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Operating Segment Data | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Operating Segment Data | Operating Segment Data At September 30, 2022, the Company had eleven reportable operating segments. Each operating segment represents a platform acquisition. The Company’s operating segments are strategic business units that offer different products and services. While each is actively managed by the Company, 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. •PrimaLoft is a leading provider of branded, high-performance synthetic insulation and materials used primarily in consumer outerwear, and accessories. The portfolio of PrimaLoft synthetic insulations offers products that can both mimic natural down aesthetics and provide the freedom to design garments ranging from stylish puffers to lightweight performance apparel. PrimaLoft insulations also offer superior economics to the brand partner and enable better sustainability characteristics through the use of recycled, low-carbon inputs. PrimaLoft is headquartered in Latham, New York. •Velocity Outdoor is a leading designer, manufacturer, and marketer of airguns, archery products, laser aiming devices, hunting apparel and related accessories. Velocity Outdoor offers its products under the highly recognizable Crosman, Benjamin, Ravin, LaserMax and CenterPoint and King's brands that are available through national retail chains, mass merchants, dealer and distributor networks. Velocity Outdoor is headquartered in Bloomfield, New York. •Advanced Circuits is an electronic components manufacturing company that provides small-run, quick-turn and volume production rigid printed circuit boards. ACI manufactures and delivers custom printed circuit boards to customers primarily in North America. ACI is headquartered in Aurora, Colorado. •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 solutions provider 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/transportation, 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 customers and leading systems-integrators worldwide with a focus on North America, Europe, and Asia. Arnold has built a preferred rare earth supply chain and has leading rare earth and other permanent magnet production capabilities. 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 Revenues | Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
5.11 | $ | 126,537 |  |  | $ | 111,099 |  |  | $ | 350,608 |  |  | $ | 321,009 |
BOA | 50,019 |  |  | 39,496 |  |  | 166,215 |  |  | 120,033 |
Ergobaby | 21,540 |  |  | 19,816 |  |  | 68,256 |  |  | 69,100 |
Lugano | 51,145 |  |  | 10,823 |  |  | 137,229 |  |  | 10,823 |
Marucci | 42,753 |  |  | 25,040 |  |  | 122,481 |  |  | 86,328 |
PrimaLoft | 10,712 |  |  | — |  |  | 10,712 |  |  | — |
Velocity Outdoor | 75,482 |  |  | 76,901 |  |  | 180,774 |  |  | 205,891 |
Advanced Circuits | 21,788 |  |  | 23,182 |  |  | 67,194 |  |  | 67,209 |
Altor | 69,618 |  |  | 44,122 |  |  | 199,590 |  |  | 122,582 |
Arnold | 39,377 |  |  | 36,852 |  |  | 116,319 |  |  | 101,893 |
Sterno | 88,636 |  |  | 100,827 |  |  | 249,745 |  |  | 267,398 |
Total segment revenue | 597,607 |  |  | 488,158 |  |  | 1,669,123 |  |  | 1,372,266 |
Corporate | — |  |  | — |  |  | — |  |  | — |
Total consolidated revenues | $ | 597,607 |  |  | $ | 488,158 |  |  | $ | 1,669,123 |  |  | $ | 1,372,266 |
Segment operating income (loss) | Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
5.11 | $ | 12,091 |  |  | $ | 10,088 |  |  | $ | 30,301 |  |  | $ | 27,893 |
BOA | 12,975 |  |  | 7,091 |  |  | 50,237 |  |  | 25,798 |
Ergobaby | 593 |  |  | 246 |  |  | 3,866 |  |  | 5,964 |
Lugano | 12,635 |  |  | 1,583 |  |  | 35,885 |  |  | 1,583 |
Marucci | 7,692 |  |  | 3,580 |  |  | 14,141 |  |  | 15,267 |
PrimaLoft | (8,469) |  |  | — |  |  | (8,469) |  |  | — |
Velocity Outdoor | 10,225 |  |  | 12,905 |  |  | 18,721 |  |  | 33,039 |
Advanced Circuits | 4,973 |  |  | 6,791 |  |  | 17,303 |  |  | 18,610 |
Altor | 6,561 |  |  | 5,380 |  |  | 18,303 |  |  | 13,612 |
Arnold | 5,462 |  |  | 4,611 |  |  | 14,075 |  |  | 10,104 |
Sterno | 2,795 |  |  | 4,232 |  |  | 13,783 |  |  | 15,094 |
Total segment operating income | 67,533 |  |  | 56,507 |  |  | 208,146 |  |  | 166,964 |
Corporate | (18,786) |  |  | (14,648) |  |  | (52,156) |  |  | (41,826) |
Total consolidated operating income | 48,747 |  |  | 41,859 |  |  | 155,990 |  |  | 125,138 |
Reconciliation of segment operating income to consolidated income from continuing operations before income taxes: |  |  |  |  |  |  |
Interest expense, net | (22,799) |  |  | (13,855) |  |  | (57,737) |  |  | (42,607) |
Amortization of debt issuance costs | (1,004) |  |  | (759) |  |  | (2,735) |  |  | (2,167) |
Loss on debt extinguishment | (534) |  |  | — |  |  | (534) |  |  | (33,305) |
Other income (expense), net | (2,141) |  |  | 1,031 |  |  | 606 |  |  | (1,906) |
Total consolidated income from continuing operations before income taxes | $ | 22,269 |  |  | $ | 28,276 |  |  | $ | 95,590 |  |  | $ | 45,153 |
Depreciation and Amortization Expense | Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
5.11 | $ | 5,701 |  |  | $ | 5,792 |  |  | $ | 16,648 |  |  | $ | 16,493 |
BOA | 5,517 |  |  | 5,082 |  |  | 16,161 |  |  | 14,818 |
Ergobaby | 2,008 |  |  | 2,042 |  |  | 5,998 |  |  | 6,354 |
Lugano | 2,976 |  |  | 41 |  |  | 8,090 |  |  | 41 |
Marucci | 2,467 |  |  | 2,127 |  |  | 9,446 |  |  | 6,290 |
PrimaLoft | 4,107 |  |  | — |  |  | 4,107 |  |  | — |
Velocity Outdoor | 3,327 |  |  | 3,093 |  |  | 9,740 |  |  | 9,311 |
Advanced Circuits | 508 |  |  | 527 |  |  | 1,544 |  |  | 1,568 |
Altor | 4,062 |  |  | 3,148 |  |  | 12,069 |  |  | 8,845 |
Arnold | 1,895 |  |  | 1,965 |  |  | 5,942 |  |  | 5,702 |
Sterno | 4,956 |  |  | 5,610 |  |  | 14,934 |  |  | 15,976 |
Total | 37,524 |  |  | 29,427 |  |  | 104,679 |  |  | 85,398 |
Reconciliation of segment to consolidated total: |  |  |  |  |  |  |
Amortization of debt issuance costs | 1,004 |  |  | 759 |  |  | 2,735 |  |  | 2,084 |
Consolidated total | $ | 38,528 |  |  | $ | 30,186 |  |  | $ | 107,414 |  |  | $ | 87,482 |
| Accounts Receivable |  | Identifiable Assets
| September 30, |  | December 31, |  | September 30, |  | December 31,
(in thousands) | 2022 |  | 2021 |  | 2022 (1) |  | 2021 (1)
5.11 | $ | 52,068 |  |  | $ | 50,461 |  |  | $ | 421,307 |  |  | $ | 354,666 |
BOA | 2,318 |  |  | 2,387 |  |  | 247,049 |  |  | 263,052 |
Ergobaby | 13,095 |  |  | 11,167 |  |  | 86,786 |  |  | 86,530 |
Lugano | 50,914 |  |  | 27,812 |  |  | 307,773 |  |  | 233,720 |
Marucci | 29,472 |  |  | 23,261 |  |  | 181,367 |  |  | 146,087 |
PrimaLoft | 2,512 |  |  | — |  |  | 259,934 |  |  | — |
Velocity Outdoor | 51,548 |  |  | 36,017 |  |  | 240,119 |  |  | 219,545 |
Advanced Circuits | 9,902 |  |  | 9,717 |  |  | 22,415 |  |  | 24,120 |
Altor | 45,032 |  |  | 38,457 |  |  | 204,714 |  |  | 205,631 |
Arnold | 23,417 |  |  | 20,372 |  |  | 101,066 |  |  | 101,591 |
Sterno | 61,209 |  |  | 72,179 |  |  | 235,038 |  |  | 244,338 |
Allowance for doubtful accounts | (15,221) |  |  | (14,120) |  |  | — |  |  | — |
Total | 326,266 |  |  | 277,710 |  |  | 2,307,568 |  |  | 1,879,280 |
Reconciliation of segment to consolidated total: |  |  |  |  |  |  |
Corporate and other identifiable assets | — |  |  | — |  |  | 13,212 |  |  | 105,188 |
Consolidated total | $ | 326,266 |  |  | $ | 277,710 |  |  | $ | 2,320,780 |  |  | $ | 1,984,468 |
(1)Does not include accounts receivable balances per schedule above or goodwill balances - refer to Note G - "Goodwill and Other Intangible Assets".

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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