Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
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 | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 262,653,481 | ||
Entity Common Stock, Shares Outstanding | 9,892,244 | ||
Auditor Firm ID | 659 | ||
Auditor Name | Moss Adams LLP | ||
Auditor Location | Portland, Oregon |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 444,355 | $ 457,665 | $ 333,313 |
Cost of sales | 366,713 | 371,810 | 289,059 |
Gross profit | 77,642 | 85,855 | 44,254 |
Selling, general, and administrative expense | 43,784 | 41,034 | 28,222 |
Operating income | 33,858 | 44,821 | 16,032 |
Other income | 276 | 97 | 328 |
Interest expense | (4,855) | (3,568) | (1,202) |
Income before income taxes | 29,279 | 41,350 | 15,158 |
Income tax expense | 8,207 | 10,201 | 3,635 |
Net income | $ 21,072 | $ 31,149 | $ 11,523 |
Net income per common share | |||
Basic (in dollars per share) | $ 2.11 | $ 3.14 | $ 1.17 |
Diluted (in dollars per share) | $ 2.09 | $ 3.11 | $ 1.16 |
Shares used in per share calculations: | |||
Basic (in shares) | 9,991 | 9,914 | 9,854 |
Diluted (in shares) | 10,081 | 10,012 | 9,928 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 21,072 | $ 31,149 | $ 11,523 |
Other comprehensive income (loss), net of tax: | |||
Other comprehensive income (loss), net of tax | (171) | 893 | 184 |
Comprehensive income | 20,901 | 32,042 | 11,707 |
Foreign Exchange Forward [Member] | |||
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on derivatives designated as cash flow hedges | (107) | 289 | (124) |
Interest Rate Swap [Member] | |||
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on derivatives designated as cash flow hedges | (403) | 649 | 0 |
Pension Plan [Member] | |||
Other comprehensive income (loss), net of tax: | |||
Pension liability adjustment | $ 339 | $ (45) | $ 308 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 4,068 | $ 3,681 |
Trade and other receivables, less allowance for doubtful accounts of $121 and $369 | 47,645 | 71,563 |
Contract assets | 120,516 | 121,778 |
Inventories | 91,229 | 71,029 |
Prepaid expenses and other | 9,026 | 10,689 |
Total current assets | 272,484 | 278,740 |
Property and equipment, net | 143,955 | 133,166 |
Operating lease right-of-use assets | 88,155 | 93,124 |
Goodwill | 55,504 | 55,504 |
Intangible assets, net | 31,074 | 35,264 |
Other assets | 6,709 | 5,542 |
Total assets | 597,881 | 601,340 |
Current liabilities: | ||
Current debt | 10,756 | 10,756 |
Accounts payable | 31,142 | 26,968 |
Accrued liabilities | 27,913 | 30,957 |
Contract liabilities | 21,450 | 17,456 |
Current portion of operating lease liabilities | 4,933 | 4,702 |
Total current liabilities | 96,194 | 90,839 |
Borrowings on line of credit | 54,485 | 83,696 |
Long-term lease liabilities, operating leases | 85,283 | 89,472 |
Deferred income taxes | 10,942 | 11,402 |
Other long-term liabilities | 10,617 | 7,657 |
Total liabilities | 257,521 | 283,066 |
Commitments and contingencies (Note 15) | ||
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, 9,985,580 and 9,927,360 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 100 | 99 |
Additional paid-in-capital | 129,095 | 127,911 |
Retained earnings | 212,125 | 191,053 |
Accumulated other comprehensive loss | (960) | (789) |
Total stockholders’ equity | 340,360 | 318,274 |
Total liabilities and stockholders’ equity | $ 597,881 | $ 601,340 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 121 | $ 369 |
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) | 9,985,580 | 9,927,360 |
Common stock, shares outstanding (in shares) | 9,985,580 | 9,927,360 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Pension Plan [Member] Common Stock [Member] | Pension Plan [Member] Additional Paid-in Capital [Member] | Pension Plan [Member] Retained Earnings [Member] | Pension Plan [Member] AOCI Attributable to Parent [Member] | Pension Plan [Member] | Foreign Exchange Forward [Member] Common Stock [Member] | Foreign Exchange Forward [Member] Additional Paid-in Capital [Member] | Foreign Exchange Forward [Member] Retained Earnings [Member] | Foreign Exchange Forward [Member] AOCI Attributable to Parent [Member] | Foreign Exchange Forward [Member] | Interest Rate Swap [Member] Common Stock [Member] | Interest Rate Swap [Member] Additional Paid-in Capital [Member] | Interest Rate Swap [Member] Retained Earnings [Member] | Interest Rate Swap [Member] AOCI Attributable to Parent [Member] | Interest Rate Swap [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2020 | 9,805,437 | |||||||||||||||||||
Balance at Dec. 31, 2020 | $ 98 | $ 123,013 | $ 148,381 | $ (1,866) | $ 269,626 | |||||||||||||||
Net income | $ 0 | 0 | 11,523 | 0 | 11,523 | |||||||||||||||
Pension liability adjustment | $ 0 | $ 0 | $ 0 | $ 308 | $ 308 | |||||||||||||||
Unrealized gain (loss) on derivatives designated as cash flow hedges | $ 0 | $ 0 | $ 0 | $ (124) | $ (124) | $ 0 | ||||||||||||||
Issuance of common stock under stock compensation plans, net of tax withholdings (in shares) | 65,130 | |||||||||||||||||||
Issuance of common stock under stock compensation plans, net of tax withholdings | $ 1 | (1,167) | 0 | 0 | (1,166) | |||||||||||||||
Share-based compensation expense | $ 0 | 3,216 | 0 | 0 | 3,216 | |||||||||||||||
Balances (in shares) at Dec. 31, 2021 | 9,870,567 | |||||||||||||||||||
Balances, December 31, 2022 at Dec. 31, 2021 | $ 99 | 125,062 | 159,904 | (1,682) | 283,383 | |||||||||||||||
Net income | $ 0 | 0 | 31,149 | 0 | 31,149 | |||||||||||||||
Pension liability adjustment | 0 | 0 | 0 | (45) | (45) | |||||||||||||||
Unrealized gain (loss) on derivatives designated as cash flow hedges | 0 | 0 | 0 | 289 | 289 | $ 0 | $ 0 | $ 0 | $ 649 | 649 | ||||||||||
Issuance of common stock under stock compensation plans, net of tax withholdings (in shares) | 56,793 | |||||||||||||||||||
Issuance of common stock under stock compensation plans, net of tax withholdings | $ 0 | (853) | 0 | 0 | (853) | |||||||||||||||
Share-based compensation expense | $ 0 | 3,702 | 0 | 0 | 3,702 | |||||||||||||||
Balances (in shares) at Dec. 31, 2022 | 9,927,360 | |||||||||||||||||||
Balances, December 31, 2022 at Dec. 31, 2022 | $ 99 | 127,911 | 191,053 | (789) | 318,274 | |||||||||||||||
Net income | $ 0 | 0 | 21,072 | 0 | 21,072 | |||||||||||||||
Pension liability adjustment | $ 0 | $ 0 | $ 0 | $ 339 | $ 339 | |||||||||||||||
Unrealized gain (loss) on derivatives designated as cash flow hedges | $ 0 | $ 0 | $ 0 | $ (107) | $ (107) | $ 0 | $ 0 | $ 0 | $ (403) | $ (403) | ||||||||||
Issuance of common stock under stock compensation plans, net of tax withholdings (in shares) | 86,836 | |||||||||||||||||||
Issuance of common stock under stock compensation plans, net of tax withholdings | $ 1 | (1,653) | 0 | 0 | (1,652) | |||||||||||||||
Share-based compensation expense | $ 0 | 3,672 | 0 | 0 | 3,672 | |||||||||||||||
Repurchase of common stock (in shares) | (28,616) | |||||||||||||||||||
Repurchase of common stock | $ 0 | (835) | (835) | |||||||||||||||||
Balances (in shares) at Dec. 31, 2023 | 9,985,580 | |||||||||||||||||||
Balances, December 31, 2022 at Dec. 31, 2023 | $ 100 | $ 129,095 | $ 212,125 | $ (960) | $ 340,360 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan [Member] | |||
Pension liability adjustment, tax expense/benefit | $ 110 | $ (14) | $ 102 |
Foreign Exchange Forward [Member] | |||
Unrealized gain (loss) on cash flow hedges, tax expense/benefit | (45) | 95 | $ (41) |
Interest Rate Swap [Member] | |||
Unrealized gain (loss) on cash flow hedges, tax expense/benefit | $ (134) | $ 213 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 21,072 | $ 31,149 | $ 11,523 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and finance lease amortization | 11,616 | 12,664 | 11,482 |
Amortization of intangible assets | 4,190 | 4,439 | 2,142 |
Deferred income taxes | (172) | 514 | 180 |
Gain on insurance proceeds | (466) | 0 | 0 |
Share-based compensation expense | 3,672 | 3,702 | 3,216 |
Other, net | 1,547 | (286) | 193 |
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: | |||
Trade and other receivables | 23,775 | (19,346) | 392 |
Contract assets, net | 5,256 | 225 | (33,752) |
Inventories | (20,200) | (11,378) | (17,650) |
Prepaid expenses and other assets | 5,241 | 3,381 | 6,727 |
Accounts payable | 4,704 | (5,826) | 16,783 |
Accrued and other liabilities | (6,780) | (1,698) | (7,047) |
Net cash provided by (used in) operating activities | 53,455 | 17,540 | (5,811) |
Cash flows from investing activities: | |||
Acquisition of business, net of cash acquired | 0 | 0 | (87,215) |
Payment of working capital adjustment in acquisition of business | (2,731) | 0 | 0 |
Purchases of property and equipment | (18,291) | (22,829) | (13,262) |
Purchases of intangible assets | 0 | (327) | 0 |
Proceeds from insurance | 431 | 0 | 0 |
Other investing activities | 219 | 106 | 325 |
Net cash used in investing activities | (20,372) | (23,050) | (100,152) |
Cash flows from financing activities: | |||
Borrowings on line of credit | 155,398 | 177,634 | 122,272 |
Repayments on line of credit | (184,609) | (180,699) | (35,511) |
Borrowings on other debt | 0 | 10,756 | 0 |
Payments on other debt | 0 | 0 | (13,762) |
Payments on finance lease liabilities | (826) | (597) | (415) |
Tax withholdings related to net share settlements of restricted stock and performance share awards | (1,652) | (853) | (1,166) |
Repurchase of common stock | (707) | 0 | 0 |
Other financing activities | (300) | (47) | (385) |
Net cash provided by (used in) financing activities | (32,696) | 6,194 | 71,033 |
Change in cash and cash equivalents | 387 | 684 | (34,930) |
Cash and cash equivalents, beginning of period | 3,681 | 2,997 | 37,927 |
Cash and cash equivalents, end of period | 4,068 | 3,681 | 2,997 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest, net of amounts capitalized | 4,660 | 3,170 | 339 |
Cash paid during the period for income taxes, net of refunds of $145, $23, and $79 | 5,911 | 13,774 | 2,481 |
Noncash investing and financing activities: | |||
Accrued property and equipment purchases | 656 | 1,314 | 788 |
Accrued payment for repurchase of common stock | 128 | 0 | 0 |
Accrued consideration in acquisition of business | 0 | 1,820 | 911 |
Right-of-use assets obtained in exchange for operating lease liabilities | 952 | 568 | 16,043 |
Right-of-use assets obtained in exchange for finance lease liabilities | $ 5,270 | $ 1,466 | $ 853 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from Income Tax Refunds | $ 145 | $ 23 | $ 79 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information None 10b5‑1 10b5‑1 December 31, 2023 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2023 | |
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 of water-related infrastructure products, and operates in two segments, Engineered Steel Pressure Pipe (“SPP”) and Precast Infrastructure and Engineered Systems (“Precast”). This segment presentation is consistent with how the Company’s chief operating decision maker, its Chief Executive Officer, evaluates performance of the Company and makes decisions regarding the allocation of resources. See Note 19, In addition to being the largest manufacturer of engineered steel water pipeline systems in North America, the Company manufactures stormwater and wastewater technology products; high-quality precast and reinforced concrete products; pump lift stations; steel casing pipe, bar-wrapped concrete cylinder pipe, and one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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. 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 (including amortization), 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 acquired business 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 December 31, 2023 2022 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 Contract 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 substantially all other raw material inventories, as well as work-in-process and supplies, is either on an average cost basis or at standard cost. 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); Leasehold improvements (5 – 30 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 Leases 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 Goodwill Goodwill represents the excess of the purchase price over the fair values of the assets acquired and liabilities assumed in conjunction with an acquisition. Goodwill is reviewed for impairment annually, or whenever events occur or circumstances change that indicate goodwill may fourth 2022, December 31 November 30. not not In testing goodwill for impairment, the Company has the option to perform a qualitative assessment to determine whether the existence of events or circumstances indicate that it is more-likely-than- not 50% not not not Intangible Assets Intangible assets consist primarily of customer relationships, trade names and trademarks, patents, and backlog recorded as the result of acquisition activity. Intangible assets are amortized using the straight-line method over estimated useful lives ranging from ten Workers Compensation The Company is self-insured and 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, 2023 2022 Accrued Liabilities Accrued liabilities as of December 31, 2023 2022 Derivative Instruments In the normal course of business, the Company is exposed to interest rate and foreign currency exchange rate fluctuations. Consistent with the Company’s strategy for financial risk management, the Company has established a program that utilizes foreign currency forward contracts and interest rate swaps to offset the risks associated with the effects of these exposures. The Company utilizes cash flow hedge accounting treatment for qualifying foreign currency forward contracts and interest rate swaps. Instruments that do not Share Repurchases All shares reacquired in connection with the Company’s share repurchase program are retired and treated as authorized and unissued shares. 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, 2023 2022 2021 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 not SPP 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 Precast 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 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 Consolidated 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 dilutive potential shares of common stock, including RSUs and PSAs, assumed to be outstanding during the period using the treasury stock method. 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, 2023 2022 2021 Net income $ 21,072 $ 31,149 $ 11,523 Basic weighted-average common shares outstanding 9,991 9,914 9,854 Effect of potentially dilutive common shares (1) 90 98 74 Diluted weighted-average common shares outstanding 10,081 10,012 9,928 Net income per common share Basic $ 2.11 $ 3.14 $ 1.17 Diluted $ 2.09 $ 3.11 $ 1.16 ( 1 There were no antidilutive shares for the years ended December 31, 2023 2022 2021 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, interest rate swaps, 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, 2023 2022 10% Recent Accounting and Reporting Developments Accounting Changes In October 2021, No. 2021‑08, 805 2021‑08” 606, 2021‑08 January 1, 2023 not Recent Accounting Standards In March 2023, No. 2023‑01 842 2023‑01” 1 2 no 2023‑01 January 1, 2024, 2024, not In October 2023, No. 2023‑06, 2023‑06” 2023‑06 not In November 2023, No. 2023‑07, 280 2023‑07” 2023‑07 2024 2025, not In December 2023, No. 2023‑09, 740 2023‑09” 2023‑09 2025 2023‑09 |
Note 3 - Business Combinations
Note 3 - Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. BUSINESS COMB INATIONS: Park Environmental Equipment, LLC On October 5, 2021, three The following table summarizes the purchase consideration and fair value of the assets acquired and liabilities assumed as of October 5, 2021 Assets Cash and cash equivalents $ 278 Trade and other receivables 11,034 Inventories 12,773 Prepaid expenses and other 293 Property and equipment 8,076 Operating lease right-of-use assets 58,301 Intangible assets 31,000 Deferred income taxes 347 Total assets acquired 122,102 Liabilities Accounts payable 2,029 Accrued liabilities 4,067 Operating lease liabilities 58,301 Total liabilities assumed 64,397 Goodwill 32,519 Total purchase consideration $ 90,224 The tangible and intangible assets acquired and liabilities assumed were recognized based on their estimated fair values on the acquisition date, with the excess 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 year ended December 31, 2022 September 30, 2022. 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 10.0 $ 19,800 Trade names and trademarks 10.0 9,600 Patents 21.0 1,300 Backlog 0.6 300 Total intangible assets 10.4 $ 31,000 Goodwill arose from the acquisition of an assembled workforce, expansion of product offerings, and management’s industry know-how, and is deductible for tax purposes. The Company incurred transaction costs associated with this acquisition of $0, $0.1 million, and $3.4 million during the years ended December 31, 2023 2022 2021 Unaudited Pro Forma Disclosures The following unaudited pro forma summary presents the consolidated results of the Company as if the acquisition of ParkUSA had occurred on January 1, 2020 Year Ended December 31, 2021 Net sales $ 384,872 Net income 15,780 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 December 31, 2021 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. INVENTORIES: Inventories consist of the following (in thousands): December 31, 2023 2022 Raw materials $ 68,110 $ 47,978 Work-in-process 8,912 5,114 Finished goods 11,911 15,773 Supplies 2,296 2,164 Total inventories $ 91,229 $ 71,029 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. PROPERTY AND EQUIPMENT: Property and equipment, net consists of the following (in thousands): December 31, 2023 2022 Land and improvements $ 25,064 $ 23,981 Buildings 54,036 51,389 Leasehold improvements 3,182 3,182 Machinery and equipment 155,278 149,971 Equipment under finance lease 8,519 3,849 246,079 232,372 Less accumulated depreciation and amortization (126,359 ) (117,856 ) 119,720 114,516 Construction in progress 24,235 18,650 Property and equipment, net $ 143,955 $ 133,166 All property and equipment is located in the United States, except for $18.2 million and $19.0 million of net property and equipment which is located in Mexico as of December 31, 2023 2022 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. GOODWILL AND INTANGIBLE ASSETS: Goodwill The Company has recorded goodwill of $55.5 million as of December 31, 2023 2022 November 30, 2023, not may Intangible Assets Intangible assets consist of the following (in thousands): Gross Carrying Accumulated Intangible Amount Amortization Assets, Net As of December 31, 2023 Customer relationships $ 27,831 $ (7,315 ) $ 20,516 Trade names and trademarks 12,825 (3,734 ) 9,091 Patents 1,627 (160 ) 1,467 Total $ 42,283 $ (11,209 ) $ 31,074 As of December 31, 2022 Customer relationships $ 29,209 $ (5,845 ) $ 23,364 Trade names and trademarks 12,825 (2,490 ) 10,335 Patents 1,627 (81 ) 1,546 Other 329 (310 ) 19 Total $ 43,990 $ (8,726 ) $ 35,264 The estimated amortization expense for each of the next five Year ending December 31, 2024 $ 4,033 2025 4,033 2026 4,033 2027 4,033 2028 4,033 Thereafter 10,909 Total amortization expense $ 31,074 |
Note 7 - Current Debt
Note 7 - Current Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 7. CURRENT DEBT: The Interim Funding Agreement dated August 2, 2022 January 23, 2023, March 15, 2023, July 21, 2023, November 2, 2023 December 31, 2023 2022 not December 31, 2022 November 2, 2023, December 31, 2023 2022 November 2, 2023, no 1.00 four December 31, 2023 |
Note 8 - Credit Agreement
Note 8 - Credit Agreement | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. CREDIT AGREEMENT: The Credit Agreement dated June 30, 2021 October 22, 2021, April 29, 2022, June 29, 2023 June 29, 2028. may June 30, 2021, October 25, 2018, January 31, 2020 No. 1 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 Lenders. The negative covenants include restrictions regarding the incurrence of liens and indebtedness, annual capital expenditures, certain investments, acquisitions, and dispositions, and other matters, all subject to certain exceptions. The Amended Credit Agreement requires the Company to regularly provide financial information to Wells Fargo and to maintain a consolidated senior leverage ratio no 1.00 four not December 31, 2023 The Company’s obligations under the Amended Credit Agreement are secured by a senior security interest in substantially all of the Company’s and its subsidiaries’ assets. Interest expense from revolving loan borrowings, current debt, long-term debt, and finance leases was $4.9 million, net of amounts capitalized of $0.5 million in 2023 2022 2021. Line of Credit (Revolving and Swingline Loans) As of December 31, 2023 December 31, 2022 December 31, 2023 2022 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Lease, Disclosure [Text Block] | 9. LEASES: The following table summarizes the Company’s leases recorded on the Consolidated Balance Sheets (in thousands): December 31, 2023 2022 Right-of-use assets: Finance leases, net, included in Property and equipment (1) $ 7,092 $ 2,618 Operating leases 88,155 93,124 Total right-of-use assets $ 95,247 $ 95,742 Lease liabilities: Finance leases $ 7,481 $ 3,037 Operating leases 90,216 94,174 Total lease liabilities $ 97,697 $ 97,211 ( 1 Finance lease right-of-use assets are presented net of accumulated amortization of $1.4 million and $1.2 million as of December 31, 2023 2022 Lease cost consists of the following (in thousands): Year Ended December 31, 2023 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 795 $ 577 $ 413 Interest on lease liabilities 266 148 90 Operating lease cost 7,765 7,770 4,627 Short-term lease cost 1,402 1,000 993 Variable lease cost 313 251 158 Total lease cost $ 10,541 $ 9,746 $ 6,281 The future maturities of lease liabilities as of December 31, 2023 Finance Leases Operating Leases 2024 $ 2,212 $ 6,874 2025 1,923 6,913 2026 1,847 6,583 2027 1,614 6,192 2028 1,147 6,308 Thereafter - 76,453 Total lease payments 8,743 109,323 Amount representing interest (1,262 ) (19,107 ) Present value of lease liabilities 7,481 90,216 Current portion of lease liabilities (1) (1,721 ) (4,933 ) Long-term lease liabilities (2) $ 5,760 $ 85,283 ( 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, 2023 2022 Weighted-average remaining lease term (years) Finance leases 3.90 3.52 Operating leases 16.73 17.83 Weighted-average discount rate Finance leases 6.93 % 5.44 % Operating leases 2.17 % 2.19 % The following table presents other information related to the operating and finance leases (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ (266 ) $ (148 ) $ (90 ) Operating cash flows from operating leases (6,930 ) (6,818 ) (4,142 ) Financing cash flows from finance leases (826 ) (597 ) (415 ) Right-of-use assets obtained in exchange for finance lease liabilities 5,270 1,466 853 Right-of-use assets obtained in exchange for operating lease liabilities 952 568 16,043 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Financial assets: Deferred compensation plan $ 3,912 $ 3,391 $ 521 $ - Foreign currency forward contracts 42 - 42 - Interest rate swaps 326 - 326 - Total financial assets $ 4,280 $ 3,391 $ 889 $ - Financial liabilities: Foreign currency forward contracts $ (115 ) $ - $ (115 ) $ - As of December 31, 2022 Financial assets: Deferred compensation plan $ 3,587 $ 3,090 $ 497 $ - Foreign currency forward contracts 728 - 728 - Interest rate swaps 862 - 862 - Total financial assets $ 5,177 $ 3,090 $ 2,087 $ - Financial liabilities: Foreign currency forward contracts $ (80 ) $ - $ (80 ) $ - 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 foreign currency forward contracts and interest rate swaps 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 current debt approximate fair value due to the short-term nature of these instruments. The net carrying amount of the borrowings on the line of credit approximates fair value due to its variable interest rate based on market. |
Note 11 - Derivative Instrument
Note 11 - Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: For each derivative 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 derivatives to specific firm commitments or forecasted transactions and designating the derivatives as cash flow hedges. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives 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 derivative is not As of December 31, 2023 not December 31, 2022 not December 31, 2023 April 2025 The Company has entered into interest rate swaps which effectively convert a portion of its variable-rate debt to fixed-rate debt, and are designated as cash flow hedges. The Company receives floating interest payments monthly based on SOFR and pays a fixed rate of 1.941% to the counterparty on the total notional amount of $6.7 million and $26.7 million as of December 31, 2023 2022 zero April 2024 On August 9, 2022, April 3, 2023. 30 December 31, 2023 zero April 2028 The following table summarizes the gains (losses) recognized on derivatives in the Consolidated Financial Statements (in thousands): Year Ended December 31, 2023 2022 2021 Foreign currency forward contracts: Net sales $ (708 ) $ 660 $ 9 Property and equipment (109 ) (680 ) - Interest rate swaps: Interest expense 719 39 - Total $ (98 ) $ 19 $ 9 As of December 31, 2023 twelve 18 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 12. STOCKHOLDERS EQUITY: At-the-Market Offering On September 2, 2022, October 30, 2023, No December 31, 2023 2022 Share Repurchase Program On November 2, 2023, not may may 10b5‑1 1934, 10b5‑1 November 2023, 10b5‑1 During the year ended December 31, 2023 December 31, 2023 December 31, 2022 2021 |
Note 13 - Retirement Plans
Note 13 - Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. 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 ParkUSA had a defined contribution retirement plan that covered substantially all of its employees and provided for a match of up to 100% of the first October 5, 2021, December 31, 2021. Defined Benefit Plans The Company has two 2001, No no As of December 31, 2023 2022 December 31, 2023 2022 The net periodic benefit cost was approximately $0, $0.1 million, and $0.1 million for each of the years ended December 31, 2023 2022 2021 December 31, 2023 2022 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, 2023 2022 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. December 31, 2023 2022 Total expense for all retirement plans for the years ended December 31, 2023 2022 2021 |
Note 14 - Share-based Compensat
Note 14 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. SHARE-BASED COMPENSATION: The Company has one active stock incentive plan for employees and directors, the 2022 one 2007 The following table summarizes share-based compensation expense recorded (in thousands): Year Ended December 31, 2023 2022 2021 Cost of sales $ 1,027 $ 1,320 $ 1,003 Selling, general, and administrative expense 2,645 2,382 2,213 Total $ 3,672 $ 3,702 $ 3,216 There were 722,573 shares of common stock available for future issuance under the Company’s stock incentive plan as of December 31, 2023 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 at specified times. RSUs and PSAs are service-based awards that vest according to the terms of the grant. PSAs have performance-based payout conditions. 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, 2022 200,924 $ 30.80 RSUs and PSAs granted 134,498 28.41 Unvested RSUs and PSAs canceled (13,589 ) 30.82 RSUs and PSAs vested (2) (95,442 ) 30.12 Unvested RSUs and PSAs as of December 31, 2023 226,391 29.66 ( 1 The number of PSAs disclosed in this table are at the target level of 100%. ( 2 For the PSAs vested on March 31, 2023, 100%, 2020 2022 2021 2022 2022 The unvested balance of RSUs and PSAs as of December 31, 2023 100%. The weighted-average grant date fair value of RSUs and PSAs granted during the years ended December 31, 2023 2022 2021 December 31, 2023 2022 2021 Based on the estimated level of achievement of the performance targets associated with the PSAs as of December 31, 2023 Stock Awards For the years ended December 31, 2023 2022 2021 2023 2022 2021 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. COMMITMENTS AND CONTINGENCIES: Portland Harbor Superfund Site In 2000, not 2000, 2016, 2016, 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 2014, not In 2017, 2009, 2025, 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 thereunder 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 party to a variety of legal actions, including claims, suits, complaints, and investigations arising out of the ordinary 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 Commitments As of December 31, 2023 not Guarantees The Company has entered into certain letters of credit that total $1.1 million as of December 31, 2023 |
Note 16 - Revenue
Note 16 - Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 16. REVENUE: Net sales by geographic region, based on the location of the customer, were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Net sales by geographic region: United States $ 420,925 $ 423,961 $ 313,729 Canada 23,430 33,704 19,584 Total $ 444,355 $ 457,665 $ 333,313 One SPP customer accounted for 10%, 12%, and 12% of total net sales for the years ended December 31, 2023 2022 2021 10% December 31, 2023 2022 2021 Net revisions in contract estimates resulted in an increase (decrease) in SPP net sales of ($1.1) million, ($0.6) million, and $2.0 million for the years ended December 31, 2023 2022 2021 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, 2023 2022 2021 Over time $ 296,381 $ 307,572 $ 259,823 Point in time 147,974 150,093 73,490 Net sales $ 444,355 $ 457,665 $ 333,313 Contract Assets and Contract 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. The following is a summary of the changes in contract assets (in thousands): December 31, 2023 2022 Balance, beginning of year $ 121,778 $ 107,170 Revenue recognized in advance of billings 291,812 306,095 Billings (293,356 ) (294,506 ) Other 282 3,019 Balance, end of year $ 120,516 $ 121,778 The following is a summary of the changes in contract liabilities (in thousands): December 31, 2023 2022 Balance, beginning of year $ 17,456 $ 2,623 Billings 20,815 17,618 Revenue recognized (16,984 ) (2,663 ) Other 163 (122 ) Balance, end of year $ 21,450 $ 17,456 Backlog Backlog represents the balance of remaining performance obligations under signed contracts for SPP water infrastructure steel pipe products for which revenue is recognized over time. As of December 31, 2023 2024 2025 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17. INCOME TAXES: The United States and foreign components of Income before income taxes are as follows (in thousands): Year Ended December 31, 2023 2022 2021 United States $ 27,814 $ 40,271 $ 14,000 Foreign 1,465 1,079 1,158 Total $ 29,279 $ 41,350 $ 15,158 The components of Income tax expense are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ 6,817 $ 8,443 $ 2,256 State 1,519 1,264 1,064 Foreign 289 198 213 Total current income tax expense 8,625 9,905 3,533 Deferred: Federal (612 ) (22 ) 573 State 195 340 (464 ) Foreign (1 ) (22 ) (7 ) Total deferred income tax expense (benefit) (418 ) 296 102 Total income tax expense $ 8,207 $ 10,201 $ 3,635 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, 2023 2022 2021 Income tax expense at federal statutory rate $ 6,148 $ 8,683 $ 3,183 State expense, net of federal income tax effect 942 1,463 547 Change in valuation allowance (30 ) (1 ) (247 ) Nondeductible expenses 257 (35 ) (31 ) Foreign rate differential 133 97 104 Accrued interest on uncertain income tax positions 264 106 16 State franchise tax 250 110 92 Other 243 (222 ) (29 ) Income tax expense $ 8,207 $ 10,201 $ 3,635 Effective income tax rate 28.0 % 24.7 % 24.0 % 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, 2023 2022 Deferred income tax assets: Accrued employee benefits $ 3,096 $ 3,840 Inventories 380 350 Trade receivable, net 532 329 Net operating loss carryforwards 3,429 2,944 Tax credit carryforwards 2,777 2,863 Contract assets, net 934 403 Other 1,952 1,074 13,100 11,803 Valuation allowance (6,641 ) (6,051 ) 6,459 5,752 Deferred income tax liabilities: Property and equipment (13,850 ) (13,550 ) Intangible assets (800 ) (1,319 ) Goodwill (1,164 ) (606 ) Prepaid expenses (1,217 ) (1,285 ) (17,031 ) (16,760 ) Net deferred income tax liabilities $ (10,572 ) $ (11,008 ) Amounts are presented in the Consolidated Balance Sheets as follows: Deferred income tax assets, included in Other assets $ 370 $ 394 Deferred income taxes (10,942 ) (11,402 ) Net deferred income tax liabilities $ (10,572 ) $ (11,008 ) In assessing the ability to realize deferred income tax assets, management considers whether it is more likely than not not not December 31, 2023 December 31, 2023 As of December 31, 2023 December 31, 2023 December 31, 2023 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 2019. A summary of the changes in the unrecognized income tax benefits is presented below (in thousands): Year Ended December 31, 2023 2022 2021 Unrecognized income tax benefits, beginning of year $ 4,472 $ 4,366 $ 4,350 Increases for positions taken in prior years 264 106 16 Unrecognized income tax benefits, end of year $ 4,736 $ 4,472 $ 4,366 The Company does not twelve The Company recognizes interest and penalties related to uncertain income tax positions in Income tax expense. As of December 31, 2023 2022 not 2023 2022 2021 |
Note 18 - Accumulated Other Com
Note 18 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 18. ACCUMULATED OTHER COMPREHENSIVE LOSS: Accumulated other comprehensive loss consists of the following (in thousands): December 31, 2023 2022 Pension liability adjustment, net of income tax benefit of $ 482 592 $ (1,193 ) $ (1,532 ) Unrealized gain (loss) on foreign currency forward contracts designated as cash flow hedges, net of income tax (expense) benefit of $ 12 33 (13 ) 94 Unrealized gain on interest rate swaps designated as cash flow hedges, net of income tax expense of $ 79 213 246 649 Total $ (960 ) $ (789 ) 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 Gain (Loss) on Foreign Currency Forward Contracts Designated as Cash Flow Hedges Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges Total Balances, December 31, 2021 $ (1,487 ) $ (195 ) $ - $ (1,682 ) Other comprehensive income (loss) before reclassifications 41 (100 ) 678 619 Amounts reclassified from Accumulated other comprehensive loss (86 ) 389 (29 ) 274 Net current period adjustments to Other comprehensive income (45 ) 289 649 893 Balances, December 31, 2022 (1,532 ) 94 649 (789 ) Other comprehensive income (loss) before reclassifications 338 (115 ) 142 365 Amounts reclassified from Accumulated other comprehensive loss 1 8 (545 ) (536 ) Net current period adjustments to Other comprehensive loss 339 (107 ) (403 ) (171 ) Balances, December 31, 2023 $ (1,193 ) $ (13 ) $ 246 $ (960 ) 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 Consolidated Details about Accumulated Other Year Ended December 31, Statements Comprehensive Loss Components 2023 2022 2021 of Operations Pension liability adjustment: Net periodic pension cost: Service cost $ (13 ) $ (13 ) $ (7 ) Cost of sales Non-service cost 11 127 110 Other income Associated income tax (expense) benefit 1 (28 ) (25 ) Income tax expense (1 ) 86 78 Unrealized gain (loss) on foreign currency forward contracts: Gain (loss) on cash flow hedges 99 163 (72 ) Net sales Loss on cash flow hedges (109 ) (680 ) - Property and equipment Associated income tax benefit 2 128 18 Income tax expense (8 ) (389 ) (54 ) Unrealized gain on interest rate swaps: Gain on cash flow hedges 719 39 - Interest expense Associated income tax expense (174 ) (10 ) - Income tax expense 545 29 - Total reclassifications for the period $ 536 $ (274 ) $ 24 |
Note 19 - Segment Information
Note 19 - Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. SEGMENT INFORMATION: The operating segments reported below are based on the nature of the products sold and the manufacturing process used by the Company and are the segments of the Company for which separate financial information is available and for which operating results are regularly evaluated by the Company’s chief operating decision maker, its Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess its performance. Management evaluates segment performance based on gross profit. The Company does not The Company’s Engineered Steel Pressure Pipe (SPP) segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications. In addition, SPP makes products for industrial plant piping systems and certain structural applications. SPP has manufacturing facilities located in Portland, Oregon; Adelanto and Tracy, California; Parkersburg, West Virginia; Saginaw, Texas; St. Louis, Missouri; and San Luis Río Colorado, Mexico. The Company’s Precast Infrastructure and Engineered Systems (Precast) segment manufactures stormwater and wastewater technology products, high-quality precast and reinforced concrete products, including reinforced concrete pipe, manholes, box culverts, vaults, and catch basins, pump lift stations, oil water separators, biofiltration units, and other environmental and engineered solutions. Precast has manufacturing facilities located in Dallas, Houston, and San Antonio, Texas; and Orem, Salt Lake City, and St. George, Utah. The following table disaggregates revenue as well as other financial information based on the Company’s reportable segments (in thousands): Year Ended December 31, 2023 2022 2021 Net sales: Engineered Steel Pressure Pipe $ 296,381 $ 307,572 $ 259,823 Precast Infrastructure and Engineered Systems 147,974 150,093 73,490 Total $ 444,355 $ 457,665 $ 333,313 Gross profit: Engineered Steel Pressure Pipe $ 42,427 $ 44,473 $ 31,281 Precast Infrastructure and Engineered Systems 35,215 41,382 12,973 Total $ 77,642 $ 85,855 $ 44,254 Depreciation and amortization expense: Engineered Steel Pressure Pipe $ 9,000 $ 9,789 $ 9,524 Precast Infrastructure and Engineered Systems 6,241 6,807 3,738 15,241 16,596 13,262 Corporate 565 507 362 Total $ 15,806 $ 17,103 $ 13,624 Capital expenditures: Engineered Steel Pressure Pipe $ 11,154 $ 8,211 $ 7,538 Precast Infrastructure and Engineered Systems 6,503 13,925 5,255 17,657 22,136 12,793 Corporate 634 693 469 Total $ 18,291 $ 22,829 $ 13,262 The following table disaggregates total assets based on the Company’s reportable segments (in thousands): December 31, 2023 2022 Total assets: Engineered Steel Pressure Pipe $ 307,856 $ 307,924 Precast Infrastructure and Engineered Systems 255,904 256,520 563,760 564,444 Corporate 34,121 36,896 Total $ 597,881 $ 601,340 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II VALUATION AND QUALIFYING ACCOUNTS (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, 2023: Allowance for doubtful accounts $ 369 $ 189 $ (437 ) $ 121 Valuation allowance for deferred income tax assets 6,051 696 (106 ) 6,641 Year Ended December 31, 2022: Allowance for doubtful accounts $ 503 $ 442 $ (576 ) $ 369 Valuation allowance for deferred income tax assets 5,899 254 (102 ) 6,051 Year Ended December 31, 2021: Allowance for doubtful accounts $ 767 $ 653 $ (917 ) $ 503 Valuation allowance for deferred income tax assets 6,228 - (329 ) 5,899 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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. |
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 (including amortization), 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 acquired business 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 December 31, 2023 2022 |
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 Contract 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 substantially all other raw material inventories, as well as work-in-process and supplies, is either on an average cost basis or at standard cost. 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); Leasehold improvements (5 – 30 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 |
Lessee, Leases [Policy Text Block] | Leases 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 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the purchase price over the fair values of the assets acquired and liabilities assumed in conjunction with an acquisition. Goodwill is reviewed for impairment annually, or whenever events occur or circumstances change that indicate goodwill may fourth 2022, December 31 November 30. not not In testing goodwill for impairment, the Company has the option to perform a qualitative assessment to determine whether the existence of events or circumstances indicate that it is more-likely-than- not 50% not not not |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets consist primarily of customer relationships, trade names and trademarks, patents, and backlog recorded as the result of acquisition activity. Intangible assets are amortized using the straight-line method over estimated useful lives ranging from ten |
Workers Compensation Insurance [Policy Text Block] | Workers Compensation The Company is self-insured and 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, 2023 2022 |
Accrued Liabilities [Policy Text Block] | Accrued Liabilities Accrued liabilities as of December 31, 2023 2022 |
Derivatives, Policy [Policy Text Block] | Derivative Instruments In the normal course of business, the Company is exposed to interest rate and foreign currency exchange rate fluctuations. Consistent with the Company’s strategy for financial risk management, the Company has established a program that utilizes foreign currency forward contracts and interest rate swaps to offset the risks associated with the effects of these exposures. The Company utilizes cash flow hedge accounting treatment for qualifying foreign currency forward contracts and interest rate swaps. Instruments that do not |
Stockholders' Equity, Policy [Policy Text Block] | Share Repurchases All shares reacquired in connection with the Company’s share repurchase program are retired and treated as authorized and unissued shares. |
Pension and Other Postretirement Plans, 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, 2023 2022 2021 |
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 not SPP 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 Precast 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 |
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 Consolidated 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 dilutive potential shares of common stock, including RSUs and PSAs, assumed to be outstanding during the period using the treasury stock method. 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, 2023 2022 2021 Net income $ 21,072 $ 31,149 $ 11,523 Basic weighted-average common shares outstanding 9,991 9,914 9,854 Effect of potentially dilutive common shares (1) 90 98 74 Diluted weighted-average common shares outstanding 10,081 10,012 9,928 Net income per common share Basic $ 2.11 $ 3.14 $ 1.17 Diluted $ 2.09 $ 3.11 $ 1.16 ( 1 There were no antidilutive shares for the years ended December 31, 2023 2022 2021 |
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, interest rate swaps, 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, 2023 2022 10% |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting and Reporting Developments Accounting Changes In October 2021, No. 2021‑08, 805 2021‑08” 606, 2021‑08 January 1, 2023 not Recent Accounting Standards In March 2023, No. 2023‑01 842 2023‑01” 1 2 no 2023‑01 January 1, 2024, 2024, not In October 2023, No. 2023‑06, 2023‑06” 2023‑06 not In November 2023, No. 2023‑07, 280 2023‑07” 2023‑07 2024 2025, not In December 2023, No. 2023‑09, 740 2023‑09” 2023‑09 2025 2023‑09 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2023 2022 2021 Net income $ 21,072 $ 31,149 $ 11,523 Basic weighted-average common shares outstanding 9,991 9,914 9,854 Effect of potentially dilutive common shares (1) 90 98 74 Diluted weighted-average common shares outstanding 10,081 10,012 9,928 Net income per common share Basic $ 2.11 $ 3.14 $ 1.17 Diluted $ 2.09 $ 3.11 $ 1.16 |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Assets Cash and cash equivalents $ 278 Trade and other receivables 11,034 Inventories 12,773 Prepaid expenses and other 293 Property and equipment 8,076 Operating lease right-of-use assets 58,301 Intangible assets 31,000 Deferred income taxes 347 Total assets acquired 122,102 Liabilities Accounts payable 2,029 Accrued liabilities 4,067 Operating lease liabilities 58,301 Total liabilities assumed 64,397 Goodwill 32,519 Total purchase consideration $ 90,224 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Estimated Useful Life Fair Value (In years) (In thousands) Customer relationships 10.0 $ 19,800 Trade names and trademarks 10.0 9,600 Patents 21.0 1,300 Backlog 0.6 300 Total intangible assets 10.4 $ 31,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2021 Net sales $ 384,872 Net income 15,780 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule Of Inventory Current And Non Current [Table Text Block] | December 31, 2023 2022 Raw materials $ 68,110 $ 47,978 Work-in-process 8,912 5,114 Finished goods 11,911 15,773 Supplies 2,296 2,164 Total inventories $ 91,229 $ 71,029 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 Land and improvements $ 25,064 $ 23,981 Buildings 54,036 51,389 Leasehold improvements 3,182 3,182 Machinery and equipment 155,278 149,971 Equipment under finance lease 8,519 3,849 246,079 232,372 Less accumulated depreciation and amortization (126,359 ) (117,856 ) 119,720 114,516 Construction in progress 24,235 18,650 Property and equipment, net $ 143,955 $ 133,166 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Accumulated Intangible Amount Amortization Assets, Net As of December 31, 2023 Customer relationships $ 27,831 $ (7,315 ) $ 20,516 Trade names and trademarks 12,825 (3,734 ) 9,091 Patents 1,627 (160 ) 1,467 Total $ 42,283 $ (11,209 ) $ 31,074 As of December 31, 2022 Customer relationships $ 29,209 $ (5,845 ) $ 23,364 Trade names and trademarks 12,825 (2,490 ) 10,335 Patents 1,627 (81 ) 1,546 Other 329 (310 ) 19 Total $ 43,990 $ (8,726 ) $ 35,264 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, 2024 $ 4,033 2025 4,033 2026 4,033 2027 4,033 2028 4,033 Thereafter 10,909 Total amortization expense $ 31,074 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Lease, Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Right-of-use assets: Finance leases, net, included in Property and equipment (1) $ 7,092 $ 2,618 Operating leases 88,155 93,124 Total right-of-use assets $ 95,247 $ 95,742 Lease liabilities: Finance leases $ 7,481 $ 3,037 Operating leases 90,216 94,174 Total lease liabilities $ 97,697 $ 97,211 |
Lease, Cost [Table Text Block] | Year Ended December 31, 2023 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 795 $ 577 $ 413 Interest on lease liabilities 266 148 90 Operating lease cost 7,765 7,770 4,627 Short-term lease cost 1,402 1,000 993 Variable lease cost 313 251 158 Total lease cost $ 10,541 $ 9,746 $ 6,281 |
Lessee, Liability, Maturity [Table Text Block] | Finance Leases Operating Leases 2024 $ 2,212 $ 6,874 2025 1,923 6,913 2026 1,847 6,583 2027 1,614 6,192 2028 1,147 6,308 Thereafter - 76,453 Total lease payments 8,743 109,323 Amount representing interest (1,262 ) (19,107 ) Present value of lease liabilities 7,481 90,216 Current portion of lease liabilities (1) (1,721 ) (4,933 ) Long-term lease liabilities (2) $ 5,760 $ 85,283 |
Lease Terms and Discount Rates for Lease Liabilities [Table Text Block] | December 31, 2023 2022 Weighted-average remaining lease term (years) Finance leases 3.90 3.52 Operating leases 16.73 17.83 Weighted-average discount rate Finance leases 6.93 % 5.44 % Operating leases 2.17 % 2.19 % |
Other Information Related to Operating and Finance Leases [Table Text Block] | Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ (266 ) $ (148 ) $ (90 ) Operating cash flows from operating leases (6,930 ) (6,818 ) (4,142 ) Financing cash flows from finance leases (826 ) (597 ) (415 ) Right-of-use assets obtained in exchange for finance lease liabilities 5,270 1,466 853 Right-of-use assets obtained in exchange for operating lease liabilities 952 568 16,043 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Financial assets: Deferred compensation plan $ 3,912 $ 3,391 $ 521 $ - Foreign currency forward contracts 42 - 42 - Interest rate swaps 326 - 326 - Total financial assets $ 4,280 $ 3,391 $ 889 $ - Financial liabilities: Foreign currency forward contracts $ (115 ) $ - $ (115 ) $ - As of December 31, 2022 Financial assets: Deferred compensation plan $ 3,587 $ 3,090 $ 497 $ - Foreign currency forward contracts 728 - 728 - Interest rate swaps 862 - 862 - Total financial assets $ 5,177 $ 3,090 $ 2,087 $ - Financial liabilities: Foreign currency forward contracts $ (80 ) $ - $ (80 ) $ - |
Note 11 - Derivative Instrume_2
Note 11 - Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, 2023 2022 2021 Foreign currency forward contracts: Net sales $ (708 ) $ 660 $ 9 Property and equipment (109 ) (680 ) - Interest rate swaps: Interest expense 719 39 - Total $ (98 ) $ 19 $ 9 |
Note 14 - Share-based Compens_2
Note 14 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2023 2022 2021 Cost of sales $ 1,027 $ 1,320 $ 1,003 Selling, general, and administrative expense 2,645 2,382 2,213 Total $ 3,672 $ 3,702 $ 3,216 |
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, 2022 200,924 $ 30.80 RSUs and PSAs granted 134,498 28.41 Unvested RSUs and PSAs canceled (13,589 ) 30.82 RSUs and PSAs vested (2) (95,442 ) 30.12 Unvested RSUs and PSAs as of December 31, 2023 226,391 29.66 |
Note 16 - Revenue (Tables)
Note 16 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Year Ended December 31, 2023 2022 2021 Net sales by geographic region: United States $ 420,925 $ 423,961 $ 313,729 Canada 23,430 33,704 19,584 Total $ 444,355 $ 457,665 $ 333,313 |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2023 2022 2021 Over time $ 296,381 $ 307,572 $ 259,823 Point in time 147,974 150,093 73,490 Net sales $ 444,355 $ 457,665 $ 333,313 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, 2023 2022 Balance, beginning of year $ 121,778 $ 107,170 Revenue recognized in advance of billings 291,812 306,095 Billings (293,356 ) (294,506 ) Other 282 3,019 Balance, end of year $ 120,516 $ 121,778 December 31, 2023 2022 Balance, beginning of year $ 17,456 $ 2,623 Billings 20,815 17,618 Revenue recognized (16,984 ) (2,663 ) Other 163 (122 ) Balance, end of year $ 21,450 $ 17,456 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2023 2022 2021 United States $ 27,814 $ 40,271 $ 14,000 Foreign 1,465 1,079 1,158 Total $ 29,279 $ 41,350 $ 15,158 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 2021 Current: Federal $ 6,817 $ 8,443 $ 2,256 State 1,519 1,264 1,064 Foreign 289 198 213 Total current income tax expense 8,625 9,905 3,533 Deferred: Federal (612 ) (22 ) 573 State 195 340 (464 ) Foreign (1 ) (22 ) (7 ) Total deferred income tax expense (benefit) (418 ) 296 102 Total income tax expense $ 8,207 $ 10,201 $ 3,635 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 2021 Income tax expense at federal statutory rate $ 6,148 $ 8,683 $ 3,183 State expense, net of federal income tax effect 942 1,463 547 Change in valuation allowance (30 ) (1 ) (247 ) Nondeductible expenses 257 (35 ) (31 ) Foreign rate differential 133 97 104 Accrued interest on uncertain income tax positions 264 106 16 State franchise tax 250 110 92 Other 243 (222 ) (29 ) Income tax expense $ 8,207 $ 10,201 $ 3,635 Effective income tax rate 28.0 % 24.7 % 24.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred income tax assets: Accrued employee benefits $ 3,096 $ 3,840 Inventories 380 350 Trade receivable, net 532 329 Net operating loss carryforwards 3,429 2,944 Tax credit carryforwards 2,777 2,863 Contract assets, net 934 403 Other 1,952 1,074 13,100 11,803 Valuation allowance (6,641 ) (6,051 ) 6,459 5,752 Deferred income tax liabilities: Property and equipment (13,850 ) (13,550 ) Intangible assets (800 ) (1,319 ) Goodwill (1,164 ) (606 ) Prepaid expenses (1,217 ) (1,285 ) (17,031 ) (16,760 ) Net deferred income tax liabilities $ (10,572 ) $ (11,008 ) Amounts are presented in the Consolidated Balance Sheets as follows: Deferred income tax assets, included in Other assets $ 370 $ 394 Deferred income taxes (10,942 ) (11,402 ) Net deferred income tax liabilities $ (10,572 ) $ (11,008 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2023 2022 2021 Unrecognized income tax benefits, beginning of year $ 4,472 $ 4,366 $ 4,350 Increases for positions taken in prior years 264 106 16 Unrecognized income tax benefits, end of year $ 4,736 $ 4,472 $ 4,366 |
Note 18 - Accumulated Other C_2
Note 18 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2023 2022 Pension liability adjustment, net of income tax benefit of $ 482 592 $ (1,193 ) $ (1,532 ) Unrealized gain (loss) on foreign currency forward contracts designated as cash flow hedges, net of income tax (expense) benefit of $ 12 33 (13 ) 94 Unrealized gain on interest rate swaps designated as cash flow hedges, net of income tax expense of $ 79 213 246 649 Total $ (960 ) $ (789 ) |
Schedule of Changes in Accumulated Other Comprehensive Income Loss [Table Text Block] | Pension Liability Adjustment Unrealized Gain (Loss) on Foreign Currency Forward Contracts Designated as Cash Flow Hedges Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges Total Balances, December 31, 2021 $ (1,487 ) $ (195 ) $ - $ (1,682 ) Other comprehensive income (loss) before reclassifications 41 (100 ) 678 619 Amounts reclassified from Accumulated other comprehensive loss (86 ) 389 (29 ) 274 Net current period adjustments to Other comprehensive income (45 ) 289 649 893 Balances, December 31, 2022 (1,532 ) 94 649 (789 ) Other comprehensive income (loss) before reclassifications 338 (115 ) 142 365 Amounts reclassified from Accumulated other comprehensive loss 1 8 (545 ) (536 ) Net current period adjustments to Other comprehensive loss 339 (107 ) (403 ) (171 ) Balances, December 31, 2023 $ (1,193 ) $ (13 ) $ 246 $ (960 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amount reclassified from Accumulated Other Comprehensive Loss Affected line item in the Consolidated Details about Accumulated Other Year Ended December 31, Statements Comprehensive Loss Components 2023 2022 2021 of Operations Pension liability adjustment: Net periodic pension cost: Service cost $ (13 ) $ (13 ) $ (7 ) Cost of sales Non-service cost 11 127 110 Other income Associated income tax (expense) benefit 1 (28 ) (25 ) Income tax expense (1 ) 86 78 Unrealized gain (loss) on foreign currency forward contracts: Gain (loss) on cash flow hedges 99 163 (72 ) Net sales Loss on cash flow hedges (109 ) (680 ) - Property and equipment Associated income tax benefit 2 128 18 Income tax expense (8 ) (389 ) (54 ) Unrealized gain on interest rate swaps: Gain on cash flow hedges 719 39 - Interest expense Associated income tax expense (174 ) (10 ) - Income tax expense 545 29 - Total reclassifications for the period $ 536 $ (274 ) $ 24 |
Note 19 - Segment Information (
Note 19 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2023 2022 2021 Net sales: Engineered Steel Pressure Pipe $ 296,381 $ 307,572 $ 259,823 Precast Infrastructure and Engineered Systems 147,974 150,093 73,490 Total $ 444,355 $ 457,665 $ 333,313 Gross profit: Engineered Steel Pressure Pipe $ 42,427 $ 44,473 $ 31,281 Precast Infrastructure and Engineered Systems 35,215 41,382 12,973 Total $ 77,642 $ 85,855 $ 44,254 Depreciation and amortization expense: Engineered Steel Pressure Pipe $ 9,000 $ 9,789 $ 9,524 Precast Infrastructure and Engineered Systems 6,241 6,807 3,738 15,241 16,596 13,262 Corporate 565 507 362 Total $ 15,806 $ 17,103 $ 13,624 Capital expenditures: Engineered Steel Pressure Pipe $ 11,154 $ 8,211 $ 7,538 Precast Infrastructure and Engineered Systems 6,503 13,925 5,255 17,657 22,136 12,793 Corporate 634 693 469 Total $ 18,291 $ 22,829 $ 13,262 December 31, 2023 2022 Total assets: Engineered Steel Pressure Pipe $ 307,856 $ 307,924 Precast Infrastructure and Engineered Systems 255,904 256,520 563,760 564,444 Corporate 34,121 36,896 Total $ 597,881 $ 601,340 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023: Allowance for doubtful accounts $ 369 $ 189 $ (437 ) $ 121 Valuation allowance for deferred income tax assets 6,051 696 (106 ) 6,641 Year Ended December 31, 2022: Allowance for doubtful accounts $ 503 $ 442 $ (576 ) $ 369 Valuation allowance for deferred income tax assets 5,899 254 (102 ) 6,051 Year Ended December 31, 2021: Allowance for doubtful accounts $ 767 $ 653 $ (917 ) $ 503 Valuation allowance for deferred income tax assets 6,228 - (329 ) 5,899 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Operating Segments | 2 |
Number of Manufacturing Facilities | 13 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Book Overdrafts | $ 1.8 | $ 0.6 | |
Workers' Compensation Liability | 2.2 | 1.6 | |
Accrued Bonuses, Current | 5.2 | 8 | |
Sales and Excise Tax Payable, Current | 5.3 | 4.4 | |
Realized Gain (Loss), Foreign Currency Transaction, before Tax | $ 0.4 | $ 0.5 | $ (0.5) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 0 | 0 | 0 |
Number of Customers with Receivable Balance in Excess of Ten Percent of Receivables | 1 | 1 | |
Accrued Liability [Member] | |||
Workers' Compensation Liability, Current | $ 1.3 | $ 0.5 | |
Other Long-term Liabilities [Member] | |||
Workers' Compensation Liability, Noncurrent | $ 0.9 | $ 1.1 | |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 21 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 | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 30 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 |
Note 2 - Summary of Significa_4
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net income | $ 21,072 | $ 31,149 | $ 11,523 | |
Basic (in shares) | 9,991 | 9,914 | 9,854 | |
Effect of potentially dilutive common shares (1) (in shares) | [1] | 90 | 98 | 74 |
Diluted weighted-average common shares outstanding (in shares) | 10,081 | 10,012 | 9,928 | |
Net income per common share | ||||
Basic (in dollars per share) | $ 2.11 | $ 3.14 | $ 1.17 | |
Diluted (in dollars per share) | $ 2.09 | $ 3.11 | $ 1.16 | |
[1]There were no antidilutive shares for the years ended December 31, 2023, 2022, or 2021. |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 05, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ 0 | $ 87,215 | |
Park Environmental Equipment, LLC [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 90,200 | |||
Goodwill, Purchase Accounting Adjustments | 1,800 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 1,800 | |||
Business Combination, Acquisition Related Costs | $ 0 | $ 100 | $ 3,400 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Oct. 05, 2021 | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities | |||
Goodwill | $ 55,504 | $ 55,504 | |
Park Environmental Equipment, LLC [Member] | |||
Assets | |||
Cash and cash equivalents | $ 278 | ||
Trade and other receivables | 11,034 | ||
Inventories | 12,773 | ||
Prepaid expenses and other | 293 | ||
Property and equipment | 8,076 | ||
Operating lease right-of-use assets | 58,301 | ||
Intangible assets | 31,000 | ||
Deferred income taxes | 347 | ||
Total assets acquired | 122,102 | ||
Liabilities | |||
Accounts payable | 2,029 | ||
Accrued liabilities | 4,067 | ||
Operating lease liabilities | 58,301 | ||
Total liabilities assumed | 64,397 | ||
Goodwill | 32,519 | ||
Total purchase consideration | $ 90,224 |
Note 2 - Business Combinations
Note 2 - Business Combinations - Intangible Assets Acquired (Details) - Park Environmental Equipment, LLC [Member] $ in Millions | Oct. 05, 2021 USD ($) |
Intangible Asset Acquired, Useful Life (Year) | 10 years 4 months 24 days |
Intangible Asset Acquired, Fair Value | $ 31 |
Customer Relationships [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 10 years |
Intangible Asset Acquired, Fair Value | $ 19.8 |
Trademarks and Trade Names [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 10 years |
Intangible Asset Acquired, Fair Value | $ 9.6 |
Patents [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 21 years |
Intangible Asset Acquired, Fair Value | $ 1.3 |
Backlog [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 7 months 6 days |
Intangible Asset Acquired, Fair Value | $ 0.3 |
Note 3 - Business Combination_4
Note 3 - Business Combinations - Pro Forma Summary (Details) - Park Environmental Equipment, LLC [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Net sales | $ 384,872 |
Net income | $ 15,780 |
Note 4 - Inventories - Componen
Note 4 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 68,110 | $ 47,978 |
Work-in-process | 8,912 | 5,114 |
Finished goods | 11,911 | 15,773 |
Supplies | 2,296 | 2,164 |
Total inventories | $ 91,229 | $ 71,029 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment, Net | $ 143,955 | $ 133,166 |
MEXICO | ||
Property, Plant and Equipment, Net | $ 18,200 | $ 19,000 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 246,079 | $ 232,372 |
Less accumulated depreciation and amortization | (126,359) | (117,856) |
Property, Plant and Equipment, Net, Excluding Construction In Progress | 119,720 | 114,516 |
Property and equipment, net | 143,955 | 133,166 |
Land Improvements [Member] | ||
Property and equipment, gross | 25,064 | 23,981 |
Building [Member] | ||
Property and equipment, gross | 54,036 | 51,389 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 3,182 | 3,182 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 155,278 | 149,971 |
Equipment Under Finance Lease [Member] | ||
Property and equipment, gross | 8,519 | 3,849 |
Construction in Progress [Member] | ||
Property and equipment, net | $ 24,235 | $ 18,650 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill | $ 55,504 | $ 55,504 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible Assets, Gross | $ 42,283 | $ 43,990 |
Intangible Assets, Accumulated amortization | (11,209) | (8,726) |
Intangible assets, net | 31,074 | 35,264 |
Customer Relationships [Member] | ||
Intangible Assets, Gross | 27,831 | 29,209 |
Intangible Assets, Accumulated amortization | (7,315) | (5,845) |
Intangible assets, net | 20,516 | 23,364 |
Trademarks and Trade Names [Member] | ||
Intangible Assets, Gross | 12,825 | 12,825 |
Intangible Assets, Accumulated amortization | (3,734) | (2,490) |
Intangible assets, net | 9,091 | 10,335 |
Patents [Member] | ||
Intangible Assets, Gross | 1,627 | 1,627 |
Intangible Assets, Accumulated amortization | (160) | (81) |
Intangible assets, net | $ 1,467 | 1,546 |
Other Intangible Assets [Member] | ||
Intangible Assets, Gross | 329 | |
Intangible Assets, Accumulated amortization | (310) | |
Intangible assets, net | $ 19 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Summary of Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 4,033 | |
2025 | 4,033 | |
2026 | 4,033 | |
2027 | 4,033 | |
2028 | 4,033 | |
Thereafter | 10,909 | |
Total amortization expense | $ 31,074 | $ 35,264 |
Note 7 - Current Debt (Details
Note 7 - Current Debt (Details Textual) - Interim Funding AgreementIFA [Member] $ in Millions | 12 Months Ended | |||
Nov. 02, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Aug. 02, 2022 USD ($) | |
Debt Instrument, Face Amount | $ 10.8 | |||
Short-Term Debt | $ 10.8 | $ 10.8 | ||
Debt, Weighted Average Interest Rate | 5.87% | 7.08% | ||
Maximum Senior Leverage Ratio | 3 | |||
Debt Instrument, Covenant, Minimum EBITDA | $ 35 | |||
Secured Overnight Financing Rate (SOFR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | 1.75% |
Note 8 - Credit Agreement (Deta
Note 8 - Credit Agreement (Details Textual) $ in Millions | 12 Months Ended | |||
Oct. 22, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Interest Expense, Debt and Finance Leases, Net of Amounts Capitalized | $ 4.9 | $ 3.6 | $ 1.2 | |
Interest Costs Capitalized | 0.5 | $ 0.1 | ||
Letters of Credit Outstanding, Amount | 1.1 | |||
Wells Fargo Bank, N.A. [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125 | |||
Line of Credit Facility, Increase (Decrease), Net | 50 | |||
Maximum Senior Leverage Ratio Requirement | 3 | |||
Debt Instrument, Covenant, Minimum Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortization | $ 35 | |||
Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility [Member] | ||||
Long-Term Line of Credit | 54.5 | 83.7 | ||
Letters of Credit Outstanding, Amount | 1.1 | $ 1.1 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 69 | |||
Debt, Weighted Average Interest Rate | 7.43% | 6.07% | ||
Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||
Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 1.4 | $ 1.2 |
Note 9 - Leases - Leases Record
Note 9 - Leases - Leases Recorded on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating leases, Right-of-use assets | $ 88,155 | $ 93,124 | |
Total right-of-use assets | 95,247 | 95,742 | |
Present value of lease liabilities, operating leases | 90,216 | 94,174 | |
Total lease liabilities | 97,697 | 97,211 | |
Property and Equipment [Member] | |||
Finance leases, net, included in Property and equipment | [1] | 7,092 | 2,618 |
Accrued Liabilities and Other Long-term Liabilities [Member] | |||
Present value of lease liabilities, finance leases | $ 7,481 | $ 3,037 | |
[1]Finance lease right-of-use assets are presented net of accumulated amortization of $1.4 million and $1.2 million as of December 31, 2023 and 2022, respectively. |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of right-of-use assets | $ 795 | $ 577 | $ 413 |
Interest on lease liabilities | 266 | 148 | 90 |
Operating lease cost | 7,765 | 7,770 | 4,627 |
Short-term lease cost | 1,402 | 1,000 | 993 |
Variable lease cost | 313 | 251 | 158 |
Total lease cost | $ 10,541 | $ 9,746 | $ 6,281 |
Note 9 - Leases - Future Maturi
Note 9 - Leases - Future Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
2024, finance leases | $ 2,212 | ||
2024, operating leases | 6,874 | ||
2025, finance leases | 1,923 | ||
2025, operating leases | 6,913 | ||
2026, finance leases | 1,847 | ||
2026, operating leases | 6,583 | ||
2027, finance leases | 1,614 | ||
2027, operating leases | 6,192 | ||
2028, finance leases | 1,147 | ||
2028, operating leases | 6,308 | ||
Thereafter, finance leases | 0 | ||
Thereafter, operating leases | 76,453 | ||
Total lease payments, finance leases | 8,743 | ||
Total lease payments, operating leases | 109,323 | ||
Amount representing interest, finance leases | (1,262) | ||
Amount representing interest, operating leases | (19,107) | ||
Present value of lease liabilities, operating leases | 90,216 | $ 94,174 | |
Current portion of lease liabilities, operating leases | (4,933) | (4,702) | |
Long-term lease liabilities, operating leases | 85,283 | 89,472 | |
Accrued Liabilities and Other Long-term Liabilities [Member] | |||
Present value of lease liabilities, finance leases | 7,481 | $ 3,037 | |
Accrued Liability [Member] | |||
Current portion of lease liabilities, included in Accrued liabilities, finance leases | [1] | (1,721) | |
Other Liabilities [Member] | |||
Long-term lease liabilities, finance leases | [2] | $ 5,760 | |
[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, 2023 | Dec. 31, 2022 |
Finance leases, weighted-average remaining lease term (Year) | 3 years 10 months 24 days | 3 years 6 months 7 days |
Operating leases, weighted-average remaining lease term (Year) | 16 years 8 months 23 days | 17 years 9 months 29 days |
Finance leases, weighted-average discount rate | 6.93% | 5.44% |
Operating leases, weighted-average discount rate | 2.17% | 2.19% |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating cash flows from finance leases | $ (266) | $ (148) | $ (90) |
Operating cash flows from operating leases | (6,930) | (6,818) | (4,142) |
Financing cash flows from finance leases | (826) | (597) | (415) |
Right-of-use assets obtained in exchange for finance lease liabilities | 5,270 | 1,466 | 853 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 952 | $ 568 | $ 16,043 |
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, 2023 | Dec. 31, 2022 |
Total financial assets | $ 4,280 | $ 5,177 |
Fair Value, Inputs, Level 1 [Member] | ||
Total financial assets | 3,391 | 3,090 |
Fair Value, Inputs, Level 2 [Member] | ||
Total financial assets | 889 | 2,087 |
Fair Value, Inputs, Level 3 [Member] | ||
Total financial assets | 0 | 0 |
Deferred Compensation Plan [Member] | ||
Deferred compensation plan | 3,912 | 3,587 |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Deferred compensation plan | 3,391 | 3,090 |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Deferred compensation plan | 521 | 497 |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Deferred compensation plan | 0 | 0 |
Foreign Exchange Forward [Member] | ||
Derivative assets | 42 | 728 |
Foreign currency forward contracts | (115) | (80) |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | 42 | 728 |
Foreign currency forward contracts | (115) | (80) |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Interest Rate Swap [Member] | ||
Derivative assets | 326 | 862 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | 326 | 862 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | $ 0 | $ 0 |
Note 11 - Derivative Instrume_3
Note 11 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands, € in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 EUR (€) | Apr. 03, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 EUR (€) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 300 | ||||||
Reclassified to Net Sales [Member] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months | 0 | ||||||
Reclassified to Interest Expense [Member] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months | $ 300 | ||||||
The 1.941% Interest Rate Swap [Member] | |||||||
Derivative, Fixed Interest Rate | 1.941% | 1.941% | 1.941% | ||||
The 1.941% Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||||
Derivative, Notional Amount | $ 6,700 | $ 26,700 | |||||
The 2.96% Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||||
Derivative, Notional Amount | 13,000 | ||||||
Derivative, Fixed Interest Rate | 2.96% | ||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||||
Derivative, Notional Amount | 5,100 | $ 6.7 | 17,100 | $ 23.2 | |||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward 1 [Member] | |||||||
Derivative, Notional Amount | 1,200 | € 1.1 | 1,100 | € 1.1 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||||
Derivative, Notional Amount | 4,900 | $ 6.4 | $ 300 | $ 0.4 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward 1 [Member] | |||||||
Derivative, Notional Amount | $ 1,200 | € 1.1 |
Note 11 - Derivative Instrume_4
Note 11 - Derivative Instruments and Hedging Activities - Summary of Gains (Losses) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gains (losses) recognized on derivatives | $ (98) | $ 19 | $ 9 |
Foreign Exchange Forward [Member] | Sales [Member] | |||
Gains (losses) recognized on derivatives | (708) | 660 | 9 |
Foreign Exchange Forward [Member] | Property and Equipment [Member] | |||
Gains (losses) recognized on derivatives | (109) | (680) | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | |||
Gains (losses) recognized on derivatives | $ 719 | $ 39 | $ 0 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 01, 2023 | Nov. 02, 2023 | Dec. 31, 2022 | Sep. 22, 2022 | Sep. 02, 2022 | Dec. 31, 2021 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Stock Repurchase Program, Authorized Amount | $ 30,000 | $ 0 | $ 0 | ||||
Rule 10b5-1 Trading Plan, Designated Amount | $ 10,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ 835 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 29,200 | ||||||
Share Repurchase Program [Member] | |||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 29,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ 800 | ||||||
At-the-Market Offering [Member] | |||||||
Equity Offering, Maximum Offering Amount | $ 50,000 |
Note 13 - Retirement Plans (Det
Note 13 - Retirement Plans (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Retirement Plan Expense | $ 2,500 | $ 2,200 | $ 1,800 | |
Defined Contribution Plan [Member] | ||||
Company Matching Percentage on First Eight Percent of Employee Contributions | 50% | |||
Employee Contribution Percentage for Which Company Will Match at Fifty Percent | 8% | |||
ParkUSA Defined Contribution Plan [Member] | ||||
Company Matching Percentage on First Eight Percent of Employee Contributions | 100% | |||
Employee Contribution Percentage for Which Company Will Match at One Hundred Percent | 4% | |||
Pension Plan [Member] | ||||
Number of Non-contributory Defined Benefit Plans | 2 | |||
Assets for Plan Benefits, Defined Benefit Plan | $ 500 | 100 | ||
Accumulated Other Comprehensive Income (Loss), Unrecognized Net Actuarial Losses, Net of Tax | 1,200 | 1,500 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 4,600 | 4,800 | ||
Defined Benefit Plan, Plan Assets, Amount | 5,100 | 4,900 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 0 | $ 100 | $ 100 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.69% | 4.89% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 7% | 7% | ||
Non-qualified Retirement Savings Plan [Member] | Other Long-term Liabilities [Member] | ||||
Deferred Compensation Liability, Classified, Noncurrent | $ 3,900 | $ 3,600 |
Note 14 - Share-based Compens_3
Note 14 - Share-based Compensation (Details Textual) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 | ||
Number Of Active Stock Incentive Plans | 1 | ||||
Number Of Inactive Stock Incentive Plans | 1 | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 722,573 | ||||
Common Stock, Capital Shares Reserved for Future Issuance, Percentage Vesting of Outstanding PSAs Assumed | 100% | ||||
Performance Shares [Member] | |||||
Performance Share Award Target Level, Percentage | 100% | ||||
Performance Awards Issued Multiplier | 132% | 126% | 159% | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number At Target Level Of Performance (in shares) | 170,000 | ||||
Performance Shares [Member] | Minimum [Member] | |||||
Performance Awards Issued Multiplier | 0% | ||||
Performance Shares [Member] | Maximum [Member] | |||||
Performance Awards Issued Multiplier | 200% | ||||
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 | $ 28.41 | $ 30.68 | $ 33.3 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 4.4 | $ 2.4 | $ 3.3 | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 3 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [1] | 134,498 | |||
Stock Awards [Member] | Director [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 | $ 29.51 | $ 30.75 | $ 30.94 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,904 | 11,380 | 12,606 | ||
[1]The number of PSAs disclosed in this table are at the target level of 100%. |
Note 14 - Share-based Compens_4
Note 14 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based compensation expense | $ 3,672 | $ 3,702 | $ 3,216 |
Cost of Sales [Member] | |||
Share-based compensation expense | 1,027 | 1,320 | 1,003 |
Selling, General and Administrative Expenses [Member] | |||
Share-based compensation expense | $ 2,645 | $ 2,382 | $ 2,213 |
Note 14 - Share-based Compens_5
Note 14 - Share-based Compensation - RSU and PSA Activity (Details) - Restricted Stock Units and Performance Stock Awards [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Unvested RSUs and PSAs (in shares) | [1] | 200,924 | ||
Unvested RSUs and PSAs, weighted average grant date fair value (in dollars per share) | $ 30.8 | |||
RSUs and PSAs granted (in shares) | [1] | 134,498 | ||
RSUs and PSAs granted (in dollars per share) | $ 28.41 | $ 30.68 | $ 33.3 | |
Unvested RSUs and PSAs canceled (in shares) | [1] | (13,589) | ||
Unvested RSUs and PSAs canceled, weighted average grant date fair value (in dollars per share) | $ 30.82 | |||
RSUs and PSAs vested (in shares) | [1],[2] | (95,442) | ||
RSUs and PSAs vested, weighted average grant date fair value (in dollars per share) | [2] | $ 30.12 | ||
Unvested RSUs and PSAs (in shares) | [1] | 226,391 | 200,924 | |
Unvested RSUs and PSAs, weighted average grant date fair value (in dollars per share) | $ 29.66 | $ 30.8 | ||
[1]The number of PSAs disclosed in this table are at the target level of 100%.[2]For the PSAs vested on March 31, 2023, the actual number of common shares that were issued was determined by multiplying the PSAs at the target level of 100%, as disclosed in this table, by a payout percentage based on the performance-based conditions achieved. The payout percentage was 159% for the 2020-2022 performance period, 126% for the 2021-2022 performance period, and 132% for the 2022 performance period. |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) $ in Millions | 1 Months Ended | ||
Jan. 31, 2017 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2014 USD ($) | |
Letters of Credit Outstanding, Amount | $ 1.1 | ||
Capital Addition Purchase Commitments [Member] | |||
Other Commitment, Amount Paid for Equipment Purchased Yet Not Received | 1.2 | ||
Other Commitment | $ 5.2 | ||
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 16 - Revenue 1 (Details Te
Note 16 - Revenue 1 (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Increase (Decrease) in Revenue from Contract with Customers, Including Assessed Tax | $ (1.1) | $ (0.6) | $ 2 |
Revenue, Remaining Performance Obligation, Amount | $ 273 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Precast Infrastructure and Engineered Systems [Member] | |||
Number of Major Customers | 0 | 0 | 0 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One SPP Customer [Member] | |||
Concentration Risk, Percentage | 10% | 12% | 12% |
Note 16 - Revenue 2 (Details Te
Note 16 - Revenue 2 (Details Textual) | Dec. 31, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 76% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 23% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 16 - Revenue - Net Sales F
Note 16 - Revenue - Net Sales From Continuing Operations by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 444,355 | $ 457,665 | $ 333,313 |
UNITED STATES | |||
Net sales | 420,925 | 423,961 | 313,729 |
CANADA | |||
Net sales | $ 23,430 | $ 33,704 | $ 19,584 |
Note 16 - Revenue - Disaggregat
Note 16 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 444,355 | $ 457,665 | $ 333,313 |
Transferred over Time [Member] | |||
Net sales | 296,381 | 307,572 | 259,823 |
Transferred at Point in Time [Member] | |||
Net sales | $ 147,974 | $ 150,093 | $ 73,490 |
Note 16 - Revenue - Contract Wi
Note 16 - Revenue - Contract With Customer Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, beginning of year | $ 121,778 | $ 107,170 |
Revenue recognized in advance of billings | 291,812 | 306,095 |
Contract With Customer, Asset, Billings | (293,356) | (294,506) |
Contract With Customer, Asset, Other | 282 | 3,019 |
Balance, end of year | 120,516 | 121,778 |
Balance, beginning of year | 17,456 | 2,623 |
Contract With Customer, Liability, Billings | 20,815 | 17,618 |
Revenue recognized | (16,984) | (2,663) |
Contract With Customer, Liability, Other | 163 | (122) |
Balance, end of year | $ 21,450 | $ 17,456 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Tax Credit Carryforward, Amount | $ 0.3 | |
Open Tax Year | 2019 2020 2021 2022 2023 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0.4 | $ 0.1 |
Domestic Tax Authority [Member] | Minimum [Member] | ||
Tax Credit Carryforward, Expiration Year | 2024 | |
Domestic Tax Authority [Member] | Maximum [Member] | ||
Tax Credit Carryforward, Expiration Year | 2026 | |
State and Local Jurisdiction [Member] | ||
Tax Credit Carryforward, Amount | $ 4.4 | |
Tax Credit Carryforward, Expiration Year | 2023 | |
Operating Loss Carryforwards | $ 18.4 | |
State and Local Jurisdiction [Member] | Minimum [Member] | ||
Operating Loss Carryforwards, Expiration Year | 2024 | |
State and Local Jurisdiction [Member] | Maximum [Member] | ||
Operating Loss Carryforwards, Expiration Year | 2036 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 8.4 | |
Foreign Tax Authority [Member] | Minimum [Member] | ||
Operating Loss Carryforwards, Expiration Year | 2024 | |
Foreign Tax Authority [Member] | Maximum [Member] | ||
Operating Loss Carryforwards, Expiration Year | 2033 |
Note 17 - Income Taxes - Income
Note 17 - Income Taxes - Income (Loss) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
United States | $ 27,814 | $ 40,271 | $ 14,000 |
Foreign | 1,465 | 1,079 | 1,158 |
Income before income taxes | $ 29,279 | $ 41,350 | $ 15,158 |
Note 17 - Income Taxes - Summar
Note 17 - Income Taxes - Summary of Components of Income Tax Expense for Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 6,817 | $ 8,443 | $ 2,256 |
State | 1,519 | 1,264 | 1,064 |
Foreign | 289 | 198 | 213 |
Total current income tax expense | 8,625 | 9,905 | 3,533 |
Federal | (612) | (22) | 573 |
State | 195 | 340 | (464) |
Foreign | (1) | (22) | (7) |
Total deferred income tax expense (benefit) | (418) | 296 | 102 |
Total income tax expense | $ 8,207 | $ 10,201 | $ 3,635 |
Note 17 - Income Taxes - Effect
Note 17 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax expense at federal statutory rate | $ 6,148 | $ 8,683 | $ 3,183 |
State expense, net of federal income tax effect | 942 | 1,463 | 547 |
Change in valuation allowance | (30) | (1) | (247) |
Nondeductible expenses | 257 | (35) | (31) |
Foreign rate differential | 133 | 97 | 104 |
Accrued interest on uncertain income tax positions | 264 | 106 | 16 |
State franchise tax | 250 | 110 | 92 |
Other | 243 | (222) | (29) |
Total income tax expense | $ 8,207 | $ 10,201 | $ 3,635 |
Effective income tax rate | 28% | 24.70% | 24% |
Note 17 - Income Taxes - Summ_2
Note 17 - Income Taxes - Summary of Current and Noncurrent Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued employee benefits | $ 3,096 | $ 3,840 |
Inventories | 380 | 350 |
Trade receivable, net | 532 | 329 |
Net operating loss carryforwards | 3,429 | 2,944 |
Tax credit carryforwards | 2,777 | 2,863 |
Contract assets, net | 934 | 403 |
Other | 1,952 | 1,074 |
Deferred Tax Assets, Gross | 13,100 | 11,803 |
Valuation allowance | (6,641) | (6,051) |
Deferred Tax Assets, Net of Valuation Allowance | 6,459 | 5,752 |
Property and equipment | (13,850) | (13,550) |
Intangible assets | (800) | (1,319) |
Goodwill | (1,164) | (606) |
Prepaid expenses | (1,217) | (1,285) |
Deferred Tax Liabilities, Gross | (17,031) | (16,760) |
Net deferred income tax liabilities | (10,572) | (11,008) |
Deferred income taxes | (10,942) | (11,402) |
Net deferred income tax liabilities | (10,572) | (11,008) |
Other Assets [Member] | ||
Deferred income tax assets, included in Other assets | $ 370 | $ 394 |
Note 17 - Income Taxes - Summ_3
Note 17 - Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecognized income tax benefits, beginning of year | $ 4,472 | $ 4,366 | $ 4,350 |
Increases for positions taken in prior years | 264 | 106 | 16 |
Unrecognized income tax benefits, end of year | $ 4,736 | $ 4,472 | $ 4,366 |
Note 18 - Accumulated Other C_3
Note 18 - Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total | $ (960) | $ (789) |
Foreign Exchange Forward [Member] | ||
Unrealized gain (loss) on cash flow hedges, net of income tax (expense) benefit | (13) | 94 |
Interest Rate Swap [Member] | ||
Unrealized gain (loss) on cash flow hedges, net of income tax (expense) benefit | 246 | 649 |
Pension Plan [Member] | ||
Pension liability adjustment, net of income tax benefit of $482 and $592 | $ (1,193) | $ (1,532) |
Note 18 - Accumulated Other C_4
Note 18 - Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Foreign Exchange Forward [Member] | ||
Accumulated Other Comprehensive Income (Loss) Cumulative Change in Net Gain (Loss) from Cash Flow Hedge Effect, Tax | $ 12 | $ (33) |
Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) Cumulative Change in Net Gain (Loss) from Cash Flow Hedge Effect, Tax | 79 | 213 |
Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) Defined Benefit Pension and Other Postretirement Plans Tax Expense (Benefit) | $ 482 | $ 592 |
Note 18 - Accumulated Other C_5
Note 18 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 318,274 | $ 283,383 | $ 269,626 |
Net current period adjustments to Other comprehensive income | (171) | 893 | 184 |
Balances, December 31, 2022 | 340,360 | 318,274 | 283,383 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (1,532) | (1,487) | |
Other comprehensive income (loss) before reclassifications | 338 | 41 | |
Amounts reclassified from Accumulated other comprehensive loss | 1 | (86) | |
Net current period adjustments to Other comprehensive income | 339 | (45) | |
Balances, December 31, 2022 | (1,193) | (1,532) | (1,487) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Foreign Exchange Forward [Member] | |||
Balance | 94 | (195) | |
Other comprehensive income (loss) before reclassifications | (115) | (100) | |
Amounts reclassified from Accumulated other comprehensive loss | 8 | 389 | |
Net current period adjustments to Other comprehensive income | (107) | 289 | |
Balances, December 31, 2022 | (13) | 94 | (195) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | |||
Balance | 649 | 0 | |
Other comprehensive income (loss) before reclassifications | 142 | 678 | |
Amounts reclassified from Accumulated other comprehensive loss | (545) | (29) | |
Net current period adjustments to Other comprehensive income | (403) | 649 | |
Balances, December 31, 2022 | 246 | 649 | 0 |
AOCI Attributable to Parent [Member] | |||
Balance | (789) | (1,682) | (1,866) |
Other comprehensive income (loss) before reclassifications | 365 | 619 | |
Amounts reclassified from Accumulated other comprehensive loss | (536) | 274 | |
Net current period adjustments to Other comprehensive income | (171) | 893 | |
Balances, December 31, 2022 | $ (960) | $ (789) | $ (1,682) |
Note 18 - Accumulated Other C_6
Note 18 - Accumulated Other Comprehensive Loss - Reclassification of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cost of sales | $ 366,713 | $ 371,810 | $ 289,059 |
Non-service cost | 276 | 97 | 328 |
Tax (expense) benefit | (8,207) | (10,201) | (3,635) |
Net income | 21,072 | 31,149 | 11,523 |
Net sales | 444,355 | 457,665 | 333,313 |
Gain on cash flow hedges | 4,855 | 3,568 | 1,202 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net income | 536 | (274) | 24 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Cost of sales | (13) | (13) | (7) |
Non-service cost | 11 | 127 | 110 |
Tax (expense) benefit | 1 | (28) | (25) |
Net income | (1) | 86 | 78 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Foreign Exchange Forward [Member] | |||
Tax (expense) benefit | 2 | 128 | 18 |
Net income | (8) | (389) | (54) |
Net sales | 99 | 163 | (72) |
Property and equipment | (109) | (680) | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | |||
Tax (expense) benefit | (174) | (10) | 0 |
Net income | 545 | 29 | 0 |
Gain on cash flow hedges | $ 719 | $ 39 | $ 0 |
Note 19 - Segment Information -
Note 19 - Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 444,355 | $ 457,665 | $ 333,313 |
Gross profit | 77,642 | 85,855 | 44,254 |
Depreciation and amortization | 15,806 | 17,103 | 13,624 |
Capital expenditures | 18,291 | 22,829 | 13,262 |
Total assets | 597,881 | 601,340 | |
Operating Segments [Member] | |||
Depreciation and amortization | 15,241 | 16,596 | 13,262 |
Capital expenditures | 17,657 | 22,136 | 12,793 |
Total assets | 563,760 | 564,444 | |
Operating Segments [Member] | Engineered Steel Pressure Pipe [Member] | |||
Net sales | 296,381 | 307,572 | 259,823 |
Gross profit | 42,427 | 44,473 | 31,281 |
Depreciation and amortization | 9,000 | 9,789 | 9,524 |
Capital expenditures | 11,154 | 8,211 | 7,538 |
Total assets | 307,856 | 307,924 | |
Operating Segments [Member] | Precast Infrastructure and Engineered Systems [Member] | |||
Net sales | 147,974 | 150,093 | 73,490 |
Gross profit | 35,215 | 41,382 | 12,973 |
Depreciation and amortization | 6,241 | 6,807 | 3,738 |
Capital expenditures | 6,503 | 13,925 | 5,255 |
Total assets | 255,904 | 256,520 | |
Corporate, Non-Segment [Member] | |||
Depreciation and amortization | 565 | 507 | 362 |
Capital expenditures | 634 | 693 | $ 469 |
Total assets | $ 34,121 | $ 36,896 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at Beginning of Period | $ 369 | $ 503 | $ 767 |
Charged to Profit and Loss | 189 | 442 | 653 |
Deduction from Reserves | (437) | (576) | (917) |
Balance at End of Period | 121 | 369 | 503 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at Beginning of Period | 6,051 | 5,899 | 6,228 |
Charged to Profit and Loss | 696 | 254 | 0 |
Deduction from Reserves | (106) | (102) | (329) |
Balance at End of Period | $ 6,641 | $ 6,051 | $ 5,899 |