HAMILTON BEACH BRANDS HOLDING CO, 10-Q filed on 11/3/2021
Quarterly Report
v3.21.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2021
Oct. 29, 2021
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2021  
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 $0.01 Per Share  
Trading Symbol HBB  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Central Index Key 0001709164  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Class A Common stock    
Entity Information [Line Items]    
Shares Outstanding (in shares)   9,880,767
Class B Common stock    
Entity Information [Line Items]    
Shares Outstanding (in shares)   4,006,193
v3.21.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Current assets      
Cash and cash equivalents $ 1,463 $ 2,415 $ 858
Trade receivables, net 120,672 144,797 98,062
Inventory 176,982 173,962 203,369
Prepaid expenses and other current assets 22,755 15,118 14,483
Total current assets 321,872 336,292 316,772
Property, plant and equipment, net 31,699 23,490 23,412
Goodwill 6,253 6,253 6,253
Other intangible assets, net 1,742 1,892 2,170
Deferred income taxes 3,088 6,965 6,078
Deferred costs 14,785 13,449 11,852
Other non-current assets 3,024 2,827 2,842
Total assets 382,463 391,168 369,379
Current liabilities      
Accounts payable 126,231 152,054 187,296
Accounts payable to NACCO Industries, Inc. 0 505 496
Revolving credit agreements 0 0 70,413
Accrued compensation 10,797 15,981 14,294
Accrued product returns 6,048 6,853 6,575
Other current liabilities 17,084 23,677 17,338
Total current liabilities 160,160 199,070 296,412
Revolving credit agreements 114,950 98,360 0
Other long-term liabilities 19,448 13,633 12,567
Total liabilities 294,558 311,063 308,979
Stockholders' equity      
Capital in excess of par value 61,233 58,485 58,225
Treasury stock (5,960) (5,960) (5,960)
Retained earnings 49,505 44,915 27,219
Accumulated other comprehensive loss (17,016) (17,476) (19,225)
Total stockholders' equity 87,905 80,105 60,400
Total liabilities and stockholders' equity 382,463 391,168 369,379
Class A Common stock      
Stockholders' equity      
Common stock 102 100 100
Class B Common stock      
Stockholders' equity      
Common stock $ 41 $ 41 $ 41
v3.21.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Revenue $ 156,740 $ 110,549 $ 460,644 $ 369,692
Cost of sales 123,456 86,801 367,284 285,650
Gross profit 33,284 23,748 93,360 84,042
Selling, general and administrative expenses 25,788 25,830 79,614 74,078
Amortization of intangible assets 50 323 150 971
Operating profit (loss) 7,446 (2,405) 13,596 8,993
Interest expense, net 662 339 2,080 1,308
Other expense (income), net (126) 92 (179) 1,601
Income (loss) from continuing operations before income taxes 6,910 (2,836) 11,695 6,084
Income tax expense (benefit) 1,204 (826) 3,027 1,383
Net income (loss) from continuing operations 5,706 (2,010) 8,668 4,701
Income from discontinued operations, net of tax 0 0 0 22,561
Net income (loss) $ 5,706 $ (2,010) $ 8,668 $ 27,262
Basic and diluted earnings (loss) per share:        
Continuing operations, basic (in dollars per share) $ 0.41 $ (0.15) $ 0.62 $ 0.34
Continuing operations, diluted (in dollars per share) 0.41 (0.15) 0.62 0.34
Discontinued operations, basic (in dollars per share) 0 0 0 1.65
Discontinued operations, diluted (in dollars per share) 0 0 0 1.65
Basic earnings (loss) per share (in dollars per share) 0.41 (0.15) 0.62 1.99
Diluted earnings (loss) per share (in dollars per share) $ 0.41 $ (0.15) $ 0.62 $ 1.99
Basic weighted average shares outstanding (in shares) 13,887 13,670 13,872 13,646
Diluted weighted average shares outstanding (in shares) 13,902 13,686 13,888 13,667
v3.21.2
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 5,706 $ (2,010) $ 8,668 $ 27,262
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustment 306 300 229 1,845
(Loss) gain on long-term intra-entity foreign currency transactions (960) 154 (626) (4,725)
Cash flow hedging activity 526 120 130 (162)
Reclassification of hedging activities into earnings 129 (432) 355 (457)
Reclassification of pension adjustments into earnings 147 114 372 406
Total other comprehensive income (loss), net of tax 148 256 460 (3,093)
Comprehensive income (loss) $ 5,854 $ (1,754) $ 9,128 $ 24,169
v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income (loss) from continuing operations $ 8,668 $ 4,701
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities:    
Depreciation and amortization 3,077 2,469
Deferred income taxes 4,245 342
Stock compensation expense 2,883 3,722
Other 1,208 (113)
Net changes in operating assets and liabilities:    
Affiliate payable (505) 0
Trade receivables 26,546 7,567
Inventory (3,082) (95,684)
Other assets (12,160) (2,749)
Accounts payable (27,868) 76,035
Other liabilities (7,118) (2,021)
Net cash provided by (used for) operating activities from continuing operations (4,106) (5,731)
Investing activities    
Expenditures for property, plant and equipment (9,109) (2,596)
Other 0 (500)
Net cash provided by (used for) investing activities from continuing operations (9,109) (3,096)
Financing activities    
Net additions (reductions) to revolving credit agreements 16,580 11,946
Cash dividends paid (4,078) (3,753)
Other financing (243) 0
Net cash provided by (used for) financing activities from continuing operations 12,259 8,193
Cash flows from discontinued operations    
Net cash provided by (used for) operating activities from discontinued operations 0 (6,193)
Net cash provided by (used for) investing activities from discontinued operations 0 6
Net cash provided by (used for) financing activities from discontinued operations 0 0
Cash provided by (used for) discontinued operations 0 (6,187)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 4 1,490
Cash, cash equivalents and restricted cash    
Increase (decrease) for the period from continuing operations (952) 856
Decrease for the period from discontinued operations 0 (6,187)
Balance at the beginning of the period 3,436 7,164
Balance at the end of the period 2,484 1,833
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 1,463 858
Restricted cash included in prepaid expenses and other current assets 208 198
Restricted cash included in other non-current assets 813 777
Cash and cash equivalents of discontinued operations 0 0
Total cash, cash equivalents, and restricted cash $ 2,484 $ 1,833
v3.21.2
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, 2019 $ 36,266 $ 54,509 $ (5,960) $ 3,710 $ (16,132) $ 98 $ 41
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 21,512     21,512      
Issuance of common stock, net of conversions 0 (1)       1  
Share-based compensation expense 554 554          
Cash dividends (1,226)     (1,226)      
Other comprehensive income (loss), net of tax (4,015)       (4,015)    
Reclassification adjustment to net income (loss) 305       305    
Balance, end of period at Mar. 31, 2020 53,396 55,062 (5,960) 23,996 (19,842) 99 41
Balance, beginning of period at Dec. 31, 2019 36,266 54,509 (5,960) 3,710 (16,132) 98 41
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 27,262            
Balance, end of period at Sep. 30, 2020 60,400 58,225 (5,960) 27,219 (19,225) 100 41
Balance, beginning of period at Mar. 31, 2020 53,396 55,062 (5,960) 23,996 (19,842) 99 41
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 7,760     7,760      
Share-based compensation expense 1,263 1,263          
Cash dividends (1,228)     (1,228)      
Other comprehensive income (loss), net of tax 656       656    
Reclassification adjustment to net income (loss) (295)       (295)    
Balance, end of period at Jun. 30, 2020 61,552 56,325 (5,960) 30,528 (19,481) 99 41
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (2,010)     (2,010)      
Issuance of common stock, net of conversions 0 (1)       1  
Share-based compensation expense 1,901 1,901          
Cash dividends (1,299)     (1,299)      
Other comprehensive income (loss), net of tax 574       574    
Reclassification adjustment to net income (loss) (318)       (318)    
Balance, end of period at Sep. 30, 2020 60,400 58,225 (5,960) 27,219 (19,225) 100 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) 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
v3.21.2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 3 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]            
Cash dividends (in dollars per share) $ 0.10 $ 0.10 $ 0.095 $ 0.095 $ 0.09 $ 0.09
v3.21.2
Basis of Presentation and Recently Issued Accounting Standards
 9 Months Ended
Sep. 30, 2021
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 is a holding company and 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 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. HBB operates in the consumer, commercial and specialty small appliance markets.

The Company previously also operated through its other wholly-owned subsidiary, The Kitchen Collection, LLC ("KC"), which is reported as discontinued operations in all periods presented herein. KC completed its dissolution on April 3, 2020 with a pro-rata distribution of its remaining assets to creditors, at which time the KC legal entity ceased to exist. See Note 2 for further information on discontinued operations.

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, 2020.

Operating results for the nine months ended September 30, 2021 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

The Company is an emerging growth company and has elected not to opt out of the extended transition period for complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public or nonpublic entities, the Company can adopt the new or revised standard at the time nonpublic entities adopt the new or revised standard.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)," which requires an entity to recognize assets and liabilities for the rights and obligations created by leased assets. For nonpublic entities, the amendments are 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 and is currently evaluating to what extent ASU 2016-02 will affect the Company's financial position, results of operations, cash flows and related disclosures. The Company expects to record additional 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 2016-03 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 new accounting rules will be effective for the Company for its year ending December 31, 2022. The Company is currently in the process of evaluating the impact of adoption of the new accounting rules on the Company’s financial condition, results of operations, cash flows and disclosures.

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. The amendments in this standard can be applied anytime between the first quarter of 2020 and the fourth quarter of 2022. The Company is currently in the process of evaluating the impact of adoption of the new rules on the Company’s financial condition, results of operations, cash flows and disclosures.

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. As a result, the Company is no longer committed to selling the subsidiary. The carrying amounts of the assets were reclassified to held and used during the second quarter of 2021. The disposal group had $2.1 million of accumulated other comprehensive losses at September 30, 2021, which will be recognized in net income upon substantial liquidation of the Brazilian subsidiary which is expected to occur in the first half of 2022.

Amended Credit Agreement
On September 17, 2021, the Company entered into Amendment No. 10 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”). Among other changes, the Amendment increases the credit facility from $125 million to $150 million, amends the pricing grid and increases the eligible inventory included in the borrowing base. Under the Amendment, dividends to Hamilton Beach Brands Holding Company are not to exceed $7.0 million during any calendar year to the extent that for the thirty days prior to the dividend payment date, and after giving effect to the dividend payment, HBB maintains excess availability of not less than $18.0 million. Dividends to Hamilton Beach Brands Holding Company are discretionary to the extent that for the thirty days prior to the dividend payment date, and after giving effect to the dividend payment, HBB maintains excess availability of not less than $30 million. In addition, the Amendment provides mechanics relating to the transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR with a replacement or alternative benchmark interest rate.
v3.21.2
Discontinued Operations
 9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
On October 10, 2019, the Board approved the wind down of KC's retail operations. Accordingly, KC is reported as discontinued operations in all periods presented. KC completed its dissolution on April 3, 2020 with a pro-rata distribution of its remaining assets to creditors, at which time the KC legal entity ceased to exist and was no longer consolidated by the Company. Neither Hamilton Beach Brands Holding Company nor Hamilton Beach Brands, Inc. received a distribution.

KC’s operating results are reflected as discontinued operations for all periods presented. The major line items constituting the income (loss) from discontinued operations, net of tax are as follows:
NINE MONTHS ENDED
SEPTEMBER 30
2020
Revenue$631 
Cost of sales— 
Gross profit631 
Selling, general and administrative expenses
1,346 
Adjustment of lease termination liability(1)
(16,457)
Adjustment of other current liabilities(2)
(6,608)
Operating income22,350 
Other expense, net88 
Income from discontinued operations before income taxes22,262 
Income tax benefit(299)
Income from discontinued operations, net of tax$22,561 

(1)    Represents an adjustment to the lease termination obligation based on the final distribution of KC's remaining assets on April 3, 2020.

(2)    Represents an adjustment to the carrying value of substantially all of the other current liabilities based on the final distribution of KC's remaining assets on April 3, 2020.

Due to the deconsolidation of KC on April 3, 2020, there are no assets or liabilities associated with KC as of any period presented.
Neither Hamilton Beach Brands Holding Company nor HBB has guaranteed any obligations of KC.
v3.21.2
Transfer of Financial Assets
 9 Months Ended
Sep. 30, 2021
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 $28.1 million and $94.1 million of trade receivables during the three and nine months ending September 30, 2021, respectively, $18.2 million and $93.4 million of trade receivables during the three and nine months ending September 30, 2020, respectively, and $162.4 million during the year ending December 31, 2020. The loss incurred on sold receivables in the consolidated results of operations for the nine months ended September 30, 2021 and 2020 was not material. The Company does not carry any servicing assets or liabilities. Cash proceeds from this arrangement are reflected as operating activities in the Consolidated Statements of Cash Flows.
v3.21.2
Fair Value Disclosure
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Disclosure Fair Value Disclosure
The following table presents the Company's assets and liabilities accounted for at fair value on a recurring basis:
DescriptionBalance Sheet LocationSEPTEMBER 30
2021		 DECEMBER 31
2020		SEPTEMBER 30
2020
Assets:
Interest rate swap agreements
CurrentPrepaid expenses and other current assets$— $— $— 
Foreign currency exchange contracts
CurrentPrepaid expenses and other current assets182 — 9 
$182 $— $9 
Liabilities:
Interest rate swap agreements
CurrentOther current liabilities$333 $380 $398 
Long-termOther long-term liabilities864 779 828 
Foreign currency exchange contracts
CurrentOther current liabilities24 518 31 
$1,221 $1,677 $1,257 

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

Other Fair Value Measurement Disclosures

The carrying amounts of cash and cash equivalents, trade receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair 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 or 2 during the periods presented. During the nine months ended September 30, 2021, there was one transfer out of Level 3 related to the $2.1 million of assets held for sale. There were no transfers into or out of Level 3 during the three months ended September 30, 2021.
v3.21.2
Stockholders' Equity
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Capital Stock 

The following table sets forth the Company's authorized capital stock information:
SEPTEMBER 30
2021		DECEMBER 31
2020		SEPTEMBER 30
2020
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 stock authorized70,000 70,000 70,000 
Class A Common issued(1)(2)
10,245 10,006 9,980 
Treasury Stock365 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 stock authorized30,000 30,000 30,000 
Class B Common issued(1)
4,007 4,045 4,055 

(1) Class B Common converted to Class A Common were 18 and 38 shares during the three and nine months ending September 30, 2021, respectively, and 8 and 21 shares during the three and nine months ending September 30, 2020, respectively.

(2) The Company issued Class A Common shares of 13 and 201 during the three and nine months ending September 30, 2021, respectively, and 26 and 154 during the three and nine months ending September 30, 2020, respectively.
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, 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 — 6 
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)
Balance, January 1, 2020$(8,221)$(341)$(7,570)$(16,132)
Other comprehensive income (loss)(4,985)(171)— (5,156)
Reclassification adjustment to net income (loss)— 154 239 393 
Tax effects1,132 (35)(44)1,053 
Balance, March 31, 2020(12,074)(393)(7,375)(19,842)
Other comprehensive income (loss)742 137 — 879 
Reclassification adjustment to net income (loss)— (489)140 (349)
Tax effects(223)97 (43)(169)
Balance, June 30, 2020(11,555)(648)(7,278)(19,481)
Other comprehensive income (loss)622 157 — 779 
Reclassification adjustment to net income (loss)— (605)158 (447)
Tax effects(168)136 (44)(76)
Balance, September 30, 2020$(11,101)$(960)$(7,164)$(19,225)
v3.21.2
Revenue
 9 Months Ended
Sep. 30, 2021
Revenue Recognition and Deferred Revenue [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 changes in returns. In addition, 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
 2021 202020212020
Type of good or service:
  Consumer products$144,734 $104,576 $426,463 $344,963 
  Commercial products10,915 4,798 30,498 20,862 
  Licensing1,091 1,175 3,683 3,867 
     Total revenues$156,740 $110,549 $460,644 $369,692 
v3.21.2
Contingencies
 9 Months Ended
Sep. 30, 2021
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 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, 2021, December 31, 2020, and September 30, 2020, HBB had accrued undiscounted obligations of $3.4 million, $3.1 million and $3.6 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 $1.7 million related to the environmental investigation and remediation at these sites.
v3.21.2
Income Taxes
 9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe 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 from continuing operations was 25.9% and 22.7% for the nine months ended September 30, 2021, and 2020, 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, offset by the reversal of deferred taxes related to certain foreign items.
v3.21.2
Basis of Presentation and Recently Issued Accounting Standards (Policies)
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

Hamilton Beach Brands Holding Company is a holding company and 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 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. HBB operates in the consumer, commercial and specialty small appliance markets.

The Company previously also operated through its other wholly-owned subsidiary, The Kitchen Collection, LLC ("KC"), which is reported as discontinued operations in all periods presented herein. KC completed its dissolution on April 3, 2020 with a pro-rata distribution of its remaining assets to creditors, at which time the KC legal entity ceased to exist. See Note 2 for further information on discontinued operations.

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, 2020.

Operating results for the nine months ended September 30, 2021 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

The Company is an emerging growth company and has elected not to opt out of the extended transition period for complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public or nonpublic entities, the Company can adopt the new or revised standard at the time nonpublic entities adopt the new or revised standard.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)," which requires an entity to recognize assets and liabilities for the rights and obligations created by leased assets. For nonpublic entities, the amendments are 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 and is currently evaluating to what extent ASU 2016-02 will affect the Company's financial position, results of operations, cash flows and related disclosures. The Company expects to record additional 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 2016-03 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 new accounting rules will be effective for the Company for its year ending December 31, 2022. The Company is currently in the process of evaluating the impact of adoption of the new accounting rules on the Company’s financial condition, results of operations, cash flows and disclosures.

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. The amendments in this standard can be applied anytime between the first quarter of 2020 and the fourth quarter of 2022. The Company is currently in the process of evaluating the impact of adoption of the new rules on the Company’s financial condition, results of operations, cash flows and disclosures.
v3.21.2
Discontinued Operations (Tables)
 9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations The major line items constituting the income (loss) from discontinued operations, net of tax are as follows:
NINE MONTHS ENDED
SEPTEMBER 30
2020
Revenue$631 
Cost of sales— 
Gross profit631 
Selling, general and administrative expenses
1,346 
Adjustment of lease termination liability(1)
(16,457)
Adjustment of other current liabilities(2)
(6,608)
Operating income22,350 
Other expense, net88 
Income from discontinued operations before income taxes22,262 
Income tax benefit(299)
Income from discontinued operations, net of tax$22,561 

(1)    Represents an adjustment to the lease termination obligation based on the final distribution of KC's remaining assets on April 3, 2020.
(2)    Represents an adjustment to the carrying value of substantially all of the other current liabilities based on the final distribution of KC's remaining assets on April 3, 2020.
v3.21.2
Fair Value Disclosure (Tables)
 9 Months Ended
Sep. 30, 2021
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
2021		 DECEMBER 31
2020		SEPTEMBER 30
2020
Assets:
Interest rate swap agreements
CurrentPrepaid expenses and other current assets$— $— $— 
Foreign currency exchange contracts
CurrentPrepaid expenses and other current assets182 — 9 
$182 $— $9 
Liabilities:
Interest rate swap agreements
CurrentOther current liabilities$333 $380 $398 
Long-termOther long-term liabilities864 779 828 
Foreign currency exchange contracts
CurrentOther current liabilities24 518 31 
$1,221 $1,677 $1,257 
v3.21.2
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Schedule of Capital Stock
The following table sets forth the Company's authorized capital stock information:
SEPTEMBER 30
2021		DECEMBER 31
2020		SEPTEMBER 30
2020
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 stock authorized70,000 70,000 70,000 
Class A Common issued(1)(2)
10,245 10,006 9,980 
Treasury Stock365 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 stock authorized30,000 30,000 30,000 
Class B Common issued(1)
4,007 4,045 4,055 

(1) Class B Common converted to Class A Common were 18 and 38 shares during the three and nine months ending September 30, 2021, respectively, and 8 and 21 shares during the three and nine months ending September 30, 2020, respectively.
(2) The Company issued Class A Common shares of 13 and 201 during the three and nine months ending September 30, 2021, respectively, and 26 and 154 during the three and nine months ending September 30, 2020, respectively.
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, 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 — 6 
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)
Balance, January 1, 2020$(8,221)$(341)$(7,570)$(16,132)
Other comprehensive income (loss)(4,985)(171)— (5,156)
Reclassification adjustment to net income (loss)— 154 239 393 
Tax effects1,132 (35)(44)1,053 
Balance, March 31, 2020(12,074)(393)(7,375)(19,842)
Other comprehensive income (loss)742 137 — 879 
Reclassification adjustment to net income (loss)— (489)140 (349)
Tax effects(223)97 (43)(169)
Balance, June 30, 2020(11,555)(648)(7,278)(19,481)
Other comprehensive income (loss)622 157 — 779 
Reclassification adjustment to net income (loss)— (605)158 (447)
Tax effects(168)136 (44)(76)
Balance, September 30, 2020$(11,101)$(960)$(7,164)$(19,225)
v3.21.2
Revenue (Tables)
 9 Months Ended
Sep. 30, 2021
Revenue Recognition and Deferred Revenue [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
 2021 202020212020
Type of good or service:
  Consumer products$144,734 $104,576 $426,463 $344,963 
  Commercial products10,915 4,798 30,498 20,862 
  Licensing1,091 1,175 3,683 3,867 
     Total revenues$156,740 $110,549 $460,644 $369,692 
v3.21.2
Basis of Presentation and Recently Issued Accounting Standards (Details) - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 17, 2021
Sep. 16, 2021
Dec. 31, 2020
Sep. 30, 2020
Debt Instrument [Line Items]          
Accumulated other comprehensive loss $ 17,016,000     $ 17,476,000 $ 19,225,000
Line of credit facility, maximum borrowing capacity   $ 150,000,000 $ 125,000,000    
Dividend restriction from closing date $ 7,000,000        
Dividend restriction period following closing date of credit facility 30 days        
Dividend restriction credit facility excess availability requirement $ 18,000,000        
Dividend restriction credit facility excess availability requirement 30,000,000        
Disposal Group, Held-for-sale, Not Discontinued Operations | Brazilian Subsidiary          
Debt Instrument [Line Items]          
Accumulated other comprehensive loss $ 2,100,000        
v3.21.2
Discontinued Operations - Income Statement Disclosures (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Income from discontinued operations, net of tax $ 0 $ 0 $ 0 $ 22,561
KC | Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Revenue       631
Cost of sales       0
Gross profit       631
Selling, general and administrative expenses       1,346
Adjustment of lease termination liability       (16,457)
Adjustment of other current liabilities       (6,608)
Operating income       22,350
Other expense, net       88
Income from discontinued operations before income taxes       22,262
Income tax benefit       (299)
Income from discontinued operations, net of tax       $ 22,561
v3.21.2
Transfer of Financial Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Transfers and Servicing [Abstract]          
Accounts receivable derecognized $ 28.1 $ 18.2 $ 94.1 $ 93.4 $ 162.4
v3.21.2
Fair Value Disclosure (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Liabilities:        
Transfers out of Level 3 $ 0 $ 2,100,000    
Fair value measurements, recurring        
Assets:        
Assets at fair value 182,000 182,000 $ 0 $ 9,000
Liabilities:        
Liabilities at fair value 1,221,000 1,221,000 1,677,000 1,257,000
Prepaid expenses and other current assets | Fair value measurements, recurring        
Assets:        
Interest rate swap agreements 0 0 0 0
Foreign currency exchange contracts 182,000 182,000 0 9,000
Other current liabilities | Fair value measurements, recurring        
Liabilities:        
Interest rate swap agreements 333,000 333,000 380,000 398,000
Foreign currency exchange contracts 24,000 24,000 518,000 31,000
Other long-term liabilities | Fair value measurements, recurring        
Liabilities:        
Interest rate swap agreements $ 864,000 $ 864,000 $ 779,000 $ 828,000
v3.21.2
Stockholders' Equity - Schedule of Capital Stock (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
$ / shares
shares
Sep. 30, 2020
$ / shares
shares
Sep. 30, 2021
$ / shares
shares
Sep. 30, 2020
$ / shares
shares
Dec. 31, 2020
$ / 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
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) 10,245,000 9,980,000 10,245,000 9,980,000 10,006,000
Treasury Stock (in shares)     365,000 365,000 365,000
Class A Common shares issued (in shares) 13,000 26,000 201,000 154,000  
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) 4,007,000 4,055,000 4,007,000 4,055,000 4,045,000
Class B Common converted to Class A Common (in shares) 18,000 8,000 38,000 21,000  
v3.21.2
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance     $ 80,105      
Other comprehensive income (loss) $ 6 $ (75) (54) $ 779 $ 879 $ (5,156)
Reclassification adjustment to net income (loss) 370 300 338 (447) (349) 393
Tax effects (228) 40 (237) (76) (169) 1,053
Ending balance 87,905     60,400    
Foreign Currency            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (9,518) (10,130) (9,775) (11,555) (12,074) (8,221)
Other comprehensive income (loss) (747) 725 (276) 622 742 (4,985)
Reclassification adjustment to net income (loss) 0 0 0 0 0 0
Tax effects 93 (113) (79) (168) (223) 1,132
Ending balance (10,172) (9,518) (10,130) (11,101) (11,555) (12,074)
Deferred Gain (Loss) on Cash Flow Hedging            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (1,514) (1,055) (1,344) (648) (393) (341)
Other comprehensive income (loss) 753 (800) 222 157 137 (171)
Reclassification adjustment to net income (loss) 180 145 182 (605) (489) 154
Tax effects (278) 196 (115) 136 97 (35)
Ending balance (859) (1,514) (1,055) (960) (648) (393)
Pension Plan Adjustment            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (6,132) (6,244) (6,357) (7,278) (7,375) (7,570)
Other comprehensive income (loss) 0 0 0 0 0 0
Reclassification adjustment to net income (loss) 190 155 156 158 140 239
Tax effects (43) (43) (43) (44) (43) (44)
Ending balance (5,985) (6,132) (6,244) (7,164) (7,278) (7,375)
Accumulated Other Comprehensive Income (Loss)            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (17,164) (17,429) (17,476) (19,481) (19,842) (16,132)
Ending balance $ (17,016) $ (17,164) $ (17,429) $ (19,225) $ (19,481) $ (19,842)
v3.21.2
Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Disaggregation of Revenue [Line Items]        
Revenue $ 156,740 $ 110,549 $ 460,644 $ 369,692
Consumer products        
Disaggregation of Revenue [Line Items]        
Revenue 144,734 104,576 426,463 344,963
Commercial products        
Disaggregation of Revenue [Line Items]        
Revenue 10,915 4,798 30,498 20,862
Licensing        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,091 $ 1,175 $ 3,683 $ 3,867
Maximum | Electric appliances        
Disaggregation of Revenue [Line Items]        
Warranty term     10 years  
Maximum | Product and Service, Other        
Disaggregation of Revenue [Line Items]        
Warranty term     3 years  
Minimum | Product and Service, Other        
Disaggregation of Revenue [Line Items]        
Warranty term     1 year  
v3.21.2
Contingencies (Details)
 1 Months Ended
Apr. 30, 2020
USD ($)
Feb. 29, 2020
USD ($)
lease
Sep. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Loss Contingencies [Line Items]          
Number of leases allegedly breached | lease   49      
Amount of final judgment   $ 8,100,000      
Amount awarded to plaintiff $ 300,000        
Accrual for environmental investigation and remediation activities     $ 3,400,000 $ 3,100,000 $ 3,600,000
Minimum          
Loss Contingencies [Line Items]          
Estimate of additional expenses     0    
Maximum          
Loss Contingencies [Line Items]          
Estimate of additional expenses     $ 1,700,000    
v3.21.2
Income Taxes (Details)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Income Tax Disclosure [Abstract]    
Effective income tax rate reconciliation, percent 25.90% 22.70%