Quarterly 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 |
L.B. Foster Company | ||||||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||||||
(State of Incorporation) | (I. R. S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
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 |
Page | |||||
March 31, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable - net (Note 6) | ||||||||||||||
Inventories - net (Note 7) | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant, and equipment - net (Note 8) | ||||||||||||||
Operating lease right-of-use assets - net (Note 9) | ||||||||||||||
Other assets: | ||||||||||||||
Goodwill (Note 5) | ||||||||||||||
Other intangibles - net (Note 5) | ||||||||||||||
Deferred tax assets (Note 12) | ||||||||||||||
Other assets | ||||||||||||||
TOTAL ASSETS | $ | $ | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Deferred revenue | ||||||||||||||
Accrued payroll and employee benefits | ||||||||||||||
Current portion of accrued settlement (Note 16) | ||||||||||||||
Current maturities of long-term debt (Note 10) | ||||||||||||||
Other accrued liabilities | ||||||||||||||
Current liabilities of discontinued operations (Note 3) | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt (Note 10) | ||||||||||||||
Deferred tax liabilities (Note 12) | ||||||||||||||
Long-term portion of accrued settlement (Note 16) | ||||||||||||||
Long-term operating lease liabilities (Note 9) | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock, par value $ | ||||||||||||||
Paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Treasury stock - at cost, | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total L.B. Foster Company stockholders’ equity | ||||||||||||||
Noncontrolling interest | ||||||||||||||
Total stockholders’ equity | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Sales of goods | $ | $ | ||||||||||||
Sales of services | ||||||||||||||
Total net sales | ||||||||||||||
Cost of goods sold | ||||||||||||||
Cost of services sold | ||||||||||||||
Total cost of sales | ||||||||||||||
Gross profit | ||||||||||||||
Selling and administrative expenses | ||||||||||||||
Amortization expense | ||||||||||||||
Interest expense - net | ||||||||||||||
Other expense - net | ||||||||||||||
Loss from continuing operations before income taxes | ( | ( | ||||||||||||
Income tax benefit from continuing operations | ( | ( | ||||||||||||
Loss from continuing operations | ( | ( | ||||||||||||
Net loss attributable to noncontrolling interest | ( | |||||||||||||
Loss from continuing operations attributable to L.B. Foster Company | ( | ( | ||||||||||||
Discontinued operations: | ||||||||||||||
Loss from discontinued operations before income taxes | ( | |||||||||||||
Income tax benefit from discontinued operations | ( | |||||||||||||
Loss from discontinued operations | ( | |||||||||||||
Net loss attributable to L.B. Foster Company | $ | ( | $ | ( | ||||||||||
Basic loss per common share: | ||||||||||||||
From continuing operations | $ | ( | $ | ( | ||||||||||
From discontinued operations | ( | |||||||||||||
Basic loss per common share | $ | ( | $ | ( | ||||||||||
Diluted loss per common share: | ||||||||||||||
From continuing operations | $ | ( | $ | ( | ||||||||||
From discontinued operations | ( | |||||||||||||
Diluted loss per common share | $ | ( | $ | ( | ||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation adjustment | ( | |||||||||||||
Unrealized loss on cash flow hedges, net of tax benefit of $ | ( | |||||||||||||
Cash flow hedges reclassified to earnings, net of tax expense of $ | ||||||||||||||
Reclassification of pension liability adjustments to earnings, net of tax expense of $ | ||||||||||||||
Total comprehensive loss | ( | ( | ||||||||||||
Less comprehensive loss attributable to noncontrolling interest: | ||||||||||||||
Net loss attributable to noncontrolling interest | ( | |||||||||||||
Foreign currency translation adjustment | ( | |||||||||||||
Amounts attributable to noncontrolling interest | ( | |||||||||||||
Comprehensive loss attributable to L.B. Foster Company | $ | ( | $ | ( |
* |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net loss from continuing operations | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss from continuing operations to cash provided by (used in) operating activities: | ||||||||||||||
Deferred income taxes | ( | |||||||||||||
Depreciation | ||||||||||||||
Amortization | ||||||||||||||
Loss on sales and disposals of property, plant, and equipment | ||||||||||||||
Stock-based compensation | ||||||||||||||
Change in operating assets and liabilities: | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Inventories | ( | |||||||||||||
Other current assets | ( | ( | ||||||||||||
Prepaid income tax | ( | |||||||||||||
Other noncurrent assets | ( | |||||||||||||
Accounts payable | ||||||||||||||
Deferred revenue | ||||||||||||||
Accrued payroll and employee benefits | ( | ( | ||||||||||||
Other current liabilities | ( | ( | ||||||||||||
Other long-term liabilities | ( | |||||||||||||
Net cash provided by (used in) continuing operating activities | ( | |||||||||||||
Net cash used in discontinued operating activities | ( | ( | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Proceeds from the sale of property, plant, and equipment | ||||||||||||||
Capital expenditures on property, plant, and equipment | ( | ( | ||||||||||||
Net cash used in continuing investing activities | ( | ( | ||||||||||||
Net cash used in discontinued investing activities | ( | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Repayments of debt | ( | ( | ||||||||||||
Proceeds from debt | ||||||||||||||
Treasury stock acquisitions | ( | ( | ||||||||||||
Investment of noncontrolling interest | ||||||||||||||
Net cash (used in) provided by continuing financing activities | ( | |||||||||||||
Net cash used in discontinued financing activities | ( | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | ||||||||||||
Net decrease in cash and cash equivalents | ( | ( | ||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Interest paid | $ | $ | ||||||||||||
Income taxes paid | $ | $ | ||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Cash flow hedges reclassified to earnings | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Issuance of | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Investment of noncontrolling interest | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Unrealized derivative loss on cash flow hedges | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Issuance of | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||
Net Sales | Segment Profit (Loss) | Net Sales | Segment Profit | |||||||||||||||||||||||
Rail Technologies and Services | $ | $ | $ | $ | ||||||||||||||||||||||
Infrastructure Solutions | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Profit for reportable segments | $ | $ | ||||||||||||
Interest expense - net | ( | ( | ||||||||||||
Other expense - net | ( | ( | ||||||||||||
Unallocated corporate expenses and other unallocated charges | ( | ( | ||||||||||||
Loss before income taxes from continuing operations | $ | ( | $ | ( |
March 31, 2021 | December 31, 2020 | |||||||||||||
Rail Technologies and Services | $ | $ | ||||||||||||
Infrastructure Solutions | ||||||||||||||
Unallocated corporate assets | ||||||||||||||
Total | $ | $ |
Three Months Ended March 31, | ||||||||
2020 | ||||||||
Net sales | $ | |||||||
Loss from discontinued operations | ( | |||||||
Income tax benefit | ( | |||||||
Loss from discontinued operations | $ | ( |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Rail Products | $ | $ | ||||||||||||
Rail Technologies | ||||||||||||||
Rail Technologies and Services | ||||||||||||||
Fabricated Steel Products | ||||||||||||||
Precast Concrete Products | ||||||||||||||
Coatings and Measurement | ||||||||||||||
Infrastructure Solutions | ||||||||||||||
Total net sales | $ | $ |
Three Months Ended March 31, 2021 | ||||||||||||||||||||
Rail Technologies and Services | Infrastructure Solutions | Total | ||||||||||||||||||
Point in time | $ | $ | $ | |||||||||||||||||
Over time | ||||||||||||||||||||
Total net sales | $ | $ | $ | |||||||||||||||||
Three Months Ended March 31, 2020 | ||||||||||||||||||||
Rail Technologies and Services | Infrastructure Solutions | Total | ||||||||||||||||||
Point in time | $ | $ | $ | |||||||||||||||||
Over time | ||||||||||||||||||||
Total net sales | $ | $ | $ |
Rail Technologies and Services | Infrastructure Solutions | Total | ||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | |||||||||||||||||
Foreign currency translation impact | ||||||||||||||||||||
Balance as of March 31, 2021 | $ | $ | $ |
March 31, 2021 | ||||||||||||||||||||||||||
Weighted Average Amortization Period In Years | Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||
Patents | ( | |||||||||||||||||||||||||
Customer relationships | ( | |||||||||||||||||||||||||
Trademarks and trade names | ( | |||||||||||||||||||||||||
Technology | ( | |||||||||||||||||||||||||
$ | $ | ( | $ | |||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Weighted Average Amortization Period In Years | Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||
Patents | ( | |||||||||||||||||||||||||
Customer relationships | ( | |||||||||||||||||||||||||
Trademarks and trade names | ( | |||||||||||||||||||||||||
Technology | ( | |||||||||||||||||||||||||
$ | $ | ( | $ |
Amortization Expense | |||||
Remainder of 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and thereafter | |||||
$ |
Allowance for Doubtful Accounts | ||||||||
December 31, 2020 | $ | |||||||
Current period provision (release) | ( | |||||||
Write-off against allowance | ( | |||||||
March 31, 2021 | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Finished goods | $ | $ | ||||||||||||
Contract assets | ||||||||||||||
Work-in-process | ||||||||||||||
Raw materials | ||||||||||||||
Inventories - net | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Land | $ | $ | ||||||||||||
Improvements to land and leaseholds | ||||||||||||||
Buildings | ||||||||||||||
Machinery and equipment, including equipment under finance leases | ||||||||||||||
Construction in progress | ||||||||||||||
Gross property, plant, and equipment | ||||||||||||||
Less accumulated depreciation and amortization, including accumulated amortization of finance leases | ( | ( | ||||||||||||
Property, plant, and equipment - net | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Operating leases | ||||||||||||||
Operating lease right-of-use assets | $ | $ | ||||||||||||
$ | $ | |||||||||||||
Long-term operating lease liabilities | ||||||||||||||
Total operating lease liabilities | $ | $ | ||||||||||||
Finance leases | ||||||||||||||
Property, plant, and equipment | $ | $ | ||||||||||||
Accumulated amortization | ( | ( | ||||||||||||
$ | $ | |||||||||||||
$ | $ | |||||||||||||
Total finance lease liabilities | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Finance lease cost: | ||||||||||||||
Amortization of finance leases | $ | $ | ||||||||||||
Interest on lease liabilities | ||||||||||||||
Operating lease cost | ||||||||||||||
Sublease income | ( | ( | ||||||||||||
Total lease cost | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows related to operating leases | $ | ( | $ | ( | ||||||||||
Financing cash flows related to finance leases | ( | ( | ||||||||||||
Right-of-use assets obtained in exchange for new lease liabilities: | ||||||||||||||
Operating leases | $ | $ | ||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Operating lease weighted-average remaining lease term | ||||||||||||||
Operating lease weighted-average discount rate | % | % | ||||||||||||
Finance lease weighted-average remaining lease term | ||||||||||||||
Finance lease weighted-average discount rate | % | % |
Operating Leases | Finance Leases | |||||||||||||
Remainder of 2021 | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 and thereafter | ||||||||||||||
Total undiscounted lease payments | ||||||||||||||
Interest | ( | ( | ||||||||||||
Total | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Revolving credit facility | $ | $ | ||||||||||||
Finance leases and financing agreements | ||||||||||||||
Total | ||||||||||||||
Less current maturities | ( | ( | ||||||||||||
Long-term portion | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Numerator for basic and diluted loss per common share: | ||||||||||||||
Loss from continuing operations | $ | ( | $ | ( | ||||||||||
Loss from discontinued operations | ( | |||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Denominator: | ||||||||||||||
Weighted average shares outstanding | ||||||||||||||
Denominator for basic loss per common share | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock compensation plans | ||||||||||||||
Dilutive potential common shares | ||||||||||||||
Denominator for diluted loss per common share - adjusted weighted average shares outstanding | ||||||||||||||
Continuing operations | $ | ( | $ | ( | ||||||||||
Discontinued operations | ( | |||||||||||||
Basic loss per common share | $ | ( | $ | ( | ||||||||||
Continuing operations | $ | ( | $ | ( | ||||||||||
Discontinued operations | ( | |||||||||||||
Diluted loss per common share | $ | ( | $ | ( | ||||||||||
Restricted Stock | Deferred Stock Units | Performance Share Units | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Outstanding as of December 31, 2020 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Vested | ( | ( | ||||||||||||||||||||||||
Adjustment for incentive awards expected to vest | ||||||||||||||||||||||||||
Outstanding as of March 31, 2021 | $ |
Fair Value Measurements at Reporting Date | Fair Value Measurements at Reporting Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | December 31, 2020 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||
Term deposits | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Interest cost | $ | $ | ||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||
Recognized net actuarial loss | ||||||||||||||
Net periodic pension cost | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Interest cost | $ | $ | ||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||
Amortization of prior service costs and transition amount | ||||||||||||||
Recognized net actuarial loss | ||||||||||||||
Net periodic pension cost | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
United States | $ | $ | ( | |||||||||||
Canada | ||||||||||||||
United Kingdom | ||||||||||||||
$ | $ |
Warranty Liability | ||||||||
Balance as of December 31, 2020 | $ | |||||||
Additions to warranty liability | ||||||||
Warranty liability utilized | ( | |||||||
Balance as of March 31, 2021 | $ |
Year Ending December 31, | ||||||||
Remainder of 2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
Total | $ |
Environmental liability | ||||||||
Balance as of December 31, 2020 | $ | |||||||
Environmental obligations utilized | ( | |||||||
Balance as of March 31, 2021 | $ |
Three Months Ended March 31, | Percent Increase/ (Decrease) | Percent of Total Net Sales Three Months Ended March 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||||||||||
Rail Technologies and Services | $ | 66,232 | $ | 70,204 | (5.7) | % | 57.1 | % | 57.6 | % | ||||||||||||||||||||||
Infrastructure Solutions | 49,848 | 51,703 | (3.6) | 42.9 | 42.4 | |||||||||||||||||||||||||||
Total net sales | $ | 116,080 | $ | 121,907 | (4.8) | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
Three Months Ended March 31, | Percent Increase/ (Decrease) | Gross Profit Percentage Three Months Ended March 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Gross Profit: | ||||||||||||||||||||||||||||||||
Rail Technologies and Services | $ | 12,805 | $ | 12,492 | 2.5 | % | 19.3 | % | 17.8 | % | ||||||||||||||||||||||
Infrastructure Solutions | 6,025 | 10,630 | (43.3) | 12.1 | 20.6 | |||||||||||||||||||||||||||
Total gross profit | $ | 18,830 | $ | 23,122 | (18.6) | % | 16.2 | % | 19.0 | % | ||||||||||||||||||||||
Three Months Ended March 31, | Percent Increase/ (Decrease) | Percent of Total Net Sales Three Months Ended March 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Selling and administrative expenses | $ | 18,026 | $ | 20,337 | (11.4) | % | 15.5 | % | 16.7 | % | ||||||||||||||||||||||
Amortization expense | 1,465 | 1,430 | 2.4 | 1.3 | 1.2 | |||||||||||||||||||||||||||
Interest expense - net | 871 | 812 | 7.3 | 0.8 | 0.7 | |||||||||||||||||||||||||||
Other expense - net | 59 | 606 | (90.3) | 0.1 | 0.5 | |||||||||||||||||||||||||||
Loss from continuing operations before income taxes | $ | (1,591) | $ | (63) | ** | (1.4) | % | (0.1) | % | |||||||||||||||||||||||
Income tax benefit | (321) | (58) | ** | (0.3) | 0.0 | |||||||||||||||||||||||||||
Loss from continuing operations | $ | (1,270) | $ | (5) | ** | (1.1) | % | 0.0 | % | |||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (12) | — | ** | 0.0 | — | |||||||||||||||||||||||||||
Loss from continuing operations attributable to L.B. Foster Company | $ | (1,258) | $ | (5) | ** | (1.1) | % | 0.0 | % |
Three Months Ended March 31, | (Decrease)/Increase | Percent (Decrease)/Increase | ||||||||||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | 2021 vs. 2020 | |||||||||||||||||||||||
Net sales | $ | 66,232 | $ | 70,204 | $ | (3,972) | (5.7) | % | ||||||||||||||||||
Gross profit | $ | 12,805 | $ | 12,492 | $ | 313 | 2.5 | % | ||||||||||||||||||
Gross profit percentage | 19.3 | % | 17.8 | % | 1.5 | % | 8.7 | % | ||||||||||||||||||
Segment profit | $ | 2,532 | $ | 1,171 | $ | 1,361 | 116.2 | % | ||||||||||||||||||
Segment profit percentage | 3.8 | % | 1.7 | % | 2.1 | % | 123.5 | % |
Three Months Ended March 31, | Decrease | Percent Decrease | ||||||||||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | 2021 vs. 2020 | |||||||||||||||||||||||
Net sales | $ | 49,848 | $ | 51,703 | $ | (1,855) | (3.6) | % | ||||||||||||||||||
Gross profit | $ | 6,025 | $ | 10,630 | $ | (4,605) | (43.3) | % | ||||||||||||||||||
Gross profit percentage | 12.1 | % | 20.6 | % | (8.5) | % | (41.2) | % | ||||||||||||||||||
Segment (loss) profit | $ | (666) | $ | 1,604 | $ | (2,270) | (141.5) | % | ||||||||||||||||||
Segment (loss) profit percentage | (1.3) | % | 3.1 | % | (4.4) | % | (143.1) | % |
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||
Rail Technologies and Services | $ | 122,461 | $ | 121,231 | $ | 108,910 | ||||||||||||||
Infrastructure Solutions | 149,483 | 127,001 | 128,330 | |||||||||||||||||
Total backlog | $ | 271,944 | $ | 248,232 | $ | 237,240 |
March 31, 2021 | ||||||||||||||
Cash and cash equivalents | $ | 5,015 | ||||||||||||
Credit agreement: | ||||||||||||||
Total availability under the credit agreement | 115,000 | |||||||||||||
Outstanding borrowings on revolving credit facility | (36,538) | |||||||||||||
Letters of credit outstanding | (844) | |||||||||||||
Net availability under the revolving credit facility | 77,618 | |||||||||||||
Total available funding capacity | $ | 82,633 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 7,614 | $ | (4,902) | ||||||||||
Net cash used in continuing investing activities | (1,327) | (2,805) | ||||||||||||
Net cash (used in) provided by continuing financing activities | (8,446) | 4,360 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (206) | (772) | ||||||||||||
Net cash used in discontinued operations | (184) | (3,641) | ||||||||||||
Net decrease in cash and cash equivalents | $ | (2,549) | $ | (7,760) |
Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs | |||||||||||||||||||||||
January 1, 2021 - January 31, 2021 | — | $ | — | — | $ | — | ||||||||||||||||||||
February 1, 2021 - February 28, 2021 | 26,557 | 17.16 | — | — | ||||||||||||||||||||||
March 1, 2021 - March 31, 2021 | 5,328 | 17.08 | — | — | ||||||||||||||||||||||
Total | 31,885 | $ | 17.15 | — | $ | — |
Exhibit Number | Description | |||||||
*10.1 | ||||||||
*10.2 | ||||||||
*10.3 | ||||||||
*10.4 | ||||||||
*10.5 | ||||||||
*10.6 | ||||||||
*10.7 | ||||||||
10.8 | ||||||||
*31.1 | ||||||||
*31.2 | ||||||||
*32.0 | ||||||||
*101.INS | XBRL Instance Document-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
*101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
*101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
*101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
*101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
*101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
*104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Exhibits marked with an asterisk are filed herewith. |
L.B. FOSTER COMPANY | |||||||||||
(Registrant) | |||||||||||
Date: | May 5, 2021 | By: /s/ William M. Thalman | |||||||||
William M. Thalman | |||||||||||
Senior Vice President | |||||||||||
and Chief Financial Officer | |||||||||||
(Duly Authorized Officer of Registrant) |
Performance Measure | CEO, COO, CFO; SVP, HR & Admin; SVP & General Counsel; and Controller & CAO | Execcutive SVPs or VPs Responsible for Operating Unit(s) | |||||||||
Financial Performance Awards | Operating Unit Adjusted EBITDA | -- | 50% | ||||||||
Working Capital as a % of Sales | 25% | 20% | |||||||||
Corporate Adjusted EBITDA | 75% | 30% |
Adjusted EBITDA Multiplier | |||||
% of Target Adjusted EBITDA | Corporate or Operating Unit Multiplier | ||||
130% and over | 200% | ||||
100% | 100% | ||||
70% | 50% | ||||
Less than 70% | 0% |
W/C as a % of Sales Multiplier | |||||
% of Target Average W/C as a % of Sales | Corporate or Operating Unit Multiplier | ||||
86.0% and under | 200% | ||||
100% | 100% | ||||
121.5% | 50% | ||||
Greater than 121.5% | 0% |
Approved: | ||
/s/ Robert S. Purgason | ||
Robert S. Purgason | ||
Chairman, Compensation Committee | ||
3/4/2021 | ||
Date |
Adjustment Description Unplanned reductions or add-backs to results for gains and losses | Adjusted EBITDA | W/C as a % of Sales | ||||||
Effects of changes in accounting or tax law | X | X | ||||||
Divestitures of properties, businesses, investments, equity in affiliates or held for sale as discontinued operations | X | X | ||||||
Costs of an acquisition or potential acquisition, purchase accounting and operating results of an acquisition completed during the year | X | X | ||||||
Any significant or non-recurring item(s) (these items include, but are not limited to a restructuring, long-lived asset impairment, warranty costs, product liability, legal settlement, environmental charges) that in total exceed $200,000 in EBITDA (favorable or unfavorable) | X |
Participant | Title | ||||
Patrick J. Guinee | SVP and General Counsel | ||||
John F. Kasel | SVP and Chief Operating Officer | ||||
Brian H. Kelly | SVP, HR & Administration | ||||
James M. Kempton | Controller and Chief Accounting Officer | ||||
Gregory W. Lippard | SVP, Rail Technology and Services | ||||
William M. Thalman | SVP and Chief Financial Officer | ||||
William F. Treacy | SVP, Infrastructure Solutions |
1 | I have reviewed this Quarterly Report on Form 10-Q of L.B. Foster Company; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5 | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
Date: | May 5, 2021 | /s/ Robert P. Bauer | |||||||||
Name: Robert P. Bauer | |||||||||||
Title: President and Chief Executive Officer |
1 | I have reviewed this Quarterly Report on Form 10-Q of L.B. Foster Company; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5 | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
Date: | May 5, 2021 | /s/ William M. Thalman | |||||||||
Name: William M. Thalman | |||||||||||
Title: Senior Vice President | |||||||||||
and Chief Financial Officer |
Date: | May 5, 2021 | /s/ Robert P. Bauer | |||||||||
Name: Robert P. Bauer | |||||||||||
Title: President and Chief Executive Officer |
Date: | May 5, 2021 | /s/ William M. Thalman | |||||||||
Name: William M. Thalman | |||||||||||
Title: Senior Vice President | |||||||||||
and Chief Financial Officer |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 11,115,779 | 11,115,779 |
Common stock, shares outstanding (in shares) | 10,607,435 | 10,563,290 |
Treasury stock shares - at cost, common stock (in shares) | 508,344 | 552,489 |
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Unrealized loss on cash flow hedge, tax | $ 0 | $ 296 |
Cash flow hedges reclassified to earnings, tax | 98 | 0 |
Reclassification of pension liability adjustments to earnings, tax | $ 24 | $ 24 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss from continuing operations | $ (1,270) | $ (5) |
Adjustments to reconcile net loss from continuing operations to cash provided by (used in) operating activities: | ||
Deferred income taxes | (712) | 712 |
Depreciation | 1,990 | 1,935 |
Amortization | 1,465 | 1,430 |
Loss on sales and disposals of property, plant, and equipment | 10 | 0 |
Stock-based compensation | 827 | 680 |
Change in operating assets and liabilities: | ||
Accounts receivable | (7,213) | (1,221) |
Inventories | (429) | 3,611 |
Other current assets | (1,360) | (3,921) |
Prepaid income tax | 768 | (2,258) |
Other noncurrent assets | 451 | (4,939) |
Accounts payable | 11,435 | 1,080 |
Deferred revenue | 8,152 | 2,262 |
Accrued payroll and employee benefits | (3,495) | (5,678) |
Other current liabilities | (2,384) | (3,094) |
Other long-term liabilities | (621) | 4,504 |
Net cash provided by (used in) continuing operating activities | 7,614 | (4,902) |
Net cash used in discontinued operating activities | (184) | (1,988) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from the sale of property, plant, and equipment | 0 | 1 |
Capital expenditures on property, plant, and equipment | (1,327) | (2,806) |
Net cash used in continuing investing activities | (1,327) | (2,805) |
Net cash used in discontinued investing activities | 0 | (1,638) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments of debt | (43,321) | (39,345) |
Proceeds from debt | 35,026 | 45,362 |
Treasury stock acquisitions | (547) | (1,657) |
Investment of noncontrolling interest | 396 | 0 |
Net cash (used in) provided by continuing financing activities | (8,446) | 4,360 |
Net cash used in discontinued financing activities | 0 | (15) |
Effect of exchange rate changes on cash and cash equivalents | (206) | (772) |
Net decrease in cash and cash equivalents | (2,549) | (7,760) |
Cash and cash equivalents at beginning of period | 7,564 | 14,178 |
Cash and cash equivalents at end of period | 5,015 | 6,418 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 653 | 807 |
Income taxes paid | $ 46 | $ 1,173 |
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Paid-in Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Loss |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2019 | $ 169,862 | $ 111 | $ 49,204 | $ 157,525 | $ (16,795) | $ (20,183) | $ 0 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net loss | (1,866) | (1,866) | |||||
Other comprehensive income, net of tax: | |||||||
Pension liability adjustment | 58 | 58 | |||||
Foreign currency translation adjustment | (3,707) | (3,707) | |||||
Cash flow hedges reclassified to earnings | 0 | ||||||
Unrealized derivative loss on cash flow hedges | (864) | (864) | |||||
Issuance of common shares, net of share withheld for taxes | (1,657) | (5,556) | 3,899 | ||||
Stock-based compensation | 680 | 680 | |||||
Ending balance at Mar. 31, 2020 | 162,506 | 111 | 44,328 | 155,659 | (12,896) | (24,696) | 0 |
Beginning balance at Dec. 31, 2020 | 176,830 | 111 | 44,583 | 165,107 | (12,703) | (20,268) | 0 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net loss | (1,270) | (1,258) | (12) | ||||
Other comprehensive income, net of tax: | |||||||
Pension liability adjustment | 91 | 91 | |||||
Foreign currency translation adjustment | 423 | 453 | (30) | ||||
Cash flow hedges reclassified to earnings | 136 | 136 | |||||
Unrealized derivative loss on cash flow hedges | 0 | ||||||
Issuance of common shares, net of share withheld for taxes | (547) | (1,467) | 920 | ||||
Stock-based compensation | 827 | 827 | |||||
Investment of noncontrolling interest | 396 | 396 | |||||
Ending balance at Mar. 31, 2021 | $ 176,886 | $ 111 | $ 43,943 | $ 163,849 | $ (11,783) | $ (19,588) | $ 354 |
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) (Parentheticals) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Common shares issues net of shares withheld (in shares) | 76,030 | 131,088 |
Financial Statements |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Financial Statements | Financial Statements Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all estimates and adjustments (consisting of normal recurring accruals, unless otherwise stated herein) considered necessary for a fair presentation of the financial position of L.B. Foster Company and subsidiaries as of March 31, 2021 and December 31, 2020 and its Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Loss, Condensed Consolidated Statements of Cash Flows, and Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2021 and 2020 have been included. However, actual results could differ from those estimates and changes in those estimates are recorded when known. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The Condensed Consolidated Balance Sheet as of December 31, 2020 was derived from audited financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in L.B. Foster Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In this Quarterly Report on Form 10-Q, references to “we,” “us,” “our,” and the “Company” refer collectively to L.B. Foster Company and its consolidated subsidiaries. Reclassifications Certain accounts in the prior year consolidated financial statements have been reclassified for comparative purposes principally to conform to the presentation of the current year period. Effective for the quarter ended September 30, 2020, the Company classified IOS Acquisitions, LLC and subsidiaries (“Test and Inspection Services”) as a discontinued operation. Effective for the quarter and year ended December 31, 2020, the Company implemented operational changes in how its Chief Operating Decision Maker (“CODM”) manages its businesses, including resource allocation and operating decisions. As a result of these changes, the Company now has two operating segments, representing the individual businesses that are run separately under the new structure. The Company has revised the information for all periods presented in this Quarterly Report on Form 10-Q to reflect these reclassifications. Recently Issued Accounting Standards In March 2020 and as clarified in January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impacts of the provisions of ASU 2020-04 on its financial condition, results of operations, and cash flows.
|
Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Company provides products and services for the rail industry and solutions to support critical infrastructure projects. The Company’s innovative engineering and product development solutions inspire the safety, reliability, and performance of its customers’ challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. The Company’s segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred, (b) whose operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”), who uses such information to make decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available. Operating segments are evaluated on their segment profit contribution to the Company’s consolidated results. Other income and expenses, interest, income taxes, and certain other items are managed on a consolidated basis. The Company’s segment accounting policies are described in Note 2 Business Segments of the Notes to the Company’s Consolidated Financial Statements contained in its Annual Report on Form 10-K for the year-ended December 31, 2020. The following table illustrates the Company’s revenues and profit from operations by segment for the periods indicated:
Segment profit (loss) from operations, as shown above, includes allocated corporate operating expenses. Operating expenses related to corporate headquarter functions that directly support the segment activity are allocated based on segment headcount, revenue contribution, or activity of the business units within the segments, based on the corporate activity type provided to the segment. The expense allocation excludes certain corporate costs that are separately managed from the segments. The following table provides a reconciliation of segment net profit from continuing operations to the Company’s consolidated continuing operations total for the periods presented:
The following table illustrates assets of the Company by segment for the periods presented:
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Discontinued Operations |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations On September 4, 2020, the Company completed the sale of the issued and outstanding membership interests of its upstream oil and gas test and inspection business, Test and Inspection Services. Proceeds from the sale were $4,000 and resulted in a loss of $10,034, net of tax. The Company has reflected the results of operations of the Test and Inspection Services business as discontinued operations in the Condensed Consolidated Financial Statements for all periods presented. The Test and Inspection Services business was historically included in the legacy Tubular and Energy segment, whose remaining divisions are now included as part of the Infrastructure Solutions segment. There was no activity regarding the Company’s discontinued operations during the three months ended March 31, 2021. The following table provides the net sales and losses from discontinued operations for the three months ended March 31, 2020:
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Revenue |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | RevenueRevenue from products or services provided to customers over time accounted for 25.3% and 26.9% of revenue for the three months ended March 31, 2021 and 2020, respectively. The majority of revenue under these long-term agreements is recognized over time either using an input measure based upon the proportion of actual costs incurred to estimated total project costs or an input measure based upon actual labor costs as a percentage of estimated total labor costs, depending upon which measure the Company believes best depicts the Company’s performance to date under the terms of the contract. Revenue recognized over time using an input measure was $21,108 and $24,432 for the three months ended March 31, 2021 and 2020, respectively. A certain portion of the Company’s revenue recognized over time under these long-term agreements is recognized using an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. Revenue recognized over time using an output measure was $8,264 and $8,345 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021 and December 31, 2020, the Company had contract assets of $37,673 and $37,843, respectively, that were recorded in “Inventories - net” within the Condensed Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, the Company had contract liabilities of $6,030 and $1,324, respectively, that were recorded in “Deferred revenue” within the Condensed Consolidated Balance Sheets. The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time. Point in time revenue accounted for 74.7% and 73.1% of revenue for the three months ended March 31, 2021 and 2020, respectively. The Company recognizes revenue at the point in time at which the customer obtains control of the product or service, which is generally when the product title passes to the customer upon shipment or the service has been rendered to the customer. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at a physical location. The following table summarizes the Company’s net sales by major product and service category for the periods presented:
Net sales by the timing of the transfer of products and services was as follows for the periods presented:
The timing of revenue recognition, billings, and cash collections results in billed receivables, costs in excess of billings (contract assets, included in “Inventories - net”), and billings in excess of costs (contract liabilities, included in “Deferred revenue”) within the Condensed Consolidated Balance Sheets. Significant changes in contract assets during the three months ended March 31, 2021 resulted from transfers of $11,310 from the contract assets balance as of December 31, 2020 to receivables. Significant changes in contract liabilities during the three months ended March 31, 2021 resulted from increases of $5,425 due to billings in excess of costs, excluding amounts recognized as revenue during the period. Contract liabilities were reduced due to revenue recognized during the three months ended March 31, 2021 and 2020 of $676 and $2,614, respectively, which were included in contract liabilities at the beginning of each period. As of March 31, 2021, the Company had approximately $271,944 of obligations under new contracts and remaining performance obligations, which is also referred to as backlog. Approximately 13.0% of the March 31, 2021 backlog was related to projects that are anticipated to extend beyond March 31, 2022.
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Goodwill and Other Intangible Assets |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table presents the goodwill balance by reportable segment:
The Company performs goodwill impairment tests annually during the fourth quarter, and also performs interim goodwill impairment tests if it is determined that it is more likely than not that the fair value of a reporting unit is less than the carrying amount. Qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying amount, which included the impacts of COVID-19. However, the future impacts of COVID-19 are unpredictable and are subject to change. No interim goodwill impairment test was required as a result of the evaluation of qualitative factors as of March 31, 2021. The components of the Company’s intangible assets were as follows for the periods presented:
The Company amortizes intangible assets over their useful lives, which range from 5 to 25 years, with a total weighted average amortization period of approximately 16 years as of March 31, 2021. Amortization expense was $1,465 and $1,430 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, estimated amortization expense for the remainder of 2021 and thereafter was as follows:
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Accounts Receivable |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Additional Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts ReceivableThe Company extends credit based upon an evaluation of the customer’s financial condition and, while collateral is not required, the Company periodically receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices. The amounts of trade accounts receivable as of March 31, 2021 and December 31, 2020 have been reduced by an allowance for doubtful accounts of $744 and $944, respectively. Changes in reserves for uncollectible accounts, which are recorded as part of “Selling and administrative expenses” within the Condensed Consolidated Statements of Operations, resulted in income of $22 and expense of $86 for the three months ended March 31, 2021 and 2020, respectively. The Company established the allowance for credit losses by calculating the amount to reserve based on the age of a given trade receivable and considering historical collection patterns and bad debt expense experience, in addition to any other relevant subjective adjustments to individual receivables made by management. The Company also considers current and expected future market and other conditions. Trade receivables are pooled within the calculation based on a range of ages, which appropriately groups receivables of similar credit risk together. The established reserve thresholds to calculate the allowance for credit loss are based on and supported by historic collection patterns and bad debt expense incurred by the Company, as well as the expectation that collection patterns and bad debt expense will continue to adhere to patterns observed in recent years, which was formed based on trends observed as well as current and expected future conditions. Management maintains high-quality credit review practices as well as positive customer relationships that further mitigate credit risk. The following table sets forth the Company’s allowance for doubtful accounts:
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Inventory |
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | Inventory Inventories as of March 31, 2021 and December 31, 2020 are summarized in the following table:
Inventories of the Company are valued at average cost or net realizable value, whichever is lower. Contract assets consist of costs and earnings in excess of billings, retainage, and other unbilled amounts generated when revenue recognized exceeds the amount billed to the customer. The Company records appropriate provisions related to the allowance for credit losses associated with contract assets, as these assets held in inventory will convert to trade receivables once the customer is billed under the contract to which they pertain. Provisions are recorded based on the specific review of individual contracts as necessary, and a standard provision is recorded over any remaining contract assets pooled together based on similar low risk of credit loss. The development of these provisions are based on historic collection trends, accuracy of estimates within contract margin reporting, as well as the expectation that collection patterns, margin reporting, and bad debt expense will continue to adhere to patterns observed in recent years. These expectations were formed based on trends observed as well as current and expected future conditions.
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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant, and Equipment Property, plant, and equipment as of March 31, 2021 and December 31, 2020 consisted of the following:
Depreciation expense was $1,990 and $1,935 for the three months ended March 31, 2021 and 2020, respectively. The Company reviews its property, plant, and equipment for recoverability whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. The Company recognizes an impairment loss if it believes that the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. There were no impairments of property, plant, and equipment during the three months ended March 31, 2021 and 2020.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company determines if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets - net,” “Other accrued liabilities,” and “Long-term operating lease liabilities” within the Condensed Consolidated Balance Sheets. Finance leases are included within “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in the Condensed Consolidated Balance Sheets. The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of March 31, 2021, the Company’s leases had remaining lease terms of 2 to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. The balance sheet components of the Company’s leases were as follows as of March 31, 2021 and December 31, 2020:
The components of lease expense within the Company’s Condensed Consolidated Statements of Operations were as follows for the three months ended March 31, 2021 and 2020:
The cash flow components of the Company’s leases were as follows for the three months ended March 31, 2021 and 2020:
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented:
As of March 31, 2021, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2021 and thereafter were as follows:
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Leases | Leases The Company determines if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets - net,” “Other accrued liabilities,” and “Long-term operating lease liabilities” within the Condensed Consolidated Balance Sheets. Finance leases are included within “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in the Condensed Consolidated Balance Sheets. The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of March 31, 2021, the Company’s leases had remaining lease terms of 2 to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. The balance sheet components of the Company’s leases were as follows as of March 31, 2021 and December 31, 2020:
The components of lease expense within the Company’s Condensed Consolidated Statements of Operations were as follows for the three months ended March 31, 2021 and 2020:
The cash flow components of the Company’s leases were as follows for the three months ended March 31, 2021 and 2020:
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented:
As of March 31, 2021, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2021 and thereafter were as follows:
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Long-Term Debt and Related Manners |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Related Manners | Long-term Debt and Related Matters Long-term debt consisted of the following:
On June 26, 2020, the Company, its domestic subsidiaries, and certain of its Canadian and United Kingdom subsidiaries (collectively, the “Borrowers”), entered into the First Amendment (the “First Amendment”) to its its Third Amended and Restated Credit Agreement (the “Credit Agreement”) with PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank, N.A., and BMO Harris Bank, N.A. The First Amendment modified the Credit Agreement, which had a maximum revolving credit line of $140,000 and provided for a $25,000 term loan of which $22,500 remained outstanding as of June 26, 2020. The First Amendment provides for a reduction in the revolving credit facility to permit aggregate borrowings of the Borrowers up to $120,000 with a sublimit of the equivalent of $25,000 U.S. dollars that is available to the Canadian and United Kingdom borrowers in the aggregate, and repaid and terminated the outstanding term loan by drawing funds on the revolving credit facility. The First Amendment provides additional $5,000 annual reductions to the revolving credit facility beginning on December 31, 2020 through the maturity of the facility on April 30, 2024. Borrowings under the First Amendment bear interest at rates based upon either the base rate or Euro-rate plus applicable margins. The applicable margins have been adjusted as part of the First Amendment and are dictated by the ratio of the Company’s total net indebtedness to the Company’s consolidated earnings before interest, taxes, depreciation, and amortization (“Consolidated EBITDA”) for four trailing quarters, as defined in the Credit Agreement. The base rate is the highest of (a) the Overnight Bank Funding Rate plus 50 basis points, (b) the Prime Rate, or (c) the Daily Euro-rate plus 100 basis points (each as defined in the Credit Agreement) and an increase to the interest rate floor to 100 basis points. The base rate and Euro-rate spreads range from 100 to 200 basis points and 200 to 300 basis points, respectively. The First Amendment further provides for modifications to the financial covenants as defined in the Credit Agreement. The First Amendment modified three financial covenants in the Credit Agreement: (a) Maximum Gross Leverage Ratio, defined as the Company’s Consolidated Indebtedness divided by the Company’s Consolidated EBITDA, which must not exceed, other than during a period of four consecutive fiscal quarters of the Company beginning with a fiscal quarter during which the Company consummates a permitted acquisition, and including such fiscal quarter and the immediately three succeeding fiscal quarters (the “Acquisition Period”), (i) 3.25 to 1.00 for the testing period ended June 30, 2020, 3.00 to 1.00 for the testing periods ending September 30, 2020 through March 31, 2022, and 2.75 to 1.00 for the testing periods June 30, 2022 and thereafter, and (ii) 3.50 to 1.00 for the testing period ended June 30, 2020, 3.25 to 1.00 for the testing periods ending September 30, 2020 through March 31, 2022, and 3.00 to 1.00 for the testing periods ending June 30, 2022 and thereafter occurring during an Acquisition Period; (b) Minimum Consolidated Fixed Charge Coverage Ratio, defined as the Company’s Consolidated EBITDA divided by the Company’s Fixed Charges, which must be a minimum of 1.00 to 1.00 for the testing period ended June 30, 2020, 1.05 to 1.00 for the testing periods ending September 30, 2020 through June 30, 2021, 1.15 to 1.00 for the testing periods ending September 30, 2021 through June 30, 2022, and 1.25 to 1.00 for the testing periods ending September 30, 2022 and thereafter; and (c) Minimum Working Capital to Revolving Facility Usage Ratio, defined as the sum of 50% of the inventory and 85% of the accounts receivable of the Borrowers and certain other Guarantors divided by the dollar equivalent sum of the outstanding revolving credit loans, the outstanding swing loans, and the letter of credit obligations (the “Revolving Facility Usage”), which must not be less than 1.50 to 1.00. In addition, the First Amendment modifies the definition of Consolidated EBITDA to allow for certain additional adjustments. The First Amendment also includes changes to the non-financial covenants as defined in the Credit Agreement by increasing the basket for dispositions from $25,000 to $40,000. The Credit Agreement’s incremental loan feature permits the Company to increase the available revolving borrowings under the facility by up to an additional $50,000 subject to the Company’s receipt of increased commitments from existing or new lenders and the satisfaction of certain conditions. The Company’s and the domestic, Canadian, and United Kingdom guarantors’ (the “Guarantors”) obligations under the Credit Agreement are secured by the grant of a security interest by the Borrowers and Guarantors in substantially all of the personal property owned by such entities. Additionally, the equity interests in each of the loan parties, other than the Company, and the equity interests held by each loan party in its respective domestic subsidiaries, have been pledged to the lenders as collateral for the lending obligations. The Credit Agreement permits the Company to pay dividends and make distributions and redemptions with respect to its stock provided no event of default or potential default (as defined in the Credit Agreement) has occurred prior to or after giving effect to the dividend, distribution, or redemption. Additionally, the Credit Agreement permits the Company to complete acquisitions so long as (a) no event of default or potential default has occurred prior to or as a result of such acquisition; (b) the liquidity of the Borrowers is not less than $25,000 prior to and after giving effect to such acquisition; and (c) the aggregate consideration for the acquisition did not exceed: (i) $50,000 per acquisition; (ii) $50,000 in the aggregate for multiple acquisitions entered into during four consecutive quarters; and (iii) $100,000 in the aggregate over the term of the Credit Agreement. Other restrictions exist at all times including, but not limited to, limitations on the Company’s sale of assets and the incurrence by either the Borrowers or the non-borrower subsidiaries of the Company of other indebtedness, guarantees, and liens. On January 29, 2021, the Company and the Borrowers entered into the Second Amendment (the “Second Amendment”) to the Credit Agreement, which permits the Company to incur indebtedness to finance insurance premiums in the ordinary course of business and allows for certain liens to secure the financing of insurance premiums. The Second Amendment also modifies the definition of Gross Leverage Ratio and Leverage Ratio in the Credit Agreement to exclude the Indebtedness permitted for the financing of insurance premiums in an aggregate amount not to exceed $3,000. As of March 31, 2021, the Company was in compliance with the covenants in the Credit Agreement, as amended. As of March 31, 2021, the Company had outstanding letters of credit of approximately $844 and had net available borrowing capacity of $77,618. The maturity date of the facility is April 30, 2024.
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Earnings Per Common Share |
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Earnings Per Common Share | Earnings Per Common Share (Share amounts in thousands) The following table sets forth the computation of basic and diluted loss per common share for the periods indicated:
There were 140 and 190 anti-dilutive shares during the three months ended March 31, 2021 and 2020, respectively.
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Income Taxes |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three months ended March 31, 2021 and 2020, the Company recorded an income tax benefit of $321 on pre-tax losses from continuing operations of $1,591 and an income tax benefit of $58 on pre-tax losses from continuing operations of $63, respectively, for effective income tax rates of 20.2% and 92.1%, respectively. The Company’s effective tax rate for the three months ended March 31, 2021 differed from the federal statutory rate of 21% primarily due to state income taxes, nondeductible expenses, and research tax credits. |
Stock-Based Compensation |
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Share-based Payment Arrangement, Noncash Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | Stock-based Compensation The Company applies the provisions of the FASB’s Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation,” to account for the Company’s stock-based compensation. Stock-based compensation cost is measured at the grant date based on the calculated fair value of the award and is recognized over the employees’ requisite service periods. The Company recorded stock-based compensation expense related to restricted stock awards and performance share units of $827 and $680 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, unrecognized compensation expense for unvested awards approximated $5,883. The Company expects to recognize this expense over the upcoming 4 years through February 2025. Shares issued as a result of vested stock-based compensation awards generally will be from previously issued shares that have been reacquired by the Company and held as treasury stock or authorized and previously unissued common stock. Restricted Stock Awards, Performance Share Units, and Performance-based Stock Awards Under the 2006 Omnibus Plan, the Company grants eligible employees restricted stock and performance share units. The forfeitable restricted stock awards granted generally time-vest ratably over a three-year period, unless indicated otherwise by the underlying restricted stock agreement. Since May 2018, awards of restricted stock have been subject to a minimum one-year vesting period, including those granted to non-employee directors. Prior to May 2018, awards to non-employee directors were made in fully-vested shares. Performance share units are offered annually under separate three-year long-term incentive programs. Performance share units are subject to forfeiture and will be converted into common stock of the Company based upon the Company’s performance relative to performance measures and conversion multiples, as defined in the underlying program. If the Company’s estimate of the number of performance share units expected to vest changes in a subsequent accounting period, cumulative compensation expense could increase or decrease. The change will be recognized in the current period for the vested shares and would change future expense over the remaining vesting period. Since May 1, 2017, non-employee directors have been permitted to defer receipt of annual stock awards and equity elected to be received in lieu of quarterly cash compensation. If so elected, these deferred stock units will be issued as common stock six months after separation from their service on the Board of Directors. Since May 2018, no non-employee directors have elected the option to receive deferred stock units of the Company’s common stock in lieu of director cash compensation. In February 2021, the Compensation Committee approved the 2021 Performance Share Unit Program and the Executive Annual Incentive Compensation Plan (consisting of cash and equity components). Also in February 2021, the Board of Directors approved a special performance-based stock retention program under the 2006 Omnibus Plan whereby eligible executives could earn shares of Company common stock provided that the Company’s stock price achieves certain enumerated thirty-day average closing stock price hurdles over a five-year performance period. Any shares earned are payable no earlier than the third anniversary of the date of the grant. The program expires on February 28, 2026, after which date no shares may be earned or distributed. The following table summarizes the restricted stock awards, deferred stock units, and performance share units activity for the three months ended March 31, 2021:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Cash equivalents - Included in “Cash and cash equivalents” within the Condensed Consolidated Balance Sheets are investments in non-domestic term deposits. The carrying amounts approximate fair value because of the short maturity of the instruments. LIBOR-based interest rate swaps - To reduce the impact of interest rate changes on outstanding variable-rate debt, the Company entered into forward starting LIBOR-based interest rate swaps with notional values totaling $50,000. The fair value of the interest rate swaps is based on market-observable forward interest rates and represents the estimated amount that the Company would pay to terminate the agreements. As such, the swap agreements are classified as Level 2 within the fair value hierarchy. As of March 31, 2021 and December 31, 2020, the interest rate swaps were recorded in “Other accrued liabilities” within the Condensed Consolidated Balance Sheets.
The Company had accounted for the interest rate swaps as cash flow hedges and the objective of the hedges is to offset the expected interest variability on payments associated with the interest rate on its debt. The Company de-designated its cash flow hedges and accounts for all existing and future interest rate swaps on a mark-to-market basis with changes in fair value recorded in current period earnings. In connection with this de-designation, the Company froze the balances recorded in “Accumulated other comprehensive loss” at June 30, 2020 and reclassifies balances to earnings as the underlying physical transactions occur, unless it is no longer probable that the physical transaction will occur at which time the related gains deferred in Other Comprehensive Income will be immediately recorded in earnings. The gains and losses related to the interest rate swaps are reclassified from “Accumulated other comprehensive loss” in the Condensed Consolidated Balance Sheets and included in “Interest expense - net” in the Condensed Consolidated Statements of Operations as the interest expense from the Company’s debt is recognized. For the three months ended March 31, 2021 and 2020, we recognized interest expense of $235 and $73, respectively, from interest rate swaps. In accordance with the provisions of ASC Topic 820, “Fair Value Measurement,” the Company measures certain nonfinancial assets and liabilities at fair value, which are recognized and disclosed on a nonrecurring basis.
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Retirement Plans |
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Employee-related Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans | Retirement Plans Retirement Plans The Company has three retirement plans that cover its hourly and salaried employees in the United States: one defined benefit plan, which is frozen, and two defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company’s contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the Company’s policy and investment guidelines applicable to each respective plan. The Company’s policy is to contribute at least the minimum in accordance with the funding standards of ERISA. The Company maintains two defined contribution plans for its employees in Canada, as well as one post-retirement benefit plan. The Company also maintains two defined contribution plans and one defined benefit plan for its employees in the United Kingdom. United States Defined Benefit Plan Net periodic pension costs for the United States defined benefit pension plan for the three months ended March 31, 2021 and 2020 were as follows:
The Company made contributions to its United States defined benefit pension plan of $300 during the three months ended March 31, 2021 and expects to make total contributions of $500 during 2021. United Kingdom Defined Benefit Plan Net periodic pension costs for the United Kingdom defined benefit pension plan for the three months ended March 31, 2021 and 2020 were as follows:
United Kingdom regulations require trustees to adopt a prudent approach to funding required contributions to defined benefit pension plans. For the three months ended March 31, 2021, the Company contributed approximately $85 to the plan. The Company anticipates total contributions of approximately $340 to the United Kingdom pension plan during 2021. Defined Contribution Plans The Company sponsors six defined contribution plans for hourly and salaried employees across its domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans for the periods presented:
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Commitments and Contingent Liabilities |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Product Liability Claims The Company is subject to product warranty claims that arise in the ordinary course of its business. For certain manufactured products, the Company maintains a product warranty accrual, which is adjusted on a monthly basis as a percentage of cost of sales. In addition, the product warranty accrual is adjusted periodically based on the identification or resolution of known individual product warranty claims. The following table sets forth the Company’s product warranty accrual:
Union Pacific Railroad (“UPRR”) Concrete Tie Matter On March 13, 2019, the Company and its subsidiary, CXT Incorporated (“CXT”), entered into a Settlement Agreement (the “Settlement Agreement”) with UPRR to resolve the pending litigation in the matter of Union Pacific Railroad Company v. L.B. Foster Company and CXT Incorporated, Case No. CI 15-564, in the District Court for Douglas County, Nebraska. Under the Settlement Agreement, the Company and CXT will pay UPRR the aggregate amount of $50,000 without pre-judgment interest, which began with a $2,000 immediate payment, and with the remaining $48,000 paid in installments over a six-year period commencing on the effective date of the Settlement Agreement through December 2024 pursuant to a Promissory Note. Additionally, commencing in January 2019 and through December 2024, UPRR agreed to purchase and has been purchasing from the Company and its subsidiaries and affiliates, a cumulative total amount of $48,000 of products and services, targeting $8,000 of annual purchases per year beginning March 13, 2019 per letters of intent under the Settlement Agreement. The Settlement Agreement also includes a mutual release of all claims and liability regarding or relating to all CXT pre-stressed concrete railroad ties with no admission of liability and dismissal of the litigation with prejudice. The expected payments under the UPRR Settlement Agreement for the remainder of the year ending December 31, 2021 and thereafter are as follows:
Environmental and Legal Proceedings The Company is subject to national, state, foreign, provincial, and/or local laws and regulations relating to the protection of the environment. The Company’s efforts to comply with environmental regulations may have an adverse effect on its future earnings. On June 5, 2017, a General Notice Letter was received from the United States Environmental Protection Agency (“EPA”) indicating that the Company may be a potentially responsible party (“PRP”) regarding the Portland Harbor Superfund Site cleanup along with numerous other companies. More than 140 other companies received such a notice. The Company and a predecessor owned and operated a facility near the harbor site for a period prior to 1982. The net present value and undiscounted costs of the selected remedy throughout the harbor site are estimated by the EPA to be approximately $1.1 billion and $1.7 billion, respectively, and the remedial work is expected to take as long as 13 years to complete. The Company is reviewing the basis for its identification by the EPA and the nature of the historic operations of a Company predecessor near the site. Additionally, the Company executed a PRP agreement which provides for a private allocation process among almost 100 PRPs in a working group whose work is ongoing. On March 26, 2020, the EPA issued a Unilateral Administrative Order to two parties requiring them to perform remedial design work for that portion of the Harbor Superfund Site that includes the area closest to the facility; the Company was not a recipient of this Unilateral Administrative Order. The Company cannot predict the ultimate impact of these proceedings because of the large number of PRPs involved throughout the harbor site, the degree of contamination of various wastes, varying environmental impacts throughout the harbor site, the scarcity of data related to the facility once operated by the Company and a predecessor, and the speculative nature of the remediation costs. Based upon information currently available, management does not believe that the Company’s alleged PRP status regarding the Portland Harbor Superfund Site or other compliance with the present environmental protection laws will have a material adverse effect on the financial condition, results of operations, cash flows, competitive position, or capital expenditures of the Company. As of March 31, 2021 and December 31, 2020, the Company maintained environmental reserves approximating $2,545 and $2,562, respectively. The following table sets forth the Company’s environmental obligation:
The Company is also subject to other legal proceedings and claims that arise in the ordinary course of its business. Legal actions are subject to inherent uncertainties, and future events could change management’s assessment of the probability or estimated amount of potential losses from pending or threatened legal actions. Based on available information, it is the opinion of management that the ultimate resolution of pending or threatened legal actions, both individually and in the aggregate, will not result in losses having a material adverse effect on the Company’s financial position or liquidity as of March 31, 2021. If management believes that, based on available information, it is at least reasonably possible that a material loss (or additional material loss in excess of any accrual) will be incurred in connection with any legal actions, the Company discloses an estimate of the possible loss or range of loss, either individually or in the aggregate, as appropriate, if such an estimate can be made, or discloses that an estimate cannot be made. Based on the Company’s assessment as of March 31, 2021, no such disclosures were considered necessary.
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Financial Statements (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all estimates and adjustments (consisting of normal recurring accruals, unless otherwise stated herein) considered necessary for a fair presentation of the financial position of L.B. Foster Company and subsidiaries as of March 31, 2021 and December 31, 2020 and its Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Loss, Condensed Consolidated Statements of Cash Flows, and Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2021 and 2020 have been included. However, actual results could differ from those estimates and changes in those estimates are recorded when known. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The Condensed Consolidated Balance Sheet as of December 31, 2020 was derived from audited financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in L.B. Foster Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In this Quarterly Report on Form 10-Q, references to “we,” “us,” “our,” and the “Company” refer collectively to L.B. Foster Company and its consolidated subsidiaries.
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Reclassifications | ReclassificationsCertain accounts in the prior year consolidated financial statements have been reclassified for comparative purposes principally to conform to the presentation of the current year period. Effective for the quarter ended September 30, 2020, the Company classified IOS Acquisitions, LLC and subsidiaries (“Test and Inspection Services”) as a discontinued operation. Effective for the quarter and year ended December 31, 2020, the Company implemented operational changes in how its Chief Operating Decision Maker (“CODM”) manages its businesses, including resource allocation and operating decisions. As a result of these changes, the Company now has two operating segments, representing the individual businesses that are run separately under the new structure. The Company has revised the information for all periods presented in this Quarterly Report on Form 10-Q to reflect these reclassifications. |
Recently issued accounting standards | Recently Issued Accounting Standards In March 2020 and as clarified in January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impacts of the provisions of ASU 2020-04 on its financial condition, results of operations, and cash flows.
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Inventory | Inventories of the Company are valued at average cost or net realizable value, whichever is lower. Contract assets consist of costs and earnings in excess of billings, retainage, and other unbilled amounts generated when revenue recognized exceeds the amount billed to the customer. |
Share based compensation | The Company applies the provisions of the FASB’s Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation,” to account for the Company’s stock-based compensation. Stock-based compensation cost is measured at the grant date based on the calculated fair value of the award and is recognized over the employees’ requisite service periods. |
Business Segments (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | The following table illustrates the Company’s revenues and profit from operations by segment for the periods indicated:
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table provides a reconciliation of segment net profit from continuing operations to the Company’s consolidated continuing operations total for the periods presented:
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Reconciliation of Assets from Segment to Consolidated | The following table illustrates assets of the Company by segment for the periods presented:
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Discontinued Operations (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | The following table provides the net sales and losses from discontinued operations for the three months ended March 31, 2020:
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table summarizes the Company’s net sales by major product and service category for the periods presented:
Net sales by the timing of the transfer of products and services was as follows for the periods presented:
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Goodwill and Other Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table presents the goodwill balance by reportable segment:
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Schedule of Intangible Assets | The components of the Company’s intangible assets were as follows for the periods presented:
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Estimated Future Amortization | As of March 31, 2021, estimated amortization expense for the remainder of 2021 and thereafter was as follows:
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Accounts Receivable (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Additional Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | The following table sets forth the Company’s allowance for doubtful accounts:
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Inventory (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories as of March 31, 2021 and December 31, 2020 are summarized in the following table:
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment | Property, plant, and equipment as of March 31, 2021 and December 31, 2020 consisted of the following:
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Locations | The balance sheet components of the Company’s leases were as follows as of March 31, 2021 and December 31, 2020:
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Components of Lease Cost | The components of lease expense within the Company’s Condensed Consolidated Statements of Operations were as follows for the three months ended March 31, 2021 and 2020:
The cash flow components of the Company’s leases were as follows for the three months ended March 31, 2021 and 2020:
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented:
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Lessee, Operating Lease, Liability, Maturity | As of March 31, 2021, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2021 and thereafter were as follows:
|
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Finance Lease, Liability, Maturity | As of March 31, 2021, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2021 and thereafter were as follows:
|
Long-term Debt and Related Matters (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following:
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Earnings Per Common Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted loss per common share for the periods indicated:
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Stock-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Share Activity | The following table summarizes the restricted stock awards, deferred stock units, and performance share units activity for the three months ended March 31, 2021:
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
|
Retirement Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Costs of Retirement Plans | The following table summarizes the expense associated with the contributions made to these plans for the periods presented:
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United States | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Net periodic pension costs for the United States defined benefit pension plan for the three months ended March 31, 2021 and 2020 were as follows:
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United Kingdom | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Net periodic pension costs for the United Kingdom defined benefit pension plan for the three months ended March 31, 2021 and 2020 were as follows:
|
Commitments and Contingent Liabilities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability | The following table sets forth the Company’s product warranty accrual:
|
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Schedule Of Future Payments Of Legal Settlements | The expected payments under the UPRR Settlement Agreement for the remainder of the year ending December 31, 2021 and thereafter are as follows:
|
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Environmental Loss Contingencies | The following table sets forth the Company’s environmental obligation:
|
Business Segments - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting Information | ||
Total net sales | $ 116,080 | $ 121,907 |
Operating Segments | ||
Segment Reporting Information | ||
Total net sales | 116,080 | 121,907 |
Segment Profit (Loss) | 1,866 | 2,775 |
Rail Technologies and Services | Operating Segments | ||
Segment Reporting Information | ||
Total net sales | 66,232 | 70,204 |
Segment Profit (Loss) | 2,532 | 1,171 |
Infrastructure Solutions | ||
Segment Reporting Information | ||
Total net sales | 49,848 | 51,703 |
Infrastructure Solutions | Operating Segments | ||
Segment Reporting Information | ||
Total net sales | 49,848 | 51,703 |
Segment Profit (Loss) | $ (666) | $ 1,604 |
Business Segments - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Other expense - net | $ (59) | $ (606) |
Loss from continuing operations before income taxes | (1,591) | (63) |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Profit for reportable segments | 1,866 | 2,775 |
Interest expense - net | (871) | (812) |
Other expense - net | (59) | (606) |
Unallocated corporate expenses and other unallocated charges | (2,527) | (1,420) |
Loss from continuing operations before income taxes | $ (1,591) | $ (63) |
Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting Information | ||
Assets | $ 374,476 | $ 370,395 |
Operating Segments | Rail Technologies and Services | ||
Segment Reporting Information | ||
Assets | 174,782 | 161,485 |
Operating Segments | Infrastructure Solutions | ||
Segment Reporting Information | ||
Assets | 136,649 | 137,519 |
Unallocated corporate assets | ||
Segment Reporting Information | ||
Assets | $ 63,045 | $ 71,391 |
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Sep. 04, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from discontinued operations | $ 0 | $ 1,861 | |
Test and Inspection Services | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from divestiture of businesses | $ 4,000 | ||
Loss from discontinued operations | $ 10,034 |
Discontinued Operations - Net Sales and Losses from Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Sep. 04, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from discontinued operations | $ 0 | $ (2,631) | |
Income tax benefit from discontinued operations | 0 | 770 | |
Loss from discontinued operations | $ 0 | (1,861) | |
Test and Inspection Services | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from discontinued operations | $ (10,034) | ||
Test and Inspection Services | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 6,868 | ||
Loss from discontinued operations | (2,631) | ||
Income tax benefit from discontinued operations | (770) | ||
Loss from discontinued operations | $ (3,401) |
Revenue - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Disaggregation of Revenue | |||
Total net sales | $ 116,080 | $ 121,907 | |
Contract with customer, assets | 37,673 | $ 37,843 | |
Contract with customer, liability | 6,030 | $ 1,324 | |
Contract assets transferred to receivables | 11,310 | ||
Cash proceeds from liability contract | 5,425 | ||
Revenue recognized from contract liability | $ 676 | $ 2,614 | |
Over time | |||
Disaggregation of Revenue | |||
Customer revenue transferred (percentage) | 25.30% | 26.90% | |
Total net sales | $ 29,372 | $ 32,777 | |
Over time | Performance Based | |||
Disaggregation of Revenue | |||
Total net sales | 21,108 | 24,432 | |
Over time | Delivery Based | |||
Disaggregation of Revenue | |||
Total net sales | $ 8,264 | $ 8,345 | |
Point in time | |||
Disaggregation of Revenue | |||
Customer revenue transferred (percentage) | 74.70% | 73.10% | |
Total net sales | $ 86,708 | $ 89,130 |
Revenue - Disaggregation of Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue | ||
Total net sales | $ 116,080 | $ 121,907 |
Rail Technologies and Services | ||
Disaggregation of Revenue | ||
Total net sales | 66,232 | 70,204 |
Rail Technologies and Services | Rail Products | ||
Disaggregation of Revenue | ||
Total net sales | 43,810 | 47,899 |
Rail Technologies and Services | Rail Technologies | ||
Disaggregation of Revenue | ||
Total net sales | 22,422 | 22,305 |
Infrastructure Solutions | ||
Disaggregation of Revenue | ||
Total net sales | 49,848 | 51,703 |
Infrastructure Solutions | Fabricated Steel Products | ||
Disaggregation of Revenue | ||
Total net sales | 27,721 | 18,391 |
Infrastructure Solutions | Precast Concrete Products | ||
Disaggregation of Revenue | ||
Total net sales | 12,678 | 10,643 |
Infrastructure Solutions | Coatings and Measurement | ||
Disaggregation of Revenue | ||
Total net sales | $ 9,449 | $ 22,669 |
Revenue - Timing of Transfer (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue | ||
Total net sales | $ 116,080 | $ 121,907 |
Point in time | ||
Disaggregation of Revenue | ||
Total net sales | 86,708 | 89,130 |
Over time | ||
Disaggregation of Revenue | ||
Total net sales | 29,372 | 32,777 |
Rail Technologies and Services | ||
Disaggregation of Revenue | ||
Total net sales | 66,232 | 70,204 |
Rail Technologies and Services | Point in time | ||
Disaggregation of Revenue | ||
Total net sales | 52,044 | 54,888 |
Rail Technologies and Services | Over time | ||
Disaggregation of Revenue | ||
Total net sales | 14,188 | 15,316 |
Infrastructure Solutions | ||
Disaggregation of Revenue | ||
Total net sales | 49,848 | 51,703 |
Infrastructure Solutions | Point in time | ||
Disaggregation of Revenue | ||
Total net sales | 34,664 | 34,242 |
Infrastructure Solutions | Over time | ||
Disaggregation of Revenue | ||
Total net sales | $ 15,184 | $ 17,461 |
Revenue - Remaining Performance Obligation (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Revenue remaining performance obligation | $ 271,944 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Revenue remaining performance obligation (percentage) | 13.00% |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Goodwill | |
Goodwill, beginning balance | $ 20,340 |
Foreign currency translation impact | 33 |
Goodwill, ending balance | 20,373 |
Rail Technologies and Services | |
Goodwill | |
Goodwill, beginning balance | 14,743 |
Foreign currency translation impact | 33 |
Goodwill, ending balance | 14,776 |
Infrastructure Solutions | |
Goodwill | |
Goodwill, beginning balance | 5,597 |
Foreign currency translation impact | 0 |
Goodwill, ending balance | $ 5,597 |
Goodwill and Other Intangible Assets - Schedule of Intangible Asset (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Finite-Lived Intangible Assets | ||
Gross Carrying Value | $ 80,384 | $ 80,276 |
Accumulated Amortization | (44,907) | (43,379) |
Net Carrying Amount | 35,477 | 36,897 |
Patents | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Value | 389 | 383 |
Accumulated Amortization | (213) | (206) |
Net Carrying Amount | 176 | 177 |
Customer relationships | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Value | 36,353 | 36,269 |
Accumulated Amortization | (16,568) | (15,914) |
Net Carrying Amount | 19,785 | 20,355 |
Trademarks and trade names | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Value | 7,816 | 7,809 |
Accumulated Amortization | (4,283) | (4,135) |
Net Carrying Amount | 3,533 | 3,674 |
Technology | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Value | 35,826 | 35,815 |
Accumulated Amortization | (23,843) | (23,124) |
Net Carrying Amount | $ 11,983 | $ 12,691 |
Weighted Average | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 16 years | |
Weighted Average | Patents | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 10 years | 10 years |
Weighted Average | Customer relationships | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 18 years | 18 years |
Weighted Average | Trademarks and trade names | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 16 years | 16 years |
Weighted Average | Technology | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 13 years | 13 years |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Finite-Lived Intangible Assets | ||
Amortization expense | $ 1,465 | $ 1,430 |
Minimum | ||
Finite-Lived Intangible Assets | ||
Finite lived intangible asset, useful life | 5 years | |
Maximum | ||
Finite-Lived Intangible Assets | ||
Finite lived intangible asset, useful life | 25 years | |
Weighted Average | ||
Finite-Lived Intangible Assets | ||
Finite lived intangible asset, useful life | 16 years |
Goodwill and Other Intangible Assets - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2021 | $ 4,393 | |
2022 | 5,779 | |
2023 | 5,308 | |
2024 | 4,317 | |
2025 | 2,453 | |
2026 and thereafter | 13,227 | |
Net Carrying Amount | $ 35,477 | $ 36,897 |
Accounts Receivable - Narratives (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance doubtful accounts, receivables | $ 744 | $ 944 | |
Current period provision (release) | 26 | ||
Selling, General and Administrative Expenses | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Current period provision (release) | $ 22 | $ 86 |
Accounts Receivable - Allowance for Doubtful Accounts (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Allowance for Doubtful Accounts | |
Allowance for doubtful accounts, beginning balance | $ 944 |
Current period provision (release) | (26) |
Write-off against allowance | (174) |
Allowance for doubtful accounts, ending balance | $ 744 |
Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 50,125 | $ 60,766 |
Contract assets | 37,673 | 37,843 |
Work-in-process | 7,651 | 5,143 |
Raw materials | 21,929 | 12,708 |
Inventories - net | $ 117,378 | $ 116,460 |
Property, Plant and Equipment (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Property, Plant and Equipment | |||
Gross property, plant, and equipment | $ 170,251,000 | $ 168,638,000 | |
Less accumulated depreciation and amortization, including accumulated amortization of finance leases | (108,668,000) | (106,553,000) | |
Property, plant, and equipment - net | 61,583,000 | 62,085,000 | |
Depreciation | 1,990,000 | $ 1,935,000 | |
Impairments of property, plant, and equipment | 0 | $ 0 | |
Land | |||
Property, Plant and Equipment | |||
Gross property, plant, and equipment | 6,632,000 | 6,627,000 | |
Improvements to land and leaseholds | |||
Property, Plant and Equipment | |||
Gross property, plant, and equipment | 17,573,000 | 17,573,000 | |
Buildings | |||
Property, Plant and Equipment | |||
Gross property, plant, and equipment | 27,487,000 | 27,348,000 | |
Machinery and equipment, including equipment under finance leases | |||
Property, Plant and Equipment | |||
Gross property, plant, and equipment | 117,272,000 | 116,175,000 | |
Construction in progress | |||
Property, Plant and Equipment | |||
Gross property, plant, and equipment | $ 1,287,000 | $ 915,000 |
Leases - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Lessee, Lease, Description | |
Lease renewal term | 12 years |
Lease termination period | 1 year |
Minimum | |
Lessee, Lease, Description | |
Lease term | 2 years |
Maximum | |
Lessee, Lease, Description | |
Lease term | 12 years |
Leases - Balance Sheet Location (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating leases | ||
Operating lease right of use assets | $ 15,426 | $ 16,069 |
Other accrued liabilities | 2,488 | 2,553 |
Long-term operating lease liabilities | 12,938 | 13,516 |
Total operating lease liabilities | 15,426 | 16,069 |
Finance leases | ||
Property, plant, and equipment | 1,163 | 1,116 |
Accumulated amortization | (908) | (869) |
Property, plant, and equipment - net | 255 | 247 |
Current maturities of long-term debt | 129 | 119 |
Long-term debt | 126 | 128 |
Total finance lease liabilities | $ 255 | $ 247 |
Operating lease, liability, current, statement of financial position | Other accrued liabilities | Other accrued liabilities |
Finance lease, right-of-use asset, statement of financial position | Property, plant, and equipment - net (Note 8) | Property, plant, and equipment - net (Note 8) |
Finance lease, liability, current, statement of financial position | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent |
Finance lease, liability, noncurrent, statement of financial position | Long-term portion | Long-term portion |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Lease, Cost | ||
Amortization of finance leases | $ 51 | $ 177 |
Interest on lease liabilities | 22 | 18 |
Operating lease cost | 642 | 798 |
Sublease income | (50) | (17) |
Total lease cost | $ 665 | $ 976 |
Leases - Cash Flow Components (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Leases [Abstract] | ||
Operating cash flows related to operating leases | $ (792) | $ (1,009) |
Financing cash flows related to finance leases | (55) | (184) |
Operating leases | $ 0 | $ 5,981 |
Leases - Weighted Average Lease Term and Discount Rate (Details) |
Mar. 31, 2021 |
Mar. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Operating lease weighted-average remaining lease term | 7 years | 7 years |
Operating lease weighted-average discount rate | 5.20% | 5.20% |
Finance lease weighted-average remaining lease term | 1 year | 1 year |
Finance lease weighted-average discount rate | 4.20% | 4.30% |
Leases - Estimated Annual Maturities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Leases | ||
Remainder of 2021 | $ 2,456 | |
2022 | 2,862 | |
2023 | 2,636 | |
2024 | 2,591 | |
2025 | 2,389 | |
2026 and thereafter | 5,392 | |
Total undiscounted lease payments | 18,326 | |
Interest | (2,900) | |
Total | 15,426 | $ 16,069 |
Finance Leases | ||
Remaining 2020 | 142 | |
2022 | 115 | |
2023 | 42 | |
2024 | 11 | |
2025 | 0 | |
2026 and thereafter | 0 | |
Total undiscounted lease payments | 310 | |
Interest | (55) | |
Total | $ 255 | $ 247 |
Long-term Debt and Related Matters - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Disclosure [Abstract] | ||
Revolving credit facility | $ 36,538 | $ 44,777 |
Finance leases and financing agreements | 255 | 247 |
Total | 36,793 | 45,024 |
Less current maturities | (129) | (119) |
Long-term portion | $ 36,664 | $ 44,905 |
Long-term Debt and Related Matters - Narrative (Details) |
Jun. 26, 2020
USD ($)
|
Mar. 31, 2021
USD ($)
|
Jan. 29, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Jun. 25, 2020
USD ($)
|
---|---|---|---|---|---|
Line of Credit Facility | |||||
Line of credit facility, amount outstanding | $ 36,538,000 | $ 44,777,000 | |||
Second Amendment | |||||
Line of Credit Facility | |||||
Minimum aggregate indebtedness | $ 3,000,000 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | |||||
Line of Credit Facility | |||||
Line of credit, covenants, basket for dispositions | $ 25,000,000 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | First Amendment | |||||
Line of Credit Facility | |||||
Revolving facility usage | 1.50 | ||||
Line of credit, covenants, basket for dispositions | $ 40,000,000 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | First Amendment | Inventories | |||||
Line of Credit Facility | |||||
Minimum working capital to revolving facility usage ratio | 0.50 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | First Amendment | Accounts Receivable | |||||
Line of Credit Facility | |||||
Minimum working capital to revolving facility usage ratio | 0.85 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | First Amendment | Debt Instrument, Redemption, Period One | |||||
Line of Credit Facility | |||||
Minimum leverage ratio | 3.25 | ||||
Maximum liquidity ratio required | 3.50 | ||||
Minimum interest coverage ratio | 1.00 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | First Amendment | Debt Instrument, Redemption, Period Two | |||||
Line of Credit Facility | |||||
Minimum leverage ratio | 3.00 | ||||
Maximum liquidity ratio required | 3.25 | ||||
Minimum interest coverage ratio | 1.05 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | First Amendment | Debt Instrument, Redemption, Period Three | |||||
Line of Credit Facility | |||||
Minimum leverage ratio | 2.75 | ||||
Maximum liquidity ratio required | 3.00 | ||||
Minimum interest coverage ratio | 1.15 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | First Amendment | Debt Instrument, Redemption, Period Four | |||||
Line of Credit Facility | |||||
Minimum interest coverage ratio | 1.25 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Euro-rate | First Amendment | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Euro-rate | First Amendment | Minimum | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 2.00% | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Euro-rate | First Amendment | Maximum | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 3.00% | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Base Rate | First Amendment | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Base Rate | First Amendment | Minimum | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Base Rate | First Amendment | Maximum | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 2.00% | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Overnight Bank Funding Rate | First Amendment | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 0.50% | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Revolving credit facility | |||||
Line of Credit Facility | |||||
Line of credit facility, amount outstanding | 844,000 | ||||
Potential increase to borrowing capacity | $ 50,000,000 | ||||
Liquidity Covenant | 25,000,000 | ||||
Acquisition consideration threshold, per acquisition | 50,000,000 | ||||
Aggregate acquisition threshold for four consecutive periods where acquisitions occurred | 50,000,000 | ||||
Aggregate acquisition consideration threshold | 100,000,000 | ||||
Line of credit facility, current borrowing capacity | 77,618,000 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Revolving credit facility | First Amendment | |||||
Line of Credit Facility | |||||
Line of credit facility, maximum borrowing capacity | 140,000,000 | ||||
Line of credit facility, accordion feature, decrease limit | 120,000,000 | ||||
Line of credit, accordion feature, lower borrowing capacity option | 25,000,000 | $ 5,000,000 | |||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Secured debt | First Amendment | |||||
Line of Credit Facility | |||||
Debt instrument, face amount | 25,000,000 | ||||
Line of credit facility, amount outstanding | $ 22,500,000 |
Earning Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Numerator for basic and diluted loss per common share: | ||
Loss from continuing operations attributable to L.B. Foster Company | $ (1,270) | $ (5) |
Loss from discontinued operations | 0 | (1,861) |
Net loss | (1,270) | (1,866) |
Net loss attributable to L.B. Foster Company | $ (1,258) | $ (1,866) |
Denominator: | ||
Weighted average shares outstanding (in shares) | 10,583 | 10,478 |
Denominator for basic loss per common share (in shares) | 10,583 | 10,478 |
Effect of dilutive securities: | ||
Stock compensation plans (in shares) | 0 | 0 |
Dilutive potential common shares (in shares) | 0 | 0 |
Denominator for diluted earnings (loss) per common share - adjusted weighted average shares outstanding (in shares) | 10,583 | 10,478 |
Continuing operations (usd per share) | $ (0.12) | $ (0.00) |
Discontinued operations (usd per share) | 0 | (0.18) |
Basic earnings per common share (usd per share) | (0.12) | (0.18) |
Continuing operations (usd per share) | (0.12) | (0.00) |
Discontinued operations (usd per share) | 0 | (0.18) |
Diluted earnings per common share (usd per share) | $ (0.12) | $ (0.18) |
Anti-dilutive shares (in shares) | 140 | 190 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Income tax benefit from continuing operations | $ (321) | $ (58) |
Loss before income taxes from continuing operations | $ (1,591) | $ (63) |
Effective income tax rate (percent) | 20.20% | 92.10% |
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Feb. 28, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation | $ 827 | $ 680 | |
Expected cost on shares expected to vest | $ 5,883 | ||
Recognition period for compensation expense not yet recognized | 4 years | ||
Restricted Stock | Vesting period one | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period | 3 years | ||
Restricted Stock | Vesting period two | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period | 1 year | ||
Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period | 3 years | ||
Performance Share Units | Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period | 5 years | ||
Stock price threshold, period | 30 days |
Stock-Based Compensation - Restricted Stock and Performance Share Units (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |
Weighted average share price, beginning balance (usd per share) | $ / shares | $ 18.05 |
Weighted average shares granted (usd per share) | $ / shares | 16.13 |
Weighted average shares vested (usd per share) | $ / shares | 19.08 |
Weighted average shares adjustment for incentive awards expected to vest (usd per share) | $ / shares | 17.77 |
Weighted average share price, ending balance (usd per share) | $ / shares | $ 17.46 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |
Nonvested Shares, Outstanding, Beginning Balance (in shares) | 171,934 |
Granted (in shares) | 81,859 |
Vested (in shares) | (68,089) |
Adjustment for incentive awards expected to vest (in shares) | 0 |
Nonvested Shares, Outstanding, Ending Balance (in shares) | 185,704 |
Deferred Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |
Nonvested Shares, Outstanding, Beginning Balance (in shares) | 66,136 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Adjustment for incentive awards expected to vest (in shares) | 0 |
Nonvested Shares, Outstanding, Ending Balance (in shares) | 66,136 |
Performance Share Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |
Nonvested Shares, Outstanding, Beginning Balance (in shares) | 150,022 |
Granted (in shares) | 141,471 |
Vested (in shares) | (7,940) |
Adjustment for incentive awards expected to vest (in shares) | 130 |
Nonvested Shares, Outstanding, Ending Balance (in shares) | 283,684 |
Fair Value Measurements - Narrative (Details) - Swap - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Derivative, notional amount | $ 50,000,000 | |
Investment expense | $ 235,000 | $ 73,000 |
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Term deposits | $ 18 | $ 18 |
Total assets | 18 | 18 |
Interest rate swaps | 863 | 1,097 |
Total liabilities | 863 | 1,097 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Term deposits | 18 | 18 |
Total assets | 18 | 18 |
Interest rate swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Term deposits | 0 | 0 |
Total assets | 0 | 0 |
Interest rate swaps | 863 | 1,097 |
Total liabilities | 863 | 1,097 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Term deposits | 0 | 0 |
Total assets | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Retirement Plans - Narrative (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
plan
| |
Defined Benefit Plan Disclosure | |
Defined contribution plan number | 6 |
United States | |
Defined Benefit Plan Disclosure | |
Number of retirement plans | 3 |
Number of defined benefit plans | 1 |
Defined contribution plan number | 2 |
Defined benefit plan, contributions by employer | $ | $ 300 |
Defined benefit plan, expected future employer contributions, current fiscal year | $ | $ 500 |
Canada | |
Defined Benefit Plan Disclosure | |
Defined contribution plan number | 2 |
Number of post-retirement benefit plan | 1 |
United Kingdom | |
Defined Benefit Plan Disclosure | |
Defined contribution plan number | 2 |
Defined benefit plan, contributions by employer | $ | $ 85 |
Defined benefit plan, expected future employer contributions, current fiscal year | $ | $ 340 |
Retirement Plans - Schedule Of Net Benefit Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
United States | ||
Defined Benefit Plan Disclosure | ||
Interest cost | $ 43 | $ 56 |
Expected return on plan assets | (62) | (58) |
Recognized net actuarial loss | 25 | 13 |
Net periodic pension cost | 6 | 11 |
United Kingdom | ||
Defined Benefit Plan Disclosure | ||
Interest cost | 28 | 44 |
Expected return on plan assets | (65) | (59) |
Amortization of prior service costs and transition amount | 7 | 6 |
Recognized net actuarial loss | 83 | 64 |
Net periodic pension cost | $ 53 | $ 55 |
Retirement Plans - Schedule of Costs of Retirement Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Defined Contribution Plan Disclosure | ||
Expenses associated with contributions made | $ 529 | $ 12 |
United States | ||
Defined Contribution Plan Disclosure | ||
Expenses associated with contributions made | 364 | (138) |
Canada | ||
Defined Contribution Plan Disclosure | ||
Expenses associated with contributions made | 46 | 39 |
United Kingdom | ||
Defined Contribution Plan Disclosure | ||
Expenses associated with contributions made | $ 119 | $ 111 |
Commitments and Contingent Liabilities - Schedule of Product Warranty Liability (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Movement in Standard Product Warranty Accrual | |
Beginning balance | $ 1,249 |
Additions to warranty liability | 110 |
Warranty liability utilized | (92) |
Ending balance | $ 1,267 |
Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 13, 2019
USD ($)
|
Mar. 31, 2021
USD ($)
company
|
Dec. 31, 2020
USD ($)
|
Jun. 05, 2017
company
|
|
Product Liability Contingency | ||||
Litigation settlement amount | $ 32,000 | |||
Number of companies that received a general notice letter (company) | company | 140 | |||
Present value of remedial work | 1,100,000 | |||
Undiscovered remedial work | $ 1,700,000 | |||
Anticipated clean period | 13 years | |||
Number of potentially responsible parties included in agreement | company | 100 | |||
Accrual for environmental loss | $ 2,545 | $ 2,562 | ||
UPRR | ||||
Product Liability Contingency | ||||
Annual commitment amount | 8,000 | |||
UPRR | ||||
Product Liability Contingency | ||||
Litigation settlement amount | $ 50,000 | |||
Litigation settlement amount, current | 2,000 | |||
Litigation settlement amount, non-current | $ 48,000 | |||
Payment period | 6 years |
Commitments and Contingent Liabilities - Future Payments (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2021 | $ 8,000 |
2022 | 8,000 |
2023 | 8,000 |
2024 | 8,000 |
Total | $ 32,000 |
Commitments and Contingent Liabilities - Environmental Loss Contingencies (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Accrual for Environmental Loss Contingencies | |
Environmental liability, beginning balance | $ 2,562 |
Environmental obligations utilized | (17) |
Environmental liability, ending balance | $ 2,545 |
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