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Operating Segment Data | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Operating Segment Data | Operating Segment Data At June 30, 2024, 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 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. •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. •The Honey Pot Co. is a leading “better-for-you” feminine care brand, powered by plant-derived ingredients and clinically tested formulas. Founded in 2012 by CEO Beatrice Dixon, The Honey Pot Co. is rooted in the belief that all products should be made with healthy and efficacious ingredients that are kind to and safe for skin. The company offers an extensive range of holistic wellness products across the feminine hygiene, menstrual, personal care, and sexual wellness categories. The Honey Pot Co.'s mission is to educate, support, and provide consumers around the world with tools and resources that promote menstrual health and vaginal wellness. Its products can be found in more than 33,000 stores across the U.S. through mass merchants, drug and grocery retail chains, and online. The Honey Pot Co. is headquartered in Atlanta, Georgia. •Velocity Outdoor is a leading designer, manufacturer, and marketer of archery products, hunting apparel and related accessories. The archery product category consists of products including Ravin crossbows and CenterPoint archery products, and the apparel category offers high-performance, feature rich hunting and casual apparel under the King's Camo brand, utilizing King’s own proprietary camo patterns. Velocity Outdoor offers its products through national retail chains and dealer and distributor networks. Velocity Outdoor is headquartered in Rochester, New York. On A pril 30, 2024, Velocity Outdoor sold the Crosman airgun product division. The results of operation for Crosman are included in the accompanying financial statements through the date of sale. •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 15 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, as well as 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 respective dates 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 June 30, |  | Six months ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
5.11 | $ | 123,201 |  |  | $ | 126,030 |  |  | $ | 248,175 |  |  | $ | 250,482 |
BOA | 54,160 |  |  | 38,123 |  |  | 97,063 |  |  | 76,109 |
Ergobaby | 28,557 |  |  | 26,149 |  |  | 49,775 |  |  | 48,567 |
Lugano | 99,358 |  |  | 60,949 |  |  | 202,397 |  |  | 124,836 |
PrimaLoft | 25,291 |  |  | 22,160 |  |  | 47,832 |  |  | 46,689 |
The Honey Pot Co. | 24,182 |  |  | — |  |  | 44,347 |  |  | — |
Velocity Outdoor | 18,711 |  |  | 37,839 |  |  | 48,610 |  |  | 71,879 |
Altor Solutions | 52,213 |  |  | 60,886 |  |  | 105,617 |  |  | 122,398 |
Arnold | 43,155 |  |  | 40,138 |  |  | 84,442 |  |  | 80,228 |
Sterno | 73,767 |  |  | 74,615 |  |  | 138,627 |  |  | 149,634 |
Total segment revenue | 542,595 |  |  | 486,889 |  |  | 1,066,885 |  |  | 970,822 |
Corporate | — |  |  | — |  |  | — |  |  | — |
Total consolidated revenues | $ | 542,595 |  |  | $ | 486,889 |  |  | $ | 1,066,885 |  |  | $ | 970,822 |
Segment Profit (Loss) | Three months ended June 30, |  | Six months ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
5.11 | $ | 10,699 |  |  | $ | 10,582 |  |  | $ | 18,866 |  |  | $ | 18,252 |
BOA | 16,470 |  |  | 8,050 |  |  | 26,126 |  |  | 16,001 |
Ergobaby | 2,562 |  |  | 2,526 |  |  | 1,564 |  |  | 2,914 |
Lugano | 33,198 |  |  | 17,133 |  |  | 72,515 |  |  | 36,909 |
PrimaLoft | 5,499 |  |  | 2,817 |  |  | 8,799 |  |  | 7,838 |
The Honey Pot Co. | (2,530) |  |  | — |  |  | (5,180) |  |  | — |
Velocity Outdoor | (1,935) |  |  | (1,610) |  |  | (14,359) |  |  | (4,886) |
Altor Solutions | 5,156 |  |  | 9,223 |  |  | 11,784 |  |  | 16,157 |
Arnold | 5,308 |  |  | 5,613 |  |  | 9,480 |  |  | 10,651 |
Sterno | 7,870 |  |  | 7,088 |  |  | 12,655 |  |  | 11,581 |
Total segment operating income | 82,297 |  |  | 61,422 |  |  | 142,250 |  |  | 115,417 |
Corporate (1) | (20,954) |  |  | (19,309) |  |  | (42,331) |  |  | (38,747) |
Total consolidated operating income | 61,343 |  |  | 42,113 |  |  | 99,919 |  |  | 76,670 |
Reconciliation of segment operating income (loss) to consolidated income from continuing operations before income taxes: |  |  |  |  |  |  |
Interest expense, net | (26,561) |  |  | (26,613) |  |  | (50,136) |  |  | (52,793) |
Amortization of debt issuance costs | (1,004) |  |  | (1,024) |  |  | (2,009) |  |  | (2,029) |
Loss on sale of Crosman | (24,606) |  |  | — |  |  | (24,606) |  |  | — |
Other income (expense), net | (1,375) |  |  | (105) |  |  | (4,249) |  |  | 1,055 |
Total consolidated income from continuing operations before income taxes | $ | 7,797 |  |  | $ | 14,371 |  |  | $ | 18,919 |  |  | $ | 22,903 |
(1) Corporate operating loss is comprised of management fees paid to CGM and corporate overhead expenses.
Depreciation and Amortization Expense | Three months ended June 30, |  | Six months ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
5.11 | $ | 5,635 |  |  | $ | 6,774 |  |  | $ | 11,434 |  |  | $ | 13,151 |
BOA | 5,211 |  |  | 5,756 |  |  | 10,448 |  |  | 11,392 |
Ergobaby | 2,165 |  |  | 2,015 |  |  | 4,325 |  |  | 4,029 |
Lugano | 2,241 |  |  | 1,891 |  |  | 4,356 |  |  | 4,609 |
PrimaLoft | 5,245 |  |  | 5,282 |  |  | 10,493 |  |  | 10,560 |
The Honey Pot Co. | 5,431 |  |  | — |  |  | 10,518 |  |  | — |
Velocity Outdoor | 2,002 |  |  | 3,295 |  |  | 5,273 |  |  | 6,579 |
Altor Solutions | 4,024 |  |  | 4,116 |  |  | 8,047 |  |  | 8,220 |
Arnold | 2,252 |  |  | 2,063 |  |  | 4,397 |  |  | 4,041 |
Sterno | 4,940 |  |  | 4,892 |  |  | 9,861 |  |  | 9,806 |
Total | 39,146 |  |  | 36,084 |  |  | 79,152 |  |  | 72,387 |
Reconciliation of segment to consolidated total: |  |  |  |  |  |  |
Amortization of debt issuance costs | 1,004 |  |  | 1,024 |  |  | 2,009 |  |  | 2,029 |
Consolidated total | $ | 40,150 |  |  | $ | 37,108 |  |  | $ | 81,161 |  |  | $ | 74,416 |
| Accounts Receivable |  | Identifiable Assets
| June 30, |  | December 31, |  | June 30, |  | December 31,
(in thousands) | 2024 |  | 2023 |  | 2024 (1) |  | 2023 (1)
5.11 | $ | 52,511 |  |  | $ | 50,452 |  |  | $ | 394,506 |  |  | $ | 398,050 |
BOA | 4,155 |  |  | 1,368 |  |  | 235,891 |  |  | 243,243 |
Ergobaby | 15,975 |  |  | 12,018 |  |  | 70,505 |  |  | 73,660 |
Lugano | 157,621 |  |  | 124,776 |  |  | 656,916 |  |  | 510,484 |
PrimaLoft | 2,020 |  |  | 1,381 |  |  | 280,818 |  |  | 288,212 |
The Honey Pot Co. | 14,745 |  |  | — |  |  | 294,118 |  |  | — |
Velocity Outdoor | 13,757 |  |  | 24,458 |  |  | 108,711 |  |  | 207,609 |
Altor Solutions | 35,317 |  |  | 35,232 |  |  | 169,107 |  |  | 186,683 |
Arnold | 28,563 |  |  | 25,977 |  |  | 118,747 |  |  | 110,883 |
Sterno | 41,976 |  |  | 51,740 |  |  | 161,503 |  |  | 174,166 |
Sales allowance accounts | (8,110) |  |  | (9,161) |  |  | — |  |  | — |
Total | 358,530 |  |  | 318,241 |  |  | 2,490,822 |  |  | 2,192,990 |
Reconciliation of segment to consolidated totals: |  |  |  |  |  |  |
Corporate and other identifiable assets | — |  |  | — |  |  | 5,157 |  |  | 404,322 |
Total | $ | 358,530 |  |  | $ | 318,241 |  |  | $ | 2,495,979 |  |  | $ | 2,597,312 |
(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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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