XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.23.1

Operating Segment Data | 3 Months Ended
--- | ---
Mar. 31, 2023
Segment Reporting [Abstract] |
Operating Segment Data | Operating Segment DataAt March 31, 2023, the Company had ten 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. 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 18 molding and fabricating facilities across North America. •Arnold is a global solutions provider and manufacturer of engineered 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 Revenues | Three months ended March 31, |  |
(in thousands) | 2023 |  | 2022 |  |  |  |
5.11 | $ | 124,452 |  |  | $ | 104,023 |  |  |  |  |
BOA | 37,986 |  |  | 56,810 |  |  |  |  |
Ergobaby | 22,418 |  |  | 20,210 |  |  |  |  |
Lugano | 63,887 |  |  | 47,019 |  |  |  |  |
Marucci | 58,295 |  |  | 52,092 |  |  |  |  |
PrimaLoft | 24,529 |  |  | — |  |  |  |  |
Velocity Outdoor | 34,040 |  |  | 51,446 |  |  |  |  |
Altor Solutions | 61,512 |  |  | 63,828 |  |  |  |  |
Arnold | 40,090 |  |  | 38,165 |  |  |  |  |
Sterno | 75,019 |  |  | 76,920 |  |  |  |  |
Total segment revenue | 542,228 |  |  | 510,513 |  |  |  |  |
Corporate | — |  |  | — |  |  |  |  |
Total consolidated revenues | $ | 542,228 |  |  | $ | 510,513 |  |  |  |  |
Segment Profit (Loss) | Three months ended March 31, |  |
(in thousands) | 2023 |  | 2022 |  |  |  |
5.11 | $ | 7,670 |  |  | $ | 5,905 |  |  |  |  |
BOA | 7,951 |  |  | 18,811 |  |  |  |  |
Ergobaby | 388 |  |  | (276) |  |  |  |  |
Lugano | 19,776 |  |  | 13,606 |  |  |  |  |
Marucci | 14,340 |  |  | 7,885 |  |  |  |  |
PrimaLoft | 5,021 |  |  | — |  |  |  |  |
Velocity Outdoor | (3,276) |  |  | 3,067 |  |  |  |  |
Altor Solutions | 6,934 |  |  | 5,834 |  |  |  |  |
Arnold | 5,038 |  |  | 3,288 |  |  |  |  |
Sterno | 4,493 |  |  | 3,034 |  |  |  |  |
Total segment operating income | 68,335 |  |  | 61,154 |  |  |  |  |
Corporate | (19,438) |  |  | (16,552) |  |  |  |  |
Total consolidated operating income | 48,897 |  |  | 44,602 |  |  |  |  |
Reconciliation of segment operating income (loss) to consolidated income from continuing operations before income taxes: |  |  |  |  |  |  |
Interest expense, net | (26,180) |  |  | (17,419) |  |  |  |  |
Amortization of debt issuance costs | (1,005) |  |  | (866) |  |  |  |  |
Other income (expense), net | 1,127 |  |  | 2,036 |  |  |  |  |
Total consolidated income from continuing operations before income taxes | $ | 22,839 |  |  | $ | 28,353 |  |  |  |  |
Depreciation and Amortization Expense | Three months ended March 31, |  |
(in thousands) | 2023 |  | 2022 |  |  |  |
5.11 | $ | 6,377 |  |  | $ | 5,412 |  |  |  |  |
BOA | 5,636 |  |  | 5,254 |  |  |  |  |
Ergobaby | 2,014 |  |  | 1,995 |  |  |  |  |
Lugano | 2,718 |  |  | 2,169 |  |  |  |  |
Marucci | 3,014 |  |  | 4,152 |  |  |  |  |
PrimaLoft | 5,278 |  |  | — |  |  |  |  |
Velocity Outdoor | 3,284 |  |  | 3,195 |  |  |  |  |
Altor Solutions | 4,104 |  |  | 3,928 |  |  |  |  |
Arnold | 1,978 |  |  | 2,185 |  |  |  |  |
Sterno | 4,914 |  |  | 5,003 |  |  |  |  |
Total | 39,317 |  |  | 33,293 |  |  |  |  |
Reconciliation of segment to consolidated total: |  |  |  |  |  |  |
Amortization of debt issuance costs | 1,005 |  |  | 866 |  |  |  |  |
Consolidated total | $ | 40,322 |  |  | $ | 34,159 |  |  |  |  |
| Accounts Receivable |  | Identifiable Assets
| March 31, |  | December 31, |  | March 31, |  | December 31,
(in thousands) | 2023 |  | 2022 |  | 2023 (1) |  | 2022 (1)
5.11 | $ | 51,552 |  |  | $ | 53,589 |  |  | $ | 468,015 |  |  | $ | 450,537 |
BOA | 2,069 |  |  | 1,630 |  |  | 236,956 |  |  | 240,359 |
Ergobaby | 14,206 |  |  | 11,213 |  |  | 81,975 |  |  | 84,657 |
Lugano | 92,474 |  |  | 85,911 |  |  | 370,884 |  |  | 327,795 |
Marucci | 35,881 |  |  | 35,185 |  |  | 171,659 |  |  | 181,528 |
PrimaLoft | 2,677 |  |  | 2,486 |  |  | 303,708 |  |  | 310,914 |
Velocity Outdoor | 24,617 |  |  | 33,159 |  |  | 223,365 |  |  | 224,356 |
Altor Solutions | 44,022 |  |  | 42,368 |  |  | 194,606 |  |  | 198,943 |
Arnold | 23,983 |  |  | 23,666 |  |  | 107,993 |  |  | 105,196 |
Sterno | 46,564 |  |  | 54,400 |  |  | 196,897 |  |  | 210,780 |
Sales allowance accounts | (11,301) |  |  | (12,211) |  |  | — |  |  | — |
Total | 326,744 |  |  | 331,396 |  |  | 2,356,058 |  |  | 2,335,065 |
Reconciliation of segment to consolidated totals: |  |  |  |  |  |  |
Corporate and other identifiable assets | — |  |  | — |  |  | 8,397 |  |  | 18,471 |
Total | $ | 326,744 |  |  | $ | 331,396 |  |  | $ | 2,364,455 |  |  | $ | 2,451,509 |
(1)Does not include accounts receivable balances per schedule above or goodwill balances - refer to Note G - "Goodwill and Other Intangible Assets".

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration