired 109,828   0 261,049 0 0  
Treasury stock, value, acquired, cost method $ 1.4     $ 3.0      
Shares Outstanding Class A              
Class of Stock [Line Items]              
Stock repurchase program, number of shares authorized to be repurchased             25,000,000
Treasury stock, shares, acquired   365,000   626,000 365,000    
v3.22.2.2
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance     $ 102,279      
Other comprehensive income (loss) $ (3,874) $ 1,063 3,050 $ 6 $ (75) $ (54)
Reclassification adjustment to net income (loss) 687 60 1,191 370 300 338
Tax effects 494 (492) 93 (228) 40 (237)
Ending balance 117,949     87,905    
Accumulated Other Comprehensive Income (Loss)            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (9,278) (9,909) (14,243) (17,164) (17,429) (17,476)
Ending balance (11,971) (9,278) (9,909) (17,016) (17,164) (17,429)
Foreign Currency            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (8,310) (7,524) (9,877) (9,518) (10,130) (9,775)
Other comprehensive income (loss) (1,164) (726) 359 (747) 725 (276)
Reclassification adjustment to net income (loss) 0 0 1,267 0 0 0
Tax effects 6 (60) 727 93 (113) (79)
Ending balance (9,468) (8,310) (7,524) (10,172) (9,518) (10,130)
Deferred Gain (Loss) on Cash Flow Hedging            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance 2,651 1,318 (638) (1,514) (1,055) (1,344)
Other comprehensive income (loss) 2,584 1,789 2,691 753 (800) 222
Reclassification adjustment to net income (loss) 290 (49) (126) 180 145 182
Tax effects (701) (407) (609) (278) 196 (115)
Ending balance 4,824 2,651 1,318 (859) (1,514) (1,055)
Pension Plan Adjustment            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (3,619) (3,703) (3,728) (6,132) (6,244) (6,357)
Other comprehensive income (loss) (5,294) 0 0 0 0 0
Reclassification adjustment to net income (loss) 397 109 50 190 155 156
Tax effects 1,189 (25) (25) (43) (43) (43)
Ending balance $ (7,327) $ (3,619) $ (3,703) $ (5,985) $ (6,132) $ (6,244)
v3.22.2.2
Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Disaggregation of Revenue [Line Items]        
Revenue $ 150,823 $ 156,740 $ 444,701 $ 460,644
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | UNITED STATES        
Disaggregation of Revenue [Line Items]        
Concentration risk, percentage     50.00%  
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | Non-US        
Disaggregation of Revenue [Line Items]        
Concentration risk, percentage     50.00%  
Consumer products        
Disaggregation of Revenue [Line Items]        
Revenue 134,813 144,734 $ 395,270 426,463
Commercial products        
Disaggregation of Revenue [Line Items]        
Revenue 14,819 10,915 44,992 30,498
Licensing        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,191 $ 1,091 $ 4,439 $ 3,683
Minimum | Other products        
Disaggregation of Revenue [Line Items]        
Warranty term     1 year  
Maximum | Electric appliances        
Disaggregation of Revenue [Line Items]        
Warranty term     10 years  
Maximum | Other products        
Disaggregation of Revenue [Line Items]        
Warranty term     3 years  
Maximum | Consumer products        
Disaggregation of Revenue [Line Items]        
Revenue contract duration     1 year  
Maximum | Commercial products        
Disaggregation of Revenue [Line Items]        
Revenue contract duration     1 year  
v3.22.2.2
Contingencies (Details)
$ in Millions
1 Months Ended
Apr. 30, 2020
USD ($)
Feb. 29, 2020
USD ($)
lease
Sep. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2021
USD ($)
Loss Contingencies [Line Items]          
Number of leases allegedly breached | lease   49      
Amount of final judgment   $ 8.1      
Amount awarded to plaintiff $ 0.3        
Accrual for environmental investigation and remediation activities     $ 3.3 $ 3.4 $ 3.4
Minimum          
Loss Contingencies [Line Items]          
Estimate of additional expenses     0.0    
Maximum          
Loss Contingencies [Line Items]          
Estimate of additional expenses     $ 1.6    
v3.22.2.2
Income Taxes (Details)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Income Tax Disclosure [Abstract]    
Effective income tax rate reconciliation, percent 21.00% 25.90%