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Basis of Presentation (Tables) | 6 Months Ended
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Jun. 30, 2024
Accounting Policies [Abstract] |
Summary of the Effects of Restatement Adjustments on the Consolidated Financial Statements | The impact of these adjustments are shown in the tables below. Note only line items that were impacted by the Restatement Adjustments and immaterial error corrections are included below.
|  | Three Months Ended June 30, 2024
|  | As Previously Reported |  | Adjustments |  | As Revised
Cost of goods sold |  | $ | 93,705 |  |  | $ | 10 |  |  | $ | 93,715 |
Total cost of sales |  | 110,273 |  |  | 10 |  |  | 110,283 |
Gross profit |  | 30,523 |  |  | (10) |  |  | 30,513 |
Selling and administrative expenses |  | 24,896 |  |  | (78) |  |  | 24,818 |
Operating income |  | 4,504 |  |  | 68 |  |  | 4,572 |
Other income - net |  | (152) |  |  | 68 |  |  | (84) |
|  | Six Months Ended June 30, 2024
|  | As Previously Reported |  | Restatement Adjustments |  | As Restated
Cost of goods sold |  | $ | 175,174 |  |  | $ | 83 |  |  | $ | 175,257 |
Total cost of sales |  | 208,344 |  |  | 83 |  |  | 208,427 |
Gross profit |  | 56,772 |  |  | (83) |  |  | 56,689 |
Selling and administrative expenses |  | 47,645 |  |  | 43 |  |  | 47,688 |
(Gain) on sale of former joint venture facility |  | — |  |  | (3,477) |  |  | (3,477) |
Operating income |  | 6,787 |  |  | 3,351 |  |  | 10,138 |
Other income - net |  | (3,688) |  |  | 3,351 |  |  | (337) |
|  | Three Months Ended June 30, 2023
|  | As Previously Reported |  | Adjustments |  | As Revised
Cost of goods sold |  | $ | 101,069 |  |  | $ | (359) |  |  | $ | 100,710 |
Total cost of sales |  | 115,782 |  |  | (359) |  |  | 115,423 |
Gross profit |  | 32,252 |  |  | 359 |  |  | 32,611 |
Selling and administrative expenses |  | 24,528 |  |  | (6) |  |  | 24,522 |
Operating income |  | 6,349 |  |  | 365 |  |  | 6,714 |
Other expense - net |  | 719 |  |  | 365 |  |  | 1,084 |
|  | Six Months Ended June 30, 2023
|  | As Previously Reported |  | Adjustments |  | As Revised
Cost of goods sold |  | $ | 179,134 |  |  | $ | (375) |  |  | $ | 178,759 |
Total cost of sales |  | 207,979 |  |  | (375) |  |  | 207,604 |
Gross profit |  | 55,543 |  |  | 375 |  |  | 55,918 |
Selling and administrative expenses |  | 45,951 |  |  | (12) |  |  | 45,939 |
Operating income |  | 6,852 |  |  | 387 |  |  | 7,239 |
Other expense - net |  | 2,546 |  |  | 387 |  |  | 2,933 |
The Restatement Adjustments did not have an impact on the Unaudited Condensed Consolidated Balance Sheet as of June 30, 2024. However, immaterial error corrections were made to the Consolidated Balance Sheet as of December 31, 2023 in the Company’s Annual Report on Form 10-K/A as filed on November 1, 2024, as shown in the table below. Note only line items that were impacted by the immaterial error corrections are included below.
|  | Year Ended December 31, 2023
|  | As Previously Reported |  | Adjustments |  | As Revised
ASSETS
Current assets: |  |  |  |  |  |
Inventories - net |  | $ | 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 |  | 75,999 |  |  | (420) |  |  | 75,579 |
Other assets: |  |  |  |  |  |
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 |
Total current liabilities |  | 95,306 |  |  | (805) |  |  | 94,501 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | 313,206 |  |  | (805) |  |  | 312,401 |
As a result of the immaterial error corrections to the Consolidated Balance Sheet as of December 31, 2023, the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2024 was adjusted as follows. Note only line items that were impacted by the immaterial error corrections are included below.
|  | Six Months Ended June 30, 2024
|  | As Previously Reported |  | Adjustments |  | As Revised
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Inventories |  | $ | (6,648) |  |  | $ | (385) |  |  | $ | (7,033) |
Other current assets |  | (2,657) |  |  | (250) |  |  | (2,907) |
Other noncurrent assets |  | 1,416 |  |  | 250 |  |  | 1,666 |
Accounts payable |  | 5,243 |  |  | 805 |  |  | 6,048 |
Net cash used in operating activities |  | (26,818) |  |  | 420 |  |  | (26,398) |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |
Capital expenditures on property, plant, and equipment |  | $ | (4,346) |  |  | $ | (420) |  |  | $ | (4,766) |
Net cash used in investing activities |  | (465) |  |  | (420) |  |  | (885) |

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