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Business Segments, Geographic Data and Sales by Major Customers

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Note 2 — 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 for the three and six months ended June 30, 2024 and 2023 and as of June 30, 2024 and December 31, 2023 are as follows (in thousands):

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2024				2023				2024				2023
Net Sales
Toys/Consumer Products		$	104,570			$	117,934			$	187,480			$	215,827
Costumes			44,049				48,999				51,215				58,590
		$	148,619			$	166,933			$	238,695			$	274,417

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2024				2023				2024				2023
Income (Loss) from Operations
Toys/Consumer Products		$	9,710			$	15,687			$	(7,500	)		$	14,526
Costumes			(2,067	)			761				(6,181	)			(2,478	)
		$	7,643			$	16,448			$	(13,681	)		$	12,048

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2024				2023				2024				2023
Depreciation and Amortization Expense
Toys/Consumer Products		$	2,096			$	2,330			$	3,595			$	3,490
Costumes			38				63				53				94
		$	2,134			$	2,393			$	3,648			$	3,584

		June 30,				December 31,
		2024				2023
Assets
Toys/Consumer Products		$	311,399			$	383,812
Costumes			66,852				15,139
		$	378,251			$	398,951

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 June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023 (in thousands):

		June 30,				December 31,
		2024				2023
Long-lived Assets
United States		$	19,240			$	21,206
China			15,316				13,794
United Kingdom			1,007				892
Hong Kong			980				1,410
Italy			817				811
Mexico			43				55
Canada			10				23
		$	37,413			$	38,191

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2024				2023				2024				2023
Net Sales by Customer Area
United States		$	125,837			$	136,187			$	196,267			$	216,630
Europe			10,264				16,638				15,999				26,800
Latin America			3,239				3,067				11,235				12,271
Canada			6,288				6,799				9,658				10,853
Australia & New Zealand			1,607				1,756				2,953				3,364
Asia			1,268				1,831				2,233				3,211
Middle East & Africa			116				655				350				1,288
		$	148,619			$	166,933			$	238,695			$	274,417

Major Customers

Net sales to major customers for the three and six months ended June 30, 2024 and 2023 were as follows (in thousands, except for percentages):

		Three Months Ended June 30,																Six Months Ended June 30,
		2024								2023								2024								2023
						Percentage								Percentage								Percentage								Percentage
		Amount				of Net Sales				Amount				of Net Sales				Amount				of Net Sales				Amount				of Net Sales
Target		$	41,412				27.8	%		$	49,646				29.8	%		$	68,079				28.5	%		$	79,081				28.8	%
Walmart			34,745				23.4				35,085				21.0				56,039				23.5				58,359				21.3
		$	76,157				51.2	%		$	84,731				50.8	%		$	124,118				52.0	%		$	137,440				50.1	%

No other customer accounted for more than 10% of the Company's total net sales.

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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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.

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