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Operating Segment Data
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Operating Segment Data Operating Segment Data
At September 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 September 30,Nine months ended September 30,
(in thousands)2023202220232022
5.11 $135,213 $126,537 $385,695 $350,608 
BOA37,281 50,019 113,390 166,215 
Ergobaby23,218 21,540 71,785 68,256 
Lugano78,735 51,145 203,571 137,229 
Marucci48,500 42,753 144,065 122,481 
PrimaLoft10,930 10,712 57,619 10,712 
Velocity Outdoor54,469 75,482 126,348 180,774 
Altor Solutions59,215 69,618 181,613 199,590 
Arnold41,819 39,377 122,047 116,319 
Sterno80,185 88,636 229,819 249,745 
Total segment revenue569,565 575,819 1,635,952 1,601,929 
Corporate — — — — 
Total consolidated revenues$569,565 $575,819 $1,635,952 $1,601,929 


Segment Profit (Loss) Three months ended September 30,Nine months ended September 30,
(in thousands)2023202220232022
5.11 $13,400 $12,091 $31,652 $30,301 
BOA6,684 12,975 22,685 50,237 
Ergobaby1,288 593 4,202 3,866 
Lugano27,963 12,635 64,872 35,885 
Marucci11,062 7,692 28,364 14,141 
PrimaLoft(2,756)(8,469)5,082 (8,469)
Velocity Outdoor(28,581)10,225 (33,467)18,721 
Altor Solutions8,749 6,561 24,906 18,303 
Arnold4,739 5,462 15,390 14,075 
Sterno 6,438 2,795 18,019 13,783 
Total segment operating income48,986 62,560 181,705 190,843 
Corporate(20,551)(18,785)(59,298)(52,155)
Total consolidated operating income28,435 43,775 122,407 138,688 
Reconciliation of segment operating income (loss) to consolidated income from continuing operations before income taxes:
Interest expense, net(27,560)(22,799)(80,355)(57,737)
Amortization of debt issuance costs(1,005)(1,004)(3,034)(2,735)
Loss on debt extinguishment— (534)— (534)
Other income (expense), net1,043 (1,917)2,069 856 
Total consolidated income from continuing operations before income taxes$913 $17,521 $41,087 $78,538 
Depreciation and Amortization ExpenseThree months ended September 30,Nine months ended September 30,
(in thousands)2023202220232022
5.11 $6,494 $5,701 $19,645 $16,648 
BOA5,875 5,517 17,267 16,161 
Ergobaby2,009 2,008 6,038 5,998 
Lugano1,913 2,976 6,522 8,090 
Marucci3,396 2,467 9,768 9,447 
PrimaLoft5,283 4,107 15,843 4,107 
Velocity Outdoor3,267 3,327 9,846 9,740 
Altor Solutions4,154 4,062 12,374 12,069 
Arnold 2,085 1,895 6,126 5,942 
Sterno4,872 4,956 14,678 14,934 
Total39,348 37,016 118,107 103,136 
Reconciliation of segment to consolidated total:
Amortization of debt issuance costs 1,005 1,004 3,034 2,735 
Consolidated total$40,353 $38,020 $121,141 $105,871 


Accounts ReceivableIdentifiable Assets
September 30,December 31,September 30,December 31,
(in thousands)20232022
2023 (1)
2022 (1)
5.11 $52,661 $53,589 $436,032 $450,537 
BOA1,966 1,630 230,416 240,359 
Ergobaby12,581 11,213 75,594 84,657 
Lugano105,094 85,911 466,925 327,795 
Marucci30,373 35,185 188,362 181,528 
PrimaLoft1,377 2,486 298,806 310,914 
Velocity Outdoor36,028 33,159 223,427 224,356 
Altor Solutions43,133 42,368 186,749 198,943 
Arnold 26,973 23,666 107,797 105,196 
Sterno 51,426 54,400 186,514 210,780 
Sales allowance accounts(11,773)(12,211)— — 
Total349,839 331,396 2,400,622 2,335,065 
Reconciliation of segment to consolidated totals:
Corporate and other identifiable assets
— — 18,882 18,471 
Total$349,839 $331,396 $2,419,504 $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".