Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 10, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-12505 | ||
Entity Registrant Name | CORE MOLDING TECHNOLOGIES, INC | ||
Entity Incorporation State Country Code | DE | ||
Entity Tax Identification Number | 31-1481870 | ||
Entity Address, Address Line | 800 Manor Park Drive | ||
Entity Address, City Or Town | Columbus | ||
Entity Address, State Or Province | OH | ||
Entity Address, Postal Zip Code | 43228-0183 | ||
City Area Code | 614 | ||
Local Phone Number | 870-5000 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0001026655 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 22,061,000 | ||
Documents Incorporated By Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Portions of the than 120 days after the end of the registrant's fiscal year are incorporated | ||
ICFR Auditor Attestation Flag | false | ||
Common Class [Member] | |||
Entity Information [Line Items] | |||
Security 12b Title | Common Stock, par value $0.01 | ||
Security Exchange Name | NYSEAMER | ||
Trading Symbol | CMT | ||
Entity Common Stock, Shares Outstanding | 8,476,047 | ||
Preferred Class [Member] | |||
Entity Information [Line Items] | |||
Security 12b Title | Preferred Stock purchase rights, par value $0.01 | ||
Security Exchange Name | NYSEAMER | ||
No Trading Symbol | true | ||
Restricted Stock [Member] | Common Class [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 507,835 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Operations | |||
Net sales | $ 222,356,000 | $ 284,290,000 | $ 269,485,000 |
Total cost of sales | 187,882,000 | 262,784,000 | 242,344,000 |
Gross margin | 34,474,000 | 21,506,000 | 27,141,000 |
Selling, general and administrative expense | 24,084,000 | 28,934,000 | 27,838,000 |
Goodwill impairment | 0 | 4,100,000 | 2,403,000 |
Total expenses | 24,084,000 | 33,034,000 | 30,241,000 |
Operating income (loss) | 10,390,000 | (11,528,000) | (3,100,000) |
Other income and expense | |||
Net periodic post-retirement benefit | (80,000) | (94,000) | (48,000) |
Net interest expense | 5,923,000 | 4,144,000 | 2,394,000 |
Total other income and expense | 5,843,000 | 4,050,000 | 2,346,000 |
Income (loss) before income taxes | 4,547,000 | (15,578,000) | (5,446,000) |
Income taxes: | |||
Current | (5,713,000) | 705,000 | 1,048,000 |
Deferred | 2,095,000 | (1,060,000) | (1,712,000) |
Total income taxes | (3,618,000) | (355,000) | (664,000) |
Net income (loss) | $ 8,165,000 | $ (15,223,000) | $ (4,782,000) |
Net income (loss) per common share: | |||
Basic | $ 0.98 | $ (1.94) | $ (0.62) |
Diluted | $ 0.98 | $ (1.94) | $ (0.62) |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Other Comprehensive Income (Loss) | |||
Net income (loss) | $ 8,165,000 | $ (15,223,000) | $ (4,782,000) |
Foreign currency hedging derivatives & Interest rate swaps: | |||
Income tax benefit (expense) | (62,000) | (140,000) | |
Post retirement benefit plan adjustments: | |||
Net actuarial gain (loss) | 283,000 | (985,000) | 1,081,000 |
Prior service costs | (496,000) | (496,000) | (496,000) |
Income tax benefit (expense), Post retirement benefits | (27,000) | (313,000) | (123,000) |
Comprehensive income (loss) | 8,170,000 | (15,970,000) | (4,735,000) |
Foreign currency hedging derivatives | |||
Foreign currency hedging derivatives & Interest rate swaps: | |||
Unrealized benefit (loss) | (452,000) | 1,202,000 | (452,000) |
Income tax benefit (expense) | 98,000 | (286,000) | 87,000 |
Interest Rate Swaps | |||
Foreign currency hedging derivatives & Interest rate swaps: | |||
Unrealized benefit (loss) | 705,000 | (641,000) | (65,000) |
Income tax benefit (expense) | $ (160,000) | $ 146,000 | $ 15,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 4,131,000 | $ 1,856,000 |
Accounts receivable, net | 27,584,000 | 32,424,000 |
Inventories: | ||
Raw materials and components | 11,640,000 | 13,041,000 |
Work in process | 1,679,000 | 1,818,000 |
Finished goods | 5,041,000 | 6,823,000 |
Total inventories, net | 18,360,000 | 21,682,000 |
Contract assets | 554,000 | 888,000 |
Income tax receivable | 2,026,000 | 653,000 |
Prepaid expenses and other current assets | 3,823,000 | 3,721,000 |
Total current assets | 56,478,000 | 61,225,000 |
Right of use asset | 2,754,000 | 4,484,000 |
Property, plant and equipment, net | 74,052,000 | 79,206,000 |
Deferred tax asset | 929,000 | 2,026,000 |
Goodwill | 17,376,000 | 17,376,000 |
Intangibles, net | 11,516,000 | 13,464,000 |
Other non-current assets | 2,403,000 | 1,525,000 |
Total Assets | 165,508,000 | 179,306,000 |
Current liabilities: | ||
Current portion of long-term debt | 2,535,000 | 37,443,000 |
Current portion of revolving debt | 420,000 | 12,008,000 |
Accounts payable | 16,994,000 | 19,910,000 |
Taxes payable | 2,613,000 | 331,000 |
Contract liabilities | 1,319,000 | 3,698,000 |
Current portion of post retirement benefits liability | 1,286,000 | 1,233,000 |
Accrued liabilities: | ||
Compensation and related benefits | 8,305,000 | 5,515,000 |
Other | 2,523,000 | 4,027,000 |
Total current liabilities | 35,995,000 | 83,834,000 |
Other non-current liabilities | 2,560,000 | 3,119,000 |
Long-term Debt | 25,198,000 | 0 |
Post retirement benefits liability | 7,823,000 | 7,927,000 |
Total Liabilities | 71,576,000 | 94,880,000 |
Commitments and Contingencies | ||
Stockholders Equity: | ||
Preferred stock - $0.01 par value, authorized shares - 10,000,000; no shares outstanding at December 31, 2020 and December 31, 2019 | 0 | 0 |
Common stock - $0.01 par value, authorized shares - 20,000,000; outstanding shares: 7,980,516 at December 31, 2020 and 7,877,945 at December 31, 2019 | 80,000 | 79,000 |
Paid-in capital | 36,127,000 | 34,772,000 |
Accumulated other comprehensive income, net of income taxes | 1,375,000 | 1,370,000 |
Treasury stock - at cost, 3,810,929 shares at December 31, 2020 and 3,806,355 shares at December 31, 2019 | (28,521,000) | (28,501,000) |
Retained earnings | 84,871,000 | 76,706,000 |
Total Stockholders' Equity | 93,932,000 | 84,426,000 |
Total Liabilities and Stockholders' Equity | $ 165,508,000 | $ 179,306,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Stockholders Equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 7,980,516 | 7,877,945 |
Treasury Stock, Shares | 3,810,929 | 3,806,355 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity - USD ($) | Total | Foreign currency hedging derivatives | Interest Rate Swaps | Common Stock Outstanding | Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Other Comprehensive IncomeForeign currency hedging derivatives | Accumulated Other Comprehensive IncomeInterest Rate Swaps | Treasury Stock | Retained Earnings [Member] |
Beginning Balance, Shares at Dec. 31, 2017 | 7,711,277 | |||||||||
Common Stock Outstanding, Shares | ||||||||||
Purchase of treasury stock, Shares | (17,180) | |||||||||
Restricted stock issued, Shares | 82,067 | |||||||||
Ending Balance, Shares at Dec. 31, 2018 | 7,776,164 | |||||||||
Beginning Balance at Dec. 31, 2017 | $ 102,962,000 | $ 77,000 | $ 31,465,000 | $ 2,070,000 | $ (28,153,000) | $ 97,503,000 | ||||
Common Stock Outstanding, Shares | ||||||||||
Net income (loss) | (4,782,000) | (4,782,000) | ||||||||
Cash dividends paid | (792,000) | (792,000) | ||||||||
Change in post retirement benefits, net of tax benefit | 462,000 | 462,000 | ||||||||
Change in unrealized foreign currency hedge and interest rate swaps, net of tax expense or benefit | $ (365,000) | $ (50,000) | $ (365,000) | $ (50,000) | ||||||
Purchase of treasury stock | (250,000) | (250,000) | ||||||||
Restricted stock vested | 1,000 | 1,000 | ||||||||
Share-based compensation | 1,743,000 | 1,743,000 | ||||||||
Ending Balance at Dec. 31, 2018 | 98,929,000 | $ 78,000 | 33,208,000 | 2,117,000 | (28,403,000) | 91,929,000 | ||||
Common Stock Outstanding, Shares | ||||||||||
Purchase of treasury stock, Shares | (16,047) | |||||||||
Restricted stock issued, Shares | 117,828 | |||||||||
Ending Balance, Shares at Dec. 31, 2019 | 7,877,945 | |||||||||
Common Stock Outstanding, Shares | ||||||||||
Net income (loss) | (15,223,000) | (15,223,000) | ||||||||
Change in post retirement benefits, net of tax benefit | 1,168,000 | 1,168,000 | ||||||||
Change in unrealized foreign currency hedge and interest rate swaps, net of tax expense or benefit | 916,000 | (495,000) | 916,000 | (495,000) | ||||||
Purchase of treasury stock | (98,000) | (98,000) | ||||||||
Restricted stock vested | 1,000 | $ 1,000 | ||||||||
Share-based compensation | 1,564,000 | 1,564,000 | ||||||||
Ending Balance at Dec. 31, 2019 | 84,426,000 | $ 79,000 | 34,772,000 | 1,370,000 | (28,501,000) | 76,706,000 | ||||
Common Stock Outstanding, Shares | ||||||||||
Purchase of treasury stock, Shares | (4,574) | |||||||||
Restricted stock issued, Shares | 107,145 | |||||||||
Ending Balance, Shares at Dec. 31, 2020 | 7,980,516 | |||||||||
Common Stock Outstanding, Shares | ||||||||||
Net income (loss) | 8,165,000 | 8,165,000 | ||||||||
Change in post retirement benefits, net of tax benefit | (186,000) | (186,000) | ||||||||
Change in unrealized foreign currency hedge and interest rate swaps, net of tax expense or benefit | $ (354,000) | $ 545,000 | $ (354,000) | $ 545,000 | ||||||
Purchase of treasury stock | (20,000) | (20,000) | ||||||||
Restricted stock vested | 1,000 | $ 1,000 | ||||||||
Share-based compensation | 1,355,000 | 1,355,000 | ||||||||
Ending Balance at Dec. 31, 2020 | $ 93,932,000 | $ 80,000 | $ 36,127,000 | $ 1,375,000 | $ (28,521,000) | $ 84,871,000 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax benefit (expense), Post retirement benefits | $ (27,000) | $ (313,000) | $ (123,000) |
Income tax benefit (expense), hedging activities | (62,000) | (140,000) | |
Foreign currency hedging derivatives | |||
Income tax benefit (expense), hedging activities | 98,000 | (286,000) | 87,000 |
Interest Rate Swaps | |||
Income tax benefit (expense), hedging activities | $ (160,000) | $ 146,000 | $ 15,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Cash Flows | |||
Net income (loss) | $ 8,165,000 | $ (15,223,000) | $ (4,782,000) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 11,662,000 | 10,376,000 | 9,384,000 |
Deferred income taxes | 1,097,000 | (873,000) | (1,739,000) |
Goodwill impairment | 0 | 4,100,000 | 2,403,000 |
Mark-to-market of interest rate swap | 0 | 67,000 | 159,000 |
Share-based compensation | 1,355,000 | 1,564,000 | 1,743,000 |
Loss on foreign currency | (237,000) | (33,000) | (5,000) |
Change in operating assets and liabilities, net of effects of acquisition: | |||
Accounts receivable | 4,840,000 | 13,044,000 | (17,945,000) |
Inventories | 3,322,000 | 4,083,000 | (5,783,000) |
Prepaid and other assets | (2,018,000) | 2,587,000 | (528,000) |
Accounts payable | (3,142,000) | (4,849,000) | 7,822,000 |
Accrued and other liabilities | 2,910,000 | 3,420,000 | 3,122,000 |
Post retirement benefits liability | (264,000) | (1,628,000) | (389,000) |
Net cash (used in) provided by operating activities | 28,164,000 | 16,701,000 | (6,528,000) |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (3,683,000) | (7,460,000) | (5,801,000) |
Purchase of assets of Horizon Plastics | 0 | 0 | (63,005,000) |
Net cash used in investing activities | (3,683,000) | (7,460,000) | (68,806,000) |
Cash flows from financing activities: | |||
Gross borrowings on revolving loans | 56,793,000 | 194,414,000 | 133,848,000 |
Gross repayment on revolving loans | (68,381,000) | (199,782,000) | (116,473,000) |
Proceeds from term loan | 30,165,000 | 0 | 45,000,000 |
Payment of principal of term loan | (38,725,000) | (3,375,000) | (10,125,000) |
Payment of deferred loan costs | (2,038,000) | (435,000) | (763,000) |
Payments related to the purchase of treasury stock | (20,000) | (98,000) | (250,000) |
Cash dividends paid | 0 | 0 | (792,000) |
Net cash (used in) provided by financing activities | (22,206,000) | (9,276,000) | 50,445,000 |
Net change in cash and cash equivalents | 2,275,000 | (35,000) | (24,889,000) |
Cash and cash equivalents at beginning of year | 1,856,000 | 1,891,000 | 26,780,000 |
Cash and cash equivalents at end of year | 4,131,000 | 1,856,000 | 1,891,000 |
Cash paid for: | |||
Interest (net of amounts capitalized) | 3,854,000 | 3,869,000 | 2,261,000 |
Income taxes | 570,000 | 1,284,000 | 1,033,000 |
Non Cash: | |||
Fixed asset purchases in accounts payable | $ 147,000 | $ 158,000 | $ 871,000 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Basis of Presentation | |
Basis of Presentation | 1. Basis of Presentation Core Molding one thermoplastic and thermoset two Core Traditional and program volume and compound("SMC"), bulk molding ("DCPD"), spray-up structural foam and including the medium and heavy-duty truck, marine, automotive, agriculture, |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation elimination of all intercompany accounts, transactions, and profits. Use of Estimates United States of America requires management to make estimates and assumptions that affect the reported amounts of liabilities, disclosures of period. healthcare and workers compensation, lived assets. , due to COVID-19 pandemic, as well as other factors. Revenue Recognition - The revenue. Product revenue is earned from the products. Revenue from customer and is sales when products are produced and the customer takes control Tooling revenue is earned from customer. Given that the Company is tooling program, produce a single product. Based on the arrangement with the customer, the Company recognizes revenue either at a point in time or over time. When the point in time. In such cases, title to the tools. Certain tooling programs based on the extent of progress for such consideration to which the Under the cost-to-cost measure of progress, progress towards completion is measured based on the ratio of costs incurred to date to the incurred. Cash and Cash Equivalents The Company considers all highly liquid investments months or $ 4,131,000 1,856,000 31, 2019. Accounts Receivable Allowances - Management maintains allowances for doubtful accounts for estimated losses resulting from the inability deteriorate, resulting in an impairment has determined that 41,000 31, 2020 and 50,000 2019. adjustments. Should additional allowances may be required. The Company had an allowance for estimated chargebacks of $ 179,000 2020 and $ 476,000 31, 2019. Inventories - Inventories, which realizable value. method of Inventory quantities recorded based inventory of $ 546,000 898,000 31, 2019. Contract Assets/Liabilities - Contract assets and liabilities represent the net cumulative customer billings, vendor payments and revenue recognized customer billings, the recognized and vendor payments, the Company recognizes a contract liability. Customer payment range from progress payments are generally classified as current. During the years ended December 31, 2020 and December 31, 2019, the Company recognized no impairments $ 6,828,000 1,240,000 31, 2019, related to jobs outstanding as of December 31, 2019 Property, Plant, and Equipment line method determine if adjustment to the depreciation period or Ranges of estimated useful lives for computing depreciation are Land improvements 20 Buildings and improvements 20 40 Machinery and equipment 3 15 Tools, dies and patterns 3 5 Long-Lived Assets - Long-lived recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the undiscounted expected future cash flows from operations before interest. no assets for the years ended December 31, 2020, Goodwill - The purchase consideration of acquired businesses have been allocated to the assets and liabilities the estimated fair values fair value of ASC Topic 350, Intangibles - Goodwill FASB ASC Topic these assets be reviewed for impairment 16, 2018 and the status of its integration, the Company established two reporting The annual impairment to bypass the qualitative The Company may resume the qualitative assessment for any Under a qualitative and quantitative likely-than-not that a considers relevant circumstances could performance, reporting unit circumstances that most affect the Company's reaching its conclusion about whether to perform step one of the impairment test. If the Company elects to bypass the qualitative assessment for any value of a reporting unit exceeds its fair value, the Company proceeds The company performed a the Company’s goodwill. Due to the Company's financial performance and depressed stock price, of its reporting units at 30, 2019. During 2019, the unit caused by selling price decreases that the Company of the quantitative analysis, which resulted in a $ 4,100,000 at September 30, 2019 representing 19 % of the goodwill related to the Horizon 31, 2019, additional goodwill impairment related to the Horizon Plastics The Company’s annual impairment assessment at December 31, 2018 consisted of It concluded that the carrying value of Core charge of $ 2,403,000 , representing all the goodwill related to the Core Traditional reporting unit. The analysis of the Company’s other reporting unit, projections at that time, as the excess of the estimated fair 23 % of the book value of its net assets. Income Taxes - The Company records tax basis of assets and liabilities. A detailed breakout is located in Note 11 - Income Taxes . Self-Insurance - The Company is self Minnesota and compensation claims, all of which are subject to stop vision with respect to its dental and vision claims incurred but 31, 2020 and December 31, 2019 of $ 933,000 1,203,000 , respectively. Post Retirement - Management sponsored by reserves, additional provisions have an adverse Note 12 - Retirement Benefits . computed estimates of $ 9,109,000 31, 2020 and $ 9,160,000 31, 2019. Fair Value of Financial Instruments - The Company's financial instruments consist of long-term debt, revolving loans, interest rate swaps, instruments approximated their fair value. Further detail is located Note 14 - Fair Value of Financial Instruments. Concentration Risks certain customers. Navistar, Volvo, PACCAR, BRP and UFP . of total sales 70 %, 70 % and 70 % of total sales Note 4 - Major ). receivable balances with 64 % and 56 % of accounts 31, 2020 respectively. reserves for potential bad debt losses, and such bad to all customers' manufacturing and 35 %, 34 % and 32 % of total sales for 2020, 2019 and 2018, respectively. As of December 31, 1,617 679 States operations, 722 216 1,617 employees, 518 International Association of Machinists 534 the Company Obreros, which 191 collective bargaining agreement 2021, and 73 Sindicato de C.T.M., which collective bargaining agreement. Earnings per - Basic common shares outstanding during the period. of the assumed exercise of dilutive stock options and vesting of restricted stock under the treasury stock method. The Company's restricted shares are any vesting requirement. The two-class method detailed computation of earnings per share is located in Note 3 - Net Income (Loss) per Common Share . Research and products, new Company does not maintain necessary, to Likewise, manpower to direct and advance research and development is integrated with the existing manufacturing, engineering, production, and quality organizations. $ 1,168,000 , $ 1,171,000 1,032,000 Foreign Currency Adjustments All foreign Income statement accounts are foreign currency financial statements into United States Dollars and are included in current and administrative expense. 214,000 , $ 229,000 88,000 respectively. COVID-19 COVID-19 was declared a Public Health 2020. The extent to which are highly rollout plan for the COVID-19 vaccine, and the effectiveness of a Recent Accounting Pronouncements Current expected credit loss (CECL) In June 2016, the 2016-13 , “Financial Instruments-Credit Losses,” most financial assets other instruments, entities will loss” model and generally will result in unrealized losses, recognized as an allowance. to Topic 326, Financial Instruments 19 has “Codification Improvements to Topic 326, Financial Instruments - Credit 825, Financial Instruments, 05, “Financial Instruments 2019, the FASB voted to delay the implementation date for certain companies, including those that qualify as a smaller reporting company under SEC 1, 2023, with this ASU on its effective 1, 2023. We do not expect the adoption of this ASU to have a material impact consolidated financial position, results of operations, cash flows, or Simplifying the Accounting for Income Taxes In December 2019, the FASB issued 2019-12 , Income Taxes – is intended to approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted January 1, 2020 no material impact on our consolidated financial statements. Adoption of this guidance requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. Facilitation of the Effects of Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04 , Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). rate(e.g., LIBOR) reform if certain criteria are met, for a limited period of time to ease the potential recognizing the March 12, 2020 December 31, 2022. determine whether to apply the optional guidance on an ongoing basis. |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Net Income (Loss) per Common Share | |
Net Income (Loss) per Common Share | 3. Net Income (Loss) per Common Share Net income (loss) per common share the period. Diluted net income (loss) per common dilutive stock options and restricted stock under the treasury stock The Company's restricted shares irrespective of Company is required to apply the two-class method to consider the impact of the restricted shares on the calculation of basic and diluted earnings per share. The computation of basic and diluted net income (loss) per common share December 31, 2020 2019 2018 Net income (loss) $ 8,165,000 $ (15,223,000) $ (4,782,000) Less: net income allocated to participating securities 424,000 — — Net income (loss) available to common shareholders $ 7,741,000 $ (15,223,000) $ (4,782,000) Weighted average common 7,936,000 7,830,000 7,750,000 Effect of dilutive securities 3,000 — — Weighted average common 7,939,000 7,830,000 7,750,000 Basic net income (loss) per common share $ 0.98 $ (1.94) $ (0.62) Diluted net income (loss) per common share $ 0.98 $ (1.94) $ (0.62) The computation of basic and diluted net income per participating shares December 31, 2020 2019 2018 Net income allocated to participating securities $ 424,000 — — Weighted average participating 434,000 300,000 216,000 Effect of dilutive securities — — — Weighted average participating 434,000 300,000 216,000 Basic net income per participating share $ 0.98 $ — $ — Diluted net income per participating share $ 0.98 $ — $ — |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2020 | |
Major Customers | |
Major Customers | 4. Major Customers The Company had five major customers during the year ended December 31, Products, Inc. Major customers are annual or interim reporting material adverse effect on the business of the Company. The following table presents sales revenue for the above-mentioned customers 31: 2020 2019 2018 Navistar product sales $ 33,656,000 $ 54,798,000 $ 52,347,000 Navistar tooling sales 6,569,000 2,084,000 2,806,000 Total Navistar sales 40,225,000 56,882,000 55,153,000 UFP product sales 38,530,000 25,395,000 27,906,000 UFP tooling sales — — 240,000 Total UFP sales 38,530,000 25,395,000 28,146,000 PACCAR product 27,997,000 44,543,000 38,027,000 PACCAR tooling 507,000 1,525,000 6,425,000 Total PACCAR 28,504,000 46,068,000 44,452,000 Volvo 23,538,000 48,487,000 46,063,000 Volvo 2,186,000 262,000 97,000 Total Volvo 25,724,000 48,749,000 46,160,000 BRP product sales 20,269,000 16,774,000 13,629,000 BRP tooling sales 1,662,000 4,208,000 2,169,000 Total BRP sales 21,931,000 20,982,000 15,798,000 Other product sales 66,590,000 78,990,000 78,245,000 Other tooling sales 852,000 7,224,000 1,531,000 Total other sales 67,442,000 86,214,000 79,776,000 Total product sales 210,580,000 268,987,000 256,217,000 Total tooling sales 11,776,000 15,303,000 13,268,000 Total sales $ 222,356,000 $ 284,290,000 $ 269,485,000 |
Foreign Operations
Foreign Operations | 12 Months Ended |
Dec. 31, 2020 | |
Foreign Operations | |
Foreign Operations | 5. Foreign Operations Primarily all of the Company's product is sold to U.S. based customers in related to sales by country, based on the ship to location of customers' production 31: 2020 2019 2018 United States $ 136,424,000 $ 178,953,000 $ 181,207,000 Mexico 64,942,000 79,761,000 74,029,000 Canada 16,827,000 16,988,000 12,494,000 Other 4,163,000 8,588,000 1,755,000 Total $ 222,356,000 $ 284,290,000 $ 269,485,000 The following table provides information related to the location of property, 31: 2020 2019 United States $ 36,698,000 $ 39,132,000 Mexico 29,537,000 31,865,000 Canada 7,817,000 8,209,000 Total $ 74,052,000 $ 79,206,000 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant, and Equipment | |
Property, Plant, and Equipment | 6. Property, Plant, and Equipment Property, plant, and equipment consisted of the following at December 31: 2020 2019 Land and land improvements $ 6,009,000 $ 6,009,000 Buildings 43,545,000 43,375,000 Machinery and equipment 121,382,000 118,366,000 Tools, dies, and patterns 2,195,000 1,516,000 Additions in progress 1,422,000 1,615,000 Total 174,553,000 170,881,000 Less accumulated depreciation (100,501,000) (91,675,000) Property, plant and equipment, $ 74,052,000 $ 79,206,000 Additions in progress 31, 2020 and yet completed and placed in service at year end. 31, 2020, commitments for capital expenditures in progress were $ 677,000 145,000 31, 2019, commitments capital expenditures 336,000 , and 158,000 Depreciation expense 8,659,000 , $ 8,187,000 7,361,000 31, 2020, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Leases | 7. Leases The Company has operating leases have one year s to four years , some for five years . Operating leases are included Other accrued liabilities Other non-current liabilities lease liabilities represent the obligation to make lease payments arising The Company used the applicable incremental The incremental borrowing rate used by commensurate with Company will utilize ROU assets and lease liabilities. The following table provides information related to the components of 2020 2019 Operating lease cost $ 1,430,000 $ 1,430,000 Total net lease cost $ 1,430,000 $ 1,430,000 The following table provides 31: 2020 2019 Operating lease: Operating lease right of use assets $ 2,754,000 $ 4,484,000 Total operating lease right of $ 2,754,000 $ 4,484,000 Current operating lease liabilities (A) $ 1,023,000 $ 1,304,000 Noncurrent operating lease liabilities (B) 1,670,000 3,119,000 Total operating lease liabilities $ 2,693,000 $ 4,423,000 Current operating lease liability included in "Other Current Accrued Liabilities" on the Consolidated . Noncurrent operating lease liability included in "Other Non Weighted average remaining Operating leases 3.5 4.0 Weighted average discount Operating lease 5.9 % 4.9 % Other information related to leases as of December 31: 2020 2019 Cash Paid for amounts included in the measurement of Operating cash flow from operating leases (C) $ 1,455,000 $ 1,455,000 Cash flow from operating lease included in "Prepaid and other assets" As of December 31, 2020, maturities of lease liabilities were as follows: Operating Leases 2021 $ 1,215,000 2022 811,000 2023 706,000 2024 705,000 2025 — Total lease payments 3,437,000 Less: imputed interest (744,000) Total lease obligations 2,693,000 Less: current obligations (1,023,000) Long-term lease obligations $ 1,670,000 As of December 31, 2019, maturities of lease liabilities were as follows: Operating Leases 2020 $ 1,433,000 2021 1,174,000 2022 1,102,000 2023 1,000,000 2024 530,000 Total lease payments 5,239,000 Less: imputed interest (816,000) Total lease obligations 4,423,000 Less: current obligations (1,304,000) Long-term lease obligation $ 3,119,000 |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangibles | |
Goodwill and Intangibles | 8. Goodwill and Intangibles Goodwill activity for the year ended December 31, 2020 and December 31, 2019 consisted of the following: 2020 2019 Balance at beginning of year $ 17,376,000 $ 21,476,000 Additions — — Impairment — (4,100,000) Balance at end of year $ 17,376,000 $ 17,376,000 Intangible assets at December 31, 2020 were comprised of the following: Definite-lived Intangible Assets Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade Name 25 Years $ 250,000 $ (58,000) $ 192,000 Trademarks 10 Years 1,610,000 (476,000) 1,134,000 Non-competition Agreement 5 Years 1,810,000 (1,071,000) 739,000 Developed Technology 7 Years 4,420,000 (1,869,000) 2,551,000 Customer Relationships 10 - 12 9,330,000 (2,430,000) 6,900,000 Total $ 17,420,000 $ (5,904,000) $ 11,516,000 Intangible assets at December 31, 2019 were comprised of the following: Definite-lived Intangible Assets Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade Name 25 Years $ 250,000 $ (48,000) $ 202,000 Trademarks 10 Years 1,610,000 (315,000) 1,295,000 Non-competition Agreement 5 Years 1,810,000 (709,000) 1,101,000 Developed Technology 7 Years 4,420,000 (1,237,000) 3,183,000 Customer Relationships 10 - 12 9,330,000 (1,647,000) 7,683,000 Total $ 17,420,000 $ (3,956,000) $ 13,464,000 The Company incurred 1,948,000 , $ 1,949,000 1,869,000 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, future intangible amortization was follows: Amortization Expense 2021 $ 1,949,000 2022 1,949,000 2023 1,602,000 2024 1,587,000 2025 951,000 2026 and thereafter 3,478,000 Total intangibles as of December $ 11,516,000 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt | |
Debt | 9. Debt Long-term debt consists of the following at: December 31, 2020 December 31, 2019 Wells Fargo $ 16,390,000 $ — FGI term loans payable 13,148,000 — Leaf Capital term loan payable 152,000 — KeyBank term loans payable — 38,250,000 KeyBank revolving loan — 12,008,000 Total 29,690,000 50,258,000 Less: deferred loan costs (1,957,000) (807,000) Less: current portion (2,535,000) (49,451,000) Long-term debt $ 25,198,000 $ — Term Loans Wells Fargo Term Loans On October 27, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, lead arranger and book runner, and the lenders party thereto (the “Lenders”). Pursuant to the terms of the Credit Agreement, the Lenders made available to the Company secured term loans (the “WF Term Loans”) in the maximum aggregate principal amount of $18,500,000 ($16,790,000 of which was advanced to the Company on October 28, 2020). KeyBank National Association, and to pay certain fees and expenses associated with the financing. At the option of the Company, the WF Term Loans bears interest at a per annum rate equal to LIBOR plus a margin of 300 basis points or base rate plus a margin of 200 basis points. LIBOR rate means the greater of (a) 0.75% per annum and (b) the per annum published LIBOR rate for interest periods of one, three or six months as chosen by the Company. Base rate is the greater of (a) 1.0% per annum, (b) the Federal Funds Rate plus 0.5%, (c) LIBOR Rate plus 100 basis or (d) prime rate. The weighted average interest rate was 3.77% as of December 31, 2020. The WF Term Loans are to be repaid in monthly installments of $200,000 plus interest, with the remaining outstanding balance due on November 30, 2024, subject to certain optional and mandatory repayment terms. The Company’s obligations under the WF Term Loans are unconditionally guaranteed by each of the Company’s U.S. and Canadian subsidiaries, with such obligations of the Company and such subsidiaries being secured by a lien on substantially all of their U.S. and Canadian assets. The WF Term Loans contains reporting, indebtedness, and financial covenants. The Company is in compliance with its covenants as of December 31, 2020. Voluntary prepayments of amounts outstanding under the WF Term Loans are permitted at any time without premium or penalty. To the extent applicable, LIBOR breakage fees may be charged in connection with any prepayment. FGI Equipment Finance LLC Term Loan On October 20, 2020, the Company entered into a Master Security Agreement and a Promissory Note, among FGI Equipment Finance LLC, (“FGI”) the Company as debtor, and each of Core Composites Corporation, a subsidiary of the Company organized in Delaware, and CC HPM, S. de R.L. de C.V., a subsidiary of the Company organized in Mexico, as guarantors, a term loan in the principal amount of $13,200,000 (the “FGI Term Loan”). 12,000,000 which proceeds were used to pay off the Company’s existing to pay certain 1,200,000 deposit to be held Interest on the FGI Term Loan is a fixed rate of 8.25% and is payable monthly. that the security deposit of $ 1,200,000 Following the advance of funds by FGI, the FGI Term Loans are to be repaid in monthly principal and interest installments of $117,000 for the first 12 months, $246,000 for the subsequent 59 months and $1,446,000 due on October 31, 2026, subject to certain optional and mandatory repayment terms. by certain machinery and equipment of the guarantors located in Mexico, and real property of Core composites de Mexico, S. de R.L. de C.V., also a subsidiary of the Company organized in Mexico, The Company may prepay in full or in part (but not less than the amount equal to 20% of the original principal amount of the loan) outstanding amounts before they are due on any scheduled Payment Date upon at least thirty (30) days’ prior written notice. The Company will pay a “Prepayment Fee” in an amount equal to an additional sum equal to the following percentage of the principal amount to be prepaid for prepayments occurring in the indicated period: four percent (4.0%) (for prepayments occurring prior to the first anniversary of the Loan); three percent (3.0%) (for prepayments occurring on and thereafter and prior to the second anniversary of the Loan); two percent (2.0%) (for prepayments occurring on and thereafter and prior to the third anniversary of the Loan ); and one percent (1.0%) (for prepayments occurring any time thereafter). Leaf Capital Funding On April 24, 2020 the Company entered into a finance agreement with Leaf Capital Funding of $175,000 for equipment. The parties agreed to a fixed interest rate of 5.5% and a term of 60 months. $ 152,000 120,000 Revolving Loans Wells Fargo Revolving Loan On October 27, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, lead arranger and book runner, and the lenders party thereto (the “Lenders”). Pursuant to the terms of the Credit Agreement, the Lenders made available to the Company a revolving loan commitment (the “WF Revolving Loan”) of $25,000,000 ($8,745,000 of which was advanced to the Company on October 28, 2020). Revolving Loan were used to pay off the Company’s existing outstanding indebtedness with KeyBank National Association, and to pay certain fees and expenses associated with the financing. The Credit Agreement also makes available to the Company an incremental revolving commitment in the maximum amount of $10,000,000 at the Company’s option at any time during the three (3) year period following the closing. The borrowing availability under the line of credit is the lesser of (a) the loan commitment of $25,000,000 or (b) the sum of 90% of eligible investment grade accounts receivable, 85% of non-investment grade eligible accounts receivable and 65% of eligible inventory. At the option of the Company, the WF Revolving Loan bears interest at a per annum rate equal to LIBOR plus a margin of 200 to 250 basis points or base rate plus a margin of 100 to 150 basis points, with the margin rate being based on the excess availability amount under the line of credit. LIBOR rate means the greater of (a) 0.75% per annum and (b) the per annum published LIBOR rate for interest periods of one, three or six months as chosen by the Company. Base rate is the greater of (a) 1.0% per annum, (b) the Federal Funds Rate plus 0.5%, (c) LIBOR Rate plus 100 basis and (d) prime rate. The weighted average interest rate was 4.75% as of December 31, 2020. The WF Revolving Loan commitment terminates, and all outstanding borrowings thereunder must be repaid, by November 30, 2024. 19,223,000 of available $ 420,000 is outstanding of December 31, 2020. The WF Revolving Loan contains the same covenants as the WF Term Loans. Wells Fargo Bank will issue up to $ 2,000,000 Company’s request. As of December 31, 2020, the Company 160,000 . In conjunction with the October debt refinancing, the Company incurred 1,730,000 Fargo financing, addition, the Company incurred 308,000 the life of December 31, 2020 totaled $ 1,957,000 . Annual maturities of long-term debt are as follows: 2021 $ 3,019,000 2022 4,428,000 2023 4,601,000 2024 11,585,000 2025 and thereafter 6,057,000 Total $ 29,690,000 KeyBank Loan On December 31, 2019, the 38,250,000 12,008,000 National Association, respectively. The Company’s term loan and revolving loan had variable interest rates of 6.30 % and 6.04 %, respectively at December and on extending beyond a year, the Company’s remaining long-term debt balance was classified as a current liability in the Company’s consolidated balance sheet as of December 31, 2019. Interest Rate Swaps The Company two 18, 2018, one designated as a cash flow 25,000,000 10,000,000 subsidiary. Under these agreements, the 2.49 % to the counterparty and 30 day LIBOR for both cash flow KeyBank credit agreement , the interest rate swaps, which 1,253,000 . These results were categorized interest expense and operating activities in the Statement value of the interest rate swaps was $0 at December 31, 2020 compared to a liability of $ 706,000 Bank Covenants The Company is charge ratio. calculations as of December 31, 2020: Financial Covenants Actual Covenants as of December 31, 2020 Fixed Charge Coverage Ratio Minimum 1.10 2.6 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stock Based Compensation | |
Stock Based Compensation | 10. The Company has a Long-Term Equity Incentive Plan (the “2006 Plan”), as approved by the Company’s stockholders in May 2006. The 2006 Plan allows for grants to directors and employees of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, performance shares, performance units and other incentive awards (“Stock Awards”) up to an aggregate of 3,000,000 awards, each representing a right to buy a share of Core Molding Technologies common stock. Stock Awards can be granted under the 2006 Plan through the earlier of December 31, 2025, or the date the maximum number of available awards under the 2006 Plan have been granted. 514,823 . Restricted stock granted under the 2006 Plan vest over three years or upon the date of the participants' sixty-fifth birthday, death, disability or change in control. Core Molding Technologies follows payment transactions be fair value of the award, and is of the equity award). Restricted Stock The Company grants shares of (“Restricted Stock”). These of issuance and amortized ratably as compensation expense over The following summarizes the status of Restricted Stock and changes duri 31: 2020 2019 2018 Number of Shares Wtd. Avg. Grant Date Fair Value Number of Shares Wtd. Avg. Grant Date Fair Value Number of Shares Wtd. Avg. Grant Date Fair Value Unvested - beginning of year 343,919 $ 9.37 349,885 $ 10.62 141,095 $ 16.79 Granted 292,886 4.70 135,268 7.65 315,429 11.32 Vested (107,145) 10.21 (117,828) 13.81 (82,067) 16.57 Forfeited (21,825) 9.86 (23,406) 15.02 (24,572) 16.91 Unvested - end of year 507,835 $ 6.35 343,919 $ 9.37 349,885 $ 10.62 At December 31, 2020 and 2019, 1,614,000 1,923,000 , respectively, of related to restricted stock granted of 1.9 31, 2020, was $ 1,254,000 , $ 1,369,000 , and $ 1,774,000 , respectively, and is recorded as selling, general and administrative expense. Tax deficiencies in connection with payment of taxes upon the years ended December 31, 2020, 2019 and 2018 were a tax deficiency of $ 97,000 , $ 98,000 , and $ 110,000 , respectively. During 2020, 2019 and 4,574 , 16,047 17,180 stock to satisfy income tax withholding obligations in connection with Stock Appreciation Rights As part of the Company's 2019 annual grant, Stock Appreciation Rights (SARs) were granted with a grant price of $10. These awards have a contractual term of five years and vest ratably over a period of three years or immediately vest if the recipient is over 65 years of age. These awards are valued using the Black-Scholes option pricing model. A summary of the Company's stock appreciation rights activity for the years ended December 31, 2020 and 2019 is as follows: 2020 2019 Number of Shares Wtd. Avg. Grant Date Fair Value Number of Shares Wtd. Avg. Grant Date Fair Value Outstanding - beginning of year 222,112 $ 2.57 — $ — Granted — — 226,021 2.57 Vested — — — — Forfeited (41,187) 2.57 (3,909) 2.57 Outstanding - end of year 180,925 $ 2.57 222,112 $ 2.57 Exercisable - end of year 73,888 $ 2.57 29,028 $ 2.57 The average 31, 2020 3.3 114,000 intrinsic value. At 31, 2020 and 2019, there was $ 179,000 386,000 , respectively, of total unrecognized compensation expense, net of average period of 1.3 Total compensation cost related to SARs for the 31, 2020 and 2019 was $ 101,000 185,000 , respectively, all of which was recorded to selling, general and |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Income Taxes | 11. Income Taxes Components of the provision for income taxes are as follows: 2020 2019 2018 Current: Federal $ (8,378,000) $ — $ 11,000 Foreign 2,660,000 685,000 1,023,000 State and local 5,000 20,000 14,000 (5,713,000) 705,000 1,048,000 Deferred: Federal 955,000 738,000 (1,355,000) Foreign 1,098,000 (1,824,000) (289,000) State and local 42,000 26,000 (68,000) 2,095,000 (1,060,000) (1,712,000) Provision (benefit) for income taxes $ (3,618,000) $ (355,000) $ (664,000) A reconciliation of for the years ended December 31 is as follows: 2020 2019 2018 Provision at United States federal statutory rate $ 954,000 $ (3,274,000) $ (1,145,000) Valuation (2,074,000) 3,267,000 — Net operating loss carryback at 34 % tax rate (3,205,000) — — Effect of foreign taxes 790,000 (209,000) 213,000 Adoption of ASC 606 — — 236,000 State and local tax expense (372,000) (102,000) (54,000) Other 289,000 (37,000) 86,000 Provision (benefit) for income taxes $ (3,618,000) $ (355,000) $ (664,000) The Company evaluates the likely than not to realize deferred tax benefits through the generation of future taxable income. Management makes assumptions, judgments, and estimates to determine our current and Company evaluates required based on the consideration of all available evidence. As of December 31, 2020 the Company had a net deferred tax asset of $ 53,000 876,000 positions in the 460,000 469,000 positions in Mexico. The deferred During 2020, the Company recorded 1,193,000 portion of uncertainty related associated with the Canadian and Mexican tax jurisdictions are more-likely-than-not to be realizable based on estimates taxable income. Deferred tax assets consist of the following at December 31: 2020 2019 Net operating loss carryforwards $ 535,000 $ 4,928,000 Interest limitation carryforwards 1,033,000 686,000 Accrued liabilities 391,000 477,000 Accounts receivable 40,000 108,000 Inventory 322,000 587,000 Property, plant, and equipment (5,509,000) (5,580,000) Post retirement benefits 2,068,000 2,090,000 Goodwill and finite-lived assets, net 2,210,000 1,973,000 Other, net 156,000 24,000 Total deferred 1,246,000 5,293,000 Valuation (1,193,000) (3,267,000) Total deferred $ 53,000 $ 2,026,000 At December 31, 2020, the $ 25,990,000 4,697,000 . Both carryforwards do not expire. At December 31, 2020, the Company had no jurisdictions. At December 31, 2020 no uncertainties. The Company does months. The Company Company is not subject not subject to income tax examinations by Canadian authorities for the years |
Post Retirement Benefits
Post Retirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Post Retirement Benefits | |
Post Retirement Benefits | 12. The Company provides post retirement to a multi-employer defined benefit pension plan, health care and life insurance benefits , and contributions retirement contribution plans. The Company contributes multi-employer defined benefit pension plan International Association of Machinists and Aerospace Workers Columbus, Ohio production facility . does not agreement. aspects: • Assets contributed to the multi-employer participating employers. • If a participating remaining participating employers. • If the Company chooses to stop an amount based on the underfunded status of the plan, referred The Company’s December 31, 2020 2019 is outlined December 31, 2020 . The zone status is based actuary. Among other factors, less than 65% funded , plans in 80% funded, and plans whether a financial improvement plan ("FIP") or a rehabilitation Expiration FIP/RP Date of Pension Protection Status Contributions of the Collective EIN/Pension Act Zone Status Pending/ Company Surcharge Bargaining Pension Fund Plan Number 2020 2019 Implemented 2020 2019 Imposed Agreement IAM National Pension Fund / National Pension Plan (A) 51-6031295 002 as of 12/31/19 as of 12/31/18 Implemented $ 676,000 $ 971,000 Yes 8/7/2022 Total Contributions: $ 676,000 $ 971,000 The plan re-certified its zone status after using the amortization provisions of the Code. the plan did not annual report 31, 2019. Under the terms of the collective-bargaining agreement, the Company is required to make contributions to the plan for each hour worked up to a maximum of 40 hours per person, per week at $1.55 per hour from August 10, 2019 through August 6, 2022. The Company is paying a surcharge of $2.40. Prior to participate, in Navistar's post retirement health and life insurance benefit plan . healthcare and life insurance benefits between the Company, Navistar and the participants, in the form of premiums, co-payments, and Navistar share the cost of benefits for of time that service prior to the acquisition of Columbus Plastics. The Company also Columbus, Ohio production facility . In August 2010, as part of a new collective-bargaining agreement, the post retirement health and life insurance benefits for all current and future represented employees who were not retired were eliminated in exchange for a one- time cash payment. Individuals who retired prior to August 2010 remain eligible for post retirement health and life insurance benefits. The elimination of post retirement benefits 10,282,000 treated as a negative plan years, the actuarial amendment resulted in net periodic benefit cost reductions of approximately $ 496,000 net periodic benefit cost reductions of approximately $ 496,000 The funded status 31, 2020 and and reconciliation with the amounts recognized in the consolidated Post Retirement Benefits 2020 2019 Change in benefit obligation: Benefit obligation at January 1 $ 9,160,000 $ 8,076,000 Interest cost 237,000 285,000 Unrecognized loss (gain) (102,000) 1,099,000 Benefits paid, net (186,000) (300,000) Benefit obligation at December 31 $ 9,109,000 $ 9,160,000 Plan Assets — — Amounts recorded in accumulated other comprehensive Prior service credit $ (5,114,000) $ (5,610,000) Net loss 3,351,000 3,634,000 Total $ (1,763,000) $ (1,976,000) Weighted-average Discount rate used to determine benefit obligation and net periodic 2.0 % 2.9 % The components of expense for all of the Company's post retirement 31: 2020 2019 2018 Pension expense: Multi-employer plan $ 676,000 $ 971,000 $ 760,000 Defined contribution plans 1,173,000 1,258,000 1,059,000 Total pension expense 1,849,000 2,229,000 1,819,000 Health and life insurance: Interest cost 235,000 285,000 277,000 Amortization of prior service costs (496,000) (496,000) (496,000) Amortization of net loss 181,000 117,000 171,000 Net periodic benefit cost (80,000) (94,000) (48,000) Total $ 1,769,000 $ 2,135,000 $ 1,771,000 The Company accounts for post retirement benefits under FASB ASC 715, which a defined benefit pension or post retirement plan in 31, 2020, the Company recognized 102,000 payments, expenses and balance sheet accruals resulting 1,047,000 , offset by an actuarial loss of $ 945,000 . For the year ended December 31, 2019, the Company 1,099,000 , which is comprised loss of 1,956,000 , offset resulting in a gain 857,000 . The net actuarial were recorded in accumulated other comprehensive income . Amounts 31, 2020 and $ 1,763,000 1,976,000 , respectively. components of 496,000 $ 173,000 . 161,000 , for a retirement healthcare net gain of approximately 162,000 with estimated future benefit payments as shown in the table below. The weighted average rate 5.1 %. projected to decrease gradually to medical pre age 65 of 5.0 %, medical post age 65 of 4.25 % and drugs – all ages of 5.0 % by the year 2027 6.0 % and 5.0 %, respectively. The effect of changing the health care cost trend rate by one 1- Percentage Point Increase 1-Percentage Point Decrease Effect on total of service and interest cost components $ 34,000 $ (29,000) Effect on post retirement benefit obligation $ 1,081,000 $ (924,000) The estimated future benefit payments of the health care plan for the next Postretirement Health Care Benefits Plan 2021 $ 1,286,000 2022 459,000 2023 500,000 2024 473,000 2025 471,000 2026 - 2030 2,265,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 13. From time to presently not involved in any legal proceedings on the Company's consolidated financial position or results of operations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | 14. Fair Value of Financial Instruments Fair value is market participants methodologies as categorization of assets and liabilities into three Level 1 provides the most reliable measure of fair value, whereas The three levels are defined as follows: Level 1 - Quoted prices in active markets for identical assets and liabilities. Level 2 - Quoted prices for similar markets that active markets. Level 3 - Significant unobservable the asset or liability. The Company’s financial instruments historically consisted of debt, interest rate swaps and foreign carrying values as of December 31, 2020 and December financial instruments. approximate fair approximate fair value into the approximate fair value as of December 31, 2019 due to the short-term nature of the underlying variable rate LIBOR The Company had foreign currency derivatives. Derivative and hedging activities Foreign currency derivatives The Company conducts business in foreign countries and pays certain exposed to foreign currency operating income and cash flows. To mitigate risk associated with foreign currency exchange, the Company entered into forward contracts to exchange reign currency cash flows. At at fair value each reporting period. Derivatives are formally transactions are highly effective in offsetting changes in cash flows to be discontinued, and reported in accumulated contracts were denominated in the foreign currency. As of December 31, 2020, the Company had no outstanding Interest Rate Swaps The Company of $ 35,000,000 thereby reducing exposure to interest 2.49 % to the counterparty and receives 30 for both cash flow hedges and are Note 9 – Debt , for additional information. Financial statements impacts The following tables detail amounts related to our derivatives designated 31, 2019: Fair Values Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange contracts Prepaid expense other current assets $ 452,000 Accrued liabilities other $ — Notional contract values $ 15,358,000 $ — Interest rate swaps Other non-current assets $ — Other non-current liabilities $ 706,000 Notional swap values $ — $ 29,750,000 As of December 31, 2019, the with exchange rates ranging from 19.53 20.58 1.32 , respectively. The following tables Income (AOCI) for the years ended December 31, 2020, 2019 and 2018: Derivatives in subtopic 815-20 Cash Flow Hedging Relationship Amount of Unrealized Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (A) Amount of Realized Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income 2020 2019 2018 2020 2019 2018 Foreign exchange contracts $ 142,000 $ 1,499,000 $ (385,000) Cost of goods sold $ 526,000 $ 272,000 $ 68,000 Selling, general and administrative expense $ 68,000 $ 25,000 $ — Interest rate swaps $ (915,000) $ (708,000) $ (223,000) Interest Expense $ (1,620,000) $ (67,000) $ (159,000) (A) The foreign currency derivative activity reclassified from cost of goods sold and selling, general and administrative expense based |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income | |
Accumulated Other Comprehensive Income | 15. Accumulated Other Comprehensive Income The following table presents December 31, 2020 and 2019: Hedging Derivative Activities Post Retirement Benefit Plan Items (A) Total 2019: Balance at January 1, 2019 $ (612,000) $ 2,729,000 $ 2,117,000 Other comprehensive income before reclassifications 791,000 (1,102,000) (311,000) Amounts reclassified from accumulated other comprehensive (230,000) (379,000) (609,000) Income tax (expense) benefit (140,000) 313,000 173,000 Balance at December 31, 2019 $ (191,000) $ 1,561,000 $ 1,370,000 2020: Balance at January 1, 2020 $ (191,000) $ 1,561,000 $ 1,370,000 Other comprehensive income before reclassifications (773,000) 102,000 (671,000) Amounts reclassified from accumulated other comprehensive 1,026,000 (315,000) 711,000 Income tax (expense) benefit (62,000) 27,000 (35,000) Balance at December 31, 2020 $ — $ 1,375,000 $ 1,375,000 (A) other income Income components are included Note 12 - Post for additional details). The tax Income is included in income tax expense on the Consolidated |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Results of Operations (Unaudited) | |
Quarterly Results of Operations (Unaudited) | 16. The following is 31, 2020, 2019 2018. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total 2020: Product sales $ 61,930,000 35,847,000 54,240,000 58,563,000 210,580,000 Tooling sales 2,093,000 1,959,000 5,633,000 2,091,000 11,776,000 Net sales 64,023,000 37,806,000 59,873,000 60,654,000 222,356,000 Gross margin 10,766,000 2,903,000 10,838,000 9,967,000 34,474,000 Operating income (loss) 4,261,000 (1,206,000) 4,321,000 3,014,000 10,390,000 Net income (loss) 7,961,000 (2,272,000) 3,343,000 (867,000) 8,165,000 Net income (loss) per common share: Basic (1) $ 0.97 $ (0.29) $ 0.39 $ (0.10) $ 0.98 Diluted (1) $ 0.97 $ (0.29) $ 0.39 $ (0.10) $ 0.98 2019: Product sales $ 71,451,000 $ 75,440,000 $ 67,511,000 $ 54,585,000 $ 268,987,000 Tooling sales 815,000 5,807,000 7,144,000 1,537,000 15,303,000 Net sales 72,266,000 81,247,000 74,655,000 56,122,000 284,290,000 Gross margin 3,149,000 8,491,000 6,484,000 3,382,000 21,506,000 Operating income (loss) (4,017,000) 1,267,000 (4,657,000) (4,121,000) (11,528,000) Net income (loss) (3,845,000) 209,000 (6,125,000) (5,462,000) (15,223,000) Net income (loss) per common share: Basic (1) $ (0.49) $ 0.03 $ (0.78) $ (0.69) $ (1.94) Diluted (1) $ (0.49) $ 0.03 $ (0.78) $ (0.69) $ (1.94) 2018: Product sales $ 59,712,000 $ 65,225,000 $ 62,305,000 $ 68,975,000 $ 256,217,000 Tooling sales 3,334,000 3,376,000 2,371,000 4,187,000 13,268,000 Net sales 63,046,000 68,601,000 64,676,000 73,162,000 269,485,000 Gross margin 7,885,000 7,897,000 4,862,000 6,497,000 27,141,000 Operating income (loss) 1,125,000 1,418,000 (1,487,000) (4,156,000) (3,100,000) Net income (loss) 518,000 445,000 (1,803,000) (3,942,000) (4,782,000) Net income (loss) per common share: Basic (1) $ 0.07 $ 0.06 $ (0.23) $ (0.51) $ (0.62) Diluted (1) $ 0.07 $ 0.06 $ (0.23) $ (0.51) $ (0.62) (1) |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2020 | |
Schedule II | |
Schedule II | Core Molding Technologies, Inc. and Subsidiaries Schedule II Consolidated valuation and qualifying accounts and reserves 31, 2020, 2019 and 2018. Reserves deducted from asset to which it applies: Allowance for Doubtful Accounts Additions Balance at Beginning of Year (Recovered)/ Charged to Costs & Expenses Charged to Other Accounts Deductions (A) Balance at End of Year Year $ 50,000 $ 27,000 $ $ 36,000 $ 41,000 Year $ 25,000 $ 4,000 $ 36,000 $ 15,000 $ 50,000 Year $ — $ 25,000 $ — $ — $ 25,000 Customer Chargeback Allowance Additions Balance at Beginning of Year (Recovered)/ Charged to Costs & Expenses Charged to Other Accounts Deductions (B) Balance at End of Year Year $ 476,000 $ 291,000 $ — $ 588,000 $ 179,000 Year $ 2,344,000 $ 1,316,000 $ — $ 3,184,000 $ 476,000 Year $ 857,000 $ 2,639,000 $ — $ 1,152,000 $ 2,344,000 (A) (B) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation elimination of all intercompany accounts, transactions, and profits. |
Use of Estimates | Use of Estimates United States of America requires management to make estimates and assumptions that affect the reported amounts of liabilities, disclosures of period. healthcare and workers compensation, lived assets. , due to COVID-19 pandemic, as well as other factors. |
Revenue Recognition | Revenue Recognition - The revenue. Product revenue is earned from the products. Revenue from customer and is sales when products are produced and the customer takes control Tooling revenue is earned from customer. Given that the Company is tooling program, produce a single product. Based on the arrangement with the customer, the Company recognizes revenue either at a point in time or over time. When the point in time. In such cases, title to the tools. Certain tooling programs based on the extent of progress for such consideration to which the Under the cost-to-cost measure of progress, progress towards completion is measured based on the ratio of costs incurred to date to the incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments months or $ 4,131,000 1,856,000 31, 2019. |
Accounts Receivable Allowances | Accounts Receivable Allowances - Management maintains allowances for doubtful accounts for estimated losses resulting from the inability deteriorate, resulting in an impairment has determined that 41,000 31, 2020 and 50,000 2019. adjustments. Should additional allowances may be required. The Company had an allowance for estimated chargebacks of $ 179,000 2020 and $ 476,000 31, 2019. |
Inventories | Inventories - Inventories, which realizable value. method of Inventory quantities recorded based inventory of $ 546,000 898,000 31, 2019. |
Contract Assets/Liabilities | Contract Assets/Liabilities - Contract assets and liabilities represent the net cumulative customer billings, vendor payments and revenue recognized customer billings, the recognized and vendor payments, the Company recognizes a contract liability. Customer payment range from progress payments are generally classified as current. During the years ended December 31, 2020 and December 31, 2019, the Company recognized no impairments $ 6,828,000 1,240,000 31, 2019, related to jobs outstanding as of December 31, 2019 |
Property, Plant, and Equipment | Property, Plant, and Equipment line method determine if adjustment to the depreciation period or Ranges of estimated useful lives for computing depreciation are Land improvements 20 Buildings and improvements 20 40 Machinery and equipment 3 15 Tools, dies and patterns 3 5 |
Long-Lived Assets | Long-Lived Assets - Long-lived recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the undiscounted expected future cash flows from operations before interest. no assets for the years ended December 31, 2020, |
Goodwill | Goodwill - The purchase consideration of acquired businesses have been allocated to the assets and liabilities the estimated fair values fair value of ASC Topic 350, Intangibles - Goodwill FASB ASC Topic these assets be reviewed for impairment 16, 2018 and the status of its integration, the Company established two reporting The annual impairment to bypass the qualitative The Company may resume the qualitative assessment for any Under a qualitative and quantitative likely-than-not that a considers relevant circumstances could performance, reporting unit circumstances that most affect the Company's reaching its conclusion about whether to perform step one of the impairment test. If the Company elects to bypass the qualitative assessment for any value of a reporting unit exceeds its fair value, the Company proceeds The company performed a the Company’s goodwill. Due to the Company's financial performance and depressed stock price, of its reporting units at 30, 2019. During 2019, the unit caused by selling price decreases that the Company of the quantitative analysis, which resulted in a $ 4,100,000 at September 30, 2019 representing 19 % of the goodwill related to the Horizon 31, 2019, additional goodwill impairment related to the Horizon Plastics The Company’s annual impairment assessment at December 31, 2018 consisted of It concluded that the carrying value of Core charge of $ 2,403,000 , representing all the goodwill related to the Core Traditional reporting unit. The analysis of the Company’s other reporting unit, projections at that time, as the excess of the estimated fair 23 % of the book value of its net assets. |
Income Taxes | Income Taxes - The Company records tax basis of assets and liabilities. A detailed breakout is located in Note 11 - Income Taxes . |
Self-Insurance | Self-Insurance - The Company is self Minnesota and compensation claims, all of which are subject to stop vision with respect to its dental and vision claims incurred but 31, 2020 and December 31, 2019 of $ 933,000 1,203,000 , respectively. |
Post Retirement Benefits | Post Retirement - Management sponsored by reserves, additional provisions have an adverse Note 12 - Retirement Benefits . computed estimates of $ 9,109,000 31, 2020 and $ 9,160,000 31, 2019. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments - The Company's financial instruments consist of long-term debt, revolving loans, interest rate swaps, instruments approximated their fair value. Further detail is located Note 14 - Fair Value of Financial Instruments. |
Concentration Risks | Concentration Risks certain customers. Navistar, Volvo, PACCAR, BRP and UFP . of total sales 70 %, 70 % and 70 % of total sales Note 4 - Major ). receivable balances with 64 % and 56 % of accounts 31, 2020 respectively. reserves for potential bad debt losses, and such bad to all customers' manufacturing and 35 %, 34 % and 32 % of total sales for 2020, 2019 and 2018, respectively. As of December 31, 1,617 679 States operations, 722 216 1,617 employees, 518 International Association of Machinists 534 the Company Obreros, which 191 collective bargaining agreement 2021, and 73 Sindicato de C.T.M., which collective bargaining agreement. |
Earnings Per Common Share | Earnings per - Basic common shares outstanding during the period. of the assumed exercise of dilutive stock options and vesting of restricted stock under the treasury stock method. The Company's restricted shares are any vesting requirement. The two-class method detailed computation of earnings per share is located in Note 3 - Net Income (Loss) per Common Share . |
Research and Development | Research and products, new Company does not maintain necessary, to Likewise, manpower to direct and advance research and development is integrated with the existing manufacturing, engineering, production, and quality organizations. $ 1,168,000 , $ 1,171,000 1,032,000 |
Foreign Currency Adjustments | Foreign Currency Adjustments All foreign Income statement accounts are foreign currency financial statements into United States Dollars and are included in current and administrative expense. 214,000 , $ 229,000 88,000 respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Current expected credit loss (CECL) In June 2016, the 2016-13 , “Financial Instruments-Credit Losses,” most financial assets other instruments, entities will loss” model and generally will result in unrealized losses, recognized as an allowance. to Topic 326, Financial Instruments 19 has “Codification Improvements to Topic 326, Financial Instruments - Credit 825, Financial Instruments, 05, “Financial Instruments 2019, the FASB voted to delay the implementation date for certain companies, including those that qualify as a smaller reporting company under SEC 1, 2023, with this ASU on its effective 1, 2023. We do not expect the adoption of this ASU to have a material impact consolidated financial position, results of operations, cash flows, or Simplifying the Accounting for Income Taxes In December 2019, the FASB issued 2019-12 , Income Taxes – is intended to approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted January 1, 2020 no material impact on our consolidated financial statements. Adoption of this guidance requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. Facilitation of the Effects of Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04 , Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). rate(e.g., LIBOR) reform if certain criteria are met, for a limited period of time to ease the potential recognizing the March 12, 2020 December 31, 2022. determine whether to apply the optional guidance on an ongoing basis. |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Net Income (Loss) per Common Share | |
Computation of basic and diluted net income (loss) per common share | December 31, 2020 2019 2018 Net income (loss) $ 8,165,000 $ (15,223,000) $ (4,782,000) Less: net income allocated to participating securities 424,000 — — Net income (loss) available to common shareholders $ 7,741,000 $ (15,223,000) $ (4,782,000) Weighted average common 7,936,000 7,830,000 7,750,000 Effect of dilutive securities 3,000 — — Weighted average common 7,939,000 7,830,000 7,750,000 Basic net income (loss) per common share $ 0.98 $ (1.94) $ (0.62) Diluted net income (loss) per common share $ 0.98 $ (1.94) $ (0.62) December 31, 2020 2019 2018 Net income allocated to participating securities $ 424,000 — — Weighted average participating 434,000 300,000 216,000 Effect of dilutive securities — — — Weighted average participating 434,000 300,000 216,000 Basic net income per participating share $ 0.98 $ — $ — Diluted net income per participating share $ 0.98 $ — $ — |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Major Customers | |
Sales revenue for the above-mentioned customers | 2020 2019 2018 Navistar product sales $ 33,656,000 $ 54,798,000 $ 52,347,000 Navistar tooling sales 6,569,000 2,084,000 2,806,000 Total Navistar sales 40,225,000 56,882,000 55,153,000 UFP product sales 38,530,000 25,395,000 27,906,000 UFP tooling sales — — 240,000 Total UFP sales 38,530,000 25,395,000 28,146,000 PACCAR product 27,997,000 44,543,000 38,027,000 PACCAR tooling 507,000 1,525,000 6,425,000 Total PACCAR 28,504,000 46,068,000 44,452,000 Volvo 23,538,000 48,487,000 46,063,000 Volvo 2,186,000 262,000 97,000 Total Volvo 25,724,000 48,749,000 46,160,000 BRP product sales 20,269,000 16,774,000 13,629,000 BRP tooling sales 1,662,000 4,208,000 2,169,000 Total BRP sales 21,931,000 20,982,000 15,798,000 Other product sales 66,590,000 78,990,000 78,245,000 Other tooling sales 852,000 7,224,000 1,531,000 Total other sales 67,442,000 86,214,000 79,776,000 Total product sales 210,580,000 268,987,000 256,217,000 Total tooling sales 11,776,000 15,303,000 13,268,000 Total sales $ 222,356,000 $ 284,290,000 $ 269,485,000 |
Foreign Operations (Tables)
Foreign Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Foreign Operations | |
Sales by country, based on the ship to location of customers' production facilities | 2020 2019 2018 United States $ 136,424,000 $ 178,953,000 $ 181,207,000 Mexico 64,942,000 79,761,000 74,029,000 Canada 16,827,000 16,988,000 12,494,000 Other 4,163,000 8,588,000 1,755,000 Total $ 222,356,000 $ 284,290,000 $ 269,485,000 2020 2019 United States $ 36,698,000 $ 39,132,000 Mexico 29,537,000 31,865,000 Canada 7,817,000 8,209,000 Total $ 74,052,000 $ 79,206,000 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant, and Equipment | |
Property, Plant, and Equipment | 2020 2019 Land and land improvements $ 6,009,000 $ 6,009,000 Buildings 43,545,000 43,375,000 Machinery and equipment 121,382,000 118,366,000 Tools, dies, and patterns 2,195,000 1,516,000 Additions in progress 1,422,000 1,615,000 Total 174,553,000 170,881,000 Less accumulated depreciation (100,501,000) (91,675,000) Property, plant and equipment, $ 74,052,000 $ 79,206,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Lease expense | 2020 2019 Operating lease cost $ 1,430,000 $ 1,430,000 Total net lease cost $ 1,430,000 $ 1,430,000 |
Other supplemental balance sheet information related to leases | 2020 2019 Operating lease: Operating lease right of use assets $ 2,754,000 $ 4,484,000 Total operating lease right of $ 2,754,000 $ 4,484,000 Current operating lease liabilities (A) $ 1,023,000 $ 1,304,000 Noncurrent operating lease liabilities (B) 1,670,000 3,119,000 Total operating lease liabilities $ 2,693,000 $ 4,423,000 Current operating lease liability included in "Other Current Accrued Liabilities" on the Consolidated Noncurrent operating lease liability included in "Other Non Weighted average remaining Operating leases 3.5 4.0 Weighted average discount Operating lease 5.9 % 4.9 % |
Other information related to leases | 2020 2019 Cash Paid for amounts included in the measurement of Operating cash flow from operating leases (C) $ 1,455,000 $ 1,455,000 |
Maturities of lease liabilities | Operating Leases 2021 $ 1,215,000 2022 811,000 2023 706,000 2024 705,000 2025 — Total lease payments 3,437,000 Less: imputed interest (744,000) Total lease obligations 2,693,000 Less: current obligations (1,023,000) Long-term lease obligations $ 1,670,000 Operating Leases 2020 $ 1,433,000 2021 1,174,000 2022 1,102,000 2023 1,000,000 2024 530,000 Total lease payments 5,239,000 Less: imputed interest (816,000) Total lease obligations 4,423,000 Less: current obligations (1,304,000) Long-term lease obligation $ 3,119,000 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangibles | |
Goodwill activity | 2020 2019 Balance at beginning of year $ 17,376,000 $ 21,476,000 Additions — — Impairment — (4,100,000) Balance at end of year $ 17,376,000 $ 17,376,000 |
Intangible assets | Definite-lived Intangible Assets Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade Name 25 Years $ 250,000 $ (58,000) $ 192,000 Trademarks 10 Years 1,610,000 (476,000) 1,134,000 Non-competition Agreement 5 Years 1,810,000 (1,071,000) 739,000 Developed Technology 7 Years 4,420,000 (1,869,000) 2,551,000 Customer Relationships 10 - 12 9,330,000 (2,430,000) 6,900,000 Total $ 17,420,000 $ (5,904,000) $ 11,516,000 Definite-lived Intangible Assets Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade Name 25 Years $ 250,000 $ (48,000) $ 202,000 Trademarks 10 Years 1,610,000 (315,000) 1,295,000 Non-competition Agreement 5 Years 1,810,000 (709,000) 1,101,000 Developed Technology 7 Years 4,420,000 (1,237,000) 3,183,000 Customer Relationships 10 - 12 9,330,000 (1,647,000) 7,683,000 Total $ 17,420,000 $ (3,956,000) $ 13,464,000 |
Future intangible amortization | Amortization Expense 2021 $ 1,949,000 2022 1,949,000 2023 1,602,000 2024 1,587,000 2025 951,000 2026 and thereafter 3,478,000 Total intangibles as of December $ 11,516,000 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt | |
Long-term debt | December 31, 2020 December 31, 2019 Wells Fargo $ 16,390,000 $ — FGI term loans payable 13,148,000 — Leaf Capital term loan payable 152,000 — KeyBank term loans payable — 38,250,000 KeyBank revolving loan — 12,008,000 Total 29,690,000 50,258,000 Less: deferred loan costs (1,957,000) (807,000) Less: current portion (2,535,000) (49,451,000) Long-term debt $ 25,198,000 $ — |
Annual maturities of long-term debt | 2021 $ 3,019,000 2022 4,428,000 2023 4,601,000 2024 11,585,000 2025 and thereafter 6,057,000 Total $ 29,690,000 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock Based Compensation | |
Status of Restricted Stock and changes | 2020 2019 2018 Number of Shares Wtd. Avg. Grant Date Fair Value Number of Shares Wtd. Avg. Grant Date Fair Value Number of Shares Wtd. Avg. Grant Date Fair Value Unvested - beginning of year 343,919 $ 9.37 349,885 $ 10.62 141,095 $ 16.79 Granted 292,886 4.70 135,268 7.65 315,429 11.32 Vested (107,145) 10.21 (117,828) 13.81 (82,067) 16.57 Forfeited (21,825) 9.86 (23,406) 15.02 (24,572) 16.91 Unvested - end of year 507,835 $ 6.35 343,919 $ 9.37 349,885 $ 10.62 |
Stock appreciation rights activity | 2020 2019 Number of Shares Wtd. Avg. Grant Date Fair Value Number of Shares Wtd. Avg. Grant Date Fair Value Outstanding - beginning of year 222,112 $ 2.57 — $ — Granted — — 226,021 2.57 Vested — — — — Forfeited (41,187) 2.57 (3,909) 2.57 Outstanding - end of year 180,925 $ 2.57 222,112 $ 2.57 Exercisable - end of year 73,888 $ 2.57 29,028 $ 2.57 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Provision for income taxes | 2020 2019 2018 Current: Federal $ (8,378,000) $ — $ 11,000 Foreign 2,660,000 685,000 1,023,000 State and local 5,000 20,000 14,000 (5,713,000) 705,000 1,048,000 Deferred: Federal 955,000 738,000 (1,355,000) Foreign 1,098,000 (1,824,000) (289,000) State and local 42,000 26,000 (68,000) 2,095,000 (1,060,000) (1,712,000) Provision (benefit) for income taxes $ (3,618,000) $ (355,000) $ (664,000) |
Reconciliation of income tax provision based on the federal statutory income tax rate to the Company's income tax provision | 2020 2019 2018 Provision at United States federal statutory rate $ 954,000 $ (3,274,000) $ (1,145,000) Valuation (2,074,000) 3,267,000 — Net operating loss carryback at 34 % tax rate (3,205,000) — — Effect of foreign taxes 790,000 (209,000) 213,000 Adoption of ASC 606 — — 236,000 State and local tax expense (372,000) (102,000) (54,000) Other 289,000 (37,000) 86,000 Provision (benefit) for income taxes $ (3,618,000) $ (355,000) $ (664,000) |
Deferred tax assets | 2020 2019 Net operating loss carryforwards $ 535,000 $ 4,928,000 Interest limitation carryforwards 1,033,000 686,000 Accrued liabilities 391,000 477,000 Accounts receivable 40,000 108,000 Inventory 322,000 587,000 Property, plant, and equipment (5,509,000) (5,580,000) Post retirement benefits 2,068,000 2,090,000 Goodwill and finite-lived assets, net 2,210,000 1,973,000 Other, net 156,000 24,000 Total deferred 1,246,000 5,293,000 Valuation (1,193,000) (3,267,000) Total deferred $ 53,000 $ 2,026,000 |
Post Retirement Benefits (Table
Post Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Post Retirement Benefits | |
Participation in the multi-employer defined benefit pension plan | Expiration FIP/RP Date of Pension Protection Status Contributions of the Collective EIN/Pension Act Zone Status Pending/ Company Surcharge Bargaining Pension Fund Plan Number 2020 2019 Implemented 2020 2019 Imposed Agreement IAM National Pension Fund / National Pension Plan (A) 51-6031295 002 as of 12/31/19 as of 12/31/18 Implemented $ 676,000 $ 971,000 Yes 8/7/2022 Total Contributions: $ 676,000 $ 971,000 The plan re-certified its zone status after using the amortization provisions of the Code. the plan did not annual report 31, 2019. Under the terms of the collective-bargaining agreement, the Company is required to make contributions to the plan for each hour worked up to a maximum of 40 hours per person, per week at $1.55 per hour from August 10, 2019 through August 6, 2022. The Company is paying a surcharge of $2.40. |
The funded status of the Company's post retirement health and life insurance benefits plan and reconciliation with the amounts recognized in the consolidated balance sheets | Post Retirement Benefits 2020 2019 Change in benefit obligation: Benefit obligation at January 1 $ 9,160,000 $ 8,076,000 Interest cost 237,000 285,000 Unrecognized loss (gain) (102,000) 1,099,000 Benefits paid, net (186,000) (300,000) Benefit obligation at December 31 $ 9,109,000 $ 9,160,000 Plan Assets — — Amounts recorded in accumulated other comprehensive Prior service credit $ (5,114,000) $ (5,610,000) Net loss 3,351,000 3,634,000 Total $ (1,763,000) $ (1,976,000) Weighted-average Discount rate used to determine benefit obligation and net periodic 2.0 % 2.9 % |
Components of expense for all of the Company's post retirement benefit plans | 2020 2019 2018 Pension expense: Multi-employer plan $ 676,000 $ 971,000 $ 760,000 Defined contribution plans 1,173,000 1,258,000 1,059,000 Total pension expense 1,849,000 2,229,000 1,819,000 Health and life insurance: Interest cost 235,000 285,000 277,000 Amortization of prior service costs (496,000) (496,000) (496,000) Amortization of net loss 181,000 117,000 171,000 Net periodic benefit cost (80,000) (94,000) (48,000) Total $ 1,769,000 $ 2,135,000 $ 1,771,000 |
Effect of changing health care cost trend rate by one-percentage point for each future year | 1- Percentage Point Increase 1-Percentage Point Decrease Effect on total of service and interest cost components $ 34,000 $ (29,000) Effect on post retirement benefit obligation $ 1,081,000 $ (924,000) |
Estimated future benefit payments of the health care plan for the next ten years | Postretirement Health Care Benefits Plan 2021 $ 1,286,000 2022 459,000 2023 500,000 2024 473,000 2025 471,000 2026 - 2030 2,265,000 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value of Financial Instruments | |
Amounts related to our derivatives designated as hedging instruments | The following tables detail amounts related to our derivatives designated 31, 2019: Fair Values Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange contracts Prepaid expense other current assets $ 452,000 Accrued liabilities other $ — Notional contract values $ 15,358,000 $ — Interest rate swaps Other non-current assets $ — Other non-current liabilities $ 706,000 Notional swap values $ — $ 29,750,000 |
Unrealized realized gain and loss recognized in Accumulated Comprehensive Income (AOCI) | Derivatives in subtopic 815-20 Cash Flow Hedging Relationship Amount of Unrealized Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (A) Amount of Realized Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income 2020 2019 2018 2020 2019 2018 Foreign exchange contracts $ 142,000 $ 1,499,000 $ (385,000) Cost of goods sold $ 526,000 $ 272,000 $ 68,000 Selling, general and administrative expense $ 68,000 $ 25,000 $ — Interest rate swaps $ (915,000) $ (708,000) $ (223,000) Interest Expense $ (1,620,000) $ (67,000) $ (159,000) (A) The foreign currency derivative activity reclassified from cost of goods sold and selling, general and administrative expense based |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income | |
Changes in Accumulated Other Comprehensive Income by component, net of tax | Hedging Derivative Activities Post Retirement Benefit Plan Items (A) Total 2019: Balance at January 1, 2019 $ (612,000) $ 2,729,000 $ 2,117,000 Other comprehensive income before reclassifications 791,000 (1,102,000) (311,000) Amounts reclassified from accumulated other comprehensive (230,000) (379,000) (609,000) Income tax (expense) benefit (140,000) 313,000 173,000 Balance at December 31, 2019 $ (191,000) $ 1,561,000 $ 1,370,000 2020: Balance at January 1, 2020 $ (191,000) $ 1,561,000 $ 1,370,000 Other comprehensive income before reclassifications (773,000) 102,000 (671,000) Amounts reclassified from accumulated other comprehensive 1,026,000 (315,000) 711,000 Income tax (expense) benefit (62,000) 27,000 (35,000) Balance at December 31, 2020 $ — $ 1,375,000 $ 1,375,000 (A) other income Income components are included Note 12 - Post for additional details). The tax Income is included in income tax expense on the Consolidated |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Table) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Results of Operations (Unaudited) | |
Unaudited quarterly results of operations | 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total 2020: Product sales $ 61,930,000 35,847,000 54,240,000 58,563,000 210,580,000 Tooling sales 2,093,000 1,959,000 5,633,000 2,091,000 11,776,000 Net sales 64,023,000 37,806,000 59,873,000 60,654,000 222,356,000 Gross margin 10,766,000 2,903,000 10,838,000 9,967,000 34,474,000 Operating income (loss) 4,261,000 (1,206,000) 4,321,000 3,014,000 10,390,000 Net income (loss) 7,961,000 (2,272,000) 3,343,000 (867,000) 8,165,000 Net income (loss) per common share: Basic (1) $ 0.97 $ (0.29) $ 0.39 $ (0.10) $ 0.98 Diluted (1) $ 0.97 $ (0.29) $ 0.39 $ (0.10) $ 0.98 2019: Product sales $ 71,451,000 $ 75,440,000 $ 67,511,000 $ 54,585,000 $ 268,987,000 Tooling sales 815,000 5,807,000 7,144,000 1,537,000 15,303,000 Net sales 72,266,000 81,247,000 74,655,000 56,122,000 284,290,000 Gross margin 3,149,000 8,491,000 6,484,000 3,382,000 21,506,000 Operating income (loss) (4,017,000) 1,267,000 (4,657,000) (4,121,000) (11,528,000) Net income (loss) (3,845,000) 209,000 (6,125,000) (5,462,000) (15,223,000) Net income (loss) per common share: Basic (1) $ (0.49) $ 0.03 $ (0.78) $ (0.69) $ (1.94) Diluted (1) $ (0.49) $ 0.03 $ (0.78) $ (0.69) $ (1.94) 2018: Product sales $ 59,712,000 $ 65,225,000 $ 62,305,000 $ 68,975,000 $ 256,217,000 Tooling sales 3,334,000 3,376,000 2,371,000 4,187,000 13,268,000 Net sales 63,046,000 68,601,000 64,676,000 73,162,000 269,485,000 Gross margin 7,885,000 7,897,000 4,862,000 6,497,000 27,141,000 Operating income (loss) 1,125,000 1,418,000 (1,487,000) (4,156,000) (3,100,000) Net income (loss) 518,000 445,000 (1,803,000) (3,942,000) (4,782,000) Net income (loss) per common share: Basic (1) $ 0.07 $ 0.06 $ (0.23) $ (0.51) $ (0.62) Diluted (1) $ 0.07 $ 0.06 $ (0.23) $ (0.51) $ (0.62) (1) |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020Segments | |
Basis of Presentation | |
Number of operating segments | 1 |
Number of reportable segments | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of Significant Accounting Policies | ||||
Cash and cash equivalents | $ 4,131,000 | $ 1,856,000 | $ 1,891,000 | $ 26,780,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Accounts Receivable Allowances (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies | ||
Accounts Receivable, Allowance for Credit Loss | $ 41,000 | $ 50,000 |
Accounts Receivable, Allowance for Credit Loss, Chargebacks | $ 179,000 | $ 476,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Inventories (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies | ||
Inventory Valuation Reserves | $ 546,000 | $ 898,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Contracts assets and liabilities (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | $ 6,828,000 | $ 1,240,000 | |
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property, Plant, and Equipment (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Land improvements | |
Property, Plant & Equipment | |
Useful life | 20 years |
Buildings and improvements | Minimum | |
Property, Plant & Equipment | |
Useful life | 20 years |
Buildings and improvements | Maximum | |
Property, Plant & Equipment | |
Useful life | 40 years |
Machinery and equipment | Minimum | |
Property, Plant & Equipment | |
Useful life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant & Equipment | |
Useful life | 15 years |
Tools, dies and patterns | Minimum | |
Property, Plant & Equipment | |
Useful life | 3 years |
Tools, dies and patterns | Maximum | |
Property, Plant & Equipment | |
Useful life | 5 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Long-Lived Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies | |||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Goodwill (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||||
Goodwill impairment | $ 0 | $ 4,100,000 | $ 2,403,000 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 23.00% | |||
Horizon Plastics reporting unit | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | $ 4,100,000 | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 19.00% |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Self-Insurance (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies | ||
Self Insurance Reserve | $ 933,000 | $ 1,203,000 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Post-Retirement Benefits (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies | ||
Postemployment Benefits Liability | $ 9,109,000 | $ 9,160,000 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Concentration Risks (Narrative) (Details) - Employees | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales Revenue, Total | Customer Concentration Risk | |||
Concentration risk | |||
Concentration Risk, Customer | Navistar, Volvo, PACCAR, BRP and UFP | ||
Concentration Risk, Percentage | 70.00% | 70.00% | 70.00% |
Sales Revenue, Total | Customer Concentration Risk | Mexico and Canada | |||
Concentration risk | |||
Concentration Risk, Percentage | 35.00% | 34.00% | 32.00% |
Accounts Receivable | Customer Concentration Risk | |||
Concentration risk | |||
Concentration Risk, Percentage | 64.00% | 56.00% | |
Number of employees, geographic area | Labor force concentration risk | |||
Concentration risk | |||
Entity Number of Employees | 1,617 | ||
Number of employees, geographic area | Labor force concentration risk | United States | |||
Concentration risk | |||
Entity Number of Employees | 679 | ||
Number of employees, geographic area | Labor force concentration risk | Mexico | |||
Concentration risk | |||
Entity Number of Employees | 722 | ||
Number of employees, geographic area | Labor force concentration risk | Canada | |||
Concentration risk | |||
Entity Number of Employees | 216 | ||
Workforce subject to collective bargaining arrangements | Unionized employees concentration risk | United States | International Association of Machinists and Aerospace Workers | |||
Concentration risk | |||
Entity Number of Employees | 518 | ||
Workforce subject to collective bargaining arrangements | Unionized employees concentration risk | Mexico | Sindicato de Jorneleros y Obreros | |||
Concentration risk | |||
Entity Number of Employees | 534 | ||
Workforce subject to collective bargaining arrangements | Unionized employees concentration risk | Mexico | Sindicato de trabajadores de la industria metalica y del comercio del estado de Nuevo Leon Presidente Benito Juarez Garcia C.T.M. | |||
Concentration risk | |||
Entity Number of Employees | 73 | ||
Workforce subject to collective bargaining arrangements | Unionized employees concentration risk | Canada | United Food & Commercial Workers Canada | |||
Concentration risk | |||
Entity Number of Employees | 191 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Research and Development (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies | |||
Research and Development Expense | $ 1,168,000 | $ 1,171,000 | $ 1,032,000 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Foreign Currency Adjustments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | $ 214,000 | $ (229,000) | $ (88,000) |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Standards Update 2016-13 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
New Accounting Pronouncement or Change in Accounting Principle, Prior Period Not Restated [true false] | false |
Accounting Standards Update 2019-12 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
New Accounting Pronouncement or Change in Accounting Principle, Prior Period Not Restated [true false] | false |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Accounting Standards Update 2020-04 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Mar. 12, 2020 |
Net Income (Loss) per Common _3
Net Income (Loss) per Common Share - Basic and diluted net income (loss) per common share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Net income (loss) | $ (867,000) | $ 3,343,000 | $ (2,272,000) | $ 7,961,000 | $ (5,462,000) | $ (6,125,000) | $ 209,000 | $ (3,845,000) | $ (3,942,000) | $ (1,803,000) | $ 445,000 | $ 518,000 | $ 8,165,000 | $ (15,223,000) | $ (4,782,000) |
Less: net income allocated to participating securities | 424,000 | 0 | 0 | ||||||||||||
Net income (loss) available to common shareholders | $ 7,741,000 | $ (15,223,000) | $ (4,782,000) | ||||||||||||
Weighted average common shares outstanding - basic | 7,936,000 | 7,830,000 | 7,750,000 | ||||||||||||
Effect of dilutive securities | 3,000 | 0 | 0 | ||||||||||||
Weighted average common and potentially issuable common shares outstanding - diluted (in shares) | 7,939,000 | 7,830,000 | 7,750,000 | ||||||||||||
Basic net income (loss) per common share | $ (0.10) | $ 0.39 | $ (0.29) | $ 0.97 | $ (0.69) | $ (0.78) | $ 0.03 | $ (0.49) | $ (0.51) | $ (0.23) | $ 0.06 | $ 0.07 | $ 0.98 | $ (1.94) | $ (0.62) |
Diluted net income (loss) per common share | $ (0.10) | $ 0.39 | $ (0.29) | $ 0.97 | $ (0.69) | $ (0.78) | $ 0.03 | $ (0.49) | $ (0.51) | $ (0.23) | $ 0.06 | $ 0.07 | $ 0.98 | $ (1.94) | $ (0.62) |
Restricted Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Net income (loss) available to common shareholders | $ 424,000 | $ 0 | $ 0 | ||||||||||||
Weighted average common shares outstanding - basic | 434,000 | 300,000 | 216,000 | ||||||||||||
Effect of dilutive securities | 0 | 0 | 0 | ||||||||||||
Weighted average common and potentially issuable common shares outstanding - diluted (in shares) | 434,000 | 300,000 | 216,000 | ||||||||||||
Basic net income (loss) per common share | $ 0.98 | $ 0 | $ 0 | ||||||||||||
Diluted net income (loss) per common share | $ 0.98 | $ 0 | $ 0 |
Major Customers - Sales revenue
Major Customers - Sales revenue for customers (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major customers: | |||||||||||||||
Total sales | $ 60,654,000 | $ 59,873,000 | $ 37,806,000 | $ 64,023,000 | $ 56,122,000 | $ 74,655,000 | $ 81,247,000 | $ 72,266,000 | $ 73,162,000 | $ 64,676,000 | $ 68,601,000 | $ 63,046,000 | $ 222,356,000 | $ 284,290,000 | $ 269,485,000 |
Navistar | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 40,225,000 | 56,882,000 | 55,153,000 | ||||||||||||
Universal Forest Products | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 21,931,000 | 20,982,000 | 15,798,000 | ||||||||||||
Volvo | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 28,504,000 | 46,068,000 | 44,452,000 | ||||||||||||
Paccar | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 25,724,000 | 48,749,000 | 46,160,000 | ||||||||||||
Other customers | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 67,442,000 | 86,214,000 | 79,776,000 | ||||||||||||
Customer Concentration Risk | Sales Revenue, Total | Universal Forest Products | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 38,530,000 | 25,395,000 | 28,146,000 | ||||||||||||
Product | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 58,563,000 | 54,240,000 | 35,847,000 | 61,930,000 | 54,585,000 | 67,511,000 | 75,440,000 | 71,451,000 | 68,975,000 | 62,305,000 | 65,225,000 | 59,712,000 | 210,580,000 | 268,987,000 | 256,217,000 |
Product | Navistar | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 33,656,000 | 54,798,000 | 52,347,000 | ||||||||||||
Product | Universal Forest Products | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 20,269,000 | 16,774,000 | 13,629,000 | ||||||||||||
Product | Volvo | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 27,997,000 | 44,543,000 | 38,027,000 | ||||||||||||
Product | Paccar | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 23,538,000 | 48,487,000 | 46,063,000 | ||||||||||||
Product | Other customers | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 66,590,000 | 78,990,000 | 78,245,000 | ||||||||||||
Product | Customer Concentration Risk | Sales Revenue, Total | Universal Forest Products | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 38,530,000 | 25,395,000 | 27,906,000 | ||||||||||||
Tooling | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | $ 2,091,000 | $ 5,633,000 | $ 1,959,000 | $ 2,093,000 | $ 1,537,000 | $ 7,144,000 | $ 5,807,000 | $ 815,000 | $ 4,187,000 | $ 2,371,000 | $ 3,376,000 | $ 3,334,000 | 11,776,000 | 15,303,000 | 13,268,000 |
Tooling | Navistar | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 6,569,000 | 2,084,000 | 2,806,000 | ||||||||||||
Tooling | Universal Forest Products | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 1,662,000 | 4,208,000 | 2,169,000 | ||||||||||||
Tooling | Volvo | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 507,000 | 1,525,000 | 6,425,000 | ||||||||||||
Tooling | Paccar | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 2,186,000 | 262,000 | 97,000 | ||||||||||||
Tooling | Other customers | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | 852,000 | 7,224,000 | 1,531,000 | ||||||||||||
Tooling | Customer Concentration Risk | Sales Revenue, Total | Universal Forest Products | |||||||||||||||
Major customers: | |||||||||||||||
Total sales | $ 0 | $ 0 | $ 240,000 |
Foreign Operations - Sales by c
Foreign Operations - Sales by country, based on the ship to location of customers' production facilities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign operations: | |||||||||||||||
Net sales | $ 60,654,000 | $ 59,873,000 | $ 37,806,000 | $ 64,023,000 | $ 56,122,000 | $ 74,655,000 | $ 81,247,000 | $ 72,266,000 | $ 73,162,000 | $ 64,676,000 | $ 68,601,000 | $ 63,046,000 | $ 222,356,000 | $ 284,290,000 | $ 269,485,000 |
Property, plant and equipment - net | 74,052,000 | 79,206,000 | 74,052,000 | 79,206,000 | |||||||||||
United States | |||||||||||||||
Foreign operations: | |||||||||||||||
Net sales | 136,424,000 | 178,953,000 | 181,207,000 | ||||||||||||
Property, plant and equipment - net | 36,698,000 | 39,132,000 | 36,698,000 | 39,132,000 | |||||||||||
Mexico | |||||||||||||||
Foreign operations: | |||||||||||||||
Net sales | 64,942,000 | 79,761,000 | 74,029,000 | ||||||||||||
Property, plant and equipment - net | 29,537,000 | 31,865,000 | 29,537,000 | 31,865,000 | |||||||||||
Canada | |||||||||||||||
Foreign operations: | |||||||||||||||
Net sales | 16,827,000 | 16,988,000 | 12,494,000 | ||||||||||||
Property, plant and equipment - net | $ 7,817,000 | $ 8,209,000 | 7,817,000 | 8,209,000 | |||||||||||
Other | |||||||||||||||
Foreign operations: | |||||||||||||||
Net sales | $ 4,163,000 | $ 8,588,000 | $ 1,755,000 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant & Equipment | |||
Property, plant, and Equipment | $ 174,553,000 | $ 170,881,000 | |
Accumulated depreciation | (100,501,000) | (91,675,000) | |
Property, plant and equipment, net | 74,052,000 | 79,206,000 | |
Accounts payable | 16,994,000 | 19,910,000 | |
Depreciation expense | 8,659,000 | 8,187,000 | $ 7,361,000 |
Land and land improvements | |||
Property, Plant & Equipment | |||
Property, plant, and Equipment | 6,009,000 | 6,009,000 | |
Buildings | |||
Property, Plant & Equipment | |||
Property, plant, and Equipment | 43,545,000 | 43,375,000 | |
Machinery and equipment | |||
Property, Plant & Equipment | |||
Property, plant, and Equipment | 121,382,000 | 118,366,000 | |
Tools, dies and patterns | |||
Property, Plant & Equipment | |||
Property, plant, and Equipment | 2,195,000 | 1,516,000 | |
Additions in progress | |||
Property, Plant & Equipment | |||
Property, plant, and Equipment | 1,422,000 | 1,615,000 | |
Purchase commitments for capital expenditures in progress | 677,000 | 336,000 | |
Accounts payable | $ 145,000 | $ 158,000 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease with Options to Extend Lease, Term | 5 years |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Remaining Lease Term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Remaining Lease Term | 4 years |
Leases - Lease expense (Details
Leases - Lease expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | ||
Operating lease cost | $ 1,430,000 | $ 1,430,000 |
Total net lease cost | $ 1,430,000 | $ 1,430,000 |
Leases - Other supplemental bal
Leases - Other supplemental balance sheet information related to leases (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases: | ||
Operating lease right of use assets | $ 2,754,000 | $ 4,484,000 |
Current operating lease liabilities | $ (1,023,000) | $ (1,304,000) |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current |
Noncurrent operating lease liabilities | $ (1,670,000) | $ (3,119,000) |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other non-current liabilities | Other non-current liabilities |
Total operating lease liabilities | $ 2,693,000 | $ 4,423,000 |
Weighted average remaining lease term (in years), Operating leases | 3 years 6 months | 4 years |
Weighted average discount rate, Operating leases | 5.90% | 4.90% |
Leases - Other information rela
Leases - Other information related to leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 1,455,000 | $ 1,455,000 |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Maturities of lease liabilities | ||
2021 | $ 1,215,000 | $ 1,433,000 |
2022 | 811,000 | 1,174,000 |
2023 | 706,000 | 1,102,000 |
2024 | 705,000 | 1,000,000 |
2025 | 0 | 530,000 |
Total lease payments | $ 3,437,000 | $ 5,239,000 |
Leases - Maturities of lease _2
Leases - Maturities of lease liabilities - Long-term lease obligations (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases | ||
Total lease payments | $ 3,437,000 | $ 5,239,000 |
Less: imputed interest | (744,000) | (816,000) |
Total lease obligations | 2,693,000 | 4,423,000 |
Less: current obligations | (1,023,000) | (1,304,000) |
Long-term lease obligations | $ 1,670,000 | $ 3,119,000 |
Goodwill and Intangibles - Good
Goodwill and Intangibles - Goodwill activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | |||
Beginning Balance | $ 17,376,000 | $ 21,476,000 | |
Additions | 0 | 0 | |
Impairment | 0 | (4,100,000) | $ (2,403,000) |
Ending Balance | $ 17,376,000 | $ 17,376,000 | $ 21,476,000 |
Goodwill and Intangibles - Inta
Goodwill and Intangibles - Intangible assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying | $ 17,420,000 | $ 17,420,000 | |
Accumulated Amortization | (5,904,000) | (3,956,000) | |
Net Carrying Amount | 11,516,000 | 13,464,000 | |
Amortization of Intangible Assets | $ 1,948,000 | $ 1,949,000 | $ 1,869,000 |
Trade Name | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period | 25 years | 25 years | |
Gross Carrying | $ 250,000 | $ 250,000 | |
Accumulated Amortization | (58,000) | (48,000) | |
Net Carrying Amount | $ 192,000 | $ 202,000 | |
Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period | 10 years | 10 years | |
Gross Carrying | $ 1,610,000 | $ 1,610,000 | |
Accumulated Amortization | (476,000) | (315,000) | |
Net Carrying Amount | $ 1,134,000 | $ 1,295,000 | |
Non-competition Agreement | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period | 5 years | 5 years | |
Gross Carrying | $ 1,810,000 | $ 1,810,000 | |
Accumulated Amortization | (1,071,000) | (709,000) | |
Net Carrying Amount | $ 739,000 | $ 1,101,000 | |
Developed Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period | 7 years | 7 years | |
Gross Carrying | $ 4,420,000 | $ 4,420,000 | |
Accumulated Amortization | (1,869,000) | (1,237,000) | |
Net Carrying Amount | 2,551,000 | 3,183,000 | |
Customer Relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying | 9,330,000 | 9,330,000 | |
Accumulated Amortization | (2,430,000) | (1,647,000) | |
Net Carrying Amount | $ 6,900,000 | $ 7,683,000 | |
Minimum | Customer Relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period | 10 years | 10 years | |
Maximum | Customer Relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period | 12 years | 12 years |
Goodwill and Intangibles - Futu
Goodwill and Intangibles - Future intangible amortization (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangibles | ||
2021 | $ 1,949,000 | |
2022 | 1,949,000 | |
2023 | 1,602,000 | |
2024 | 1,587,000 | |
2025 | 951,000 | |
2026 and thereafter | 3,478,000 | |
Net Carrying Amount | $ 11,516,000 | $ 13,464,000 |
Debt - Long-term debt (Details)
Debt - Long-term debt (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt | ||
Total | $ 29,690,000 | $ 50,258,000 |
Less deferred loan costs | (1,957,000) | (807,000) |
Less current portion | (2,535,000) | (49,451,000) |
Long-term Debt | 25,198,000 | 0 |
Term loans payable | Wells Fargo Bank, National Association | ||
Debt | ||
Total | 16,390,000 | 0 |
Term loans payable | FGI Equipment Finance LLC Term Loan | ||
Debt | ||
Total | 13,148,000 | 0 |
Less deferred loan costs | (308,000) | |
Term loans payable | Leaf Capital Funding | ||
Debt | ||
Total | 152,000 | 0 |
Long-term Debt | 120,000 | |
Term loans payable | KeyBank National Association | ||
Debt | ||
Total | 0 | 38,250,000 |
Long-term Debt | 38,250,000 | |
Revolving loans | Wells Fargo Bank, National Association | ||
Debt | ||
Less deferred loan costs | (1,957,000) | |
Revolving loans | KeyBank National Association | ||
Debt | ||
Total | $ 0 | 12,008,000 |
Long-term Debt | $ 12,008,000 |
Debt - Wells Fargo Term Loans (
Debt - Wells Fargo Term Loans (Narrative) (Details) - USD ($) | Oct. 28, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt | ||||
Proceeds from term loan | $ 30,165,000 | $ 0 | $ 45,000,000 | |
Repayments of Long-term Debt | $ 38,725,000 | $ 3,375,000 | $ 10,125,000 | |
Term loans payable | Wells Fargo Bank, National Association | ||||
Debt | ||||
Debt Instrument, Issuance Date | Oct. 27, 2020 | |||
Debt Instrument, Issuer | Wells Fargo Bank, National Association | |||
Debt Instrument, Description | On October 27, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, lead arranger and book runner, and the lenders party thereto (the “Lenders”). Pursuant to the terms of the Credit Agreement, the Lenders made available to the Company secured term loans (the “WF Term Loans”) in the maximum aggregate principal amount of $18,500,000 ($16,790,000 of which was advanced to the Company on October 28, 2020). | |||
Debt Instrument, Face Amount | $ 18,500,000 | |||
Debt Instrument, Unused Borrowing Capacity, Description | the maximum aggregate principal amount of $18,500,000 ($16,790,000 of which was advanced to the Company on October 28, 2020). | |||
Proceeds from term loan | $ 16,790,000 | |||
Debt Instrument, Interest Rate Terms | At the option of the Company, the WF Term Loans bears interest at a per annum rate equal to LIBOR plus a margin of 300 basis points or base rate plus a margin of 200 basis points. LIBOR rate means the greater of (a) 0.75% per annum and (b) the per annum published LIBOR rate for interest periods of one, three or six months as chosen by the Company. Base rate is the greater of (a) 1.0% per annum, (b) the Federal Funds Rate plus 0.5%, (c) LIBOR Rate plus 100 basis or (d) prime rate. The weighted average interest rate was 3.77% as of December 31, 2020. | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.77% | |||
Long-term Debt, Maturities, Repayment Terms | The WF Term Loans are to be repaid in monthly installments of $200,000 plus interest, with the remaining outstanding balance due on November 30, 2024, subject to certain optional and mandatory repayment terms. The Company’s obligations under the WF Term Loans are unconditionally guaranteed by each of the Company’s U.S. and Canadian subsidiaries, with such obligations of the Company and such subsidiaries being secured by a lien on substantially all of their U.S. and Canadian assets. | |||
Debt Instrument, Frequency of Periodic Payment | monthly | |||
Debt Instrument, Periodic Payment, Principal | $ 200,000 | |||
Debt Instrument, Maturity Date, Description | the remaining outstanding balance due on November 30, 2024, subject to certain optional and mandatory repayment terms. | |||
Debt Instrument, Maturity Date | Nov. 30, 2024 | |||
Debt Instrument, Covenant Description | The WF Term Loans contains reporting, indebtedness, and financial covenants. | |||
Debt Instrument, Covenant Compliance | The Company is in compliance with its covenants as of December 31, 2020. | |||
Debt Instrument, Redemption, Description | Voluntary prepayments of amounts outstanding under the WF Term Loans are permitted at any time without premium or penalty. To the extent applicable, LIBOR breakage fees may be charged in connection with any prepayment. | |||
Term loans payable | Wells Fargo Bank, National Association | KeyBank National Association | ||||
Debt | ||||
Repayments of Long-term Debt | $ 16,790,000 | |||
Term loans payable | Wells Fargo Bank, National Association | Libor Rate | ||||
Debt | ||||
Debt Instrument, Interest Rate Terms | LIBOR rate means the greater of (a) 0.75% per annum and (b) the per annum published LIBOR rate for interest periods of one, three or six months as chosen by the Company. | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Term loans payable | Wells Fargo Bank, National Association | Libor Rate | Minimum | ||||
Debt | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | |||
Term loans payable | Wells Fargo Bank, National Association | Base Rate | ||||
Debt | ||||
Debt Instrument, Interest Rate Terms | Base rate is the greater of (a) 1.0% per annum, (b) the Federal Funds Rate plus 0.5%, (c) LIBOR Rate plus 100 basis or (d) prime rate. | |||
Debt Instrument, Description of Variable Rate Basis | base rate | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Term loans payable | Wells Fargo Bank, National Association | Base Rate | Minimum | ||||
Debt | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||
Term loans payable | Wells Fargo Bank, National Association | Federal Funds Rate | ||||
Debt | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Debt - FGI Equipment Finance LL
Debt - FGI Equipment Finance LLC Term Loan (Narrative) (Details) - USD ($) | Oct. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt | ||||
Proceeds from term loan | $ 30,165,000 | $ 0 | $ 45,000,000 | |
Repayments of Long-term Debt | $ 38,725,000 | $ 3,375,000 | $ 10,125,000 | |
Term loans payable | FGI Equipment Finance LLC Term Loan | ||||
Debt | ||||
Debt Instrument, Issuance Date | Oct. 20, 2020 | |||
Debt Instrument, Issuer | FGI Equipment Finance LLC | |||
Debt Instrument, Description | On October 20, 2020, the Company entered into a Master Security Agreement and a Promissory Note, among FGI Equipment Finance LLC, (“FGI”) the Company as debtor, and each of Core Composites Corporation, a subsidiary of the Company organized in Delaware, and CC HPM, S. de R.L. de C.V., a subsidiary of the Company organized in Mexico, as guarantors, a term loan in the principal amount of $13,200,000 (the “FGI Term Loan”). | |||
Debt Instrument, Face Amount | $ 13,200,000 | |||
Proceeds from term loan | $ 12,000,000 | |||
Payments for (Proceeds from) Deposit on Loan | 1,200,000 | |||
Debt Instrument, Interest Rate Terms | Interest on the FGI Term Loan is a fixed rate of 8.25% and is payable monthly. | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |||
Debt Instrument, Frequency of Periodic Payment | monthly | |||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,446,000 | |||
Long-term Debt, Maturities, Repayment Terms | Following the advance of funds by FGI, the FGI Term Loans are to be repaid in monthly principal and interest installments of $117,000 for the first 12 months, $246,000 for the subsequent 59 months and $1,446,000 due on October 31, 2026, subject to certain optional and mandatory repayment terms. | |||
Debt Instrument, Maturity Date, Description | due on October 31, 2026, subject to certain optional and mandatory repayment terms | |||
Debt Instrument, Maturity Date | Oct. 31, 2026 | |||
Debt Instrument, Redemption, Description | The Company may prepay in full or in part (but not less than the amount equal to 20% of the original principal amount of the loan) outstanding amounts before they are due on any scheduled Payment Date upon at least thirty (30) days’ prior written notice. The Company will pay a “Prepayment Fee” in an amount equal to an additional sum equal to the following percentage of the principal amount to be prepaid for prepayments occurring in the indicated period: four percent (4.0%) (for prepayments occurring prior to the first anniversary of the Loan); three percent (3.0%) (for prepayments occurring on and thereafter and prior to the second anniversary of the Loan); two percent (2.0%) (for prepayments occurring on and thereafter and prior to the third anniversary of the Loan ); and one percent (1.0%) (for prepayments occurring any time thereafter). | |||
Debt Instrument, Redemption Price, Percentage | 20.00% | |||
Term loans payable | FGI Equipment Finance LLC Term Loan | Debt Instrument, Redemption, Period One | ||||
Debt | ||||
Debt Instrument, Periodic Payment | $ 117,000 | |||
Debt Instrument, Redemption, Description | first 12 months | |||
Debt Instrument, Redemption Price, Percentage | 4.00% | |||
Term loans payable | FGI Equipment Finance LLC Term Loan | Debt Instrument, Redemption, Period Two | ||||
Debt | ||||
Debt Instrument, Periodic Payment | $ 246,000 | |||
Debt Instrument, Redemption, Description | subsequent 59 months | |||
Debt Instrument, Redemption Price, Percentage | 3.00% | |||
Term loans payable | FGI Equipment Finance LLC Term Loan | Debt Instrument, Redemption, Period Three | ||||
Debt | ||||
Debt Instrument, Redemption Price, Percentage | 2.00% | |||
Term loans payable | FGI Equipment Finance LLC Term Loan | Debt Instrument, Redemption, Period Four | ||||
Debt | ||||
Debt Instrument, Redemption Price, Percentage | 1.00% | |||
Term loans payable | FGI Equipment Finance LLC Term Loan | KeyBank National Association | ||||
Debt | ||||
Repayments of Long-term Debt | $ 12,000,000 |
Debt - Leaf Capital (Narrative)
Debt - Leaf Capital (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Long-term, gross | $ 29,690,000 | $ 50,258,000 |
Long-term Debt | $ 25,198,000 | 0 |
Term loans payable | Leaf Capital Funding | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Description | On April 24, 2020 the Company entered into a finance agreement with Leaf Capital Funding of $175,000 for equipment. The parties agreed to a fixed interest rate of 5.5% and a term of 60 months. | |
Debt Instrument, Issuance Date | Apr. 24, 2020 | |
Debt Instrument, Issuer | Leaf Capital Funding | |
Debt Instrument, Face Amount | $ 175,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |
Debt Instrument, Term | 60 months | |
Long-term, gross | $ 152,000 | $ 0 |
Long-term Debt | $ 120,000 |
Debt - Wells Fargo Revolving Lo
Debt - Wells Fargo Revolving Loan (Narrative) (Details) - USD ($) | Oct. 28, 2020 | Oct. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt | |||||
Proceeds from Lines of Credit | $ 56,793,000 | $ 194,414,000 | $ 133,848,000 | ||
Repayments of Long-term Debt | 38,725,000 | 3,375,000 | $ 10,125,000 | ||
Debt origination fees, Gross | $ 1,957,000 | $ 807,000 | |||
Incremental revolving commitment | |||||
Debt | |||||
Line of Credit Facility, Description | The Credit Agreement also makes available to the Company an incremental revolving commitment in the maximum amount of $10,000,000 at the Company’s option at any time during the three (3) year period following the closing. | ||||
Term loans payable | Wells Fargo Bank, National Association | |||||
Debt | |||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.77% | ||||
Debt origination fees, gross, line of credit facility | $ 1,730,000 | ||||
Term loans payable | Wells Fargo Bank, National Association | KeyBank National Association | |||||
Debt | |||||
Repayments of Long-term Debt | $ 16,790,000 | ||||
Term loans payable | Wells Fargo Bank, National Association | Libor Rate | |||||
Debt | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||
Term loans payable | Wells Fargo Bank, National Association | Libor Rate | Minimum | |||||
Debt | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | ||||
Term loans payable | Wells Fargo Bank, National Association | Base Rate | |||||
Debt | |||||
Debt Instrument, Description of Variable Rate Basis | base rate | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Term loans payable | Wells Fargo Bank, National Association | Base Rate | Minimum | |||||
Debt | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||
Term loans payable | Wells Fargo Bank, National Association | Federal Funds Rate | |||||
Debt | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Term loans payable | FGI Equipment Finance LLC Term Loan | |||||
Debt | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ||||
Debt origination fees, Gross | $ 308,000 | ||||
Term loans payable | FGI Equipment Finance LLC Term Loan | KeyBank National Association | |||||
Debt | |||||
Repayments of Long-term Debt | $ 12,000,000 | ||||
Revolving loans | Wells Fargo Bank, National Association | |||||
Debt | |||||
Line of Credit Facility, Initiation Date | Oct. 27, 2020 | ||||
Line of Credit Facility, Description | On October 27, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, lead arranger and book runner, and the lenders party thereto (the “Lenders”). Pursuant to the terms of the Credit Agreement, the Lenders made available to the Company a revolving loan commitment (the “WF Revolving Loan”) of $25,000,000 ($8,745,000 of which was advanced to the Company on October 28, 2020). | ||||
Maximum borrowing capacity | $ 25,000,000 | ||||
Line of Credit Facility, Borrowing Capacity, Description | The borrowing availability under the line of credit is the lesser of (a) the loan commitment of $25,000,000 or (b) the sum of 90% of eligible investment grade accounts receivable, 85% of non-investment grade eligible accounts receivable and 65% of eligible inventory. | ||||
Proceeds from Lines of Credit | 8,745,000 | ||||
Line of Credit Facility, Interest Rate Description | At the option of the Company, the WF Revolving Loan bears interest at a per annum rate equal to LIBOR plus a margin of 200 to 250 basis points or base rate plus a margin of 100 to 150 basis points, with the margin rate being based on the excess availability amount under the line of credit. LIBOR rate means the greater of (a) 0.75% per annum and (b) the per annum published LIBOR rate for interest periods of one, three or six months as chosen by the Company. Base rate is the greater of (a) 1.0% per annum, (b) the Federal Funds Rate plus 0.5%, (c) LIBOR Rate plus 100 basis and (d) prime rate. The weighted average interest rate was 4.75% as of December 31, 2020. | ||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.75% | ||||
Line of Credit Facility, Expiration Date | Nov. 30, 2024 | ||||
Line of Credit Facility, Frequency of Payment and Payment Terms | The WF Revolving Loan commitment terminates, and all outstanding borrowings thereunder must be repaid, by November 30, 2024. | ||||
Current Borrowing Capacity | $ 19,223,000 | ||||
Revolving Line of Credit | $ 420,000 | ||||
Line of Credit Facility, Covenant Terms | The WF Revolving Loan contains the same covenants as the WF Term Loans. | ||||
Line of Credit Facility, Covenant Compliance | The Company is in compliance with its covenants as of December 31, 2020. | ||||
Letters of Credit Outstanding, Amount | $ 160,000 | ||||
Debt origination fees, Gross | 1,957,000 | ||||
Revolving loans | Wells Fargo Bank, National Association | Letter of Credit [Member] | |||||
Debt | |||||
Maximum borrowing capacity | $ 2,000,000 | ||||
Revolving loans | Wells Fargo Bank, National Association | Eligible investment grade | Accounts Receivable | |||||
Debt | |||||
Borrowing availability under the line of credit | 90.00% | ||||
Revolving loans | Wells Fargo Bank, National Association | Eligible investment grade | Inventories | |||||
Debt | |||||
Borrowing availability under the line of credit | 65.00% | ||||
Revolving loans | Wells Fargo Bank, National Association | Non-investment grade eligible | Accounts Receivable | |||||
Debt | |||||
Borrowing availability under the line of credit | 85.00% | ||||
Revolving loans | Wells Fargo Bank, National Association | KeyBank National Association | |||||
Debt | |||||
Repayments of Long-term Debt | $ 8,745,000 | ||||
Revolving loans | Wells Fargo Bank, National Association | Libor Rate | |||||
Debt | |||||
Line of Credit Facility, Interest Rate Description | LIBOR rate means the greater of (a) 0.75% per annum and (b) the per annum published LIBOR rate for interest periods of one, three or six months as chosen by the Company. | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Revolving loans | Wells Fargo Bank, National Association | Libor Rate | Minimum | |||||
Debt | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | ||||
Revolving loans | Wells Fargo Bank, National Association | Libor Rate | Maximum | |||||
Debt | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||
Revolving loans | Wells Fargo Bank, National Association | Base Rate | |||||
Debt | |||||
Line of Credit Facility, Interest Rate Description | Base rate is the greater of (a) 1.0% per annum, (b) the Federal Funds Rate plus 0.5%, (c) LIBOR Rate plus 100 basis and (d) prime rate. | ||||
Debt Instrument, Description of Variable Rate Basis | base rate | ||||
Revolving loans | Wells Fargo Bank, National Association | Base Rate | Minimum | |||||
Debt | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||
Revolving loans | Wells Fargo Bank, National Association | Base Rate | Maximum | |||||
Debt | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Revolving loans | Wells Fargo Bank, National Association | Federal Funds Rate | |||||
Debt | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Revolving loans | Incremental revolving commitment | |||||
Debt | |||||
Maximum borrowing capacity | $ 10,000,000 |
Debt - Annual Maturities of Lon
Debt - Annual Maturities of Long-Term Debt (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Annual maturities of long-term debt are as follows: | ||
2021 | $ 3,019,000 | |
2022 | 4,428,000 | |
2023 | 4,601,000 | |
2024 | 11,585,000 | |
2025 and Thereafter | 6,057,000 | |
Total | $ 29,690,000 | $ 50,258,000 |
Debt - Key Bank Loan (Narrative
Debt - Key Bank Loan (Narrative) (Details) - USD ($) | Oct. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt | ||||
Long-term Debt | $ 25,198,000 | $ 0 | ||
Repayments of Long-term Debt | $ 38,725,000 | 3,375,000 | $ 10,125,000 | |
Term loans payable | KeyBank National Association | ||||
Debt | ||||
Long-term Debt | $ 38,250,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.30% | |||
Repayments of Long-term Debt | $ 38,250,000 | |||
Revolving loans | KeyBank National Association | ||||
Debt | ||||
Long-term Debt | $ 12,008,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.04% | |||
Repayments of Long-term Debt | $ 12,008,000 |
Debt - Interest Rate Swaps (Nar
Debt - Interest Rate Swaps (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)InterestRateSwaps | Dec. 31, 2019USD ($) | |
Interest Rate Swaps | ||
Debt Instrument [Line Items] | ||
Derivative, Fixed Interest Rate | 2.49% | |
Interest Rate Swaps | Designated as Hedging Instrument | ||
Debt Instrument [Line Items] | ||
Derivative, Fixed Interest Rate | 2.49% | |
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 0 | $ 706,000 |
Gain (Loss) on Cash Flow Hedges, Caption | interest expense | |
Loss on Interest Rate Cash Flow Hedge Ineffectiveness | $ 1,253,000 | |
LIBOR | Term loans payable | Wells Fargo Bank, National Association | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |
Cash Flow Hedging | Interest Rate Swaps | Designated as Hedging Instrument | ||
Debt Instrument [Line Items] | ||
Number of Interest Rate Derivatives Held | InterestRateSwaps | 2 | |
Types of Items Hedged by Interest Rate Derivatives | KeyBank credit agreement | |
Payments for Operating Activities | $ 1,253,000 | |
Cash Flow Hedging | Interest Rate Swaps | Wells Fargo Bank, National Association | Designated as Hedging Instrument | ||
Debt Instrument [Line Items] | ||
Number of Interest Rate Derivatives Held | InterestRateSwaps | 1 | |
Derivative Notional Amount | $ 25,000,000 | |
Cash Flow Hedging | Interest Rate Swaps | FGI Equipment Finance LLC Term Loan | Designated as Hedging Instrument | ||
Debt Instrument [Line Items] | ||
Derivative Notional Amount | $ 10,000,000 | |
Cash Flow Hedging | LIBOR | Interest Rate Swaps | Designated as Hedging Instrument | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | 30 day LIBOR |
Debt - Bank Covenants (Details)
Debt - Bank Covenants (Details) - Credit Agreement | 12 Months Ended |
Dec. 31, 2020 | |
Debt | |
Debt Instrument, Covenant Description | Fixed Charge Coverage Ratio |
Ratio of Indebtedness to Net Capital | 2.6 |
Minimum | |
Debt | |
Debt Instrument, Covenant Description | Minimum 1.10 |
Ratio of Indebtedness to Net Capital | 1.10 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - Long Term Equity Incentive Plan - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Terms of Award | The Company has a Long-Term Equity Incentive Plan (the “2006 Plan”), as approved by the Company’s stockholders in May 2006. The 2006 Plan allows for grants to directors and employees of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, performance shares, performance units and other incentive awards (“Stock Awards”) up to an aggregate of 3,000,000 awards, each representing a right to buy a share of Core Molding Technologies common stock. Stock Awards can be granted under the 2006 Plan through the earlier of December 31, 2025, or the date the maximum number of available awards under the 2006 Plan have been granted. | ||
Number of shares authorized for grant | 3,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 514,823 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Terms of Award | Restricted stock granted under the 2006 Plan vest over three years or upon the date of the participants' sixty-fifth birthday, death, disability or change in control. | ||
Award Vesting Period | 3 years | ||
Unrecognized compensation expense | $ 1,614,000 | $ 1,923,000 | |
Compensation costs | $ 1,254,000 | 1,369,000 | $ 1,774,000 |
Weighted Average Remaining Contractual Term | 1 year 10 months 24 days | ||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 97,000 | $ 98,000 | $ 110,000 |
Shares Withheld for Tax Withholding Obligation | 4,574 | 16,047 | 17,180 |
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Terms of Award | As part of the Company's 2019 annual grant, Stock Appreciation Rights (SARs) were granted with a grant price of $10. These awards have a contractual term of five years and vest ratably over a period of three years or immediately vest if the recipient is over 65 years of age. These awards are valued using the Black-Scholes option pricing model. | ||
Award Vesting Period | 3 years | ||
Unrecognized compensation expense | $ 179,000 | $ 386,000 | |
Compensation costs | $ 101,000 | $ 185,000 | |
Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | ||
Grant price | $ 10 | ||
Expected Term | 5 years | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||
Intrinsic Value | $ 114,000 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock (Details) - Restricted Stock - Long Term Equity Incentive Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares, Restricted Stock | |||
Unvested balance at Period Start | 343,919 | 349,885 | 141,095 |
Granted | 292,886 | 135,268 | 315,429 |
Vested | (107,145) | (117,828) | (82,067) |
Forfeited | (21,825) | (23,406) | (24,572) |
Unvested balance at Period End | 507,835 | 343,919 | 349,885 |
Weighted Average Grant Date Fair Value, Restricted Stock | |||
Unvested balance at Period Start,USD per share | $ 9.37 | $ 10.62 | $ 16.79 |
Granted, USD per share | 4.70 | 7.65 | 11.32 |
Vested, USD per share | 10.21 | 13.81 | 16.57 |
Forfeited, USD per share | 9.86 | 15.02 | 16.91 |
Unvested balance at Period End, USD per share | $ 6.35 | $ 9.37 | $ 10.62 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) - Long Term Equity Incentive Plan - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares, Stock Appreciation Rights | ||
Beginning Balance | 222,112 | 0 |
Granted | 0 | 226,021 |
Vested | 0 | 0 |
Forfeited | (41,187) | (3,909) |
Ending Balance | 180,925 | 222,112 |
Exercisable at the end of period | 73,888 | 29,028 |
Weighted Average Grant Date Fair Value, Stock Appreciation Rights | ||
Beginning balance | $ 2.57 | $ 0 |
Granted | 0 | 2.57 |
Vested | 0 | 0 |
Forfeited | 2.57 | 2.57 |
Ending balance | 2.57 | 2.57 |
Exercisable at the Period end | $ 2.57 | $ 2.57 |
Income Taxes - Provision for in
Income Taxes - Provision for income taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ (8,378,000) | $ 0 | $ 11,000 |
Federal - Foreign | 2,660,000 | 685,000 | 1,023,000 |
State and local | 5,000 | 20,000 | 14,000 |
Current income tax expense (benefit) | (5,713,000) | 705,000 | 1,048,000 |
Deferred: | |||
Federal | 955,000 | 738,000 | (1,355,000) |
Deferred Foreign Income Tax Expense (Benefit) | 1,098,000 | (1,824,000) | (289,000) |
State and local | 42,000 | 26,000 | (68,000) |
Deferred income tax expense (benefit) | 2,095,000 | (1,060,000) | (1,712,000) |
Provision (benefit) for income taxes | $ (3,618,000) | $ (355,000) | $ (664,000) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the income tax provision based on the federal statutory income tax rate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of income tax provision: | |||
Provision at United States federal statutory rate | $ 954,000 | $ (3,274,000) | $ (1,145,000) |
Valuation Allowance | (2,074,000) | 3,267,000 | 0 |
Net operating loss carryback at 34% tax rate | (3,205,000) | 0 | 0 |
Effect of foreign taxes | 790,000 | (209,000) | 213,000 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 0 | 0 | 236,000 |
State and local tax expense | (372,000) | (102,000) | (54,000) |
Other | 289,000 | (37,000) | 86,000 |
Total income taxes | $ (3,618,000) | $ (355,000) | $ (664,000) |
Tax rate | 34.00% |
Income Taxes - Deferred tax ass
Income Taxes - Deferred tax assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 535,000 | $ 4,928,000 |
Interest limitation carryforwards | 1,033,000 | 686,000 |
Accrued liabilities | 391,000 | 477,000 |
Accounts receivable | 40,000 | 108,000 |
Inventory | 322,000 | 587,000 |
Property, plant, and equipment | (5,509,000) | (5,580,000) |
Post retirement benefits | 2,068,000 | 2,090,000 |
Goodwill and finite-lived assets, net | 2,210,000 | 1,973,000 |
Other, net | 156,000 | 24,000 |
Total Deferred Tax Assets | 1,246,000 | 5,293,000 |
Valuation allowance for deferred tax assets | (1,193,000) | (3,267,000) |
Total deferred tax asset, net | $ 53,000 | $ 2,026,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets, net | $ 53,000 | $ 2,026,000 |
Deferred tax asset | 1,246,000 | 5,293,000 |
Deferred Tax Assets, Valuation Allowance | 1,193,000 | 3,267,000 |
Unrecognized Tax Benefits | 0 | $ 0 |
United States | ||
Deferred Tax Liabilities, Gross | 876,000 | |
United States | State and Local Jurisdiction | ||
Operating Loss Carryforwards | 25,990,000 | |
United States | Domestic Tax Authority | ||
Operating Loss Carryforwards | 0 | |
Interest limitation carryforwards | 4,697,000 | |
Mexico | ||
Deferred tax asset | 469,000 | |
Operating Loss Carryforwards | 0 | |
Canada | ||
Deferred tax asset | 460,000 | |
Operating Loss Carryforwards | $ 0 |
Post Retirement Benefits - Mult
Post Retirement Benefits - Multi-employer Plans (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Multiemployer plans: | ||
Multiemployer Plans, Plan Benefits, Description | a multi-employer defined benefit pension plan, health care and life insurance benefits | |
Multiemployer Plan, Type [Extensible Enumeration] | Pension Plan [Member] | |
Multiemployer Plan, Sponsor Location [Extensible Enumeration] | us-gaap:DomesticPlanMember | |
Multiemployer Plan, Pension, Significant, Annual Report Date | Dec. 31, 2020 | |
Multiemployer Plan, Pension, Significant, Certified Zone Status, Date | Dec. 31, 2020 | |
Pension Protection Act Zone Status | Red | Red |
Multiemployer Plan, Pension, Significant, Funded Status [Fixed List] | Less than 65 percent | |
Multiemployer Plan, Pension, Significant, Employer Contribution Exceeds Five Percent [true false] | false | |
Multiemployer Plans, Minimum Contribution, Description | Under the terms of the collective-bargaining agreement, the Company is required to make contributions to the plan for each hour worked up to a maximum of 40 hours per person, per week at $1.55 per hour from August 10, 2019 through August 6, 2022. The Company is paying a surcharge of $2.40. | |
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement [Extensible Enumeration] | cmt:InternationalAssociationofMachinistsAndAerospaceWorkersMember |
Post Retirement Benefits - Mu_2
Post Retirement Benefits - Multi-employer Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Multiemployer plans: | |||
Pension Fund | cmt:InternationalAssociationofMachinistsAndAerospaceWorkersNationalPensionFundNationalPensionPlanMember | ||
EIN | 516031295 | ||
Pension Plan Number | 002 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status Pending/Implemented | Implemented | ||
Contributions of the Company | $ 676,000 | $ 971,000 | $ 760,000 |
Surcharge Imposed | Yes | ||
Expiration Date of Collective Bargaining Agreement | Aug. 7, 2022 |
Post Retirement Benefits (Narra
Post Retirement Benefits (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Postretirement benefits: | ||||
Defined Benefit Plan, Changes in Benefit Obligation and Plan Assets, Description | In August 2010, as part of a new collective-bargaining agreement, the post retirement health and life insurance benefits for all current and future represented employees who were not retired were eliminated in exchange for a one-time cash payment. Individuals who retired prior to August 2010 remain eligible for post retirement health and life insurance benefits. | |||
Defined Benefit Plan, Plan Name [Extensible Enumeration] | cmt:NavistarsPostRetirementHealthAndLifeInsuranceBenefitPlanMember | |||
Defined Benefit Plan, Type [Extensible Enumeration] | Post retirement health and life insurance benefit plan | |||
Defined Benefit Plan, Sponsor Location [Extensible Enumeration] | us-gaap:DomesticPlanMember | |||
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment | $ (10,282,000) | |||
Amortization of prior service costs | 496,000 | $ 496,000 | $ 496,000 | |
Actuarial gain (loss) | 945,000 | 1,956,000 | ||
Amounts that will be amortized from accumulated other comprehensive income in next fiscal year: | ||||
Interest cost | 235,000 | 285,000 | $ 277,000 | |
Post retirement health and life insurance benefit plan | ||||
Postretirement benefits: | ||||
Unrecognized loss (gain) | (102,000) | 1,099,000 | ||
Actuarial gain (loss) | $ (1,047,000) | (857,000) | ||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Accumulated Other Comprehensive Income (Loss), Net of Tax | |||
Amounts that will be amortized from accumulated other comprehensive income in next fiscal year: | ||||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | $ (1,763,000) | (1,976,000) | ||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 496,000 | 173,000 | ||
Interest cost | 237,000 | 285,000 | ||
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ 161,000 | $ 162,000 | ||
Assumed health care cost trend rates: | ||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 5.10% | 6.00% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | |||
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2027 | |||
Post retirement health and life insurance benefit plan | Medical pre age 65 | ||||
Assumed health care cost trend rates: | ||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | |||
Post retirement health and life insurance benefit plan | Medical post age 65 | ||||
Assumed health care cost trend rates: | ||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.25% | |||
Post retirement health and life insurance benefit plan | Drugs - all ages | ||||
Assumed health care cost trend rates: | ||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | |||
Scenario plan | ||||
Postretirement benefits: | ||||
Amortization of prior service costs | $ 496,000 |
Post Retirement Benefits - Chan
Post Retirement Benefits - Change in Benefit Obligation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in benefit obligation: | |||
Interest cost | $ 235,000 | $ 285,000 | $ 277,000 |
Post retirement health and life insurance benefit plan | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 9,160,000 | 8,076,000 | |
Interest cost | 237,000 | 285,000 | |
Unrecognized loss (gain) | (102,000) | 1,099,000 | |
Benefits paid, net | (186,000) | (300,000) | |
Benefit obligation at beginning of year | 9,109,000 | 9,160,000 | $ 8,076,000 |
Plan Assets | 0 | 0 | |
Amounts recorded in accumulated other comprehensive income: | |||
Prior service credit | (5,114,000) | (5,610,000) | |
Net loss | 3,351,000 | 3,634,000 | |
Total | $ (1,763,000) | $ (1,976,000) | |
Weighted-average assumptions: | |||
Discount rate used to determine benefit obligation and net periodic benefit cost | 2.00% | 2.90% |
Post Retirement Benefits - Post
Post Retirement Benefits - Post Retirement Benefits Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension, health and life insurance expense: | |||
Multi-employer plan | $ 676,000 | $ 971,000 | $ 760,000 |
Defined contribution plans | 1,173,000 | 1,258,000 | 1,059,000 |
Total pension expense | 1,849,000 | 2,229,000 | 1,819,000 |
Interest cost | 235,000 | 285,000 | 277,000 |
Amortization of prior service costs | (496,000) | (496,000) | (496,000) |
Amortization of net loss | 181,000 | 117,000 | 171,000 |
Net periodic benefit cost | (80,000) | (94,000) | (48,000) |
Total post retirement benefits expense | $ 1,769,000 | $ 2,135,000 | $ 1,771,000 |
Post Retirement Benefits - Effe
Post Retirement Benefits - Effect of changing the health care cost trend rate by one-percentage point for each future year (Details) - Post retirement health and life insurance benefit plan | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Postretirement benefits: | |
Effect on total of service and interest cost components, 1 - percentage point increase | $ 34,000 |
Effect on total of service and interest cost components, 1 - percentage point decrease | (29,000) |
Effect on post retirement benefit obligation, 1 - percentage point increase | 1,081,000 |
Effect on post retirement benefit obligation, 1 - percentage point decrease | $ (924,000) |
Post Retirement Benefits - Futu
Post Retirement Benefits - Future benefit payments of the health care plan for the next ten years (Details) - Post retirement health and life insurance benefit plan | Dec. 31, 2020USD ($) |
Postretirement benefits: | |
2021 | $ 1,286,000 |
2022 | 459,000 |
2023 | 500,000 |
2024 | 473,000 |
2025 | 471,000 |
2026 - 2030 | $ 2,265,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) | Dec. 31, 2020USD ($) | Dec. 31, 2019 |
Foreign exchange contracts | Minimum | ||
Derivative [Line Items] | ||
Derivative, Forward Exchange Rate | 19.53 | |
Foreign exchange contracts | Median | ||
Derivative [Line Items] | ||
Derivative, Forward Exchange Rate | 1.32 | |
Foreign exchange contracts | Maximum | ||
Derivative [Line Items] | ||
Derivative, Forward Exchange Rate | 20.58 | |
Interest Rate Swaps | ||
Derivative [Line Items] | ||
Debt Instrument, Face Amount | $ 35,000,000 | |
Derivative, Fixed Interest Rate | 2.49% | |
Interest Rate Swaps | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 2.49% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Derivatives designated as hedging instruments (Details) | Dec. 31, 2020USD ($) |
Prepaid expense other current assets | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Asset Derivatives, Notional values | $ 15,358,000 |
Accrued other liabilities | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Liability Derivatives, Notional values | 0 |
Foreign exchange contracts | Prepaid expense other current assets | Designated as Hedging Instrument | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Asset Derivatives | 452,000 |
Liability Derivatives | 0 |
Interest Rate Swaps | Other Noncurrent Assets [Member] | Designated as Hedging Instrument | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Asset Derivatives | 0 |
Asset Derivatives, Notional values | 0 |
Interest Rate Swaps | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Liability Derivatives | 706,000 |
Liability Derivatives, Notional values | $ 29,750,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - unrealized realized gain and loss recognized in Accumulated Comprehensive Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative | $ (773,000) | $ 791,000 | |
Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) | 1,026,000 | 230,000 | |
Cost of goods sold | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) | 526,000 | 272,000 | $ 68,000 |
Selling, General and Administrative Expenses | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) | 68,000 | 25,000 | 0 |
Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative | 142,000 | 1,499,000 | (385,000) |
Interest Rate Swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative | (915,000) | (708,000) | (223,000) |
Interest Rate Swaps | Interest Expense | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) | $ (1,620,000) | $ (67,000) | $ (159,000) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Hedging Derivative Activities | |||
Beginning balance, Hedging Derivative Activities | $ (191,000) | $ (612,000) | |
Other comprehensive income (loss) before reclassifications, Hedging Derivative Activities | (773,000) | 791,000 | |
Amounts reclassified from accumulated other comprehensive income (loss), Hedging Derivative Activities | 1,026,000 | 230,000 | |
Income tax benefit (expense), hedging activities | (62,000) | (140,000) | |
Ending balance, Hedging Derivative Activities | 0 | (191,000) | $ (612,000) |
Post Retirement Benefit Plan Items | |||
Beginning balance, Post Retirement Benefit Plan Items | 1,561,000 | 2,729,000 | |
Other comprehensive income (loss) before reclassifications, Post Retirement Benefit Plan Items | 102,000 | (1,102,000) | |
Amounts reclassified from accumulated other comprehensive income (loss), Post Retirement Benefit Plan Items | 315,000 | 379,000 | |
Income tax benefit (expense), Post retirement benefits | (27,000) | (313,000) | (123,000) |
Ending balance, Post Retirement Benefit Plan Items | 1,375,000 | 1,561,000 | 2,729,000 |
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance, Accumulated Other Comprehensive Income (Loss) | 1,370,000 | 2,117,000 | |
Other comprehensive income (loss) before reclassifications, Accumulated Other Comprehensive Income (Loss) | (671,000) | (311,000) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 711,000 | (609,000) | |
Income tax benefit (expense), Accumulated Other Comprehensive Income (Loss) | 35,000 | (173,000) | |
Ending balance, Accumulated Other Comprehensive Income (Loss) | $ 1,375,000 | $ 1,370,000 | $ 2,117,000 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly results of operations: | |||||||||||||||
Net sales | $ 60,654,000 | $ 59,873,000 | $ 37,806,000 | $ 64,023,000 | $ 56,122,000 | $ 74,655,000 | $ 81,247,000 | $ 72,266,000 | $ 73,162,000 | $ 64,676,000 | $ 68,601,000 | $ 63,046,000 | $ 222,356,000 | $ 284,290,000 | $ 269,485,000 |
Gross margin | 9,967,000 | 10,838,000 | 2,903,000 | 10,766,000 | 3,382,000 | 6,484,000 | 8,491,000 | 3,149,000 | 6,497,000 | 4,862,000 | 7,897,000 | 7,885,000 | 34,474,000 | 21,506,000 | 27,141,000 |
Operating Income (Loss) | 3,014,000 | 4,321,000 | (1,206,000) | 4,261,000 | (4,121,000) | (4,657,000) | 1,267,000 | (4,017,000) | (4,156,000) | (1,487,000) | 1,418,000 | 1,125,000 | 10,390,000 | (11,528,000) | (3,100,000) |
Net income (loss) | $ (867,000) | $ 3,343,000 | $ (2,272,000) | $ 7,961,000 | $ (5,462,000) | $ (6,125,000) | $ 209,000 | $ (3,845,000) | $ (3,942,000) | $ (1,803,000) | $ 445,000 | $ 518,000 | $ 8,165,000 | $ (15,223,000) | $ (4,782,000) |
Net income (loss) per common share: | |||||||||||||||
Basic | $ (0.10) | $ 0.39 | $ (0.29) | $ 0.97 | $ (0.69) | $ (0.78) | $ 0.03 | $ (0.49) | $ (0.51) | $ (0.23) | $ 0.06 | $ 0.07 | $ 0.98 | $ (1.94) | $ (0.62) |
Diluted | $ (0.10) | $ 0.39 | $ (0.29) | $ 0.97 | $ (0.69) | $ (0.78) | $ 0.03 | $ (0.49) | $ (0.51) | $ (0.23) | $ 0.06 | $ 0.07 | $ 0.98 | $ (1.94) | $ (0.62) |
Product | |||||||||||||||
Quarterly results of operations: | |||||||||||||||
Net sales | $ 58,563,000 | $ 54,240,000 | $ 35,847,000 | $ 61,930,000 | $ 54,585,000 | $ 67,511,000 | $ 75,440,000 | $ 71,451,000 | $ 68,975,000 | $ 62,305,000 | $ 65,225,000 | $ 59,712,000 | $ 210,580,000 | $ 268,987,000 | $ 256,217,000 |
Tooling | |||||||||||||||
Quarterly results of operations: | |||||||||||||||
Net sales | $ 2,091,000 | $ 5,633,000 | $ 1,959,000 | $ 2,093,000 | $ 1,537,000 | $ 7,144,000 | $ 5,807,000 | $ 815,000 | $ 4,187,000 | $ 2,371,000 | $ 3,376,000 | $ 3,334,000 | $ 11,776,000 | $ 15,303,000 | $ 13,268,000 |
Schedule II (Details)
Schedule II (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 50,000 | $ 25,000 | $ 0 |
(Recovered)/Charged to Costs and Expenses | 4,000 | 25,000 | |
Charged to Other Accounts | 36,000 | 0 | |
Deductions | 15,000 | 0 | |
Balance at End of Year | 41,000 | 50,000 | 25,000 |
Allowance for Chargebacks [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 476,000 | 2,344,000 | 857,000 |
(Recovered)/Charged to Costs and Expenses | 1,316,000 | 2,639,000 | |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 3,184,000 | 1,152,000 | |
Balance at End of Year | $ 179,000 | $ 476,000 | $ 2,344,000 |