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Operating Segment Data
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Operating Segment Data Operating Segment Data
At June 30, 2022, the Company had nine reportable operating segments. Each operating segment represents a platform acquisition. Advanced Circuits has been classified as held for sale at June 30, 2022 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 and services 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, outdoor, athletic, workwear as well as performance headwear and medical bracing. The system consists of three integral parts: a micro-adjustable dial, high-tensile lightweight laces, and low friction lace guides combined with unique configuration applications, which together create a superior alternative to laces, buckles, hook and loop (Velcro), and other traditional closure and fit systems. Each configuration is designed and engineered to deliver superior fit and performance, 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 retail and sports training facilities, both as a corporate owned entity as well as licensing these facilities as franchises. 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 subsequent to the acquisition of Polyfoam.
•Arnold is a global designer and manufacturer of engineered electric motor and 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 engineers solutions for and produces high performance permanent magnets (PMAG), stators, rotors and full 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 foodservice industry and flameless candles, outdoor lighting products, scented wax cubes and warmer products for its 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 results of operations of each of the operating segments are included in consolidated operating results as of their date of acquisition. Segment operating income (loss) is the measure used to assess the performance of each business. Corporate consists of corporate overhead and management fees which are not allocated to any of the Company's reportable segments. There were no significant inter-segment transactions.
Summary of Operating Segments
Net RevenuesThree months ended June 30,Six months ended June 30,
(in thousands)2022202120222021
5.11 $120,048 $110,033 $224,071 $209,910 
BOA59,386 44,085 116,196 80,537 
Ergobaby26,506 26,956 46,716 49,284 
Lugano39,065 — 86,084 — 
Marucci27,636 24,640 79,728 61,288 
Velocity Outdoor53,846 63,358 105,292 128,990 
Altor66,144 40,640 129,972 78,460 
Arnold38,777 32,556 76,942 65,041 
Sterno84,189 89,257 161,109 166,571 
Total segment revenue515,597 431,525 1,026,110 840,081 
Corporate — — — — 
Total consolidated revenues$515,597 $431,525 $1,026,110 $840,081 


Segment operating income (loss) Three months ended June 30,Six months ended June 30,
(in thousands)2022202120222021
5.11 $12,305 $11,969 $18,210 $17,805 
BOA18,451 11,453 37,262 18,707 
Ergobaby3,549 3,754 3,273 5,718 
Lugano9,644 — 23,250 — 
Marucci(1,436)1,180 6,449 11,687 
Velocity Outdoor5,429 9,100 8,496 20,134 
Altor5,908 3,548 11,742 8,232 
Arnold5,325 2,497 8,613 5,493 
Sterno 7,954 6,578 10,988 10,862 
Total segment operating income67,129 50,079 128,283 98,638 
Corporate(16,818)(13,727)(33,370)(27,177)
Total consolidated operating income50,311 36,352 94,913 71,461 
Reconciliation of segment operating income (loss) to consolidated income (loss) from continuing operations before income taxes:
Interest expense, net(17,519)(14,947)(34,938)(28,752)
Other income (expense), net737 (642)2,773 (2,870)
Amortization of debt issuance costs(865)(722)(1,731)(1,408)
Loss on debt extinguishment— (33,305)— (33,305)
Total consolidated income (loss) from continuing operations before income taxes$32,664 $(13,264)$61,017 $5,126 
Depreciation and Amortization ExpenseThree months ended June 30,Six months ended June 30,
(in thousands)2022202120222021
5.11 $5,535 $5,343 $10,947 $10,701 
BOA5,390 4,846 10,644 9,736 
Ergobaby1,995 2,095 3,990 4,312 
Lugano2,945 — 5,114 — 
Marucci2,827 2,024 6,979 4,163 
Velocity Outdoor3,218 3,145 6,413 6,218 
Altor4,079 3,134 8,007 5,697 
Arnold 1,862 2,016 4,047 3,737 
Sterno4,975 5,181 9,978 10,365 
Total32,826 27,784 66,119 54,929 
Reconciliation of segment to consolidated total:
Amortization of debt issuance costs 865 722 1,731 1,325 
Consolidated total$33,691 $28,506 $67,850 $56,254 


Accounts ReceivableIdentifiable Assets
June 30,December 31,June 30,December 31,
(in thousands)20222021
2022 (1)
2021 (1)
5.11 $48,033 $50,461 $395,763 $354,666 
BOA3,829 2,387 255,559 263,052 
Ergobaby15,166 11,167 86,060 86,530 
Lugano39,987 27,812 292,752 233,720 
Marucci14,589 23,261 172,275 146,087 
Velocity Outdoor39,561 36,017 237,676 219,545 
Altor45,767 38,457 207,302 205,631 
Arnold 23,797 20,372 100,487 101,591 
Sterno 50,885 72,179 245,694 244,338 
Allowance for doubtful accounts(13,084)(13,851)— — 
Total268,530 268,262 1,993,568 1,855,160 
Reconciliation of segment to consolidated total:
Corporate and other identifiable assets
— — 56,095 106,011 
Assets held for sale— — 96,227 99,423 
Consolidated total$268,530 $268,262 $2,145,890 $2,060,594 

(1)Does not include accounts receivable balances per schedule above or goodwill balances - refer to Note G - "Goodwill and Other Intangible Assets".