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Operating Segment Data
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Operating Segment Data Operating Segment Data
At June 30, 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, composite 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 Plano, Texas.
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 RevenuesThree months ended June 30,Six months ended June 30,
(in thousands)2023202220232022
5.11 $126,030 $120,048 $250,482 $224,071 
BOA38,123 59,386 76,109 116,196 
Ergobaby26,149 26,506 48,567 46,716 
Lugano60,949 39,065 124,836 86,084 
Marucci37,270 27,636 95,565 79,728 
PrimaLoft22,160 — 46,689 — 
Velocity Outdoor37,839 53,846 71,879 105,292 
Altor Solutions60,886 66,144 122,398 129,972 
Arnold40,138 38,777 80,228 76,942 
Sterno74,615 84,189 149,634 161,109 
Total segment revenue524,159 515,597 1,066,387 1,026,110 
Corporate — — — — 
Total consolidated revenues$524,159 $515,597 $1,066,387 $1,026,110 


Segment Profit (Loss) Three months ended June 30,Six months ended June 30,
(in thousands)2023202220232022
5.11 $10,582 $12,305 $18,252 $18,210 
BOA8,050 18,451 16,001 37,262 
Ergobaby2,526 3,549 2,914 3,273 
Lugano17,133 9,644 36,909 23,250 
Marucci2,962 (1,436)17,302 6,449 
PrimaLoft2,817 — 7,838 — 
Velocity Outdoor(1,610)5,429 (4,886)8,496 
Altor Solutions9,223 5,908 16,157 11,742 
Arnold5,613 5,325 10,651 8,613 
Sterno 7,088 7,954 11,581 10,988 
Total segment operating income64,384 67,129 132,719 128,283 
Corporate(19,309)(16,818)(38,747)(33,370)
Total consolidated operating income45,075 50,311 93,972 94,913 
Reconciliation of segment operating income (loss) to consolidated income from continuing operations before income taxes:
Interest expense, net(26,615)(17,519)(52,795)(34,938)
Amortization of debt issuance costs(1,024)(865)(2,029)(1,731)
Other income (expense), net(101)737 1,026 2,773 
Total consolidated income from continuing operations before income taxes$17,335 $32,664 $40,174 $61,017 
Depreciation and Amortization ExpenseThree months ended June 30,Six months ended June 30,
(in thousands)2023202220232022
5.11 $6,774 $5,535 $13,151 $10,947 
BOA5,756 5,390 11,392 10,644 
Ergobaby2,015 1,995 4,029 3,990 
Lugano1,891 2,945 4,609 5,114 
Marucci3,358 2,827 6,372 6,979 
PrimaLoft5,282 — 10,560 — 
Velocity Outdoor3,295 3,218 6,579 6,413 
Altor Solutions4,116 4,079 8,220 8,007 
Arnold 2,063 1,862 4,041 4,047 
Sterno4,892 4,975 9,806 9,978 
Total39,442 32,826 78,759 66,119 
Reconciliation of segment to consolidated total:
Amortization of debt issuance costs 1,024 865 2,029 1,731 
Consolidated total$40,466 $33,691 $80,788 $67,850 


Accounts ReceivableIdentifiable Assets
June 30,December 31,June 30,December 31,
(in thousands)20232022
2023 (1)
2022 (1)
5.11 $43,703 $53,589 $465,469 $450,537 
BOA1,939 1,630 236,165 240,359 
Ergobaby15,365 11,213 77,201 84,657 
Lugano92,100 85,911 425,528 327,795 
Marucci15,588 35,185 189,148 181,528 
PrimaLoft1,713 2,486 300,711 310,914 
Velocity Outdoor29,158 33,159 225,452 224,356 
Altor Solutions41,955 42,368 189,857 198,943 
Arnold 22,291 23,666 107,706 105,196 
Sterno 44,368 54,400 189,371 210,780 
Sales allowance accounts(11,889)(12,211)— — 
Total296,291 331,396 2,406,608 2,335,065 
Reconciliation of segment to consolidated totals:
Corporate and other identifiable assets
— — 19,843 18,471 
Total$296,291 $331,396 $2,426,451 $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".