Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 27, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Entity Registrant Name | COMPASS DIVERSIFIED HOLDINGS | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-34927 | |
Entity Tax Identification Number | 57-6218917 | |
Entity Address, Address Line One | 301 Riverside Avenue | |
Entity Address, Address Line Two | Second Floor | |
Entity Address, City or Town | Westport | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06880 | |
City Area Code | 203 | |
Local Phone Number | 221-1703 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,820,329 | |
Entity Central Index Key | 0001345126 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Shares representing beneficial interests in Compass Diversified Holdings | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Shares representing beneficial interests in Compass Diversified Holdings | |
Trading Symbol | CODI | |
Security Exchange Name | NYSE | |
Series A Preferred Shares representing Series A Trust Preferred Interest in Compass Diversified Holdings | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Preferred Shares representing beneficial interests in Compass Diversified Holdings | |
Trading Symbol | CODI PR A | |
Security Exchange Name | NYSE | |
Series B Preferred Shares representing Series B Trust Preferred Interest in Compass Diversified Holdings | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series B Preferred Shares representing beneficial interests in Compass Diversified Holdings | |
Trading Symbol | CODI PR B | |
Security Exchange Name | NYSE | |
Series C Preferred Shares Representing Series C Trust Preferred Interest In Compass Diversified Holdings [Member] [Domain] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series C Preferred Shares representing beneficial interests in Compass Diversified Holdings | |
Trading Symbol | CODI PR C | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 64,737 | $ 57,880 |
Accounts receivable, net | 349,839 | 331,396 |
Inventories | 801,887 | 728,083 |
Prepaid expenses and other current assets | 98,974 | 74,700 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 18,126 |
Total current assets | 1,315,437 | 1,210,185 |
Property, plant and equipment, net | 203,512 | 198,525 |
Goodwill | 1,041,469 | 1,066,726 |
Intangible assets, net | 1,069,995 | 1,127,936 |
Other Assets | 180,399 | 166,412 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 79,847 |
Total assets | 3,810,812 | 3,849,631 |
Current liabilities: | ||
Accounts payable | 100,226 | 90,404 |
Accrued expenses | 191,068 | 196,239 |
Notes Payable, Related Party, Name [Extensible Enumeration] | 17,230 | 15,495 |
Debt, Current | 10,000 | 10,000 |
Other current liabilities | 35,795 | 36,545 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 11,148 |
Total current liabilities | 354,319 | 359,831 |
Deferred Income Tax Liabilities, Net | 133,118 | 145,643 |
Long-term debt | 1,775,776 | 1,824,468 |
Other non-current liabilities | 157,850 | 141,535 |
Total liabilities | $ 2,421,063 | $ 2,487,669 |
Preferred Stock, Shares Issued | 12,600,000 | 12,600,000 |
Stockholders’ equity | ||
Trust common shares, no par value, 500,000 authorized; 72,203 shares issued and 71,820 shares outstanding at September 30, 2023 and 72,203 issue and outstanding at December 31, 2022 | $ 1,206,917 | $ 1,207,044 |
Accumulated other comprehensive income (loss) | (1,186) | (1,136) |
Accumulated deficit | (362,680) | (372,906) |
Total stockholders’ equity attributable to Holdings | 1,139,580 | 1,136,920 |
Noncontrolling interest | 250,169 | 223,509 |
Total stockholders’ equity | 1,389,749 | 1,361,962 |
Total liabilities and stockholders’ equity | $ 3,810,812 | $ 3,849,631 |
Preferred Stock, Shares Outstanding | 12,600,000 | 12,600,000 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Trust shares, par value (in dollars per share) | $ 0 | |
Trust shares, authorized (shares) | 500,000,000 | 500,000,000 |
Trust shares, outstanding (shares) | 71,820,000 | 72,203,000 |
Treasury Stock, Common, Value | $ (7,389) | $ 0 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 16,192 |
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | $ 0 | $ 1,533 |
Series A Preferred Stock | ||
Preferred Stock, No Par Value | $ 0 | |
Current liabilities: | ||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 |
Preferred Stock, Value, Issued | $ 96,417 | $ 96,417 |
Stockholders’ equity | ||
Preferred Stock, Shares Outstanding | 4,000,000 | 4,000,000 |
Series B Preferred Stock [Member] | ||
Preferred Stock, No Par Value | $ 0 | |
Current liabilities: | ||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 |
Preferred Stock, Value, Issued | $ 96,504 | $ 96,504 |
Stockholders’ equity | ||
Preferred Stock, Shares Outstanding | 4,000,000 | 4,000,000 |
Series C Preferred Stock [Member] | ||
Preferred Stock, No Par Value | $ 0 | $ 0 |
Current liabilities: | ||
Preferred Stock, Shares Issued | 4,600,000 | 4,600,000 |
Preferred Stock, Value, Issued | $ 110,997 | $ 110,997 |
Stockholders’ equity | ||
Preferred Stock, Shares Outstanding | 4,600,000 | 4,600,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 12,600,000 | 12,600,000 |
Preferred Stock, Shares Outstanding | 12,600,000 | 12,600,000 |
Trust shares, issued (shares) | 72,203,000 | |
Trust shares, par value (in dollars per share) | $ 0 | |
Trust shares, authorized (shares) | 500,000,000 | 500,000,000 |
Trust shares, outstanding (shares) | 71,820,000 | 72,203,000 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 12,600,000 | 12,600,000 |
Preferred Stock, Shares Outstanding | 12,600,000 | 12,600,000 |
Accounts Receivable, Allowance for Credit Loss | $ 11,773 | $ 12,211 |
Accumulated Amortization, Debt Issuance Costs, Noncurrent | $ 8,113 | $ 7,234 |
Series A Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Outstanding | 4,000,000 | 4,000,000 |
Preferred Stock, No Par Value | $ 0 | |
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Outstanding | 4,000,000 | 4,000,000 |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Outstanding | 4,000,000 | 4,000,000 |
Preferred Stock, No Par Value | $ 0 | |
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Outstanding | 4,000,000 | 4,000,000 |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 4,600,000 | 4,600,000 |
Preferred Stock, Shares Outstanding | 4,600,000 | 4,600,000 |
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Issued | 4,600,000 | 4,600,000 |
Preferred Stock, Shares Outstanding | 4,600,000 | 4,600,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Discontinued operations (usd per share) | $ 0.02 | $ 0.06 | $ 1.43 | $ 0.24 |
Earnings Per Share, Diluted | $ (0.33) | $ (0.21) | $ 0.69 | $ 0.20 |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest | $ 0 | $ 684 | $ (777) | $ 2,680 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 913 | 17,521 | 41,087 | 78,538 |
Provision for income taxes | $ 5,947 | $ 20,493 | $ 20,227 | $ 36,601 |
Continuing operations (usd per share) | $ (0.35) | $ (0.27) | $ (0.74) | $ (0.04) |
Gain on sale of discontinued operations, net of income tax | $ 1,274 | $ 1,479 | $ 103,495 | $ 6,893 |
Impairment expense | 32,568 | 0 | 32,568 | 0 |
Gain (Loss) on Extinguishment of Debt | 0 | (534) | 0 | (534) |
Net revenues | 569,565 | 575,819 | 1,635,952 | 1,601,929 |
Cost of Goods and Services Sold | 315,347 | 346,260 | 907,013 | 959,798 |
Gross profit | 254,218 | 229,559 | 728,939 | 642,131 |
Operating expenses: | ||||
Selling, general and administrative expense | 147,962 | 144,040 | 442,345 | 390,336 |
Management fees | 18,596 | 16,592 | 51,911 | 45,929 |
Amortization expense | 26,657 | 25,152 | 79,708 | 67,178 |
Operating income | 28,435 | 43,775 | 122,407 | 138,688 |
Other income (expense): | ||||
Interest expense, net | (27,560) | (22,799) | (80,355) | (57,737) |
Amortization of debt issuance costs | (1,005) | (1,004) | (3,034) | (2,735) |
Other income (expense), net | 1,043 | (1,917) | 2,069 | 856 |
Provision for income taxes | 5,947 | 20,493 | 20,227 | 36,601 |
Net income (loss) | (3,760) | 2,585 | 122,964 | 63,282 |
Less: Net income from continuing operations attributable to noncontrolling interest | (6,394) | (3,675) | (14,892) | (12,247) |
Net income (loss) attributable to Holdings | $ (10,154) | $ (1,774) | $ 108,849 | $ 48,355 |
Amounts attributable to Holdings | ||||
Weighted average number of shares of trust stock outstanding – basic and fully diluted (in shares) | 71,881 | 71,910 | 71,996 | 70,514 |
Cash distributions declared per share (refer to Note J) (usd per share) | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.75 |
Total | ||||
Net revenues | $ 54,469 | $ 75,482 | $ 126,348 | $ 180,774 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income (loss) | $ (3,760) | $ 2,585 | $ 122,964 | $ 63,282 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (1,114) | (2,144) | 742 | (3,620) |
Other comprehensive income (loss) | ||||
Pension benefit liability, net | (354) | 216 | (792) | 2,055 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,468) | (1,928) | (50) | (1,565) |
Total comprehensive income (loss) attributable to Holdings, net of tax | (5,228) | 657 | 122,914 | 61,717 |
Less: Net income attributable to noncontrolling interests | 6,394 | 4,359 | 14,115 | 14,927 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (22) | (30) | 14 | (32) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (11,600) | $ (3,672) | $ 108,785 | $ 46,822 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | Aci [Member] | Marucci [Member] | Primaloft | Trust Common Shares | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Stockholders' Equity Attributable to Holdings | Non- Controlling Interest | Non- Controlling Interest Marucci [Member] | Non- Controlling Interest Primaloft | Non Controlling Interest Of Discontinued Operations [Member] | Non Controlling Interest Of Discontinued Operations [Member] Aci [Member] | Treasury Stock, Common | Series A Trust Preferred Shares | Trust Preferred Shares | Trust Preferred Shares Accumulated Deficit | Trust Preferred Shares Stockholders' Equity Attributable to Holdings | Series B Trust Preferred Shares | Series C Preferred Stock [Member] Trust Preferred Shares | Trust Common Shares | Trust Common Shares Accumulated Deficit | Trust Common Shares Stockholders' Equity Attributable to Holdings |
Noncontrolling interest | $ 175,328 | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | $ (2,614) | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 1,123,193 | $ (314,267) | $ (1,028) | $ 1,111,816 | $ 0 | $ 96,417 | $ 96,504 | $ 110,997 | |||||||||||||||
Beginning balance at Dec. 31, 2021 | $ 1,284,530 | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income (loss) | 63,282 | ||||||||||||||||||||||
Total comprehensive loss, net | (1,565) | (1,565) | (1,565) | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 83,889 | 83,889 | 83,889 | ||||||||||||||||||||
Option activity attributable to noncontrolling shareholders | 8,851 | 8,479 | 372 | ||||||||||||||||||||
Effect of subsidiary stock option exercise | 1,082 | 1,082 | |||||||||||||||||||||
Purchase of noncontrolling interest | (1,127) | (1,127) | |||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (11,292) | (11,292) | |||||||||||||||||||||
Distributions paid | $ (18,136) | $ (18,136) | $ (18,136) | $ (52,794) | $ (52,794) | $ (52,794) | |||||||||||||||||
Ending balance at Sep. 30, 2022 | 1,391,983 | 1,207,082 | 0 | 96,417 | 96,504 | 110,997 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net loss attributable to Holdings | 48,355 | 48,355 | 48,355 | ||||||||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 12,247 | ||||||||||||||||||||||
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest | 2,680 | 2,680 | |||||||||||||||||||||
Distribution Expense, Allocation Interests | 0 | ||||||||||||||||||||||
Noncontrolling interest | 177,707 | ||||||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | (370) | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 1,185,348 | (311,092) | (665) | 1,177,509 | 0 | 96,417 | 96,504 | 110,997 | |||||||||||||||
Beginning balance at Jun. 30, 2022 | 1,354,846 | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income (loss) | 2,585 | ||||||||||||||||||||||
Total comprehensive loss, net | (1,928) | (1,928) | (1,928) | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 21,734 | 21,734 | 21,734 | ||||||||||||||||||||
Option activity attributable to noncontrolling shareholders | 3,241 | 3,117 | 124 | ||||||||||||||||||||
Effect of subsidiary stock option exercise | 642 | 642 | |||||||||||||||||||||
Purchase of noncontrolling interest | (424) | (424) | |||||||||||||||||||||
Distributions paid | (6,045) | (6,045) | (6,045) | (17,931) | (17,931) | ||||||||||||||||||
Ending balance at Sep. 30, 2022 | 1,391,983 | 1,207,082 | 0 | 96,417 | 96,504 | 110,997 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net loss attributable to Holdings | (1,774) | $ (5,520) | (1,774) | (1,774) | |||||||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 3,675 | ||||||||||||||||||||||
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest | 684 | 684 | |||||||||||||||||||||
Distribution Expense, Allocation Interests | 0 | ||||||||||||||||||||||
Noncontrolling interest | 219,980 | ||||||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 438 | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 1,207,082 | (336,842) | (2,593) | 1,171,565 | 0 | 96,417 | 96,504 | 110,997 | |||||||||||||||
Noncontrolling interest | 223,509 | $ 20,045 | 36,263 | 223,509 | |||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 1,533 | $ 1,533 | 1,533 | ||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 1,136,920 | 1,207,044 | (372,906) | (1,136) | 1,136,920 | 0 | 96,417 | 96,504 | 110,997 | ||||||||||||||
Beginning balance at Dec. 31, 2022 | 1,361,962 | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income (loss) | 122,964 | ||||||||||||||||||||||
Total comprehensive loss, net | (50) | (50) | (50) | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 127 | 127 | 127 | ||||||||||||||||||||
Option activity attributable to noncontrolling shareholders | 9,858 | 8,885 | 973 | ||||||||||||||||||||
Effect of subsidiary stock option exercise | 350 | 350 | |||||||||||||||||||||
Purchase of noncontrolling interest | (1,622) | (1,622) | |||||||||||||||||||||
Noncontrolling Interest, Increase from Business Combination | 4,155 | 35,263 | $ 4,155 | $ 35,263 | |||||||||||||||||||
Distributions paid | (18,136) | (18,136) | (18,136) | (54,012) | $ (54,012) | (54,012) | |||||||||||||||||
Ending balance at Sep. 30, 2023 | 1,389,749 | 1,206,917 | (7,389) | 96,417 | 96,504 | 110,997 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net loss attributable to Holdings | 108,849 | 29,477 | 108,849 | 108,849 | |||||||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 14,892 | ||||||||||||||||||||||
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest | (777) | (777) | |||||||||||||||||||||
Noncontrolling Interest, Decrease from Deconsolidation | $ (1,729) | $ (1,729) | |||||||||||||||||||||
Distribution Expense, Allocation Interests | 26,475 | 26,475 | 26,475 | ||||||||||||||||||||
Stock Repurchased During Period, Value | (7,389) | (7,389) | (7,389) | ||||||||||||||||||||
Noncontrolling interest | 240,815 | ||||||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 0 | ||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | 1,206,953 | (328,507) | 282 | 1,176,790 | (5,856) | 96,417 | 96,504 | 110,997 | |||||||||||||||
Beginning balance at Jun. 30, 2023 | 1,417,605 | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income (loss) | (3,760) | ||||||||||||||||||||||
Total comprehensive loss, net | (1,468) | (1,468) | (1,468) | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 36 | 36 | 36 | ||||||||||||||||||||
Option activity attributable to noncontrolling shareholders | 3,174 | 3,174 | |||||||||||||||||||||
Effect of subsidiary stock option exercise | 293 | 293 | |||||||||||||||||||||
Purchase of noncontrolling interest | (507) | (507) | |||||||||||||||||||||
Noncontrolling Interest, Increase from Business Combination | 35,263 | $ 35,263 | |||||||||||||||||||||
Distributions paid | $ (6,045) | $ (6,045) | $ (6,045) | $ (17,974) | $ (17,974) | ||||||||||||||||||
Ending balance at Sep. 30, 2023 | 1,389,749 | $ 1,206,917 | (7,389) | $ 96,417 | $ 96,504 | $ 110,997 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net loss attributable to Holdings | (10,154) | (10,154) | (10,154) | ||||||||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 6,394 | ||||||||||||||||||||||
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest | 0 | ||||||||||||||||||||||
Distribution Expense, Allocation Interests | 0 | ||||||||||||||||||||||
Stock Repurchased During Period, Value | (1,533) | (1,533) | $ (1,533) | ||||||||||||||||||||
Noncontrolling interest | 250,169 | $ 26,989 | $ 35,969 | $ 250,169 | |||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 0 | $ 0 | |||||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 1,139,580 | $ (362,680) | $ (1,186) | $ 1,139,580 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||||||
Net income (loss) | $ (3,760) | $ 2,585 | $ 122,964 | $ 63,282 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 4,078 | (1,391) | 14,452 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 103,495 | 6,893 | ||||
Income (loss) from continuing operations | (5,034) | (2,972) | 20,860 | 41,937 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||
Depreciation expense | 12,700 | 10,800 | 37,264 | 31,059 | ||
Amortization expense | 26,657 | 25,152 | 79,708 | 67,178 | ||
Amortization of Acquisition Costs | 1,135 | 4,899 | ||||
Amortization of debt issuance costs | 3,034 | 2,735 | ||||
Impairment expense | 32,568 | 0 | 32,568 | 0 | ||
Noncontrolling stockholder stock based compensation | 8,885 | 8,479 | ||||
Provision for receivable and inventory reserves | (381) | 1,143 | ||||
Deferred taxes | (11,784) | 8,528 | ||||
Gain (Loss) on Extinguishment of Debt | 0 | 534 | 0 | 534 | ||
Other | 832 | 762 | ||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||
Accounts receivable | (20,029) | (45,211) | ||||
Inventories | (73,402) | (159,978) | ||||
Other current and non-current assets | (2,070) | (16,524) | ||||
Accounts payable and accrued expenses | (18,381) | (285) | ||||
Cash provided by (used in) operating activities - continuing operations | 58,239 | (54,744) | ||||
Net Cash Provided by (Used in) Operating Activities, Total | 56,952 | (39,923) | ||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (1,287) | 14,821 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | (23,298) | (564,885) | ||||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (43,648) | (39,471) | ||||
Proceeds from Divestiture of Businesses | 105,123 | 6,893 | ||||
Other investing activities | (2,055) | (1,276) | ||||
Cash provided by (used in) investing activities - continuing operations | 36,122 | (598,739) | ||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 68,169 | (212) | ||||
Cash flows from financing activities: | ||||||
Proceeds from Issuance of Common Stock | (127) | 83,889 | ||||
Borrowings under credit facility | 287,000 | 169,000 | ||||
Repayments under credit facility | (330,000) | (56,000) | ||||
Proceeds from Issuance of Other Long-Term Debt | 0 | 400,000 | ||||
Repayments of Other Long-Term Debt | 7,500 | 2,500 | ||||
Distributions paid - common shares | (54,012) | (52,794) | ||||
Distributions paid - preferred shares | (18,136) | (18,136) | ||||
Payments to Noncontrolling Interests, Allocation Interests | (26,475) | 0 | ||||
Payments to Noncontrolling Interests | 0 | (11,292) | ||||
Net proceeds provided by noncontrolling shareholders | 350 | 1,082 | ||||
Proceeds From Minority Shareholders - Acquisitions | 0 | 35,263 | ||||
Payments for Repurchase Subsidiary Stock | 1,622 | 1,127 | ||||
Payments of Debt Issuance Costs | 0 | (5,276) | ||||
Other | (16) | 19 | ||||
Net cash provided by (used in) financing activities | (157,927) | 542,128 | ||||
Foreign currency impact on cash | 150 | (2,735) | ||||
Net increase (decrease) in cash and cash equivalents | 3,466 | (99,481) | ||||
Cash and cash equivalents — beginning of period (1) | 61,271 | 160,733 | $ 160,733 | |||
Cash and cash equivalents — end of period (2) | 64,737 | 61,252 | 64,737 | 61,252 | 61,271 | |
Net Cash Provided by (Used in) Investing Activities, Total | 104,291 | (598,951) | ||||
Disposal Group, Including Discontinued Operation, Cash | 3,700 | 3,700 | $ 3,400 | $ 3,600 | ||
Gain on sale of discontinued operations, net of income tax | $ 1,274 | $ 1,479 | 103,495 | 6,893 | ||
Payments for Repurchase of Common Stock | $ (7,389) | $ 0 |
Presentation and Principles of
Presentation and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Presentation and Principles of Consolidation | Presentation and Principles of Consolidation Compass Diversified Holdings, a Delaware statutory trust (the "Trust") and Compass Group Diversified Holdings LLC, a Delaware limited liability company (the "LLC"), were formed to acquire and manage a group of small and middle-market businesses headquartered in North America. Collectively, Compass Diversified Holdings and Compass Group Diversified Holdings, LLC are referred to as the "Company". In accordance with the Third Amended and Restated Trust Agreement, dated as of August 3, 2021 (as amended and restated, the "Trust Agreement"), the Trust is sole owner of 100% of the Trust Interests (as defined in the Company’s Sixth Amended and Restated Operating Agreement, dated as of August 3, 2021 (as amended and restated, the "LLC Agreement")) of the LLC and, pursuant to the LLC Agreement, the LLC has, outstanding, the identical number of Trust Interests as the number of outstanding common shares of the Trust. The LLC is the operating entity with a board of directors and other corporate governance responsibilities, similar to that of a Delaware corporation. The LLC is a controlling owner of ten businesses, or operating segments, at September 30, 2023. The segments are as follows: 5.11 Acquisition Corp. ("5.11"), Boa Holdings Inc. ("BOA"), The Ergo Baby Carrier, Inc. ("Ergobaby"), Lugano Holdings, Inc. ("Lugano Diamonds" or "Lugano"), Wheelhouse Holdings, Inc. ("Marucci Sports" or "Marucci"), Relentless Intermediate, Inc. ("PrimaLoft"), Velocity Outdoor, Inc. ("Velocity Outdoor" or "Velocity"), AMT Acquisition Corporation ("Arnold"), FFI Compass, Inc. ("Altor Solutions" or "Altor") (formerly "Foam Fabricators"), and Sterno Products, LLC ("Sterno"). The segments are referred to interchangeably as “businesses”, “operating segments” or “subsidiaries” throughout the financial statements. Refer to Note E - "Operating Segment Data" for further discussion of the operating segments. Compass Group Management LLC, a Delaware limited liability Company ("CGM" or the "Manager"), manages the day to day operations of the LLC and oversees the management and operations of our businesses pursuant to a management services agreement (the "Management Services Agreement" or "MSA"). Basis of Presentation The condensed consolidated financial statements for the three and nine month periods ended September 30, 2023 and September 30, 2022 are unaudited, and in the opinion of management, contain all adjustments necessary for a fair presentation of the condensed consolidated financial statements. Such adjustments consist solely of normal recurring items. Interim results are not necessarily indicative of results for a full year or any subsequent interim period. The condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") and presented as permitted by Form 10-Q and do not contain certain information included in the annual consolidated financial statements and accompanying notes of the Company. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Consolidation The condensed consolidated financial statements include the accounts of the Trust and the Company, as well as the businesses acquired as of their respective acquisition date. All significant intercompany accounts and transactions have been eliminated in consolidation. Discontinued operating entities are reflected as discontinued operations in the Company's results of operations and statements of financial position. Discontinued Operations During the first quarter of 2023, the Company completed the sale of Compass AC Holdings, Inc. (“Advanced Circuits or ACI”). The results of operations of ACI are reported as discontinued operations in the condensed consolidated statements of operations for the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022. Refer to Note C - "Discontinued Operations" for additional information. Unless otherwise indicated, the disclosures accompanying the condensed consolidated financial statements reflect the Company's continuing operations. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2023 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | ote B — Acquisitions The acquisitions of our businesses are accounted for under the acquisition method of accounting. For each platform acquisition, the Company typically structures the transaction so that a newly created holding company acquires 100% of the equity interests in the acquired business. The entirety of the purchase consideration is paid by the newly created holding company to the selling shareholders. The total purchase consideration is the amount paid to the selling shareholders and we will, from time to time, allow the selling shareholder to reinvest a portion of their proceeds alongside the Company at the same price per share, into the holding company that acquires the target business. Once the acquisition is complete, the selling shareholders no longer hold equity interests in the acquired company, but rather hold noncontrolling interest in the holding company that acquired the target business. Because the selling shareholders are investing in the transaction alongside the Company at the same price per share as the Company and are not retaining their existing equity in the acquired business, the Company includes the amount provided by noncontrolling shareholders in the total purchase consideration. A component of our acquisition financing strategy that we utilize in acquiring the businesses we own and manage is to provide both equity capital and debt capital, raised at the parent level, typically through our existing credit facility. The debt capital is in the form of “intercompany loans” made by the LLC to the newly created holding company and the acquired business and are due from the newly created holding company and the acquired business, and payable to the LLC by the newly created holding company and the acquired business. The selling shareholders of the acquired businesses are not a party to the intercompany loan agreements nor do they have any obligation to repay the intercompany loans. These intercompany loans eliminate in consolidation and are not reflected on the Company's consolidated balance sheets. Acquisition of PrimaLoft On July 12, 2022, the LLC, through its newly formed indirect acquisition subsidiary, Relentless Intermediate, Inc. ("PrimaLoft Buyer"), acquired PrimaLoft Technologies Holdings, Inc. (“PrimaLoft”) pursuant to a Stock Purchase Agreement (the “PrimaLoft Purchase Agreement”), dated June 4, 2022, by and between PrimaLoft Buyer and VP PrimaLoft Holdings, LLC ("PrimaLoft Seller"). The Company acquired PrimaLoft for a total purchase price, including proceeds from noncontrolling shareholders, of approximately $541.1 million. The Company funded the acquisition through a draw on its 2022 Revolving Credit Facility and the proceeds from its $400 million 2022 Term Loan Facility. PrimaLoft management invested in the transaction along with the Company, representing 9.2% of the initial equity interest in PrimaLoft. Concurrent with the closing, the Company provided a credit facility to PrimaLoft pursuant to which a secured revolving loan commitment and secured term loan were made available to PrimaLoft (the "PrimaLoft Credit Agreement"). The initial revolving loan and term loan commitments under these facilities on the closing date were $178 million. CGM received integration service fees of $4.8 million quarterly over the twelve-month period ended June 30, 2023. The Company incurred $5.7 million of transaction costs in conjunction with the PrimaLoft acquisition, which was included in selling, general and administrative expense in the consolidated statements of operations during the third quarter of 2022. PrimaLoft, Inc. is a branded, advanced material technology company based in Latham, New York and is focused on the research and innovative development of high-performance material solutions, specializing in insulations and fabrics. The results of operations of PrimaLoft have been included in the consolidated results of operations since the date of acquisition. PrimaLoft's results of operations are reported as a separate operating segment as a branded consumer business. The table below provides the recording of the fair value of assets acquired and liabilities assumed as of the date of acquisition. (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Final Purchase Price Allocation Purchase Consideration $ 539,576 $ 1,536 $ 541,112 Fair value of identifiable assets acquired: Cash $ 6,951 $ — $ 6,951 Accounts receivable (1) 2,992 — 2,992 Inventory 1,991 — 1,991 Property, plant and equipment 1,058 — 1,058 Intangible assets 248,200 58,700 306,900 Other current and noncurrent assets 3,581 (1,187) 2,394 Total identifiable assets 264,773 57,513 322,286 Fair value of liabilities assumed: Current liabilities 8,865 (1,080) 7,785 Other liabilities 360 — 360 Deferred tax liabilities 51,268 12,108 63,376 Total liabilities 60,493 11,028 71,521 Net identifiable assets acquired 204,280 46,485 250,765 Goodwill $ 335,296 $ (44,949) $ 290,347 Acquisition consideration Purchase price $ 530,000 $ — $ 530,000 Cash acquired 7,319 (368) 6,951 Net working capital adjustment 2,257 1,904 4,161 Total purchase consideration $ 539,576 $ 1,536 $ 541,112 (1) The fair value of accounts receivable approximates book value acquired. The allocation of the purchase price presented above is based on management's estimate of the fair values using valuation techniques including the income, cost and market approach. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates and estimated discount rates. Current and noncurrent assets and current and other liabilities are valued at historical carrying values. Inventory is recognized at fair value, with finished goods stated at selling price less an estimated cost to sell. Property, plant and equipment is valued at fair value which approximates book value and will be depreciated on a straight-line basis over the remaining useful lives of the assets. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce and non-contractual relationships, as well as expected future synergies. The goodwill of $290.3 million reflects the strategic fit of PrimaLoft in the Company's branded consumer business and is not expected to be deductible for income tax purposes. The PrimaLoft purchase price allocation was finalized in 2023. The intangible assets recorded related to the PrimaLoft acquisition are as follows (in thousands): Intangible Assets Fair Value Estimated Useful Lives Customer relationships $ 209,100 15 years Tradename 48,200 20 years Technology 49,100 11 years In-process research and development (1) 500 N/a $ 306,900 (1) In-process research and development is considered indefinite lived until the underlying technology becomes viable, at which point the intangible asset will be amortized over the expected useful life. The customer relationships were considered the primary intangible asset and was valued at $209.1 million using a multi-period excess earnings method. The technology was valued at $49.1 million using a mul ti-period excess earnings methodology with an assumed obsolescence factor. The tradename was valued at $48.2 million using a multi period excess earnings method. The multi period excess earnings method assumes an asset has value to the extent that it enables its owners to earn a return in excess of the other assets utilized in the business. Unaudited pro forma information The following unaudited pro forma data for the three and nine months ended September 30, 2022 gives effect to the acquisition of PrimaLoft, as described above, as if this transaction had been completed as of January 1, 2022. The pro forma data gives effect to historical operating results with adjustments to interest expense, amortization and depreciation expense, management fees and related tax effects. The information is provided for illustrative purposes only and is not necessarily indicative of the operating results that would have occurred if the transaction had been consummated on the date indicated, nor is it necessarily indicative of future operating results of the consolidated companies, and should not be construed as representing results for any future period. Three months ended Nine months ended (in thousands, except per share data) September 30, 2022 September 30, 2022 Net sales $ 578,138 $ 1,657,114 Gross profit $ 231,312 $ 675,919 Operating income $ 44,301 $ 152,420 Net income (loss) from continuing operations $ (1,912) $ 42,466 Net income (loss) from continuing operations attributable to Holdings $ (5,520) $ 29,477 Basic and fully diluted net loss per share attributable to Holdings $ (0.26) $ (0.05) Other acquisitions Marucci Baum Bat - On April 3, 2023, Marucci acquired Baum Bat LLC ("Bau m Bat"), a manufacturer and marketer of branded wood composite baseball bats, for a purchase price of approximately $27.5 million, excluding customary closing adjustments. The acquisition and related transaction costs were funded through an additional loan of $25.0 million under the Marucci intercompany loan agreement, and rollover equity from the selling shareholder of Baum Bat which was used to purchase common shares of Marucci. Marucci issued 11,783 shares to the selling shareholder in exchange for the rollover equity, which represents an ownership interest of approximately 1.0% in Marucci. Marucci paid approximately $0.4 million in transaction expenses in connection with the acquisition of Baum Bat. Marucci recorded a preliminary purchase price allocation at September 30, 2023, including goodwill of $8.1 million, which is expected to be deductible for income tax purposes, and intangible assets of $19.3 million. Velocity Kings Camo - On July 8, 2022, Velocity acquired the assets of King's Camo LLC, a manufacturer of outdoor performance apparel and gear, for a purchase price of approximately $25.2 million and included a potential earnout of $3.0 million. The final earnout amount was $1.3 million and was paid in the second quarter of 2023. The acquisition and related transaction costs were funded through an additional term loan of $25.7 million under the Velocity intercompany credit agreement. Velocity paid approximately $0.2 million in transaction fees. Velocity recorded a purchase price allocation, including goodwill of approximately $9.7 million, which is expected to be deductible for income tax purposes, and intangible assets of $7.1 million. The remainder of the purchase consideration was allocated to net assets acquired. The purchase price allocation was finalized in the fourth quarter of 2022. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ote C — Discontinued Operations Sale of Advanced Circuits On January 10, 2023, the LLC, solely in its capacity as the representative of the holders of stock and options of Compass AC Holdings, Inc., a majority owned subsidiary of the LLC, entered into a definitive Agreement and Plan of Merger with APCT Inc. (“ACI Purchaser”), Circuit Merger Sub, Inc. (“ACI Merger Sub”) and Advanced Circuits, pursuant to which ACI Purchaser agreed to acquire all of the issued and outstanding securities of Advanced Circuits, the parent company of the operating entity, Advanced Circuits, Inc., through a merger of ACI Merger Sub with and into Advanced Circuits, with Advanced Circuits surviving the merger and becoming a wholly owned subsidiary of ACI Purchaser (the “ACI Merger”). The ACI Merger was completed on February 14, 2023. The sale price of Advanced Circuits was based on an enterprise value of $220 million, subject to certain adjustments based on matters such as the working capital and cash and debt balances of Advanced Circuits at the time of the closing. After the allocation of the sales price to Advanced Circuits non-controlling equity holders and the payment of transaction expenses, the Company received approximately $170.9 million of total proceeds at closing, of which $66.9 million related to the repayment of intercompany loans with the Company. The Company recorded a gain on the sale of ACI of $98.0 million , net of an income tax provision of $6.8 million, in the first quarter of 2023. The Company recorded an additional gain on sale of $2.1 million in the second quarter of 2023 related to the working capital settlement, and in the third quarter of 2023 adjusted the income tax provision to $3.4 million, reflecting the loss at the LLC during the nine months ended September 30, 2023. Summarized results of operations of ACI for the period of January 1, 2023 through the date of disposition and the three and nine months ended September 30, 2022 and are as follows (in thousands): For the period January 1, 2023 through disposition Three months ended Nine months ended Net sales $ 8,829 $ 21,788 $ 67,194 Gross profit $ 3,663 $ 9,757 $ 30,782 Operating income $ 1,058 $ 4,972 $ 17,302 Income (loss) from continuing operations before income taxes (1) $ (2,464) $ 4,749 $ 17,052 Provision (benefit) for income taxes $ (1,073) $ 671 $ 2,600 Income (loss) from discontinued operations (1) $ (1,391) $ 4,078 $ 14,452 (1) The results of operations for the period from January 1, 2023 through disposition and the three and nine months ended September 30, 2022, each exclude $1.4 million, $3.3 million and $4.9 million , respectively, of intercompany interest expense. The following table presents summary balance sheet information of ACI that is presented as discontinued operations as of December 31, 2022 (in thousands): December 31, Assets Cash and cash equivalents $ 3,391 Accounts receivable, net 10,044 Inventories, net 4,345 Prepaid expenses and other current assets 346 Current assets of discontinued operations $ 18,126 Property, plant and equipment, net 6,949 Goodwill 66,678 Other non-current assets 6,220 Non-current assets of discontinued operations $ 79,847 Liabilities Accounts payable $ 3,810 Accrued expenses 5,570 Due to related party 250 Other current liabilities 1,518 Current liabilities of discontinued operations $ 11,148 Deferred income taxes 10,999 Other non-current liabilities 5,193 Non-current liabilities of discontinued operations $ 16,192 Noncontrolling interest of discontinued operations $ 1,533 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | The following tables provide disaggregation of revenue by reportable segment geography for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three months ended September 30, 2023 United States Canada Europe Asia Pacific Other International Total 5.11 $ 107,456 $ 1,765 $ 8,954 $ 4,703 $ 12,335 $ 135,213 BOA 8,899 31 13,272 15,047 32 37,281 Ergobaby 8,316 1,165 7,301 6,097 339 23,218 Lugano 78,732 — 3 — — 78,735 Marucci 45,449 1,035 319 1,629 68 48,500 PrimaLoft 275 — 989 9,603 63 10,930 Velocity Outdoor 49,840 2,294 1,153 169 1,013 54,469 Altor 50,173 — — — 9,042 59,215 Arnold 28,838 126 9,972 1,738 1,145 41,819 Sterno 77,344 2,229 600 12 — 80,185 $ 455,322 $ 8,645 $ 42,563 $ 38,998 $ 24,037 $ 569,565 Three months ended September 30, 2022 United States Canada Europe Asia Pacific Other International Total 5.11 $ 101,112 $ 2,877 $ 8,147 $ 4,528 $ 9,873 $ 126,537 BOA 12,964 2 15,899 21,104 50 50,019 Ergobaby 6,903 918 6,713 6,526 480 21,540 Lugano 50,183 — 668 294 — 51,145 Marucci 41,170 436 5 1,136 6 42,753 PrimaLoft 344 40 691 9,383 254 10,712 Velocity Outdoor 69,713 2,361 1,997 205 1,206 75,482 Altor 62,368 — — — 7,250 69,618 Arnold 26,334 164 10,765 1,683 431 39,377 Sterno 86,652 2,275 (367) (16) 92 88,636 $ 457,743 $ 9,073 $ 44,518 $ 44,843 $ 19,642 $ 575,819 |
Operating Segment Data
Operating Segment Data | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Operating Segment Data | Operating Segment Data At September 30, 2023, the Company had ten reportable operating segments. Each operating segment represents a platform acquisition. The Company’s operating segments are strategic business units that offer different products and services. While each is actively managed by the Company, they are managed separately because each business requires different technology and marketing strategies. A description of each of the reportable segments and the types of products from which each segment derives its revenues is as follows: • 5.11 is a leading provider of purpose-built technical apparel and gear for law enforcement, firefighters, EMS, and military special operations as well as outdoor and adventure enthusiasts. 5.11 is a brand known for innovation and authenticity, and works directly with end users to create purpose-built apparel and gear designed to enhance the safety, accuracy, speed and performance of tactical professionals and enthusiasts worldwide. Headquartered in Costa Mesa, California, 5.11 operates sales offices and distribution centers globally, and 5.11 products are widely distributed in uniform stores, military exchanges, outdoor retail stores, its own retail stores and on 511tactical.com. • BOA, creator of the revolutionary, award-winning, patented BOA Fit System, partners with market-leading brands to make the best gear even better. Delivering fit solutions purpose-built for performance, the BOA Fit System is featured in footwear across snow sports, cycling, outdoor, athletic, workwear as well as performance headwear and medical bracing. The system consists of three integral parts: a micro-adjustable dial, high-tensile lightweight laces, and low friction lace guides creating a superior alternative to laces, buckles, Velcro, and other traditional closure mechanisms. Each unique BOA configuration is designed with brand partners to deliver superior fit and performance for athletes, is engineered to perform in the toughest conditions and is backed by The BOA Lifetime Guarantee. BOA is headquartered in Denver, Colorado and has offices in Austria, Greater China, South Korea, and Japan. • Ergobaby, headquartered in Torrance, California, is a designer, marketer and distributor of wearable baby carriers and accessories, blankets and swaddlers, nursing pillows, strollers, bouncers and related products. Ergobaby primarily sells its Ergobaby and Baby Tula branded products through brick-and-mortar retailers, national chain stores, online retailers, its own websites and distributors and derives more than 50% of its sales from outside of the United States. • Lugano Diamonds is a leading designer, manufacturer and marketer of high-end, one-of-a-kind jewelry sought after by some of the world’s most discerning clientele. Lugano conducts sales via its own retail salons as well as pop-up showrooms at Lugano-hosted or sponsored events in partnership with influential organizations in the equestrian, art and philanthropic community. Lugano is headquartered in Newport Beach, California. • Marucci Sports is a leading designer, manufacturer, and marketer of premium wood and metal baseball bats, composite bats, fielding gloves, batting gloves, bags, protective gear, sunglasses, on and off-field apparel, and other baseball and softball equipment used by professional and amateur athletes. Marucci also develops corporate-owned and franchised sports training facilities. Marucci is headquartered in Baton Rouge, Louisiana. • PrimaLoft is a leading provider of branded, high-performance synthetic insulation and materials used primarily in consumer outerwear, and accessories. The portfolio of PrimaLoft synthetic insulations offers products that can both mimic natural down aesthetics and provide the freedom to design garments ranging from stylish puffers to lightweight performance apparel. PrimaLoft insulations also offer superior economics to the brand partner and enable better sustainability characteristics through the use of recycled, low-carbon inputs. PrimaLoft is headquartered in Latham, New York. • Velocity Outdoor is a leading designer, manufacturer, and marketer of airguns, archery products, laser aiming devices, hunting apparel and related accessories. Velocity Outdoor offers its products under the highly recognizable Crosman, Benjamin, LaserMax, Ravin, CenterPoint and King's Camo brands that are available through national retail chains, mass merchants, dealer and distributor networks. The airgun product category consists of air rifles, air pistols and a range of accessories including targets, holsters and cases. Velocity Outdoor's other primary product categories are archery, with products including CenterPoint and Ravin crossbows, consumables, which includes steel and plastic BBs, lead pellets and CO2 cartridges, lasers for firearms, and airsoft products. The apparel category offers high-performance, feature rich hunting and casual apparel of uncompromised quality utilizing King’s own proprietary camo patterns. Velocity Outdoor is headquartered in Bloomfield, New York. • Altor Solutions is a designer and manufacturer of custom molded protective foam solutions and original equipment manufacturer components made from expanded polystyrene and expanded polypropylene. Altor provides products to a variety of end markets, including appliances and electronics, pharmaceuticals, health and wellness, automotive, building and other products. Altor is headquartered in Scottsdale, Arizona and operates 18 molding and fabricating facilities across North America. • Arnold is a global solutions provider and manufacturer of engineered solutions for a wide range of specialty applications and end-markets, including aerospace and defense, general industrial, motorsport/transportation, oil and gas, medical, energy, reprographics and advertising specialties. Arnold engineers solutions for and produces high performance permanent magnets (PMAG), stators, rotors and full electric motors ("Ramco"), precision foil products (Precision Thin Metals or "PTM"), and flexible magnets (Flexmag™) that are mission critical in motors, generators, sensors and other systems and components. Based on its long-term relationships, Arnold has built a diverse and blue-chip customer base totaling more than 2,000 customers and leading systems-integrators worldwide with a focus on North America, Europe, and Asia. Arnold has built a preferred rare earth supply chain and has leading rare earth and other permanent magnet production capabilities. Arnold is headquartered in Rochester, New York. • Sterno is a leading manufacturer and marketer of portable food warming systems, creative indoor and outdoor lighting, and home fragrance solutions for the consumer markets. Sterno offers a broad range of wick and gel chafing systems, butane stoves and accessories, liquid and traditional wax candles, catering equipment and lamps through Sterno Products, scented wax cubes, warmer products, outdoor lighting and essential oils used for home decor and fragrance systems through Rimports. Sterno is headquartered in Plano, Texas. The tabular information that follows shows data for each of the operating segments reconciled to amounts reflected in the consolidated financial statements. The operations of each of the operating segments are included in consolidated operating results as of their date of acquisition. Segment profit is determined based on internal performance measures used by the Manager to assess the performance of each business. Corporate consists of corporate overhead and management fees that are not allocated to any of the Company's reportable segments. There were no significant inter-segment transactions. Summary of Operating Segments Net Revenues Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 5.11 $ 135,213 $ 126,537 $ 385,695 $ 350,608 BOA 37,281 50,019 113,390 166,215 Ergobaby 23,218 21,540 71,785 68,256 Lugano 78,735 51,145 203,571 137,229 Marucci 48,500 42,753 144,065 122,481 PrimaLoft 10,930 10,712 57,619 10,712 Velocity Outdoor 54,469 75,482 126,348 180,774 Altor Solutions 59,215 69,618 181,613 199,590 Arnold 41,819 39,377 122,047 116,319 Sterno 80,185 88,636 229,819 249,745 Total segment revenue 569,565 575,819 1,635,952 1,601,929 Corporate — — — — Total consolidated revenues $ 569,565 $ 575,819 $ 1,635,952 $ 1,601,929 Segment Profit (Loss) Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 5.11 $ 13,400 $ 12,091 $ 31,652 $ 30,301 BOA 6,684 12,975 22,685 50,237 Ergobaby 1,288 593 4,202 3,866 Lugano 27,963 12,635 64,872 35,885 Marucci 11,062 7,692 28,364 14,141 PrimaLoft (2,756) (8,469) 5,082 (8,469) Velocity Outdoor (28,581) 10,225 (33,467) 18,721 Altor Solutions 8,749 6,561 24,906 18,303 Arnold 4,739 5,462 15,390 14,075 Sterno 6,438 2,795 18,019 13,783 Total segment operating income 48,986 62,560 181,705 190,843 Corporate (20,551) (18,785) (59,298) (52,155) Total consolidated operating income 28,435 43,775 122,407 138,688 Reconciliation of segment operating income (loss) to consolidated income from continuing operations before income taxes: Interest expense, net (27,560) (22,799) (80,355) (57,737) Amortization of debt issuance costs (1,005) (1,004) (3,034) (2,735) Loss on debt extinguishment — (534) — (534) Other income (expense), net 1,043 (1,917) 2,069 856 Total consolidated income from continuing operations before income taxes $ 913 $ 17,521 $ 41,087 $ 78,538 Depreciation and Amortization Expense Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 5.11 $ 6,494 $ 5,701 $ 19,645 $ 16,648 BOA 5,875 5,517 17,267 16,161 Ergobaby 2,009 2,008 6,038 5,998 Lugano 1,913 2,976 6,522 8,090 Marucci 3,396 2,467 9,768 9,447 PrimaLoft 5,283 4,107 15,843 4,107 Velocity Outdoor 3,267 3,327 9,846 9,740 Altor Solutions 4,154 4,062 12,374 12,069 Arnold 2,085 1,895 6,126 5,942 Sterno 4,872 4,956 14,678 14,934 Total 39,348 37,016 118,107 103,136 Reconciliation of segment to consolidated total: Amortization of debt issuance costs 1,005 1,004 3,034 2,735 Consolidated total $ 40,353 $ 38,020 $ 121,141 $ 105,871 Accounts Receivable Identifiable Assets September 30, December 31, September 30, December 31, (in thousands) 2023 2022 2023 (1) 2022 (1) 5.11 $ 52,661 $ 53,589 $ 436,032 $ 450,537 BOA 1,966 1,630 230,416 240,359 Ergobaby 12,581 11,213 75,594 84,657 Lugano 105,094 85,911 466,925 327,795 Marucci 30,373 35,185 188,362 181,528 PrimaLoft 1,377 2,486 298,806 310,914 Velocity Outdoor 36,028 33,159 223,427 224,356 Altor Solutions 43,133 42,368 186,749 198,943 Arnold 26,973 23,666 107,797 105,196 Sterno 51,426 54,400 186,514 210,780 Sales allowance accounts (11,773) (12,211) — — Total 349,839 331,396 2,400,622 2,335,065 Reconciliation of segment to consolidated totals: Corporate and other identifiable assets — — 18,882 18,471 Total $ 349,839 $ 331,396 $ 2,419,504 $ 2,451,509 (1) Does not include accounts receivable balances per schedule above or goodwill balances - refer to Note G - "Goodwill and Other Intangible Assets" . |
Property, Plant and Equipment a
Property, Plant and Equipment and Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment and Inventory | Property, Plant and Equipment and Inventory Property, plant and equipment Property, plant and equipment is comprised of the following at September 30, 2023 and December 31, 2022 (in thousands ): September 30, 2023 December 31, 2022 Machinery and equipment $ 238,720 $ 225,027 Furniture, fixtures and other 73,091 66,445 Leasehold improvements 95,854 75,318 Buildings and land 13,535 13,386 Construction in process 17,539 18,091 438,739 398,267 Less: accumulated depreciation (235,227) (199,742) Total $ 203,512 $ 198,525 Depreciation expense was $12.7 million and $37.3 million for the three and nine months ended September 30, 2023, respectively and $10.8 million and $31.1 million for the three and nine months ended September 30, 2022, respectively. Inventory Inventory is comprised of the following at September 30, 2023 and December 31, 2022 (in thousands) : September 30, 2023 December 31, 2022 Raw materials $ 101,002 $ 104,735 Work-in-process 30,805 30,158 Finished goods 699,606 621,854 Less: obsolescence reserve (29,526) (28,664) Total $ 801,887 $ 728,083 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Note G — Goodwill and Other Intangible Assets As a result of acquisitions of various businesses, the Company has significant intangible assets on its balance sheet that include goodwill and indefinite-lived intangibles. The Company’s goodwill and indefinite-lived intangibles are tested and reviewed for impairment annually as of March 31st or more frequently if facts and circumstances warrant by comparing the fair value of each reporting unit to its carrying value. Each of the Company’s businesses represent a reporting unit. Goodwill Annual Impairment Testing The Company uses a qualitative approach to test goodwill and indefinite lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform quantitative goodwill impairment testing. 2023 Interim Impairment Testing Velocity Outdoor - The Company performed interim quantitative impairment testing of goodwill at Velocity at August 31, 2023. As a result of operating results that were below the forecast that we used in the quantitative impairment test of Velocity Outdoor at March 31, 2023, the Company determined that a triggering event had occurred at Velocity in the third quarter of 2023 and performed an interim impairment test as of August 31, 2023. The Company used an income approach for the impairment test, whereby we estimate the fair value of the reporting unit based on the present value of future cash flows. Cash flow projections are based on management's estimate of revenue growth rates and operating margins, and take into consideration industry and market conditions as well as company specific economic factors. The Company used a weighted average cost of capital of 17% in the income approach. The discount rate used was based on the weighted average cost of capital adjusted for the relevant risk associated with business specific characteristics and Velocity's ability to execute on projected cash flows. Based on the results of the impairment test, the fair value of Velocity did not exceed its carrying value. The Company recorded goodwill impairment of $32.6 million in the quarter ending September 30, 2023. 2023 Annual Impairment Testing The Company determined that the Velocity reporting unit required additional quantitative testing because we could not conclude that the fair value of the reporting unit exceeded its carrying value based on qualitative factors alone. For the reporting units that were tested only on a qualitative basis for the 2023 annual impairment testing, the results of the qualitative analysis indicated that it is more likely than not that the fair value exceeded the carrying value of these reporting units. The quantitative test of Velocity was performed using an income approach to determine the fair value of the reporting unit. The discount rate used in the income approa ch was 15% and the results of the quantitative impairment testing indicated that the fair value of the Velocity reporting unit exceeded the carrying value by 21%. 2022 Annual Impairment Testing The results of the qualitative analysis indicated that it was more-likely-than-not that the fair value of each of our reporting units exceeded their carrying value for the 2022 annual impairment testing. Interim Impairment Testing 2022 Interim Impairment Testing Ergobaby - The Company performed interim quantitative impairment testing at Ergobaby of goodwill and the indefinite lived tradename at December 31, 2022. As a result of operating results that were below historical and forecast amounts, the Company determined that a triggering event had occurred at Ergobaby. The Company used an income approach for the impairment test, whereby we estimate the fair value of the reporting unit based on the present value of future cash flows. Cash flow projections are based on management's estimate of revenue growth rates and operating margins, and take into consideration industry and market conditions as well as company specific economic factors. The Company used a weighted average cost of capital of 16% in the income approach. The discount rate used was based on the weighted average cost of capital adjusted for the relevant risk associated with business specific characteristics and Ergobaby's ability to execute on projected cash flows. Based on the results of the impairment test, the fair value of Ergobaby did not exceed its carrying value. We recorded goodwill impairment of $20.6 million at December 31, 2022. For the indefinite lived tradename, quantitative testing indicated that the fair value exceeded the carrying value. The following is a summary of the net carrying amount of goodwill at September 30, 2023 and December 31, 2022, is as follows (in thousands) : September 30, 2023 December 31, 2022 Goodwill - gross carrying amount $ 1,152,334 $ 1,145,023 Accumulated impairment losses (1) (110,865) (78,297) Goodwill - net carrying amount $ 1,041,469 $ 1,066,726 (1) Includes accumulated goodwill impairment expense of $20.6 million recorded at Ergobaby, $65.4 million at Velocity and $24.9 million at Arnold. In the nine months ended September 30, 2023, the Company recorded $32.6 million of goodwill impairment expense at Velocity, and in the year ended December 31, 2022, the Company recorded $20.6 million in goodwill impairment expense at Ergobaby. The following is a reconciliation of the change in the carrying value of goodwill for the nine months ended September 30, 2023 by operating segment (in thousands) : Balance at January 1, 2023 Acquisitions/Measurement Period Adjustments Goodwill Impairment Balance at September 30, 2023 5.11 $ 92,966 $ — $ — $ 92,966 BOA 254,153 — — 254,153 Ergobaby 40,896 — — 40,896 Lugano 86,337 — — 86,337 Marucci 75,719 8,114 — 83,833 PrimaLoft 291,150 (803) — 290,347 Velocity Outdoor 39,773 — (32,568) 7,205 Altor 91,129 — — 91,129 Arnold 39,267 — — 39,267 Sterno 55,336 — — 55,336 Total $ 1,066,726 $ 7,311 $ (32,568) $ 1,041,469 Long lived assets Annual indefinite lived impairment testing The Company used a qualitative approach to test indefinite lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite lived intangible asset is impaired as a basis for determining whether it is necessary to perform quantitative impairment testing. The Company evaluated the qualitative factors of each indefinite lived intangible asset in connection with the annual impairment testing for 2023 and 2022. Results of the qualitative analysis indicate that it is more likely than not that the fair value of the reporting units that maintain indefinite lived intangible assets exceeded the carrying value. Other intangible assets are comprised of the following at September 30, 2023 and December 31, 2022 (in thousands) : September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 785,303 $ (283,325) $ 501,978 $ 785,303 $ (239,752) $ 545,551 Technology and patents 226,866 (64,947) 161,919 211,648 (52,811) 158,837 Trade names, subject to amortization 487,843 (141,556) 346,287 483,179 (118,684) 364,495 Non-compete agreements 6,424 (4,515) 1,909 4,637 (3,824) 813 Other contractual intangible assets 1,960 (1,523) 437 1,960 (1,185) 775 Total 1,508,396 (495,866) 1,012,530 1,486,727 (416,256) 1,070,471 Trade names, not subject to amortization 56,965 — 56,965 56,965 — 56,965 In-process research and development (1) 500 — 500 500 — 500 Total intangibles, net $ 1,565,861 $ (495,866) $ 1,069,995 $ 1,544,192 $ (416,256) $ 1,127,936 (1) In-process research and development is considered indefinite lived until the underlying technology becomes viable, at which point the intangible asset will be amortized over the expected useful life. Amortization expense related to intangible assets was $26.7 million and $79.7 million for the three and nine months ended September 30, 2023, respectively, and $25.2 million and $67.2 million for the three and nine months ended September 30, 2022, respectively. Estimated charges to amortization expense of intangible assets for the remainder of 2023 and the next four years, is as follows (in thousands) : 2023 2024 2025 2026 2027 $ 26,523 $ 104,523 $ 99,241 $ 92,863 $ 82,000 |
Warranties
Warranties | 9 Months Ended |
Sep. 30, 2023 | |
Guarantees [Abstract] | |
Warranties | Warranties The Company’s Ergobaby, Marucci, BOA and Velocity Outdoor operating segments estimate their exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability quarterly and adjusts the amount as necessary. Warranty liability is included in accrued expenses in the accompanying consolidated balance sheets. A reconciliation of the change in the carrying value of the Company’s warranty liability for the nine months ended September 30, 2023 and the year ended December 31, 2022 is as follows ( in thousands ): Warranty liability Nine months ended September 30, 2023 Year ended December 31, 2022 Beginning balance $ 1,754 $ 2,062 Provision for warranties issued during the period 2,507 3,301 Fulfillment of warranty obligations (2,624) (3,609) Ending balance $ 1,637 $ 1,754 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt 2022 Credit Facility On July 12, 2022, the LLC entered into the Third Amended and Restated Credit Agreement (the "2022 Credit Facility") to amend and restate the 2021 Credit Facility. The 2022 Credit Facility provides for revolving loans, swing line loans and letters of credit ("the 2022 Revolving Line of Credit") up to a maximum aggregate amount of $600 million ("the 2022 Revolving Loan Commitment") and a $400 million term loan (the “2022 Term Loan”). The 2022 Term Loan requires quarterly payments ranging from $2.5 million to $7.5 million, commencing September 30, 2022, with a final payment of all remaining principal and interest due on July 12, 2027, which is the 2022 Term Loan’s maturity date. All amounts outstanding under the 2022 Revolving Line of Credit will become due on July 12, 2027, which is the termination date of the 2022 Revolving Loan Commitment. The 2022 Credit Facility also permits the LLC, prior to the applicable maturity date, to increase the Revolving Loan Commitment and/or obtain additional term loans in an aggregate amount of up to $250 million, subject to certain restrictions and conditions. On the closing date for the 2022 Credit Facility, the 2022 Term Loan was advanced in full and the initial borrowings outstanding under the 2022 Revolving Line of Credit were $115 million. We used the initial proceeds from the 2022 Credit Facility to pay all amounts outstanding under the 2021 Credit Facility, pay fees and expenses incurred in connection with the 2022 Credit Facility and fund the acquisition of PrimaLoft. The LLC may borrow, prepay and reborrow principal under the 2022 Revolving Credit Facility from time to time during its term. Advances under the 2022 Revolving Line of Credit can be either term Secured Overnight Financing Rate ("SOFR") loans or base rate loans. Term SOFR revolving loans bear interest on the outstanding principal amount thereof for each interest period at a rate per annum based on the applicable SOFR as administered by the Federal Reserve Bank of New York (or a successor administrator), as adjusted, plus a margin ranging from 1.50% to 2.50%, based on the ratio of consolidated net indebtedness to adjusted consolidated earnings before interest expense, tax expense, and depreciation and amortization expenses for such period (the “Consolidated Total Leverage Ratio”). Base rate revolving loans bear interest on the outstanding principal amount thereof at a rate per annum equal to the highest of (i) Federal Funds rate plus 0.50%, (ii) the “prime rate”, and (iii) the applicable SOFR plus 1.0% (the “Base Rate”), plus a margin ranging from 0.50% to 1.50%, based on the Company's Consolidated Total Leverage Ratio. Advances under the 2022 Term Loan can be either term SOFR loans or base rate loans. The 2022 Term Loan was advanced in full on the closing date for the 2022 Credit Facility as a Term SOFR loan with an interest period of one month. On the last day of an interest period, Term SOFR loans may be converted to Term SOFR loans of a different interest period or to Base Rate loans. Term SOFR term loans bear interest on the outstanding principal amount thereof for each interest period at a rate per annum based on the Term SOFR for such interest period plus a margin ranging from 1.50% to 2.50%, based on the Consolidated Total Leverage Ratio. Base rate term loans bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus a margin ranging from 0.50% to 1.50%, based on the Consolidated Total Leverage Ratio. Under the 2022 Revolving Credit Facility, an aggregate amount of up to $100 million in letters of credit may be issued, as well as swing line loans of up to $25 million outstanding at one time. The issuance of such letters of credit and the making of any swing line loan would reduce the amount available under the 2022 Revolving Credit Facility. Net availability under the 2022 Revolving Credit Facility was approximately $485.8 million at September 30, 2023. Letters of credit outstanding at September 30, 2023 totaled approximately $2.2 million. At September 30, 2023, the Company was in compliance with all covenants as defined in the 2022 Credit Facility. The 2022 Revolving Credit Facility is secured by all of the assets of the Company, including all of its equity interests in, and loans to, its subsidiaries. 2021 Credit Facility On March 23, 2021, we entered into a Second Amended and Restated Credit Agreement (the "2021 Credit Facility") to amend and restate the 2018 Credit Facility (as previously restated and amended) among the LLC, the lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent. The 2021 Credit Facility provided for revolving loans, swing line loans and letters of credit (the “2021 Revolving Credit Facility”) up to a maximum aggregate amount of $600 million and also permitted the LLC, prior to the applicable maturity date, to increase the revolving loan commitment and/or obtain term loans in an aggregate amount of up to $250 million, subject to certain restrictions and conditions. The LLC repaid the outstanding amounts under the 2021 Credit Facility in the third quarter of 2022 in connection with entering into the 2022 Credit Facility. Senior Notes 2032 Senior Notes On November 17, 2021, we consummated the issuance and sale of $300 million aggregate principal amount of our 5.000% Senior Notes due 2032 (the “2032 Notes” or "2032 Senior Notes") offered pursuant to a private offering to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and to non-U.S. persons under Regulation S under the Securities Act. The 2032 Notes were issued pursuant to an indenture, dated as of November 17, 2021 (the “2032 Notes Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The 2032 Notes bear interest at the rate of 5.000% per annum and will mature on January 15, 2032. Interest on the 2032 Notes is payable in cash on January 15 and July 15 of each year, beginning on July 15, 2022. The proceeds from the sale of the 2032 Notes was used to repay a portion of our debt outstanding under the 2021 Revolving Credit Facility. 2029 Senior Notes On March 23, 2021, we consummated the issuance and sale of $1,000 million aggregate principal amount of our 5.250% Senior Notes due 2029 (the "2029 Notes" or "2029 Senior Notes") offered pursuant to a private offering to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and to non-U.S. persons under Regulation S under the Securities Act. The 2029 Notes were issued pursuant to an indenture, dated as of March 23, 2021 (the “2029 Notes Indenture”), between the Company and U.S. Bank National Association, as trustee (the "Trustee"). The 2029 Notes bear interest at the rate of 5.250% per annum and will mature on April 15, 2029. Interest on the 2029 Notes is payable in cash on April 15th and October 15th of each year. The first interest payment date on the 2029 Senior Notes was October 15, 2021. The 2029 Notes are general unsecured obligations of the Company and are not guaranteed by our subsidiaries. The proceeds from the sale of the 2029 Notes was used to repay debt outstanding under the 2018 Credit Facility in connection with entering into the 2021 Credit Facility, as described above, and to redeem our 8.000% Senior Notes due 2026 (the “2026 Senior Notes”). The following table provides the Company’s outstanding long-term debt and effective interest rates at September 30, 2023 and December 31, 2022 (in thousands) : September 30, 2023 December 31, 2022 Effective Interest Rate Amount Effective Interest Rate Amount 2029 Senior Notes 5.25 % $ 1,000,000 5.25 % $ 1,000,000 2032 Senior Notes 5.00 % 300,000 5.00 % 300,000 2022 Term Loan 7.36 % 387,500 5.20 % 395,000 2022 Revolving Credit Facility 7.45 % 112,000 5.98 % 155,000 Less: Unamortized debt issuance costs (13,724) (15,532) Total debt $ 1,785,776 $ 1,834,468 Less: Current Portion, term loan facilities (10,000) (10,000) Long-term debt $ 1,775,776 $ 1,824,468 Annual maturities of the Company's debt obligations are as follows (in thousands): 2023 $ 10,000 2024 10,000 2025 15,000 2026 25,000 2027 439,500 2028 and thereafter 1,300,000 $ 1,799,500 The Senior Notes consisted of the following carrying value and estimated fair value (in thousands): Fair Value Hierarchy Level September 30, 2023 Maturity Date Rate Carrying Value Fair Value 2032 Senior Notes January 15, 2032 5.000 % 2 $ 300,000 $ 243,000 2029 Senior Notes April 15, 2029 5.250 % 2 $ 1,000,000 $ 865,000 Debt Issuance Costs Deferred debt issuance costs represent the costs associated with the issuance of the Company's financing arrangements. In connection with entering into the 2022 Credit Facility, the Company recognized $2.5 million in deferred financing costs associated with the 2022 Term Loan, and $2.8 million in deferred financing costs associated with the 2022 Revolving Credit Facility. In connection with the 2032 Senior Notes offering in November 2021, the Company recorded $4.3 million in deferred financing costs, and the Company recorded $12.0 million in deferred financing costs related to the 2029 Senior Notes offering in March 2021. Since the Company can borrow, repay and reborrow principal under the 2022 Revolving Credit Facility, the debt issuance costs associated with the 2022 Revolving Credit Facility have been classified as other non-current assets in the accompanying condensed consolidated balance sheet. The debt issuance costs associated with the 2022 Term Loan and Senior Notes are classified as a reduction of long-term debt in the accompanying condensed consolidated balance sheets. The following table summarizes debt issuance costs at September 30, 2023 and December 31, 2022, and the balance sheet classification in each of the periods presented ( in thousands ): September 30, 2023 December 31, 2022 Deferred debt issuance costs $ 32,526 $ 32,526 Accumulated amortization (12,774) (9,760) Deferred debt issuance costs, net $ 19,752 $ 22,766 Balance sheet classification: Other noncurrent assets $ 6,028 $ 7,234 Long-term debt 13,724 15,532 $ 19,752 $ 22,766 |
Noncontrolling Interest
Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest represents the portion of the Company’s majority owned subsidiary’s net income (loss) and equity that is owned by noncontrolling shareholders. The following tables reflect the LLC’s ownership percentage of its majority owned operating segments and related noncontrolling interest balances as of September 30, 2023 and December 31, 2022: % Ownership (1) September 30, 2023 % Ownership (1) December 31, 2022 Primary Fully Primary Fully 5.11 97.5 88.3 97.7 88.3 BOA 91.8 83.1 91.8 83.5 Ergobaby 81.6 72.8 81.6 72.8 Lugano 59.9 54.9 59.9 55.2 Marucci 90.0 80.9 91.0 82.1 PrimaLoft 90.7 83.1 90.7 83.7 Velocity Outdoor 99.4 87.7 99.4 87.7 Altor 99.3 90.1 99.8 88.2 Arnold 98.0 85.5 98.0 85.5 Sterno 99.4 88.3 99.4 90.7 (1) The principal difference between primary and diluted percentages of our operating segments is due to stock option issuances of operating segment stock to management of the respective businesses. Noncontrolling Interest Balances (in thousands) September 30, 2023 December 31, 2022 5.11 $ 18,029 $ 17,186 BOA 39,534 36,215 Ergobaby 16,751 16,020 Lugano 96,903 82,967 Marucci 26,989 20,045 PrimaLoft 35,969 36,263 Velocity Outdoor 6,562 6,115 Altor 5,901 5,077 Arnold 1,636 1,475 Sterno 1,795 2,046 Allocation Interests 100 100 $ 250,169 $ 223,509 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The following table provides the assets and liabilities carried at fair value measured on a recurring basis during the year ended December 31, 2022. There were no assets or liabilities measured on a recurring basis during the nine months ended September 30, 2023. Fair Value Measurements at December 31, 2022 (in thousands) Carrying Level 1 Level 2 Level 3 Liabilities: Put option of noncontrolling shareholders (1) $ (142) $ — $ — $ (142) Contingent consideration - acquisition (2) (1,300) — — (1,300) Total recorded at fair value $ (1,442) $ — $ — $ (1,442) (1) Represented a put option issued to a noncontrolling shareholder in connection with the 5.11 acquisition. The put option was terminated during the period ended March 31, 2023. (2) Represented a potential earn-out payable as additional purchase price consideration by Velocity in connection with the acquisition of King's Camo. The payment of the earn-out occurred during the second quarter of 2023. Reconciliations of the change in the carrying value of the Level 3 fair value measurements from January 1, 2022 through September 30, 2023 are as follows ( in thousands ): Level 3 Balance at January 1, 2022 $ (1,501) Contingent consideration - King's Camo (1,600) Adjustment to contingent consideration - King's Camo 300 Payment of contingent consideration - Polyfoam 1,350 Increase in the fair value of put option of noncontrolling shareholder - 5.11 9 Balance at December 31, 2022 $ (1,442) Termination of put option of noncontrolling shareholder - 5.11 142 Adjustment to contingent consideration - King's Camo 25 Payment of contingent consideration - King's Camo 1,275 Balance at September 30, 2023 $ — Valuation Techniques The Company has not changed its valuation techniques in measuring the fair value of any of its other financial assets and liabilities during the period. For details of the Company’s fair value measurement policies under the fair value hierarchy, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Nonrecurring Fair Value Measurements The following table provides the assets and liabilities carried at fair value measured on a non-recurring basis as of September 30, 2023 and December 31, 2022. Refer to "Note G - Goodwill and Intangible Assets" , for a description of the valuation techniques used to determine fair value of the assets measured on a non-recurring basis in the table below. Expense Fair Value Measurements at September 30, 2023 Nine months ended (in thousands) Carrying Level 1 Level 2 Level 3 September 30, 2023 Goodwill - Velocity $ 7,205 — — $ 7,205 $ 32,568 Expense Fair Value Measurements at December 31, 2022 Year ended (in thousands) Carrying Level 1 Level 2 Level 3 December 31, 2022 Goodwill - Ergo $ 40,896 — — $ 40,896 $ 20,552 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes The Company estimates its annual effective tax rate each fiscal quarter and applies that estimated rate to its interim pre-tax earnings. In this regard, the Company reflects the full year’s estimated tax impact of certain unusual or infrequently occurring items and the effects of changes in tax laws or rates in the interim period in which they occur. The Company's parent, the Trust, is subject to entity-level U.S. federal, state and local corporate income taxes on the Company's earnings that flow through to the Trust. The computation of the annual estimated effective tax rate for each interim period requires certain assumptions, estimates, and significant judgment, including with respect to the projected operating income for the year, projections of income earned and taxes incurred in various jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets. The accounting estimates used to compute the provision for income taxes may change as new events occur, as additional information is obtained, as our tax structure changes or as the tax laws change. Certain foreign operations are subject to foreign income taxation under existing provisions of the laws of those jurisdictions. The reconciliation between the Federal Statutory Rate and the effective income tax rate for the nine months ended September 30, 2023 and 2022 is as follows: Nine months ended September 30, 2023 2022 United States Federal Statutory Rate 21.0 % 21.0 % State income taxes (net of Federal benefits) 7.4 3.7 Foreign income taxes 5.2 2.0 Impact of subsidiary employee stock options 0.3 0.8 Utilization of tax credits (11.0) (8.3) Non-recognition of various carryforwards at subsidiaries 19.8 13.4 United States tax on foreign income (1.4) 1.3 Impairment expense 7.5 — Effect of classification of assets held for sale — 11.0 Other 0.4 1.7 Effective income tax rate 49.2 % 46.6 % |
Defined Benefit Plan
Defined Benefit Plan | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan | Defined Benefit Plan In connection with the acquisition of Arnold, the company has a defined benefit plan covering substantially all of Arnold’s employees at its Lupfig, Switzerland location. The benefits are based on years of service and the employees’ highest average compensation during the specific period. The unfunded liability of $2.0 million is recognized in the consolidated balance sheet as a component of other non-current liabilities at September 30, 2023. Net periodic benefit cost consists of the following for the three and nine months ended September 30, 2023 and 2022 (in thousands ): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Service cost $ 90 $ 105 $ 271 $ 321 Interest cost 60 10 182 31 Expected return on plan assets (54) (18) (163) (54) Amortization of unrecognized loss (9) (7) (27) (20) Effect of curtailment — — (13) (31) Net periodic benefit cost $ 87 $ 90 $ 250 $ 247 During the nine months ended September 30, 2023 , per the terms of the pension agreement, Arnold contributed $0.3 million to the plan. For the remainder of 2023, the expected contribution to the plan will be approximately $0.1 million. The plan assets are pooled with assets of other participating employers and are not separable; therefore, the fair values of the pension plan assets at September 30, 2023 were considered Level 3. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | ote O - Commitments and ContingenciesIn the normal course of business, the Company and its subsidiaries are involved in various claims and legal proceedings. While the ultimate resolution of these matters has yet to be determined, the Company does not believe that any unfavorable outcomes will have a material adverse effect on the Company's consolidated financial position or results of operations. Leases The Company and its subsidiaries lease office and manufacturing facilities, computer equipment and software under various arrangements. Certain of the leases are subject to escalation clauses and renewal periods. The Company and its subsidiaries recognize lease expense, including predetermined fixed escalations, on a straight-line basis over the initial term of the lease including reasonably assured renewal periods from the time that the Company and its subsidiaries control the leased property. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Certain of our subsidiaries have leases that contain both fixed rent costs and variable rent costs based on achievement of certain operating metrics. The variable lease expense was not a material component of our total lease expense for the three and nine months ended September 30, 2023 and 2022. The Company recognized $13.8 million and $39.7 million in the three and nine months ended September 30, 2023 and $11.9 million and $32.9 million in the three and nine months ended September 30, 2022, respectively, in expense related to operating leases in the condensed consolidated statements of operations. The maturities of lease liabilities at September 30, 2023 are as follows ( in thousands ): 2023 (excluding nine months ended September 30, 2023) $ 11,481 2024 43,712 2025 40,202 2026 36,626 2027 32,284 Thereafter 75,582 Total undiscounted lease payments $ 239,887 Less: Interest 52,883 Present value of lease liabilities $ 187,004 The calculated amount of the right-of-use assets and lease liabilities are impacted by the length of the lease term and discount rate used to present value the minimum lease payments. The Company's lease agreements often include one or more options to renew at the company's discretion. In general, it is not reasonably certain that lease renewals will be exercised at lease commencement and therefore lease renewals are not included in the lease term. As the discount rate is rarely determinable, the Company utilizes the incremental borrowing rate of the subsidiary entering into the lease arrangement, on a collateralized basis, over a similar term as adjusted for any country specific risk. The weighted average remaining lease terms and discount rates for all of our operating leases were as follows: Lease Term and Discount Rate September 30, 2023 September 30, 2022 Weighted-average remaining lease term (years) 6.12 6.24 Weighted-average discount rate 8.02 % 7.57 % Supplemental balance sheet information related to leases was as follows ( in thousands ): Line Item in the Company’s Consolidated Balance Sheet September 30, 2023 December 31, 2022 Operating lease right-of-use assets Other non-current assets $ 162,439 $ 147,518 Current portion, operating lease liabilities Other current liabilities $ 31,878 $ 28,497 Operating lease liabilities Other non-current liabilities $ 155,126 $ 139,529 Supplemental cash flow information related to leases was as follows ( in thousands ): Nine months ended September 30, 2023 Nine months ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 30,414 $ 28,178 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 36,639 $ 41,127 |
Supplemental Balance Sheet Disclosures | Supplemental balance sheet information related to leases was as follows ( in thousands ): Line Item in the Company’s Consolidated Balance Sheet September 30, 2023 December 31, 2022 Operating lease right-of-use assets Other non-current assets $ 162,439 $ 147,518 Current portion, operating lease liabilities Other current liabilities $ 31,878 $ 28,497 Operating lease liabilities Other non-current liabilities $ 155,126 $ 139,529 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Management Services Agreement The LLC entered into the Management Services Agreement ("MSA") with CGM effective May 16, 2006, as amended. Our Chief Executive Officer is a partner of CGM. The MSA provides for, among other things, CGM to perform services for the LLC in exchange for a management fee paid quarterly and equal to 0.5% of the LLC's adjusted net assets, as defined in the MSA. During 2022, CGM entered into a waiver of the MSA for the period through June 30, 2023 to receive a 1% annual management fee related to PrimaLoft, rather than the 2% called for under the MSA, which resulted in a lower management fee at March 31, and June 30, 2023 than would normally have been due. At March 31, 2022, CGM entered into a waiver to exclude cash balances held at the LLC from the calculation of the management fee. Integration Services Agreements PrimaLoft, which was acquired in July 2022, entered into an Integration Services Agreement ("ISA") with CGM whereby PrimaLoft paid CGM an integration services fee of $4.8 million quarterly over the twelve-month period ended June 30, 2023. Lugano, which was acquired in September 2021, entered into an ISA with CGM whereby Lugano paid CGM an integration services fee of $2.3 million quarterly over a twelve month period as services were rendered, beginning in the quarter ended December 31, 2021. Integration service fees are included in selling, general and administrative expense on the subsidiaries' statement of operations in the period in which they are incurred. Under the ISAs, CGM provides services for new platform acquisitions to, amongst other things, assist the management at the acquired entities in establishing a corporate governance program, implement compliance and reporting requirements of the Sarbanes-Oxley Act of 2002, as amended, and align the acquired entity's policies and procedures with our other subsidiaries. The Company and its businesses have the following significant related party transactions 5.11 Related Party Vendor Purchases - 5.11 purchases inventory from a vendor who is a related party to 5.11 through one of the executive officers of 5.11 via the executive's 40% ownership interest in the vendor. 5.11 purchased approximately $0.6 million and $1.6 million during the three and nine months ended September 30, 2023, respectively and $0.3 million and $1.1 million during the three and nine months ended September 30, 2022, respectively in inventory from the vendor. BOA Related Party Vendor Purchases - A contract manufacturer used by BOA as the primary supplier of molded injection parts is a noncontrolling shareholder of BOA. BOA purchased approxim ately $10.0 million and $30.4 million from this supplier during the three and nine months ended September 30, 2023, respectively and $12.7 million and $43.8 million during the three and nine months ended and September 30, 2022, respectively. Ergobaby |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note Q — Subsequent Event Pending Sale of Marucci On November 1, 2023, the LLC, solely in its capacity as the representative of the holders of stock and options of Wheelhouse Holdings Inc. (as used in this Note Q, “Wheelhouse”), a majority owned subsidiary of the Company, entered into a definitive Agreement and Plan of Merger with Fox Factory, Inc. (“Marucci Purchaser”), Marucci Merger Sub, Inc. (“Marucci Merger Sub”) and Wheelhouse, pursuant to which Marucci Purchaser agreed to acquire all of the issued and outstanding securities of Wheelhouse, the parent company of the operating entity, Marucci Sports, LLC, through a merger of Marucci Merger Sub with and into Wheelhouse, with Wheelhouse surviving the merger and becoming a wholly owned subsidiary of Marucci Purchaser. The sale price of Wheelhouse will be based on an enterprise value of $572 million, subject to certain adjustments based on matters such as transaction tax benefits, transaction expenses of Wheelhouse, the net working capital and cash and debt balances of Wheelhouse at the time of the closing. The closing of the transaction is expect ed to occur in the fourth quarter of 2023; ho |
Presentation and Principles o_2
Presentation and Principles of Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The condensed consolidated financial statements include the accounts of the Trust and the Company, as well as the businesses acquired as of their respective acquisition date. All significant intercompany accounts and transactions have been eliminated in consolidation. Discontinued operating entities are reflected as discontinued operations in the Company's results of operations and statements of financial position. |
Seasonality | SeasonalityEarnings of certain of our operating segments are seasonal in nature due to various recurring events, holidays and seasonal weather patterns, as well as the timing of our acquisitions during a given year. Historically, the third and fourth quarters produce the highest net sales during our fiscal year, however, due to various acquisitions since 2020, there is generally less seasonality in our net sales on a consolidated basis than there has been historically. |
Revenue | he Company recognizes revenue when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services, and excludes any sales incentives or taxes collected from customers which are subsequently remitted to government authorities. Disaggregated Revenue - The Company disaggregates revenue by strategic business unit and by geography for each strategic business unit which are categories that depict how the nature, amount and uncertainty of revenue and cash flows are affected by economic factors. This disaggregation also represents how the Company evaluates its financial performance, as well as how the Company communicates its financial performance to the investors and other users of its financial statements. Each strategic business unit represents the Company’s reportable segments and offers different products and services. |
Discontinued Operations, Policy [Policy Text Block] | iscontinued Operations During the first quarter of 2023, the Company completed the sale of Compass AC Holdings, Inc. (“Advanced Circuits or ACI”). The results of operations of ACI are reported as discontinued operations in the condensed consolidated statements of operations for the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022. Refer to Note C - "Discontinued Operations" for additional information. Unless otherwise indicated, the disclosures accompanying the condensed consolidated financial statements reflect the Company's continuing operations. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables provide disaggregation of revenue by reportable segment geography for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three months ended September 30, 2023 United States Canada Europe Asia Pacific Other International Total 5.11 $ 107,456 $ 1,765 $ 8,954 $ 4,703 $ 12,335 $ 135,213 BOA 8,899 31 13,272 15,047 32 37,281 Ergobaby 8,316 1,165 7,301 6,097 339 23,218 Lugano 78,732 — 3 — — 78,735 Marucci 45,449 1,035 319 1,629 68 48,500 PrimaLoft 275 — 989 9,603 63 10,930 Velocity Outdoor 49,840 2,294 1,153 169 1,013 54,469 Altor 50,173 — — — 9,042 59,215 Arnold 28,838 126 9,972 1,738 1,145 41,819 Sterno 77,344 2,229 600 12 — 80,185 $ 455,322 $ 8,645 $ 42,563 $ 38,998 $ 24,037 $ 569,565 Three months ended September 30, 2022 United States Canada Europe Asia Pacific Other International Total 5.11 $ 101,112 $ 2,877 $ 8,147 $ 4,528 $ 9,873 $ 126,537 BOA 12,964 2 15,899 21,104 50 50,019 Ergobaby 6,903 918 6,713 6,526 480 21,540 Lugano 50,183 — 668 294 — 51,145 Marucci 41,170 436 5 1,136 6 42,753 PrimaLoft 344 40 691 9,383 254 10,712 Velocity Outdoor 69,713 2,361 1,997 205 1,206 75,482 Altor 62,368 — — — 7,250 69,618 Arnold 26,334 164 10,765 1,683 431 39,377 Sterno 86,652 2,275 (367) (16) 92 88,636 $ 457,743 $ 9,073 $ 44,518 $ 44,843 $ 19,642 $ 575,819 |
Operating Segment Data (Tables)
Operating Segment Data (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of Net Sales of Operating Segments | Net Revenues Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 5.11 $ 135,213 $ 126,537 $ 385,695 $ 350,608 BOA 37,281 50,019 113,390 166,215 Ergobaby 23,218 21,540 71,785 68,256 Lugano 78,735 51,145 203,571 137,229 Marucci 48,500 42,753 144,065 122,481 PrimaLoft 10,930 10,712 57,619 10,712 Velocity Outdoor 54,469 75,482 126,348 180,774 Altor Solutions 59,215 69,618 181,613 199,590 Arnold 41,819 39,377 122,047 116,319 Sterno 80,185 88,636 229,819 249,745 Total segment revenue 569,565 575,819 1,635,952 1,601,929 Corporate — — — — Total consolidated revenues $ 569,565 $ 575,819 $ 1,635,952 $ 1,601,929 |
Summary of Profit (Loss) of Operating Segments | Segment Profit (Loss) Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 5.11 $ 13,400 $ 12,091 $ 31,652 $ 30,301 BOA 6,684 12,975 22,685 50,237 Ergobaby 1,288 593 4,202 3,866 Lugano 27,963 12,635 64,872 35,885 Marucci 11,062 7,692 28,364 14,141 PrimaLoft (2,756) (8,469) 5,082 (8,469) Velocity Outdoor (28,581) 10,225 (33,467) 18,721 Altor Solutions 8,749 6,561 24,906 18,303 Arnold 4,739 5,462 15,390 14,075 Sterno 6,438 2,795 18,019 13,783 Total segment operating income 48,986 62,560 181,705 190,843 Corporate (20,551) (18,785) (59,298) (52,155) Total consolidated operating income 28,435 43,775 122,407 138,688 Reconciliation of segment operating income (loss) to consolidated income from continuing operations before income taxes: Interest expense, net (27,560) (22,799) (80,355) (57,737) Amortization of debt issuance costs (1,005) (1,004) (3,034) (2,735) Loss on debt extinguishment — (534) — (534) Other income (expense), net 1,043 (1,917) 2,069 856 Total consolidated income from continuing operations before income taxes $ 913 $ 17,521 $ 41,087 $ 78,538 |
Summary of Goodwill and Identifiable Assets of Operating Segments | Depreciation and Amortization Expense Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 5.11 $ 6,494 $ 5,701 $ 19,645 $ 16,648 BOA 5,875 5,517 17,267 16,161 Ergobaby 2,009 2,008 6,038 5,998 Lugano 1,913 2,976 6,522 8,090 Marucci 3,396 2,467 9,768 9,447 PrimaLoft 5,283 4,107 15,843 4,107 Velocity Outdoor 3,267 3,327 9,846 9,740 Altor Solutions 4,154 4,062 12,374 12,069 Arnold 2,085 1,895 6,126 5,942 Sterno 4,872 4,956 14,678 14,934 Total 39,348 37,016 118,107 103,136 Reconciliation of segment to consolidated total: Amortization of debt issuance costs 1,005 1,004 3,034 2,735 Consolidated total $ 40,353 $ 38,020 $ 121,141 $ 105,871 Accounts Receivable Identifiable Assets September 30, December 31, September 30, December 31, (in thousands) 2023 2022 2023 (1) 2022 (1) 5.11 $ 52,661 $ 53,589 $ 436,032 $ 450,537 BOA 1,966 1,630 230,416 240,359 Ergobaby 12,581 11,213 75,594 84,657 Lugano 105,094 85,911 466,925 327,795 Marucci 30,373 35,185 188,362 181,528 PrimaLoft 1,377 2,486 298,806 310,914 Velocity Outdoor 36,028 33,159 223,427 224,356 Altor Solutions 43,133 42,368 186,749 198,943 Arnold 26,973 23,666 107,797 105,196 Sterno 51,426 54,400 186,514 210,780 Sales allowance accounts (11,773) (12,211) — — Total 349,839 331,396 2,400,622 2,335,065 Reconciliation of segment to consolidated totals: Corporate and other identifiable assets — — 18,882 18,471 Total $ 349,839 $ 331,396 $ 2,419,504 $ 2,451,509 (1) Does not include accounts receivable balances per schedule above or goodwill balances - refer to Note G - "Goodwill and Other Intangible Assets" . |
Property, Plant and Equipment_2
Property, Plant and Equipment and Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | September 30, 2023 December 31, 2022 Machinery and equipment $ 238,720 $ 225,027 Furniture, fixtures and other 73,091 66,445 Leasehold improvements 95,854 75,318 Buildings and land 13,535 13,386 Construction in process 17,539 18,091 438,739 398,267 Less: accumulated depreciation (235,227) (199,742) Total $ 203,512 $ 198,525 |
Summary of Inventory | Inventory is comprised of the following at September 30, 2023 and December 31, 2022 (in thousands) : September 30, 2023 December 31, 2022 Raw materials $ 101,002 $ 104,735 Work-in-process 30,805 30,158 Finished goods 699,606 621,854 Less: obsolescence reserve (29,526) (28,664) Total $ 801,887 $ 728,083 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Reconciliation of Change in Carrying Value of Goodwill | summary of the net carrying amount of goodwill at September 30, 2023 and December 31, 2022, is as follows (in thousands) : September 30, 2023 December 31, 2022 Goodwill - gross carrying amount $ 1,152,334 $ 1,145,023 Accumulated impairment losses (1) (110,865) (78,297) Goodwill - net carrying amount $ 1,041,469 $ 1,066,726 (1) Includes accumulated goodwill impairment expense of $20.6 million recorded at Ergobaby, $65.4 million at Velocity and $24.9 million at Arnold. In the nine months ended September 30, 2023, the Company recorded $32.6 million of goodwill impairment expense at Velocity, and in the year ended December 31, 2022, the Company recorded $20.6 million in goodwill impairment expense at Ergobaby. The following is a reconciliation of the change in the carrying value of goodwill for the nine months ended September 30, 2023 by operating segment (in thousands) : Balance at January 1, 2023 Acquisitions/Measurement Period Adjustments Goodwill Impairment Balance at September 30, 2023 5.11 $ 92,966 $ — $ — $ 92,966 BOA 254,153 — — 254,153 Ergobaby 40,896 — — 40,896 Lugano 86,337 — — 86,337 Marucci 75,719 8,114 — 83,833 PrimaLoft 291,150 (803) — 290,347 Velocity Outdoor 39,773 — (32,568) 7,205 Altor 91,129 — — 91,129 Arnold 39,267 — — 39,267 Sterno 55,336 — — 55,336 Total $ 1,066,726 $ 7,311 $ (32,568) $ 1,041,469 |
Summary of Other Intangible Assets | Other intangible assets are comprised of the following at September 30, 2023 and December 31, 2022 (in thousands) : September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 785,303 $ (283,325) $ 501,978 $ 785,303 $ (239,752) $ 545,551 Technology and patents 226,866 (64,947) 161,919 211,648 (52,811) 158,837 Trade names, subject to amortization 487,843 (141,556) 346,287 483,179 (118,684) 364,495 Non-compete agreements 6,424 (4,515) 1,909 4,637 (3,824) 813 Other contractual intangible assets 1,960 (1,523) 437 1,960 (1,185) 775 Total 1,508,396 (495,866) 1,012,530 1,486,727 (416,256) 1,070,471 Trade names, not subject to amortization 56,965 — 56,965 56,965 — 56,965 In-process research and development (1) 500 — 500 500 — 500 Total intangibles, net $ 1,565,861 $ (495,866) $ 1,069,995 $ 1,544,192 $ (416,256) $ 1,127,936 |
Summary of Estimated Charges to Amortization Expense of Intangible Assets | Estimated charges to amortization expense of intangible assets for the remainder of 2023 and the next four years, is as follows (in thousands) : 2023 2024 2025 2026 2027 $ 26,523 $ 104,523 $ 99,241 $ 92,863 $ 82,000 |
Warranties (Tables)
Warranties (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Guarantees [Abstract] | |
Change in Carrying Value of Company's Warranty Liability | A reconciliation of the change in the carrying value of the Company’s warranty liability for the nine months ended September 30, 2023 and the year ended December 31, 2022 is as follows ( in thousands ): Warranty liability Nine months ended September 30, 2023 Year ended December 31, 2022 Beginning balance $ 1,754 $ 2,062 Provision for warranties issued during the period 2,507 3,301 Fulfillment of warranty obligations (2,624) (3,609) Ending balance $ 1,637 $ 1,754 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Debt Holdings | he following table provides the Company’s outstanding long-term debt and effective interest rates at September 30, 2023 and December 31, 2022 (in thousands) : September 30, 2023 December 31, 2022 Effective Interest Rate Amount Effective Interest Rate Amount 2029 Senior Notes 5.25 % $ 1,000,000 5.25 % $ 1,000,000 2032 Senior Notes 5.00 % 300,000 5.00 % 300,000 2022 Term Loan 7.36 % 387,500 5.20 % 395,000 2022 Revolving Credit Facility 7.45 % 112,000 5.98 % 155,000 Less: Unamortized debt issuance costs (13,724) (15,532) Total debt $ 1,785,776 $ 1,834,468 Less: Current Portion, term loan facilities (10,000) (10,000) Long-term debt $ 1,775,776 $ 1,824,468 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 attributable to the common shares of Holdings is calculated as follows (in thousands, except per share data) : Three months ended Nine months ended 2023 2022 2023 2022 Net income (loss) from continuing operations attributable to common shares of Holdings $ (20,342) $ (15,561) $ (41,512) $ 8,685 Less: Effect of contribution based profit - Holding Event 5,164 4,132 11,609 11,931 Net loss from continuing operations attributable to common shares of Holdings $ (25,506) $ (19,693) $ (53,121) $ (3,246) Income from discontinued operations attributable to Holdings $ 1,274 $ 4,873 $ 102,881 $ 18,665 Less: Effect of contribution based profit - Holding Event — 416 — 1,614 Income from discontinued operations attributable to common shares of Holdings $ 1,274 $ 4,457 $ 102,881 $ 17,051 Basic and diluted weighted average common shares outstanding 71,881 71,910 71,996 70,514 Basic and fully diluted income (loss) per common share attributable to Holdings Continuing operations $ (0.35) $ (0.27) $ (0.74) $ (0.04) Discontinued operations 0.02 0.06 1.43 0.24 $ (0.33) $ (0.21) $ 0.69 $ 0.20 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Company's Ownership Percentage of its Majority Owned Operating Segments and Related Noncontrolling Interest | The following tables reflect the LLC’s ownership percentage of its majority owned operating segments and related noncontrolling interest balances as of September 30, 2023 and December 31, 2022: % Ownership (1) September 30, 2023 % Ownership (1) December 31, 2022 Primary Fully Primary Fully 5.11 97.5 88.3 97.7 88.3 BOA 91.8 83.1 91.8 83.5 Ergobaby 81.6 72.8 81.6 72.8 Lugano 59.9 54.9 59.9 55.2 Marucci 90.0 80.9 91.0 82.1 PrimaLoft 90.7 83.1 90.7 83.7 Velocity Outdoor 99.4 87.7 99.4 87.7 Altor 99.3 90.1 99.8 88.2 Arnold 98.0 85.5 98.0 85.5 Sterno 99.4 88.3 99.4 90.7 (1) The principal difference between primary and diluted percentages of our operating segments is due to stock option issuances of operating segment stock to management of the respective businesses. Noncontrolling Interest Balances (in thousands) September 30, 2023 December 31, 2022 5.11 $ 18,029 $ 17,186 BOA 39,534 36,215 Ergobaby 16,751 16,020 Lugano 96,903 82,967 Marucci 26,989 20,045 PrimaLoft 35,969 36,263 Velocity Outdoor 6,562 6,115 Altor 5,901 5,077 Arnold 1,636 1,475 Sterno 1,795 2,046 Allocation Interests 100 100 $ 250,169 $ 223,509 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | The following table provides the assets and liabilities carried at fair value measured on a recurring basis during the year ended December 31, 2022. There were no assets or liabilities measured on a recurring basis during the nine months ended September 30, 2023. Fair Value Measurements at December 31, 2022 (in thousands) Carrying Level 1 Level 2 Level 3 Liabilities: Put option of noncontrolling shareholders (1) $ (142) $ — $ — $ (142) Contingent consideration - acquisition (2) (1,300) — — (1,300) Total recorded at fair value $ (1,442) $ — $ — $ (1,442) |
Reconciliations of Change in Carrying Value of Level 3 Fair Value Measurements | Reconciliations of the change in the carrying value of the Level 3 fair value measurements from January 1, 2022 through September 30, 2023 are as follows ( in thousands ): Level 3 Balance at January 1, 2022 $ (1,501) Contingent consideration - King's Camo (1,600) Adjustment to contingent consideration - King's Camo 300 Payment of contingent consideration - Polyfoam 1,350 Increase in the fair value of put option of noncontrolling shareholder - 5.11 9 Balance at December 31, 2022 $ (1,442) Termination of put option of noncontrolling shareholder - 5.11 142 Adjustment to contingent consideration - King's Camo 25 Payment of contingent consideration - King's Camo 1,275 Balance at September 30, 2023 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Reconciliation Between Federal Statutory Rate and Effective Income Tax Rate | The reconciliation between the Federal Statutory Rate and the effective income tax rate for the nine months ended September 30, 2023 and 2022 is as follows: Nine months ended September 30, 2023 2022 United States Federal Statutory Rate 21.0 % 21.0 % State income taxes (net of Federal benefits) 7.4 3.7 Foreign income taxes 5.2 2.0 Impact of subsidiary employee stock options 0.3 0.8 Utilization of tax credits (11.0) (8.3) Non-recognition of various carryforwards at subsidiaries 19.8 13.4 United States tax on foreign income (1.4) 1.3 Impairment expense 7.5 — Effect of classification of assets held for sale — 11.0 Other 0.4 1.7 Effective income tax rate 49.2 % 46.6 % |
Defined Benefit Plan (Tables)
Defined Benefit Plan (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Summary of Net Periodic Benefit Cost | Net periodic benefit cost consists of the following for the three and nine months ended September 30, 2023 and 2022 (in thousands ): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Service cost $ 90 $ 105 $ 271 $ 321 Interest cost 60 10 182 31 Expected return on plan assets (54) (18) (163) (54) Amortization of unrecognized loss (9) (7) (27) (20) Effect of curtailment — — (13) (31) Net periodic benefit cost $ 87 $ 90 $ 250 $ 247 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Supplemental Balance Sheet Disclosures | Supplemental balance sheet information related to leases was as follows ( in thousands ): Line Item in the Company’s Consolidated Balance Sheet September 30, 2023 December 31, 2022 Operating lease right-of-use assets Other non-current assets $ 162,439 $ 147,518 Current portion, operating lease liabilities Other current liabilities $ 31,878 $ 28,497 Operating lease liabilities Other non-current liabilities $ 155,126 $ 139,529 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows ( in thousands ): Nine months ended September 30, 2023 Nine months ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 30,414 $ 28,178 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 36,639 $ 41,127 |
Maturities of Lease Liabilities | The maturities of lease liabilities at September 30, 2023 are as follows ( in thousands ): 2023 (excluding nine months ended September 30, 2023) $ 11,481 2024 43,712 2025 40,202 2026 36,626 2027 32,284 Thereafter 75,582 Total undiscounted lease payments $ 239,887 Less: Interest 52,883 Present value of lease liabilities $ 187,004 |
Lease Supplemental Balance Sheet Information Table | The weighted average remaining lease terms and discount rates for all of our operating leases were as follows: Lease Term and Discount Rate September 30, 2023 September 30, 2022 Weighted-average remaining lease term (years) 6.12 6.24 Weighted-average discount rate 8.02 % 7.57 % |
Presentation and Principles o_3
Presentation and Principles of Consolidation - Narrative (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 Segment | Sep. 30, 2023 Segment | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number Of Businesses Owned | 10 | 10 |
Sole owner of Trust interest of the company | 100% | |
Number of reportable operating segments | 10 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Apr. 03, 2023 | Jul. 12, 2022 | Jul. 08, 2022 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 03, 2021 | |
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 1,041,469 | $ 1,066,726 | ||||||||
Borrowings under credit facility | 287,000 | $ 169,000 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 23,298 | $ 564,885 | ||||||||
Marucci [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 83,833 | $ 75,719 | ||||||||
King's Camo | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,275 | |||||||||
Lugano | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Integration service fees payable | $ 2,300 | |||||||||
Business Combination, Acquisition Related Costs | $ 5,700 | |||||||||
Primaloft | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Integration service fees payable | $ 4,800 | |||||||||
Goodwill | 335,296 | 290,347 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired and Net of Transactions Costs | $ 541,100 | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 9.20% | |||||||||
Business Combination, Consideration Transferred, Increase (Decrease) in Working Capital | $ 2,257 | $ 4,161 | ||||||||
Borrowings under credit facility | 400,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 248,200 | 306,900 | ||||||||
Finite-lived Intangible Assets Acquired | 306,900 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 530,000 | 530,000 | ||||||||
Payments to Acquire Businesses, Gross | 539,576 | 541,112 | $ 541,112 | |||||||
Initial Term and Revolving Loan Commitment | 178,000 | |||||||||
King's Camo | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 300 | $ 25 | ||||||||
Customer relationships | Primaloft | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | 209,100 | |||||||||
Trade name | Primaloft | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 48,200 | |||||||||
Total | King's Camo | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired and Net of Transactions Costs | $ 25,200 | |||||||||
Business Combination, Acquisition Related Costs | 200 | |||||||||
Borrowings under credit facility | 25,700 | |||||||||
Goodwill, Acquired During Period | 9,700 | |||||||||
Contingent consideration | 3,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 7,100 | |||||||||
Marucci [Member] | Baum Bat | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired and Net of Transactions Costs | $ 27,500 | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 1% | |||||||||
Business Combination, Acquisition Related Costs | $ 400 | |||||||||
Borrowings under credit facility | 25,000 | |||||||||
Goodwill, Acquired During Period | 8,100 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 19,300 | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 11,783 |
Acquisition - Schedule of Asset
Acquisition - Schedule of Assets Acquired and Liabilities Assumed as of the Acquisition Date (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 12, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets: | ||||||
Goodwill | $ 1,041,469 | $ 1,066,726 | ||||
Acquisition Consideration | ||||||
Goodwill, Purchase Accounting Adjustments | 7,311 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 23,298 | $ 564,885 | ||||
Lugano | ||||||
Acquisition Consideration | ||||||
Business Combination, Acquisition Related Costs | $ 5,700 | |||||
Primaloft | ||||||
Assets: | ||||||
Goodwill | $ 335,296 | 290,347 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 6,951 | 6,951 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 2,992 | 2,992 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,991 | 1,991 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,058 | 1,058 | ||||
Payments to Acquire Businesses, Gross | 539,576 | 541,112 | $ 541,112 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 3,581 | 2,394 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 248,200 | 306,900 | ||||
Acquisition Consideration | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 264,773 | 322,286 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 8,865 | 7,785 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 360 | 360 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities And Noncontrolling Interest | 60,493 | 71,521 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Including Noncontrolling Interest | 204,280 | 250,765 | ||||
Goodwill, Purchase Accounting Adjustments | (44,949) | |||||
Cash Acquired from Acquisition | 7,319 | 6,951 | ||||
Business Combination, Consideration Transferred, Increase (Decrease) in Working Capital | 2,257 | 4,161 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 530,000 | 530,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired and Net of Transactions Costs | 541,100 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 51,268 | 63,376 | ||||
Primaloft | Scenario, Adjustment | ||||||
Assets: | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 0 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 58,700 | |||||
Other current and noncurrent assets | (1,187) | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 57,513 | |||||
Acquisition Consideration | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Other Current Liabilities | (1,080) | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Liabilities | 0 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Liabilities | 12,108 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Including Noncontrolling Interest | $ 46,485 | |||||
Cash Acquired from Acquisition | (368) | |||||
Business Combination, Consideration Transferred, Increase (Decrease) in Working Capital | 1,904 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Payments to Acquire Businesses, Net of Cash Acquired and Net of Transactions Costs | 1,536 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Cash | 0 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Receivable | 0 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 11,028 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 1,536 |
Acquisition - Schedule of Intan
Acquisition - Schedule of Intangible Assets Recorded as Part of Acquisition (Detail) - USD ($) $ in Thousands | Jul. 12, 2022 | Sep. 30, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 1,041,469 | $ 1,066,726 | |
Primaloft | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 306,900 | ||
Goodwill | 335,296 | $ 290,347 | |
Primaloft | Trade name | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 48,200 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Primaloft | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 209,100 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||
Primaloft | Technology-Based Intangible Assets [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 49,100 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | ||
Primaloft | In Process Research and Development | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 500 |
Acquisition - Pro Forma Informa
Acquisition - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Net loss attributable to Holdings | $ (10,154) | $ (1,774) | $ 108,849 | $ 48,355 |
Primaloft | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | 578,138 | 1,657,114 | ||
Net loss attributable to Holdings | (5,520) | 29,477 | ||
Business Acquisition, Pro Forma Gross Profit | 231,312 | 675,919 | ||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | 44,301 | 152,420 | ||
Business Acquisition, Pro Forma Net Income (Loss) | $ (1,912) | $ 42,466 | ||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (0.26) | $ (0.05) |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Jan. 10, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on sale of discontinued operations, net of income tax | $ 1,274 | $ 1,479 | $ 103,495 | $ 6,893 | |||
Aci [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Total enterprise value | $ 220,000 | ||||||
Disposal Group, repayment of intercompany loans | 66,900 | ||||||
Proceeds from sale of businesses | $ 170,900 | ||||||
Gain on sale of discontinued operations, net of income tax | $ 2,100 | $ 98,000 | |||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | $ 3,400 | $ 6,800 |
Discontinued Operations - Summa
Discontinued Operations - Summarized Balance Sheet Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Jan. 10, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Liabilities: | ||||||
Noncontrolling interest of discontinued operations | $ 250,169,000 | $ 250,169,000 | $ 223,509,000 | |||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 0 | 0 | 1,533,000 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | $ 4,078,000 | (1,391,000) | $ 14,452,000 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | 18,126,000 | |||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 0 | 79,847,000 | |||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 0 | 11,148,000 | |||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | $ 0 | $ 0 | 16,192,000 | |||
Aci [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Revenue | $ 8,829,000 | 21,788,000 | 67,194,000 | |||
Liabilities: | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 1,533,000 | |||||
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 3,663,000 | 9,757,000 | 30,782,000 | |||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 1,058,000 | 4,972,000 | 17,302,000 | |||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (2,464,000) | 4,749,000 | 17,052,000 | |||
Discontinued Operation, Tax Effect of Discontinued Operation | (1,073,000) | 671,000 | 2,600,000 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (1,391,000) | $ 4,078,000 | $ 14,452,000 | |||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 3,391,000 | |||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 10,044,000 | |||||
Disposal Group, Including Discontinued Operation, Inventory, Current | 4,345,000 | |||||
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current | 346,000 | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | 18,126,000 | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 6,949,000 | |||||
Disposal Group, Including Discontinued Operation, Goodwill | 66,678,000 | |||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 6,220,000 | |||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 79,847,000 | |||||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 3,810,000 | |||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 5,570,000 | |||||
Disposal group due to related party | 250,000 | |||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 1,518,000 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 11,148,000 | |||||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 10,999,000 | |||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 5,193,000 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | $ 16,192,000 |
Discontinued Operations - Sum_2
Discontinued Operations - Summarized Operating Results (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 10, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from discontinued operations | $ 0 | $ 4,078,000 | $ (1,391,000) | $ 14,452,000 | |
Aci [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | $ 8,829,000 | 21,788,000 | 67,194,000 | ||
Gross profit | 3,663,000 | 9,757,000 | 30,782,000 | ||
Operating income (loss) | 1,058,000 | 4,972,000 | 17,302,000 | ||
Income (loss) from continuing operations before income taxes | (2,464,000) | 4,749,000 | 17,052,000 | ||
Provision for income taxes | (1,073,000) | 671,000 | 2,600,000 | ||
Income from discontinued operations | (1,391,000) | 4,078,000 | 14,452,000 | ||
Disposal Group, Including Discontinued Operation, Intercompany Interest Expense Excluded from Income (Loss) from Discontinued Operations | $ 1,400,000 | $ 3,300,000 | $ 4,900,000 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | $ 569,565 | $ 575,819 | $ 1,635,952 | $ 1,601,929 |
5.11 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 135,213 | 126,537 | 385,695 | 350,608 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 23,218 | 21,540 | 71,785 | 68,256 |
Marucci [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 48,500 | 42,753 | 144,065 | 122,481 |
Total | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 54,469 | 75,482 | 126,348 | 180,774 |
Arnold [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 41,819 | 39,377 | 122,047 | 116,319 |
Sterno Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 80,185 | 88,636 | 229,819 | 249,745 |
BOA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 37,281 | 50,019 | 113,390 | 166,215 |
Altor | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 59,215 | 69,618 | 181,613 | 199,590 |
Lugano | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 78,735 | 51,145 | 203,571 | 137,229 |
Primaloft | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 10,930 | 10,712 | 57,619 | 10,712 |
5.11 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 455,322 | 457,743 | 1,279,884 | 1,270,743 |
5.11 | 5.11 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 107,456 | 101,112 | 306,610 | 278,458 |
5.11 | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 8,316 | 6,903 | 27,158 | 24,917 |
5.11 | Marucci [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 45,449 | 41,170 | 136,122 | 118,893 |
5.11 | Total | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 49,840 | 69,713 | 113,986 | 159,863 |
5.11 | Arnold [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 28,838 | 26,334 | 83,393 | 79,940 |
5.11 | Sterno Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 77,344 | 86,652 | 221,316 | 243,034 |
5.11 | BOA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 8,899 | 12,964 | 30,576 | 49,142 |
5.11 | Altor | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 50,173 | 62,368 | 156,505 | 179,885 |
5.11 | Lugano | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 78,732 | 50,183 | 203,568 | 136,267 |
5.11 | Primaloft | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 275 | 344 | 650 | 344 |
BOA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 8,645 | 9,073 | 27,100 | 28,654 |
BOA | 5.11 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 1,765 | 2,877 | 7,896 | 7,958 |
BOA | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 1,165 | 918 | 3,829 | 3,041 |
BOA | Marucci [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 1,035 | 436 | 2,687 | 1,380 |
BOA | Total | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 2,294 | 2,361 | 5,730 | 8,853 |
BOA | Arnold [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 126 | 164 | 584 | 601 |
BOA | Sterno Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 2,229 | 2,275 | 6,068 | 6,142 |
BOA | BOA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 31 | 2 | 155 | 639 |
BOA | Altor | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 0 | 0 | 0 | 0 |
BOA | Lugano | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 0 | 0 | 0 | 0 |
BOA | Primaloft | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 0 | 40 | 151 | 40 |
Ergobaby | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 42,563 | 44,518 | 126,971 | 138,660 |
Ergobaby | 5.11 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 8,954 | 8,147 | 24,926 | 24,466 |
Ergobaby | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 7,301 | 6,713 | 20,296 | 22,388 |
Ergobaby | Marucci [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 319 | 5 | 533 | 34 |
Ergobaby | Total | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 1,153 | 1,997 | 3,526 | 7,010 |
Ergobaby | Arnold [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 9,972 | 10,765 | 30,061 | 29,202 |
Ergobaby | Sterno Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 600 | (367) | 2,422 | 372 |
Ergobaby | BOA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 13,272 | 15,899 | 42,725 | 53,829 |
Ergobaby | Altor | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 0 | 0 | 0 | 0 |
Ergobaby | Lugano | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 3 | 668 | 3 | 668 |
Ergobaby | Primaloft | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 989 | 691 | 2,479 | 691 |
Lugano | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 38,998 | 44,843 | 135,250 | 110,138 |
Lugano | 5.11 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 4,703 | 4,528 | 12,701 | 12,578 |
Lugano | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 6,097 | 6,526 | 19,281 | 17,140 |
Lugano | Marucci [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 1,629 | 1,136 | 4,606 | 2,130 |
Lugano | Total | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 169 | 205 | 429 | 1,047 |
Lugano | Arnold [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 1,738 | 1,683 | 4,582 | 5,032 |
Lugano | Sterno Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 12 | (16) | 13 | 86 |
Lugano | BOA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 15,047 | 21,104 | 39,610 | 62,448 |
Lugano | Altor | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 0 | 0 | 0 | 0 |
Lugano | Lugano | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 0 | 294 | 0 | 294 |
Lugano | Primaloft | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 9,603 | 9,383 | 54,028 | 9,383 |
Marucci | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 24,037 | 19,642 | 66,747 | 53,734 |
Marucci | 5.11 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 12,335 | 9,873 | 33,562 | 27,148 |
Marucci | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 339 | 480 | 1,221 | 770 |
Marucci | Marucci [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 68 | 6 | 117 | 44 |
Marucci | Total | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 1,013 | 1,206 | 2,677 | 4,001 |
Marucci | Arnold [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 1,145 | 431 | 3,427 | 1,544 |
Marucci | Sterno Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 0 | 92 | 0 | 111 |
Marucci | BOA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 32 | 50 | 324 | 157 |
Marucci | Altor | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 9,042 | 7,250 | 25,108 | 19,705 |
Marucci | Lugano | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | 0 | 0 | 0 | 0 |
Marucci | Primaloft | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue, excluding assessed tax | $ 63 | $ 254 | $ 311 | $ 254 |
Operating Segment Data - Additi
Operating Segment Data - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) Segment Clients | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Facility | Sep. 30, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization Expense | $ 40,353 | $ 38,020 | $ 121,141 | $ 105,871 |
Number of reportable operating segments | Segment | 10 | |||
Ergobaby | Geographic Concentration Risk | Trading Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 50% | |||
Arnold | Minimum | ||||
Segment Reporting Information [Line Items] | ||||
Number of clients | Clients | 2,000 | |||
Altor | ||||
Segment Reporting Information [Line Items] | ||||
Number Of Manufacturing Facilities | Facility | 18 | |||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization Expense | $ 39,348 | 37,016 | $ 118,107 | 103,136 |
Operating Segments | 5.11 | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization Expense | 6,494 | 5,701 | 19,645 | 16,648 |
Operating Segments | Ergobaby | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization Expense | 2,009 | 2,008 | 6,038 | 5,998 |
Operating Segments | Total | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization Expense | 3,267 | 3,327 | 9,846 | 9,740 |
Operating Segments | Arnold | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization Expense | 2,085 | 1,895 | ||
Operating Segments | Sterno Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization Expense | 4,872 | 4,956 | 14,678 | 14,934 |
Operating Segments | Altor | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization Expense | $ 4,154 | $ 4,062 | $ 12,374 | $ 12,069 |
Operating Segment Data - Summar
Operating Segment Data - Summary of Net Sales of Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | $ 569,565 | $ 575,819 | $ 1,635,952 | $ 1,601,929 |
5.11 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 135,213 | 126,537 | 385,695 | 350,608 |
Marucci [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 48,500 | 42,753 | 144,065 | 122,481 |
Total | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 54,469 | 75,482 | 126,348 | 180,774 |
Sterno Products [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 80,185 | 88,636 | 229,819 | 249,745 |
BOA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 37,281 | 50,019 | 113,390 | 166,215 |
Altor | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 59,215 | 69,618 | 181,613 | 199,590 |
Lugano | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 78,735 | 51,145 | 203,571 | 137,229 |
Primaloft | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 10,930 | 10,712 | 57,619 | 10,712 |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 569,565 | 575,819 | 1,635,952 | 1,601,929 |
Operating Segments | 5.11 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 135,213 | 126,537 | 385,695 | 350,608 |
Operating Segments | Ergobaby | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 23,218 | 21,540 | 71,785 | 68,256 |
Operating Segments | Marucci [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 48,500 | 42,753 | 144,065 | 122,481 |
Operating Segments | Total | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 54,469 | 75,482 | 126,348 | 180,774 |
Operating Segments | Arnold | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 41,819 | 39,377 | 122,047 | 116,319 |
Operating Segments | Sterno Products [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 80,185 | 88,636 | ||
Operating Segments | Sterno | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 229,819 | 249,745 | ||
Operating Segments | BOA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 37,281 | 50,019 | 113,390 | 166,215 |
Operating Segments | Altor | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 59,215 | 69,618 | 181,613 | 199,590 |
Operating Segments | Lugano | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 78,735 | 51,145 | 203,571 | 137,229 |
Operating Segments | Primaloft | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | 10,930 | 10,712 | 57,619 | 10,712 |
Reconciliation of Segment to Consolidated | Corporate | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenue, excluding assessed tax | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Segment Data - Summ_2
Operating Segment Data - Summary of Profit (Loss) of Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Income (Loss) | $ 28,435 | $ 43,775 | $ 122,407 | $ 138,688 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 913 | 17,521 | 41,087 | 78,538 |
Other income (expense), net | 1,043 | (1,917) | 2,069 | 856 |
Amortization of Debt Issuance Costs | (1,005) | (1,004) | (3,034) | (2,735) |
Gain (Loss) on Extinguishment of Debt | 0 | (534) | 0 | (534) |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Income (Loss) | 48,986 | 62,560 | 181,705 | 190,843 |
Operating Segments | 5.11 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | 13,400 | 12,091 | 31,652 | 30,301 |
Operating Segments | Ergobaby | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | 1,288 | 593 | 4,202 | 3,866 |
Operating Segments | Marucci [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | 11,062 | 7,692 | 28,364 | 14,141 |
Operating Segments | Total | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | (28,581) | 10,225 | (33,467) | 18,721 |
Operating Segments | Arnold | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | 4,739 | 5,462 | 15,390 | 14,075 |
Operating Segments | Sterno Products [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | 6,438 | 2,795 | ||
Operating Segments | Sterno | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | 18,019 | 13,783 | ||
Operating Segments | Corporate | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Income (Loss) | (20,551) | (18,785) | (59,298) | (52,155) |
Operating Segments | BOA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | 6,684 | 12,975 | 22,685 | 50,237 |
Operating Segments | Altor | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | 8,749 | 6,561 | 24,906 | 18,303 |
Operating Segments | Lugano | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | 27,963 | 12,635 | 64,872 | 35,885 |
Operating Segments | Primaloft | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total consolidated income (loss) from continuing operations before income taxes | (2,756) | (8,469) | 5,082 | (8,469) |
Reconciliation of Segment to Consolidated | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Interest expense, net | (27,560) | (22,799) | (80,355) | (57,737) |
Other income (expense), net | 1,043 | (1,917) | 2,069 | 856 |
Amortization of Debt Issuance Costs | (1,005) | (1,004) | (3,034) | (2,735) |
Gain (Loss) on Extinguishment of Debt | $ 0 | $ (534) | $ 0 | $ (534) |
Operating Segment Data - Summ_3
Operating Segment Data - Summary of Depreciation, Goodwill and Identifiable Assets of Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, Allowance for Credit Loss | $ (11,773) | $ (11,773) | $ (12,211) | ||||||
Identifiable Assets | [1] | 2,419,504 | 2,419,504 | 2,451,509 | |||||
Depreciation and Amortization Expense | 40,353 | $ 38,020 | 121,141 | $ 105,871 | |||||
Operating Segments | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, after Allowance for Credit Loss | 349,839 | 349,839 | 331,396 | ||||||
Identifiable Assets | [1] | 2,400,622 | 2,400,622 | 2,335,065 | |||||
Depreciation and Amortization Expense | 39,348 | 37,016 | 118,107 | 103,136 | |||||
Operating Segments | 5.11 | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, before Allowance for Credit Loss | 52,661 | 52,661 | 53,589 | ||||||
Identifiable Assets | [1] | 436,032 | 436,032 | 450,537 | |||||
Depreciation and Amortization Expense | 6,494 | 5,701 | 19,645 | 16,648 | |||||
Operating Segments | Ergobaby | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, before Allowance for Credit Loss | 12,581 | 12,581 | 11,213 | ||||||
Identifiable Assets | [1] | 75,594 | 75,594 | 84,657 | |||||
Depreciation and Amortization Expense | 2,009 | 2,008 | 6,038 | 5,998 | |||||
Operating Segments | Marucci [Member] | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, before Allowance for Credit Loss | 30,373 | 30,373 | 35,185 | ||||||
Identifiable Assets | 188,362 | 188,362 | 181,528 | [1] | |||||
Depreciation and Amortization Expense | 3,396 | 2,467 | 9,768 | 9,447 | |||||
Operating Segments | Total | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, before Allowance for Credit Loss | 36,028 | 36,028 | 33,159 | ||||||
Identifiable Assets | [1] | 223,427 | 223,427 | 224,356 | |||||
Depreciation and Amortization Expense | 3,267 | 3,327 | 9,846 | 9,740 | |||||
Operating Segments | Arnold [Member] | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Depreciation and Amortization Expense | 6,126 | 5,942 | |||||||
Operating Segments | Arnold | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, before Allowance for Credit Loss | 26,973 | [1] | 26,973 | [1] | 23,666 | ||||
Identifiable Assets | [1] | 107,797 | 107,797 | 105,196 | |||||
Depreciation and Amortization Expense | 2,085 | 1,895 | |||||||
Operating Segments | Sterno Products [Member] | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, before Allowance for Credit Loss | 51,426 | 51,426 | 54,400 | ||||||
Identifiable Assets | 186,514 | 186,514 | 210,780 | [1] | |||||
Depreciation and Amortization Expense | 4,872 | 4,956 | 14,678 | 14,934 | |||||
Operating Segments | BOA | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, before Allowance for Credit Loss | 1,966 | 1,966 | 1,630 | ||||||
Identifiable Assets | 230,416 | 230,416 | 240,359 | ||||||
Depreciation and Amortization Expense | 5,875 | 5,517 | 17,267 | 16,161 | |||||
Operating Segments | Altor | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, before Allowance for Credit Loss | 43,133 | 43,133 | 42,368 | ||||||
Identifiable Assets | 186,749 | 186,749 | 198,943 | ||||||
Depreciation and Amortization Expense | 4,154 | 4,062 | 12,374 | 12,069 | |||||
Operating Segments | Lugano | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, before Allowance for Credit Loss | 105,094 | 105,094 | 85,911 | ||||||
Identifiable Assets | 466,925 | 466,925 | 327,795 | [1] | |||||
Depreciation and Amortization Expense | 1,913 | 2,976 | 6,522 | 8,090 | |||||
Operating Segments | Primaloft | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Accounts Receivable, before Allowance for Credit Loss | 1,377 | 1,377 | 2,486 | ||||||
Identifiable Assets | 298,806 | 298,806 | 310,914 | ||||||
Depreciation and Amortization Expense | 5,283 | 4,107 | 15,843 | 4,107 | |||||
Reconciliation of Segment to Consolidated | Amortization Of Debt Issuance Costs And Original Issue Discount | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Depreciation and Amortization Expense | 1,005 | $ 1,004 | 3,034 | $ 2,735 | |||||
Reconciliation of Segment to Consolidated | Corporate | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||
Identifiable Assets | [1] | $ 18,882 | $ 18,882 | $ 18,471 | |||||
[1] Does not include accounts receivable balances per schedule above or goodwill balances - refer to Note G - "Goodwill and Other Intangible Assets" . |
Property, Plant and Equipment_3
Property, Plant and Equipment and Inventory - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Document Period End Date | Sep. 30, 2023 | ||||
Depreciation expense | $ 12,700 | $ 10,800 | $ 37,264 | $ 31,059 | |
Property, plant and equipment, gross | 438,739 | 438,739 | $ 398,267 | ||
Construction in process | 17,539 | 17,539 | 18,091 | ||
Less: accumulated depreciation | (235,227) | (235,227) | (199,742) | ||
Total | 203,512 | 203,512 | 198,525 | ||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 238,720 | 238,720 | 225,027 | ||
Furniture, fixtures and other | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 73,091 | 73,091 | 66,445 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 95,854 | 95,854 | 75,318 | ||
Buildings and land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 13,535 | $ 13,535 | $ 13,386 |
Property, Plant and Equipment_4
Property, Plant and Equipment and Inventory - Summary of Inventory (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||||
Document Period End Date | Sep. 30, 2023 | ||||
Depreciation expense | $ 12,700 | $ 10,800 | $ 37,264 | $ 31,059 | |
Raw materials | 101,002 | 101,002 | $ 104,735 | ||
Work-in-process | 30,805 | 30,805 | 30,158 | ||
Finished goods | 699,606 | 699,606 | 621,854 | ||
Less: obsolescence reserve | (29,526) | (29,526) | (28,664) | ||
Total | $ 801,887 | $ 801,887 | $ 728,083 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2018 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Mar. 31, 2020 | |
Goodwill And Other Intangible Assets [Line Items] | |||||||||
Goodwill | $ 1,041,469 | $ 1,041,469 | $ 1,066,726 | ||||||
Goodwill - gross carrying amount | 1,152,334 | 1,152,334 | 1,145,023 | ||||||
Goodwill, estimated impairment loss | 110,865 | 110,865 | 78,297 | ||||||
Amortization expense | 26,657 | $ 25,152 | 79,708 | $ 67,178 | |||||
Goodwill, Impairment Loss | 32,568 | ||||||||
Total | |||||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||||
Goodwill | $ 7,205 | $ 7,205 | 39,773 | ||||||
Impairment assessment assumptions weighted average cost of capital | 17% | 15% | |||||||
Goodwill Impairment Testing, Fair Value Exceeding Carrying Value, Percent | 21% | 21% | |||||||
Goodwill, estimated impairment loss | $ 65,400 | ||||||||
Goodwill, Impairment Loss | $ 32,600 | $ 32,568 | |||||||
5.11 | |||||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||||
Goodwill | 92,966 | 92,966 | 92,966 | ||||||
Ergobaby | |||||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||||
Goodwill | 40,896 | 40,896 | 40,896 | ||||||
Impairment assessment assumptions weighted average cost of capital | 16% | ||||||||
Goodwill, Impairment Loss | $ 20,600 | 20,600 | |||||||
Lugano | |||||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||||
Goodwill | 86,337 | 86,337 | 86,337 | ||||||
Marucci [Member] | |||||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||||
Goodwill | 83,833 | 83,833 | 75,719 | ||||||
Arnold [Member] | |||||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||||
Goodwill | 39,267 | 39,267 | 39,267 | ||||||
Goodwill, Impairment Loss | $ 24,900 | ||||||||
Sterno Products [Member] | |||||||||
Goodwill And Other Intangible Assets [Line Items] | |||||||||
Goodwill | $ 55,336 | $ 55,336 | $ 55,336 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Reconciliation of Change in Carrying Value of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2018 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2020 | |
Goodwill [Line Items] | |||||||
Goodwill - gross carrying amount | $ 1,152,334 | $ 1,152,334 | $ 1,145,023 | ||||
Accumulated impairment losses (1) | (110,865) | (110,865) | (78,297) | ||||
Goodwill - net carrying amount | 1,041,469 | 1,041,469 | 1,066,726 | ||||
Goodwill, Purchase Accounting Adjustments | 7,311 | ||||||
Goodwill, Impairment Loss | (32,568) | ||||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | 1,041,469 | 1,041,469 | 1,066,726 | ||||
Balance as of March 31, 2017 | $ 1,066,726 | 1,066,726 | |||||
5.11 | |||||||
Goodwill [Line Items] | |||||||
Goodwill - net carrying amount | 92,966 | 92,966 | 92,966 | ||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | 92,966 | 92,966 | 92,966 | ||||
Balance as of March 31, 2017 | 92,966 | 92,966 | |||||
Ergobaby | |||||||
Goodwill [Line Items] | |||||||
Goodwill - net carrying amount | 40,896 | 40,896 | 40,896 | ||||
Goodwill, Impairment Loss | (20,600) | (20,600) | |||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | 40,896 | 40,896 | 40,896 | ||||
Balance as of March 31, 2017 | 40,896 | 40,896 | |||||
Impairment assessment assumptions weighted average cost of capital | 16% | ||||||
Lugano | |||||||
Goodwill [Line Items] | |||||||
Goodwill - net carrying amount | 86,337 | 86,337 | 86,337 | ||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | 86,337 | 86,337 | 86,337 | ||||
Balance as of March 31, 2017 | 86,337 | 86,337 | |||||
Arnold [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill - net carrying amount | 39,267 | 39,267 | 39,267 | ||||
Goodwill, Impairment Loss | $ (24,900) | ||||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | 39,267 | 39,267 | 39,267 | ||||
Balance as of March 31, 2017 | 39,267 | 39,267 | |||||
Total | |||||||
Goodwill [Line Items] | |||||||
Accumulated impairment losses (1) | $ (65,400) | ||||||
Goodwill - net carrying amount | 7,205 | 7,205 | 39,773 | ||||
Goodwill, Impairment Loss | (32,600) | (32,568) | |||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | $ 7,205 | 7,205 | 39,773 | ||||
Balance as of March 31, 2017 | 39,773 | $ 39,773 | |||||
Impairment assessment assumptions weighted average cost of capital | 17% | 15% | |||||
Goodwill Impairment Testing, Fair Value Exceeding Carrying Value, Percent | 21% | 21% | |||||
Sterno Products [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill - net carrying amount | $ 55,336 | $ 55,336 | 55,336 | ||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | 55,336 | 55,336 | 55,336 | ||||
Balance as of March 31, 2017 | 55,336 | 55,336 | |||||
Marucci [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill - net carrying amount | 83,833 | 83,833 | 75,719 | ||||
Goodwill, Purchase Accounting Adjustments | 8,114 | ||||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | 83,833 | 83,833 | 75,719 | ||||
Balance as of March 31, 2017 | 75,719 | 75,719 | |||||
BOA | |||||||
Goodwill [Line Items] | |||||||
Goodwill - net carrying amount | 254,153 | 254,153 | 254,153 | ||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | 254,153 | 254,153 | 254,153 | ||||
Balance as of March 31, 2017 | 254,153 | 254,153 | |||||
Altor | |||||||
Goodwill [Line Items] | |||||||
Goodwill - net carrying amount | 91,129 | 91,129 | 91,129 | ||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | 91,129 | 91,129 | 91,129 | ||||
Balance as of March 31, 2017 | 91,129 | 91,129 | |||||
Primaloft | |||||||
Goodwill [Line Items] | |||||||
Goodwill - net carrying amount | 290,347 | 290,347 | 291,150 | ||||
Goodwill, Purchase Accounting Adjustments | (803) | ||||||
Goodwill [Roll Forward] | |||||||
Balance as of January 1, 2017 | $ 290,347 | 290,347 | $ 291,150 | ||||
Balance as of March 31, 2017 | $ 291,150 | $ 291,150 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Document Period End Date | Sep. 30, 2023 | ||||
Amortization expense | $ 26,657 | $ 25,152 | $ 79,708 | $ 67,178 | |
Other intangible assets, gross | 1,508,396 | 1,508,396 | $ 1,486,727 | ||
Total accumulated amortization | (495,866) | (495,866) | (416,256) | ||
Finite-Lived Intangible Assets, Net | 1,012,530 | 1,012,530 | 1,070,471 | ||
Trade names, not subject to amortization | 56,965 | 56,965 | 56,965 | ||
Finite lived in-process research and development | 500 | 500 | 500 | ||
Intangible Assets, Gross (Excluding Goodwill) | 1,565,861 | 1,565,861 | 1,544,192 | ||
Total intangibles, net | 1,069,995 | 1,069,995 | 1,127,936 | ||
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 785,303 | 785,303 | 785,303 | ||
Total accumulated amortization | (283,325) | (283,325) | (239,752) | ||
Finite-Lived Intangible Assets, Net | 501,978 | 501,978 | 545,551 | ||
Technology and patents | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 226,866 | 226,866 | 211,648 | ||
Total accumulated amortization | (64,947) | (64,947) | (52,811) | ||
Finite-Lived Intangible Assets, Net | 161,919 | 161,919 | 158,837 | ||
Trade name | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 487,843 | 487,843 | 483,179 | ||
Total accumulated amortization | (141,556) | (141,556) | (118,684) | ||
Finite-Lived Intangible Assets, Net | 346,287 | 346,287 | 364,495 | ||
Non-compete agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 6,424 | 6,424 | 4,637 | ||
Total accumulated amortization | (4,515) | (4,515) | (3,824) | ||
Finite-Lived Intangible Assets, Net | 1,909 | 1,909 | 813 | ||
Other contractual intangible assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 1,960 | 1,960 | 1,960 | ||
Total accumulated amortization | (1,523) | (1,523) | (1,185) | ||
Finite-Lived Intangible Assets, Net | $ 437 | $ 437 | $ 775 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Estimated Charges to Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 26,657 | $ 25,152 | $ 79,708 | $ 67,178 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2021 | 26,523 | 26,523 | ||
2022 | 104,523 | 104,523 | ||
2023 | 99,241 | 99,241 | ||
2024 | 92,863 | 92,863 | ||
2025 | $ 82,000 | $ 82,000 |
Warranties - Change in Carrying
Warranties - Change in Carrying Value of Company's Warranty Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Beginning balance | $ 1,754 | $ 2,062 |
Provision for warranties issued during the period | 2,507 | 3,301 |
Fulfillment of warranty obligations | (2,624) | $ (3,609) |
Ending balance | $ 1,637 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 9 Months Ended | ||||
Jul. 12, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Mar. 02, 2021 | |
Debt Instrument [Line Items] | |||||
Document Period End Date | Sep. 30, 2023 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 485,800,000 | ||||
Accumulated amortization | 12,774,000 | $ 9,760,000 | |||
Deferred debt issuance costs, less accumulated amortization | 19,752,000 | 22,766,000 | |||
Debt Issuance Costs, Gross | 32,526,000 | $ 32,526,000 | |||
Long-Term Debt, Maturity, Year Two | 10,000,000 | ||||
Long-Term Debt, Maturity, Year Five | 439,500,000 | ||||
Long-Term Debt, Maturity, after Year Five | 1,300,000,000 | ||||
Borrowings under credit facility | 287,000,000 | $ 169,000,000 | |||
Senior Notes due 2029 | |||||
Debt Instrument [Line Items] | |||||
Debt Issuance Costs, Gross | $ 12,000,000 | ||||
2022 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Issuance Costs, Gross | 2,800,000 | ||||
2022 Term Loan | |||||
Debt Instrument [Line Items] | |||||
Debt Issuance Costs, Gross | 2,500,000 | ||||
Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Letter of credit outstanding | $ 2,200,000 | ||||
Letter of Credit | 2022 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility obtained | 100,000,000 | ||||
Senior notes due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||
2022 Credit Facility | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 250 | ||||
Borrowings under credit facility | $ 115,000,000 | ||||
2022 Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||
2022 Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||||
2022 Credit Facility | Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||||
2022 Credit Facility | Revolving Credit Facility | Eurodollar | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1% | ||||
2022 Credit Facility | Revolving Credit Facility | Base Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||||
2022 Credit Facility | Revolving Credit Facility | Base Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||
2022 Credit Facility | Term Loan | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | ||||
2022 Credit Facility | Term Loan | Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Periodic Payment | 2,500,000 | ||||
2022 Credit Facility | Term Loan | Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Periodic Payment | 7,500,000 | ||||
2022 Credit Facility | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 600,000,000 | ||||
Swing line loan | 2022 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility obtained | $ 25,000,000 |
Debt - Issuance Costs (Details)
Debt - Issuance Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jul. 12, 2022 | |
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs, Gross | $ 32,526 | $ 32,526 | $ 32,526 | |||
Accumulated Amortization, Debt Issuance Costs | (12,774) | (12,774) | (9,760) | |||
Deferred debt issuance costs, less accumulated amortization | 19,752 | 19,752 | 22,766 | |||
Amortization of debt issuance costs | (1,005) | $ (1,004) | (3,034) | $ (2,735) | ||
Other Noncurrent Assets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred debt issuance costs, less accumulated amortization | 6,028 | 6,028 | 7,234 | |||
Other Noncurrent Liabilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred debt issuance costs, less accumulated amortization | $ 13,724 | $ 13,724 | $ 15,532 | |||
Senior Notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs, Gross | $ 12,000 | |||||
Senior Notes due 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs, Gross | $ 4,300 |
Debt - Summary of Debt Holdings
Debt - Summary of Debt Holdings (Detail) - USD ($) | 9 Months Ended | ||||||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Oct. 26, 2023 | Jul. 27, 2023 | Apr. 27, 2023 | Jan. 26, 2023 | Dec. 31, 2022 | Oct. 27, 2022 | Jul. 28, 2022 | Apr. 28, 2022 | Nov. 17, 2021 | Mar. 23, 2021 | Mar. 02, 2021 | |
Debt Instrument [Line Items] | |||||||||||||
Document Period End Date | Sep. 30, 2023 | ||||||||||||
Long-term Debt, Current Maturities | $ (10,000,000) | $ (10,000,000) | |||||||||||
Long term debt | 1,775,776,000 | 1,824,468,000 | |||||||||||
Borrowings under credit facility | 287,000,000 | $ 169,000,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 485,800,000 | ||||||||||||
Debt Instrument, Unamortized Discount | 13,724,000 | ||||||||||||
Long-term Debt | 1,785,776,000 | 1,834,468,000 | |||||||||||
Long-term Debt, Gross | 1,799,500,000 | ||||||||||||
Distribution declared per share | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | |||||||
Long-Term Debt, Maturity, Year One | 10,000,000 | ||||||||||||
Long-Term Debt, Maturity, Year Three | 15,000,000 | ||||||||||||
Long-Term Debt, Maturity, Year Four | 25,000,000 | ||||||||||||
Subsequent Event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Distribution declared per share | $ 0.25 | ||||||||||||
Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 112,000,000 | 155,000,000 | |||||||||||
Term Loan Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Unamortized Discount | 15,532,000 | ||||||||||||
Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 387,500,000 | 395,000,000 | |||||||||||
Senior notes due 2026 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||||||||
Letter of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letter of credit outstanding | 2,200,000 | ||||||||||||
2021 Credit Facility | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000,000 | ||||||||||||
2021 Credit Facility | Term Loan | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | ||||||||||||
Senior Notes due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Fair Value | 865,000,000 | ||||||||||||
Debt issuance, aggregate principal amount | 1,000,000,000 | $ 1,000,000,000 | |||||||||||
Senior Notes | $ 1,000,000,000 | $ 1,000,000,000 | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | 5.25% | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | |||||||||||
Senior Notes due 2032 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Fair Value | $ 243,000,000 | ||||||||||||
Debt issuance, aggregate principal amount | 300,000,000 | $ 300,000,000 | |||||||||||
Senior Notes | $ 300,000,000 | $ 300,000,000 | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5% | 5% | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | 5% | |||||||||||
Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.36% | 5.20% | |||||||||||
Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.45% | 5.98% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
Oct. 30, 2023 USD ($) $ / shares | Oct. 26, 2023 USD ($) $ / shares | Jul. 30, 2023 USD ($) $ / shares | Jul. 27, 2023 USD ($) $ / shares | Apr. 30, 2023 USD ($) $ / shares | Apr. 27, 2023 USD ($) $ / shares | Jan. 30, 2023 USD ($) $ / shares | Jan. 26, 2023 USD ($) $ / shares | Oct. 30, 2022 USD ($) $ / shares | Oct. 27, 2022 USD ($) $ / shares | Jul. 30, 2022 USD ($) $ / shares | Jul. 28, 2022 USD ($) $ / shares | Apr. 30, 2022 USD ($) $ / shares | Apr. 28, 2022 USD ($) $ / shares | Jan. 30, 2022 USD ($) $ / shares | Nov. 20, 2019 USD ($) $ / shares shares | Mar. 13, 2018 $ / shares shares | Jun. 28, 2017 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) shares | Sep. 07, 2021 shares | Dec. 02, 2019 shares | |
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Distribution Expense, Preferred Shareholders | $ 6,045 | $ 6,045 | $ 18,136 | $ 18,136 | ||||||||||||||||||||||
Accrued Distribution Preferred Shareholders | $ 2,869 | 2,869 | $ 2,869 | 2,869 | ||||||||||||||||||||||
Trust shares, authorized (shares) | shares | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ (127) | 83,889 | ||||||||||||||||||||||||
Preferred Stock, Shares Authorized | shares | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||||||||||||
Preferred Stock, Shares Issued | shares | 12,600,000 | 12,600,000 | 12,600,000 | |||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 36 | 21,734 | $ 127 | 83,889 | ||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | |||||||||||||||||||||||||
Trust shares, voting rights | One vote per share | |||||||||||||||||||||||||
Distribution declared per share | $ / shares | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | ||||||||||||||||||||
Distributions paid | $ 17,974 | $ 17,987 | $ 18,051 | $ 18,051 | $ 17,931 | $ 17,510 | $ 54,012 | 52,794 | ||||||||||||||||||
Net Income Loss Available To Trust Stock Net of Distributions | (20,342) | (15,561) | $ (41,512) | 8,685 | ||||||||||||||||||||||
Distributions For Contribution Based Profit Allocation Payments | $ 2,100 | |||||||||||||||||||||||||
Document Period End Date | Sep. 30, 2023 | |||||||||||||||||||||||||
At the market offering costs | $ 100 | |||||||||||||||||||||||||
Commissions Payable to Broker-Dealers and Clearing Organizations | $ 1,500 | $ 400 | $ 1,500 | $ 400 | ||||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | |||||||||||||||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares | 42,600,000 | 42,600,000 | ||||||||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 75,600 | 382,400 | ||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 1,533 | $ 7,389 | ||||||||||||||||||||||||
At the market equity offering | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Trust shares, authorized (shares) | shares | 500,000,000 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 934,906 | 3,464,844 | ||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 21,700 | $ 84,000 | ||||||||||||||||||||||||
Trust Common Shares | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Distribution To Shareholders | $ 17,974 | 17,931 | 54,012 | 52,794 | ||||||||||||||||||||||
Series B | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | shares | 4,000,000 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 96,500,000 | |||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | |||||||||||||||||||||||||
Distribution To Shareholders | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | |||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Accrued Distribution Preferred Shareholders | $ 1,300 | |||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.875% | |||||||||||||||||||||||||
Preferred Stock, Shares Issued | shares | 4,000,000 | 4,000,000 | 4,000,000 | |||||||||||||||||||||||
Issuance of Trust preferred shares, net of offering costs | $ 96,504 | $ 96,504 | $ 96,504 | |||||||||||||||||||||||
Preferred Stock, Dividend Rate, Spread | 0.04985 | |||||||||||||||||||||||||
Series A Preferred Stock | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.25% | |||||||||||||||||||||||||
Preferred Stock, Shares Issued | shares | 4,000,000 | 4,000,000 | 4,000,000 | |||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 25 | |||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 100,000 | |||||||||||||||||||||||||
Issuance of Trust preferred shares, net of offering costs | $ 96,417 | $ 96,417 | $ 96,417 | |||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ / shares | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | |||||||||||||||||||
Series A | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | shares | 4,000,000 | |||||||||||||||||||||||||
Distribution To Shareholders | $ 1,813 | $ 1,813 | $ 1,813 | $ 1,813 | $ 1,813 | $ 1,813 | $ 1,813 | |||||||||||||||||||
Series B [Member] | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ / shares | $ 492.1875000 | $ 492.1875000 | $ 492.1875000 | $ 492.1875000 | $ 492.1875000 | $ 492.1875000 | $ 492.1875000 | |||||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Accrued Distribution Preferred Shareholders | $ 1,500 | |||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.875% | |||||||||||||||||||||||||
Preferred Stock, Shares Issued | shares | 4,000,000 | 4,600,000 | 4,600,000 | 4,600,000 | 600,000 | |||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 115,000 | |||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 111,000 | |||||||||||||||||||||||||
Issuance of Trust preferred shares, net of offering costs | $ 110,997 | $ 110,997 | $ 110,997 | |||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ / shares | $ 492.1875000 | $ 492.1875000 | $ 492.1875000 | $ 492.1875000 | $ 492.1875000 | $ 492.1875000 | $ 492.1875000 | |||||||||||||||||||
Distribution To Shareholders | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | |||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Distribution declared per share | $ / shares | $ 0.25 | |||||||||||||||||||||||||
Distributions paid | $ 17,955 | |||||||||||||||||||||||||
Subsequent Event | Series B | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Distribution To Shareholders | $ 1,969 | |||||||||||||||||||||||||
Subsequent Event | Series A Preferred Stock | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ / shares | $ 453.125000 | |||||||||||||||||||||||||
Subsequent Event | Series A | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Distribution To Shareholders | $ 1,813 | |||||||||||||||||||||||||
Subsequent Event | Series B [Member] | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ / shares | $ 492.1875000 | |||||||||||||||||||||||||
Subsequent Event | Series C Preferred Stock [Member] | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ / shares | $ 492.1875000 | |||||||||||||||||||||||||
Distribution To Shareholders | $ 2,264 | |||||||||||||||||||||||||
Accumulated Deficit | Trust Common Shares | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Distribution To Shareholders | 54,012 | 52,794 | ||||||||||||||||||||||||
Trust Common Shares | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 36 | $ 21,734 | $ 127 | $ 83,889 | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 96,400,000 | |||||||||||||||||||||||||
Aci [Member] | ||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||
Distributions For Contribution Based Profit Allocation Payments | $ 24,400 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net Income Loss Available To Trust Stock Net of Distributions | $ (20,342) | $ (15,561) | $ (41,512) | $ 8,685 |
Less: Effect of contribution based profit - Holding Event | 5,164 | 4,132 | 11,609 | 11,931 |
Income (loss) from discontinued operations, net of income tax | $ 0 | $ 3,394 | $ (614) | $ 11,772 |
Weighted Average Number of Shares Outstanding, Diluted | 71,881 | 71,910 | 71,996 | 70,514 |
Net loss from continuing operations attributable to common shares of Holdings | $ (25,506) | $ (19,693) | $ (53,121) | $ (3,246) |
Continuing operations (usd per share) | $ (0.35) | $ (0.27) | $ (0.74) | $ (0.04) |
Discontinued operations (usd per share) | 0.02 | 0.06 | 1.43 | 0.24 |
Earnings Per Share, Diluted | $ (0.33) | $ (0.21) | $ 0.69 | $ 0.20 |
Income (loss) from continuing operations | $ (11,428) | $ (6,647) | $ 5,968 | $ 29,690 |
Distribution Expense, Allocation Interests | 0 | 0 | 26,475 | 0 |
Discontinued Operations, Disposed of by Sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Less: Effect of contribution based profit - Holding Event | 0 | 416 | 0 | 1,614 |
Income (loss) from discontinued operations, net of income tax | 1,274 | 4,457 | 102,881 | 17,051 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 1,274 | $ 4,873 | $ 102,881 | $ 18,665 |
Noncontrolling Interest - Compa
Noncontrolling Interest - Company's Ownership Percentage of its Majority Owned Operating Segments and Related Noncontrolling Interest (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | ||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | $ 250,169 | $ 223,509 | ||
Marucci [Member] | % Ownership Primary | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | 90% | [1] | 91% | |
Marucci [Member] | % Ownership Fully Diluted | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | 80.90% | [1] | 82.10% | |
5.11 | % Ownership Primary | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | [1] | 97.70% | ||
Noncontrolling Interest, Ownership Percentage by Parent | [1] | 97.50% | ||
5.11 | % Ownership Fully Diluted | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | [1] | 88.30% | ||
Noncontrolling Interest, Ownership Percentage by Parent | [1] | 88.30% | ||
Ergobaby | % Ownership Primary | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | [1] | 81.60% | ||
Noncontrolling Interest, Ownership Percentage by Parent | [1] | 81.60% | ||
Ergobaby | % Ownership Fully Diluted | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | [1] | 72.80% | ||
Noncontrolling Interest, Ownership Percentage by Parent | [1] | 72.80% | ||
Velocity Outdoor | % Ownership Primary | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | [1] | 99.40% | ||
Noncontrolling Interest, Ownership Percentage by Parent | [1] | 99.40% | ||
Velocity Outdoor | % Ownership Fully Diluted | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | [1] | 87.70% | ||
Noncontrolling Interest, Ownership Percentage by Parent | [1] | 87.70% | ||
Arnold [Member] | % Ownership Primary | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | [1] | 98% | 98% | |
Arnold [Member] | % Ownership Fully Diluted | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | [1] | 85.50% | 85.50% | |
Sterno Products [Member] | % Ownership Primary | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | [1] | 99.40% | 99.40% | |
Sterno Products [Member] | % Ownership Fully Diluted | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | [1] | 88.30% | 90.70% | |
BOA | % Ownership Primary | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | 91.80% | |||
Noncontrolling Interest, Ownership Percentage by Parent | 91.80% | |||
BOA | % Ownership Fully Diluted | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | 83.50% | |||
Noncontrolling Interest, Ownership Percentage by Parent | 83.10% | |||
Altor | % Ownership Primary | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | 99.30% | 99.80% | ||
Altor | % Ownership Fully Diluted | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | 90.10% | 88.20% | ||
Lugano | % Ownership Primary | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | 59.90% | [1] | 59.90% | |
Lugano | % Ownership Fully Diluted | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | 54.90% | [1] | 55.20% | |
Primaloft | % Ownership Primary | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | 90.70% | 90.70% | ||
Primaloft | % Ownership Fully Diluted | ||||
Noncontrolling Interest [Line Items] | ||||
% Ownership | 83.10% | 83.70% | ||
Marucci [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | $ 26,989 | $ 20,045 | ||
Arnold [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | 1,636 | 1,475 | ||
Sterno | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | 1,795 | 2,046 | ||
Total | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | 6,562 | 6,115 | ||
Ergobaby | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | 16,751 | 16,020 | ||
5.11 | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | 18,029 | 17,186 | ||
Allocation Interests [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | 100 | 100 | ||
BOA | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | 39,534 | 36,215 | ||
Altor | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | 5,901 | 5,077 | ||
Lugano | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | 96,903 | 82,967 | ||
Primaloft | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | $ 35,969 | $ 36,263 | ||
[1]principal difference between primary and diluted percentages of our operating segments is due to stock option issuances of operating segment stock to management of the respective businesses. Noncontrolling Interest Balances (in thousands) September 30, 2023 December 31, 2022 5.11 $ 18,029 $ 17,186 BOA 39,534 36,215 Ergobaby 16,751 16,020 Lugano 96,903 82,967 Marucci 26,989 20,045 PrimaLoft 35,969 36,263 Velocity Outdoor 6,562 6,115 Altor 5,901 5,077 Arnold 1,636 1,475 Sterno 1,795 2,046 Allocation Interests 100 100 $ 250,169 $ 223,509 |
Noncontrolling Interest Noncont
Noncontrolling Interest Noncontrolling Interest- Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |||||||
Jul. 27, 2023 | Apr. 27, 2023 | Jan. 26, 2023 | Oct. 27, 2022 | Jul. 28, 2022 | Apr. 28, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Noncontrolling Interest [Line Items] | ||||||||
Distributions paid | $ 17,974 | $ 17,987 | $ 18,051 | $ 18,051 | $ 17,931 | $ 17,510 | $ 54,012 | $ 52,794 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurement [Domain] | business acquisition | |||
Liabilities: | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 1,300 | ||
Carrying Value | |||
Liabilities: | |||
Put option of noncontrolling shareholders | (142) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 0 | (1,442) | $ (1,501) |
Level 1 | Fair Value | |||
Liabilities: | |||
Put option of noncontrolling shareholders | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | ||
Level 2 | Fair Value | |||
Liabilities: | |||
Put option of noncontrolling shareholders | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | ||
Level 3 | Fair Value | |||
Liabilities: | |||
Put option of noncontrolling shareholders | (142) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ (1,442) |
Fair Value Measurement - Reconc
Fair Value Measurement - Reconciliations of Change in Carrying Value of Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
King's Camo | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | $ (1,600) | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 300 | $ 25 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 300 | 25 | |
5.11 | |||
Fair Value Disclosures [Abstract] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 142 | $ 9 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 142 | 9 | |
Polyfoam | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,350 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 1,350 | ||
King's Camo | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,275 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 1,275 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment expense | $ 32,568 | $ 0 | $ 32,568 | $ 0 | |
Total | Goodwill [Member] | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment expense | 32,568 | ||||
Total | Goodwill [Member] | Carrying Value | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 7,205 | 7,205 | |||
Total | Goodwill [Member] | Fair Value | Level 2 | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 0 | 0 | |||
Total | Goodwill [Member] | Fair Value | Level 3 | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 7,205 | 7,205 | |||
Total | Goodwill [Member] | Fair Value | Level 1 | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | $ 0 | $ 0 | |||
Ergobaby | Goodwill [Member] | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment expense | $ 20,552 | ||||
Ergobaby | Goodwill [Member] | Carrying Value | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 40,896 | ||||
Ergobaby | Goodwill [Member] | Fair Value | Level 2 | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 0 | ||||
Ergobaby | Goodwill [Member] | Fair Value | Level 3 | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 40,896 | ||||
Ergobaby | Goodwill [Member] | Fair Value | Level 1 | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Document Period End Date | Sep. 30, 2023 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 485.8 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Federal Statutory Rate and Effective Income Tax Rate (Detail) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Contingency [Line Items] | ||
United States Federal Statutory Rate | 21% | 21% |
State income taxes (net of Federal benefits) | 7.40% | 3.70% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 5.20% | 2% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Amount | 0.30% | 0.80% |
Utilization of tax credits | (11.00%) | (8.30%) |
Effective Income Tax Rate Reconciliation, Non Recognition Of Nol Carry Forwards at Subsidiaries | 19.80% | 13.40% |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | (1.40%) | 1.30% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 7.50% | 0% |
Effective Income Tax Rate Reconciliation, Disposition of Asset, Percent | 0% | 11% |
Other | 0.40% | 1.70% |
Effective income tax rate | 49.20% | 46.60% |
Defined Benefit Plan - Addition
Defined Benefit Plan - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.3 |
Unfunded liability | 2 |
Expected contribution to the Foreign Plan | $ 0.1 |
Defined Benefit Plan - Summary
Defined Benefit Plan - Summary of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 90 | $ 105 | $ 271 | $ 321 |
Interest cost | 60 | 10 | 182 | 31 |
Expected return on plan assets | (54) | (18) | (163) | (54) |
Amortization of unrecognized loss | (9) | (7) | (27) | (20) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | (13) | (31) |
Net periodic benefit cost | $ 87 | $ 90 | $ 250 | $ 247 |
Commitments and Contingencies -
Commitments and Contingencies - Components of Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease cost | $ 13,800 | $ 11,900 | $ 39,700 | $ 32,900 |
Operating cash flows from operating leases | 30,414 | 28,178 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 36,639 | 41,127 | ||
Other Commitments [Line Items] | ||||
Operating lease cost | $ 13,800 | $ 11,900 | $ 39,700 | $ 32,900 |
Commitments and Contingencies_2
Commitments and Contingencies - Maturity of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 11,481 |
Lessee, Operating Lease, Liability, to be Paid, Year One | 43,712 |
2020 | 40,202 |
2021 | 36,626 |
2022 | 32,284 |
Thereafter | 75,582 |
Total undiscounted lease payments | 239,887 |
Less: Interest | 52,883 |
Operating Lease, Liability | $ 187,004 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Term and Discount Rate (Details) | Sep. 30, 2023 | Sep. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Weighted-average remaining lease term (years) | 6 years 1 month 13 days | 6 years 2 months 26 days |
Weighted-average discount rate | 8.02% | 7.57% |
Commitments and Contingencies_4
Commitments and Contingencies - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 36,639 | $ 41,127 |
Operating cash flows from operating leases | $ 30,414 | $ 28,178 |
Commitments and Contingencies S
Commitments and Contingencies Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Leases [Abstract] | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 36,639 | $ 41,127 | |
Operating cash flows from operating leases | $ 30,414 | $ 28,178 | |
Commitments and Contingencies | ote O - Commitments and ContingenciesIn the normal course of business, the Company and its subsidiaries are involved in various claims and legal proceedings. While the ultimate resolution of these matters has yet to be determined, the Company does not believe that any unfavorable outcomes will have a material adverse effect on the Company's consolidated financial position or results of operations. Leases The Company and its subsidiaries lease office and manufacturing facilities, computer equipment and software under various arrangements. Certain of the leases are subject to escalation clauses and renewal periods. The Company and its subsidiaries recognize lease expense, including predetermined fixed escalations, on a straight-line basis over the initial term of the lease including reasonably assured renewal periods from the time that the Company and its subsidiaries control the leased property. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Certain of our subsidiaries have leases that contain both fixed rent costs and variable rent costs based on achievement of certain operating metrics. The variable lease expense was not a material component of our total lease expense for the three and nine months ended September 30, 2023 and 2022. The Company recognized $13.8 million and $39.7 million in the three and nine months ended September 30, 2023 and $11.9 million and $32.9 million in the three and nine months ended September 30, 2022, respectively, in expense related to operating leases in the condensed consolidated statements of operations. The maturities of lease liabilities at September 30, 2023 are as follows ( in thousands ): 2023 (excluding nine months ended September 30, 2023) $ 11,481 2024 43,712 2025 40,202 2026 36,626 2027 32,284 Thereafter 75,582 Total undiscounted lease payments $ 239,887 Less: Interest 52,883 Present value of lease liabilities $ 187,004 The calculated amount of the right-of-use assets and lease liabilities are impacted by the length of the lease term and discount rate used to present value the minimum lease payments. The Company's lease agreements often include one or more options to renew at the company's discretion. In general, it is not reasonably certain that lease renewals will be exercised at lease commencement and therefore lease renewals are not included in the lease term. As the discount rate is rarely determinable, the Company utilizes the incremental borrowing rate of the subsidiary entering into the lease arrangement, on a collateralized basis, over a similar term as adjusted for any country specific risk. The weighted average remaining lease terms and discount rates for all of our operating leases were as follows: Lease Term and Discount Rate September 30, 2023 September 30, 2022 Weighted-average remaining lease term (years) 6.12 6.24 Weighted-average discount rate 8.02 % 7.57 % Supplemental balance sheet information related to leases was as follows ( in thousands ): Line Item in the Company’s Consolidated Balance Sheet September 30, 2023 December 31, 2022 Operating lease right-of-use assets Other non-current assets $ 162,439 $ 147,518 Current portion, operating lease liabilities Other current liabilities $ 31,878 $ 28,497 Operating lease liabilities Other non-current liabilities $ 155,126 $ 139,529 Supplemental cash flow information related to leases was as follows ( in thousands ): Nine months ended September 30, 2023 Nine months ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 30,414 $ 28,178 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 36,639 $ 41,127 | ||
Other Commitments [Line Items] | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Other Noncurrent Liabilities [Member] | |||
Other Commitments [Line Items] | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities | |
Other current liabilities | |||
Other Commitments [Line Items] | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
- Narrative (Details)
- Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Feb. 28, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jul. 12, 2022 | Sep. 03, 2021 | |
Related Party Transaction [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 485,800 | $ 485,800 | |||||||
Document Period End Date | Sep. 30, 2023 | ||||||||
Quarterly Management Fee Percentage Of Entity Adjusted Net Assets | 0.50% | 0.50% | |||||||
Lugano | |||||||||
Related Party Transaction [Line Items] | |||||||||
Integration service fees payable | $ 2,300 | ||||||||
Europe | |||||||||
Related Party Transaction [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 61,500 | ||||||||
Business Combination, Consideration Transferred | $ 50,200 | ||||||||
Primaloft | |||||||||
Related Party Transaction [Line Items] | |||||||||
Integration service fees payable | $ 4,800 | ||||||||
Quarterly Management Fee Percentage Of Entity Adjusted Net Assets | 2% | ||||||||
Management fee waiver | 1% | ||||||||
Europe | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership percentage intercompany loan agreement | 81.60% | ||||||||
Related Party Vendor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership Percentage, Related Party Vendors | 40% | ||||||||
Related Party Transaction, Purchases from Related Party | $ 600 | $ 300 | $ 1,600 | $ 1,100 | |||||
Related Party Vendor [Member] | BOA | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related Party Transaction, Purchases from Related Party | $ 10,000 | $ 12,700 | $ 30,400 | $ 43,800 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Nov. 01, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Subsequent Events [Abstract] | |||
Long-term Debt, Current Maturities | $ 10,000 | $ 10,000 | |
Marucci [Member] | Subsequent Event | |||
Subsequent Events [Abstract] | |||
Disposal Group, Total enterprise value | $ 572,000 | ||
Subsequent Event [Line Items] | |||
Disposal Group, Total enterprise value | $ 572,000 |