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Operating Segment Data
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Operating Segment Data Operating Segment Data
At December 31, 2021, the Company had nine reportable operating segments. Each operating segment represents a platform acquisition. Advanced Circuits has been classified as held for sale at December 31, 2021 and is not considered a reportable segment. The Company’s operating segments are strategic business units that offer different products and services. They are managed separately because each business requires different technology and marketing strategies. A description of each of the reportable segments and the types of products from which each segment derives its revenues is as follows:
•5.11 is a leading provider of purpose-built technical apparel and gear for law enforcement, firefighters, EMS, and military special operations as well as outdoor and adventure enthusiasts. 5.11 is a brand known for innovation and authenticity, and works directly with end users to create purpose-built apparel and gear designed to enhance the safety, accuracy, speed and performance of tactical professionals and enthusiasts worldwide.  Headquartered in Irvine, California, 5.11 operates sales offices and distribution centers globally, and 5.11 products are widely distributed in uniform stores, military exchanges, outdoor retail stores, its own retail stores and on 511tactical.com.
•BOA, creator of the revolutionary, award-winning, patented BOA Fit System, partners with market-leading brands to make the best gear even better. Delivering fit solutions purpose-built for performance, the BOA Fit System is featured in footwear across snow sports, cycling, hiking/trekking, golf, running, court sports, workwear as well as headwear and medical bracing. The system consists of three integral parts: a micro-adjustable dial, high-tensile lightweight laces, and low friction lace guides creating a superior alternative to laces, buckles, Velcro, and other traditional closure mechanisms. Each unique BOA configuration is engineered for fast, effortless, precision fit, and is backed by The BOA Lifetime Guarantee. BOA is headquartered in Denver, Colorado and has offices in Austria, Greater China, South Korea, and Japan.
•Ergobaby, headquartered in Torrance, California, is a designer, marketer and distributor of wearable baby carriers and accessories, blankets and swaddlers, nursing pillows, strollers and related products.  Ergobaby primarily sells its Ergobaby and Baby Tula branded products through brick-and-mortar retailers, national chain stores, online retailers, its own websites and distributors and derives more than 50% of its sales from outside of the United States.
•Lugano Diamonds is a leading designer, manufacturer and marketer of high-end, one-of-a-kind jewelry sought after by some of the world’s most discerning clientele. Lugano conducts sales via its own retail salons as well as pop-up showrooms at Lugano-hosted or sponsored events in partnership with influential organizations in the equestrian, art and philanthropic community. Lugano is headquartered in Newport Beach, California.
•Marucci Sports is a leading designer, manufacturer, and marketer of premium wood and metal baseball bats, fielding gloves, batting gloves, bags, protective gear, sunglasses, on and off-field apparel, and other baseball and softball equipment used by professional and amateur athletes. Marucci also develops and licenses franchises for sports training facilities. Marucci is headquartered in Baton Rouge, Louisiana.
•Velocity Outdoor is a leading designer, manufacturer, and marketer of airguns, archery products, laser aiming devices and related accessories. Velocity Outdoor offers its products under the highly recognizable Crosman, Benjamin, Ravin, LaserMax and Centerpoint brands that are available through national retail
chains, mass merchants, dealer and distributor networks. Velocity Outdoor is headquartered in Bloomfield, New York.
•Altor Solutions is a designer and manufacturer of custom molded protective foam solutions and original equipment manufacturer components made from expanded polystyrene and expanded polypropylene. Altor provides products to a variety of end markets, including appliances and electronics, pharmaceuticals, health and wellness, automotive, building and other products. Altor is headquartered in Scottsdale, Arizona and operates 17 molding and fabricating facilities across North America.
•Arnold is a global manufacturer of engineered magnetic solutions for a wide range of specialty applications and end-markets, including aerospace and defense, general industrial, motorsport/ automotive, oil and gas, medical, energy, reprographics and advertising specialties. Arnold produces high performance permanent magnets (PMAG), turnkey electric motors ("Ramco"), precision foil products (Precision Thin Metals or "PTM"), and flexible magnets (Flexmag™) that are mission critical in motors, generators, sensors and other systems and components. Based on its long-term relationships, Arnold has built a diverse and blue-chip customer base totaling more than 2,000 clients worldwide. Arnold is headquartered in Rochester, New York.
•Sterno is a manufacturer and marketer of portable food warming fuel and creative table lighting solutions for the food service industry and flameless candles, outdoor lighting products, scented wax cubes and warmer products for consumers. Sterno's products include wick and gel chafing fuels, butane stoves and accessories, liquid and traditional wax candles, scented wax cubes and warmer products used for home decor and fragrance systems, catering equipment and outdoor lighting products. Sterno is headquartered in Corona, California.
The tabular information that follows shows data for each of the operating segments reconciled to amounts reflected in the consolidated financial statements. The operations of each of the operating segments are included in consolidated operating results as of their date of acquisition. Segment profit is determined based on internal performance measures used by the Chief Executive Officer to assess the performance of each business. There were no significant inter-segment transactions.
Summary of Operating Segments
Net RevenuesYear ended December 31,
(in thousands)202120202019
5.11 $444,963 $401,106 $388,645 
BOA165,150 25,278 — 
Ergobaby93,631 74,728 89,995 
Lugano54,047 — — 
Marucci118,166 43,442 — 
Velocity Outdoor270,426 215,996 147,842 
Altor Solutions180,217 130,046 121,424 
Arnold139,941 98,990 119,948 
Sterno 375,127 369,981 395,444 
Total1,841,668 1,359,567 1,263,298 
Reconciliation of segment revenues to consolidated revenues:
Corporate and other— — — 
Total consolidated revenues1,841,668 1,359,567 1,263,298 
Segment Profit (Loss) (1)
Year ended December 31,
(in thousands)202120202019
5.11$39,374 $30,087 $22,408 
BOA33,976 (1,021)— 
Ergobaby 9,087 5,194 10,404 
Lugano9,923 — — 
Marucci16,419 (4,272)— 
Velocity Outdoor (2)
39,725 24,925 (27,138)
Altor Solutions17,962 15,939 14,292 
Arnold11,988 2,096 8,361 
Sterno 19,877 25,772 44,810 
Total198,331 98,720 73,137 
Reconciliation of segment profit (loss) to consolidated income from continuing operations before income taxes:
Interest expense, net(58,839)(45,769)(58,218)
Other income (expense), net(1,184)(2,459)(2,046)
Corporate and other (95,112)(46,058)(72,973)
Total consolidated income (loss) from continuing operations before income taxes$43,196 $4,434 $(60,100)
(1)Segment profit (loss) represents operating income (loss).
(2)Velocity Outdoor - Operating loss from Velocity Outdoor for the year ended December 31, 2019 includes $32.9 million in goodwill impairment.
Depreciation and Amortization ExpenseYear ended December 31,
(in thousands)202120202019
5.11$22,048 $21,085 $21,131 
BOA19,999 5,515 — 
Ergobaby8,405 8,169 8,531 
Lugano1,881 — — 
Marucci8,513 10,109 — 
Velocity Outdoor12,451 12,555 12,984 
Altor Solutions12,700 12,474 12,183 
Arnold8,728 6,710 6,459 
Sterno22,918 22,059 22,034 
Total117,643 98,676 83,322 
Reconciliation of segment to consolidated total:
Amortization of debt issuance costs and debt premiums/ discounts2,896 2,232 3,773 
Consolidated total$120,539 $100,908 $87,095 
Accounts ReceivableIdentifiable Assets
December 31,December 31
(in thousands)20212020
2021 (1)
2020 (1)
5.11$50,461 $50,082 $354,666 $354,033 
BOA2,387 1,492 263,052 269,438 
Ergobaby11,167 5,034 86,530 91,293 
Lugano27,812 — 233,720 — 
Marucci23,261 10,172 146,087 129,116 
Velocity36,017 40,126 219,545 191,180 
Altor Solutions38,457 34,088 205,631 164,800 
Arnold20,372 13,237 101,591 75,958 
Sterno 72,179 70,467 244,338 251,307 
Sales allowance accounts(13,851)(17,970)— — 
Total268,262 206,728 1,855,160 1,527,125 
Reconciliation of segment to consolidated totals:
Corporate and other identifiable assets— — 106,011 8,917 
Assets held for sale— — 99,423 101,864 
Assets of discontinued operations— — — 87,377 
Total$268,262 $206,728 $2,060,594 $1,725,283 
(1)    Does not include accounts receivable balances per schedule above or goodwill balances - refer to "Note H - Goodwill and Intangible Assets" for a schedule of goodwill by segment.
Geographic Information
Net Revenues
Revenue attributable to Canada represented approximately 10.9% of total international revenues in 2021, 14.8% of total international revenues in 2020, and 14.0% of total international revenues in 2019. Revenue attributable to any other individual foreign country was not material in 2021, 2020 or 2019.

Identifiable Assets
Several of the Company's operating segments have subsidiaries with assets located outside of the United States. The following table presents identifiable assets by geographic area:
Identifiable AssetsDecember 31,
(in thousands)20212020
United States$1,894,754 $1,473,100 
Canada688 1,363 
Europe36,075 37,621 
Other international29,654 23,958 
      Total identifiable assets (1)
$1,961,171 $1,536,042 
(1)    Does not include assets held for sale or assets of discontinued operations during the years ended December 31, 2021 and 2020.