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INVESTMENTS | 3 Months Ended
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Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS | INVESTMENTS As of March 31, 2024, the Company owned 24.7% of the outstanding capital stock of Grupo Vasconia S.A.B. (“Vasconia”), an integrated manufacturer of aluminum products and a housewares company in Mexico. Shares of Vasconia’s capital stock are traded on the Bolsa Mexicana de Valores, the Mexican Stock Exchange. The Quotation Key is VASCONI. The Company accounts for its investment in Vasconia using the equity method of accounting and records its proportionate share of Vasconia’s net loss in the Company’s condensed consolidated statements of operations. Accordingly, the Company has recorded its proportionate share of Vasconia’s net loss for the three months ended March 31, 2024 and 2023 in the accompanying unaudited condensed consolidated statements of operations. The Company’s equity in losses, net of taxes, for the three months ended March 31, 2024 and 2023 included the following:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Vasconia equity in losses, net of taxes | $ | (2,092) |  |  | $ | (724) |  |  |  |  |
Impairment on investment in Vasconia | — |  |  | (2,053) |  |  |  |  |
Equity in losses, net of taxes | $ | (2,092) |  |  | $ | (2,777) |  |  |  |  |
The effect of the translation of the Company’s investment, as well as the translation of Vasconia’s balance sheet, resulted in an increase to the investment of $0.3 million and an increase of $0.7 million during the three months ended March 31, 2024 and 2023, respectively. These translation effects are recorded in accumulated other comprehensive loss. The carrying value of the Company’s investment in Vasconia, was zero and $1.8 million as of March 31, 2024 and December 31, 2023, respectively. Amounts due to and from Vasconia are recorded in the Company’s unaudited condensed consolidated balance sheet within prepaid expenses, other current assets, accrued expenses and accounts payable. As of March 31, 2024 and December 31, 2023, these amounts were not material individually or in the aggregate. On April 29, 2024, Vasconia’s shareholders’ approved a resolution to a reorganization process in terms of the Law of Commercial Bankruptcy in Mexico. In the second quarter of fiscal 2024, the Company will assess the impact of the approved reorganization process on its ability to exercise significant influence to determine if equity method accounting for its investment remains appropriate. In the event that the Company no longer exercises significant influence, the investment would not be accounted for using the equity method of accounting which may result in the recognition of a non-cash loss for amounts previously recognized in accumulated other comprehensive loss. At March 31, 2024, the accumulated other comprehensive loss related to the investment was $14.2 million.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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