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Note 17 - Subsequent Events | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Subsequent Events [Text Block] |
17. | Subsequent Events:
On October 2, 2023, the Company purchased CTB for cash of $37.8 million. CTB, headquartered in Conway, Arkansas, services the transportation, agricultural, commercial furniture and data center construction industries with fabricated tube and bar products, including round, square, rectangular and special shaped tubes, and offers a range of value-added fabrication services, including contract manufacturing, tube laser cutting, tube bending, robotic welding, flat laser burning and brake press forming. The acquisition will be accounted for as a business combination and the assets and liabilities valued at fair market value. CTB's results will be included in the Company's tubular and pipe products segment from the acquisition date. In connection with the CTB acquisition, the Company entered into a Seventh Amendment to Third Amended and Restated Loan and Security Agreement. The amendment allows the Company to include the eligible assets of CTB in its borrowing base.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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