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 | |||||
For the Transition Period from _____ to _____ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
(Registrant's telephone number, including area code) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||
Large accelerated filer | ☐ | x | Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | Emerging growth company |
PART I. FINANCIAL INFORMATION | |||||||||||
Item 1. | Financial Statements | ||||||||||
Notes to Condensed Consolidated Financial Statements (unaudited) | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. OTHER INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
(Unaudited) | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance for credit losses of $ | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Assets held for sale | |||||||||||
Current assets of discontinued operations | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Right-of-use assets, operating leases, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Deferred income taxes | |||||||||||
Deferred charges, net | |||||||||||
Other non-current assets, net | |||||||||||
Long-term assets of discontinued operations | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Shareholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portion of note payable | |||||||||||
Current portion of long-term debt | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Current portion of finance lease liabilities | |||||||||||
Current liabilities of discontinued operations | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term portion of operating lease liabilities | |||||||||||
Long-term portion of finance lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total non-current liabilities | |||||||||||
Total liabilities | $ | $ | |||||||||
Commitments and contingencies – See Note 13 | |||||||||||
Shareholders' equity: | |||||||||||
Common stock, par value $ | $ | $ | |||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Less: cost of common stock in treasury - | ( | ( | |||||||||
Total shareholders' equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Acquisition costs and other | |||||||||||||||||||||||
Goodwill impairment | |||||||||||||||||||||||
Operating income (loss) from continuing operations | ( | ( | |||||||||||||||||||||
Other expense (income) | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other, net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | ( | ( | |||||||||||||||||||||
Income tax provision (benefit) | ( | ( | |||||||||||||||||||||
Income (loss) from continuing operations | ( | ( | |||||||||||||||||||||
Loss from discontinued operations, net of tax | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Net income (loss) per common share from continuing operations: | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Diluted | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Net loss per common share from discontinued operations: | |||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net income (loss) per common share: | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Diluted | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Dilutive effect from stock options and grants | |||||||||||||||||||||||
Diluted |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net income (loss) | $ | ( | $ | ||||||||
Loss from discontinued operations, net of tax | ( | ( | |||||||||
Net income (loss) from continuing operations | ( | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation expense | |||||||||||
Amortization expense | |||||||||||
Amortization of debt issuance costs | |||||||||||
Goodwill impairment | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Payments on earn-out liabilities in excess of acquisition date fair value | ( | ||||||||||
Provision for losses on accounts receivable | |||||||||||
Provision for losses on inventories | |||||||||||
Loss on disposal of property, plant and equipment | |||||||||||
Non-cash lease expense | |||||||||||
Issuance of treasury stock for director fees | |||||||||||
Stock-based compensation expense | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ||||||||||
Other assets and liabilities | ( | ||||||||||
Accounts payable | |||||||||||
Accrued expenses | ( | ( | |||||||||
Accrued income taxes | ( | ||||||||||
Net cash provided by operating activities - continuing operations | |||||||||||
Net cash provided by (used in) operating activities - discontinued operations | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Proceeds from disposal of property, plant and equipment | |||||||||||
Net cash used in investing activities - continuing operations | ( | ( | |||||||||
Net cash used in investing activities - discontinued operations | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Borrowings from long-term debt | |||||||||||
Proceeds from note payable | |||||||||||
Proceeds from exercise of stock options | |||||||||||
Payments on long-term debt | ( | ( | |||||||||
Payments on note payable | ( | ( | |||||||||
Principal payments on finance lease obligations | ( | ( | |||||||||
Payments on earn-out liabilities | ( | ||||||||||
Repurchase of common stock | ( | ( | |||||||||
Net cash provided by (used in) financing activities - continuing operations | ( | ||||||||||
Net cash used in financing activities - discontinued operations | ( | ||||||||||
Net cash used in financing activities | ( | ||||||||||
Decrease in cash and cash equivalents | ( | ( | |||||||||
Less: Cash and cash equivalents of discontinued operations | |||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash paid for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | |||||||||||
Noncash Investing Activities: | |||||||||||
Capital expenditures, not yet paid | $ | $ |
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||
Balance June 30, 2023 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Issuance of | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase of | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Issuance of | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase of | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | $ | $ | $ | $ | ( | $ |
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||
Balance June 30, 2022 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||
Exercise of stock options for | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase of | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | ( | $ | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||
Exercise of Stock option for | ( | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | ( | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Carrying amounts of assets included as part of discontinued operations: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Current assets classified as discontinued operations | |||||||||||
Property, plant and equipment, net | |||||||||||
Right-of-use assets, operating leases, net | |||||||||||
Intangible assets, net | |||||||||||
Other non-current assets, net | |||||||||||
Long-term assets classified as discontinued operations | |||||||||||
Total assets classified as discontinued operations | $ | $ | |||||||||
Carrying amounts of current liabilities included as part of discontinued operations: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Total current liabilities classified as discontinued operations | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | ( | ( | ( | ( | |||||||||||||||||||
Selling, general and administrative expense | |||||||||||||||||||||||
Asset impairments | |||||||||||||||||||||||
Earnout adjustments | ( | ||||||||||||||||||||||
Operating loss of discontinued operations | ( | ( | ( | ( | |||||||||||||||||||
Loss on classification as held for sale | |||||||||||||||||||||||
Loss on discontinued operations before income taxes | ( | ( | ( | ( | |||||||||||||||||||
Income tax benefit | ( | ( | ( | ( | |||||||||||||||||||
Net loss from discontinued operations | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Fiberglass and steel liquid storage tanks and separation equipment | $ | $ | $ | $ | |||||||||||||||||||
Heavy wall seamless carbon steel pipe and tube | |||||||||||||||||||||||
Stainless steel pipe and tube | |||||||||||||||||||||||
Specialty chemicals | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Point-in-time | $ | $ | $ | $ | ||||||||||||||||
Over-time | $ | $ | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Inventory, net | $ | $ | |||||||||
Property, plant and equipment, net | |||||||||||
Other assets, net | |||||||||||
Assets held for sale | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Inventory, net | $ | $ | |||||||||
Property, plant and equipment, net | |||||||||||
Assets held for sale | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Less: inventory reserves | ( | ( | |||||||||
Inventories | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Land | $ | $ | |||||||||
Leasehold improvements | |||||||||||
Buildings | |||||||||||
Machinery, fixtures and equipment | |||||||||||
Construction-in-progress | |||||||||||
Less: accumulated depreciation and amortization | ( | ( | |||||||||
Property, plant and equipment, net | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cost of sales | $ | $ | $ | $ | |||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Total depreciation | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Definite-lived intangible assets: | |||||||||||||||||
Customer related | $ | $ | ( | $ | $ | ( | |||||||||||
Trademarks and trade names | ( | ( | |||||||||||||||
Other | ( | ( | |||||||||||||||
Total definite-lived intangible assets | $ | $ | ( | $ | $ | ( |
(in thousands) | |||||
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter |
(in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Deferred charges, gross | $ | $ | |||||||||
Accumulated amortization of deferred charges | ( | ( | |||||||||
Deferred charges, net | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Revolving line of credit, due January 15, 2025 | $ | $ | |||||||||
Term loan, due January 15, 2025 | |||||||||||
Total long-term debt | |||||||||||
Less: Current portion of long-term debt | ( | ( | |||||||||
Long-term debt, less current portion | $ | $ |
Classification | Financial Statement Line Item | September 30, 2023 | December 31, 2022 | |||||||||||||||||
Long-term Assets | Right-of-use assets, operating leases | $ | $ | |||||||||||||||||
Long-term Assets | Property, plant and equipment | |||||||||||||||||||
Current liabilities | Current portion of lease liabilities, operating leases | |||||||||||||||||||
Current liabilities | Current portion of lease liabilities, finance leases | |||||||||||||||||||
Non-current liabilities | Non-current portion of lease liabilities, operating leases | |||||||||||||||||||
Non-current liabilities | Non-current portion of lease liabilities, finance leases |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating lease cost1 | $ | $ | $ | $ | |||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets | |||||||||||||||||||||||
Interest on finance lease liabilities | |||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | |||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
(in thousands) | Sublease Receipts | ||||
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total sublease receipts | $ |
(in thousands) | Operating | Finance | |||||||||
Remainder of 2023 | $ | $ | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
Thereafter | |||||||||||
Total undiscounted minimum future lease payments | |||||||||||
Imputed interest | ( | ( | |||||||||
Present value of lease liabilities | $ | $ |
Weighted-average remaining lease term | September 30, 2023 | December 31, 2022 | |||||||||
Operating leases | |||||||||||
Finance leases | |||||||||||
Weighted-average discount rate | |||||||||||
Operating leases | % | % | |||||||||
Finance leases | % | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||
Number of shares repurchased | ||||||||||||||||||||
Average price per share | $ | $ | $ | $ | ||||||||||||||||
Total cost of shares repurchased1 | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) from continuing operations | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Net loss from discontinued operations | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Employee stock options and stock grants | |||||||||||||||||||||||
Weighted-average common shares, as adjusted | |||||||||||||||||||||||
Net income (loss) per share from continuing operations: | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Diluted | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Net loss per share from discontinued operations: | |||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net income (loss) per share: | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Diluted | $ | ( | $ | $ | ( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Income tax provision (benefit) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Effective income tax rate | % | % | % | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net sales | |||||||||||||||||||||||
Tubular Products | $ | $ | $ | $ | |||||||||||||||||||
Specialty Chemicals | |||||||||||||||||||||||
All Other | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Operating income (loss) | |||||||||||||||||||||||
Tubular Products | $ | $ | $ | $ | |||||||||||||||||||
Specialty Chemicals | ( | ( | |||||||||||||||||||||
All Other | ( | ( | ( | ( | |||||||||||||||||||
Corporate | |||||||||||||||||||||||
Unallocated corporate expenses | ( | ( | ( | ( | |||||||||||||||||||
Acquisition costs and other | ( | ( | ( | ||||||||||||||||||||
Total Corporate | ( | ( | ( | ( | |||||||||||||||||||
Operating income (loss) | ( | ( | |||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other, net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | ( | $ | $ | ( | $ | |||||||||||||||||
As of | |||||||||||||||||||||||
(in thousands) | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||
Identifiable assets | |||||||||||||||||||||||
Tubular Products | $ | $ | |||||||||||||||||||||
Specialty Chemicals | |||||||||||||||||||||||
Corporate and other | |||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||
($ in thousands) | $ | % | Average selling price | Units shipped | ||||||||||
Heavy wall seamless carbon steel pipe and tube | (2,918) | (23.8)% | (9.0)% | (16.2)% | ||||||||||
Stainless steel pipe and tube | (11,627) | (30.3)% | (11.1)% | (21.6)% | ||||||||||
Total decrease | $ | (14,545) | ||||||||||||
($ in thousands) | $ | % | Average selling price | Units shipped | ||||||||||
Heavy wall seamless carbon steel pipe and tube | (4,730) | (12.9)% | 3.5% | (15.8)% | ||||||||||
Stainless steel pipe and tube | (38,346) | (30.6)% | (7.0)% | (25.4)% | ||||||||||
Total decrease | $ | (43,076) | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | (12,769) | $ | 3,105 | $ | (18,466) | $ | 23,934 | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Interest expense | 1,063 | 827 | 3,217 | 1,637 | ||||||||||||||||||||||
Income taxes | (964) | 871 | (2,350) | 4,069 | ||||||||||||||||||||||
Depreciation | 1,590 | 1,748 | 4,833 | 4,950 | ||||||||||||||||||||||
Amortization | 376 | 1,098 | 1,129 | 2,440 | ||||||||||||||||||||||
EBITDA | (10,704) | 7,649 | (11,637) | 37,030 | ||||||||||||||||||||||
Acquisition costs and other | 42 | 149 | 323 | 836 | ||||||||||||||||||||||
Goodwill impairment | 11,389 | — | 11,389 | — | ||||||||||||||||||||||
Gain on lease modification | — | — | — | (2) | ||||||||||||||||||||||
Stock-based compensation | 142 | 307 | 389 | 697 | ||||||||||||||||||||||
Non-cash lease expense | 69 | 109 | 205 | 323 | ||||||||||||||||||||||
Retention expense | 6 | — | 6 | — | ||||||||||||||||||||||
Restructuring and severance cost | — | — | 103 | 10 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 944 | $ | 8,214 | $ | 778 | $ | 38,894 | ||||||||||||||||||
% of sales | 1.7 | % | 10.5 | % | 0.4 | % | 15.8 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Tubular Products | ||||||||||||||||||||||||||
Net income from continuing operations | $ | 1,705 | $ | 7,640 | $ | 3,265 | $ | 34,760 | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Depreciation | 626 | 637 | 1,916 | 2,000 | ||||||||||||||||||||||
Amortization | 217 | 576 | 653 | 1,728 | ||||||||||||||||||||||
EBITDA | 2,548 | 8,853 | 5,834 | 38,488 | ||||||||||||||||||||||
Acquisition costs and other | 42 | — | 46 | — | ||||||||||||||||||||||
Stock-based compensation | 11 | 34 | 2 | 53 | ||||||||||||||||||||||
Non-cash lease expense | 36 | — | 109 | (1) | ||||||||||||||||||||||
Restructuring and severance costs | — | — | 97 | — | ||||||||||||||||||||||
Tubular Products Adjusted EBITDA | $ | 2,637 | $ | 8,887 | $ | 6,088 | $ | 38,540 | ||||||||||||||||||
% of segment sales | 7.3 | % | 17.6 | % | 5.1 | % | 23.8 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Specialty Chemicals | ||||||||||||||||||||||||||
Net income (loss) | $ | (11,498) | $ | 1,088 | $ | (10,974) | $ | 6,083 | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Interest expense | 21 | 9 | 52 | 28 | ||||||||||||||||||||||
Depreciation | 942 | 1,097 | 2,850 | 2,897 | ||||||||||||||||||||||
Amortization | 159 | 520 | 475 | 712 | ||||||||||||||||||||||
EBITDA | (10,376) | 2,714 | (7,597) | 9,720 | ||||||||||||||||||||||
Acquisition costs and other | — | — | 2 | — | ||||||||||||||||||||||
Goodwill impairment | 11,389 | — | 11,389 | — | ||||||||||||||||||||||
Stock-based compensation | 3 | 12 | (13) | 29 | ||||||||||||||||||||||
Non-cash lease expense | 23 | — | 69 | 1 | ||||||||||||||||||||||
Specialty Chemicals Adjusted EBITDA | $ | 1,039 | $ | 2,726 | $ | 3,850 | $ | 9,750 | ||||||||||||||||||
% of segment sales | 5.2 | % | 10.0 | % | 5.9 | % | 11.6 | % |
Nine Months Ended September 30, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Total cash provided by (used in): | |||||||||||
Operating activities | $ | 4,132 | $ | 5,672 | |||||||
Investing activities | (2,660) | (2,870) | |||||||||
Financing activities | (19,433) | 1,788 | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | (17,961) | $ | 4,590 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||
Number of shares repurchased | 44,799 | 30 | 95,955 | 30 | ||||||||||||||||
Average price per share | $ | 8.87 | $ | 16.29 | $ | 9.38 | $ | 16.59 | ||||||||||||
Total cost of shares repurchased | $ | 398,861 | $ | 493 | $ | 903,012 | $ | 493 |
September 30, 2023 | December 31, 2022 | ||||||||||
Current ratio | 3.7 | 4.4 | |||||||||
Debt to capital | 35% | 44% | |||||||||
Return on average equity | (20.8)% | 33.7% |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs1 | Number of Shares that May Yet Be Purchased under the Program | |||||||||||||||||||
July 1, 2023 - July 31, 2023 | 22,276 | $ | 8.86 | 22,276 | 606,547 | ||||||||||||||||||
August 1, 2023 - August 31, 2023 | 12,499 | 9.12 | 12,499 | 594,048 | |||||||||||||||||||
September 1, 2023 - September 30, 2023 | 10,024 | 8.59 | 10,024 | 584,024 | |||||||||||||||||||
As of September 30, 2023 | 44,799 | $ | 8.87 | 44,799 | 584,024 |
Exhibit No. | Description | |||||||
101.INS* | XBRL Instance Document | |||||||
101.SCH* | XBRL Taxonomy Extension Schema | |||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase | |||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL document and included in Exhibit 101*) | |||||||
* | In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed "furnished" and not "filed." |
ASCENT INDUSTRIES CO. | |||||||||||
(Registrant) | |||||||||||
Date: | November 8, 2023 | By: | /s/ Christopher G. Hutter | ||||||||
Christopher G. Hutter | |||||||||||
President and Chief Executive Officer | |||||||||||
(principal executive officer) | |||||||||||
Date: | November 8, 2023 | By: | /s/ William S. Steckel | ||||||||
William S. Steckel | |||||||||||
Chief Financial Officer | |||||||||||
(principal accounting officer) |
Date: | November 8, 2023 | /s/ Christopher G. Hutter | ||||||
Christopher G. Hutter | ||||||||
Chief Executive Officer |
Date: | November 8, 2023 | /s/ William S. Steckel | ||||||
William S. Steckel | ||||||||
Chief Financial Officer |
Date: | November 8, 2023 | /s/ Christopher G. Hutter | ||||||
Christopher G. Hutter | ||||||||
Chief Executive Officer | ||||||||
Date: | November 8, 2023 | /s/ William S. Steckel | ||||||
William S. Steckel | ||||||||
Chief Financial Officer |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 1,105 | $ 762 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 24,000,000 | 24,000,000 |
Common stock, shares issued (in shares) | 11,085,103 | 10,120,281 |
Common stock, shares outstanding (in shares) | 11,085,103 | 10,120,281 |
Common stock in treasury, at cost (in shares) | 964,822 | 924,504 |
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - shares |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2022 |
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Statement of Stockholders' Equity [Abstract] | ||
Issuance of common stock from the treasury (in shares) | 4,102 | 79,903 |
Number of shares repurchased (in shares) | 30,200 | 30,200 |
Options exercised (in shares) | 980 | 18,098 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The unaudited condensed consolidated financial statements, in the opinion of management, contain all normal recurring adjustments necessary to present a fair statement of the condensed consolidated balance sheets as of September 30, 2023, the statements of income (loss) and shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the statements of cash flows for the nine months ended September 30, 2023 and 2022. The December 31, 2022 condensed consolidated balance sheet was derived from the audited financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"). The financial results for the interim periods may not be indicative of the financial results for the entire year as our future assessment of our current expectations could result in material impacts to our consolidated financial statements in future reporting periods. Use of Estimates The preparation of the Company's financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates that affect the reported amounts of assets, liabilities, sales and expenses, and related disclosures of contingent assets and liabilities. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment; intangible assets; the fair value of assets or liabilities acquired in a business combination; valuation allowances for receivables, inventories and deferred income tax assets and liabilities; environmental liabilities; liabilities for potential tax deficiencies; and, potential litigation claims and settlements. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying value of assets and liabilities that are readily available from other sources. Actual results may differ from these estimates. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation, including the reclassification of immaterial revenue and expenses related to the Palmer business within the Company's reportable segments and the Company's Munhall operations within the Tubular Products segment to discontinued operations. Accounting Pronouncements Recently Adopted On March 31, 2023, the Company adopted ASU 2020-04 "Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting." The ASU, and subsequent clarifications, provide practical expedients for contract modification accounting related to the transition away from the London Interbank Offered Rate (LIBOR) and other interbank offering rates to alternative reference rates. The expedients are applicable to contract modifications made and hedging relationships entered into on or before December 31, 2024. The Company intends to use the expedients where needed for reference rate transition. The adoption of this standard by the Company did not have a material effect on the condensed consolidated financial statements or footnote disclosures.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations During the fourth quarter of 2022, the Company began a strategic reassessment of certain operations to drive an increased focus on its core operations and to continue to improve overall performance and operating profitability. As a result of this reassessment, management and the Board of Directors decided to pursue an exit of the Company's galvanized pipe and tube operations at its Munhall facility ("Munhall"). During the second quarter of 2023, the Board of Directors of the Company made the decision to permanently cease operations at Munhall effective on or around August 31, 2023. It is anticipated that the complete exit and disposal of all assets at Munhall will be completed within one year from the date the decision was made. The strategic decision to cease manufacturing operations at Munhall is part of the Company’s ongoing efforts to consolidate manufacturing to drive an increased focus on its core operations and to improve profitability while driving operational efficiencies. As a result of this decision, during the second quarter ended June 30, 2023, the Company incurred asset impairment charges of $6.4 million related to the write down of inventory and long-lived assets as well as $1.4 million in increased reserves on accounts receivable at the facility. During the third quarter ended September 30, 2023, the Company incurred additional asset impairment charges of $2.4 million related to the write down of inventory to net realizable value. Certain assets of Munhall were also classified as held for sale and the results of operations have been classified as discontinued operations for all periods presented. See Note 4 for further discussion of the assets held for sale and related fair value measurements. The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of Munhall:
The financial results of Munhall are presented as loss from discontinued operations, net of tax on the unaudited condensed consolidated statements of income (loss). The following table summarizes the results of discontinued operations of Munhall:
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Revenue is generated primarily from contracts to produce, ship and deliver steel and specialty chemical products. Revenues are recognized when control of the promised goods or services is transferred to our customers upon shipment, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company's revenues are derived from contracts with customers where performance obligations are satisfied at a point-in-time or over-time. For certain contracts under which the Company produces product with no alternative use and for which the Company has an enforceable right to payment during the production cycle, product in which the material is customer owned or in which the customer simultaneously consumes the benefits throughout the production cycle, progress toward satisfying the performance obligation is measured using an output method of units produced. Certain customer arrangements consist of bill-and-hold characteristics under which transfer of control has been met (including the passing of title and significant risk and reward of ownership to the customers). Therefore, the customers can direct the use of the bill-and-hold inventory while we retain physical possession of the product until it is shipped to a customer at a point in time in the future. Sales tax and other taxes we collect with revenue-producing activities are excluded from revenue. Shipping costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and are expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s right to consideration is unconditional at that time, the Company does not maintain contract asset balances. Additionally, the Company does not maintain material contract liability balances, as performance obligations for substantially all contracts are satisfied prior to customer payment for product. The Company offers industry standard payment terms. The following table presents the Company's revenues, disaggregated by product group from continuing operations:
Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services or bundle of goods and services. The timing of satisfying the performance obligation is typically indicated by the terms of the contract. The following table represents the Company's revenue recognized at a point-in-time and over-time:
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, we use a three-tier valuation hierarchy based upon observable and non-observable inputs: Level 1 - Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. Level 2 - Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: •Quoted prices for similar assets or liabilities in active markets; •Quoted prices for identical or similar assets or liabilities in non-active markets; •Inputs other than quoted prices that are observable for the asset or liability; and •Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using model-based techniques, including option pricing models, discounted cash flow models, probability weighted models, and Monte Carlo simulations. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis During the three and nine months ended September 30, 2023, the Company's only significant measurements of assets or liabilities at fair value on a non-recurring basis subsequent to their initial recognition were certain long-lived assets. Long-lived assets The Company reviews the carrying amounts of long-lived assets whenever certain events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company assesses performance quarterly against historical patterns, projections of future profitability, and whether it is more likely than not that the assets will be disposed of significantly prior to the end of their estimated useful life for evidence of possible impairment. An impairment loss is recognized when the carrying amount of the asset (disposal) group is not recoverable and exceeds fair value. The Company estimates the fair values of assets subject to long-lived asset impairment based on the Company's own judgments about the assumptions market participants would use in pricing the assets and observable market data, when available. During the fourth quarter of 2022, the Company began a strategic reassessment of certain operations to drive an increased focus on its core operations and to continue to improve overall performance and operating profitability. As a result of this reassessment, management and the Board of Directors decided to pursue an exit of the Company's galvanized pipe and tube operations at its Munhall facility ("Munhall"). During the first quarter of 2023, it was determined that a continued change in the use of the assets of the Munhall facility had occurred before the end of their previous useful lives, and therefore, had experienced a triggering event and were evaluated for recoverability. Based on this evaluation of the Munhall assets, it was determined the assets were recoverable and no impairment was recorded during the first quarter. During the second quarter of 2023, the Board of Directors of the Company made the decision to permanently cease operations at the Munhall facility effective on or around August 31, 2023. As a result of this decision, it was determined to be more likely than not that the assets of Munhall would be sold or otherwise disposed of significantly before the end of their previously estimated useful lives, and therefore, experienced a triggering event and were evaluated for recoverability. Based on this evaluation, inventory at Munhall was written down to its net realizable value of $16.0 million and certain long-lived assets, including intangible assets, were written down to their estimated fair value of $2.6 million, resulting in asset impairment charges of $6.4 million in the second quarter of 2023. During the third quarter of 2023, the remaining inventory at Munhall was written down to its net realizable value of $4.0 million resulting in asset impairment charges of $2.4 million in the third quarter of 2023. See Note 2 for further information on the Company's discontinued operations. Assets Held for Sale As a result of the Company's decision to cease operations and exit Munhall, during the three and nine months ended September 30, 2023, certain assets of Munhall were classified as held for sale and classified as Level 2 fair value measurements. The Company remains obligated under the terms of the leases for the rent and other costs that may be associated with the lease of the Munhall facility through 2036. The Company is actively pursuing a sublease for the facility. Munhall assets classified as held for sale as are as follows:
On February 17, 2021, the Board of Directors authorized the permanent cessation of operations at Palmer of Texas Tanks, Inc. ("Palmer") and the subleasing of the Palmer facility. As of December 31, 2021, the Company permanently ceased operations at the Palmer facility and determined that the remaining asset group met the criteria to be classified as held for sale, and therefore classified the related assets as held for sale on the consolidated balance sheets. The Company determined that the exit from this business did not represent a strategic shift that had a major effect on its consolidated results of operations, and therefore this business was not classified as discontinued operations. As of September 30, 2023, the Company has disposed of all remaining assets classified as held for sale at the Palmer facility. The Palmer assets held for sale at December 31, 2022 were classified as Level 2 fair value measurements. Palmer assets classified as held for sale as are as follows:
The Company remains obligated under the terms of the leases for the rent and other costs that may be associated with the lease of the Palmer facility through 2036. During the fourth quarter of 2022, the Company entered into an amended sublease agreement with a third party to sublease the entirety of the Palmer facility. The sublease agreement amends the previous sublease agreement entered into in the fourth quarter of 2021 and continues through the remaining term of the Master Lease Agreement. The sublease will expire on September 30, 2036, unless terminated in accordance with the amended sublease agreement. The sublease provides for an annual base rent of approximately $0.4 million, which increases on an annual basis by 2.0%. The sublessee is responsible for its pro rata share of certain costs, taxes and operating expenses related to the subleased space. The sublease includes an initial security deposit of $0.1 million. Fair Value of Financial Instruments The fair values of cash and cash equivalents, accounts receivable, accounts payable and the Company's note payable approximated their carrying value because of the short-term nature of these instruments. The Company's revolving line of credit and long-term debt, which is based on a variable interest rate, are also reflected in the financial statements at carrying value which approximate fair values as of September 30, 2023. The carrying amount of cash and cash equivalents are considered Level 1 measurements. The carrying amounts of accounts receivable, accounts payable, note payable, revolving line of credit and long-term debt are considered Level 2 measurements. See Note 8 for further information on the Company's debt.
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Inventories |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by either specific identification or weighted average methods. The components of inventories are as follows:
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Property, Plant and Equipment |
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Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment from continuing operations consist of the following:
The following table sets forth depreciation expense related to property, plant and equipment:
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Goodwill, Intangible Assets and Deferred Charges |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill, Intangible Assets and Deferred Charges | Goodwill, Intangible Assets and Deferred Charges Goodwill As of September 30, 2023 the Company had no goodwill. As of December 31, 2022, the Company had a goodwill balance of $11.4 million, attributable to the Specialty Chemicals segment. During the third quarter of 2023, the Company determined potential indicators of impairment within the Specialty Chemicals reporting unit, with an associated goodwill balance of $11.4 million existed. Macroeconomic conditions and pressures, increased risks within the broader specialty chemicals business, reporting unit operating losses and a decline in the reporting unit's net sales compared to forecast, collectively, indicated that the reporting unit had experienced a triggering event and the need to perform a quantitative evaluation of goodwill. The Company performed a discounted cash flow analysis and a market multiple analysis for the Specialty Chemicals reporting unit to determine the reporting unit's fair value. The discounted cash flow analysis included management assumptions for expected sales growth, capital expenditures and overall operational forecasts while the market multiple analysis included historical and projected performance, market capitalization, volatility and multiples for industry peers. Determining the fair value of the reporting unit and allocation of that fair value to individual assets and liabilities within the reporting unit to determine the implied fair value of the goodwill is judgmental in nature and requires the use of significant management estimates and assumptions. Any changes in the judgments, estimates, or assumptions could produce significantly different results. As a result of the goodwill impairment evaluation, it was concluded that the estimated fair value of the Specialty Chemicals reporting unit was below its carrying value by 27.6% resulting in a goodwill impairment charge of $11.4 million for the three and nine months ended September 30, 2023. Intangible Assets Intangible assets represent the fair value of intellectual, non-physical assets resulting from business acquisitions and are amortized over their estimated useful life using either an accelerated or straight-line method over a period of 15 years. The balance of intangible assets from continuing operations subject to amortization are as follows:
Estimated amortization expense related to intangible assets for the next five years are as follows:
Deferred Charges Deferred charges represent debt issuance costs and are amortized over their estimated useful lives using the straight-line method over a period of four years. The balance of deferred charges subject to amortization are as follows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Short-term debt On June 13, 2023, the Company entered into a note payable in the amount of $0.9 million with an interest rate of 3.70% maturing April 1, 2024. The agreement is associated with the financing of the Company's insurance premium in the current year. As of September 30, 2023, the outstanding balance was $0.6 million. Credit Facilities
During the first quarter of 2023, the Company entered into an Amended and Restated Credit Agreement ("Credit Agreement") with BMO Harris Bank, N.A. ("BMO") to replace LIBOR with the Secured Overnight Funding Rate ("SOFR"). The Credit Agreement provides the Company with a four-year revolving credit facility with up to $150.0 million of borrowing capacity (the "Facility"). The initial borrowing capacity under the Facility totals $110.0 million consisting of a $105.0 million revolving line of credit and a $5.0 million delayed draw term loan. The revolving line of credit includes a $17.5 million machinery and equipment sub-limit which requires quarterly payments of $0.4 million with a balloon payment due upon maturity of the Facility in January 2025. The term loan requires quarterly payments of $0.2 million with a balloon payment due upon maturity of the Facility in January 2025. We have pledged all of our accounts receivable, inventory, and certain machinery and equipment as collateral for the Credit Agreement. Availability under the Credit Agreement is subject to the amount of eligible collateral as determined by the lenders' borrowing base calculations. Amounts outstanding under the revolving line of credit portion of the Facility currently bear interest, at the Company's option, at (a) the Base Rate (as defined in the Credit Agreement) plus 0.50%, or (b) SOFR plus 1.50%. Amounts outstanding under the delayed draw term loan portion of the Facility bear interest at SOFR plus 1.65%. The Facility also provides an unused commitment fee based on the daily used portion of the Facility. The weighted average interest rate per annum was 7.20% as of September 30, 2023. Pursuant to the Credit Agreement, the Company was required to pledge all of its tangible and intangible properties, including the stock and membership interests of its subsidiaries. The Facility contains covenants requiring the maintenance of a minimum consolidated fixed charge coverage ratio if excess availability falls below the greater of (i) $7.5 million and (ii) 10% of the revolving credit facility (currently $10.5 million). As of September 30, 2023, the Company was in compliance with all financial debt covenants. As of September 30, 2023, the Company had $41.8 million of remaining available capacity under its credit facility.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of September 30, 2023, operating lease liabilities related to the master lease agreement with Store Capital totaled $30.9 million, or 94% of the total lease liabilities on the consolidated balance sheet. During the three and nine months ended September 30, 2023, the Company entered into new finance lease agreements resulting in an additional $0.1 million and $0.5 million, respectively, of right-of-use assets and lease liabilities. Balance Sheet Presentation Operating and finance lease amounts from continuing operations included in the unaudited condensed consolidated balance sheet are as follows (in thousands):
Total Lease Cost Individual components of the total lease cost incurred by the Company are as follows:
1Includes short term leases, which are immaterial Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statements of income (loss). Future expected cash receipts from the Company's sublease as of September 30, 2023 are as follows:
Maturity of Leases The amounts of undiscounted future minimum lease payments under leases in continuing operations as of September 30, 2023 are as follows:
Lease Term and Discount Rate
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Leases | Leases The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of September 30, 2023, operating lease liabilities related to the master lease agreement with Store Capital totaled $30.9 million, or 94% of the total lease liabilities on the consolidated balance sheet. During the three and nine months ended September 30, 2023, the Company entered into new finance lease agreements resulting in an additional $0.1 million and $0.5 million, respectively, of right-of-use assets and lease liabilities. Balance Sheet Presentation Operating and finance lease amounts from continuing operations included in the unaudited condensed consolidated balance sheet are as follows (in thousands):
Total Lease Cost Individual components of the total lease cost incurred by the Company are as follows:
1Includes short term leases, which are immaterial Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statements of income (loss). Future expected cash receipts from the Company's sublease as of September 30, 2023 are as follows:
Maturity of Leases The amounts of undiscounted future minimum lease payments under leases in continuing operations as of September 30, 2023 are as follows:
Lease Term and Discount Rate
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Leases | Leases The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of September 30, 2023, operating lease liabilities related to the master lease agreement with Store Capital totaled $30.9 million, or 94% of the total lease liabilities on the consolidated balance sheet. During the three and nine months ended September 30, 2023, the Company entered into new finance lease agreements resulting in an additional $0.1 million and $0.5 million, respectively, of right-of-use assets and lease liabilities. Balance Sheet Presentation Operating and finance lease amounts from continuing operations included in the unaudited condensed consolidated balance sheet are as follows (in thousands):
Total Lease Cost Individual components of the total lease cost incurred by the Company are as follows:
1Includes short term leases, which are immaterial Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statements of income (loss). Future expected cash receipts from the Company's sublease as of September 30, 2023 are as follows:
Maturity of Leases The amounts of undiscounted future minimum lease payments under leases in continuing operations as of September 30, 2023 are as follows:
Lease Term and Discount Rate
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Shareholders' Equity |
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Shareholders' Equity | Shareholders' Equity Share Repurchase Program On December 20, 2022, the Board of Directors re-authorized the Company's share repurchase program. The previous share repurchase program had a term of 24 months and was set to expire on February 17, 2023. The share repurchase program allows for repurchase of up to 790,383 shares of the Company's outstanding common stock and extends to February 17, 2025. The shares will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. Under the program, the purchases will be funded from available working capital, and the repurchased shares will be returned to the status of authorized, but unissued shares of common stock or held in treasury. There is no guarantee as to the exact number of shares that will be repurchased by the Company and the Company may discontinue purchases at any time that management determines additional purchases are not warranted. As of September 30, 2023, the Company has 584,024 shares of its share repurchase authorization remaining. Shares repurchased for the three and nine months ended September 30, 2023 and 2022 were as follows:
1Includes broker commissions paid as part of repurchase transactions
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Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share:
The diluted earnings (loss) per share calculations exclude the effect of potentially dilutive shares when the inclusion of those shares in the calculation would have an anti-dilutive effect. The Company had 0.1 million shares that were anti-dilutive for the three and nine months ended September 30, 2023. The Company had an immaterial number of shares that were anti-dilutive for the three and nine months ended September 30, 2022.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company is no longer subject to U.S. federal examinations for years before 2019 or state examinations for years before 2018. During the three and nine months ended September 30, 2023 and 2022, the Company did not identify nor reserve for any unrecognized tax benefits. Our income tax provision (benefit) and overall effective tax rates for continuing operations for the periods presented are as follows:
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In October 2021, the Company acquired DanChem Technologies, Inc. ("DanChem"), a specialty chemical manufacturer based in Virginia. In June of 2020, DanChem received a demand letter from Henkel US Operations Corporation (“Henkel”), a former customer, asserting various claims for breach of contract alleging that product supplied by DanChem under four (4) purchase orders in 2018 and 2019 were defective and/or non-conforming and seeking approximately $315,000 in damages. DanChem responded in August 2020 disputing the claims and denying wrongdoing. Henkel was silent almost two years and then, in August 2022, sent another demand letter to DanChem asserting similar, if not identical claims, but now seeking alleged damages of approximately $3 million (with the main difference between the two demands being Henkel’s new claims for lost profits and other consequential damages). Henkel filed a lawsuit against DanChem in Connecticut state court in October 2022 seeking its newly alleged damages of approximately $3 million. The Company settled the lawsuit with Henkel during the third quarter of 2023. In addition, from time to time, we are involved in various other legal proceedings arising from the normal course of business activities. We are not presently a party to any other such litigation the outcome of which, we believe, if determined adversely to us, would individually, or taken together, have a material adverse effect on our business, operating results, cash flows, or financial condition. Defending such proceedings is costly and can impose a significant burden on management and employees. We may receive unfavorable preliminary or interim rulings in the course of litigation, and there can be no assurances that favorable final outcomes will be obtained.
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Industry Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Segments | Industry Segments Ascent Industries Co. has two reportable segments: Tubular Products and Specialty Chemicals. The Tubular Products segment includes the operating results of the Company’s plants involved in the production and distribution of stainless steel and seamless carbon pipe and tube. The Tubular Products segment serves markets through pipe and tube and customers in the appliance, architectural, automotive and commercial transportation, brewery, chemical, petrochemical, pulp and paper, mining, power generation (including nuclear), water and waste-water treatment, liquid natural gas ("LNG"), food processing, pharmaceutical, oil and gas and other industries. On January 1, 2023, the Company changed the grouping of certain immaterial revenue and expenses associated with the ceased Palmer operations. As a result, certain prior period Tubular Products segment results have been reclassified to All Other to be comparable to the current period's presentation. During the second quarter of 2023, the Board of Directors made the decision to permanently cease operations at the Company’s Munhall facility effective on or around August 31, 2023. As a result, certain prior period Tubular Products segment results have been reclassified to remove Munhall's results from continuing operations to discontinued operations. The Specialty Chemicals segment includes the operating results of the Company’s plants involved in the production of specialty chemicals. The Specialty Chemicals segment produces products for the pulp and paper, coatings, adhesives, sealants and elastomers (CASE), textile, automotive, household, industrial and institutional ("HII"), agricultural, water and waste-water treatment, construction, oil and gas and other industries. The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measures being operating income and adjusted earnings (loss) before interest, income taxes, depreciation and amortization. Adjusted earnings (loss) before interest, income taxes, depreciation and amortization excludes certain items that management believes are not indicative of future results. The accounting principles applied at the operating segment level are the same as those applied at the consolidated financial statement level. Intersegment sales and transfers are eliminated at the corporate consolidation level. The following table summarizes certain information regarding segments of the Company's continuing operations:
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Subsequent Events |
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Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Basis of Presentation (Policies) |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The unaudited condensed consolidated financial statements, in the opinion of management, contain all normal recurring adjustments necessary to present a fair statement of the condensed consolidated balance sheets as of September 30, 2023, the statements of income (loss) and shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the statements of cash flows for the nine months ended September 30, 2023 and 2022. The December 31, 2022 condensed consolidated balance sheet was derived from the audited financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"). The financial results for the interim periods may not be indicative of the financial results for the entire year as our future assessment of our current expectations could result in material impacts to our consolidated financial statements in future reporting periods.
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Use of Estimates | Use of Estimates The preparation of the Company's financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates that affect the reported amounts of assets, liabilities, sales and expenses, and related disclosures of contingent assets and liabilities. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment; intangible assets; the fair value of assets or liabilities acquired in a business combination; valuation allowances for receivables, inventories and deferred income tax assets and liabilities; environmental liabilities; liabilities for potential tax deficiencies; and, potential litigation claims and settlements. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying value of assets and liabilities that are readily available from other sources. Actual results may differ from these estimates. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation, including the reclassification of immaterial revenue and expenses related to the Palmer business within the Company's reportable segments and the Company's Munhall operations within the Tubular Products segment to discontinued operations.
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Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted On March 31, 2023, the Company adopted ASU 2020-04 "Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting." The ASU, and subsequent clarifications, provide practical expedients for contract modification accounting related to the transition away from the London Interbank Offered Rate (LIBOR) and other interbank offering rates to alternative reference rates. The expedients are applicable to contract modifications made and hedging relationships entered into on or before December 31, 2024. The Company intends to use the expedients where needed for reference rate transition. The adoption of this standard by the Company did not have a material effect on the condensed consolidated financial statements or footnote disclosures.
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Fair Value of Financial Instruments | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, we use a three-tier valuation hierarchy based upon observable and non-observable inputs: Level 1 - Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. Level 2 - Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: •Quoted prices for similar assets or liabilities in active markets; •Quoted prices for identical or similar assets or liabilities in non-active markets; •Inputs other than quoted prices that are observable for the asset or liability; and •Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using model-based techniques, including option pricing models, discounted cash flow models, probability weighted models, and Monte Carlo simulations.
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Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of Munhall:
The financial results of Munhall are presented as loss from discontinued operations, net of tax on the unaudited condensed consolidated statements of income (loss). The following table summarizes the results of discontinued operations of Munhall:
Munhall assets classified as held for sale as are as follows:
Palmer assets classified as held for sale as are as follows:
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Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue by Product Group | The following table presents the Company's revenues, disaggregated by product group from continuing operations:
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Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table represents the Company's revenue recognized at a point-in-time and over-time:
|
Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Held for Sale | The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of Munhall:
The financial results of Munhall are presented as loss from discontinued operations, net of tax on the unaudited condensed consolidated statements of income (loss). The following table summarizes the results of discontinued operations of Munhall:
Munhall assets classified as held for sale as are as follows:
Palmer assets classified as held for sale as are as follows:
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Inventories | The components of inventories are as follows:
|
Property, Plant and Equipment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | Property, plant and equipment from continuing operations consist of the following:
The following table sets forth depreciation expense related to property, plant and equipment:
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Goodwill, Intangible Assets and Deferred Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets Subject to Amortization | The balance of intangible assets from continuing operations subject to amortization are as follows:
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Schedule of Estimated Amortization Expense | Estimated amortization expense related to intangible assets for the next five years are as follows:
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Schedule of Deferred Charges | The balance of deferred charges subject to amortization are as follows:
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt |
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating and Finance Leases Recorded in Consolidated Balance Sheet | Operating and finance lease amounts from continuing operations included in the unaudited condensed consolidated balance sheet are as follows (in thousands):
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Schedule of Operating and Finance Leases Discount Rates, Total Lease Cost and Weighted Average Remaining Lease Terms | Individual components of the total lease cost incurred by the Company are as follows:
1Includes short term leases, which are immaterial
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Schedule of Maturities For Sub Leases | Future expected cash receipts from the Company's sublease as of September 30, 2023 are as follows:
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Schedule of Maturities For Operating Leases | The amounts of undiscounted future minimum lease payments under leases in continuing operations as of September 30, 2023 are as follows:
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Schedule of Maturities For Finance Leases | The amounts of undiscounted future minimum lease payments under leases in continuing operations as of September 30, 2023 are as follows:
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Shareholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Shares Repurchased | Shares repurchased for the three and nine months ended September 30, 2023 and 2022 were as follows:
1Includes broker commissions paid as part of repurchase transactions
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Earnings (Loss) Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Computation of Basic and Diluted Earnings (Loss) Per Share | The following table sets forth the computation of basic and diluted earnings (loss) per share:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Provision for Income Taxes and Effective Tax Rates | Our income tax provision (benefit) and overall effective tax rates for continuing operations for the periods presented are as follows:
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Industry Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information | The following table summarizes certain information regarding segments of the Company's continuing operations:
|
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Increased reserves on accounts receivable | $ 343 | $ 608 | |||
Discontinued Operations, Held-for-sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Asset impairments | $ 2,416 | $ 0 | $ 8,720 | $ 0 | |
Discontinued Operations, Held-for-sale | Munhall Facility | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Period of disposal of assets | 1 year | ||||
Asset impairments | $ 2,400 | $ 6,400 | |||
Increased reserves on accounts receivable | $ 1,400 |
Revenue Recognition - Schedule of Disaggregated Revenue by Product Group (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 56,113 | $ 78,221 | $ 184,197 | $ 246,530 |
Fiberglass and steel liquid storage tanks and separation equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 287 | 50 | 401 |
Heavy wall seamless carbon steel pipe and tube | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 9,366 | 12,284 | 32,052 | 36,782 |
Stainless steel pipe and tube | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 26,695 | 38,322 | 86,931 | 125,277 |
Specialty chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 20,052 | $ 27,328 | $ 65,164 | $ 84,070 |
Revenue Recognition - Revenue Recognized at a Point- in-Time and Over-Time (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 56,113 | $ 78,221 | $ 184,197 | $ 246,530 |
Point-in-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 51,403 | 71,616 | 170,037 | 225,237 |
Over-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 4,710 | $ 6,605 | $ 14,160 | $ 21,293 |
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Annual base rent | $ 400 | ||
Percentage annual increase in base rent (as a percent) | 2.00% | ||
Security deposit | $ 100 | ||
Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Inventories | 0 | $ 28,880 | |
Discontinued Operations, Held-for-sale | Munhall Facility | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Inventories | 4,000 | $ 16,000 | |
Certain long-lived assets, including intangible assets | 2,600 | ||
Impairment of long-lived assets | $ 2,400 | $ 6,400 |
Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 51,941 | $ 49,655 |
Work-in-process | 15,223 | 10,931 |
Finished goods | 21,475 | 28,157 |
Inventory, gross | 88,639 | 88,743 |
Less: inventory reserves | (5,595) | (3,171) |
Inventories | $ 83,044 | $ 85,572 |
Goodwill, Intangible Assets and Deferred Charges - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 0 | $ 0 | $ 11,389 | ||
Goodwill, carrying value (as percent) | 27.60% | 27.60% | |||
Goodwill impairment | $ 11,389 | $ 0 | $ 11,389 | $ 0 | |
Estimated useful life (in years) | 15 years | 15 years | |||
Deferred charges, amortization period (in years) | 4 years |
Goodwill, Intangible Assets and Deferred Charges - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 26,711 | $ 26,711 |
Accumulated Amortization | (17,839) | (16,710) |
Customer related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 26,061 | 26,061 |
Accumulated Amortization | (17,766) | (16,658) |
Trademarks and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 150 | 150 |
Accumulated Amortization | (17) | (12) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 500 | 500 |
Accumulated Amortization | $ (56) | $ (40) |
Goodwill, Intangible Assets and Deferred Charges - Schedule of Estimated Amortization Expense (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2023 | $ 376 |
2024 | 1,487 |
2025 | 1,324 |
2026 | 1,102 |
2027 | 930 |
2028 | 786 |
Thereafter | $ 2,867 |
Goodwill, Intangible Assets and Deferred Charges - Schedule of Deferred Charges (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Deferred charges, gross | $ 397 | $ 398 |
Accumulated amortization of deferred charges | (269) | (195) |
Deferred charges, net | $ 128 | $ 203 |
Debt - Summary of Long Term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Total long-term debt | $ 53,007 | $ 71,549 |
Less: Current portion of long-term debt | (2,464) | (2,464) |
Long-term debt, less current portion | 50,543 | 69,085 |
Revolving Credit Facility | Revolving line of credit, due January 15, 2025 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 49,436 | 67,442 |
Secured Debt | Term loan, due January 15, 2025 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,571 | $ 4,107 |
Leases - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
|
Leases [Abstract] | ||
Operating lease liability related to sale leaseback transactions | $ 30.9 | $ 30.9 |
Sale leaseback liabilities as a percentage of total operating lease liabilities | 94.00% | 94.00% |
Right-of-use asset obtained in exchange for operating lease liability | $ 0.1 | $ 0.5 |
Leases - Schedule of Operating and Finance Leases Recorded in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
Right-of-use assets, operating leases | $ 28,170 | $ 29,198 |
Property, plant and equipment | 1,624 | 1,494 |
Current portion of lease liabilities, operating leases | 1,132 | 1,029 |
Current portion of lease liabilities, finance leases | 296 | 280 |
Non-current portion of lease liabilities, operating leases | 30,051 | 30,911 |
Non-current portion of lease liabilities, finance leases | $ 1,378 | $ 1,242 |
Leases - Schedule of Total Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 989 | $ 1,039 | $ 2,971 | $ 3,116 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 87 | 71 | 251 | 204 |
Interest on finance lease liabilities | 24 | 9 | 62 | 27 |
Sublease income | (91) | (32) | (273) | (96) |
Total lease cost | $ 1,009 | $ 1,087 | $ 3,011 | $ 3,251 |
Leases - Future Expected Cash Receipts From Sublease (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Sublease Receipts | |
Remainder of 2023 | $ 92 |
2024 | 370 |
2025 | 377 |
2026 | 385 |
2027 | 392 |
Thereafter | 3,786 |
Total sublease receipts | $ 5,402 |
Leases - Maturities of Lease Liabilities After Adoption of 842 (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Operating | |
Remainder of 2023 | $ 916 |
2024 | 3,667 |
2025 | 3,687 |
2026 | 3,703 |
2027 | 3,765 |
Thereafter | 36,152 |
Total undiscounted minimum future lease payments | 51,890 |
Imputed interest | (20,707) |
Present value of lease liabilities | 31,183 |
Finance | |
Remainder of 2023 | 99 |
2024 | 367 |
2025 | 361 |
2026 | 361 |
2027 | 361 |
Thereafter | 387 |
Total undiscounted minimum future lease payments | 1,936 |
Imputed interest | (262) |
Present value of lease liabilities | $ 1,674 |
Leases - Schedule of Weighted Average Remaining Lease Term (Details) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Weighted-average remaining lease term | ||
Operating leases | 12 years 10 months 24 days | 13 years 7 months 9 days |
Finance leases | 5 years 3 months 18 days | 6 years 21 days |
Weighted-average discount rate | ||
Operating leases | 8.32% | 8.31% |
Finance leases | 5.92% | 2.32% |
Shareholders' Equity - Stock Repurchase Program (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 20, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Equity, Class of Treasury Stock [Line Items] | |||||
Number of shares repurchased (in shares) | 44,799 | 30,200 | 95,955 | 30,200 | |
Average price per share (in dollars per share) | $ 8.87 | $ 16.29 | $ 9.38 | $ 16.59 | |
Total cost of shares repurchased | $ 398,861 | $ 492,741 | $ 903,012 | $ 492,741 | |
First Share Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Period for shares to be repurchased (in months) | 24 months | ||||
Amended Share Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Number of shares authorized to be repurchased (in shares) | 790,383 | 790,383 | |||
Stock repurchase program, number of remaining shares authorized to be repurchased (in shares) | 584,024 | 584,024 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax provision (benefit) | $ (964) | $ 871 | $ (2,350) | $ 4,069 |
Effective income tax rate | 7.00% | 22.10% | 11.20% | 14.60% |
Commitments and Contingencies (Details) $ in Thousands |
1 Months Ended | 24 Months Ended | 25 Months Ended | ||
---|---|---|---|---|---|
Oct. 31, 2022
USD ($)
|
Aug. 31, 2022
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2019
order
|
Aug. 31, 2022 |
|
Commitments and Contingencies Disclosure [Abstract] | |||||
Number of purchase order | order | 4 | ||||
Damages sought value | $ | $ 3,000 | $ 3,000 | $ 315 | ||
Period of silent after receiving demand letter | 2 years |
Industry Segments - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
segment
| |
Segment Reporting [Abstract] | |
Number of reporting units | 2 |
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