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Operating Segment Data
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Operating Segment Data Operating Segment Data
At December 31, 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 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 Costa Mesa, 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 creating a superior alternative to laces, buckles, Velcro, and other traditional closure mechanisms. Each unique BOA configuration is designed with brand partners to deliver superior fit and performance for athletes, is engineered to perform in the toughest conditions 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, bouncers 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 corporate-owned and franchised sports training facilities. 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, LaserMax, Ravin, CenterPoint and King's Camo brands that are available through national retail chains, mass merchants, dealer and distributor networks. The airgun product category consists of air rifles, air pistols and a range of accessories including targets, holsters and cases. Velocity Outdoor's other primary product categories are archery, with products including CenterPoint and Ravin crossbows, consumables, which includes steel and plastic BBs, lead pellets and CO2 cartridges,
lasers for firearms, and airsoft products. The apparel category offers high-performance, feature rich hunting and casual apparel of uncompromised quality utilizing King’s own proprietary camo patterns.
•Advanced Circuits is a provider of small-run, quick-turn and volume production (including assembly) PCBs to customers throughout the United States. 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 18 molding and fabricating facilities across North America.
•Arnold is a global solutions provider and manufacturer of engineered 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 leading manufacturer and marketer of portable food warming systems, creative indoor and outdoor lighting, and home fragrance solutions for the consumer markets. Sterno offers a broad range of wick and gel chafing systems, butane stoves and accessories, liquid and traditional wax candles, catering equipment and lamps through Sterno Products, scented wax cubes, warmer products, outdoor lighting and essential oils used for home decor and fragrance systems, through Rimports. 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 Manager to assess the performance of each business. Corporate consists of corporate overhead and management fees that are not allocated to any of the Company's reportable segments. There were no significant inter-segment transactions.
Summary of Operating Segments
Net RevenuesYear ended December 31,
(in thousands)202220212020
5.11 $486,213 $444,963 $401,106 
BOA208,688 165,150 25,278 
Ergobaby88,435 93,631 74,728 
Lugano201,507 54,047 — 
Marucci165,411 118,166 43,442 
PrimaLoft24,744 — — 
Velocity Outdoor232,238 270,426 215,996 
ACI89,503 90,487 88,075 
Altor Solutions261,338 180,217 130,046 
Arnold153,815 139,941 98,990 
Sterno 352,152 375,127 369,981 
Total segment revenue2,264,044 1,932,155 1,447,642 
Corporate — — — 
Total consolidated revenues$2,264,044 $1,932,155 $1,447,642 
Segment Profit (Loss) Year ended December 31,
(in thousands)202220212020
5.11$43,531 $39,374 $30,087 
BOA57,810 33,976 (1,021)
Ergobaby (16,814)9,087 5,194 
Lugano53,015 9,923 — 
Marucci21,113 16,419 (4,272)
PrimaLoft(13,832)— — 
Velocity Outdoor18,961 39,725 24,925 
ACI
23,617 25,232 22,891 
Altor Solutions24,591 17,962 15,939 
Arnold16,700 11,988 2,096 
Sterno 19,801 19,877 25,772 
Total segment operating income248,493 223,563 121,611 
Corporate(72,925)(58,828)(43,604)
Total consolidated operating income175,568 164,735 78,007 
Reconciliation of segment operating income (loss) to consolidated income from continuing operations before income taxes:
Interest expense, net(83,506)(58,839)(45,768)
Amortization of debt issuance costs(3,740)(2,979)(2,454)
Loss on debt extinguishment(534)(33,305)— 
Other income (expense), net(714)(1,482)(2,613)
Total consolidated income from continuing operations before income taxes$87,074 $68,130 $27,172 
Depreciation and Amortization ExpenseYear ended December 31,
(in thousands)202220212020
5.11$22,742 $22,048 $21,085 
BOA21,751 19,999 5,515 
Ergobaby8,007 8,405 8,169 
Lugano5,648 1,881 — 
Marucci12,052 8,513 10,109 
PrimaLoft9,664 — — 
Velocity Outdoor13,030 12,451 12,555 
ACI2,038 2,093 2,415 
Altor Solutions16,157 12,700 12,474 
Arnold7,878 8,728 6,710 
Sterno19,842 22,918 22,059 
Total138,809 119,736 101,091 
Reconciliation of segment to consolidated total:
Amortization of debt issuance costs and debt premiums3,740 2,896 2,232 
Consolidated total$142,549 $122,632 $103,323 
Accounts ReceivableIdentifiable Assets
December 31,December 31
(in thousands)20222021
2022 (1)
2021 (1)
5.11$53,589 $50,461 $450,537 $354,666 
BOA1,630 2,387 240,359 263,052 
Ergobaby11,213 11,167 84,657 86,530 
Lugano85,911 27,812 327,795 233,720 
Marucci35,185 23,261 181,528 146,087 
PrimaLoft2,486 — 310,914 — 
Velocity33,159 36,017 224,356 219,545 
ACI10,477 9,717 21,714 24,120 
Altor Solutions42,368 38,457 198,943 205,631 
Arnold23,666 20,372 105,196 101,591 
Sterno 54,400 72,179 210,780 244,338 
Sales allowance accounts(12,644)(14,120)— — 
Total341,440 277,710 2,356,779 1,879,280 
Reconciliation of segment to consolidated totals:
Corporate and other identifiable assets— — 18,008 105,188 
Total$341,440 $277,710 $2,374,787 $1,984,468 
(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
Revenues are attributable to countries based on the location of customers. Revenue attributable to any individual foreign country was not material in 2022, 2021 or 2020.
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)20222021
United States$2,291,837 $1,918,051 
Europe49,062 36,075 
Other international33,888 30,342 
      Total identifiable assets$2,374,787 $1,984,468