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Business Segments, Geographic Data and Sales by Major Customers

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 and as of September 30, 2024 and December 31, 2023 are as follows (in thousands):

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Net Sales
Toys/Consumer Products		$	264,306			$	246,004			$	451,786			$	461,831
Costumes			57,300				63,740				108,515				122,330
		$	321,606			$	309,744			$	560,301			$	584,161

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Income from Operations
Toys/Consumer Products		$	61,476			$	55,494			$	53,976			$	70,020
Costumes			6,607				6,905				426				4,427
		$	68,083			$	62,399			$	54,402			$	74,447

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Depreciation and Amortization Expense
Toys/Consumer Products		$	4,047			$	2,594			$	7,642			$	6,084
Costumes			42				53				95				147
		$	4,089			$	2,647			$	7,737			$	6,231

		September 30,				December 31,
		2024				2023
Assets
Toys/Consumer Products		$	466,206			$	383,812
Costumes			57,672				15,139
		$	523,878			$	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 September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023 (in thousands):

		September 30,				December 31,
		2024				2023
Long-lived Assets
United States		$	18,365			$	21,206
China			13,254				13,794
United Kingdom			938				892
Italy			823				811
Hong Kong			779				1,410
Canada			119				23
France			53				—
Mexico			36				55
		$	34,367			$	38,191

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Net Sales by Customer Area
United States		$	255,278			$	244,931			$	451,545			$	461,561
Europe			30,034				31,676				46,033				58,476
Latin America			22,632				15,319				33,867				27,590
Canada			7,068				11,453				16,726				22,306
Australia & New Zealand			3,339				2,692				6,292				6,056
Asia			2,345				3,192				4,578				6,403
Middle East & Africa			910				481				1,260				1,769
		$	321,606			$	309,744			$	560,301			$	584,161

Major Customers

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

		Three Months Ended September 30,																Nine Months Ended September 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		$	93,417				29.0	%		$	96,322				31.1	%		$	161,494				28.8	%		$	175,417				30.0	%
Walmart			82,051				25.5				59,541				19.2				138,084				24.6				117,888				20.2
Amazon			42,347				13.2				44,073				14.2				55,873				10.0				61,367				10.5
		$	217,815				67.7	%		$	199,936				64.5	%		$	355,451				63.4	%		$	354,672				60.7	%

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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