Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001001385 | ||
Entity Registrant Name | Northwest Pipe Co. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 0-27140 | ||
Entity Incorporation, State or Country Code | OR | ||
Entity Tax Identification Number | 93-0557988 | ||
Entity Address, Address Line One | 201 NE Park Plaza Drive, Suite 100 | ||
Entity Address, City or Town | Vancouver | ||
Entity Address, State or Province | WA | ||
Entity Address, Postal Zip Code | 98684 | ||
City Area Code | 360 | ||
Local Phone Number | 397-6250 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | NWPX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 240,361,182 | ||
Entity Common Stock, Shares Outstanding | 9,814,398 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 285,907 | $ 279,317 | $ 172,149 |
Cost of sales | 235,388 | 232,133 | 160,053 |
Gross profit | 50,519 | 47,184 | 12,096 |
Selling, general, and administrative expense | 24,954 | 18,495 | 16,663 |
Gain on sale of facilities | 0 | 0 | (2,960) |
Restructuring expense | 0 | 0 | 1,364 |
Operating income (loss) | 25,565 | 28,689 | (2,971) |
Bargain purchase gain | 0 | 0 | 20,080 |
Other income | 953 | 4,383 | 267 |
Interest income | 49 | 40 | 267 |
Interest expense | (933) | (472) | (583) |
Income before income taxes | 25,634 | 32,640 | 17,060 |
Income tax expense (benefit) | 6,584 | 4,738 | (3,252) |
Net income | $ 19,050 | $ 27,902 | $ 20,312 |
Net income per common share | |||
Basic (in dollars per share) | $ 1.95 | $ 2.86 | $ 2.09 |
Diluted (in dollars per share) | $ 1.93 | $ 2.85 | $ 2.09 |
Shares used in per share calculations: | |||
Basic (in shares) | 9,788 | 9,741 | 9,726 |
Diluted (in shares) | 9,873 | 9,779 | 9,733 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 19,050 | $ 27,902 | $ 20,312 |
Other comprehensive income (loss), net of tax: | |||
Pension liability adjustment | (25) | 16 | (115) |
Unrealized gain (loss) on cash flow hedges | (27) | (59) | 24 |
Other comprehensive loss, net of tax | (52) | (43) | (91) |
Comprehensive income | $ 18,998 | $ 27,859 | $ 20,221 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 37,927 | $ 31,014 |
Trade and other receivables, less allowance for doubtful accounts of $767 and $801 | 42,680 | 38,026 |
Contract assets | 76,985 | 91,186 |
Inventories | 29,177 | 30,654 |
Prepaid expenses and other | 5,194 | 4,159 |
Total current assets | 191,963 | 195,039 |
Property and equipment, net | 110,184 | 99,631 |
Operating Lease, Right-of-Use Asset | 30,813 | 7,683 |
Goodwill | 22,985 | 0 |
Intangible assets, net | 10,518 | 1,231 |
Other assets | 6,552 | 6,661 |
Total assets | 373,015 | 310,245 |
Current liabilities: | ||
Current portion of long-term debt | 7,701 | 0 |
Accounts payable | 12,993 | 15,493 |
Accrued liabilities | 16,814 | 12,150 |
Contract liabilities | 6,189 | 12,281 |
Current portion of operating lease liabilities | 2,204 | 1,642 |
Total current liabilities | 45,901 | 41,566 |
Long-term debt | 5,888 | 0 |
Long-term lease liabilities, operating leases | 27,911 | 6,247 |
Deferred income taxes | 12,481 | 4,265 |
Other long-term liabilities | 11,208 | 10,009 |
Total liabilities | 103,389 | 62,087 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $.01 par value, 15,000,000 shares authorized, 9,805,437 and 9,746,979 shares issued and outstanding | 98 | 97 |
Additional paid-in-capital | 123,013 | 120,544 |
Retained earnings | 148,381 | 129,331 |
Accumulated other comprehensive loss | (1,866) | (1,814) |
Total stockholders’ equity | 269,626 | 248,158 |
Total liabilities and stockholders’ equity | $ 373,015 | $ 310,245 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ 767 | $ 801 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 9,805,437 | 9,746,979 |
Common stock, shares outstanding (in shares) | 9,805,437 | 9,746,979 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2017 | 9,619,755 | |||||||||
Beginning balance (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2017 | $ 0 | $ 0 | $ (875) | $ 0 | $ (875) | |||||
Beginning balance at Dec. 31, 2017 | $ 96 | $ 119,856 | $ 81,757 | $ (1,445) | $ 200,264 | |||||
Net income | 0 | 0 | 20,312 | 0 | 20,312 | |||||
Pension liability adjustment | 0 | 0 | 0 | (115) | (115) | |||||
Unrealized gain (loss) on cash flow hedges, net of tax expense/benefit | $ 0 | 0 | 0 | 24 | 24 | |||||
Issuance of common stock under stock compensation plans (in shares) | 115,300 | |||||||||
Issuance of common stock under stock compensation plans | $ 1 | (1,302) | 0 | 0 | (1,301) | |||||
Share-based compensation expense | $ 0 | 281 | 0 | 0 | 281 | |||||
Balances (in shares) at Dec. 31, 2018 | 9,735,055 | |||||||||
Ending balance (Accounting Standards Update 2018-02 [Member]) at Dec. 31, 2018 | $ 0 | $ 0 | $ 235 | $ (235) | $ 0 | |||||
Ending balance at Dec. 31, 2018 | $ 97 | 118,835 | 101,194 | (1,536) | 218,590 | |||||
Net income | 0 | 0 | 27,902 | 0 | 27,902 | |||||
Pension liability adjustment | 0 | 0 | 0 | 16 | 16 | |||||
Unrealized gain (loss) on cash flow hedges, net of tax expense/benefit | $ 0 | 0 | 0 | (59) | (59) | |||||
Issuance of common stock under stock compensation plans (in shares) | 11,924 | |||||||||
Issuance of common stock under stock compensation plans | $ 0 | 0 | 0 | 0 | 0 | |||||
Share-based compensation expense | $ 0 | 1,709 | 0 | 0 | 1,709 | |||||
Balances (in shares) at Dec. 31, 2019 | 9,746,979 | |||||||||
Ending balance at Dec. 31, 2019 | $ 97 | 120,544 | 129,331 | (1,814) | 248,158 | |||||
Net income | 0 | 0 | 19,050 | 0 | 19,050 | |||||
Pension liability adjustment | 0 | 0 | 0 | (25) | (25) | |||||
Unrealized gain (loss) on cash flow hedges, net of tax expense/benefit | $ 0 | 0 | 0 | (27) | (27) | |||||
Issuance of common stock under stock compensation plans (in shares) | 58,458 | |||||||||
Issuance of common stock under stock compensation plans | $ 1 | (619) | 0 | 0 | (618) | |||||
Share-based compensation expense | $ 0 | 3,088 | 0 | 0 | 3,088 | |||||
Balances (in shares) at Dec. 31, 2020 | 9,805,437 | |||||||||
Ending balance at Dec. 31, 2020 | $ 98 | $ 123,013 | $ 148,381 | $ (1,866) | $ 269,626 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 19,050 | $ 27,902 | $ 20,312 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Bargain purchase gain | 0 | 0 | (20,080) |
Depreciation and finance lease amortization | 12,344 | 12,391 | 8,767 |
Gain on sale of facilities | 0 | 0 | (2,960) |
Amortization of intangible assets | 2,207 | 322 | 550 |
Deferred income taxes | 2,908 | 4,169 | (3,847) |
Gain on insurance proceeds | (1,147) | (1,641) | 0 |
Share-based compensation expense | 3,088 | 1,709 | 281 |
Other, net | 1,889 | 856 | 665 |
Trade and other receivables | 1,563 | (3,435) | 2,220 |
Contract assets, net | 8,109 | (8,379) | (17,809) |
Inventories | 7,153 | 8,649 | (13,628) |
Prepaid expenses and other assets | 2,514 | 2,454 | 2,910 |
Accounts payable | (3,501) | (4,675) | 6,592 |
Accrued and other liabilities | (90) | 2,564 | (2,373) |
Net cash provided by (used in) operating activities | 56,087 | 42,886 | (18,400) |
Cash flows from investing activities: | |||
Acquisition of business, net of cash acquired | (48,728) | 0 | (37,223) |
Purchases of property and equipment | (14,013) | (8,585) | (3,797) |
Purchases of intangible assets | (329) | 0 | 0 |
Proceeds from sale of facilities | 0 | 0 | 8,515 |
Proceeds from sale of property and equipment | 0 | 39 | 141 |
Proceeds from insurance | 1,637 | 2,123 | 0 |
Net cash used in investing activities from continuing operations | (61,433) | (6,423) | (32,364) |
Net cash provided by investing activities from discontinued operations | 0 | 0 | 4,465 |
Net cash used in investing activities | (61,433) | (6,423) | (27,899) |
Cash flows from financing activities: | |||
Borrowings on line of credit | 41,377 | 41,744 | 29,904 |
Repayments on line of credit | (41,377) | (53,208) | (18,440) |
Borrowings on long-term debt | 15,879 | 0 | 0 |
Payments on long-term debt | (2,117) | 0 | 0 |
Payments on finance lease liabilities | (420) | (434) | (398) |
Payments of debt issuance costs | (465) | (228) | (435) |
Tax withholdings related to net share settlements of restricted stock and performance share awards | (618) | 0 | (1,301) |
Net cash provided by (used in) financing activities | 12,259 | (12,126) | 9,330 |
Change in cash and cash equivalents | 6,913 | 24,337 | (36,969) |
Cash and cash equivalents, beginning of period | 31,014 | 6,677 | 43,646 |
Cash and cash equivalents, end of period | 37,927 | 31,014 | 6,677 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest, net of amounts capitalized | 599 | 369 | 330 |
Cash paid (received) during the period for income taxes (net of refunds of $153, $286 and $1) | 1,397 | (55) | 170 |
Noncash investing and financing activities: | |||
Accrued property and equipment purchases | 325 | 719 | 336 |
Right-of-use assets obtained in exchange for operating lease liabilities | 4,471 | 1,335 | 0 |
Right-of-use assets obtained in exchange for finance lease liabilities | $ 507 | $ 819 | $ 599 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION: Northwest Pipe Company (collectively with its subsidiaries, the “Company”) is a leading manufacturer for water related infrastructure products. In addition to being the largest manufacturer of engineered steel water pipeline systems in North America, the Company produces high-quality precast and reinforced concrete products, Permalok® steel casing pipe, bar-wrapped concrete cylinder pipe, as well as linings, coatings, joints, and one one Impact of the COVID- 19 Pandemic In March 2020, 2019 “COVID‑19” 19 19 Consistent with national guidelines and with state and local orders to date, the Company currently continues to operate its manufacturing facilities in the United States as it produces critical water infrastructure products. The Company has taken proactive and precautionary steps to ensure the safety of its employees, customers, and suppliers, including frequent cleaning and disinfection of workspaces, providing personal protective equipment, instituting social distancing measures, and offering remote working environments for certain employees. In early April 2020, not 19. June 2020, July 2020, While the COVID- 19 not December 31, 2020, 19 may may 19 may 19 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Consolidation and Presentation The Consolidated Financial Statements are expressed in United States Dollars and include the accounts of the Company and its subsidiaries over which the Company exercises control as of the financial statement date. Intercompany accounts and transactions have been eliminated. Certain amounts from the prior year financial statements have been reclassified in order to conform to the current year presentation. Immaterial Correction of Error The Company recorded revenue of $1.2 million during the three twelve December 31, 2018, three March 31, 2019. not December 31, 2019 2018. Use of Estimates The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, the Company evaluates all of its estimates, including those related to business combinations, allowance for doubtful accounts, inventories, property and equipment (including depreciation and valuation), goodwill, intangible assets, revenue recognition, share-based compensation, income taxes, and litigation and other contingencies. Actual results may Business Combinations Business combinations are accounted for under the acquisition method which requires identifiable assets acquired and liabilities assumed in the business acquired be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred as the purchase price exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The amount by which the net fair value of assets acquired and liabilities assumed exceeds the fair value of consideration transferred as the purchase price is recorded as a bargain purchase gain. Acquisition-related transaction costs are expensed as incurred. These estimates are inherently uncertain and unpredictable. In addition, unanticipated events and circumstances may may may one may Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term, highly-liquid investments with maturities of three Receivables and Allowance for Doubtful Accounts Trade receivables are reported on the Consolidated Balance Sheets net of doubtful accounts. The Company maintains allowances for estimated losses resulting from the inability of its customers to make required payments or from contract disputes. The amounts of such allowances are based on historical experience and management’s judgment. The Company will write down or write off a receivable account once the account is deemed uncollectible. If the customers’ financial conditions were to deteriorate resulting in their inability to make payments, or if contract disputes were to escalate, additional allowances may Contract Assets and Liabilities Contract assets primarily represent revenue earned over time but not 30 Inventories Inventories are stated at the lower of cost and net realizable value. The cost of raw material inventories of steel is either on a specific identification basis or on an average cost basis. The cost of all other raw material inventories, as well as work-in-process and supplies, is on an average cost basis. The cost of finished goods uses the first first Property and Equipment Property and equipment are recorded at cost. Maintenance and repairs are expensed as incurred, and costs of new equipment and buildings, as well as costs of expansions or refurbishment of existing equipment and buildings, including interest where applicable, are capitalized. Depreciation and amortization are determined by the units of production method for most equipment and by the straight-line method for the remaining assets based on the estimated useful lives of the related assets. Estimated useful lives by major classes of property and equipment are as follows: Land improvements (15 – 30 years); Buildings (20 – 40 years); and Machinery and equipment (3 – 30 years). Depreciation expense calculated under the units of production method may The Company assesses impairment of property and equipment whenever changes in circumstances indicate that the carrying values of the asset or asset group(s) may not Goodwill Goodwill represents the excess of purchase price over the assigned fair values of the assets and liabilities assumed in conjunction with an acquisition. Goodwill is reviewed for impairment annually as of December 31, may not 50% not not not Intangible Assets Intangible assets consist primarily of customer relationships and trade names and trademarks recorded as the result of acquisition activity. Intangible assets are amortized using the straight-line method over estimated useful lives ranging from 3 to 15 years. Workers Compensation The Company is self-insured, or maintains high deductible policies, for losses and liabilities associated with workers compensation claims. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. As of December 31, 2020 2019, Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 2020 2019 Accrued liabilities: Accrued bonus $ 3,747 $ 3,977 Accrued vacation payable 2,328 2,263 Foreign currency forward contracts 1,150 138 Finance lease liabilities 375 420 Workers compensation reserves 237 269 Other 8,977 5,083 Total accrued liabilities $ 16,814 $ 12,150 Derivative Instruments The Company conducts business in various foreign countries and, from time to time, settles transactions in foreign currencies. The Company has established a program that utilizes foreign currency forward contracts to offset the risk associated with the effects of certain foreign currency exposures, typically arising from sales contracts denominated in Canadian currency. Foreign currency forward contracts are consistent with the Company’s strategy for financial risk management. The Company utilizes cash flow hedge accounting treatment for qualifying foreign currency forward contracts. Instruments that do not Pension Benefits The Company has two 2001. Foreign Currency Transactions The functional currency of the Company, including its Mexican operations, is the United States dollar. Monetary assets and liabilities are remeasured at current exchange rates and non-monetary assets and liabilities are remeasured at historical exchange rates. Revenue and expenses related to monetary assets and liabilities are remeasured at average exchange rates and at historical exchange rates for the revenue and expenses related to non-monetary assets and liabilities. Transaction gains (losses) from foreign currency forward contracts designated as cash flow hedges are included in Accumulated other comprehensive loss as a separate component of Stockholders’ equity. For the years ended December 31, 2020, 2019, 2018, Revenue Recognition The Company manufactures water infrastructure steel pipe products, which are generally made to custom specifications for installation contractors serving projects funded by public water agencies, as well as precast and reinforced concrete products. Generally, each of the Company’s contracts with its customers contains a single performance obligation, as the promise to transfer products is not not Revenue for water infrastructure steel pipe products is recognized over time as the manufacturing process progresses because of the Company’s right to payment for work performed to date plus a reasonable profit on cancellations for unique products that have no may Revenue for water infrastructure concrete pipe and precast concrete products is recognized at the time control is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. All variable consideration that may not The Company does not Share-based Compensation The Company recognizes the compensation cost of employee and director services received in exchange for awards of equity instruments based on the grant date estimated fair value of the awards. The Company estimates the fair value of restricted stock units (“RSUs”) and performance share awards (“PSAs”) using the value of the Company’s stock on the date of grant. Share-based compensation cost is recognized over the period during which the employee or director is required to provide service in exchange for the award and, as forfeitures occur, the associated compensation cost recognized to date is reversed. For awards with performance-based payout conditions, the Company recognizes compensation cost based on the probability of achieving the performance conditions, with changes in expectations recognized as an adjustment to earnings in the period of change. Any recognized compensation cost is reversed if the conditions are ultimately not Income Taxes Income taxes are recorded using an asset and liability approach that requires the recognition of deferred income tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Company’s financial statements or income tax returns. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. The determination of the provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. The provision for income taxes primarily reflects a combination of income earned and taxed in the various United States federal, state, local, and to a lesser extent, foreign jurisdictions. Jurisdictional tax law changes, increases or decreases in permanent differences between book and tax items, accruals or adjustments of accruals for unrecognized income tax benefits or valuation allowances, and the change in the mix of earnings from these taxing jurisdictions all affect the overall effective income tax rate. The Company records income tax reserves for federal, state, local, and international exposures relating to periods subject to audit. The development of reserves for these exposures requires judgments about tax issues, potential outcomes and timing, and is a subjective estimate. The Company assesses income tax positions and records income tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those income tax positions where it is more-likely-than- not 50% not not no Accumulated Other Comprehensive Loss Accumulated other comprehensive loss includes unrealized gains and losses on derivative instruments related to the effective portion of cash flow hedges and changes in the funded status of the defined benefit pension plans, both net of the related income tax effect. Net Income per Share Basic net income per share is computed by dividing the net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by giving effect to all potential shares of common stock, including stock options, RSUs, and PSAs, to the extent dilutive. Performance-based PSAs are considered dilutive when the related performance conditions have been met assuming the end of the reporting period represents the end of the performance period. In periods with a net loss, all potential shares of common stock are excluded from the computation of diluted net loss per share as the impact would be antidilutive. Net income per basic and diluted weighted-average common share outstanding was calculated as follows (in thousands, except per share amounts): Year Ended December 31, 2020 2019 2018 Net income $ 19,050 $ 27,902 $ 20,312 Basic weighted-average common shares outstanding 9,788 9,741 9,726 Effect of potentially dilutive common shares (1) 85 38 7 Diluted weighted-average common shares outstanding 9,873 9,779 9,733 Net income per common share Basic $ 1.95 $ 2.86 $ 2.09 Diluted $ 1.93 $ 2.85 $ 2.09 ( 1 There were no antidilutive shares for the years ended December 31, 2020 2019. not December 31, 2018, not not December 31, 2018. Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables, foreign currency forward contracts, and deferred compensation plan assets. Trade receivables generally represent a large number of customers, including municipalities, manufacturers, distributors, and contractors, dispersed across a wide geographic base. As of December 31, 2020, one 10% 10% December 31, 2019. Recent Accounting and Reporting Developments Accounting Changes In August 2018, No. 2018 13, 820 2018 13” 2018 13 January 1, 2020 not Recent Accounting Standards In August 2018, No. 2018 14, 715 20 2018 14” 2018 14 January 1, 2021, not In December 2019, No. 2019 12, 740 2019 12” 740, 740” 2019 12 740 2019 12 January 1, 2021, not In March 2020, No. 2020 04, 848 March 12, 2020 December 31, 2022. January 2021, No. 2021 01, not |
Note 3 - Business Combinations
Note 3 - Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. BUSINESS COMBINATION S : Geneva Pipe and Precast Company On January 31, 2020, three The following table summarizes the purchase consideration and fair value of the assets acquired and liabilities assumed as of January 31, 2020 Assets Cash and cash equivalents $ 691 Trade and other receivables 7,089 Inventories 5,673 Prepaid expenses and other 356 Property and equipment 9,096 Operating lease right-of-use assets 21,684 Intangible assets 11,165 Total assets acquired 55,754 Liabilities Accounts payable 1,395 Accrued liabilities 1,189 Operating lease liabilities 20,454 Deferred income taxes 5,343 Other long-term liabilities 939 Total liabilities assumed 29,320 Goodwill 22,985 Total purchase consideration $ 49,419 The purchase consideration for this business combination was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase consideration recorded as goodwill. As a result of additional information obtained during the measurement period about facts and circumstances that existed as of the acquisition date, the Company recorded measurement period adjustments during the three June 30, 2020 The following table summarizes the components of the intangible assets acquired and their estimated useful lives: Estimated Useful Life Fair Value (In years) (In thousands) Customer relationships 11.0 $ 8,031 Trade names 10.0 2,093 Backlog 0.9 1,041 Total intangible assets 9.9 $ 11,165 Goodwill arose from the acquisition of an assembled workforce, expansion of product offerings, and management’s industry know-how. The Company does not The Company incurred transaction costs associated with this acquisition of $2.6 million and $0.6 million during the years ended December 31, 2020 2019, Geneva operations contributed net sales of $44.2 million to the Company’s continuing operations for the period from January 31, 2020 December 31, 2020. The following unaudited pro forma summary presents the consolidated results of the Company as if the acquisition of Geneva had occurred on January 1 Year Ended December 31, 2020 2019 Net sales $ 289,496 $ 323,741 Net income 22,025 27,163 This unaudited pro forma consolidated financial data is included only for the purpose of illustration and does not January 1 not January 1 January 1 Ameron Water Transmission Group, LLC On July 27, 2018, December 2019, The following table summarizes the purchase consideration and fair value of the assets acquired and liabilities assumed as of July 27, 2018 Assets Cash and cash equivalents $ 912 Trade and other receivables 8,887 Contract assets 12,018 Inventories 7,937 Prepaid expenses and other 3,777 Property and equipment 34,827 Other assets 320 Total assets acquired 68,678 Liabilities Accounts payable 5,520 Accrued liabilities 1,599 Contract liabilities 123 Deferred income taxes 3,221 Total liabilities assumed 10,463 Bargain purchase gain (20,080 ) Total purchase consideration $ 38,135 As a result of additional information obtained during the measurement period about facts and circumstances that existed as of the acquisition date, the Company recorded measurement period adjustments during the three December 31, 2018 December 31, 2019. The purchase consideration for this business combination was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the excess of the aggregate net fair value of assets acquired and liabilities assumed over the fair value of consideration transferred as the purchase price recorded as a bargain purchase gain. When it became apparent there was a potential for a bargain purchase gain, management reviewed the Ameron assets acquired and liabilities assumed as well as the assumptions utilized in estimating their fair values. Upon completion of this reassessment, the Company concluded that recording a bargain purchase gain with respect to Ameron was appropriate and required under U.S. GAAP. The Company believes the seller was motivated to complete the transaction as part of an overall repositioning of its business. The Company incurred transaction costs associated with this acquisition of $2.6 million during the year ended December 31, 2018. The following unaudited pro forma summary presents the consolidated results of the Company as if the acquisition of Ameron had occurred on January 1 Year Ended December 31, 2018 Net sales $ 200,513 Net loss (15,102 ) This unaudited pro forma consolidated financial data is included only for the purpose of illustration and does not January 1 not January 1 |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. DISCONTINUED OPERATIONS: On December 26, 2017, February 2018 December 2018. |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. INVENTORIES: Inventories consist of the following (in thousands): December 31, 2020 2019 Raw materials $ 20,631 $ 26,772 Work-in-process 1,416 1,579 Finished goods 5,489 683 Supplies 1,641 1,620 Total inventories $ 29,177 $ 30,654 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. PROPERTY AND EQUIPMENT: Property and equipment, net consists of the following (in thousands): December 31, 2020 2019 Land and improvements $ 22,773 $ 22,480 Buildings 47,663 44,251 Machinery and equipment 127,679 115,237 Equipment under finance lease 2,589 2,081 200,704 184,049 Less accumulated depreciation and amortization (96,684 ) (86,244 ) 104,020 97,805 Construction in progress 6,164 1,826 Property and equipment, net $ 110,184 $ 99,631 All property and equipment is located in the United States, except for $20.3 million and $19.8 million of net property and equipment which is located in Mexico as of December 31, 2020 2019, In December 2018, August 2018, |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. GOODWILL AND INTANGIBLE ASSETS: Goodwill The changes in the carrying amount of goodwill for the year ended December 31, 2020 Goodwill, December 31, 2019 $ - Acquisition of Geneva (Note 3) 22,985 Goodwill, December 31, 2020 $ 22,985 The Company performed its annual goodwill impairment test as of December 31, 2020, not Intangible Assets Intangible assets consist of the following (in thousands): Gross Carrying Accumulated Intangible Amount Amortization Assets, Net As of December 31, 2020 Customer relationships $ 9,409 $ (1,634 ) $ 7,775 Trade names and trademarks 3,225 (720 ) 2,505 Other 329 (91 ) 238 Total $ 12,963 $ (2,445 ) $ 10,518 As of December 31, 2019 Customer relationships $ 1,378 $ (827 ) $ 551 Trade names and trademarks 1,132 (452 ) 680 Total $ 2,510 $ (1,279 ) $ 1,231 During the year ended December 31, 2020, 3, The estimated amortization expense for each of the next five Year ending December 31, 2021 $ 1,262 2022 1,262 2023 1,171 2024 1,015 2025 1,015 Thereafter 4,793 Total amortization expense $ 10,518 |
Note 8 - Line of Credit and Lon
Note 8 - Line of Credit and Long-term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. LINE OF CREDIT AND LONG-TERM DEBT : The Company’s Credit Agreement with Wells Fargo Bank, N.A. (“Wells Fargo”) dated October 25, 2018 January 31, 2020 No. 1 October 25, 2024. The Amended Credit Agreement contains customary representations and warranties, as well as customary affirmative and negative covenants, events of default, and indemnification provisions in favor of the lender. The negative covenants include restrictions regarding the incurrence of liens and indebtedness and certain acquisitions and dispositions of assets and other matters, all subject to certain exceptions. The Amended Credit Agreement also requires the Company to regularly provide financial information to Wells Fargo and to maintain a Senior Leverage Ratio (as defined in the Amended Credit Agreement) not 1.00. December 31, 2020. The Company's obligations under the Amended Credit Agreement are secured by a security interest in certain real property owned by the Company and its subsidiaries and substantially all of Company’s and its subsidiaries’ other assets. Interest expense from revolving loan borrowings, long-term debt, and finance leases was $0.9 million, net of amounts capitalized of $0.1 million in 2020, 2019, 2018. 2019 2018. Line of Credit (Revolving Loan) As of December 31, 2020, December 31, 2019, three December 31, 2020 2019, may Long-Term Debt Pursuant to the Amended Credit Agreement, on March 31, 2020, October 25, 2024 three December 31, 2020, 2020 2021 may ten Future principal payments of long-term debt, which excludes prepayments for periods beyond 2021 may Year ending December 31, 2021 $ 7,746 2022 3,176 2023 2,840 Total future principal payments 13,762 Less: Unamortized debt issuance costs (173 ) Less: Current portion of long-term debt (7,701 ) Long-term debt, net of current portion $ 5,888 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Lease, Disclosure [Text Block] | 9. LEASES: The Company adopted ASC Topic 842, 842” January 1, 2019 2019. not twelve 842, The Company has entered into various equipment and property leases. Certain lease agreements include renewals and/or purchase options set to expire at various dates, and certain lease agreements include rental payments adjusted periodically for inflation. The Company’s lease agreements do not The Company determines if an arrangement is a lease at inception. Leases with an initial term of twelve not not The following table summarizes the Company's leases recorded on the Consolidated Balance Sheets (in thousands): December 31, 2020 2019 Right-of-use assets: Finance leases, net, included in Property and equipment (1) $ 1,288 $ 1,203 Operating leases 30,813 7,683 Total right-of-use assets $ 32,101 $ 8,886 Lease liabilities: Finance leases $ 1,729 $ 1,641 Operating leases 30,115 7,889 Total lease liabilities $ 31,844 $ 9,530 ( 1 Finance lease right-of-use assets are presented net of accumulated amortization of $1.3 million and $0.9 million as of December 31, 2020 2019, Lease cost consists of the following (in thousands): Year Ended December 31, 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 422 $ 435 Interest on lease liabilities 79 57 Operating lease cost 3,647 1,934 Short-term lease cost 745 1,442 Variable lease cost 199 141 Total lease cost $ 5,092 $ 4,009 As the Company has not 842, 840, December 31, 2018 The future maturities of lease liabilities as of December 31, 2020 Finance Leases Operating Leases 2021 $ 454 $ 3,178 2022 433 2,819 2023 230 2,561 2024 544 2,416 2025 301 2,358 Thereafter - 27,513 Total lease payments 1,962 40,845 Amount representing interest (233 ) (10,730 ) Present value of lease liabilities 1,729 30,115 Current portion of lease liabilities (1) (375 ) (2,204 ) Long-term lease liabilities (2) $ 1,354 $ 27,911 ( 1 Current portion of finance lease liabilities are included in Accrued liabilities. ( 2 Long-term finance lease liabilities, less current portion are included in Other long-term liabilities. The following table summarizes the lease terms and discount rates for the lease liabilities: December 31, 2020 2019 Weighted-average remaining lease term (years) Finance leases 3.67 3.79 Operating leases 18.21 8.31 Weighted-average discount rate Finance leases 5.22 % 5.40 % Operating leases 3.36 % 4.50 % The following table presents other information related to the operating and finance leases (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ (79 ) $ (57 ) Operating cash flows from operating leases (3,481 ) (1,909 ) Financing cash flows from finance leases (420 ) (434 ) Right-of-use assets obtained in exchange for finance lease liabilities 507 819 Right-of-use assets obtained in exchange for operating lease liabilities 4,471 1,335 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. FAIR VALUE MEASUREMENTS: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three 1 2 3 no The following table summarizes information regarding the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands): Total Level 1 Level 2 Level 3 As of December 31, 2020 Financial assets: Deferred compensation plan $ 4,717 $ 3,884 $ 833 $ - Financial liabilities: Foreign currency forward contracts $ (1,150 ) $ - $ (1,150 ) $ - As of December 31, 2019 Financial assets: Deferred compensation plan $ 5,150 $ 4,268 $ 882 $ - Financial liabilities: Foreign currency forward contracts $ (138 ) $ - $ (138 ) $ - The deferred compensation plan assets consist of cash and several publicly traded stock and bond mutual funds, valued using quoted market prices in active markets, classified as Level 1 2 The Company’s foreign currency forward contracts are derivatives valued using various pricing models or discounted cash flow analyses that incorporate observable market parameters, such as interest rate yield curves and currency rates, and are classified as Level 2 The net carrying amounts of cash and cash equivalents, trade and other receivables, accounts payable, accrued liabilities, and revolving loan borrowings approximate fair value due to the short-term nature of these instruments. The Company is obligated to repay the carrying value of the Company’s long-term debt. The fair value of the Company’s long-term debt is calculated using interest rates for the Company’s existing debt arrangements which are classified as Level 2 December 31, 2020, |
Note 11 - Derivative Instrument
Note 11 - Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: For each foreign currency forward contract entered into in which the Company seeks to obtain cash flow hedge accounting treatment, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method of measuring ineffectiveness. This process includes linking all foreign currency forward contracts to specific firm commitments or forecasted transactions and designating the foreign currency forward contracts as cash flow hedges. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the foreign currency forward contracts that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of these hedged items is reflected in Unrealized gain (loss) on cash flow hedges on the Consolidated Statements of Comprehensive Income. If it is determined that a foreign currency forward contract is not As of December 31, 2020 2019, CAD$19.5 CAD$7.9 December 31, 2020, May 2022 As of December 31, 2020 2019, December 31, 2020, 2019, 2018, not December 31, 2020, twelve 17, |
Note 12 - Retirement Plans
Note 12 - Retirement Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 12. RETIREMENT PLANS: Defined Contribution Plan The Company has a defined contribution retirement plan that covers substantially all of its employees and provides for a Company match of up to 50% of the first December 31, 2020, 2019, 2018, Defined Benefit Plans The Company has two 2001, No no As of December 31, 2020 2019, December 31, 2020 2019, The net periodic benefit cost for each of the years ended December 31, 2020, 2019, 2018 December 31, 2020 2019, The plan assets are invested in pooled separate accounts stated at fair value based on the daily net asset value of the account and are therefore not December 31, 2020 2019, Non-qualified Retirement Savings Plan The Company has a deferred compensation plan that covered officers and selected highly compensated employees until it was frozen in 2016. first first December 31, 2020 2019, Total expense for all retirement plans for the years ended December 31, 2020, 2019, 2018 |
Note 13 - Share-based Compensat
Note 13 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 13. SHARE-BASED COMPENSATION: The Company has one 2007 The following table summarizes share-based compensation expense recorded (in thousands): Year Ended December 31, 2020 2019 2018 Cost of sales $ 822 $ 383 $ 12 Selling, general, and administrative expense 2,266 1,326 269 Total $ 3,088 $ 1,709 $ 281 There were 354,022 shares of common stock available for future issuance under the Company’s stock incentive plan as of December 31, 2020, Stock Options Awards The Company’s stock incentive plan provides that options become exercisable according to vesting schedules, which range from immediate to ratably over a 60-month period. Options terminate ten December 31, 2020, 2019, 2018. December 31, 2020, December 31, 2020 December 31, 2019 2018. December 31, 2020, Restricted Stock Units and Performance Share Awards The Company’s stock incentive plan provides for equity instruments, such as RSUs and PSAs, which grant the right to receive a specified number of shares over a specified period of time. RSUs are service-based awards and vest according to vesting schedules, which range from immediate to ratably over a three The following table summarizes the Company’s RSU and PSA activity: Number of RSUs and PSAs (1) Weighted- Average Grant Date Fair Value Unvested RSUs and PSAs as of December 31, 2019 85,170 $ 23.56 RSUs and PSAs granted 97,834 26.61 Unvested RSUs and PSAs canceled (3,752 ) 23.56 RSUs and PSAs vested (2) (49,680 ) 23.56 Unvested RSUs and PSAs as of December 31, 2020 129,572 25.86 ( 1 The number of PSAs disclosed in this table are at the target level of 100%. ( 2 For the PSAs vested on March 31, 2020; The unvested balance of RSUs and PSAs as of December 31, 2020 The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2020 2019 December 31, 2020, 2019, 2018 December 31, 2018. December 31, 2020, 2019, 2018 As of December 31, 2020, Stock Awards For the years ended December 31, 2020, 2019, 2018, 2020, 2019, 2018. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14 . COMMITMENTS AND CONTINGENCIES: Portland Harbor Superfund Site In December 2000, not December 2000, February 2016, June 2016, January 2017, not no The ODEQ is separately providing oversight of voluntary investigations and source control activities by the Company involving the Company's site, which are focused on controlling any current “uplands” releases of contaminants into the Willamette River. No not Concurrent with the activities of the EPA and the ODEQ, the Portland Harbor Natural Resources Trustee Council (“Trustees”) sent some or all of the same parties, including the Company, a notice of intent to perform a Natural Resource Damage Assessment (“NRDA”) for the Portland Harbor Superfund Site to determine the nature and extent of natural resource damages under CERCLA Section 107. three one June 2014, not may In January 2017, 2009, not The Company has insurance policies for defense costs, as well as indemnification policies it believes will provide reimbursement for the remediation assessed. However, the Company can provide no may All Sites The Company operates its facilities under numerous governmental permits and licenses relating to air emissions, stormwater runoff, and other environmental matters. The Company’s operations are also governed by many other laws and regulations, including those relating to workplace safety and worker health, principally the Occupational Safety and Health Act and regulations there under which, among other requirements, establish noise and dust standards. The Company believes it is in material compliance with its permits and licenses and these laws and regulations, and the Company does not Other Contingencies and Legal Proceedings From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of its business. The Company maintains insurance coverage against potential claims in amounts that are believed to be adequate. To the extent that insurance does not not On April 21, 2019, no October 2019. December 31, 2020 December 31, 2019, Guarantees The Company has entered into certain letters of credit that total $1.6 million as of December 31, 2020. |
Note 15 - Revenue
Note 15 - Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 15 . REVENUE: The Company adopted ASC Topic 606, 606” January 1, 2018 not 606 January 1, 2018 January 1, 2018 not Net sales by geographic region, based on the location of the customer, were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Net sales by geographic region: United States $ 254,956 $ 252,797 $ 161,415 Canada 30,951 26,520 10,734 Total $ 285,907 $ 279,317 $ 172,149 One customer accounted for 16% and 23% of total Net sales for the years ended December 31, 2020 2019, 10% December 31, 2018. Revisions in contract estimates resulted in an increase (decrease) in revenue of $2.2 million, $(1.2) million, and $(0.2) million for the years ended December 31, 2020, 2019, 2018, Disaggregation of Revenue The following table disaggregates revenue by recognition over time or at a point in time, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors (in thousands): Year Ended December 31, 2020 2019 2018 Over time $ 241,690 $ 279,317 $ 172,149 Point in time 44,217 - - Net sales $ 285,907 $ 279,317 $ 172,149 Contract Assets and Liabilities The difference between the opening and closing balances of the Company’s Contract assets and Contract liabilities primarily results from the timing difference between the Company’s performance and billings, and during the year ended December 31, 2018, December 31, 2020, 2019, 2018 not The Company recognized revenue that was included in the Contract liabilities balance at the beginning of each period of $12.3 million, $3.7 million, and $2.6 million during the years ended December 31, 2020, 2019, 2018, Backlog Backlog represents the balance of remaining performance obligations under signed contracts for water infrastructure steel pipe products for which revenue is recognized over time. As of December 31, 2020, 2021, 2022, |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16 . INCOME TAXES: The United States and foreign components of Income before income taxes are as follows (in thousands): Year Ended December 31, 2020 2019 2018 United States $ 24,768 $ 32,244 $ 16,207 Foreign 866 396 853 Total $ 25,634 $ 32,640 $ 17,060 The components of Income tax expense (benefit) are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ 958 $ 174 $ (117 ) State 1,342 (16 ) 99 Foreign 243 439 395 Total current income tax expense 2,543 597 377 Deferred: Federal 4,380 3,597 (2,954 ) State (386 ) 561 (807 ) Foreign 47 (17 ) 132 Total deferred income tax expense (benefit) 4,041 4,141 (3,629 ) Total income tax expense (benefit) $ 6,584 $ 4,738 $ (3,252 ) The difference between the Company’s effective income tax rate and the federal statutory income tax rate is explained as follows (dollar amounts in thousands): Year Ended December 31, 2020 2019 2018 Income tax expense at federal statutory rate $ 5,383 $ 6,854 $ 3,583 State expense (benefit), net of federal income tax effect 953 1,261 (218 ) Federal and state income tax credits - - (7 ) Change in valuation allowance (181 ) (3,564 ) (2,618 ) Tax windfall on share-based compensation - - (369 ) Bargain purchase gain - - (4,228 ) Nondeductible expenses 447 (24 ) 427 Foreign rate differential 78 36 77 Other (96 ) 175 101 Income tax expense (benefit) $ 6,584 $ 4,738 $ (3,252 ) Effective income tax rate 25.7 % 14.5 % (19.1 )% The income tax effect of temporary differences that give rise to significant portions of deferred income tax assets and liabilities is presented below (in thousands): December 31, 2020 2019 Deferred income tax assets: Accrued employee benefits $ 3,525 $ 3,089 Inventories 73 147 Trade receivable, net 958 788 Net operating loss carryforwards 3,231 5,391 Tax credit carryforwards 2,699 5,173 Other 389 509 10,875 15,097 Valuation allowance (6,228 ) (6,126 ) 4,647 8,971 Deferred income tax liabilities: Contract assets, net (1,366 ) (1,703 ) Property and equipment (12,029 ) (10,578 ) Intangible assets (2,737 ) (226 ) Prepaid expenses (889 ) (587 ) (17,021 ) (13,094 ) Net deferred income tax liabilities $ (12,374 ) $ (4,123 ) Amounts are presented in the Consolidated Balance Sheets as follows: Deferred income tax assets, included in Other assets $ 107 $ 142 Deferred income taxes (12,481 ) (4,265 ) Net deferred income tax liabilities $ (12,374 ) $ (4,123 ) In assessing the ability to realize deferred income tax assets, management considers whether it is more likely than not not not not December 31, 2020, As of December 31, 2020, 2023 2034, 2024. December 31, 2020, 2021 2038, 2021. December 31, 2020, 2023 2030. The Company files income tax returns in the United States Federal jurisdiction, in a limited number of foreign jurisdictions, and in many state jurisdictions. With few exceptions, the Company is no 2016. A summary of the changes in the unrecognized income tax benefits is presented below (in thousands): Year Ended December 31, 2020 2019 2018 Unrecognized income tax benefits, beginning of year $ 4,350 $ 4,350 $ 4,116 Increases for positions taken in the current year - - 234 Unrecognized income tax benefits, end of year $ 4,350 $ 4,350 $ 4,350 The Company does not twelve The Company recognizes interest and penalties related to uncertain income tax positions in Income tax expense (benefit). As of December 31, 2020 2019, no not 2020, 2019, 2018. On December 22, 2017, 2017 not December 31, 2017, one December 31, 2017. No. 118 118” not December 22, 2018, 118, not 2017. January 1, 2019, No. 2018 02, 220 2018 02” |
Note 17 - Accumulated Other Com
Note 17 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 17. ACCUMULATED OTHER COMPREHENSIVE LOSS: Accumulated other comprehensive loss consists of the following (in thousands): December 31, 2020 2019 Pension liability adjustment, net of income tax benefit of $679 and $671 $ (1,795 ) $ (1,770 ) Unrealized loss on cash flow hedges, net of income tax benefit of $20 and $11 (71 ) (44 ) Total $ (1,866 ) $ (1,814 ) The following table summarizes changes in the components of Accumulated other comprehensive loss (in thousands). All amounts are net of income tax: Pension Liability Adjustment Unrealized Loss on Cash Flow Hedges Total Balance, December 31, 2019 $ (1,770 ) $ (44 ) $ (1,814 ) Other comprehensive loss before reclassifications (3 ) (308 ) (311 ) Amounts reclassified from Accumulated other comprehensive loss (22 ) 281 259 Net current period adjustments to Other comprehensive loss (25 ) (27 ) (52 ) Balance, December 31, 2020 $ (1,795 ) $ (71 ) $ (1,866 ) The following table provides additional detail about Accumulated other comprehensive loss components that were reclassified to the Consolidated Statements of Operations (in thousands): Amount reclassified from Accumulated Other Comprehensive Loss Affected line item in the Details about Accumulated Other Year Ended December 31, Consolidated Statements Comprehensive Loss Components 2020 2019 2018 of Operations Pension liability adjustment: Net periodic pension cost: Service cost $ (16 ) $ (11 ) $ (11 ) Cost of sales Non-service cost 46 (15 ) 52 Other income Associated income tax (expense) benefit (8 ) 4 8 Income tax expense (benefit) 22 (22 ) 49 Unrealized gain (loss) on cash flow hedges: Gain (loss) on cash flow hedges (378 ) 5 13 Net sales Associated income tax (expense) benefit 97 2 (1 ) Income tax expense (benefit) (281 ) 7 12 Total reclassifications for the period $ (259 ) $ (15 ) $ 61 |
Note 18 - Restructuring
Note 18 - Restructuring | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 18 . RESTRUCTURING: In March 2018, second 2018. March 2018, second 2018, December 2018. December 31, 2018, |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II NORTHWEST PIPE COMPANY (Dollars in thousands) Balance at Beginning of Period Charged to Profit and Loss Deduction from Reserves Balance at End of Period Year Ended December 31, 2020: Allowance for doubtful accounts $ 801 430 (464 ) $ 767 Valuation allowance for deferred income tax assets 6,126 240 (138 ) 6,228 Year Ended December 31, 2019: Allowance for doubtful accounts $ 660 $ 312 $ (171 ) $ 801 Valuation allowance for deferred income tax assets 9,433 345 (3,652 ) 6,126 Year Ended December 31, 2018: Allowance for doubtful accounts $ 477 $ 449 $ (266 ) $ 660 Valuation allowance for deferred income tax assets 10,413 1,785 (2,765 ) 9,433 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation and Presentation The Consolidated Financial Statements are expressed in United States Dollars and include the accounts of the Company and its subsidiaries over which the Company exercises control as of the financial statement date. Intercompany accounts and transactions have been eliminated. Certain amounts from the prior year financial statements have been reclassified in order to conform to the current year presentation. |
Reclassification, Comparability Adjustment [Policy Text Block] | Immaterial Correction of Error The Company recorded revenue of $1.2 million during the three twelve December 31, 2018, three March 31, 2019. not December 31, 2019 2018. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, the Company evaluates all of its estimates, including those related to business combinations, allowance for doubtful accounts, inventories, property and equipment (including depreciation and valuation), goodwill, intangible assets, revenue recognition, share-based compensation, income taxes, and litigation and other contingencies. Actual results may |
Business Combinations Policy [Policy Text Block] | Business Combinations Business combinations are accounted for under the acquisition method which requires identifiable assets acquired and liabilities assumed in the business acquired be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred as the purchase price exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The amount by which the net fair value of assets acquired and liabilities assumed exceeds the fair value of consideration transferred as the purchase price is recorded as a bargain purchase gain. Acquisition-related transaction costs are expensed as incurred. These estimates are inherently uncertain and unpredictable. In addition, unanticipated events and circumstances may may may one may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term, highly-liquid investments with maturities of three |
Receivable [Policy Text Block] | Receivables and Allowance for Doubtful Accounts Trade receivables are reported on the Consolidated Balance Sheets net of doubtful accounts. The Company maintains allowances for estimated losses resulting from the inability of its customers to make required payments or from contract disputes. The amounts of such allowances are based on historical experience and management’s judgment. The Company will write down or write off a receivable account once the account is deemed uncollectible. If the customers’ financial conditions were to deteriorate resulting in their inability to make payments, or if contract disputes were to escalate, additional allowances may |
Contract Assets and Liabilities, Policy [Policy Text Block] | Contract Assets and Liabilities Contract assets primarily represent revenue earned over time but not 30 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost and net realizable value. The cost of raw material inventories of steel is either on a specific identification basis or on an average cost basis. The cost of all other raw material inventories, as well as work-in-process and supplies, is on an average cost basis. The cost of finished goods uses the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. Maintenance and repairs are expensed as incurred, and costs of new equipment and buildings, as well as costs of expansions or refurbishment of existing equipment and buildings, including interest where applicable, are capitalized. Depreciation and amortization are determined by the units of production method for most equipment and by the straight-line method for the remaining assets based on the estimated useful lives of the related assets. Estimated useful lives by major classes of property and equipment are as follows: Land improvements (15 – 30 years); Buildings (20 – 40 years); and Machinery and equipment (3 – 30 years). Depreciation expense calculated under the units of production method may The Company assesses impairment of property and equipment whenever changes in circumstances indicate that the carrying values of the asset or asset group(s) may not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of purchase price over the assigned fair values of the assets and liabilities assumed in conjunction with an acquisition. Goodwill is reviewed for impairment annually as of December 31, may not 50% not not not |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets consist primarily of customer relationships and trade names and trademarks recorded as the result of acquisition activity. Intangible assets are amortized using the straight-line method over estimated useful lives ranging from 3 to 15 years. |
Workers Compensation Insurance [Policy Text Block] | Workers Compensation The Company is self-insured, or maintains high deductible policies, for losses and liabilities associated with workers compensation claims. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. As of December 31, 2020 2019, |
Accrued Liabilities [Policy Text Block] | Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 2020 2019 Accrued liabilities: Accrued bonus $ 3,747 $ 3,977 Accrued vacation payable 2,328 2,263 Foreign currency forward contracts 1,150 138 Finance lease liabilities 375 420 Workers compensation reserves 237 269 Other 8,977 5,083 Total accrued liabilities $ 16,814 $ 12,150 |
Derivatives, Policy [Policy Text Block] | Derivative Instruments The Company conducts business in various foreign countries and, from time to time, settles transactions in foreign currencies. The Company has established a program that utilizes foreign currency forward contracts to offset the risk associated with the effects of certain foreign currency exposures, typically arising from sales contracts denominated in Canadian currency. Foreign currency forward contracts are consistent with the Company’s strategy for financial risk management. The Company utilizes cash flow hedge accounting treatment for qualifying foreign currency forward contracts. Instruments that do not |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension Benefits The Company has two 2001. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions The functional currency of the Company, including its Mexican operations, is the United States dollar. Monetary assets and liabilities are remeasured at current exchange rates and non-monetary assets and liabilities are remeasured at historical exchange rates. Revenue and expenses related to monetary assets and liabilities are remeasured at average exchange rates and at historical exchange rates for the revenue and expenses related to non-monetary assets and liabilities. Transaction gains (losses) from foreign currency forward contracts designated as cash flow hedges are included in Accumulated other comprehensive loss as a separate component of Stockholders’ equity. For the years ended December 31, 2020, 2019, 2018, |
Revenue [Policy Text Block] | Revenue Recognition The Company manufactures water infrastructure steel pipe products, which are generally made to custom specifications for installation contractors serving projects funded by public water agencies, as well as precast and reinforced concrete products. Generally, each of the Company’s contracts with its customers contains a single performance obligation, as the promise to transfer products is not not Revenue for water infrastructure steel pipe products is recognized over time as the manufacturing process progresses because of the Company’s right to payment for work performed to date plus a reasonable profit on cancellations for unique products that have no may Revenue for water infrastructure concrete pipe and precast concrete products is recognized at the time control is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. All variable consideration that may not The Company does not |
Share-based Payment Arrangement [Policy Text Block] | Share-based Compensation The Company recognizes the compensation cost of employee and director services received in exchange for awards of equity instruments based on the grant date estimated fair value of the awards. The Company estimates the fair value of restricted stock units (“RSUs”) and performance share awards (“PSAs”) using the value of the Company’s stock on the date of grant. Share-based compensation cost is recognized over the period during which the employee or director is required to provide service in exchange for the award and, as forfeitures occur, the associated compensation cost recognized to date is reversed. For awards with performance-based payout conditions, the Company recognizes compensation cost based on the probability of achieving the performance conditions, with changes in expectations recognized as an adjustment to earnings in the period of change. Any recognized compensation cost is reversed if the conditions are ultimately not |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are recorded using an asset and liability approach that requires the recognition of deferred income tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Company’s financial statements or income tax returns. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. The determination of the provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. The provision for income taxes primarily reflects a combination of income earned and taxed in the various United States federal, state, local, and to a lesser extent, foreign jurisdictions. Jurisdictional tax law changes, increases or decreases in permanent differences between book and tax items, accruals or adjustments of accruals for unrecognized income tax benefits or valuation allowances, and the change in the mix of earnings from these taxing jurisdictions all affect the overall effective income tax rate. The Company records income tax reserves for federal, state, local, and international exposures relating to periods subject to audit. The development of reserves for these exposures requires judgments about tax issues, potential outcomes and timing, and is a subjective estimate. The Company assesses income tax positions and records income tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those income tax positions where it is more-likely-than- not 50% not not no |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss includes unrealized gains and losses on derivative instruments related to the effective portion of cash flow hedges and changes in the funded status of the defined benefit pension plans, both net of the related income tax effect. |
Earnings Per Share, Policy [Policy Text Block] | Net Income per Share Basic net income per share is computed by dividing the net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by giving effect to all potential shares of common stock, including stock options, RSUs, and PSAs, to the extent dilutive. Performance-based PSAs are considered dilutive when the related performance conditions have been met assuming the end of the reporting period represents the end of the performance period. In periods with a net loss, all potential shares of common stock are excluded from the computation of diluted net loss per share as the impact would be antidilutive. Net income per basic and diluted weighted-average common share outstanding was calculated as follows (in thousands, except per share amounts): Year Ended December 31, 2020 2019 2018 Net income $ 19,050 $ 27,902 $ 20,312 Basic weighted-average common shares outstanding 9,788 9,741 9,726 Effect of potentially dilutive common shares (1) 85 38 7 Diluted weighted-average common shares outstanding 9,873 9,779 9,733 Net income per common share Basic $ 1.95 $ 2.86 $ 2.09 Diluted $ 1.93 $ 2.85 $ 2.09 ( 1 There were no antidilutive shares for the years ended December 31, 2020 2019. not December 31, 2018, not not December 31, 2018. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables, foreign currency forward contracts, and deferred compensation plan assets. Trade receivables generally represent a large number of customers, including municipalities, manufacturers, distributors, and contractors, dispersed across a wide geographic base. As of December 31, 2020, one 10% 10% December 31, 2019. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting and Reporting Developments Accounting Changes In August 2018, No. 2018 13, 820 2018 13” 2018 13 January 1, 2020 not Recent Accounting Standards In August 2018, No. 2018 14, 715 20 2018 14” 2018 14 January 1, 2021, not In December 2019, No. 2019 12, 740 2019 12” 740, 740” 2019 12 740 2019 12 January 1, 2021, not In March 2020, No. 2020 04, 848 March 12, 2020 December 31, 2022. January 2021, No. 2021 01, not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2020 2019 Accrued liabilities: Accrued bonus $ 3,747 $ 3,977 Accrued vacation payable 2,328 2,263 Foreign currency forward contracts 1,150 138 Finance lease liabilities 375 420 Workers compensation reserves 237 269 Other 8,977 5,083 Total accrued liabilities $ 16,814 $ 12,150 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 2018 Net income $ 19,050 $ 27,902 $ 20,312 Basic weighted-average common shares outstanding 9,788 9,741 9,726 Effect of potentially dilutive common shares (1) 85 38 7 Diluted weighted-average common shares outstanding 9,873 9,779 9,733 Net income per common share Basic $ 1.95 $ 2.86 $ 2.09 Diluted $ 1.93 $ 2.85 $ 2.09 |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Assets Cash and cash equivalents $ 691 Trade and other receivables 7,089 Inventories 5,673 Prepaid expenses and other 356 Property and equipment 9,096 Operating lease right-of-use assets 21,684 Intangible assets 11,165 Total assets acquired 55,754 Liabilities Accounts payable 1,395 Accrued liabilities 1,189 Operating lease liabilities 20,454 Deferred income taxes 5,343 Other long-term liabilities 939 Total liabilities assumed 29,320 Goodwill 22,985 Total purchase consideration $ 49,419 Assets Cash and cash equivalents $ 912 Trade and other receivables 8,887 Contract assets 12,018 Inventories 7,937 Prepaid expenses and other 3,777 Property and equipment 34,827 Other assets 320 Total assets acquired 68,678 Liabilities Accounts payable 5,520 Accrued liabilities 1,599 Contract liabilities 123 Deferred income taxes 3,221 Total liabilities assumed 10,463 Bargain purchase gain (20,080 ) Total purchase consideration $ 38,135 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Estimated Useful Life Fair Value (In years) (In thousands) Customer relationships 11.0 $ 8,031 Trade names 10.0 2,093 Backlog 0.9 1,041 Total intangible assets 9.9 $ 11,165 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2020 2019 Net sales $ 289,496 $ 323,741 Net income 22,025 27,163 Year Ended December 31, 2018 Net sales $ 200,513 Net loss (15,102 ) |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule Of Inventory Current And Non Current [Table Text Block] | December 31, 2020 2019 Raw materials $ 20,631 $ 26,772 Work-in-process 1,416 1,579 Finished goods 5,489 683 Supplies 1,641 1,620 Total inventories $ 29,177 $ 30,654 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 Land and improvements $ 22,773 $ 22,480 Buildings 47,663 44,251 Machinery and equipment 127,679 115,237 Equipment under finance lease 2,589 2,081 200,704 184,049 Less accumulated depreciation and amortization (96,684 ) (86,244 ) 104,020 97,805 Construction in progress 6,164 1,826 Property and equipment, net $ 110,184 $ 99,631 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill, December 31, 2019 $ - Acquisition of Geneva (Note 3) 22,985 Goodwill, December 31, 2020 $ 22,985 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Intangible Amount Amortization Assets, Net As of December 31, 2020 Customer relationships $ 9,409 $ (1,634 ) $ 7,775 Trade names and trademarks 3,225 (720 ) 2,505 Other 329 (91 ) 238 Total $ 12,963 $ (2,445 ) $ 10,518 As of December 31, 2019 Customer relationships $ 1,378 $ (827 ) $ 551 Trade names and trademarks 1,132 (452 ) 680 Total $ 2,510 $ (1,279 ) $ 1,231 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, 2021 $ 1,262 2022 1,262 2023 1,171 2024 1,015 2025 1,015 Thereafter 4,793 Total amortization expense $ 10,518 |
Note 8 - Line of Credit and L_2
Note 8 - Line of Credit and Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending December 31, 2021 $ 7,746 2022 3,176 2023 2,840 Total future principal payments 13,762 Less: Unamortized debt issuance costs (173 ) Less: Current portion of long-term debt (7,701 ) Long-term debt, net of current portion $ 5,888 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Lease, Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Right-of-use assets: Finance leases, net, included in Property and equipment (1) $ 1,288 $ 1,203 Operating leases 30,813 7,683 Total right-of-use assets $ 32,101 $ 8,886 Lease liabilities: Finance leases $ 1,729 $ 1,641 Operating leases 30,115 7,889 Total lease liabilities $ 31,844 $ 9,530 |
Lease, Cost [Table Text Block] | Year Ended December 31, 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 422 $ 435 Interest on lease liabilities 79 57 Operating lease cost 3,647 1,934 Short-term lease cost 745 1,442 Variable lease cost 199 141 Total lease cost $ 5,092 $ 4,009 |
Lessee, Liability, Maturity [Table Text Block] | Finance Leases Operating Leases 2021 $ 454 $ 3,178 2022 433 2,819 2023 230 2,561 2024 544 2,416 2025 301 2,358 Thereafter - 27,513 Total lease payments 1,962 40,845 Amount representing interest (233 ) (10,730 ) Present value of lease liabilities 1,729 30,115 Current portion of lease liabilities (1) (375 ) (2,204 ) Long-term lease liabilities (2) $ 1,354 $ 27,911 |
Lease Terms and Discount Rates for Lease Liabilities [Table Text Block] | December 31, 2020 2019 Weighted-average remaining lease term (years) Finance leases 3.67 3.79 Operating leases 18.21 8.31 Weighted-average discount rate Finance leases 5.22 % 5.40 % Operating leases 3.36 % 4.50 % |
Other Information Related to Operating and Finance Leases [Table Text Block] | Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ (79 ) $ (57 ) Operating cash flows from operating leases (3,481 ) (1,909 ) Financing cash flows from finance leases (420 ) (434 ) Right-of-use assets obtained in exchange for finance lease liabilities 507 819 Right-of-use assets obtained in exchange for operating lease liabilities 4,471 1,335 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total Level 1 Level 2 Level 3 As of December 31, 2020 Financial assets: Deferred compensation plan $ 4,717 $ 3,884 $ 833 $ - Financial liabilities: Foreign currency forward contracts $ (1,150 ) $ - $ (1,150 ) $ - As of December 31, 2019 Financial assets: Deferred compensation plan $ 5,150 $ 4,268 $ 882 $ - Financial liabilities: Foreign currency forward contracts $ (138 ) $ - $ (138 ) $ - |
Note 13 - Share-based Compens_2
Note 13 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2020 2019 2018 Cost of sales $ 822 $ 383 $ 12 Selling, general, and administrative expense 2,266 1,326 269 Total $ 3,088 $ 1,709 $ 281 |
Schedule of Unvested Restricted Stock Units and Performance Share Awards Activity [Table Text Block] | Number of RSUs and PSAs (1) Weighted- Average Grant Date Fair Value Unvested RSUs and PSAs as of December 31, 2019 85,170 $ 23.56 RSUs and PSAs granted 97,834 26.61 Unvested RSUs and PSAs canceled (3,752 ) 23.56 RSUs and PSAs vested (2) (49,680 ) 23.56 Unvested RSUs and PSAs as of December 31, 2020 129,572 25.86 |
Note 15 - Revenue (Tables)
Note 15 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Year Ended December 31, 2020 2019 2018 Net sales by geographic region: United States $ 254,956 $ 252,797 $ 161,415 Canada 30,951 26,520 10,734 Total $ 285,907 $ 279,317 $ 172,149 |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2020 2019 2018 Over time $ 241,690 $ 279,317 $ 172,149 Point in time 44,217 - - Net sales $ 285,907 $ 279,317 $ 172,149 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2020 2019 2018 United States $ 24,768 $ 32,244 $ 16,207 Foreign 866 396 853 Total $ 25,634 $ 32,640 $ 17,060 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 2018 Current: Federal $ 958 $ 174 $ (117 ) State 1,342 (16 ) 99 Foreign 243 439 395 Total current income tax expense 2,543 597 377 Deferred: Federal 4,380 3,597 (2,954 ) State (386 ) 561 (807 ) Foreign 47 (17 ) 132 Total deferred income tax expense (benefit) 4,041 4,141 (3,629 ) Total income tax expense (benefit) $ 6,584 $ 4,738 $ (3,252 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 Income tax expense at federal statutory rate $ 5,383 $ 6,854 $ 3,583 State expense (benefit), net of federal income tax effect 953 1,261 (218 ) Federal and state income tax credits - - (7 ) Change in valuation allowance (181 ) (3,564 ) (2,618 ) Tax windfall on share-based compensation - - (369 ) Bargain purchase gain - - (4,228 ) Nondeductible expenses 447 (24 ) 427 Foreign rate differential 78 36 77 Other (96 ) 175 101 Income tax expense (benefit) $ 6,584 $ 4,738 $ (3,252 ) Effective income tax rate 25.7 % 14.5 % (19.1 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred income tax assets: Accrued employee benefits $ 3,525 $ 3,089 Inventories 73 147 Trade receivable, net 958 788 Net operating loss carryforwards 3,231 5,391 Tax credit carryforwards 2,699 5,173 Other 389 509 10,875 15,097 Valuation allowance (6,228 ) (6,126 ) 4,647 8,971 Deferred income tax liabilities: Contract assets, net (1,366 ) (1,703 ) Property and equipment (12,029 ) (10,578 ) Intangible assets (2,737 ) (226 ) Prepaid expenses (889 ) (587 ) (17,021 ) (13,094 ) Net deferred income tax liabilities $ (12,374 ) $ (4,123 ) Amounts are presented in the Consolidated Balance Sheets as follows: Deferred income tax assets, included in Other assets $ 107 $ 142 Deferred income taxes (12,481 ) (4,265 ) Net deferred income tax liabilities $ (12,374 ) $ (4,123 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2020 2019 2018 Unrecognized income tax benefits, beginning of year $ 4,350 $ 4,350 $ 4,116 Increases for positions taken in the current year - - 234 Unrecognized income tax benefits, end of year $ 4,350 $ 4,350 $ 4,350 |
Note 17 - Accumulated Other C_2
Note 17 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2020 2019 Pension liability adjustment, net of income tax benefit of $679 and $671 $ (1,795 ) $ (1,770 ) Unrealized loss on cash flow hedges, net of income tax benefit of $20 and $11 (71 ) (44 ) Total $ (1,866 ) $ (1,814 ) |
Schedule of Changes in Accumulated Other Comprehensive Income Loss [Table Text Block] | Pension Liability Adjustment Unrealized Loss on Cash Flow Hedges Total Balance, December 31, 2019 $ (1,770 ) $ (44 ) $ (1,814 ) Other comprehensive loss before reclassifications (3 ) (308 ) (311 ) Amounts reclassified from Accumulated other comprehensive loss (22 ) 281 259 Net current period adjustments to Other comprehensive loss (25 ) (27 ) (52 ) Balance, December 31, 2020 $ (1,795 ) $ (71 ) $ (1,866 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amount reclassified from Accumulated Other Comprehensive Loss Affected line item in the Details about Accumulated Other Year Ended December 31, Consolidated Statements Comprehensive Loss Components 2020 2019 2018 of Operations Pension liability adjustment: Net periodic pension cost: Service cost $ (16 ) $ (11 ) $ (11 ) Cost of sales Non-service cost 46 (15 ) 52 Other income Associated income tax (expense) benefit (8 ) 4 8 Income tax expense (benefit) 22 (22 ) 49 Unrealized gain (loss) on cash flow hedges: Gain (loss) on cash flow hedges (378 ) 5 13 Net sales Associated income tax (expense) benefit 97 2 (1 ) Income tax expense (benefit) (281 ) 7 12 Total reclassifications for the period $ (259 ) $ (15 ) $ 61 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of Valuation and Qualifying Accounts [Table Text Block] | Balance at Beginning of Period Charged to Profit and Loss Deduction from Reserves Balance at End of Period Year Ended December 31, 2020: Allowance for doubtful accounts $ 801 430 (464 ) $ 767 Valuation allowance for deferred income tax assets 6,126 240 (138 ) 6,228 Year Ended December 31, 2019: Allowance for doubtful accounts $ 660 $ 312 $ (171 ) $ 801 Valuation allowance for deferred income tax assets 9,433 345 (3,652 ) 6,126 Year Ended December 31, 2018: Allowance for doubtful accounts $ 477 $ 449 $ (266 ) $ 660 Valuation allowance for deferred income tax assets 10,413 1,785 (2,765 ) 9,433 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Jan. 31, 2020 | Dec. 31, 2020 |
Number of Operating Segments | 1 | 1 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | |
Revenue from Contract with Customer, Including Assessed Tax | $ 285,907 | $ 279,317 | $ 172,149 | |
Workers' Compensation Liability | 1,700 | 1,700 | ||
Workers' Compensation Liability, Current | 237 | 269 | ||
Foreign Currency Transaction Gain (Loss), Realized | $ (1,100) | $ 500 | $ (400) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 0 | 0 | 63,000 | |
Restricted Stock Units and Performance Share Award Target Level, Percentage | 100.00% | |||
Number of Customers with Receivable Balance in Excess of Ten Percent of Receivables | 1 | 1 | ||
Performance Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 39,000 | |||
Restricted Stock Units and Performance Share Award Target Level, Percentage | 100.00% | |||
Accrued Liability [Member] | ||||
Workers' Compensation Liability, Current | $ 200 | $ 300 | ||
Other Long-term Liabilities [Member] | ||||
Workers' Compensation Liability, Noncurrent | $ 1,500 | $ 1,400 | ||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
Land Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||
Land Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | |||
Building [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||
Building [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | |||
Out of Period Adjustment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ (1,200) |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Accrued bonus | $ 3,747 | $ 3,977 | |
Accrued vacation payable | 2,328 | 2,263 | |
Foreign currency forward contracts | 1,150 | 138 | |
Finance lease liabilities | [1] | 375 | |
Workers compensation reserves | 237 | 269 | |
Other | 8,977 | 5,083 | |
Total accrued liabilities | 16,814 | 12,150 | |
Accrued Liability [Member] | |||
Finance lease liabilities | 375 | 420 | |
Workers compensation reserves | $ 200 | $ 300 | |
[1] | Current portion of finance lease liabilities are included in Accrued liabilities. |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Loss Per Basic and Diluted Weighted Average Common Share Outstanding for Continuing and Discontinued Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Net income | $ 19,050 | $ 27,902 | $ 20,312 | |
Basic (in shares) | 9,788 | 9,741 | 9,726 | |
Effect of potentially dilutive common shares (in shares) | [1] | 85 | 38 | 7 |
Diluted weighted-average common shares outstanding (in shares) | 9,873 | 9,779 | 9,733 | |
Net income per common share | ||||
Basic (in dollars per share) | $ 1.95 | $ 2.86 | $ 2.09 | |
Diluted (in dollars per share) | $ 1.93 | $ 2.85 | $ 2.09 | |
[1] | There were no antidilutive shares for the years ended December 31, 2020 or 2019. The weighted-average number of antidilutive shares not included in the computation of diluted net income per share was approximately 63,000 for the year ended December 31, 2018, including approximately 39,000 of PSAs, at the target level of 100%, that were not included because the performance conditions had not been met as of December 31, 2018. |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) $ in Thousands | Jan. 31, 2020USD ($) | Jul. 27, 2018USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Number of Operating Segments | 1 | 1 | ||||||
Geneva Pipe Company, Inc. [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||
Business Combination, Consideration Transferred, Total | $ 49,419 | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Trade and Other Receivables | $ (100) | |||||||
Business Combination, Acquisition Related Costs | $ 2,600 | $ 600 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 44,200 | |||||||
Ameron Water Transmission Group, LLC [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||
Business Combination, Consideration Transferred, Total | $ 38,135 | |||||||
Business Combination, Acquisition Related Costs | $ 2,600 | |||||||
Business Combination, Bargain Purchase, Increase (Decrease) in Gain Recognized, Measurement Period Adjustment | $ (1,800) | |||||||
Business Acquisition, Increase (Decrease) in Inventories, Measurement Period Adjustment | $ (2,000) | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 0 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jul. 27, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Liabilities | |||||
Goodwill | $ 22,985 | $ 0 | |||
Bargain purchase gain | $ 0 | $ 0 | $ (20,080) | ||
Geneva Pipe Company, Inc. [Member] | |||||
Assets | |||||
Cash and cash equivalents | $ 691 | ||||
Trade and other receivables | 7,089 | ||||
Inventories | 5,673 | ||||
Prepaid expenses and other | 356 | ||||
Property and equipment | 9,096 | ||||
Operating lease right-of-use assets | 21,684 | ||||
Intangible assets | 11,165 | ||||
Total assets acquired | 55,754 | ||||
Liabilities | |||||
Accounts payable | 1,395 | ||||
Accrued liabilities | 1,189 | ||||
Operating lease liabilities | 20,454 | ||||
Deferred income taxes | 5,343 | ||||
Other long-term liabilities | 939 | ||||
Total liabilities assumed | 29,320 | ||||
Goodwill | 22,985 | ||||
Total purchase consideration | $ 49,419 | ||||
Ameron Water Transmission Group, LLC [Member] | |||||
Assets | |||||
Cash and cash equivalents | $ 912 | ||||
Trade and other receivables | 8,887 | ||||
Inventories | 7,937 | ||||
Prepaid expenses and other | 3,777 | ||||
Property and equipment | 34,827 | ||||
Total assets acquired | 68,678 | ||||
Contract assets | 12,018 | ||||
Other assets | 320 | ||||
Liabilities | |||||
Accounts payable | 5,520 | ||||
Accrued liabilities | 1,599 | ||||
Deferred income taxes | 3,221 | ||||
Total liabilities assumed | 10,463 | ||||
Total purchase consideration | 38,135 | ||||
Contract liabilities | 123 | ||||
Bargain purchase gain | $ (20,080) |
Note 3 - Business Combination_4
Note 3 - Business Combinations - Intangible Assets Acquired (Details) - Geneva Pipe Company, Inc. [Member] $ in Thousands | Jan. 31, 2020USD ($) |
Intangible Asset Acquired, Useful Life (Year) | 9 years 10 months 24 days |
Intangible Asset Acquired, Fair Value | $ 11,165 |
Customer Relationships [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 11 years |
Intangible Asset Acquired, Fair Value | $ 8,031 |
Trade Names [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 10 years |
Intangible Asset Acquired, Fair Value | $ 2,093 |
Backlog [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 10 months 24 days |
Intangible Asset Acquired, Fair Value | $ 1,041 |
Note 3 - Business Combination_5
Note 3 - Business Combinations - Pro Forma Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Geneva Pipe Company, Inc. [Member] | |||
Net sales | $ 289,496 | $ 323,741 | |
Net income | $ 22,025 | $ 27,163 | |
Ameron Water Transmission Group, LLC [Member] | |||
Net sales | $ 200,513 | ||
Net income | $ (15,102) |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations (Details Textual) - Atchison Facility [Member] $ in Millions | Dec. 26, 2017USD ($) |
Disposal Group, Including Discontinued Operation, Consideration | $ 37.2 |
Placed in Escrow Unitil February 2018 [Member] | |
Escrow Deposits Related to Property Sales | 0.8 |
Placed in Escrow Until December 2018 [Member] | |
Escrow Deposits Related to Property Sales | $ 3.7 |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Raw materials | $ 20,631 | $ 26,772 |
Work-in-process | 1,416 | 1,579 |
Finished goods | 5,489 | 683 |
Supplies | 1,641 | 1,620 |
Total inventories | $ 29,177 | $ 30,654 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Aug. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment, Net, Ending Balance | $ 110,184 | $ 99,631 | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | 0 | 39 | $ 141 | ||
Monterrey, Mexico Facility [Member] | |||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 2,700 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 200 | ||||
Property in Houston, Texas [Member] | |||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 5,800 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 2,800 | ||||
MEXICO | |||||
Property, Plant and Equipment, Net, Ending Balance | $ 20,300 | $ 19,800 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property and equipment, gross | $ 200,704 | $ 184,049 |
Less accumulated depreciation and amortization | (96,684) | (86,244) |
Property, Plant and Equipment, Net, Excluding Construction In Progress | 104,020 | 97,805 |
Property and equipment, net | 110,184 | 99,631 |
Land Improvements [Member] | ||
Property and equipment, gross | 22,773 | 22,480 |
Building [Member] | ||
Property and equipment, gross | 47,663 | 44,251 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 127,679 | 115,237 |
Equipment Under Finance Lease [Member] | ||
Property and equipment, gross | 2,589 | 2,081 |
Construction in Progress [Member] | ||
Property and equipment, net | $ 6,164 | $ 1,826 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill | $ 0 |
Goodwill | 22,985 |
Geneva Pipe Company, Inc. [Member] | |
Acquisition of Geneva (Note 3) | $ 22,985 |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible Assets, Gross | $ 12,963 | $ 2,510 |
Intangible Assets, Accumulated amortization | (2,445) | (1,279) |
Intangible assets, net | 10,518 | 1,231 |
Customer Relationships [Member] | ||
Intangible Assets, Gross | 9,409 | 1,378 |
Intangible Assets, Accumulated amortization | (1,634) | (827) |
Intangible assets, net | 7,775 | 551 |
Trademarks and Trade Names [Member] | ||
Intangible Assets, Gross | 3,225 | 1,132 |
Intangible Assets, Accumulated amortization | (720) | (452) |
Intangible assets, net | 2,505 | $ 680 |
Other Intangible Assets [Member] | ||
Intangible Assets, Gross | 329 | |
Intangible Assets, Accumulated amortization | (91) | |
Intangible assets, net | $ 238 |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Summary of Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 1,262 | |
2022 | 1,262 | |
2023 | 1,171 | |
2024 | 1,015 | |
2025 | 1,015 | |
Thereafter | 4,793 | |
Total amortization expense | $ 10,518 | $ 1,231 |
Note 8 - Line of Credit and L_3
Note 8 - Line of Credit and Long-term Debt (Details Textual) $ in Thousands | Oct. 25, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2020USD ($) |
Interest Expense, Debt and Finance Leases, Net of Amounts Capitalized | $ 900 | $ 500 | $ 600 | ||
Interest Costs Capitalized | 100 | ||||
Letters of Credit Outstanding, Amount | $ 1,600 | ||||
Wells Fargo Bank, N.A. [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 74,000 | ||||
Maximum Senior Leverage Ratio | 3 | ||||
Minimum Fixed Charge Coverage Ratio | 1.10 | ||||
Letters of Credit Outstanding, Amount | $ 1,600 | ||||
Wells Fargo Bank, N.A. [Member] | Term Loan [Member] | |||||
Debt Instrument, Face Amount | $ 15,900 | ||||
Long-term Debt, Monthly Repayment of Principal | 300 | ||||
Long-term Debt, Total | $ 13,800 | ||||
Debt Instrument, Covenant, Maximum Debt Percentage of Securing Property | 60.00% | ||||
Debt Instrument, Covenant, Repayment Percentage of Excess Cash Flow | 20.00% | ||||
Debt Instrument, Prepayment from Excess Cash Flow Generated, Amount Payable in Next 12 Months | $ 4,600 | ||||
Wells Fargo Bank, N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Term Loan [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Wells Fargo Bank, N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Term Loan [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||
Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility [Member] | |||||
Long-term Line of Credit, Total | $ 0 | $ 0 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 53,000 | ||||
Debt, Weighted Average Interest Rate | 1.73% | 3.43% | |||
Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||||
Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note 8 - Line of Credit and L_4
Note 8 - Line of Credit and Long-term Debt - Future Principal Payments of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Less: Current portion of long-term debt | $ (7,701) | $ 0 |
Long-term debt, net of current portion | 5,888 | $ 0 |
Term Loan [Member] | Wells Fargo Bank, N.A. [Member] | ||
2021 | 7,746 | |
2022 | 3,176 | |
2023 | 2,840 | |
Total future principal payments | 13,762 | |
Less: Unamortized debt issuance costs | (173) | |
Less: Current portion of long-term debt | (7,701) | |
Long-term debt, net of current portion | $ 5,888 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 30,813 | $ 7,683 | ||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 1,300 | 900 | ||
Operating Leases, Rent Expense, Net, Total | $ 2,700 | |||
Operating Lease, Liability, Total | $ 30,115 | $ 7,889 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 8,000 | |||
Operating Lease, Liability, Total | $ 8,000 |
Note 9 - Leases - Leases Record
Note 9 - Leases - Leases Recorded on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating leases, Right-of-use assets | $ 30,813 | $ 7,683 | |
Total right-of-use assets | 32,101 | 8,886 | |
Present value of lease liabilities, finance leases | 1,729 | 1,641 | |
Present value of lease liabilities, operating leases | 30,115 | 7,889 | |
Total lease liabilities | 31,844 | 9,530 | |
Property and Equipment [Member] | |||
Finance leases, net, included in Property and equipment | [1] | $ 1,288 | $ 1,203 |
[1] | Finance lease right-of-use assets are presented net of accumulated amortization of $1.3 million and $0.9 million as of December 31, 2020 and 2019, respectively. |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of right-of-use assets | $ 422 | $ 435 |
Interest on lease liabilities | 79 | 57 |
Operating lease cost | 3,647 | 1,934 |
Short-term lease cost | 745 | 1,442 |
Variable lease cost | 199 | 141 |
Total lease cost | $ 5,092 | $ 4,009 |
Note 9 - Leases - Future Maturi
Note 9 - Leases - Future Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
2021, finance leases | $ 454 | ||
2021, operating leases | 3,178 | ||
2022, finance leases | 433 | ||
2022, operating leases | 2,819 | ||
2023, finance leases | 230 | ||
2023, operating leases | 2,561 | ||
2024, finance leases | 544 | ||
2024, operating leases | 2,416 | ||
2025, finance leases | 301 | ||
2025, operating leases | 2,358 | ||
Thereafter, finance leases | 0 | ||
Thereafter | 27,513 | ||
Total lease payments, finance leases | 1,962 | ||
Total lease payments, operating leases | 40,845 | ||
Amount representing interest, finance leases | (233) | ||
Amount representing interest, operating leases | (10,730) | ||
Present value of lease liabilities, finance leases | 1,729 | $ 1,641 | |
Present value of lease liabilities, operating leases | 30,115 | 7,889 | |
Current portion of lease liabilities, included in Accrued liabilities, finance leases | [1] | (375) | |
Current portion of lease liabilities, operating leases | (2,204) | (1,642) | |
Long-term lease liabilities, finance leases | [2] | 1,354 | |
Long-term lease liabilities, operating leases | $ 27,911 | $ 6,247 | |
[1] | Current portion of finance lease liabilities are included in Accrued liabilities. | ||
[2] | Long-term finance lease liabilities, less current portion are included in Other long-term liabilities. |
Note 9 - Leases - Lease Terms a
Note 9 - Leases - Lease Terms and Discount Rates for Lease Liabilities (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Finance leases, weighted-average remaining lease term (Year) | 3 years 8 months 1 day | 3 years 9 months 14 days |
Operating leases, weighted-average remaining lease term (Year) | 18 years 2 months 15 days | 8 years 3 months 21 days |
Finance leases, weighted-average discount rate | 5.22% | 5.40% |
Operating leases, weighted-average discount rate | 3.36% | 4.50% |
Note 9 - Leases - Other Informa
Note 9 - Leases - Other Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating cash flows from finance leases | $ (79) | $ (57) | |
Operating cash flows from operating leases | (3,481) | (1,909) | |
Financing cash flows from finance leases | (420) | (434) | $ (398) |
Right-of-use assets obtained in exchange for finance lease liabilities | 507 | 819 | 599 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 4,471 | $ 1,335 | $ 0 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred compensation plan | $ 4,717 | $ 5,150 |
Foreign currency forward contracts | (1,150) | (138) |
Fair Value, Inputs, Level 1 [Member] | ||
Deferred compensation plan | 3,884 | 4,268 |
Foreign currency forward contracts | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Deferred compensation plan | 833 | 882 |
Foreign currency forward contracts | (1,150) | (138) |
Fair Value, Inputs, Level 3 [Member] | ||
Deferred compensation plan | 0 | 0 |
Foreign currency forward contracts | $ 0 | $ 0 |
Note 11 - Derivative Instrume_2
Note 11 - Derivative Instruments and Hedging Activities (Details Textual) - Foreign Exchange Forward [Member] $ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | |
Unrealized Loss on Foreign Currency Derivatives, before Tax | $ 100 | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 0 | ||||
Designated as Hedging Instrument [Member] | |||||
Derivative, Notional Amount | 15,300 | $ 6,100 | $ 19.5 | $ 7.9 | |
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ (600) | $ (100) | $ 200 |
Note 12 - Retirement Plans (Det
Note 12 - Retirement Plans (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Deferred Compensation Plan Assets | $ 4,717,000 | $ 5,150,000 | |
Retirement Plan Expense | $ 1,600,000 | $ 1,200,000 | $ 900,000 |
Defined Contribution Plan [Member] | |||
Company Matching Percentage on First Eight Percent of Employee Contributions | 50.00% | ||
Company Matching Percentage on First Six Percent of Employee Contributions | 50.00% | 50.00% | |
Employee Contribution Percentage for Which Company Will Match at Fifty Percent | 8.00% | 6.00% | 6.00% |
Defined Contribution Plan Number of Investment Options | 23 | ||
Pension Plan [Member] | |||
Number of Non-contributory Defined Benefit Plans | 2 | ||
Liability, Defined Benefit Plan, Total | $ 1,600,000 | $ 1,600,000 | |
Accumulated Other Comprehensive Income (Loss), Unrecognized Net Actuarial Losses, Net of Tax | 1,800,000 | 1,800,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 6,500,000 | 6,400,000 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 4,900,000 | 4,800,000 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 0 | $ 0 | $ 0 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.04% | 2.83% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.00% | 7.50% | |
Non-qualified Retirement Savings Plan [Member] | |||
Company Matching Percentage on First Ten Thousand Dollar Employee Contributions | 50.00% | ||
Officer Contribution for Which Company Will Match at Fifty Percent | $ 10,000 | ||
Select Employee Contribution for Which Company Will Match at Fifty Percent | 5,000 | ||
Non-qualified Retirement Savings Plan [Member] | Other Long-term Liabilities [Member] | |||
Deferred Compensation Liability, Classified, Noncurrent, Total | 4,700,000 | $ 5,200,000 | |
Non-qualified Retirement Savings Plan [Member] | Other Noncurrent Assets [Member] | |||
Deferred Compensation Plan Assets | $ 4,700,000 | $ 5,200,000 |
Note 13 - Share-based Compens_3
Note 13 - Share-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | ||
Number Of Active Stock Incentive Plans | 1 | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 354,022 | |||
Common Stock, Capital Shares Reserved for Future Issuance, Percentage Vesting of Outstanding PSAs Assumed | 100.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 0 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 24,000 | 0 | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 24.15 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 100 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | |||
Restricted Stock Units and Performance Share Award Target Level, Percentage | 100.00% | |||
Director [Member] | ||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in shares) | 17,442 | 11,924 | 11,172 | |
Share-based Compensation Arrangement by Stock-based Payment Award, Grant Date Fair Value (in dollars per share) | $ / shares | $ 25.81 | $ 25.16 | $ 21.48 | |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 60 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 26.61 | 23.56 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | |||
Performance Shares [Member] | ||||
Restricted Stock Units and Performance Share Award Target Level, Percentage | 100.00% | |||
Performance Awards Issued Multiplier | 136.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number At Target Level Of Performance (in shares) | 91,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 26.61 | $ 23.56 | $ 19.97 | |
Performance Shares [Member] | Minimum [Member] | ||||
Performance Awards Issued Multiplier | 0.00% | |||
Performance Shares [Member] | Maximum [Member] | ||||
Performance Awards Issued Multiplier | 200.00% | |||
Restricted Stock Units and Performance Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 26.61 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [1] | 97,834 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 2,000 | $ 0 | $ 1,600 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 2,500 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | |||
[1] | The number of PSAs disclosed in this table are at the target level of 100%. |
Note13 - Share-based Compensati
Note13 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based compensation expense | $ 3,088 | $ 1,709 | $ 281 |
Cost of Sales [Member] | |||
Share-based compensation expense | 822 | 383 | 12 |
Selling, General and Administrative Expenses [Member] | |||
Share-based compensation expense | $ 2,266 | $ 1,326 | $ 269 |
Note 13 - Share-based Compens_4
Note 13 - Share-based Compensation - RSU and PSA Activity (Details) - Restricted Stock Units and Performance Stock Awards [Member] | 12 Months Ended | |
Dec. 31, 2020$ / sharesshares | ||
Unvested RSUs and PSAs (in shares) | shares | 85,170 | [1] |
Unvested RSUs and PSAs, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.56 | |
RSUs and PSAs granted (in shares) | shares | 97,834 | [1] |
RSUs and PSAs granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 26.61 | |
Unvested RSUs and PSAs canceled (in shares) | shares | (3,752) | [1] |
Unvested RSUs and PSAs canceled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.56 | |
RSUs and PSAs vested (2) (in shares) | shares | (49,680) | [1],[2] |
RSUs and PSAs vested (2) (in dollars per share) | $ / shares | $ 23.56 | [2] |
Unvested RSUs and PSAs (in shares) | shares | 129,572 | [1] |
Unvested RSUs and PSAs, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.86 | |
[1] | The number of PSAs disclosed in this table are at the target level of 100%. | |
[2] | For the PSAs vested on March 31, 2020; the actual number of common shares that were issued was determined by multiplying the PSAs by a payout percentage of 136%, based on the performance-based conditions achieved. |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2014USD ($) | |
Letters of Credit Outstanding, Amount | $ 1.6 | |||
Fire [Member] | ||||
Business Interruption, Incremental Production Costs, Net of Insurance Recovery | $ (1.4) | $ 1.6 | ||
Portland Harbor Natural Resources Trustee Council [Member] | ||||
Loss Contingency, Accrual, Current | $ 0.4 | |||
Portland Harbor Superfund Site [Member] | ||||
Number Of Potentially Responsible Parties | 150 | |||
Estimated Cost of EPA Selected Remedy | $ 1,000 | |||
Estimated Time to Complete Selected EPA Remedy (Year) | 13 years | |||
Lower Willamette Group [Member] | ||||
Number Of Potentially Responsible Parties | 14 |
Note 15 - Revenue 1 (Details Te
Note 15 - Revenue 1 (Details Textual) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) | |
Stockholders' Equity Attributable to Parent, Ending Balance | $ 269,626 | $ 248,158 | $ 218,590 | $ 200,264 | |
Increase (Decrease) in Revenue from Contract with Customers, Including Assessed Tax | 2,200 | (1,200) | (200) | ||
Contract with Customer, Liability, Revenue Recognized | 12,300 | $ 3,700 | 2,600 | ||
Revenue, Remaining Performance Obligation, Amount | $ 167,000 | ||||
Ameron Water Transmission Group, LLC [Member] | |||||
Contract with Customer, Asset, Increase (Decrease) for Contract Acquired in Business Combination | 12,000 | ||||
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | $ 100 | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Number of Major Customers | 1 | 1 | 0 | ||
Concentration Risk, Percentage | 16.00% | 23.00% | |||
Retained Earnings [Member] | |||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 148,381 | $ 129,331 | $ 101,194 | 81,757 | |
Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Stockholders' Equity Attributable to Parent, Ending Balance | (875) | ||||
Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ (900) | $ (875) |
Note 15 - Revenue 2 (Details Te
Note 15 - Revenue 2 (Details Textual) | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 79.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 20.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 15 - Revenue - Net Sales F
Note 15 - Revenue - Net Sales From Continuing Operations by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 285,907 | $ 279,317 | $ 172,149 |
UNITED STATES | |||
Net sales | 254,956 | 252,797 | 161,415 |
CANADA | |||
Net sales | $ 30,951 | $ 26,520 | $ 10,734 |
Note 15 - Revenue - Disaggregat
Note 15 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 285,907 | $ 279,317 | $ 172,149 |
Transferred over Time [Member] | |||
Net sales | 241,690 | 279,317 | 172,149 |
Transferred at Point in Time [Member] | |||
Net sales | $ 44,217 | $ 0 | $ 0 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 | $ 0 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | 35.00% | |
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | $ 200 | ||||
Domestic Tax Authority [Member] | |||||
Tax Credit Carryforward, Amount | $ 2,000 | ||||
Domestic Tax Authority [Member] | Capital Loss Carryforward [Member] | |||||
Tax Credit Carryforward, Amount | $ 1,000 | ||||
Tax Credit Carryforward, Expiration Year | 2024 | ||||
Domestic Tax Authority [Member] | Minimum [Member] | |||||
Tax Credit Carryforward, Expiration Year | 2023 | ||||
Domestic Tax Authority [Member] | Maximum [Member] | |||||
Tax Credit Carryforward, Expiration Year | 2034 | ||||
State and Local Jurisdiction [Member] | |||||
Tax Credit Carryforward, Amount | $ 4,200 | ||||
Tax Credit Carryforward, Expiration Year | 2021 | ||||
Operating Loss Carryforwards, Total | $ 30,000 | ||||
State and Local Jurisdiction [Member] | Minimum [Member] | |||||
Operating Loss Carryforwards, Expiration Year | 2021 | ||||
State and Local Jurisdiction [Member] | Maximum [Member] | |||||
Operating Loss Carryforwards, Expiration Year | 2038 | ||||
Foreign Tax Authority [Member] | |||||
Operating Loss Carryforwards, Total | $ 4,400 | ||||
Foreign Tax Authority [Member] | Minimum [Member] | |||||
Operating Loss Carryforwards, Expiration Year | 2023 | ||||
Foreign Tax Authority [Member] | Maximum [Member] | |||||
Operating Loss Carryforwards, Expiration Year | 2030 |
Note 16 - Income Taxes - Income
Note 16 - Income Taxes - Income (Loss) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
United States | $ 24,768 | $ 32,244 | $ 16,207 |
Foreign | 866 | 396 | 853 |
Income before income taxes | $ 25,634 | $ 32,640 | $ 17,060 |
Note 16 - Income Taxes - Summar
Note 16 - Income Taxes - Summary of Components of Income Tax Expense for Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 958 | $ 174 | $ (117) |
State | 1,342 | (16) | 99 |
Foreign | 243 | 439 | 395 |
Total current income tax expense | 2,543 | 597 | 377 |
Federal | 4,380 | 3,597 | (2,954) |
State | (386) | 561 | (807) |
Foreign | 47 | (17) | 132 |
Total deferred income tax expense (benefit) | 4,041 | 4,141 | (3,629) |
Total income tax expense (benefit) | $ 6,584 | $ 4,738 | $ (3,252) |
Note 16 - Income Taxes - Effect
Note 16 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax expense at federal statutory rate | $ 5,383 | $ 6,854 | $ 3,583 |
State expense (benefit), net of federal income tax effect | 953 | 1,261 | (218) |
Federal and state income tax credits | 0 | 0 | (7) |
Change in valuation allowance | (181) | (3,564) | (2,618) |
Tax windfall on share-based compensation | 0 | 0 | (369) |
Bargain purchase gain | 0 | 0 | (4,228) |
Nondeductible expenses | 447 | (24) | 427 |
Foreign rate differential | 78 | 36 | 77 |
Other | (96) | 175 | 101 |
Total income tax expense (benefit) | $ 6,584 | $ 4,738 | $ (3,252) |
Effective income tax rate | 25.70% | 14.50% | (19.10%) |
Note 16 - Income Taxes - Summ_2
Note 16 - Income Taxes - Summary of Current and Noncurrent Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued employee benefits | $ 3,525 | $ 3,089 |
Inventories | 73 | 147 |
Trade receivable, net | 958 | 788 |
Net operating loss carryforwards | 3,231 | 5,391 |
Tax credit carryforwards | 2,699 | 5,173 |
Other | 389 | 509 |
Deferred tax assets, gross | 10,875 | 15,097 |
Valuation allowance | (6,228) | (6,126) |
Deferred tax assets, net | 4,647 | 8,971 |
Contract assets, net | (1,366) | (1,703) |
Property and equipment | (12,029) | (10,578) |
Intangible assets | (2,737) | (226) |
Prepaid expenses | (889) | (587) |
Total deferred tax liabilities | (17,021) | (13,094) |
Net deferred income tax liabilities | (12,374) | (4,123) |
Deferred income taxes | (12,481) | (4,265) |
Net deferred income tax liabilities | (12,374) | (4,123) |
Other Assets [Member] | ||
Deferred income tax assets, included in Other assets | $ 107 | $ 142 |
Note 16 - Income Taxes - Summ_3
Note 16 - Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized income tax benefits, beginning of year | $ 4,350 | $ 4,350 | $ 4,116 |
Increases for positions taken in the current year | 0 | 0 | 234 |
Unrecognized income tax benefits, end of year | $ 4,350 | $ 4,350 | $ 4,350 |
Note 17 - Accumulated Other C_3
Note 17 - Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Pension liability adjustment, net of income tax benefit of $679 and $671 | $ (1,795) | $ (1,770) |
Unrealized loss on cash flow hedges, net of income tax benefit of $20 and $11 | (71) | (44) |
Total | $ (1,866) | $ (1,814) |
Note 17 - Accumulated Other C_4
Note 17 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 248,158 | $ 218,590 | $ 200,264 |
Other comprehensive loss, net of tax | (52) | (43) | (91) |
Ending balance | 269,626 | 248,158 | 218,590 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Beginning balance | (1,770) | ||
Other comprehensive loss before reclassifications | (3) | ||
Amounts reclassified from Accumulated other comprehensive loss | (22) | ||
Other comprehensive loss, net of tax | (25) | ||
Ending balance | (1,795) | (1,770) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Beginning balance | (44) | ||
Other comprehensive loss before reclassifications | (308) | ||
Amounts reclassified from Accumulated other comprehensive loss | 281 | ||
Other comprehensive loss, net of tax | (27) | ||
Ending balance | (71) | (44) | |
AOCI Attributable to Parent [Member] | |||
Beginning balance | (1,814) | (1,536) | (1,445) |
Other comprehensive loss before reclassifications | (311) | ||
Amounts reclassified from Accumulated other comprehensive loss | 259 | ||
Other comprehensive loss, net of tax | (52) | ||
Ending balance | $ (1,866) | $ (1,814) | $ (1,536) |
Note 17 - Accumulated Other C_5
Note 17 - Accumulated Other Comprehensive Loss - Reclassification of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cost of sales | $ 235,388 | $ 232,133 | $ 160,053 |
Other income (loss) | 953 | 4,383 | 267 |
Tax (expense) benefit | (6,584) | (4,738) | 3,252 |
Net income | 19,050 | 27,902 | 20,312 |
Revenue from Contract with Customer, Including Assessed Tax | 285,907 | 279,317 | 172,149 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net income | (259) | (15) | 61 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Cost of sales | (16) | (11) | (11) |
Other income (loss) | 46 | (15) | 52 |
Tax (expense) benefit | (8) | 4 | 8 |
Net income | 22 | (22) | 49 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Tax (expense) benefit | 97 | 2 | (1) |
Net income | (281) | 7 | 12 |
Revenue from Contract with Customer, Including Assessed Tax | $ (378) | $ 5 | $ 13 |
Note 18 - Restructuring (Detail
Note 18 - Restructuring (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Charges, Total | $ 0 | $ 0 | $ 1,364 |
Employee Severance [Member] | |||
Restructuring Charges, Total | 600 | ||
Demobilization Activities [Member] | |||
Restructuring Charges, Total | $ 800 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at Beginning of Period | $ 801 | $ 660 | $ 477 |
Charged to Profit and Loss | 430 | 312 | 449 |
Deduction from Reserves | (464) | (171) | (266) |
Balance at End of Period | 767 | 801 | 660 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at Beginning of Period | 6,126 | 9,433 | 10,413 |
Charged to Profit and Loss | 240 | 345 | 1,785 |
Deduction from Reserves | (138) | (3,652) | (2,765) |
Balance at End of Period | $ 6,228 | $ 6,126 | $ 9,433 |