ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive office) | (Zip Code) |
Title of each class | Trading Symbol (s) | Name of each exchange on which registered | ||||||
Large accelerated filer ¨ | Non-accelerated Filer ¨ | Smaller reporting company | |||||||||||||||||||||
Emerging growth company |
Signatures | |||||
Exhibit 23 | |||||
Exhibit 24 | |||||
Exhibit 31(a) | |||||
Exhibit 31(b) | |||||
Exhibit 32(a) | |||||
Exhibit 32(b) | |||||
EX-101 INSTANCE DOCUMENT | |||||
EX-101 SCHEMA DOCUMENT | |||||
EX-101 CALCULATION LINKBASE DOCUMENT | |||||
EX-101 LABEL LINKBASE DOCUMENT | |||||
EX-101 PRESENTATION LINKBASE DOCUMENT | |||||
EX-101 DEFINITION LINKBASE DOCUMENT |
2023 | 2022 | 2021 | Supply Agreement | Supply Agreement Expiration | ||||||||||||||||||||||
BRP | 14% | 14% | 12% | Yes | July 31, 2024 | |||||||||||||||||||||
Navistar | 20% | 17% | 15% | No | N/A | |||||||||||||||||||||
PACCAR | 10% | 10% | 12% | No | N/A | |||||||||||||||||||||
UFP | 7% | 9% | 12% | Yes | March 10, 2027 | |||||||||||||||||||||
Volvo | 16% | 14% | 12% | Yes | December 31, 2027 | |||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
United States | $ | 234,504 | $ | 231,391 | $ | 191,667 | |||||||||||
Mexico | 105,818 | 113,245 | 88,952 | ||||||||||||||
Canada | 11,980 | 26,829 | 22,642 | ||||||||||||||
Other | 5,436 | 5,911 | 4,222 | ||||||||||||||
Total | $ | 357,738 | $ | 377,376 | $ | 307,483 |
Plant Location | Union Name | Expiration Date | Employees | |||||||||||||||||
Columbus, Ohio | International Association of Machinists and Aerospace Workers ("IAM") | August 9, 2025 | 321 | |||||||||||||||||
Matamoros, Mexico | Sindicato de Jorneleros y Obreros | January 1, 2025 | 743 | |||||||||||||||||
Cobourg, Canada | United Food & Commercial Workers Canada ("UFCW") | November 1, 2025 | 132 | |||||||||||||||||
Escobedo, Mexico | Sindicato de trabajadores de la industria metalica y del comercio del estado de Nuevo Leon Presidente Benito Juarez Garcia C.T.M. | February 18, 2024(1) | 54 |
Period | Total number of shares purchased | Average price paid per share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number that May Yet be Purchased Under the Plans or Programs | |||||||||||||||||||
October 1 to 31, 2023 | — | $ | — | — | — | ||||||||||||||||||
November 1 to 30, 2023 | — | — | — | — | |||||||||||||||||||
December 1 to 31, 2023 | — | — | — | — | |||||||||||||||||||
Total | — | $ | — | — | — |
2023 | 2022 | ||||||||||
Medium and heavy-duty truck | $ | 181,376 | 158,649 | ||||||||
Power sports | $ | 84,688 | 84,727 | ||||||||
Building products | $ | 28,743 | 41,038 | ||||||||
Industrial and utilities | $ | 23,658 | 27,988 | ||||||||
All other | $ | 28,910 | 46,299 | ||||||||
Net product revenue | $ | 347,375 | $ | 358,701 |
2022 | 2021 | ||||||||||
Medium and heavy-duty truck | $ | 158,649 | $ | 114,805 | |||||||
Power sports | 84,727 | 60,230 | |||||||||
Building products | 41,038 | 44,981 | |||||||||
Industrial and utilities | 27,988 | 27,227 | |||||||||
All other | 46,299 | 36,782 | |||||||||
Net product revenue | $ | 358,701 | $ | 284,025 |
2024 | 2025 | 2026 | 2027 | 2028 and after | Total | ||||||||||||||||||||||||||||||
Long-term debt | $ | 1,549,000 | $ | 1,885,000 | $ | 2,135,000 | $ | 17,709,000 | $ | — | $ | 23,278,000 | |||||||||||||||||||||||
Interest(A) | 1,066,000 | 980,000 | 891,000 | 596,000 | — | 3,533,000 | |||||||||||||||||||||||||||||
Operating lease obligations | 2,137,000 | 1,122,000 | 594,000 | 189,000 | — | 4,042,000 | |||||||||||||||||||||||||||||
Contractual commitments for capital expenditures | 1,100,000 | — | — | — | — | 1,100,000 | |||||||||||||||||||||||||||||
Post retirement benefits | 156,000 | 152,000 | 159,000 | 144,000 | 2,505,000 | 3,116,000 | |||||||||||||||||||||||||||||
Total | $ | 6,008,000 | $ | 4,139,000 | $ | 3,779,000 | $ | 18,638,000 | $ | 2,505,000 | $ | 35,069,000 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net sales | $ | $ | $ | ||||||||||||||
Total cost of sales | |||||||||||||||||
Gross margin | |||||||||||||||||
Selling, general and administrative expense | |||||||||||||||||
Operating income | |||||||||||||||||
Other income and expense | |||||||||||||||||
Loss due to extinguishment of debt | |||||||||||||||||
Net periodic post-retirement benefit | ( | ( | ( | ||||||||||||||
Net interest expense | |||||||||||||||||
Total other income and expense | |||||||||||||||||
Income before income taxes | |||||||||||||||||
Income taxes: | |||||||||||||||||
Current | |||||||||||||||||
Deferred | ( | ( | |||||||||||||||
Total income taxes | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | $ | $ | ||||||||||||||
Diluted | $ | $ | $ |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency hedging derivatives: | |||||||||||||||||
Unrealized hedge gain (loss) | ( | ||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||
Interest rate hedging derivatives: | |||||||||||||||||
Unrealized benefit (loss) | ( | ||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||
Post retirement benefit plan adjustments: | |||||||||||||||||
Net actuarial gain | |||||||||||||||||
Prior service costs | ( | ( | ( | ||||||||||||||
Income tax benefit (expense) | ( | ( | |||||||||||||||
Comprehensive income | $ | $ | $ |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Assets: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Foreign tax receivable | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Right of use asset | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
Intangibles, net | |||||||||||
Other non-current assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Stockholders' Equity: | |||||||||||
Liabilities: | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Revolving debt | |||||||||||
Accounts payable | |||||||||||
Contract liabilities | |||||||||||
Accrued liabilities: | |||||||||||
Compensation and related benefits | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Other non-current liabilities | |||||||||||
Long-term debt | |||||||||||
Post retirement benefits liability | |||||||||||
Total Liabilities | |||||||||||
Commitments and Contingencies | |||||||||||
Stockholders' Equity: | |||||||||||
Preferred stock — $ | |||||||||||
Common stock — $ | |||||||||||
Paid-in capital | |||||||||||
Accumulated other comprehensive income, net of income taxes | |||||||||||
Treasury stock — at cost, | ( | ( | |||||||||
Retained earnings | |||||||||||
Total Stockholders' Equity | |||||||||||
Total Liabilities and Stockholders' Equity | $ | $ | |||||||||
Common Stock Outstanding | Paid-In Capital | Accumulated Other Comprehensive Income | Treasury Stock | Retained Earnings | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Change in post retirement benefits, net of tax of $107 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Restricted stock vested | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Change in post retirement benefits, net of tax of $381 | |||||||||||||||||||||||||||||||||||||||||
Unrealized foreign currency hedge, net of tax of $27 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Change in interest rate swaps, net of tax of $161 | |||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Restricted stock vested | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Change in post retirement benefits, net of tax of $637 | |||||||||||||||||||||||||||||||||||||||||
Change in foreign currency hedge, net of tax of $161 | |||||||||||||||||||||||||||||||||||||||||
Change in interest rate swap, net of tax of $50 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | (1) | ( | ( | |||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights | |||||||||||||||||||||||||||||||||||||||||
Restricted stock vested | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | ( | $ | $ |
Years Ended | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Deferred income taxes | ( | ( | |||||||||||||||
Share-based compensation | |||||||||||||||||
Loss on disposal of assets | |||||||||||||||||
Loss from extinguishment of debt | |||||||||||||||||
Loss (gain) on foreign currency | ( | ||||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | ( | ( | |||||||||||||||
Inventories | ( | ||||||||||||||||
Prepaid and other assets | ( | ( | |||||||||||||||
Accounts payable | ( | ||||||||||||||||
Accrued and other liabilities | ( | ||||||||||||||||
Post retirement benefits liability | ( | ( | ( | ||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchase of property, plant and equipment | ( | ( | ( | ||||||||||||||
Proceeds from sale of property, plant and equipment | |||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Gross borrowings on revolving loans | |||||||||||||||||
Gross repayment on revolving loans | ( | ( | ( | ||||||||||||||
Proceeds from term loan | |||||||||||||||||
Payment of principal of term loan | ( | ( | ( | ||||||||||||||
Payment of deferred loan costs | ( | ( | |||||||||||||||
Payments for taxes related to net share settlement of equity awards | ( | ( | ( | ||||||||||||||
Net cash provided by (used in) financing activities | ( | ( | |||||||||||||||
Net change in cash and cash equivalents | ( | ||||||||||||||||
Cash and cash equivalents at beginning of year | |||||||||||||||||
Cash and cash equivalents at end of year | $ | $ | $ | ||||||||||||||
Cash paid for: | |||||||||||||||||
Interest | $ | $ | $ | ||||||||||||||
Income taxes | $ | $ | $ | ||||||||||||||
Non-cash investing activities: | |||||||||||||||||
Fixed asset purchases in accounts payable | $ | $ | $ | ||||||||||||||
Non-cash financing activities: | |||||||||||||||||
Deposit used in payment of principal on term loans | $ | $ | $ | ||||||||||||||
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Raw materials and components | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Total inventories, net | $ | $ |
Land improvements | |||||
Buildings and improvements | |||||
Machinery and equipment | |||||
Tools, dies and patterns |
Plant Location | Union Name | Expiration Date | Employees | |||||||||||||||||
Columbus, Ohio | International Association of Machinists and Aerospace Workers ("IAM") | August 9, 2025 | ||||||||||||||||||
Matamoros, Mexico | Sindicato de Jorneleros y Obreros | January 1, 2025 | ||||||||||||||||||
Cobourg, Canada | United Food & Commercial Workers Canada ("UFCW") | November 1, 2025 | ||||||||||||||||||
Escobedo, Mexico | Sindicato de trabajadores de la industria metalica y del comercio del estado de Nuevo Leon Presidente Benito Juarez Garcia C.T.M. | February 18, 2024(1) |
December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Less: net income allocated to participating securities | |||||||||||||||||
Net income available to common shareholders | $ | $ | $ | ||||||||||||||
Weighted average common shares outstanding — basic | |||||||||||||||||
Effect of dilutive securities | |||||||||||||||||
Weighted average common and potentially issuable common shares outstanding — diluted | |||||||||||||||||
Basic net income per common share | $ | $ | $ | ||||||||||||||
Diluted net income per common share | $ | $ | $ |
December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income allocated to participating securities | $ | $ | |||||||||||||||
Weighted average participating shares outstanding — basic | |||||||||||||||||
Effect of dilutive securities | |||||||||||||||||
Weighted average participating and potentially issuable participating shares outstanding — diluted | |||||||||||||||||
Basic net income per participating share | $ | $ | $ | ||||||||||||||
Diluted net income per participating share | $ | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
BRP product sales | $ | $ | $ | ||||||||||||||
BRP tooling sales | |||||||||||||||||
Total BRP sales | |||||||||||||||||
Navistar product sales | |||||||||||||||||
Navistar tooling sales | |||||||||||||||||
Total Navistar sales | |||||||||||||||||
PACCAR product sales | |||||||||||||||||
PACCAR tooling sales | |||||||||||||||||
Total PACCAR sales | |||||||||||||||||
UFP product sales | |||||||||||||||||
UFP tooling sales | |||||||||||||||||
Total UFP sales | |||||||||||||||||
Volvo product sales | |||||||||||||||||
Volvo tooling sales | |||||||||||||||||
Total Volvo sales | |||||||||||||||||
Other product sales | |||||||||||||||||
Other tooling sales | |||||||||||||||||
Total other sales | |||||||||||||||||
Total product sales | |||||||||||||||||
Total tooling sales | |||||||||||||||||
Total sales | $ | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
United States | $ | $ | $ | ||||||||||||||
Mexico | |||||||||||||||||
Canada | |||||||||||||||||
Other | |||||||||||||||||
Total | $ | $ | $ |
2023 | 2022 | ||||||||||
United States | $ | $ | |||||||||
Mexico | |||||||||||
Canada | |||||||||||
Total | $ | $ |
2023 | 2022 | ||||||||||
Land and land improvements | $ | $ | |||||||||
Building and improvements | |||||||||||
Machinery and equipment | |||||||||||
Tools, dies, and patterns | |||||||||||
Additions in progress | |||||||||||
Total | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Property, plant and equipment, net | $ | $ |
2023 | 2022 | ||||||||||
Operating lease cost | $ | $ | |||||||||
Short-term lease cost | |||||||||||
Total net lease cost | $ | $ |
2023 | 2022 | ||||||||||
Operating lease: | |||||||||||
Operating lease right of use assets | $ | $ | |||||||||
Total operating lease right of use assets | $ | $ | |||||||||
Current operating lease liabilities (A) | $ | $ | |||||||||
Noncurrent operating lease liabilities (B) | |||||||||||
Total operating lease liabilities | $ | $ |
2023 | 2022 | ||||||||||
Weighted average remaining lease term (in years): | |||||||||||
Weighted average discount rate: | % | % |
Operating Leases | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
Total lease payments | |||||
Less: imputed interest | ( | ||||
Total lease obligations | |||||
Less: current obligations | ( | ||||
Long-term lease obligations | $ |
2023 | 2022 | ||||||||||
Balance at beginning of year | $ | $ | |||||||||
Additions | |||||||||||
Impairment | |||||||||||
Balance at end of year | $ | $ |
Definite-lived Intangible Assets | Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Trade Name | $ | $ | ( | $ | |||||||||||||||||||
Trademarks | ( | ||||||||||||||||||||||
Non-competition Agreement | ( | ||||||||||||||||||||||
Developed Technology | ( | ||||||||||||||||||||||
Customer Relationships | ( | ||||||||||||||||||||||
Total | $ | $ | ( | $ |
Definite-lived Intangible Assets | Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Trade Name | $ | $ | ( | $ | |||||||||||||||||||
Trademarks | ( | ||||||||||||||||||||||
Non-competition Agreement | ( | ||||||||||||||||||||||
Developed Technology | ( | ||||||||||||||||||||||
Customer Relationships | ( | ||||||||||||||||||||||
Total | $ | $ | ( | $ |
Amortization Expense | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 and thereafter | |||||
Total intangibles as of December 31, 2023 | $ |
December 31, 2023 | December 31, 2022 | ||||||||||
Leaf Capital term loan payable | |||||||||||
Huntington term loans payable | |||||||||||
Total | |||||||||||
Less: deferred loan costs | ( | ( | |||||||||
Less: current portion | ( | ( | |||||||||
Long-term debt | $ | $ |
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
Total long-term debt as of December 31, 2023 | $ |
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Number of Shares | Wtd. Avg. Grant Date Fair Value | Number of Shares | Wtd. Avg. Grant Date Fair Value | Number of Shares | Wtd. Avg. Grant Date Fair Value | ||||||||||||||||||||||||||||||
Unvested - beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Vested | ( | ( | ( | ||||||||||||||||||||||||||||||||
Forfeited | ( | ( | ( | ||||||||||||||||||||||||||||||||
Unvested - end of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Number of Shares | Wtd. Avg. Grant Date Fair Value | Number of Shares | Wtd. Avg. Grant Date Fair Value | Number of Shares | Wtd. Avg. Grant Date Fair Value | ||||||||||||||||||||||||||||||
Unvested - beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Vested | |||||||||||||||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||||||||||||||
Unvested - end of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Number of Shares | Wtd. Avg. Grant Date Fair Value | Number of Shares | Wtd. Avg. Grant Date Fair Value | Number of Shares | Wtd. Avg. Grant Date Fair Value | ||||||||||||||||||||||||||||||
Outstanding - beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||||||||||||||
Outstanding - end of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Exercisable - end of year | $ | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | $ | ( | $ | ( | ||||||||||||
Foreign | |||||||||||||||||
State and local | ( | ||||||||||||||||
Deferred: | |||||||||||||||||
Federal | ( | ( | |||||||||||||||
Foreign | ( | ( | |||||||||||||||
State and local | ( | ||||||||||||||||
( | ( | ||||||||||||||||
Provision for income taxes | $ | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
Provision at United States federal statutory rate | $ | $ | $ | ||||||||||||||
U.S. federal valuation allowance | ( | ||||||||||||||||
U.S. state and local valuation allowance | |||||||||||||||||
Net operating loss carryback at | ( | ||||||||||||||||
Effect of foreign taxes | |||||||||||||||||
State and local tax expense | ( | ( | ( | ||||||||||||||
Other | ( | ( | |||||||||||||||
Provision for income taxes | $ | $ | $ |
2023 | 2022 | ||||||||||
U.S. federal net operating loss carryforwards | $ | $ | |||||||||
U.S. state and local operating loss carryforwards | |||||||||||
Interest limitation carryforwards | |||||||||||
Accrued liabilities | |||||||||||
Accounts receivable | |||||||||||
Inventory | |||||||||||
Property, plant, and equipment | ( | ( | |||||||||
Post retirement benefits | |||||||||||
Goodwill and finite-lived assets, net | |||||||||||
Other, net | |||||||||||
Total deferred tax asset | |||||||||||
Valuation allowance for deferred tax assets | ( | ( | |||||||||
Total deferred tax asset (liability), net | $ | $ |
Pension Fund | EIN/Pension Plan Number | Pension Protection Act Zone Status | FIP/RP Status Pending/ Implemented | Contributions of the Company | Surcharge Imposed | Expiration Date of Collective Bargaining Agreement | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
IAM National Pension Fund / National Pension Plan (A) | 51-6031295 - | Red Zone as of 12/31/22 | Red Zone as of 12/31/21 | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Total Contributions: | $ | $ |
Post Retirement Benefits | |||||||||||
2023 | 2022 | ||||||||||
Change in benefit obligation: | |||||||||||
Benefit obligation at January 1 | $ | $ | |||||||||
Interest cost | |||||||||||
Unrecognized gain | ( | ( | |||||||||
Benefits paid, net | ( | ( | |||||||||
Benefit obligation at December 31 | $ | $ | |||||||||
Plan Assets | |||||||||||
Amounts recorded in accumulated other comprehensive income: | |||||||||||
Prior service credit | $ | ( | $ | ( | |||||||
Net loss (gain) | ( | ||||||||||
Total | $ | ( | $ | ( | |||||||
Weighted-average assumptions as of December 31: | |||||||||||
Discount rate used to determine benefit obligation and net periodic benefit cost | % | % |
2023 | 2022 | 2021 | |||||||||||||||
Pension expense: | |||||||||||||||||
Multi-employer plan | $ | $ | $ | ||||||||||||||
Defined contribution plans | |||||||||||||||||
Total pension expense | |||||||||||||||||
Health and life insurance: | |||||||||||||||||
Interest cost | |||||||||||||||||
Amortization of prior service credits | ( | ( | ( | ||||||||||||||
Amortization of net loss | |||||||||||||||||
Net periodic benefit credit | ( | ( | ( | ||||||||||||||
Total post retirement benefits expense | $ | $ | $ |
Postretirement Health Care Benefits Plan | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 - 2033 |
Fair Value of Derivative Instruments December 31, 2023 | ||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses other current assets | $ | Accrued other liabilities | $ | ||||||||||||||||||||||
Other non-current assets | $ | Other non-current liabilities | $ | |||||||||||||||||||||||
Interest rate swaps | Prepaid expenses other current assets | $ | Accrued other liabilities | $ | ||||||||||||||||||||||
Other non-current assets | $ | Other non-current liabilities | $ | |||||||||||||||||||||||
Fair Value of Derivative Instruments December 31, 2022 | ||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses other current assets | $ | Accrued other liabilities | $ | ||||||||||||||||||||||
Other non-current assets | $ | Other non-current liabilities | $ | |||||||||||||||||||||||
Interest rate swaps | Prepaid expenses other current assets | $ | Accrued other liabilities | $ | ||||||||||||||||||||||
Other non-current assets | $ | Other non-current liabilities | $ | |||||||||||||||||||||||
Derivatives in subtopic 815-20 Cash Flow Hedging Relationship | Amount of Unrealized Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income(A) | Amount of Realized Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | ( | $ | Cost of goods sold | $ | $ | $ | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | Interest Expense | $ | $ | $ |
Hedging Derivative Activities | Post Retirement Benefit Plan Items(A) | Total | |||||||||||||||
2022: | |||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | ||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | ( | ||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ||||||||||||||
2023: | |||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | ||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | ( | ||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ||||||||||||||
Balance at December 31, 2023 | $ | $ | $ |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total Year | |||||||||||||||||||||||||
2023: | |||||||||||||||||||||||||||||
Product sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Tooling sales | |||||||||||||||||||||||||||||
Net sales | |||||||||||||||||||||||||||||
Gross margin | |||||||||||||||||||||||||||||
Operating income | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||||||||
Basic (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Diluted (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
2022: | |||||||||||||||||||||||||||||
Product sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Tooling sales | |||||||||||||||||||||||||||||
Net sales | |||||||||||||||||||||||||||||
Gross margin | |||||||||||||||||||||||||||||
Operating income | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||||||||
Basic (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Diluted (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
2021: | |||||||||||||||||||||||||||||
Product sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Tooling sales | |||||||||||||||||||||||||||||
Net sales | |||||||||||||||||||||||||||||
Gross margin | |||||||||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||||||||
Net income (loss) per common share: | |||||||||||||||||||||||||||||
Basic (1) | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Diluted (1) | $ | $ | $ | ( | $ | $ |
Plan Category | Number of Shares to be Issued Upon Exercise of Outstanding Options or Vesting (1) | Weighted Average Exercise Price of Outstanding Options (2) | Number of Shares Remaining Available for Future Issuance | ||||||||||||||
Equity compensation plans approved by stockholders | 385,320 | $ | 13.41 |
CORE MOLDING TECHNOLOGIES, INC. | ||||||||
By | /s/ David L. Duvall | |||||||
David L. Duvall | ||||||||
President and Chief Executive Officer | ||||||||
March 12, 2024 |
/s/ David L. Duvall | ||||||||
David L. Duvall | President, Chief Executive Officer, and Director (Principal Executive Officer) | March 12, 2024 | ||||||
/s/ John P. Zimmer | ||||||||
John P. Zimmer | Vice President, Secretary, Treasurer, and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | March 12, 2024 | ||||||
* | ||||||||
Sandra L. Kowaleski | Director | March 12, 2024 | ||||||
* | ||||||||
Thomas R. Cellitti | Director | March 12, 2024 | ||||||
* | ||||||||
Ralph O. Hellmold | Director | March 12, 2024 | ||||||
* | ||||||||
Matthew Jauchius | Director | March 12, 2024 | ||||||
* | ||||||||
Salvador Minarro-Villalobos | Director | March 12, 2024 | ||||||
* | ||||||||
Andrew O. Smith | Director | March 12, 2024 | ||||||
*By /s/ John P. Zimmer | ||||||||
John P. Zimmer | Attorney-In-Fact | March 12, 2024 |
Additions | |||||||||||||||||||||||||||||
Balance at Beginning of Year | (Recovered)/ Charged to Costs & Expenses | Charged to Other Accounts | Deductions(A) | Balance at End of Year | |||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
Year Ended December 31, 2021 | $ | $ | $ | $ | $ |
Additions | |||||||||||||||||||||||||||||
Balance at Beginning of Year | (Recovered)/ Charged to Costs & Expenses | Charged to Other Accounts | Deductions(B) | Balance at End of Year | |||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | $ | $ | $ | $ |
Exhibit No. | Description | Location | ||||||||||||
3(a)(1) | Certificate of Incorporation of Core Molding Technologies, Inc. as filed with the Secretary of State of Delaware on October 8, 1996 | |||||||||||||
3(a)(2) | Certificate of Amendment of Certificate of Incorporation of Core Molding Technologies, Inc. as filed with the Secretary of State of Delaware on November 6, 1996 | |||||||||||||
3(a)(3) | Certificate of Amendment of Certificate of Incorporation as filed with the Secretary of State of Delaware on August 28, 2002 | |||||||||||||
3(a)(4) | Certificate of Designation, Preferences and Rights of Series B Junior Participating Preferred Stock as filed with the Secretary of State of Delaware on April 21, 2020 | |||||||||||||
3(a)(5) | Certificate of Elimination of the Series A Junior Participant Preferred Stock as filed with the Delaware Sec. of State on April 1, 2021 | |||||||||||||
3(b)(1) | Amended and Restated By-Laws of Core Molding Technologies, Inc. | |||||||||||||
3(b)(2) | Amendment No. 1 to the Amended and Restated By- Laws of Core Molding Technologies, Inc. | |||||||||||||
4 | Description of Securities | |||||||||||||
10(a) | Supply Agreement, dated August 4, 2014 between Core Molding Technologies, Inc. and Core Composites Corporation and Navistar, Inc.2 | |||||||||||||
10(b) | Credit Agreement, dated October 27, 2020, between Core Molding Technologies, Inc. and Wells Fargo Bank, National Association, as administrative agent, lead arranger and book runner, and the lenders party thereto. | |||||||||||||
10(b)(1) | Master Security Agreement, dated as of October 20, 2020, among FGI Equipment Finance LLC, Core Molding Technologies, Inc. as debtor, and each of Core Composites Corporation and CC HPM, S. de R.L. de C.V., as guarantors | |||||||||||||
10(b)(2) | Promissory Note, dated October 20, 2020, between Core Molding Technologies, Inc. and FGI Equipment Finance LLC. | |||||||||||||
10(c) | Core Molding Technologies, Inc. Employee Stock Purchase Plan1 | |||||||||||||
Exhibit No. | Description | Location | ||||||||||||
10(c)(1) | 2002 Core Molding Technologies, Inc. Employee Stock Purchase Plan (as amended May 17, 2006)1 | |||||||||||||
10(d) | 2006 Core Molding Technologies, Inc. Long Term Equity Incentive Plan as amended and restated effective May 12, 20171 | |||||||||||||
10(e) | Core Molding Technologies, Inc. Executive Cash Incentive Plan1 | |||||||||||||
10(f) | Core Molding Technologies, Inc. Salaried Employee Bonus Plan2 | |||||||||||||
10(g) | Form of Restricted Stock Agreement between Core Molding Technologies, Inc. and certain executive officers1 | |||||||||||||
10(h) | Form of Award for Stock Appreciation Rights between Core Molding Technologies, Inc. and certain executive officers1 | |||||||||||||
10(i) | Form of Restricted Stock Agreement between Core Molding Technologies, Inc. and certain executive officers, dated August 6, 20211 | |||||||||||||
10(j) | Form of Executive Employment Agreement between David L. Duvall and Core Molding Technologies, Inc, dated August 6, 20211 | |||||||||||||
10(k) | Form of Executive Employment Agreement between Core Molding Technologies, Inc. and certain executive officers, dated August 6, 20211 | |||||||||||||
10(l) | Credit Agreement, dated July 22, 2022 between Core Molding Technologies, Inc. and The Huntington National Bank, as administrative agent, sole lead arranger and sole bookrunner, and the lenders from time to time thereto | |||||||||||||
10(m) | Core Molding Technologies, Inc. 2021 Long-Term Equity Incentive Plan | |||||||||||||
10(m) | Form Performance Restricted Stock Award Agreement | |||||||||||||
10(o) | Core Molding Technologies, Inc. Employee Stock Purchase Plan (as amended and restated effective as of May 11, 2023) | |||||||||||||
11 | Computation of Net Income per Share | |||||||||||||
21 | List of Subsidiaries | |||||||||||||
Exhibit No. | Description | Location | ||||||||||||
23 | Consent of Crowe LLP | |||||||||||||
24 | Powers of Attorney | |||||||||||||
31(a) | Section 302 Certification by David L. Duvall, President, Chief Executive Officer, and Director | |||||||||||||
31(b) | Section 302 Certification by John P. Zimmer, Vice President, Secretary, Treasurer, and Chief Financial Officer | |||||||||||||
32(a) | Certification of David L. Duvall, Chief Executive Officer of Core Molding Technologies, Inc., dated March 12, 2024, pursuant to 18 U.S.C. Section 1350 | |||||||||||||
32(b) | Certification of John P. Zimmer, Chief Financial Officer of Core Molding Technologies, Inc., dated March 12, 2024, pursuant to 18 U.S.C. Section 1350 | |||||||||||||
101.INS | XBRL Instance Document | Filed Herein | ||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed Herein | ||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | Filed Herein | ||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | Filed Herein | ||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | Filed Herein | ||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | Filed Herein | ||||||||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | Filed Herein |
Percentage of voting securities directly or indirectly owned by registrant | State or Country of incorporation or organization | |||||||
Core Composites Corporation | 100 | Delaware | ||||||
Horizon Plastics International Inc. | 100 | Canada |
/s/ Sandra L. Kowaleski | ||
Sandra L. Kowaleski | ||
Director |
/s/ Thomas R. Cellitti | ||
Thomas R. Cellitti | ||
Director |
/s/ Salvador Minarro-Villalobos | ||
Salvador Minarro-Villalobos | ||
Director |
/s/ Ralph O. Hellmold | ||
Ralph O. Hellmold | ||
Director |
/s/ Andrew O. Smith | ||
Andrew O. Smith | ||
Director |
/s/ Matthew E. Jauchius | ||
Matthew E. Jauchius | ||
Director |
Date: March 12, 2024 | |||||
/s/ David L. Duvall | |||||
David L. Duvall | |||||
President, Chief Executive Officer, and Director |
Date: March 12, 2024 | |||||
/s/ John P. Zimmer | |||||
John P. Zimmer | |||||
Vice President, Secretary, Treasurer and Chief Financial Officer |
/s/ David L. Duvall | |||||
David L. Duvall | |||||
President, Chief Executive Officer, and Director | |||||
March 12, 2024 |
/s/ John P. Zimmer | |||||
John P. Zimmer | |||||
Vice President, Secretary, Treasurer and Chief Financial Officer | |||||
March 12, 2024 |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 173 |
Auditor Name | Crowe LLP |
Auditor Location | Oak Brook, Illinois |
Consolidated Statements of Operations - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Statement [Abstract] | |||
Net sales | $ 357,738 | $ 377,376 | $ 307,483 |
Total cost of sales | 293,218 | 324,974 | 266,139 |
Gross margin | 64,520 | 52,402 | 41,344 |
Selling, general and administrative expense | 37,983 | 34,399 | 30,276 |
Operating income | 26,537 | 18,003 | 11,068 |
Other income and expense | |||
Loss from extinguishment of debt | 0 | 1,582 | 0 |
Net periodic post-retirement benefit | (220) | (124) | (162) |
Net interest expense | 1,011 | 1,960 | 2,311 |
Total other income and expense | 791 | 3,418 | 2,149 |
Income before income taxes | 25,746 | 14,585 | 8,919 |
Income taxes: | |||
Current | 2,949 | 5,851 | 4,615 |
Deferred | 2,473 | (3,469) | (367) |
Total income taxes | 5,422 | 2,382 | 4,248 |
Net income | $ 20,324 | $ 12,203 | $ 4,671 |
Net income per common share: | |||
Basic (in USD per share) | $ 2.37 | $ 1.44 | $ 0.55 |
Diluted (in USD per share) | $ 2.31 | $ 1.44 | $ 0.55 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Net income | $ 20,324 | $ 12,203 | $ 4,671 |
Post retirement benefit plan adjustments: | |||
Net actuarial gain | 3,026 | 2,309 | 89 |
Prior service costs | (496) | (496) | (496) |
Income tax benefit (expense) | (637) | (381) | 107 |
Comprehensive income | 22,572 | 14,181 | 4,371 |
Foreign currency hedging derivatives: | |||
Foreign currency hedging derivatives: | |||
Unrealized hedge gain (loss) | 706 | (85) | 0 |
Income tax benefit (expense) | (161) | 27 | 0 |
Interest rate hedging derivatives: | |||
Foreign currency hedging derivatives: | |||
Unrealized hedge gain (loss) | (240) | 765 | 0 |
Income tax benefit (expense) | $ 50 | $ (161) | $ 0 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 8,655,384 | 8,417,656 |
Basis of Presentation |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationCore Molding Technologies and its subsidiaries operate in the engineered materials market as one operating segment as a molder of thermoplastic and thermoset structural products. During the year ended December 31, 2023, the Company's operating segment consisted of one component reporting unit. The Company produces and sells molded products for varied markets, including medium and heavy-duty trucks, power sports, building products and other industrial markets. The Company offers customers a wide range of manufacturing processes to fit various program volumes and investment requirements. These processes include compression molding of sheet molding compound ("SMC"), resin transfer molding ("RTM"), liquid molding of dicyclopentadiene ("DCPD"), spray-up and hand-lay-up, direct long-fiber thermoplastics ("D-LFT") and structural foam and structural web injection molding ("SIM"). Core Molding Technologies has its headquarters in Columbus, Ohio, and operates six production facilities in Columbus, Ohio; Gaffney, South Carolina; Winona, Minnesota; Matamoros and Escobedo, Mexico; and Cobourg, Ontario, Canada. All production facilities produce structural composite products. |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation - The accompanying consolidated financial statements include the accounts of all subsidiaries after elimination of all intercompany accounts, transactions, and profits. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. Revenue Recognition - The Company historically has recognized revenue from two streams, product revenue and tooling revenue. Product revenue is earned from the manufacture and sale of sheet molding compound and thermoset and thermoplastic products. Revenue from product sales is generally recognized as products are shipped, as the Company transfers control to the customer and is entitled to payment upon shipment. In certain circumstances, the Company recognizes revenue from product sales when products are produced and the customer takes control at our production facility. Tooling revenue is earned from manufacturing multiple tools, molds and assembly equipment as part of a tooling program for a customer. Given that the Company is providing a significant service of producing highly interdependent component parts of the tooling program, each tooling program consists of a single performance obligation to provide the customer the capability to produce a single product. Based on the arrangement with the customer, the Company recognizes revenue either at a point in time or over time. When the Company does not have an enforceable right to payment, the Company recognizes tooling revenue at a point in time. In such cases, the Company recognizes revenue upon customer acceptance, which is when the customer has legal title to the tools. Certain tooling programs include an enforceable right to payment. In those cases, the Company recognizes revenue over time based on the extent of progress towards completion of its performance obligation. The Company uses a cost-to-cost measure of progress for such contracts because it best depicts the transfer of value to the customer and also correlates with the amount of consideration to which the entity expects to be titled in exchange for transferring the promised goods or services to the customer. Under the cost-to-cost measure of progress, progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. Cash and Cash Equivalents - The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash is held primarily in three banks in three separate jurisdictions. The Company had $24,104,000 cash on hand at December 31, 2023 and had $4,183,000 cash on hand at December 31, 2022. Accounts Receivable Allowances - Management maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company determined that no allowance for doubtful accounts was needed at December 31, 2023 or December 31, 2022, respectively. Management also records estimates for customer returns and deductions, discounts offered to customers, and for price adjustments. Should customer returns and deductions, discounts, and price adjustments fluctuate from the estimated amounts, additional allowances may be required. The Company had an allowance for estimated chargebacks of $138,000 at December 31, 2023 and $502,000 at December 31, 2022. Inventories - Inventories, which include material, labor and manufacturing overhead, are valued at the lower of cost or net realizable value. The inventories are accounted for using the first-in, first-out (FIFO) method of determining inventory costs. Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based on historical and anticipated usage. The Company has recorded an allowance for slow moving and obsolete inventory of $671,000 at December 31, 2023 and $433,000 at December 31, 2022. Inventories, net consisted of the following (in thousands):
Contract Assets/Liabilities - Contract assets and liabilities represent the net cumulative customer billings, vendor payments and revenue recognized for tooling programs. For tooling programs where net revenue recognized and vendor payments exceed customer billings, the Company recognizes a contract asset. For tooling programs where net customer billings exceed revenue recognized and vendor payments, the Company recognizes a contract liability. Customer payment terms vary by contract and can range from progress payments based on work performed or one single payment once the contract is completed. Contract assets are classified as current and are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. Contract assets as of December 31, 2023 and 2022 are $77,000 and $344,000, respectively. During the years ended December 31, 2023 and December 31, 2022, the Company recognized no impairments on contract assets. Contract liabilities are classified as current on the Consolidated Balance Sheets as of December 31, 2023 and 2022. Contract liabilities as of December 31, 2023 and 2022 are $5,204,000 and $1,395,000, respectively. The Company recognized $2,446,000 and $14,562,000 for the years ended December 31, 2023 and 2022, respectively, corresponding with revenue from contract liabilities related to jobs outstanding at December 31, 2022 and December 31, 2021, respectively. Property, Plant, and Equipment - Property, plant, and equipment are recorded at cost. Depreciation is provided on a straight-line method over the estimated useful lives of the assets. The carrying amount of long-lived assets is evaluated annually to determine if adjustment to the depreciation period or to the unamortized balance is warranted. Ranges of estimated useful lives for computing depreciation are as follows:
Long-Lived Assets - Long-lived assets consist primarily of property, plant and equipment and finite-lived intangibles. The recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the business environment. The Company evaluates whether impairment exists for long-lived assets on the basis of undiscounted expected future cash flows from operations before interest. There was no impairment of the Company's long-lived assets for the years ended December 31, 2023, 2022 and 2021. The Company completed the closure of the manufacturing facility located in Batavia, Ohio as of December 31, 2021, and recognized a loss of $571,000 on the disposal of long-lived assets at December 31, 2021. Goodwill - The purchase consideration of acquired businesses have been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill in accordance with FASB ASC Topic 350, Intangibles - Goodwill and Other. FASB ASC Topic 350 prohibits the amortization of goodwill and requires these assets be reviewed for impairment at the reporting unit level. The annual impairment tests of goodwill may be completed through qualitative assessments; however the Company may elect to bypass the qualitative assessment and proceed directly to a quantitative impairment test for the reporting unit in any period. The Company may resume the qualitative assessment for the reporting unit in any subsequent period. Under a qualitative and quantitative approach, the impairment test for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying amount. As part of the qualitative assessment, the Company considers relevant events and circumstances that affect the fair value or carrying amount of the Company. Such events and circumstances could include changes in economic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit specific events and capital markets pricing. The Company places more weight on the events and circumstances that most affect the Company's fair value or carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform step one of the impairment test. If the Company elects to bypass the qualitative assessment for the reporting unit, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value of the reporting unit exceeds its fair value, the Company proceeds to a quantitative approach. The Company performed a qualitative analysis for the years end December 31, 2023, 2022 and 2021, and determined there was no impairment of the Company’s goodwill. Income Taxes - The Company records deferred income taxes for differences between the financial reporting basis and income tax basis of assets and liabilities. A detailed breakout is located in Note 11 - Income Taxes. Self-Insurance - The Company is self-insured with respect to Columbus, Ohio; Gaffney, South Carolina; Winona, Minnesota; and Brownsville, Texas for medical, dental and vision claims and Columbus, Ohio for workers’ compensation claims, all of which are subject to stop-loss insurance thresholds. The Company is also self-insured for dental and vision with respect to its Cobourg, Canada location. The Company has recorded an estimated liability for self-insured medical, dental and vision claims incurred but not reported and worker’s compensation claims incurred but not reported at December 31, 2023 and December 31, 2022 of $988,000 and $889,000, respectively, included within the Other Current Liabilities on the Company's Consolidated Balance Sheets. Post Retirement Benefits - Management records an accrual for post retirement costs associated with the health care plan sponsored by the Company for certain retirees. Should actual results differ from the assumptions used to determine the reserves, additional provisions may be required. In particular, increases in future healthcare costs above the assumptions could have an adverse effect on the Company's operations. The effect of a change in healthcare costs is described in Note 12 - Post Retirement Benefits. Core Molding Technologies had a liability for post retirement healthcare benefits based on actuarially computed estimates of $3,116,000 at December 31, 2023 and $6,625,000 at December 31, 2022. Fair Value of Financial Instruments - The Company's financial instruments historically consist of long-term debt, revolving loans, interest rate swaps, foreign currency hedges, accounts receivable, and accounts payable. Further detail is located in Note 14 - Fair Value of Financial Instruments. Concentration Risks - The Company has concentration risk related to significant amounts of sales and accounts receivable with certain customers. The Company had five major customers during the year end December 31, 2023, BRP, Inc. (“BRP”), Navistar, Inc. (“Navistar”), PACCAR, Inc. (“PACCAR”), Universal Forest Products, Inc. (“UFP”), and Volvo Group North America, LLC (“Volvo”). Major customers are defined as customers whose current year sales individually consist of more than ten percent of total sales during any annual or interim reporting period in the current year. Sales to five major customers comprised 68%, 64% and 63% of total sales in 2023, 2022 and 2021, respectively (see Note 4 - Major Customers). Concentrations of accounts receivable balances with five customers accounted for 67% of accounts receivable at December 31, 2023 and 2022, respectively. The Company performs ongoing credit evaluations of its customers' financial condition. The Company maintains reserves for potential bad debt losses, and such bad debt losses have been historically within the Company's expectations. As of December 31, 2023, the Company employed a total of 1,857 employees, which consisted of 698 employees in the United States, 985 employees in Mexico and 174 employees in Canada. The salary workforce consisted of 369 employees, while 1,488 employees were hourly. Four plant locations making up 67.3% of the workforce are covered by collective bargaining agreements. Details on the collective bargaining agreements are as follows:
(1)The Company is currently negotiating an extension to the Escobedo, Mexico collective bargaining agreement. Earnings per Common Share - Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per common share are computed similarly but include the effect of the assumed exercise of dilutive stock options and vesting of restricted stock under the treasury stock method. Certain of the Company's restricted shares are entitled to receive dividends and voting rights applicable to the Company's common stock, irrespective of any vesting requirement. These restricted shares are considered a participating security and the Company is required to apply the two-class method to consider the impact of the restricted shares on the calculation of basic and diluted earnings per share. A detailed computation of earnings per share is located in Note 3 - Net Income (Loss) per Common Share. Research and Development - Research and development activities focus on developing new material formulations, new products, new production capabilities and processes, and improving existing products and manufacturing processes. The Company does not maintain a separate research and development organization or facility, but uses its production equipment, as necessary, to support these efforts and cooperates with its customers and its suppliers in research and development efforts. Manpower to direct and advance research and development is integrated with the existing manufacturing, engineering, production, and quality organizations. Research and development costs, which are expensed as incurred, totaled approximately $1.7 million, $1.6 million and $1.3 million in 2023, 2022 and 2021. Foreign Currency - The functional currency for the Mexican and Canadian operations is the United States Dollar. All foreign currency asset and liability amounts are remeasured into United States Dollars at end-of-period exchange rates. Income statement accounts are remeasured at the weighted monthly average rates. Gains and losses resulting from remeasurement of foreign currency financial statements into United States Dollars and gains and losses resulting from foreign currency transactions are included in current results of operations. Net foreign currency remeasurement and transaction activity is included in selling, general and administrative expense. This activity resulted in income of $291,000 in 2023. The activity resulted in an expense of $401,000 and $149,000 in 2022 and 2021, respectively. Recent Accounting Pronouncements Current expected credit loss (CECL) In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses,” which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model and generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. Subsequent to issuing ASU 2016-13, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” for the purpose of clarifying certain aspects of ASU 2016-13. ASU 2018-19 has the same effective date and transition requirements as ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” which is effective with the adoption of ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, “Financial Instruments - Credit Losses (Topic 326),” which is also effective with the adoption of ASU 2016-13. In November 2019, the FASB voted to delay the implementation date for certain companies, including those that qualify as a smaller reporting company under SEC rules, until fiscal years beginning after December 15, 2022. We have adopted this ASU as of January 1, 2023 with no material impact on our consolidated financial position, results of operations, cash flows, or presentation thereof.
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Net Income (Loss) per Common Share |
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Net Income (Loss) per Common Share | Net Income per Common Share Net income per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed similarly but includes the effect of the assumed exercise of dilutive stock appreciation rights and restricted stock under the treasury stock method. On May 13, 2021, the Company's shareholders approved the 2021 Long Term Equity Incentive Plan (the “2021 Plan”) that replaced the 2006 Long Term Equity Incentive Plan (the “2006 Plan”) approved in May 2006 and amended in May 2015. The 2021 Plan provides restricted stock award recipients voting rights equivalent to the Company's common stock and accrual of dividends but not receipt of dividends until all conditions or restrictions related to such award have been satisfied. Accordingly, the restricted shares are not considered participating shares. The 2006 Plan provides restricted stock award recipients voting rights equivalent to the Company’s common stock and accrual and receipt of dividends irrespective of any conditions or restrictions related to such award being satisfied. Accordingly, the restricted shares granted from the 2006 Plan are considered a participating security and the Company is required to apply the two-class method to consider the impact of the restricted shares on the calculation of basic and diluted earnings per share. The computation of basic and diluted net income per common share is as follows (in thousands, except for per share data):
The computation of basic and diluted net income per participating share is as follows (in thousands, except for per share data):
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Major Customers |
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Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Customers | Major Customers The Company had five major customers during the year ended December 31, 2023, BRP, Navistar, PACCAR, UFP and Volvo. Major customers are defined as customers whose sales individually consist of more than ten percent of total sales during any annual or interim reporting period in the current year. The loss of a significant portion of sales to these customers could have a material adverse effect on the business of the Company. The following table presents sales revenue for the above-mentioned customers for the years ended December 31 (in thousands):
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Foreign Operations |
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Foreign Operations | Foreign Operations Primarily all of the Company's product is sold to U.S. based customers in U.S. dollars. The following table provides information related to sales by country, based on the ship to location of customers' production facilities, for the years ended December 31 (in thousands):
The following table provides information related to the location of the Company's property, plant and equipment, net, as of December 31 (in thousands):
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Property, Plant, and Equipment |
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Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment consisted of the following at December 31 (in thousands):
Additions in progress at December 31, 2023 and 2022 relate to building improvements and equipment purchases that were not yet completed and placed in service at year end. At December 31, 2023, commitments for capital expenditures in progress were $1,100,000 and included $298,000 recorded on the balance sheet in accounts payable. At December 31, 2022, commitments for capital expenditures in progress were $2,812,000, and included $868,000 recorded on the balance sheet in accounts payable. Depreciation expense was $11,229,000, $9,655,000 and $9,181,000 for the years ended December 31, 2023, 2022 and 2021, respectively.
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Leases |
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Leases | Leases The Company has operating leases with fixed and variable payment terms primarily associated with buildings and warehouses. The Company's leases have remaining lease terms of twelve months to forty-five months, some of which include options to extend the lease for five years. Operating leases are included in right-of-use ("ROU") assets, other accrued liabilities and other non-current liabilities on the Consolidated Balance Sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. The Company used the applicable incremental borrowing rate at lease inception date to measure lease liabilities and ROU assets. The incremental borrowing rate used by the Company was based on baseline rates and adjusted by the credit spreads commensurate with the Company’s secured borrowing rate. At each reporting period when there is a new lease initiated, the Company will utilize the rate implicit in the lease if readily determinable and if not readily determinable, then the Company will utilize the incremental borrowing rate to perform lease classification tests on lease components and to measure ROU assets and lease liabilities. The following table provides information related to the components of lease expense as of December 31 (in thousands):
The following table provides information related to other supplemental balance sheet information related to operating leases as of December 31, (in thousands):
(A) Current operating lease liability included in " " on the Consolidated Balance Sheets. (B) Noncurrent operating lease liability included in " " on the Consolidated Balance Sheets.
For the years ended December 31, 2023 and 2022, cash payments on amounts included in the measurement of lease liabilities were $2,117,000 and $1,640,000, respectively. During the year ended December 31, 2023, the Company terminated a lease for the secondary warehouse in Monterrey, Mexico. As a result, the Company wrote off approximately $1,548,000 and $1,660,000 of lease assets and lease liabilities, respectively, related to this lease. The Company then entered into a new lease related to the secondary warehouse in Monterrey, Mexico, which resulted in right of use assets obtained in exchange for new operating lease liabilities of $641,000. The Company also entered into a new lease related to a warehouse in Matamoros, Mexico, which resulted in additional right of use assets obtained in exchange for new operating lease liabilities of $1,172,000. During the year ended December 31, 2022, there were $1,099,000 right of use assets obtained in exchange for new operating lease liabilities. As of December 31, 2023, maturities of lease liabilities were as follows (in thousands):
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Goodwill and Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangibles | Goodwill and Intangibles Goodwill activity for the year consisted of the following at December 31, (in thousands):
Intangible assets at December 31, 2023 were comprised of the following (in thousands):
Intangible assets at December 31, 2022 were comprised of the following (in thousands):
The Company incurred $1,602,000, $1,948,000 and $1,949,000 of amortization expense for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, future intangible amortization was follows (in thousands):
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Long-term debt consists of the following at (in thousands):
Huntington Credit Agreement On July 22, 2022, the Company entered into a credit agreement (the “Huntington Credit Agreement”) with The Huntington National Bank (“Huntington”), as the sole lender, administrative agent, lead arranger and book runner, and the lenders from time to time thereto. Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company secured loans (the “Huntington Loans”) in the maximum aggregate principal amount of $75,000,000 ($38,689,000 of which was advanced to the Company on July 22, 2022), comprised of three $25,000,000 commitments: a term loan commitment, a CapEx loan commitment, and a revolving loan commitment. The initial proceeds from the Huntington Credit Agreement were used in part to (i) repay all existing outstanding indebtedness of the Company owing to Wells Fargo Bank, National Association, and FGI Equipment Finance LLC (“FGI”) and (ii) pay certain fees and expenses associated with entering the Huntington Credit Agreement. At the option of the Company, the Huntington Loans shall be comprised of Alternative Base Rate (ABR) Loans or Secure Overnight Financing Rate (SOFR) Loans. ABR Loans bear interest at a per annum rate equal to ABR plus a margin of 280 to 330 basis points determined based on the Company’s leverage ratio. ABR is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50% per annum and (c) Daily Simple SOFR for such day (taking into account any floor set forth in the definition of “Daily Simple SOFR”) plus 1.00% per annum; provided, that if the ABR shall be less than 0.00%, then ABR shall be deemed to be 0.00%. SOFR Loans bear interest at a per annum rate equal to Daily Simple SOFR plus a margin of 180 to 230 basis points determined based on the Company’s leverage ratio. Daily Simple SOFR means, for any day (a “SOFR Rate Day”), a rate per annum equal to the greater of (a) SOFR for the day (such day, the “SOFR Determination Date”) that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website, and (b) 0.00%. The Company’s obligations under the Huntington Credit Agreement are secured by all of the U.S. and Canadian assets of the Company, including all of its equity interests in each of the Company’s U.S. and Canadian subsidiaries and 65% of the Company’s equity interest in its Mexican subsidiaries, and are unconditionally guaranteed by certain subsidiaries of the Company. The Huntington Credit Agreement contains certain customary representations and warranties, conditions, affirmative and negative covenants and events of default. The Company is in compliance with such covenants as of December 31, 2023. Voluntary prepayments of amounts outstanding under the Huntington Loans are permitted at any time without premium or penalty. In connection with the credit agreement, the Company incurred debt origination fees of $402,000 related to the Huntington Credit Agreement, which is being amortized over the life of the Credit Agreement. The aggregate unamortized deferred financing fees as of December 31, 2023 totaled $291,000. Huntington Capex Loan Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company secured Capex loan (the “Huntington Capex Loan”) in the maximum aggregate principal amount of $25,000,000 (none of which was advanced to the Company on July 22, 2022 and through December 31, 2023). Proceeds of the Huntington Capex Loan would be used to finance the ongoing capital expenditure needs of the Company. Any borrowings from the Huntington Capex Loan will be converted to new term loans annually each February, beginning February 2025, and will have monthly principal repayments based on a sixty-month amortization period with all amounts outstanding on the Huntington Capex Loan being fully due on July 22, 2027. Huntington Revolving Loan Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company a revolving loan commitment (the “Huntington Revolving Loan”) of $25,000,000 ($13,689,000 of which was advanced to the Company on July 22, 2022). The Company has $25,000,000 of available revolving loans of which none is outstanding as of December 31, 2023. The interest rate for the Huntington Revolving Loan was 7.11% as of December 31, 2023. The Huntington Credit Agreement makes available to the Company a revolving commitment in the maximum amount of $25,000,000 at the Company’s option at any time during the five-year period following the closing. The revolving loan commitment terminates, and all outstanding borrowings thereunder must be repaid on July 22, 2027. Huntington Term Loan Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company a Term Loan commitment (the “Huntington Term Loan”) of $25,000,000 ($25,000,000 of which was advanced to the Company on July 22, 2022). The Huntington Term Loan is to be repaid in monthly installments beginning August 2022 of $104,000 per month for the first 24 months, $156,000 per month for the next 24 months, $208,000 for the next 12 months and the remaining balance to be paid on July 22, 2027. The interest rate for the Huntington Term Loan was 7.11% as of December 31, 2023. Interest Rate Swap Agreement The Company entered into an interest rate swap agreement that became effective July 22, 2022 and continues through July 2027, which was designed as a cash flow hedge for an initial aggregate amount of $25,000,000 of the Huntington Term Loan. Under this agreement, the Company will pay a fixed SOFR rate of 2.95% to the swap counterparty in exchange for the Term Loans daily variable SOFR. The fair value of the interest rate swap was an asset of $524,000 and $765,000 at December 31, 2023 and 2022, respectively. Leaf Capital Funding On April 24, 2020 the Company entered into a finance agreement with Leaf Capital Funding of $175,000 for equipment. The parties agreed to a fixed interest rate of 5.50% and a term of 60 months. Wells Fargo Loan On December 31, 2021, the Company had term loans (the "WF Term Loans") and a revolving loan (the "WF Revolving loan") with Wells Fargo Bank, National Association, with balances of $13,992,000 and $4,424,000, respectively. The Company’s term and revolving loans had variable interest rates on December 31, 2021 of 3.77% and 4.25%, respectively. On July 22, 2022, all existing outstanding indebtedness of the Company owed to Wells Fargo Bank, National Association was repaid in full as part of the Huntington Credit Agreement. FGI Equipment Finance LLC Term Loan On December 31, 2021, the Company had a term loan (the "FGI Term Loan"), evidenced by a promissory note (the "FGI Note") with FGI, with a balance of $12,561,000. The Company’s term loan had a fixed interest rate of 8.25% at December 31, 2021. On July 22, 2022, all existing outstanding indebtedness of the Company owed to FGI was repaid in full as part of the Huntington Credit Agreement. At December 31, 2022, the company recorded losses of $1,234,000 from writing off outstanding deferred loan costs and approximately $348,000 from prepayment fees associated with the FGI Term Loan. Annual maturities of long-term debt are as follows (in thousands):
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Stock Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation On May 13, 2021, the Company's shareholders approved the 2021 Long Term Equity Incentive Plan (the “2021 Plan”) that replaced the 2006 Long Term Equity Incentive Plan (the “2006 Plan”) approved in May 2006 and amended in May 2015. The 2021 Plan allows for grants to employees, officers, non-employee directors, consultants, independent contractors and advisors of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards (“stock awards”) up to an aggregate of 924,823 awards. At December 31, 2023, 289,929 shares of common stock were available to be granted. Awards can be granted under the 2021 Plan through the earlier of May 13, 2031, or the date the maximum number of available awards under the 2021 Plan have been granted. No new awards may be granted from the 2006 Plan. Awards under the 2021 Plan vest over to three years and shares previously awarded and currently unvested under the 2006 Plan vest over three years. Shares granted under both the 2006 and 2021 Plans vest upon the date of a participant’s death, disability or change in control. The Company follows the provisions of FASB ASC 718 requiring that compensation cost relating to share-based payment transactions be recognized in the financial statements. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee's requisite service period (generally the vesting period of the equity award). During 2023, 2022 and 2021, employees surrendered 125,701, 48,285 and 7,237 shares, respectfully, of the Company's common stock to satisfy income tax withholding obligations in connection with the vesting and exercising of stock awards. Restricted Stock The Company grants shares of its common stock to certain directors and employees in the form of unvested stock (“Restricted Stock”). These awards are measured at the fair value of Core Molding Technologies’ common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period. The following summarizes the status of Restricted Stock and changes during the years ended December 31:
At December 31, 2023 and 2022, there was $3,008,000 and $3,570,000, respectively, of total unrecognized compensation expense. That cost is expected to be recognized over the weighted-average period of 1.7 years. Total compensation expense related to restricted stock grants for the years ended December 31, 2023, 2022 and 2021 was $2,871,000, $2,284,000, and $1,762,000, respectively, and is recorded as selling, general and administrative expense. Tax benefits in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended December 31, 2023, was $536,000. Tax deficiencies in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended December 31, 2022 was $79,000. Tax benefits in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended December 31, 2021, was $305,000. Performance Restricted Stock Awards The Company grants shares of its common stock to certain officers and key managers in the form of shares of performance-based restricted stock ("Performance Restricted Stock Awards"). These awards are measured at the fair value of the Company's common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period to the extent that the performance measures have been satisfied as of the last day of the performance period of the award. The total amount payable as of the award's vesting date is determined by the three-year average Operational Income and Return on Capital Employed performance measure achievement as defined in the applicable award agreement. The Company adjusts compensation expense for actual forfeitures as they occur and for estimated performance measure achievement. The following summarizes the status of Performance Restricted Stock Awards and changes during the years ended December 31:
At December 31, 2023, there was $135,000 of total unrecognized compensation expense related to Performance Restricted Stock Awards. As of December 31, 2022 and 2021, there was no unrecognized compensation expense related to Performance Restricted Stock Awards. The unrecognized compensation expense at December 31, 2023 is expected to be recognized over the weighted-average period of 2.2 years. Total compensation cost related to Performance Restricted Stock Awards for the year ended December 31, 2023 was $52,000, all of which was recorded to selling, general and administrative expense. Stock Appreciation Rights As part of the Company's 2019 annual grant, Stock Appreciation Rights (SARs) were granted with a grant price of $10. These awards have a contractual term of five years and vest ratably over a period of three years or immediately vest if the recipient is over 65 years of age. These awards are valued using the Black-Scholes option pricing model, and are amortized ratably as compensation expense over a three-year period. A summary of the Company's stock appreciation rights activity for the years ended December 31, is as follows:
The weighted average grant date fair value of exercised SARs was $2.57. At December 31, 2022, there was no unrecognized compensation expense related to SARs. The Company did not recognize any compensation cost related to SARs for the year ended December 31, 2023. Total compensation cost related to SARs for the years ended December 31, 2022 and 2021 was $45,000 and $127,000 respectively, all of which was recorded to selling, general and administrative expense.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Components of the provision for income taxes are as follows (in thousands):
A reconciliation of the income tax provision based on the federal statutory income tax rate to the Company's income tax provision for the years ended December 31 is as follows (in thousands):
At December 31, 2023, a provision has not been made for U.S. taxes on accumulated undistributed earnings of approximately $32,622,000 and $19,153,000 of the Company's Canadian and Mexican subsidiaries, respectively, that would become payable upon repatriation to the United States. At December 31, 2022, a provision has not been made for U.S. taxes on accumulated undistributed earnings of approximately $28,100,000 and $16,479,000 of the Company's Canadian and Mexican subsidiaries, respectively, that would become payable upon repatriation to the United States. It is the intention of the Company to reinvest all such earnings in operations and facilities outside of the United States. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. The Company evaluates the balance of deferred tax assets that will be realized based on the premise that the Company is more likely than not to realize deferred tax benefits through the generation of future taxable income. Management makes assumptions, judgments, and estimates to determine our current and deferred tax provision and also the deferred tax assets and liabilities. The Company evaluates provisions and deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available evidence. As of December 31, 2023 the Company had a net deferred tax asset of $1,595,000 related to tax positions in Mexico and deferred tax liabilities of $1,182,000 and $43,000 related to tax positions in the United States and Canada. Deferred tax assets are included in "Other non-current assets" on the Consolidated Balance Sheets and deferred tax liabilities are included in "Other non-current liabilities" on the Consolidated Balance Sheets. As of December 31, 2023, the Company had a valuation allowance of $1,530,000 against the deferred tax asset related to local tax positions in the United States, due to cumulative losses over the last three years and uncertainty related to the Company’s ability to realize the deferred assets. The Company believes that the deferred tax assets associated with the Mexican tax jurisdictions are more-likely-than-not to be realizable based on estimates of future taxable income. As of December 31, 2022 the Company had net deferred tax assets of $163,000, $893,000 and $2,406,000 related to tax positions in Canada, Mexico and the United States, respectively. Deferred tax assets are included in "Other non-current assets" on the Consolidated Balance Sheets. During 2022, the Company reversed $2,363,000 of its valuation allowance on deferred tax assets related to federal tax positions in the United States, due to tax planning strategies. As of December 31, 2022, the Company had a valuation allowance of $1,154,000 against the deferred tax asset related to local tax positions in the United States, due to cumulative losses over the last three years and uncertainty related to the Company’s ability to realize the deferred assets. The Company believes that the deferred tax assets associated with the Canadian and Mexican tax jurisdictions are more-likely-than-not to be realizable based on estimates of future taxable income. Deferred tax assets consist of the following at December 31:
At December 31, 2023, the Company's estimated net operating loss carryforwards and interest limitation carryforwards in the United States federal tax jurisdiction were $2,100,000 and $4,945,000, respectively. At December 31, 2022, the Company's estimated net operating loss carryforwards and interest limitation carryforwards in the United States federal tax jurisdiction were $10,836,000 and $7,883,000, respectively. Both carryforwards do not expire. At December 31, 2023 and 2022, the Company had no net operating loss carryforwards in Canada or Mexico or jurisdictions. At December 31, 2023 and 2022 the Company had no liability for unrecognized tax benefits under guidance relating to tax uncertainties. The Company does not anticipate that the unrecognized tax benefits will significantly change within the next twelve months. The Company files income tax returns in the United States, Mexico, Canada and various state and local jurisdictions. The Company is subject to federal income tax examinations for tax years 2014 through 2017 but the scope of examination is limited to adjustments resulting from Net Operating Loss carry back claims from the 2019, and 2020 tax years. The Company is subject to federal income tax examinations for years 2020 through 2023 with unlimited scope. The Company is not subject to state examinations for years before 2020. The Company is not subject to Mexican income tax examinations by Mexican authorities for the years before 2018 and is not subject to Canadian income tax examinations by Canadian authorities for the years before 2019.
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Post Retirement Benefits |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Post Retirement Benefits | Post Retirement Benefits The Company provides post retirement benefits to certain of its United States and Canadian employees, including contributions to a multi-employer defined benefit pension plan, health care and life insurance benefits, and contributions to several defined retirement contribution plans. The Company contributes to a multi-employer defined benefit pension plan for its employees represented by the International Association of Machinists and Aerospace Workers ("IAM") at the Company’s Columbus, Ohio production facility. The Company does not administer this plan and contributions are determined in accordance with provisions of the collective bargaining agreement. The risks of participating in this multi-employer plan are different from a single-employer plan in the following aspects: •Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. •If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. •If the Company chooses to stop participating in its multi-employer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company’s participation in the multi-employer defined benefit pension plan for the years ended December 31, 2023 and 2022 is outlined in the table below. The most recent Pension Protection Act ("PPA") zone status is for the plan’s year-end at December 31, 2022. The zone status is based on information the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented.
(A)The plan re-certified its zone status after using the amortization provisions of the Code. The Company's contributions to the plan did not represent more than 5% of total contributions to the plan as indicated in the plan's most recently available annual report for the plan year ended December 31, 2022. Under the terms of the collective-bargaining agreement, the Company is required to make contributions to the plan for each hour worked up to a maximum of 40 hours per person, per week at $1.55 per hour from August 10, 2019 through August 9, 2025. The Company is paying a surcharge of $0.16 for each hour worked up to a maximum of 40 hours per person, per week as a result of the pension plan being in the Red Zone. Prior to the acquisition of Columbus Plastics, certain of the Company's employees were participants, or were eligible to participate, in Navistar's post retirement health and life insurance benefit plan. This plan provides healthcare and life insurance benefits for certain employees upon their retirement, along with their spouses and certain dependents and requires cost sharing between the Company, Navistar and the participants, in the form of premiums, co-payments, and deductibles. The Company and Navistar share the cost of benefits for these employees, using a formula that allocates the cost based upon the respective portion of time that the employee was an active service participant after the acquisition of Columbus Plastics to the period of active service prior to the acquisition of Columbus Plastics. The Company also sponsors a post retirement health and life insurance benefit plan for certain union retirees of its Columbus, Ohio production facility. In August 2010, as part of a new collective-bargaining agreement, the post retirement health and life insurance benefits for all current and future represented employees who were not retired were eliminated in exchange for a one-time cash payment. Individuals who retired prior to August 2010 remain eligible for post retirement health and life insurance benefits. The elimination of post retirement health and life insurance benefits described above resulted in a reduction of the Company’s post retirement benefits liability of approximately $10,282,000 in 2010. This reduction in post retirement benefits liability was treated as a negative plan amendment and is being amortized as a reduction to net periodic benefit cost over approximately twenty years, the actuarial life expectancy of the remaining participants in the plan at the time of the amendment. This negative plan amendment resulted in net periodic benefit cost reductions of approximately $496,000 in 2023, 2022 and 2021, and will result in net periodic benefit cost reductions of approximately $496,000 in 2024 and each year thereafter during the amortization period. The funded status of the Company's post retirement health and life insurance benefits plan as of December 31, 2023 and 2022 and reconciliation with the amounts recognized in the Consolidated Balance Sheets are provided below (in thousands):
The components of expense for all of the Company's post retirement benefit plans for the years ended December 31 (in thousands):
The Company accounts for post retirement benefits under FASB ASC 715, which requires the recognition of the funded status of a defined benefit pension or post retirement plan in the Consolidated Balance Sheets. For the year ended December 31, 2023, the Company recognized a net actuarial gain of $3,004,000 which is comprised of an actuarial gain of $3,393,000, offset by differences between actual and expected benefit payments, expenses and balance sheet accruals resulting in a loss of $389,000. The actuarial gain primarily resulted from a change from a self-insured to a fully-insured plan. For the year ended December 31, 2022, the Company recognized a net actuarial gain of $2,136,000, which is comprised of an actuarial gain of $2,272,000, offset by differences between actual and expected benefit payments, expenses and balance sheet accrual resulting in a loss of $136,000. The actuarial gain primarily resulted from an increase in the discount rate. The net actuarial gain for the years ended December 31, 2023 and 2022, were recorded in accumulated other comprehensive income. Amounts not yet recognized as a component of net periodic benefit costs at December 31, 2023 and 2022 were a net credit of $5,835,000 and $3,174,000, respectively. The amount in accumulated other comprehensive income expected to be recognized as components of net periodic post retirement cost during 2024 consists of a prior service credit of $496,000 and a net gain of $149,000. In addition, 2024 interest expense related to post retirement healthcare is expected to be $93,000, for a total post retirement healthcare net gain of approximately $552,000 in 2024. The Company expects benefits paid in 2024 to be consistent with estimated future benefit payments as shown in the table below. The weighted average rate of increase in the per capita cost of covered health care benefits as of December 31, 2023 and 2022 is projected to be 7.1% and 5.8%, respectively. The rate is projected to decrease gradually to medical and prescriptions post age 65 of 6.60% by the year 2029 and remain at that level thereafter. As of December 31, 2022, the comparable assumptions for prior year were medical post age 65 of 4.25% and prescriptions of 5.0% by the year 2027. The estimated future benefit payments of the health care plan for the next ten years are as follows (in thousands):
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Commitments and Contingencies |
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Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Company is involved in litigation incidental to the conduct of its business. However, the Company is presently not involved in any legal proceedings which in the opinion of management are likely to have a material adverse effect on the Company's consolidated financial position or results of operations.
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants as of the measurement date. Fair value is measured using the fair value hierarchy and related valuation methodologies as defined in the authoritative literature. This hierarchical valuation methodology provides a fair value framework that describes the categorization of assets and liabilities in three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 - Quoted prices in active markets for identical assets and liabilities. Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. Level 3 - Significant unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, debt, interest rate swaps and foreign currency derivatives. Cash and cash equivalents, accounts receivable and accounts payable carrying values as of December 31, 2023 and December 31, 2022 approximate fair value due to the short-term maturities of these financial instruments. As of December 31, 2023, the carrying amounts of the Huntington Term Loan and Huntington Revolving Loan approximated fair value due to the short-term nature of the underlying variable rate SOFR agreements. The Company had Level 2 fair value measurements at December 31, 2023 relating to the Company’s interest rate swaps and foreign currency derivatives. Derivative and hedging activities Foreign currency derivatives The Company conducted business in foreign countries and paid certain expenses in foreign currencies; therefore, the Company was exposed to foreign currency exchange risk between the U.S. Dollar and foreign currencies, which could impact the Company’s operating income and cash flows. To mitigate risk associated with foreign currency exchange, the Company entered into forward contracts to exchange a fixed amount of U.S. Dollars for a fixed amount of foreign currency, which will be used to fund future foreign currency cash flows. At inception, all forward contracts are formally documented as cash flow hedges and are measured at fair value each reporting period. Derivatives are formally assessed both at inception and at least quarterly thereafter, to ensure that derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, hedge accounting is discontinued, and any future mark-to-market adjustments are recognized in earnings. The effective portion of gain or loss is reported in other comprehensive income and the ineffective portion is reported in earnings. The impacts of these contracts were largely offset by gains and losses resulting from the impact of changes in exchange rates on transactions denominated in the foreign currency. As of December 31, 2023 and 2022 the Company had no ineffective portion related to the cash flow hedges. The notional contract value of foreign currency derivatives was $9,195,000 and $13,851,000 as of December 31, 2023 and 2022, respectively. Interest Rate Swaps The Company entered into an interest rate swap contract to fix the interest rate on an initial aggregate amount of $25,000,000 thereby reducing exposure to interest rate changes. The interest rate swap pays a fixed rate of 2.95% to the swap counterparty in exchange for daily SOFR. At inception, all interest rate swaps were formally documented as cash flow hedges and are measured at fair value each reporting period. See Note 9, "Debt", for additional information. The notional contract value of the interest rate swap was $23,229,000 and $24,479,000 as of December 31, 2023 and 2022, respectively. Financial statements impacts The following tables detail amounts related to our derivatives designated as hedging instruments (in thousands):
As of December 31, 2023, the Company had foreign exchange contracts related to the Mexican Peso with an exchange rates ranging from 18.04 to 19.00 and the Canadian Dollar with exchange rates ranging from 1.34 to 1.37. The following tables summarize the amount of unrealized / realized gain and loss recognized in Accumulated Comprehensive Income (AOCI) for the years ended December 31, 2023, 2022 and 2021 (in thousands):
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Accumulated Other Comprehensive Income |
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Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents changes in Accumulated Other Comprehensive Income by component, net of tax, for the years ended December 31, 2023 and 2022 (in thousands):
(A) The effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in other income and expense on the Consolidated Statements of Operations. These Accumulated Other Comprehensive Income components are included in the computation of net periodic benefit cost (see Note 12 - Post Retirement Benefits for additional details). The tax effect of post retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Operations.
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Quarterly Results of Operations (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2023, 2022 and 2021 (in thousands).
(1) Sum of the quarters may not sum to total year due to rounding.
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Schedule II |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II | Schedule II Consolidated valuation and qualifying accounts and reserves for the years ended December 31, 2023, 2022 and 2021. Reserves deducted from asset to which it applies: Allowance for Doubtful Accounts
Customer Chargeback Allowance
(A)Amount represents uncollectible accounts written off. (B)Amount represents customer returns and deductions, discounts and price adjustments accepted.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation - The accompanying consolidated financial statements include the accounts of all subsidiaries after elimination of all intercompany accounts, transactions, and profits.
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Use of Estimates | Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions.
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Revenue Recognition | Revenue Recognition - The Company historically has recognized revenue from two streams, product revenue and tooling revenue. Product revenue is earned from the manufacture and sale of sheet molding compound and thermoset and thermoplastic products. Revenue from product sales is generally recognized as products are shipped, as the Company transfers control to the customer and is entitled to payment upon shipment. In certain circumstances, the Company recognizes revenue from product sales when products are produced and the customer takes control at our production facility. Tooling revenue is earned from manufacturing multiple tools, molds and assembly equipment as part of a tooling program for a customer. Given that the Company is providing a significant service of producing highly interdependent component parts of the tooling program, each tooling program consists of a single performance obligation to provide the customer the capability to produce a single product. Based on the arrangement with the customer, the Company recognizes revenue either at a point in time or over time. When the Company does not have an enforceable right to payment, the Company recognizes tooling revenue at a point in time. In such cases, the Company recognizes revenue upon customer acceptance, which is when the customer has legal title to the tools. Certain tooling programs include an enforceable right to payment. In those cases, the Company recognizes revenue over time based on the extent of progress towards completion of its performance obligation. The Company uses a cost-to-cost measure of progress for such contracts because it best depicts the transfer of value to the customer and also correlates with the amount of consideration to which the entity expects to be titled in exchange for transferring the promised goods or services to the customer. Under the cost-to-cost measure of progress, progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred.
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Cash and Cash Equivalents | Cash and Cash Equivalents - The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash is held primarily in three banks in three separate jurisdictions. The Company had $24,104,000 cash on hand at December 31, 2023 and had $4,183,000 cash on hand at December 31, 2022.
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Accounts Receivable Allowances | Accounts Receivable Allowances - Management maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company determined that no allowance for doubtful accounts was needed at December 31, 2023 or December 31, 2022, respectively. Management also records estimates for customer returns and deductions, discounts offered to customers, and for price adjustments. Should customer returns and deductions, discounts, and price adjustments fluctuate from the estimated amounts, additional allowances may be required. The Company had an allowance for estimated chargebacks of $138,000 at December 31, 2023 and $502,000 at December 31, 2022. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories - Inventories, which include material, labor and manufacturing overhead, are valued at the lower of cost or net realizable value. The inventories are accounted for using the first-in, first-out (FIFO) method of determining inventory costs. Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based on historical and anticipated usage. The Company has recorded an allowance for slow moving and obsolete inventory of $671,000 at December 31, 2023 and $433,000 at December 31, 2022. Inventories, net consisted of the following (in thousands):
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Contract Assets/Liabilities | Contract Assets/Liabilities - Contract assets and liabilities represent the net cumulative customer billings, vendor payments and revenue recognized for tooling programs. For tooling programs where net revenue recognized and vendor payments exceed customer billings, the Company recognizes a contract asset. For tooling programs where net customer billings exceed revenue recognized and vendor payments, the Company recognizes a contract liability. Customer payment terms vary by contract and can range from progress payments based on work performed or one single payment once the contract is completed. Contract assets are classified as current and are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. Contract assets as of December 31, 2023 and 2022 are $77,000 and $344,000, respectively. During the years ended December 31, 2023 and December 31, 2022, the Company recognized no impairments on contract assets. Contract liabilities are classified as current on the Consolidated Balance Sheets as of December 31, 2023 and 2022. Contract liabilities as of December 31, 2023 and 2022 are $5,204,000 and $1,395,000, respectively. The Company recognized $2,446,000 and $14,562,000 for the years ended December 31, 2023 and 2022, respectively, corresponding with revenue from contract liabilities related to jobs outstanding at December 31, 2022 and December 31, 2021, respectively.
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Property, Plant, and Equipment | Property, Plant, and Equipment - Property, plant, and equipment are recorded at cost. Depreciation is provided on a straight-line method over the estimated useful lives of the assets. The carrying amount of long-lived assets is evaluated annually to determine if adjustment to the depreciation period or to the unamortized balance is warranted. Ranges of estimated useful lives for computing depreciation are as follows:
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Long-Lived Assets | Long-Lived Assets - Long-lived assets consist primarily of property, plant and equipment and finite-lived intangibles. The recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the business environment. The Company evaluates whether impairment exists for long-lived assets on the basis of undiscounted expected future cash flows from operations before interest. There was no impairment of the Company's long-lived assets for the years ended December 31, 2023, 2022 and 2021. The Company completed the closure of the manufacturing facility located in Batavia, Ohio as of December 31, 2021, and recognized a loss of $571,000 on the disposal of long-lived assets at December 31, 2021.
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Goodwill | Goodwill - The purchase consideration of acquired businesses have been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill in accordance with FASB ASC Topic 350, Intangibles - Goodwill and Other. FASB ASC Topic 350 prohibits the amortization of goodwill and requires these assets be reviewed for impairment at the reporting unit level. The annual impairment tests of goodwill may be completed through qualitative assessments; however the Company may elect to bypass the qualitative assessment and proceed directly to a quantitative impairment test for the reporting unit in any period. The Company may resume the qualitative assessment for the reporting unit in any subsequent period. Under a qualitative and quantitative approach, the impairment test for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying amount. As part of the qualitative assessment, the Company considers relevant events and circumstances that affect the fair value or carrying amount of the Company. Such events and circumstances could include changes in economic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit specific events and capital markets pricing. The Company places more weight on the events and circumstances that most affect the Company's fair value or carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform step one of the impairment test. If the Company elects to bypass the qualitative assessment for the reporting unit, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value of the reporting unit exceeds its fair value, the Company proceeds to a quantitative approach. The Company performed a qualitative analysis for the years end December 31, 2023, 2022 and 2021, and determined there was no impairment of the Company’s goodwill.
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Income Taxes | Income Taxes - The Company records deferred income taxes for differences between the financial reporting basis and income tax basis of assets and liabilities. A detailed breakout is located in Note 11 - Income Taxes.
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Self-Insurance | Self-Insurance - The Company is self-insured with respect to Columbus, Ohio; Gaffney, South Carolina; Winona, Minnesota; and Brownsville, Texas for medical, dental and vision claims and Columbus, Ohio for workers’ compensation claims, all of which are subject to stop-loss insurance thresholds. The Company is also self-insured for dental and vision with respect to its Cobourg, Canada location. The Company has recorded an estimated liability for self-insured medical, dental and vision claims incurred but not reported and worker’s compensation claims incurred but not reported at December 31, 2023 and December 31, 2022 of $988,000 and $889,000, respectively, included within the Other Current Liabilities on the Company's Consolidated Balance Sheets.
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Post Retirement Benefits | Post Retirement Benefits - Management records an accrual for post retirement costs associated with the health care plan sponsored by the Company for certain retirees. Should actual results differ from the assumptions used to determine the reserves, additional provisions may be required. In particular, increases in future healthcare costs above the assumptions could have an adverse effect on the Company's operations. The effect of a change in healthcare costs is described in Note 12 - Post Retirement Benefits. Core Molding Technologies had a liability for post retirement healthcare benefits based on actuarially computed estimates of $3,116,000 at December 31, 2023 and $6,625,000 at December 31, 2022.
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Fair Value of Financial Instruments | Fair Value of Financial Instruments - The Company's financial instruments historically consist of long-term debt, revolving loans, interest rate swaps, foreign currency hedges, accounts receivable, and accounts payable. Further detail is located in Note 14 - Fair Value of Financial Instruments.
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Concentration Risks | Concentration Risks - The Company has concentration risk related to significant amounts of sales and accounts receivable with certain customers. The Company had five major customers during the year end December 31, 2023, BRP, Inc. (“BRP”), Navistar, Inc. (“Navistar”), PACCAR, Inc. (“PACCAR”), Universal Forest Products, Inc. (“UFP”), and Volvo Group North America, LLC (“Volvo”). Major customers are defined as customers whose current year sales individually consist of more than ten percent of total sales during any annual or interim reporting period in the current year. Sales to five major customers comprised 68%, 64% and 63% of total sales in 2023, 2022 and 2021, respectively (see Note 4 - Major Customers). Concentrations of accounts receivable balances with five customers accounted for 67% of accounts receivable at December 31, 2023 and 2022, respectively. The Company performs ongoing credit evaluations of its customers' financial condition. The Company maintains reserves for potential bad debt losses, and such bad debt losses have been historically within the Company's expectations. As of December 31, 2023, the Company employed a total of 1,857 employees, which consisted of 698 employees in the United States, 985 employees in Mexico and 174 employees in Canada. The salary workforce consisted of 369 employees, while 1,488 employees were hourly. Four plant locations making up 67.3% of the workforce are covered by collective bargaining agreements. Details on the collective bargaining agreements are as follows:
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Earnings Per Common Share | Earnings per Common Share - Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per common share are computed similarly but include the effect of the assumed exercise of dilutive stock options and vesting of restricted stock under the treasury stock method. Certain of the Company's restricted shares are entitled to receive dividends and voting rights applicable to the Company's common stock, irrespective of any vesting requirement. These restricted shares are considered a participating security and the Company is required to apply the two-class method to consider the impact of the restricted shares on the calculation of basic and diluted earnings per share. A detailed computation of earnings per share is located in Note 3 - Net Income (Loss) per Common Share.
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Research and Development | Research and Development - Research and development activities focus on developing new material formulations, new products, new production capabilities and processes, and improving existing products and manufacturing processes. The Company does not maintain a separate research and development organization or facility, but uses its production equipment, as necessary, to support these efforts and cooperates with its customers and its suppliers in research and development efforts. Manpower to direct and advance research and development is integrated with the existing manufacturing, engineering, production, and quality organizations. Research and development costs, which are expensed as incurred, totaled approximately $1.7 million, $1.6 million and $1.3 million in 2023, 2022 and 2021.
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Foreign Currency | Foreign Currency - The functional currency for the Mexican and Canadian operations is the United States Dollar. All foreign currency asset and liability amounts are remeasured into United States Dollars at end-of-period exchange rates. Income statement accounts are remeasured at the weighted monthly average rates. Gains and losses resulting from remeasurement of foreign currency financial statements into United States Dollars and gains and losses resulting from foreign currency transactions are included in current results of operations. Net foreign currency remeasurement and transaction activity is included in selling, general and administrative expense. This activity resulted in income of $291,000 in 2023. The activity resulted in an expense of $401,000 and $149,000 in 2022 and 2021, respectively.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements Current expected credit loss (CECL) In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses,” which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model and generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. Subsequent to issuing ASU 2016-13, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” for the purpose of clarifying certain aspects of ASU 2016-13. ASU 2018-19 has the same effective date and transition requirements as ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” which is effective with the adoption of ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, “Financial Instruments - Credit Losses (Topic 326),” which is also effective with the adoption of ASU 2016-13. In November 2019, the FASB voted to delay the implementation date for certain companies, including those that qualify as a smaller reporting company under SEC rules, until fiscal years beginning after December 15, 2022. We have adopted this ASU as of January 1, 2023 with no material impact on our consolidated financial position, results of operations, cash flows, or presentation thereof.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, net | Inventories, net consisted of the following (in thousands):
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Schedule of Estimated Useful Lives of Property, Plant, and Equipment | Ranges of estimated useful lives for computing depreciation are as follows:
Property, plant, and equipment consisted of the following at December 31 (in thousands):
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Schedule Of Collective-Bargaining Arrangements | Details on the collective bargaining agreements are as follows:
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Net Income (Loss) per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Net Income (Loss) per Common Share |
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Major Customers (Tables) |
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Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Major Customers | The following table presents sales revenue for the above-mentioned customers for the years ended December 31 (in thousands):
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Foreign Operations (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Sales and Property, Plant and Equipment by Geographic Area | The following table provides information related to sales by country, based on the ship to location of customers' production facilities, for the years ended December 31 (in thousands):
The following table provides information related to the location of the Company's property, plant and equipment, net, as of December 31 (in thousands):
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Property, Plant, and Equipment (Tables) |
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Schedule of Estimated Useful Lives of Property, Plant, and Equipment | Ranges of estimated useful lives for computing depreciation are as follows:
Property, plant, and equipment consisted of the following at December 31 (in thousands):
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Leases (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Expense | The following table provides information related to the components of lease expense as of December 31 (in thousands):
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Schedule of Supplemental Lease Information | The following table provides information related to other supplemental balance sheet information related to operating leases as of December 31, (in thousands):
(A) Current operating lease liability included in " " on the Consolidated Balance Sheets. (B) Noncurrent operating lease liability included in " " on the Consolidated Balance Sheets.
For the years ended December 31, 2023 and 2022, cash payments on amounts included in the measurement of lease liabilities were $2,117,000 and $1,640,000, respectively. During the year ended December 31, 2023, the Company terminated a lease for the secondary warehouse in Monterrey, Mexico. As a result, the Company wrote off approximately $1,548,000 and $1,660,000 of lease assets and lease liabilities, respectively, related to this lease. The Company then entered into a new lease related to the secondary warehouse in Monterrey, Mexico, which resulted in right of use assets obtained in exchange for new operating lease liabilities of $641,000. The Company also entered into a new lease related to a warehouse in Matamoros, Mexico, which resulted in additional right of use assets obtained in exchange for new operating lease liabilities of $1,172,000. During the year ended December 31, 2022, there were $1,099,000 right of use assets obtained in exchange for new operating lease liabilities.
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Schedule of Maturities of Lease Liabilities | As of December 31, 2023, maturities of lease liabilities were as follows (in thousands):
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Goodwill and Intangibles (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill Activity | Goodwill activity for the year consisted of the following at December 31, (in thousands):
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Schedule of Intangible Assets | Intangible assets at December 31, 2023 were comprised of the following (in thousands):
Intangible assets at December 31, 2022 were comprised of the following (in thousands):
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Schedule of Future Intangible Amortization | As of December 31, 2023, future intangible amortization was follows (in thousands):
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Long-term Debt | Long-term debt consists of the following at (in thousands):
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Schedule of Annual Maturities of Long-term Debt | Annual maturities of long-term debt are as follows (in thousands):
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Stock Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Activity | The following summarizes the status of Restricted Stock and changes during the years ended December 31:
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Schedule of Stock Appreciation Rights Activity | A summary of the Company's stock appreciation rights activity for the years ended December 31, is as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision for Income Taxes | Components of the provision for income taxes are as follows (in thousands):
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Reconciliation of Income Tax Provision | A reconciliation of the income tax provision based on the federal statutory income tax rate to the Company's income tax provision for the years ended December 31 is as follows (in thousands):
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Schedule of Deferred Tax Assets | Deferred tax assets consist of the following at December 31:
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Post Retirement Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Multiemployer Plan |
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Schedule of Benefit Obligation | The funded status of the Company's post retirement health and life insurance benefits plan as of December 31, 2023 and 2022 and reconciliation with the amounts recognized in the Consolidated Balance Sheets are provided below (in thousands):
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Schedule of Post Retirement Benefit Plans | The components of expense for all of the Company's post retirement benefit plans for the years ended December 31 (in thousands):
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Schedule of Future Benefit Payments | The estimated future benefit payments of the health care plan for the next ten years are as follows (in thousands):
|
Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized / Realized Gain and Loss Recognized in AOCI | The following tables summarize the amount of unrealized / realized gain and loss recognized in Accumulated Comprehensive Income (AOCI) for the years ended December 31, 2023, 2022 and 2021 (in thousands):
|
Accumulated Other Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in Accumulated Other Comprehensive Income by component, net of tax, for the years ended December 31, 2023 and 2022 (in thousands):
(A) The effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in other income and expense on the Consolidated Statements of Operations. These Accumulated Other Comprehensive Income components are included in the computation of net periodic benefit cost (see Note 12 - Post Retirement Benefits for additional details). The tax effect of post retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Operations.
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Quarterly Results of Operations (Unaudited) (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unaudited Quarterly Results of Operations | The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2023, 2022 and 2021 (in thousands).
(1) Sum of the quarters may not sum to total year due to rounding.
|
Basis of Presentation (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023
facility
segment
reportingUnit
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | segment | 1 |
Number of reporting units | reportingUnit | 1 |
Number of production facilities | facility | 6 |
Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounting Policies [Abstract] | ||
Raw materials and components | $ 13,068 | $ 16,523 |
Work in process | 2,649 | 2,929 |
Finished goods | 6,346 | 4,419 |
Total inventories, net | $ 22,063 | $ 23,871 |
Summary of Significant Accounting Policies - Schedule of Property, Plant, and Equipment Useful Lives (Details) |
Dec. 31, 2023 |
---|---|
Land improvements | |
Property, Plant & Equipment | |
Useful life | 20 years |
Buildings and improvements | Minimum | |
Property, Plant & Equipment | |
Useful life | 20 years |
Buildings and improvements | Maximum | |
Property, Plant & Equipment | |
Useful life | 40 years |
Machinery and equipment | Minimum | |
Property, Plant & Equipment | |
Useful life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant & Equipment | |
Useful life | 15 years |
Tools, dies and patterns | Minimum | |
Property, Plant & Equipment | |
Useful life | 3 years |
Tools, dies and patterns | Maximum | |
Property, Plant & Equipment | |
Useful life | 5 years |
Foreign Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | $ 73,778 | $ 86,728 | $ 97,725 | $ 99,507 | $ 86,443 | $ 101,606 | $ 98,735 | $ 90,592 | $ 73,168 | $ 81,025 | $ 80,461 | $ 72,829 | $ 357,738 | $ 377,376 | $ 307,483 |
Property, plant and equipment, net | 81,185 | 83,267 | 81,185 | 83,267 | |||||||||||
United States | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 234,504 | 231,391 | 191,667 | ||||||||||||
Property, plant and equipment, net | 37,737 | 37,483 | 37,737 | 37,483 | |||||||||||
Mexico | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 105,818 | 113,245 | 88,952 | ||||||||||||
Property, plant and equipment, net | 34,802 | 36,405 | 34,802 | 36,405 | |||||||||||
Canada | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 11,980 | 26,829 | 22,642 | ||||||||||||
Property, plant and equipment, net | $ 8,646 | $ 9,379 | 8,646 | 9,379 | |||||||||||
Other | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | $ 5,436 | $ 5,911 | $ 4,222 |
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Property, Plant & Equipment | |||
Total | $ 209,333 | $ 200,525 | |
Less accumulated depreciation | (128,148) | (117,258) | |
Property, plant and equipment, net | 81,185 | 83,267 | |
Purchase commitments for capital expenditures in progress | 1,100 | 2,812 | |
Accounts payable | 23,958 | 29,586 | |
Depreciation expense | 11,229 | 9,655 | $ 9,181 |
Accounts Payable, Current | |||
Property, Plant & Equipment | |||
Purchase commitments for capital expenditures in progress | 298 | 868 | |
Land and land improvements | |||
Property, Plant & Equipment | |||
Total | 6,009 | 6,009 | |
Building and improvements | |||
Property, Plant & Equipment | |||
Total | 45,775 | 44,490 | |
Machinery and equipment | |||
Property, Plant & Equipment | |||
Total | 152,063 | 139,408 | |
Tools, dies and patterns | |||
Property, Plant & Equipment | |||
Total | 3,222 | 3,222 | |
Additions in progress | |||
Property, Plant & Equipment | |||
Total | $ 2,264 | $ 7,396 |
Leases - Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |
Options to extend the lease, period | 5 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 12 months |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 45 months |
Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Leases [Abstract] | ||
Operating lease cost | $ 2,073 | $ 1,715 |
Short-term lease cost | 1,922 | 1,549 |
Total net lease cost | $ 3,995 | $ 3,264 |
Leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Operating lease: | ||
Operating lease right of use assets | $ 3,802 | $ 5,114 |
Current operating lease liabilities | $ 1,981 | $ 1,626 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current |
Noncurrent operating lease liabilities | $ 1,828 | $ 3,516 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other non-current liabilities | Other non-current liabilities |
Total operating lease liabilities | $ 3,809 | $ 5,142 |
Weighted average remaining lease term (in years): | 2 years 4 months 24 days | 3 years 7 months 6 days |
Weighted average discount rate: | 5.50% | 4.10% |
Operating Lease, Payments | $ 2,117 | $ 1,640 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 1,099 |
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Lessee, Operating Lease, Description [Abstract] | ||
Operating leases to be paid in year one | $ 2,137 | |
Operating leases to be paid in year two | 1,122 | |
Operating leases to be paid in year three | 594 | |
Operating leases to be paid in year four | 189 | |
Total lease payments | 4,042 | |
Less: imputed interest | (233) | |
Total lease obligations | 3,809 | $ 5,142 |
Less: current obligations | (1,981) | (1,626) |
Long-term lease obligations | $ 1,828 | $ 3,516 |
Goodwill and Intangibles - Schedule of Goodwill Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Goodwill [Roll Forward] | ||
Balance at beginning of year | $ 17,376 | $ 17,376 |
Additions | 0 | 0 |
Impairment | 0 | 0 |
Balance at end of year | $ 17,376 | $ 17,376 |
Goodwill and Intangibles - Schedule of Future Intangible Amortization (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 1,587 | |
2025 | 952 | |
2026 | 915 | |
2027 | 915 | |
2028 | 761 | |
2029 and thereafter | 887 | |
Net Carrying Amount | $ 6,017 | $ 7,619 |
Debt - Schedule Long-term Debt (Details) - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Total | $ 23,278,000 | $ 24,564,000 |
Less: deferred loan costs | (291,000) | (370,000) |
Less: current portion | (1,468,000) | (1,208,000) |
Long-term debt | 21,519,000 | 22,986,000 |
FGI Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 12,561,000 | |
Huntington Term Loans | ||
Debt Instrument [Line Items] | ||
Total | 23,230,000 | 24,479,000 |
Loans Payable | Leaf Capital term loan payable | ||
Debt Instrument [Line Items] | ||
Total | $ 48,000 | $ 85,000 |
Debt - Schedule Annual Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Maturities of Long-term Debt [Abstract] | ||
2024 | $ 1,549 | |
2025 | 1,885 | |
2026 | 2,135 | |
2027 | 17,709 | |
Total long-term debt as of December 31, 2023 | $ 23,278 | $ 24,564 |
Stock Based Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Number of Shares | |||
Unvested beginning balance (in shares) | 502,747 | 459,420 | 507,835 |
Granted (in shares) | 179,580 | 287,485 | 250,635 |
Vested (in shares) | (262,788) | (230,201) | (262,461) |
Forfeited (in shares) | (45,956) | (13,957) | (36,589) |
Unvested ending balance (in shares) | 373,583 | 502,747 | 459,420 |
Wtd. Avg. Grant Date Fair Value | |||
Unvested beginning balance (in USD per share) | $ 10.46 | $ 9.79 | $ 6.35 |
Granted (in USD per share) | 15.98 | 10.39 | 13.74 |
Vested (in USD per share) | 9.85 | 7.87 | 6.89 |
Forfeited (in USD per share) | 12.46 | 11.28 | 7.66 |
Unvested beginning balance (in USD per share) | $ 13.33 | $ 10.46 | $ 9.79 |
Stock Based Compensation - Schedule of Stock Appreciation Rights Activity (Details) - Stock Appreciation Rights (SARs) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Number of Shares | |||
Beginning Balance (in shares) | 177,016 | 177,016 | 180,925 |
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (177,016) | 0 | 0 |
Forfeited (in shares) | 0 | 0 | (3,909) |
Ending Balance (in shares) | 0 | 177,016 | 177,016 |
Exercisable (in shares) | 0 | 177,016 | 124,801 |
Wtd. Avg. Grant Date Fair Value | |||
Beginning balance (in USD per share) | $ 2.57 | $ 2.57 | $ 2.57 |
Granted (in USD per share) | 0 | 0 | 0 |
Exercised (in USD per share) | 2.57 | 0 | 0 |
Forfeited (in USD per share) | 0 | 0 | 2.57 |
Ending balance (in USD per share) | 0 | 2.57 | 2.57 |
Exercisable (in USD per share) | $ 0 | $ 2.57 | $ 2.57 |
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Current: | |||
Federal | $ 26 | $ (18) | $ (388) |
Foreign | 2,835 | 5,896 | 4,979 |
State and local | 88 | (27) | 24 |
Total current income tax expense (benefit) | 2,949 | 5,851 | 4,615 |
Deferred: | |||
Federal | 2,844 | (3,533) | (208) |
Foreign | (451) | 80 | (167) |
State and local | 80 | (16) | 8 |
Deferred income tax expense (benefit) | 2,473 | (3,469) | (367) |
Total income taxes | $ 5,422 | $ 2,382 | $ 4,248 |
Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Reconciliation of income tax provision: | |||
Provision at United States federal statutory rate | $ 5,407 | $ 3,063 | $ 1,870 |
U.S. federal valuation allowance | 0 | (2,363) | 1,706 |
U.S. state and local valuation allowance | 379 | 349 | 269 |
Net operating loss carryback at 34% tax rate | 0 | 0 | (137) |
Effect of foreign taxes | 143 | 1,519 | 996 |
State and local tax expense | (385) | (391) | (237) |
Other | (122) | 205 | (219) |
Total income taxes | $ 5,422 | $ 2,382 | $ 4,248 |
Tax rate | 34.00% |
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deferred tax assets | ||
U.S. federal net operating loss carryforwards | $ 442 | $ 2,276 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 1,553 | 1,123 |
Interest limitation carryforwards | 1,162 | 1,734 |
Accrued liabilities | 595 | 626 |
Accounts receivable | 32 | 44 |
Inventory | 211 | 215 |
Property, plant, and equipment | (6,065) | (5,111) |
Post retirement benefits | 1,024 | 1,629 |
Goodwill and finite-lived assets, net | 2,151 | 1,662 |
Other, net | 795 | 418 |
Total deferred tax asset | 1,900 | 4,616 |
Valuation allowance for deferred tax assets | (1,530) | (1,154) |
Total deferred tax asset (liability), net | $ 370 | $ 3,462 |
Post Retirement Benefits - Schedule of Multi-employer Plans (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Multiemployer plans: | ||
EIN | 516031295 | |
Pension plan number | 002 | |
FIP/RP Status Pending/ Implemented | Implemented | |
Contributions of the Company | $ 1,002,000 | $ 1,191,000 |
Surcharge Imposed | Yes | |
Expiration Date of Collective Bargaining Agreement | Aug. 07, 2025 | |
Employer contribution, rate per hour for each employee | $ 1.55 | |
Surcharge rate | $ 0.16 |
Post Retirement Benefits - Schedule of in Benefit Obligation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Change in benefit obligation: | |||
Interest cost | $ 254 | $ 198 | $ 161 |
Post Retirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 6,625 | 9,080 | |
Interest cost | 254 | 198 | |
Unrecognized gain | (3,004) | (2,136) | |
Benefits paid, net | (759) | (517) | |
Benefit obligation at beginning of year | 3,116 | 6,625 | $ 9,080 |
Plan Assets | 0 | 0 | |
Amounts recorded in accumulated other comprehensive income: | |||
Prior service credit | (3,648) | (4,122) | |
Net loss (gain) | (2,056) | 948 | |
Total | $ (5,704) | $ (3,174) | |
Weighted-average assumptions | |||
Discount rate used to determine benefit obligation and net periodic benefit cost | 4.70% | 4.90% |
Post Retirement Benefits - Schedule of Post Retirement Benefits Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Pension expense: | |||
Multi-employer plan | $ 981 | $ 1,137 | $ 857 |
Defined contribution plans | 1,873 | 1,482 | 1,231 |
Total pension expense | 2,854 | 2,619 | 2,088 |
Health and life insurance: | |||
Interest cost | 254 | 198 | 161 |
Amortization of prior service credits | (496) | (496) | (496) |
Amortization of net loss | 22 | 174 | 173 |
Net periodic benefit credit | (220) | (124) | (162) |
Total post retirement benefits expense | $ 2,634 | $ 2,495 | $ 1,926 |
Post Retirement Benefits - Schedule of Future Benefit Payments (Details) - Post Retirement Benefits $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 156 |
2025 | 152 |
2026 | 159 |
2027 | 144 |
2028 | 149 |
2029 - 2033 | $ 745 |
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Quarterly results of operations: | |||||||||||||||
Net sales | $ 73,778 | $ 86,728 | $ 97,725 | $ 99,507 | $ 86,443 | $ 101,606 | $ 98,735 | $ 90,592 | $ 73,168 | $ 81,025 | $ 80,461 | $ 72,829 | $ 357,738 | $ 377,376 | $ 307,483 |
Gross margin | 10,937 | 15,278 | 20,562 | 17,743 | 11,547 | 13,303 | 13,045 | 14,507 | 8,475 | 6,415 | 13,736 | 12,718 | 64,520 | 52,402 | 41,344 |
Operating income | 2,517 | 5,875 | 10,070 | 8,075 | 2,974 | 4,632 | 4,385 | 6,012 | 1,942 | (2,393) | 6,173 | 5,346 | 26,537 | 18,003 | 11,068 |
Net income | $ 2,182 | $ 4,354 | $ 7,936 | $ 5,852 | $ 4,832 | $ 1,319 | $ 2,188 | $ 3,864 | $ 441 | $ (3,312) | $ 4,086 | $ 3,456 | $ 20,324 | $ 12,203 | $ 4,671 |
Net income per common share: | |||||||||||||||
Basic (in USD per share) | $ 0.25 | $ 0.50 | $ 0.93 | $ 0.69 | $ 0.57 | $ 0.16 | $ 0.26 | $ 0.46 | $ 0.05 | $ (0.41) | $ 0.48 | $ 0.41 | $ 2.37 | $ 1.44 | $ 0.55 |
Diluted (in USD per share) | $ 0.25 | $ 0.49 | $ 0.91 | $ 0.66 | $ 0.57 | $ 0.16 | $ 0.26 | $ 0.46 | $ 0.05 | $ (0.41) | $ 0.48 | $ 0.41 | $ 2.31 | $ 1.44 | $ 0.55 |
Product sales | |||||||||||||||
Quarterly results of operations: | |||||||||||||||
Net sales | $ 72,439 | $ 80,896 | $ 95,703 | $ 98,337 | $ 83,143 | $ 92,340 | $ 93,317 | $ 89,901 | $ 68,132 | $ 67,643 | $ 79,117 | $ 69,133 | $ 347,375 | $ 358,701 | $ 284,025 |
Tooling sales | |||||||||||||||
Quarterly results of operations: | |||||||||||||||
Net sales | $ 1,339 | $ 5,832 | $ 2,022 | $ 1,170 | $ 3,300 | $ 9,266 | $ 5,418 | $ 691 | $ 5,036 | $ 13,382 | $ 1,344 | $ 3,696 | $ 10,363 | $ 18,675 | $ 23,458 |
Schedule II (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
SEC Schedule, 12-09, Allowance, Credit Loss | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 0 | $ 90 | $ 41 |
(Recovered)/ Charged to Costs & Expenses | 0 | (90) | 51 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 2 |
Balance at End of Year | 0 | 0 | 90 |
SEC Schedule, 12-09, Allowance, Chargebacks | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 502 | 222 | 179 |
(Recovered)/ Charged to Costs & Expenses | 534 | 736 | 83 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 898 | 456 | 40 |
Balance at End of Year | $ 138 | $ 502 | $ 222 |
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