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Business Segments, Geographic Data, and Sales by Major Customers

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Note 3—Business Segments, Geographic Data and Sales by Major Customers

The Company is a worldwide producer and marketer of children’s toys and other consumer products, principally engaged in the design, development, production, marketing and distribution of its diverse portfolio of products. The Company’s segments are (i) Toys/Consumer Products and (ii) Costumes.

The Toys/Consumer Products segment includes action figures, vehicles, play sets, plush products, dolls, electronic products, construction toys, infant and pre-school toys, child-sized and hand-held role play toys and everyday costume play, foot-to-floor ride-on vehicles, wagons, novelty toys, seasonal and outdoor products, kids’ indoor and outdoor furniture, and related products.

The Costumes segment, under its Disguise branding, designs, develops, markets and sells a wide range of every-day and special occasion dress-up costumes and related accessories in support of Halloween, Carnival, Children’s Day, Book Day/Week, and every-day/any-day costume play.

Segment performance is measured at the operating income (loss) level. All sales are made to external customers and general corporate expenses have been attributed to the segments based upon relative sales volumes. Segment assets are primarily comprised of accounts receivable and inventories, net of applicable reserves and allowances, goodwill and other assets. Certain assets which are not tracked by operating segment and/or that benefit multiple operating segments have been allocated on the same basis.

Results are not necessarily those which would be achieved if each segment was an unaffiliated business enterprise. Information by segment and a reconciliation to reported amounts as of December 31, 2022 and 2021 and for the three years in the period ended December 31, 2022 are as follows (in thousands):

		Year Ended December 31,
		2022				2021				2020
Net Sales
Toys/Consumer Products		$	647,317			$	513,517			$	427,122
Costumes			148,870				107,599				88,750
		$	796,187			$	621,116			$	515,872

		Year Ended December 31,
		2022				2021				2020
Income (Loss) from Operations
Toys/Consumer Products		$	62,698			$	39,046			$	20,002
Costumes			(1,728	)			(279	)			(7,094	)
		$	60,970			$	38,767			$	12,908

		Year Ended December 31,
		2022				2021				2020
Depreciation and Amortization Expense
Toys/Consumer Products		$	10,182			$	9,585			$	10,292
Costumes			396				666				644
		$	10,578			$	10,251			$	10,936

		December 31,
		2022				2021
Assets
Toys/Consumer Products		$	377,605			$	338,266
Costumes			27,737				18,781
		$	405,342			$	357,047

Net revenues are categorized based upon location of the customer, while long-lived assets are categorized based upon the location of the Company’s assets. The following tables present information about the Company by geographic area as of December 31, 2022 and 2021 and for each of the three years in the period ended December 31, 2022 (in thousands):

		Year Ended December 31,
		2022				2021				2020
Net Sales by Customer Area
United States		$	644,295			$	512,193			$	421,222
Europe			85,348				60,425				51,885
Canada			26,515				17,999				18,486
Latin America			18,338				12,606				7,734
Asia			10,431				9,232				8,285
Australia and New Zealand			8,836				6,423				5,795
Middle East and Africa			2,424				2,238				2,465
		$	796,187			$	621,116			$	515,872

		December 31,
		2022				2021
Long-lived Assets
United States		$	17,383			$	16,252
China			14,161				11,655
Hong Kong			2,142				770
United Kingdom			974				1,270
Canada			46				73
Mexico			69				79
		$	34,775			$	30,099

Major Customers

Net sales to major customers were as follows (in thousands, except for percentages):

		2022								2021								2020
						Percentage of								Percentage of								Percentage of
		Amount				Net Sales				Amount				Net Sales				Amount				Net Sales
Wal-Mart		$	226,318				28.4	%		$	167,260				26.9	%		$	150,250				29.1	%
Target			203,200				25.5				176,561				28.4				132,354				25.7
		$	429,518				53.9	%		$	343,821				55.3	%		$	282,604				54.8	%

The concentration of the Company’s business with a relatively small number of customers may expose the Company to material adverse effects if one or more of its large customers were to experience financial difficulty. The Company performs ongoing credit evaluations of its top customers and maintains an allowance for potential credit losses.

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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

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-Name Accounting Standards Codification
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