Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of the Effects of Restatement Adjustments on the Consolidated Financial Statements

The impact of these adjustments are shown in the tables below. Note only line items that were impacted by the Restatement Adjustments and immaterial error corrections are included below.

	Three Months Ended June 30, 2024
	As Previously Reported		Adjustments		As Revised
Cost of goods sold	$	93,705	$	10	$	93,715
Total cost of sales	110,273		10		110,283
Gross profit	30,523		(10)		30,513
Selling and administrative expenses	24,896		(78)		24,818
Operating income	4,504		68		4,572
Other income - net	(152)		68		(84)

	Six Months Ended June 30, 2024
	As Previously Reported		Restatement Adjustments		As Restated
Cost of goods sold	$	175,174	$	83	$	175,257
Total cost of sales	208,344		83		208,427
Gross profit	56,772		(83)		56,689
Selling and administrative expenses	47,645		43		47,688
(Gain) on sale of former joint venture facility	—		(3,477)		(3,477)
Operating income	6,787		3,351		10,138
Other income - net	(3,688)		3,351		(337)

	Three Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Revised
Cost of goods sold	$	101,069	$	(359)	$	100,710
Total cost of sales	115,782		(359)		115,423
Gross profit	32,252		359		32,611
Selling and administrative expenses	24,528		(6)		24,522
Operating income	6,349		365		6,714
Other expense - net	719		365		1,084

	Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Revised
Cost of goods sold	$	179,134	$	(375)	$	178,759
Total cost of sales	207,979		(375)		207,604
Gross profit	55,543		375		55,918
Selling and administrative expenses	45,951		(12)		45,939
Operating income	6,852		387		7,239
Other expense - net	2,546		387		2,933

The Restatement Adjustments did not have an impact on the Unaudited Condensed Consolidated Balance Sheet as of June 30, 2024. However, immaterial error corrections were made to the Consolidated Balance Sheet as of December 31, 2023 in the Company’s

Annual Report on Form 10-K/A as filed on November 1, 2024, as shown in the table below. Note only line items that were impacted by the immaterial error corrections are included below.

	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised
ASSETS
Current assets:
Inventories - net	$	73,496	$	(385)	$	73,111
Other current assets	8,961		(250)		8,711
Total current assets	167,990		(635)		167,355
Property, plant, and equipment - net	75,999		(420)		75,579
Other assets:
Other assets	2,715		250		2,965
TOTAL ASSETS	313,206		(805)		312,401
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	40,305	$	(805)	$	39,500
Total current liabilities	95,306		(805)		94,501
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	313,206		(805)		312,401

As a result of the immaterial error corrections to the Consolidated Balance Sheet as of December 31, 2023, the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2024 was adjusted as follows. Note only line items that were impacted by the immaterial error corrections are included below.

	Six Months Ended June 30, 2024
	As Previously Reported		Adjustments		As Revised
CASH FLOWS FROM OPERATING ACTIVITIES:
Inventories	$	(6,648)	$	(385)	$	(7,033)
Other current assets	(2,657)		(250)		(2,907)
Other noncurrent assets	1,416		250		1,666
Accounts payable	5,243		805		6,048
Net cash used in operating activities	(26,818)		420		(26,398)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures on property, plant, and equipment	$	(4,346)	$	(420)	$	(4,766)
Net cash used in investing activities	(465)		(420)		(885)