HAMILTON BEACH BRANDS HOLDING CO, 10-Q filed on 7/31/2024
Quarterly Report
v3.24.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 26, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
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 $0.01 Per Share  
Trading Symbol HBB  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001709164  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Class A Common stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,287,081
Class B Common stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   3,609,973
v3.24.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Current assets      
Cash and cash equivalents $ 37,213 $ 15,370 $ 2,071
Trade receivables, net 85,038 135,434 89,898
Inventory 130,197 126,554 137,224
Prepaid expenses and other current assets 12,544 9,457 13,793
Total current assets 264,992 286,815 242,986
Property, plant and equipment, net 35,395 27,401 27,241
Right-of-use lease assets 37,486 39,423 41,546
Goodwill 7,099 6,253 6,253
Other intangible assets, net 2,210 1,292 1,392
Deferred income taxes 2,005 2,581 2,853
Deferred costs 14,523 14,613 14,419
Other non-current assets 6,186 6,324 6,687
Total assets 369,896 384,702 343,377
Current liabilities      
Accounts payable 96,452 99,704 84,098
Revolving credit agreements 50,000 0 0
Accrued compensation 8,244 14,948 7,729
Accrued product returns 6,338 6,232 5,605
Lease liabilities 5,838 6,155 6,088
Other current liabilities 10,773 12,549 11,980
Total current liabilities 177,645 139,588 115,500
Revolving credit agreements 0 50,000 59,911
Lease liabilities, non-current 40,489 41,937 44,480
Other long-term liabilities 6,030 5,910 5,120
Total liabilities 224,164 237,435 225,011
Stockholders’ equity      
Preferred stock, par value $0.01 per share 0 0 0
Capital in excess of par value 73,483 70,401 66,765
Treasury stock (16,552) (12,013) (9,514)
Retained earnings 101,078 99,398 72,563
Accumulated other comprehensive loss (12,427) (10,667) (11,595)
Total stockholders’ equity 145,732 147,267 118,366
Total liabilities and stockholders’ equity 369,896 384,702 343,377
Class A Common stock      
Stockholders’ equity      
Common stock 114 112 111
Class B Common stock      
Stockholders’ equity      
Common stock $ 36 $ 36 $ 36
v3.24.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Statement of Financial Position [Abstract]      
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
v3.24.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenue $ 156,240 $ 137,109 $ 284,517 $ 265,361
Cost of sales 115,744 109,693 213,967 217,035
Gross profit 40,496 27,416 70,550 48,326
Selling, general and administrative expenses 30,397 26,640 61,344 52,559
Amortization of intangible assets 143 50 193 100
Operating profit (loss) 9,956 726 9,013 (4,333)
Interest expense, net 115 773 271 2,042
Other expense (income), net 883 (271) 1,056 (255)
Income (loss) before income taxes 8,958 224 7,686 (6,120)
Income tax expense (benefit) 2,972 114 2,862 (1,453)
Net income (loss) $ 5,986 $ 110 $ 4,824 $ (4,667)
Basic earnings (loss) per share (in dollars per share) $ 0.42 $ 0.01 $ 0.34 $ (0.33)
Diluted earnings (loss) per share (in dollars per share) $ 0.42 $ 0.01 $ 0.34 $ (0.33)
Basic weighted average shares outstanding (in shares) 14,113 14,081 14,137 14,077
Diluted weighted average shares outstanding (in shares) 14,127 14,110 14,152 14,077
v3.24.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 5,986 $ 110 $ 4,824 $ (4,667)
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustment (1,868) 410 (2,965) 479
(Loss) gain on long-term intra-entity foreign currency transactions 0 201 0 653
Cash flow hedging activity 1,555 (25) 1,592 (1,462)
Reclassification of hedging activities into earnings (991) 342 (519) 529
Reclassification of pension adjustments into earnings 61 60 132 124
Total other comprehensive income (loss), net of tax (1,243) 988 (1,760) 323
Comprehensive income (loss) $ 4,743 $ 1,098 $ 3,064 $ (4,344)
v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income (loss) $ 4,824 $ (4,667)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:    
Depreciation and amortization 2,628 2,128
Stock compensation expense 3,084 1,759
Other 1,610 (611)
Net changes in operating assets and liabilities:    
Trade receivables 49,582 26,393
Inventory (7,657) 20,390
Other assets (2,622) 396
Accounts payable (3,076) 22,240
Other liabilities (11,302) (10,768)
Net cash provided by (used for) operating activities 37,071 57,260
Investing activities    
Expenditures for property, plant and equipment (1,540) (1,486)
Acquisition of business, net of cash acquired (7,412) 0
Issuance of secured loan (600) 0
Repayment of secured loan 2,205 0
Other 0 (150)
Net cash provided by (used for) investing activities (7,347) (1,636)
Financing activities    
Net additions (reductions) to revolving credit agreements 0 (51,058)
Purchase of treasury stock (4,539) (575)
Cash dividends paid (3,144) (3,008)
Net cash provided by (used for) financing activities (7,683) (54,641)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (252) 182
Cash, cash equivalents and restricted cash    
Increase (decrease) for the period 21,789 1,165
Balance at the beginning of the period 16,379 1,905
Balance at the end of the period 38,168 3,070
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 37,213 2,071
Restricted cash included in prepaid expenses and other current assets 50 63
Restricted cash included in other non-current assets 905 936
Total cash, cash equivalents and restricted cash $ 38,168 $ 3,070
v3.24.2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Class A Common stock
Common Stock
Class B Common stock
Capital in Excess of Par Value
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2022 $ 124,534 $ 107 $ 38 $ 65,008 $ (8,939) $ 80,238 $ (11,918)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (4,777)         (4,777)  
Issuance of common stock, net of conversions 0 4 (2) (2)      
Share-based compensation expense 797     797      
Cash dividends (1,460)         (1,460)  
Other comprehensive income (loss), net of tax (916)           (916)
Reclassification adjustment to net income (loss) 251           251
Ending balance at Mar. 31, 2023 118,429 111 36 65,803 (8,939) 74,001 (12,583)
Beginning balance at Dec. 31, 2022 124,534 107 38 65,008 (8,939) 80,238 (11,918)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (4,667)            
Ending balance at Jun. 30, 2023 118,366 111 36 66,765 (9,514) 72,563 (11,595)
Beginning balance at Mar. 31, 2023 118,429 111 36 65,803 (8,939) 74,001 (12,583)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 110         110  
Purchase of treasury stock (575)       (575)    
Share-based compensation expense 962     962      
Cash dividends (1,548)         (1,548)  
Other comprehensive income (loss), net of tax 586           586
Reclassification adjustment to net income (loss) 402           402
Ending balance at Jun. 30, 2023 118,366 111 36 66,765 (9,514) 72,563 (11,595)
Beginning balance at Dec. 31, 2023 147,267 112 36 70,401 (12,013) 99,398 (10,667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (1,162)         (1,162)  
Purchase of treasury stock (554)       (554)    
Issuance of common stock, net of conversions 0 2   (2)      
Share-based compensation expense 1,904     1,904      
Cash dividends (1,531)         (1,531)  
Other comprehensive income (loss), net of tax (1,060)           (1,060)
Reclassification adjustment to net income (loss) 543           543
Ending balance at Mar. 31, 2024 145,407 114 36 72,303 (12,567) 96,705 (11,184)
Beginning balance at Dec. 31, 2023 147,267 112 36 70,401 (12,013) 99,398 (10,667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 4,824            
Ending balance at Jun. 30, 2024 145,732 114 36 73,483 (16,552) 101,078 (12,427)
Beginning balance at Mar. 31, 2024 145,407 114 36 72,303 (12,567) 96,705 (11,184)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 5,986         5,986  
Purchase of treasury stock (3,985)       (3,985)    
Share-based compensation expense 1,180     1,180      
Cash dividends (1,613)         (1,613)  
Other comprehensive income (loss), net of tax (313)           (313)
Reclassification adjustment to net income (loss) (930)           (930)
Ending balance at Jun. 30, 2024 $ 145,732 $ 114 $ 36 $ 73,483 $ (16,552) $ 101,078 $ (12,427)
v3.24.2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]        
Cash dividends (in dollars per share) $ 0.115 $ 0.11 $ 0.11 $ 0.105
v3.24.2
Basis of Presentation and Recently Issued Accounting Standards
 6 Months Ended
Jun. 30, 2024
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

Throughout this Quarterly Report on Form 10-Q and the notes to unaudited consolidated financial statements, references to “Hamilton Beach Holding”, “the Company”, “we”, “us” and “our” and similar references are to Hamilton Beach Brands Holding Company and its subsidiaries on a consolidated basis unless otherwise noted or as the context otherwise requires. Hamilton Beach Brands Holding Company is a holding company and operates through its indirect, wholly owned subsidiary, Hamilton Beach Brands, Inc., a Delaware corporation (“HBB”). HBB is the Company’s single reportable segment.

We are a leading designer, marketer and distributor of a wide range of branded small electric household and specialty housewares appliances, as well as commercial products for restaurants, fast food chains, bars and hotels, and are a provider of connected devices and software for healthcare management.

The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. 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, 2023.

Operating results for the six months ended June 30, 2024 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.

We maintain a $150.0 million senior secured floating-rate revolving credit facility (the “HBB Facility”) that expires on June 30, 2025, within one year after the issuance of these financial statements. Given the market conditions including unfavorable pricing terms, we have not yet completed our refinancing of the HBB Facility and accordingly, all amounts outstanding have been classified as current liabilities. Based on the current status of the refinancing and our history of successfully refinancing our debt, we believe that it is probable that the HBB Facility will be refinanced before its maturity. We believe funds available from cash on hand, the HBB Facility and operating cash flows will provide sufficient liquidity to meet our operating needs and commitments arising during the next twelve months.

Accounting Standards Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements on an annual and interim basis. The amendments are effective for the annual period ending December 31, 2024, and the interim periods thereafter. Early adoption is permitted. Updates should be applied retrospectively to all prior periods presented in the financial statements. Adoption of this ASU may result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which enhances income tax disclosure requirements primarily involving more detailed disclosure for income taxes paid and the effective tax rate reconciliation. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively but retrospective application is permitted. Adoption of this ASU may result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows.
U.S. Pension Plan Termination

During 2022, the Board approved the termination of our U.S. defined benefit pension plan (the “Plan”) with an effective date of September 30, 2022. 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. The Company currently expects that all surplus assets remaining after the Plan termination will be transferred to a qualified replacement plan. The surplus assets as of December 31, 2023 were $12.2 million. The deferred loss of $6.5 million as of June 30, 2024 within Accumulated Other Comprehensive Income will be recognized fully when the plan is terminated or as settlements occur, which would trigger accelerated recognition. The termination process is expected to be completed in the third quarter of 2024.

Accounts payable - Supplier Finance Program
The Company has an agreement with a third-party administrator to provide an accounts payable tracking system which facilitates a participating supplier’s ability to monitor and voluntarily elect to sell payment obligations owed by the Company to the designated third-party financial institution. Participating suppliers can sell one or more of the Company’s payment obligations at their sole discretion. The Company has no economic interest in a supplier’s decision to sell one or more of its payment obligations. The Company’s rights and obligations with respect to such payment obligations, including amounts due and scheduled payment terms, are not impacted by suppliers’ decisions to sell amounts under these arrangements. The agreement has a limit of $60.0 million in payment obligations ($85.0 million during peak season from August to January). There is no requirement to provide assets pledged as security or other forms of guarantees under the agreement. The Company pays the third-party administrator based upon the original payment terms negotiated with participating suppliers. The payment of these obligations by the Company is included in cash used in operating activities in the Consolidated Statement of Cash Flows. As of June 30, 2024, December 31, 2023 and June 30, 2023, the Company has $56.5 million, $55.0 million and $48.8 million, respectively, in outstanding payment obligations that are presented in Accounts payable on the Consolidated Balance Sheets. Of these totals, the third-party financial institution has made payments to participating suppliers to settle $48.0 million, $48.9 million and $44.9 million, respectively, of our outstanding payment obligations.
v3.24.2
Transfer of Financial Assets
 6 Months Ended
Jun. 30, 2024
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 U.S. trade receivables on a non-recourse basis. 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, which are accounted for as sold receivables, 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 $40.5 million and $70.6 million of trade receivables during the three and six months ending June 30, 2024, respectively, $29.6 million and $59.3 million of trade receivables during the three and six months ending June 30, 2023, respectively, and $128.7 million during the year ending December 31, 2023. The loss incurred on sold receivables in the consolidated results of operations for the three and six months ended June 30, 2024 and 2023 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.
v3.24.2
Fair Value Disclosure
 6 Months Ended
Jun. 30, 2024
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 LocationJUNE 30
2024		 DECEMBER 31
2023		JUNE 30
2023
Assets:
Interest rate swap agreements
CurrentPrepaid expenses and other current assets$1,169 $511 $1,067 
Long-termOther non-current assets3,442 3,501 4,153 
Foreign currency exchange contracts
CurrentPrepaid expenses and other current assets325 — — 
$4,936 $4,012 $5,220 
Liabilities:
Foreign currency exchange contracts
CurrentOther current liabilities— 538 807 
$— $538 $807 

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 Secured Overnight Financing Rate (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. The Company also incorporates the effect of HBB 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 $150.0 million fair value of the HBB Facility, including book overdrafts, which approximate book value, was determined using current rates offered for similar obligations taking into account the Company’s 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 six months ended June 30, 2024.
v3.24.2
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Capital Stock 

The following table sets forth the Company’s authorized capital stock information:
JUNE 30
2024		DECEMBER 31
2023		JUNE 30
2023
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)
11,442 11,161 11,094 
Treasury Stock (3)
1,127 877 683 
Class B Common stock, par value $0.01 per share, convertible into Class A Common stock on a one-for-one basis
Class B Common authorized30,000 30,000 30,000 
Class B Common issued (1)
3,611 3,616 3,629 

(1) Class B Common converted to Class A Common were 1 and 5 shares during the three and six months ending June 30, 2024, respectively, and 0 and 215 during the three and six months ending June 30, 2023, respectively.

(2) The Company issued Class A Common of 14 and 276 shares during the three and six months ending June 30, 2024, respectively, and 24 and 216 during the three and six months ending June 30, 2023, respectively.

(3) On March 5, 2024, a total of 30 mandatory cashless-exercise-award shares of Class A Common were surrendered to the Company by the participants of our Executive Long-Term Equity Incentive Compensation Plan (the “Incentive Plan”) in order to satisfy the participants’ tax withholding obligations with respect to shares of Class A Common awarded under the Incentive Plan on March 5, 2024.

Stock Repurchase Program: In November 2023, 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 January 1, 2024 and ending December 31, 2025. This program replaced the previous stock repurchase plan that started February 22, 2022 and ended December 31, 2023. During the three and six months ended June 30, 2024, the Company repurchased 220,212 shares at prevailing market prices for an aggregate purchase price of $4.0 million. During the three and six months ended June 30, 2023, the Company repurchased 56,973 shares at prevailing market prices for an aggregate purchase price of $0.6 million. During the year ended December 31, 2023, the Company repurchased 250,772 shares for an aggregate purchase price of $3.1 million. As of June 30, 2024, the Company had $21.0 million remaining authorized for repurchase.
Accumulated Other Comprehensive Loss: The following table summarizes changes in accumulated other comprehensive loss by component and related tax effects for periods shown:
 Foreign CurrencyDeferred Gain (Loss) on Cash Flow Hedging Pension Plan AdjustmentTotal
Balance, January 1, 2024$(6,412)$2,424 $(6,679)$(10,667)
Other comprehensive income (loss)(1,097)29 — (1,068)
Reclassification adjustment to net income (loss)— 647 94 741 
Tax effects— (167)(23)(190)
Balance, March 31, 2024(7,509)2,933 (6,608)(11,184)
Other comprehensive income (loss)(1,868)2,104 — 236 
Reclassification adjustment to net income (loss)— (1,325)83 (1,242)
Tax effects— (215)(22)(237)
Balance, June 30, 2024$(9,377)$3,497 $(6,547)$(12,427)
Balance, January 1, 2023$(8,924)$4,158 $(7,152)$(11,918)
Other comprehensive income (loss)715 (1,881)— (1,166)
Reclassification adjustment to net income (loss)— 252 87 339 
Tax effects(194)379 (23)162 
Balance, March 31, 2023(8,403)2,908 (7,088)(12,583)
Other comprehensive income (loss)425 (59)— 366 
Reclassification adjustment to net income (loss)— 465 83 548 
Tax effects186 (89)(23)74 
Balance, June 30, 2023$(7,792)$3,225 $(7,028)$(11,595)
v3.24.2
Revenue
 6 Months Ended
Jun. 30, 2024
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.

The Company’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 consumer as the Company may repair or replace, in its discretion, products returned under warranty. Accordingly, the Company determined that no separate performance obligation exists.

Most of the Company’s products are not sold with a general right of return. Subject to certain terms and conditions, however, the Company will agree to accept a portion of products sold that, based on historical experience, are estimated to be returned for reasons such as product failure and excess inventory stocked by the customer. 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 the Company 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 a 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 a product is shipped from a Company 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 for restaurants, fast-food chains, bars and hotels. Approximately one-half of the Company’s commercial sales is 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 the Company’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, logos and/or products (the “Licensed IP”). In exchange for granting the right to use the Licensed IP, the Company 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. The Company recognizes revenue at the later of when the subsequent sales occur or when the performance obligation is satisfied over time. Additionally, the Company enters into agreements which grant the right to use software for healthcare management. The Company receives a license payment which is recognized when the performance obligation is satisfied over time.

Lease revenue
The Company leases connected devices to specialty pharmacy networks and pharmaceutical companies and is accounted for under Accounting Standards Codification 842, Leases as operating leases.

The following table sets forth Company’s revenue on a disaggregated basis for the three and six months ended June 30:
THREE MONTHS ENDED
JUNE 30		SIX MONTHS ENDED
JUNE 30
 2024 202320242023
Type of good or service:
  Consumer products$139,785 $122,561 $252,535 $235,993 
  Commercial products14,420 13,671 27,873 27,075 
  Licensing1,345 877 2,960 2,293 
  Leasing690 — 1,149 — 
     Total revenues$156,240 $137,109 $284,517 $265,361 
v3.24.2
Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
The Company is 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, the Company 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 the Company estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount of such costs 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 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 and on the results of operations and cash flows for the period in which the ruling occurs, or in future periods.

Environmental matters

The Company is investigating or remediating historical environmental contamination at some current and former sites operated by the Company or by businesses it acquired. Based on the current stage of the investigation or remediation at each known site, the Company 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.

The Company’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 the Company’s estimate of the time required to remediate the sites changes. The Company’s current estimates may differ materially from original estimates.        

As of June 30, 2024, December 31, 2023 and June 30, 2023, the Company had accrued undiscounted obligations of $3.2 million, $3.4 million and $3.5 million, respectively, for environmental investigation and remediation activities. The Company estimates that it is reasonably possible that it may incur additional expenses in the range of zero to $1.5 million related to the environmental investigation and remediation at these sites. As of June 30, 2024, the Company has $1.0 million, classified as restricted cash, associated with reimbursement of environmental investigation and remediation costs from a responsible party in exchange for release from all future obligations for one site. Additionally, the Company has a $1.2 million asset associated with the reimbursement of costs associated with two sites.
v3.24.2
Income Taxes
 6 Months Ended
Jun. 30, 2024
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 was 33.2% and 50.9% on income for the three months ended June 30, 2024 and 2023, respectively. The effective tax rate was lower in the three months ended June 30, 2024 due to a decrease in unfavorable discrete items, partially offset by a valuation allowance on foreign losses.

The effective tax rate was 37.2% on income and 23.7% on loss for the six months ended June 30, 2024 and 2023, respectively. The effective tax rate was higher for the six months ended June 30, 2024 due to a valuation allowance on foreign losses subject to a foreign statutory rate lower than the US tax rate.
v3.24.2
Acquisitions
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
On February 2, 2024, we completed the acquisition of HealthBeacon PLC (“HealthBeacon”), a medical technology firm and strategic partner of the Company, for €6.9 million (approximately $7.5 million). The transaction was funded with cash on hand.

The acquisition of HealthBeacon was accounted for as a business combination using the acquisition method of accounting. The results of operations for HealthBeacon are included in the accompanying Consolidated Statements of Operations from the acquisition date (February 2, 2024) until June 30, 2024. HealthBeacon had $0.8 million and $1.4 million in revenue and $1.5 million and $2.6 million in operating loss that was included in our consolidated financial statements for the three and six months ended June 30, 2024, respectively. Pro forma financial information has not been presented, as revenue and expenses related to the acquisition do not have a material impact on the Company’s unaudited consolidated financial statements.

The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of June 30, 2024, the purchase price allocation for HealthBeacon is preliminary as we assess and gather additional information regarding the fair value of the assets acquired and liabilities assumed as of the acquisition date. We may revise our preliminary estimates during the measurement period as third-party valuations are finalized, additional information becomes available and as additional analyses are performed. These differences could have a material impact on our results of operations and financial position.

The valuations of property, plant and equipment and intangible assets were updated in the second quarter of 2024. Property, plant, and equipment decreased by $0.8 million and intangible assets decreased by less than $0.1 million resulting in $0.8 million of goodwill.

During the three and six months ended June 30, 2024, we incurred transaction costs of approximately $0.1 million and $1.1 million, respectively, which are included in Selling, general and administrative expenses.

The following table presents the preliminary value of assets acquired and liabilities assumed and will be finalized pending completion of purchase accounting matters:
Preliminary Fair Values as of
February 2, 2024
Cash and cash equivalents$147 
Current assets1,452 
Property, plant and equipment, net6,634 
Goodwill847 
Other intangible assets, net1,111 
Total assets acquired10,191 
Liabilities, current2,016 
Liabilities, non-current616 
Total liabilities acquired2,632 
Purchase Price$7,559 
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure            
Net income (loss) $ 5,986 $ (1,162) $ 110 $ (4,777) $ 4,824 $ (4,667)
v3.24.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2
Basis of Presentation and Recently Issued Accounting Standards (Policies)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

Throughout this Quarterly Report on Form 10-Q and the notes to unaudited consolidated financial statements, references to “Hamilton Beach Holding”, “the Company”, “we”, “us” and “our” and similar references are to Hamilton Beach Brands Holding Company and its subsidiaries on a consolidated basis unless otherwise noted or as the context otherwise requires. Hamilton Beach Brands Holding Company is a holding company and operates through its indirect, wholly owned subsidiary, Hamilton Beach Brands, Inc., a Delaware corporation (“HBB”). HBB is the Company’s single reportable segment.

We are a leading designer, marketer and distributor of a wide range of branded small electric household and specialty housewares appliances, as well as commercial products for restaurants, fast food chains, bars and hotels, and are a provider of connected devices and software for healthcare management.

The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. 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, 2023.

Operating results for the six months ended June 30, 2024 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 Not Yet Adopted
Accounting Standards Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements on an annual and interim basis. The amendments are effective for the annual period ending December 31, 2024, and the interim periods thereafter. Early adoption is permitted. Updates should be applied retrospectively to all prior periods presented in the financial statements. Adoption of this ASU may result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which enhances income tax disclosure requirements primarily involving more detailed disclosure for income taxes paid and the effective tax rate reconciliation. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively but retrospective application is permitted. Adoption of this ASU may result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows.
Accounts payable - Supplier Finance Program
Accounts payable - Supplier Finance Program
The Company has an agreement with a third-party administrator to provide an accounts payable tracking system which facilitates a participating supplier’s ability to monitor and voluntarily elect to sell payment obligations owed by the Company to the designated third-party financial institution. Participating suppliers can sell one or more of the Company’s payment obligations at their sole discretion. The Company has no economic interest in a supplier’s decision to sell one or more of its payment obligations. The Company’s rights and obligations with respect to such payment obligations, including amounts due and scheduled payment terms, are not impacted by suppliers’ decisions to sell amounts under these arrangements. The agreement has a limit of $60.0 million in payment obligations ($85.0 million during peak season from August to January). There is no requirement to provide assets pledged as security or other forms of guarantees under the agreement. The Company pays the third-party administrator based upon the original payment terms negotiated with participating suppliers. The payment of these obligations by the Company is included in cash used in operating activities in the Consolidated Statement of Cash Flows.
v3.24.2
Fair Value Disclosure (Tables)
 6 Months Ended
Jun. 30, 2024
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 LocationJUNE 30
2024		 DECEMBER 31
2023		JUNE 30
2023
Assets:
Interest rate swap agreements
CurrentPrepaid expenses and other current assets$1,169 $511 $1,067 
Long-termOther non-current assets3,442 3,501 4,153 
Foreign currency exchange contracts
CurrentPrepaid expenses and other current assets325 — — 
$4,936 $4,012 $5,220 
Liabilities:
Foreign currency exchange contracts
CurrentOther current liabilities— 538 807 
$— $538 $807 
v3.24.2
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Capital Stock
The following table sets forth the Company’s authorized capital stock information:
JUNE 30
2024		DECEMBER 31
2023		JUNE 30
2023
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)
11,442 11,161 11,094 
Treasury Stock (3)
1,127 877 683 
Class B Common stock, par value $0.01 per share, convertible into Class A Common stock on a one-for-one basis
Class B Common authorized30,000 30,000 30,000 
Class B Common issued (1)
3,611 3,616 3,629 

(1) Class B Common converted to Class A Common were 1 and 5 shares during the three and six months ending June 30, 2024, respectively, and 0 and 215 during the three and six months ending June 30, 2023, respectively.

(2) The Company issued Class A Common of 14 and 276 shares during the three and six months ending June 30, 2024, respectively, and 24 and 216 during the three and six months ending June 30, 2023, respectively.

(3) On March 5, 2024, a total of 30 mandatory cashless-exercise-award shares of Class A Common were surrendered to the Company by the participants of our Executive Long-Term Equity Incentive Compensation Plan (the “Incentive Plan”) in order to satisfy the participants’ tax withholding obligations with respect to shares of Class A Common awarded under the Incentive Plan on March 5, 2024.
Schedule of 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, 2024$(6,412)$2,424 $(6,679)$(10,667)
Other comprehensive income (loss)(1,097)29 — (1,068)
Reclassification adjustment to net income (loss)— 647 94 741 
Tax effects— (167)(23)(190)
Balance, March 31, 2024(7,509)2,933 (6,608)(11,184)
Other comprehensive income (loss)(1,868)2,104 — 236 
Reclassification adjustment to net income (loss)— (1,325)83 (1,242)
Tax effects— (215)(22)(237)
Balance, June 30, 2024$(9,377)$3,497 $(6,547)$(12,427)
Balance, January 1, 2023$(8,924)$4,158 $(7,152)$(11,918)
Other comprehensive income (loss)715 (1,881)— (1,166)
Reclassification adjustment to net income (loss)— 252 87 339 
Tax effects(194)379 (23)162 
Balance, March 31, 2023(8,403)2,908 (7,088)(12,583)
Other comprehensive income (loss)425 (59)— 366 
Reclassification adjustment to net income (loss)— 465 83 548 
Tax effects186 (89)(23)74 
Balance, June 30, 2023$(7,792)$3,225 $(7,028)$(11,595)
v3.24.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
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 six months ended June 30:
THREE MONTHS ENDED
JUNE 30		SIX MONTHS ENDED
JUNE 30
 2024 202320242023
Type of good or service:
  Consumer products$139,785 $122,561 $252,535 $235,993 
  Commercial products14,420 13,671 27,873 27,075 
  Licensing1,345 877 2,960 2,293 
  Leasing690 — 1,149 — 
     Total revenues$156,240 $137,109 $284,517 $265,361 
v3.24.2
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Preliminary Assets Acquired and Liabilities Assumed
The following table presents the preliminary value of assets acquired and liabilities assumed and will be finalized pending completion of purchase accounting matters:
Preliminary Fair Values as of
February 2, 2024
Cash and cash equivalents$147 
Current assets1,452 
Property, plant and equipment, net6,634 
Goodwill847 
Other intangible assets, net1,111 
Total assets acquired10,191 
Liabilities, current2,016 
Liabilities, non-current616 
Total liabilities acquired2,632 
Purchase Price$7,559 
v3.24.2
Basis of Presentation and Recently Issued Accounting Standards (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Basis of Presentation and Policies [Line Items]      
Surplus assets     $ 12.2
Deferred loss within accumulated other comprehensive income $ (6.5)    
Limit on payment obligations 60.0    
Outstanding payment obligations, current $ 56.5 $ 48.8 $ 55.0
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable Accounts payable
Supplier finance program, obligation, settlement $ 48.0 $ 44.9 $ 48.9
Maximum      
Basis of Presentation and Policies [Line Items]      
Limit on payment obligations 85.0    
Letter of Credit | HBB Facility      
Basis of Presentation and Policies [Line Items]      
Line of credit facility, maximum borrowing capacity $ 150.0    
v3.24.2
Transfer of Financial Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Transfers and Servicing [Abstract]          
Accounts receivable derecognized $ 40.5 $ 29.6 $ 70.6 $ 59.3 $ 128.7
Loss on sale of accounts receivable $ 0.0 $ 0.0 $ 0.0 $ 0.0  
v3.24.2
Fair Value Disclosure (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Letter of Credit | HBB Facility      
Liabilities:      
Line of credit facility, maximum borrowing capacity $ 150,000    
Fair value measurements, recurring      
Assets:      
Assets at fair value 4,936 $ 4,012 $ 5,220
Liabilities:      
Liabilities at fair value 0 538 807
Fair value measurements, recurring | Prepaid expenses and other current assets      
Assets:      
Interest rate swap agreements 1,169 511 1,067
Foreign currency exchange contracts 325 0 0
Fair value measurements, recurring | Other non-current assets      
Assets:      
Interest rate swap agreements 3,442 3,501 4,153
Fair value measurements, recurring | Other current liabilities      
Liabilities:      
Foreign currency exchange contracts $ 0 $ 538 $ 807
v3.24.2
Stockholders’ Equity - Schedule of Capital Stock (Details)
shares in Thousands
 3 Months Ended 6 Months Ended
Mar. 05, 2024
shares
Jun. 30, 2024
$ / shares
shares
Jun. 30, 2023
$ / shares
shares
Jun. 30, 2024
$ / shares
shares
Jun. 30, 2023
$ / shares
shares
Dec. 31, 2023
$ / 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 5,000 5,000 5,000 5,000
Preferred stock outstanding (in shares)   0 0 0 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 70,000 70,000 70,000 70,000
Common stock issued (in shares)   11,442 11,094 11,442 11,094 11,161
Treasury Stock (in shares)   1,127 683 1,127 683 877
Class A common shares issued (in shares)   14 24 276 216  
Class A Common stock | Incentive Plan            
Class of Stock [Line Items]            
Number of shares surrendered to satisfy tax withholding obligation 30          
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 30,000 30,000 30,000 30,000
Common stock issued (in shares)   3,611 3,629 3,611 3,629 3,616
Class B common converted to Class A common (in shares)   1 0 5 215  
v3.24.2
Stockholders’ Equity - Stock Repurchase Program (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Nov. 30, 2023
Class of Stock [Line Items]            
Stock repurchased (in shares) 220,212 56,973 220,212 56,973 250,772  
Aggregate purchase price $ 4.0 $ 0.6 $ 4.0 $ 0.6 $ 3.1  
Remaining authorized repurchase amount $ 21.0   $ 21.0      
Shares Outstanding Class A            
Class of Stock [Line Items]            
Stock repurchase program, number of shares authorized to be repurchased (in shares)           25,000,000
v3.24.2
Stockholders’ Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 145,407 $ 147,267 $ 118,429 $ 124,534
Other comprehensive income (loss) 236 (1,068) 366 (1,166)
Reclassification adjustment to net income (loss) (1,242) 741 548 339
Tax effects (237) (190) 74 162
Ending balance 145,732 145,407 118,366 118,429
Accumulated Other Comprehensive Income (Loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (11,184) (10,667) (12,583) (11,918)
Ending balance (12,427) (11,184) (11,595) (12,583)
Foreign Currency        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (7,509) (6,412) (8,403) (8,924)
Other comprehensive income (loss) (1,868) (1,097) 425 715
Reclassification adjustment to net income (loss) 0 0 0 0
Tax effects 0 0 186 (194)
Ending balance (9,377) (7,509) (7,792) (8,403)
Deferred Gain (Loss) on Cash Flow Hedging        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 2,933 2,424 2,908 4,158
Other comprehensive income (loss) 2,104 29 (59) (1,881)
Reclassification adjustment to net income (loss) (1,325) 647 465 252
Tax effects (215) (167) (89) 379
Ending balance 3,497 2,933 3,225 2,908
Pension Plan Adjustment        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (6,608) (6,679) (7,088) (7,152)
Other comprehensive income (loss) 0 0 0 0
Reclassification adjustment to net income (loss) 83 94 83 87
Tax effects (22) (23) (23) (23)
Ending balance $ (6,547) $ (6,608) $ (7,028) $ (7,088)
v3.24.2
Revenue - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
Commercial products | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | United States  
Disaggregation of Revenue [Line Items]  
Concentration risk, percentage 50.00%
Commercial products | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | Non-US  
Disaggregation of Revenue [Line Items]  
Concentration risk, percentage 50.00%
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
Minimum | Other products  
Disaggregation of Revenue [Line Items]  
Warranty term 1 year
v3.24.2
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Leasing $ 690 $ 0 $ 1,149 $ 0
Total revenues 156,240 137,109 284,517 265,361
Consumer products        
Disaggregation of Revenue [Line Items]        
Revenue 139,785 122,561 252,535 235,993
Commercial products        
Disaggregation of Revenue [Line Items]        
Revenue 14,420 13,671 27,873 27,075
Licensing        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,345 $ 877 $ 2,960 $ 2,293
v3.24.2
Contingencies (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
numberOfSite
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Loss Contingencies [Line Items]      
Accrual for environmental investigation and remediation activities $ 3.2 $ 3.4 $ 3.5
Portion of loss contingency proceeds representing restricted cash 1.0    
Asset associated with reimbursement of costs $ 1.2    
Loss contingency, number of sites associated with cost reimbursement | numberOfSite 2    
Minimum      
Loss Contingencies [Line Items]      
Estimate of additional expenses $ 0.0    
Maximum      
Loss Contingencies [Line Items]      
Estimate of additional expenses $ 1.5    
v3.24.2
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Effective tax rate 33.20% 50.90% 37.20% 23.70%
v3.24.2
Acquisitions - Narrative (Details)
$ in Thousands, € in Millions
 3 Months Ended 6 Months Ended
Feb. 02, 2024
USD ($)
Feb. 02, 2024
EUR (€)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Asset Acquisition [Line Items]            
Goodwill     $ 7,099 $ 7,099 $ 6,253 $ 6,253
HealthBeacon            
Asset Acquisition [Line Items]            
Business combination, consideration transferred $ 7,500 € 6.9        
Revenues     800 1,400    
Operating loss     1,500 2,600    
Decrease in property, plant and equipment     800      
Decrease in intangible assets (less than)     100      
Goodwill $ 847   800 800    
Transaction costs     $ 100 $ 1,100    
v3.24.2
Acquisitions - Schedule of Preliminary Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Feb. 02, 2024
Dec. 31, 2023
Jun. 30, 2023
Asset Acquisition [Line Items]        
Goodwill $ 7,099   $ 6,253 $ 6,253
HealthBeacon        
Asset Acquisition [Line Items]        
Cash and cash equivalents   $ 147    
Current assets   1,452    
Property, plant and equipment, net   6,634    
Goodwill $ 800 847    
Other intangible assets, net   1,111    
Total assets acquired   10,191    
Liabilities, current   2,016    
Liabilities, non-current   616    
Total liabilities acquired   2,632    
Purchase Price   $ 7,559