XML 47 R32.htm IDEA: XBRL DOCUMENT
v3.24.3

Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Accounting Policies [Abstract] |
Summary of the Revision Adjustment on the Company's Previously Issued Consolidated Financial Statements | The following presents the effects of the immaterial error corrections on the Company's previously issued Consolidated Financial Statements as of and for the year ended December 31, 2023: Consolidated Balance Sheet
|  | Year Ended December 31, 2023
|  | As Previously Reported |  | Adjustments |  | As Revised
ASSETS
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,560 |  |  | $ | — |  |  | $ | 2,560 |
Accounts receivable - net (Note 6) |  | 53,484 |  |  | — |  |  | 53,484 |
Contract assets (Note 4) |  | 29,489 |  |  | — |  |  | 29,489 |
Inventories - net (Note 7) |  | 73,496 |  |  | (385) |  |  | 73,111 |
Other current assets |  | 8,961 |  |  | (250) |  |  | 8,711 |
Total current assets |  | 167,990 |  |  | (635) |  |  | 167,355 |
Property, plant, and equipment - net (Note 8) |  | 75,999 |  |  | (420) |  |  | 75,579 |
Operating lease right-of-use assets - net (Note 9) |  | 14,905 |  |  | — |  |  | 14,905 |
Other assets: |  |  |  |  |  |
Goodwill (Note 5) |  | 32,587 |  |  | — |  |  | 32,587 |
Other intangibles - net (Note 5) |  | 19,010 |  |  | — |  |  | 19,010 |
Other assets |  | 2,715 |  |  | 250 |  |  | 2,965 |
TOTAL ASSETS |  | $ | 313,206 |  |  | $ | (805) |  |  | $ | 312,401 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |
Accounts payable |  | $ | 40,305 |  |  | $ | (805) |  |  | $ | 39,500 |
Deferred revenue (Note 4) |  | 12,479 |  |  | — |  |  | 12,479 |
Accrued payroll and employee benefits |  | 16,978 |  |  | — |  |  | 16,978 |
Current portion of accrued settlement (Note 18) |  | 8,000 |  |  | — |  |  | 8,000 |
Current maturities of long-term debt (Note 10) |  | 102 |  |  | — |  |  | 102 |
Other accrued liabilities |  | 17,442 |  |  | — |  |  | 17,442 |
Total current liabilities |  | 95,306 |  |  | (805) |  |  | 94,501 |
Long-term debt (Note 10) |  | 55,171 |  |  | — |  |  | 55,171 |
Deferred tax liabilities (Note 14) |  | 1,232 |  |  | — |  |  | 1,232 |
Long-term operating lease liabilities (Note 9) |  | 11,865 |  |  | — |  |  | 11,865 |
Other long-term liabilities |  | 6,797 |  |  | — |  |  | 6,797 |
Stockholders’ equity: |  |  |  |  |  |
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at December 31, 2023 and December 31, 2022, 11,115,779; shares outstanding at December 31, 2023 and December 31, 2022, 10,733,935 and 10,776,827, respectively (Note 11) |  | 111 |  |  | — |  |  | 111 |
Paid-in capital |  | 43,111 |  |  | — |  |  | 43,111 |
Retained earnings |  | 124,633 |  |  | — |  |  | 124,633 |
Treasury stock - at cost, common stock, shares at December 31, 2023 and December 31, 2022, 381,844 and 338,952, respectively (Note 11) |  | (6,494) |  |  | — |  |  | (6,494) |
Accumulated other comprehensive loss (Note 12) |  | (19,250) |  |  | — |  |  | (19,250) |
Total L.B. Foster Company stockholders’ equity |  | 142,111 |  |  | — |  |  | 142,111 |
Noncontrolling interest |  | 724 |  |  | — |  |  | 724 |
Total stockholders’ equity |  | 142,835 |  |  | — |  |  | 142,835 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $ | 313,206 |  |  | $ | (805) |  |  | $ | 312,401 |
Consolidated Statement of Operations
|  | Year Ended December 31, 2023
|  | As Previously Reported |  | Adjustments |  | As Revised
Sales of goods |  | $ | 475,350 |  |  | $ | — |  |  | $ | 475,350 |
Sales of services |  | 68,394 |  |  | — |  |  | 68,394 |
Total net sales (Note 4) |  | 543,744 |  |  | — |  |  | 543,744 |
Cost of goods sold |  | 367,431 |  |  | 766 |  |  | 368,197 |
Cost of services sold |  | 63,503 |  |  | — |  |  | 63,503 |
Total cost of sales |  | 430,934 |  |  | 766 |  |  | 431,700 |
Gross profit |  | 112,810 |  |  | (766) |  |  | 112,044 |
Selling and administrative expenses |  | 97,358 |  |  | 265 |  |  | 97,623 |
Amortization expense (Note 5) |  | 5,314 |  |  | — |  |  | 5,314 |
Operating income (loss) |  | 10,138 |  |  | (1,031) |  |  | 9,107 |
Interest expense - net |  | 5,528 |  |  | — |  |  | 5,528 |
Other expense (income) - net (Note 19) |  | 3,666 |  |  | (1,031) |  |  | 2,635 |
Income (loss) before income taxes |  | 944 |  |  | — |  |  | 944 |
Income tax (benefit) expense (Note 14) |  | (355) |  |  | — |  |  | (355) |
Net income (loss) |  | 1,299 |  |  | — |  |  | 1,299 |
Net loss attributable to noncontrolling interest |  | (165) |  |  | — |  |  | (165) |
Net income (loss) attributable to L.B. Foster Company |  | $ | 1,464 |  |  | $ | — |  |  | $ | 1,464 |
Basic earnings (loss) per common share (Note 13) |  | $ | 0.14 |  |  | $ | — |  |  | $ | 0.14 |
Diluted earnings (loss) per common share (Note 13) |  | $ | 0.13 |  |  | $ | — |  |  | $ | 0.13 |
Basic weighted average shares outstanding |  | 10,799 |  |  | — |  |  | 10,799 |
Diluted weighted average shares outstanding |  | 10,995 |  |  | — |  |  | 10,995 |
Consolidated Statement of Cash Flows
|  | Year Ended December 31, 2023
|  | As Previously Reported |  | Adjustments |  | As Revised
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net income (loss) |  | $ | 1,299 |  |  | $ | — |  |  | $ | 1,299 |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Deferred income taxes |  | (1,852) |  |  | — |  | (1,852) |
Depreciation |  | 9,949 |  |  | — |  | 9,949 |
Amortization |  | 5,314 |  |  | — |  | 5,314 |
Equity income in nonconsolidated investment |  | (51) |  |  | — |  | (51) |
Gain on sales and disposals of property, plant, and equipment |  | (459) |  |  | — |  | (459) |
Stock-based compensation |  | 4,179 |  |  | — |  | 4,179 |
Loss on asset divestitures |  | 3,074 |  |  | — |  | 3,074 |
Change in operating assets and liabilities: |  |  |  |  |  |
Accounts receivable |  | 27,367 |  |  | — |  | 27,367 |
Contract assets |  | 1,797 |  |  | — |  | 1,797 |
Inventories |  | (6,989) |  |  | 385 |  | (6,604) |
Other current assets |  | 1,122 |  |  | 250 |  | 1,372 |
Other noncurrent assets |  | (153) |  |  | (250) |  | (403) |
Accounts payable |  | (3,753) |  |  | (805) |  | (4,558) |
Deferred revenue |  | (2,850) |  |  | — |  | (2,850) |
Accrued payroll and employee benefits |  | 6,364 |  |  | — |  | 6,364 |
Accrued settlement |  | (8,000) |  |  | — |  | (8,000) |
Other current liabilities |  | 2,555 |  |  | — |  | 2,555 |
Other liabilities |  | (1,537) |  |  | — |  | (1,537) |
Net cash provided by (used in) operating activities |  | 37,376 |  |  | (420) |  | 36,956 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |
Proceeds from the sale of property, plant, and equipment |  | 539 |  |  | — |  | 539 |
Capital expenditures on property, plant, and equipment |  | (4,933) |  |  | 420 |  | (4,513) |
Acquisitions, net of cash acquired |  | (1,246) |  |  | — |  | (1,246) |
Proceeds from asset divestiture |  | 7,706 |  |  | — |  | 7,706 |
Net cash provided by (used in) investing activities |  | 2,066 |  |  | 420 |  | 2,486 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |
Repayments of debt |  | (208,668) |  |  | — |  | (208,668) |
Proceeds from debt |  | 171,408 |  |  | — |  | 171,408 |
Treasury stock acquisitions |  | (2,625) |  |  | — |  | (2,625) |
Consideration received from noncontrolling interest |  | 589 |  |  | — |  | 589 |
Net cash (used in) provided by financing activities |  | (39,296) |  |  | — |  | (39,296) |
Effect of exchange rate changes on cash and cash equivalents |  | (468) |  |  | — |  | (468) |
Net decrease in cash and cash equivalents |  | (322) |  |  | — |  | (322) |
Cash and cash equivalents at beginning of period |  | 2,882 |  |  | — |  | 2,882 |
Cash and cash equivalents at end of period |  | $ | 2,560 |  |  | $ | — |  |  | $ | 2,560 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |
Net interest paid |  | $ | 5,454 |  |  | $ | — |  |  | $ | 5,454 |
Net income taxes received |  | $ | (221) |  |  | $ | — |  |  | $ | (221) |
Where appropriate, the financial disclosures in the footnotes to the Consolidated Financial Statements impacted by the correction of immaterial errors have been updated.

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

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration