Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 24, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Quarterly Report | true | ||
Entity Incorporation, State or Country Code | DE | ||
Document Type | 10-K | ||
Document Quarterly Report | false | ||
Entity Address, Address Line One | 301 Riverside Avenue, Second Floor | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Compass Diversified Holdings | ||
Entity Central Index Key | 0001345126 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Voluntary Filers | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 75,270,329 | ||
Entity Public Float | $ 1,343,661,989 | ||
Entity Tax Identification Number | 57-6218917 | ||
Entity File Number | 001-34927 | ||
Entity Address, City or Town | Westport, | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06880 | ||
Local Phone Number | 221-1703 | ||
City Area Code | 203 | ||
Documents Incorporated by Reference [Text Block] | Certain information in the registrant’s definitive proxy statement to be filed with the Commission relating to the registrant’s 2024 Annual Meeting of Shareholders is incorporated by reference into Part III. | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Location | New York, New York | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Firm ID | 248 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Shares Representing Beneficial Interests In Compass Diversified Holdings [Member] | |||
Document Information [Line Items] | |||
Security Exchange Name | NYSE | ||
Trading Symbol | CODI | ||
Title of 12(b) Security | Shares representing beneficial interests in Compass Diversified Holdings (“common shares”) | ||
Series A Preferred Shares Representing Series A Trust Preferred Interest In Compass Diversified Holdings [Member] | |||
Document Information [Line Items] | |||
Security Exchange Name | NYSE | ||
Trading Symbol | CODI PR A | ||
Title of 12(b) Security | Series A Preferred Shares representing beneficial interests in Compass Diversified Holdings | ||
Series B Preferred Shares Representing Series B Trust Preferred Interest In Compass Diversified Holdings [Member] | |||
Document Information [Line Items] | |||
Security Exchange Name | NYSE | ||
Trading Symbol | CODI PR B | ||
Title of 12(b) Security | Series B Preferred Shares representing beneficial interests in Compass Diversified Holdings | ||
Series C Preferred Shares Representing Series C Trust Preferred Interest In Compass Diversified Holdings [Member] [Domain] | |||
Document Information [Line Items] | |||
Security Exchange Name | NYSE | ||
Trading Symbol | CODI PR C | ||
Title of 12(b) Security | Series C Preferred Shares representing beneficial interests in Compass Diversified Holdings |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets: | ||
Cash and cash equivalents | $ 450,477 | $ 56,599 |
Accounts receivable, net | 318,241 | 297,722 |
Inventories, net | 740,387 | 680,545 |
Prepaid expenses and other current assets | 94,715 | 73,200 |
Total current assets | 1,603,820 | 1,210,185 |
Property, plant and equipment, net | 192,562 | 184,501 |
Goodwill | 901,428 | 991,007 |
Intangible assets, net | 923,905 | 1,015,497 |
Total assets | 3,816,981 | 3,849,631 |
Current liabilities: | ||
Accounts payable | 93,412 | 82,942 |
Accrued expenses | 157,456 | 184,338 |
Other current liabilities | 35,465 | 35,286 |
Total current liabilities | 312,358 | 359,832 |
Deferred income taxes | 120,131 | 142,627 |
Long-term debt | 1,661,879 | 1,824,468 |
Other non-current liabilities | 203,232 | 139,267 |
Total liabilities | $ 2,297,600 | $ 2,487,669 |
Class of Stock [Line Items] | ||
Document Period End Date | Dec. 31, 2023 | |
Preferred Stock, Shares Outstanding | 12,600,000 | 12,600,000 |
Preferred Stock, Shares Issued | 12,600,000 | 12,600,000 |
Trust shares, par value (in dollars per share) | $ 0 | |
Trust shares, issued (in shares) | 75,753,000 | 72,203,000 |
Trust shares, authorized (in shares) | 500,000,000 | |
Treasury Stock, Common, Value | $ (9,339) | $ 0 |
Preferred Stock, Shares Authorized | 50,000,000 | |
Trust shares, outstanding (in shares) | 75,270,000 | 72,203,000 |
Prepaid expenses and other current assets | $ 94,715 | $ 73,200 |
Current assets of discontinued operations | 0 | 102,119 |
Deferred Revenue | 7,350 | 7,093 |
Due to related parties | 16,025 | 15,495 |
Long-term Debt, Current Maturities | 10,000 | 10,000 |
Other Assets | 195,266 | 162,392 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 0 | 286,049 |
Current liabilities of discontinued operations | 0 | 31,771 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 21,475 |
Noncontrolling interest | 192,631 | 203,464 |
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 0 | 21,578 |
Trust common shares, no par value, 500,000 authorized; 75,753 shares issued and 75,270 shares outstanding at December 31, 2023 and 72,203 shares issued and outstanding at December 31, 2022 | 1,281,303 | 1,207,044 |
Accumulated other comprehensive income (loss) | 111 | (1,136) |
Accumulated deficit | (249,243) | (372,906) |
Total stockholders’ equity attributable to Holdings | 1,326,750 | 1,136,920 |
Noncontrolling interest | 192,631 | 203,464 |
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 0 | 21,578 |
Total stockholders’ equity | 1,519,381 | 1,361,962 |
Total liabilities and stockholders’ equity | $ 3,816,981 | $ 3,849,631 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
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, Value, Issued | $ 96,417 | $ 96,417 |
Preferred Stock, Value, Issued | $ 96,417 | $ 96,417 |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
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, Value, Issued | $ 96,504 | $ 96,504 |
Preferred Stock, Value, Issued | $ 96,504 | $ 96,504 |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Outstanding | 4,600,000 | 4,600,000 |
Preferred Stock, No Par Value | $ 0 | |
Preferred Stock, Shares Issued | 4,600,000 | 4,600,000 |
Preferred Stock, Value, Issued | $ 110,997 | $ 110,997 |
Preferred Stock, Value, Issued | $ 110,997 | $ 110,997 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 02, 2019 | Nov. 20, 2019 | Mar. 13, 2018 | Jun. 28, 2017 |
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 | ||||
Allowance for doubtful accounts receivable | $ 13,851 | $ 17,970 | ||||
Deferred debt issuance costs, accumulated amortization | $ 6,589 | $ 2,805 | ||||
Trust shares, par value (in dollars per share) | $ 0 | |||||
Trust shares, authorized (in shares) | 500,000,000 | |||||
Trust shares, issued (in shares) | 75,753,000 | 72,203,000 | ||||
Trust shares, outstanding (in shares) | 75,270,000 | 72,203,000 | ||||
Preferred Stock, Shares Authorized | 50,000,000 | |||||
Preferred Stock, Shares Issued | 12,600,000 | 12,600,000 | ||||
Preferred Stock, Shares Outstanding | 12,600,000 | 12,600,000 | ||||
Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Issued | 4,000,000 | 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 | 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 | 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 | 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 | 600,000 | 4,000,000 | ||
Preferred Stock, Shares Outstanding | 4,600,000 | 4,600,000 | ||||
Preferred Stock, No Par Value | $ 0 | |||||
Preferred Stock, Shares Issued | 4,600,000 | 4,600,000 | 600,000 | 4,000,000 | ||
Preferred Stock, Shares Outstanding | 4,600,000 | 4,600,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 02, 2019 | Nov. 20, 2019 | Mar. 13, 2018 | Jun. 28, 2017 |
Class of Stock [Line Items] | ||||||
Allowance for doubtful accounts receivable | $ 13,851 | $ 17,970 | ||||
Deferred debt issuance costs, accumulated amortization | $ 6,589 | $ 2,805 | ||||
Trust shares, par value (in dollars per share) | $ 0 | |||||
Trust shares, authorized (in shares) | 500,000,000 | |||||
Trust shares, issued (in shares) | 75,753,000 | 72,203,000 | ||||
Trust shares, outstanding (in shares) | 75,270,000 | 72,203,000 | ||||
Preferred Stock, Shares Authorized | 50,000,000 | |||||
Preferred Stock, Shares Issued | 12,600,000 | 12,600,000 | ||||
Preferred Stock, Shares Outstanding | 12,600,000 | 12,600,000 | ||||
Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, No Par Value | $ 0 | |||||
Preferred Stock, Shares Issued | 4,000,000 | 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, No Par Value | $ 0 | |||||
Preferred Stock, Shares Issued | 4,000,000 | 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, No Par Value | $ 0 | |||||
Preferred Stock, Shares Issued | 4,600,000 | 4,600,000 | 600,000 | 4,000,000 | ||
Preferred Stock, Shares Outstanding | 4,600,000 | 4,600,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cost of revenues | $ 1,165,553 | $ 1,226,078 | $ 1,061,922 |
Gross profit | 893,323 | 783,052 | 661,580 |
Other income (expense): | |||
Interest expense, net | (105,179) | (83,492) | (58,834) |
Amortization of debt issuance costs | (4,038) | (3,740) | (2,979) |
Loss on debt extinguishment | 0 | (534) | (33,305) |
Other income (expense), net | 1,743 | (2,321) | (1,303) |
Income Before Income Taxes | (17,405) | 40,751 | 26,663 |
Operating expenses: | |||
Selling, general and administrative expense | 549,589 | 484,369 | 418,378 |
Management fees | 68,445 | 62,604 | 46,443 |
Amortization expense | 95,820 | 84,689 | 73,675 |
Impairment expense | 89,400 | 20,552 | 0 |
Operating income | 90,069 | 130,838 | 123,084 |
Provision for income taxes | 21,331 | 37,093 | 15,267 |
Income (loss) from continuing operations | (38,736) | 3,658 | 11,396 |
Income from continuing operations before income taxes | 18,116 | 38,387 | 42,643 |
Gain on sale of discontinued operations, net of income tax | 283,025 | 9,393 | 72,770 |
Net income | 262,405 | 51,438 | 126,809 |
Less: Net income from continuing operations attributable to noncontrolling interest | 15,945 | 10,367 | 6,938 |
Less: Net income from discontinued operations attributable to noncontrolling interest | 174 | 4,684 | 5,319 |
Net income attributable to Holdings | 246,286 | 36,387 | 114,552 |
Amounts attributable to common shares of Holdings: | |||
Income (loss) from continuing operations | (54,681) | (6,709) | 4,458 |
Income from discontinued operations, net of income tax | 17,942 | 33,703 | 37,324 |
Gain on sale of discontinued operations, net of income tax | $ 283,025 | $ 9,393 | $ 72,770 |
Basic and fully diluted income (loss) per share attributable to Holdings (refer to Note K) | |||
Continuing operations (in dollars per share) | $ (1.71) | $ (0.66) | $ (0.95) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 4.17 | 0.56 | 1.68 |
Weighted average number of shares outstanding - basic and fully diluted | $ 2.46 | $ (0.10) | $ 0.73 |
Weighted Average Number of Shares Outstanding, Diluted | 72,105,000 | 70,715,000 | 65,362,000 |
Cash distribution declared per share (refer to Note K) | $ 1 | $ 1 | $ 2.21 |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,058,876 | $ 2,009,130 | $ 1,723,502 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | $ 2,188 | $ (1,415) | $ (489) |
Pension benefit liability, net of tax | (941) | 1,307 | 917 |
Total comprehensive income, net of tax | 263,652 | 51,330 | 127,237 |
Less: Net income attributable to noncontrolling interests | 16,119 | 15,051 | 12,257 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (122) | 37 | 38 |
Total comprehensive income attributable to Holdings, net of tax | 247,655 | 36,242 | 114,942 |
Net income | $ 262,405 | $ 51,438 | $ 126,809 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Trust Common Shares | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Non Controlling Interest Of Discontinued Operations [Member] | Treasury Stock, Common | Lugano | Lugano Non Controlling Interest Of Discontinued Operations [Member] | Ergobaby | Marucci | Marucci Non Controlling Interest Of Discontinued Operations [Member] | Boa | Lugano | Lugano Noncontrolling Interest [Member] | Aci [Member] | Aci [Member] Non Controlling Interest Of Discontinued Operations [Member] | PrimaLoft | PrimaLoft Noncontrolling Interest [Member] | Trust Common Shares | Trust Common Shares Trust Common Shares | Trust Common Shares Retained Earnings [Member] | Trust Common Shares Parent [Member] | Preferred Class A [Member] Preferred Stock [Member] | Series A Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] Retained Earnings [Member] | Preferred Stock [Member] Parent [Member] | Preferred Class B [Member] Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] Preferred Stock [Member] | Series B Preferred Stock [Member] |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 112,077 | $ 8,047 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 1,008,564 | $ (211,002) | $ (1,456) | $ 1,100,024 | $ 0 | ||||||||||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 96,417 | 110,997 | 96,504 | ||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 1,220,148 | ||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Net income | 126,809 | ||||||||||||||||||||||||||||||||
Total comprehensive income (loss), net | 428 | 428 | 428 | ||||||||||||||||||||||||||||||
Option activity attributable to noncontrolling shareholders | 11,454 | 9,840 | |||||||||||||||||||||||||||||||
Option activity attributable to noncontrolling interest, discontinued ops | 1,614 | ||||||||||||||||||||||||||||||||
Issuance of Trust common shares, net of offering costs | 114,629 | 114,629 | |||||||||||||||||||||||||||||||
Issuance of Trust shares, net of offering costs (in shares) | 114,629 | ||||||||||||||||||||||||||||||||
Effect of subsidiary stock option exercise | 4,351 | 4,281 | 70 | ||||||||||||||||||||||||||||||
Effect of FOX IPO proceeds | (8,632) | (8,632) | |||||||||||||||||||||||||||||||
Proceeds from noncontrolling interest holders | $ 68,300 | $ 68,300 | |||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Deconsolidation | $ (4,375) | $ (4,375) | |||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (50,640) | (42,008) | |||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,275) | (1,275) | |||||||||||||||||||||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 3,886 | 3,886 | |||||||||||||||||||||||||||||||
Distribution to Allocation Interest holders (refer to Note N) | (34,100) | ||||||||||||||||||||||||||||||||
Distributions paid | $ (150,946) | $ (150,946) | $ (150,946) | $ (24,181) | $ (24,181) | $ (24,181) | |||||||||||||||||||||||||||
Distribution Expense, Allocation Interests | (34,058) | (34,058) | |||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | 1,284,530 | $ 96,417 | $ 96,504 | $ 110,997 | |||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Net income attributable to Holdings | 114,552 | 114,552 | 114,552 | ||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 12,257 | 6,938 | 5,319 | ||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 158,153 | 14,561 | |||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 1,123,193 | (314,267) | (1,028) | 1,111,816 | 0 | ||||||||||||||||||||||||||||
Net income | 51,438 | ||||||||||||||||||||||||||||||||
Total comprehensive income (loss), net | (108) | (108) | (108) | ||||||||||||||||||||||||||||||
Option activity attributable to noncontrolling shareholders | 13,951 | 11,998 | |||||||||||||||||||||||||||||||
Option activity attributable to noncontrolling interest, discontinued ops | 1,953 | ||||||||||||||||||||||||||||||||
Issuance of Trust common shares, net of offering costs | 83,851 | 83,851 | $ 111,000 | ||||||||||||||||||||||||||||||
Issuance of Trust shares, net of offering costs (in shares) | 83,851 | ||||||||||||||||||||||||||||||||
Effect of subsidiary stock option exercise | 1,312 | 932 | 380 | ||||||||||||||||||||||||||||||
Effect of FOX IPO proceeds | (1,957) | (1,957) | |||||||||||||||||||||||||||||||
Proceeds from noncontrolling interest holders | $ 35,263 | $ 35,263 | |||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (11,292) | (11,292) | |||||||||||||||||||||||||||||||
Distributions paid | (70,845) | (70,845) | (70,845) | (24,181) | (24,181) | (24,181) | |||||||||||||||||||||||||||
Distribution Expense, Allocation Interests | 0 | ||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2022 | 1,361,962 | 96,417 | 96,504 | 110,997 | |||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Net income attributable to Holdings | 36,387 | 36,387 | 36,387 | ||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 15,051 | 10,367 | 4,684 | ||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 203,464 | 203,464 | 21,578 | $ 16,020 | $ 36,215 | 82,967 | 36,263 | ||||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ 96,417 | $ 110,997 | $ 96,504 | ||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 12,600 | 4,000 | 4,600 | 4,000 | |||||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 12,600 | 4,000 | 4,600 | 4,000 | |||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 1,136,920 | $ 1,207,044 | (372,906) | (1,136) | 1,136,920 | 0 | |||||||||||||||||||||||||||
Net income | 262,405 | ||||||||||||||||||||||||||||||||
Total comprehensive income (loss), net | 1,247 | 1,247 | |||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), before Tax | 1,247 | ||||||||||||||||||||||||||||||||
Option activity attributable to noncontrolling shareholders | 17,049 | 10,665 | 6,384 | ||||||||||||||||||||||||||||||
Issuance of Trust common shares, net of offering costs | 74,259 | 74,259 | |||||||||||||||||||||||||||||||
Issuance of Trust shares, net of offering costs (in shares) | 74,259 | ||||||||||||||||||||||||||||||||
Stock Repurchased During Period, Value | (9,339) | (9,339) | (9,339) | ||||||||||||||||||||||||||||||
Effect of subsidiary stock option exercise | 15,599 | 15,599 | |||||||||||||||||||||||||||||||
Effect of FOX IPO proceeds | (41,297) | (41,297) | |||||||||||||||||||||||||||||||
Proceeds from noncontrolling interest holders | $ 4,155 | $ 4,155 | |||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Deconsolidation | $ (30,562) | $ (30,562) | $ (1,729) | $ (1,729) | |||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (11,745) | (11,745) | |||||||||||||||||||||||||||||||
Distribution to Allocation Interest holders (refer to Note N) | (26,500) | ||||||||||||||||||||||||||||||||
Distributions paid | $ (71,967) | $ (71,967) | $ (71,967) | $ (24,181) | $ (24,181) | $ (24,181) | |||||||||||||||||||||||||||
Distribution Expense, Allocation Interests | (26,475) | (26,475) | |||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2023 | 1,519,381 | $ 96,417 | $ 96,504 | $ 110,997 | |||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Net income attributable to Holdings | 246,286 | 246,286 | 246,286 | ||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 16,119 | 15,945 | 174 | ||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 192,631 | $ 192,631 | $ 0 | $ 16,756 | $ 8,316 | $ 105,425 | $ 30,736 | ||||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ 96,417 | $ 110,997 | $ 96,504 | ||||||||||||||||||||||||||||||
Preferred Stock, No Par Value | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 12,600 | 4,000 | 4,600 | 4,000 | |||||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 12,600 | 4,000 | 4,600 | 4,000 | |||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 1,326,750 | $ 1,281,303 | $ (249,243) | $ 111 | $ 1,326,750 | $ (9,339) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 262,405 | $ 51,438 | $ 126,809 |
Income from continuing operations before income taxes | 18,116 | 38,387 | 42,643 |
Gain on sale of discontinued operations | 283,025 | 9,393 | 72,770 |
Income (loss) from continuing operations | (38,736) | 3,658 | 11,396 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation expense | 46,547 | 40,030 | 35,455 |
Amortization of debt issuance costs | 4,038 | 3,740 | 2,896 |
Impairment expense | 89,400 | 20,552 | 0 |
Loss on debt extinguishment | 0 | 534 | 33,305 |
Noncontrolling stockholder stock based compensation | 10,665 | 11,998 | 9,840 |
Provision for receivable and inventory reserves | (34) | (472) | 5,600 |
Deferred taxes | (21,707) | (2,511) | (11,770) |
Other | 1,572 | 2,238 | 22 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | (21,849) | (42,925) | (19,921) |
Inventories | (58,269) | (158,416) | (94,552) |
Other current and non-current assets | (1,080) | (12,078) | (6,663) |
Accounts payable and accrued expenses | (72,112) | (11,168) | 52,971 |
Net cash provided by (used in) operating activities - continuing operations | 35,430 | (54,017) | 95,016 |
Net cash provided by operating activities - discontinued operations | 42,650 | 25,726 | 39,035 |
Net cash provided by (used in) operating activities | 78,080 | (28,291) | 134,051 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Acquisitions, net of cash acquired | (3,907) | (569,028) | (356,851) |
Purchases of property and equipment | (55,776) | (60,989) | (33,116) |
Proceeds from sale of businesses | 500,305 | 9,393 | 101,039 |
Other investing activities | (2,135) | (1,300) | (1,125) |
Net cash provided by (used in) investing activities - continuing operations | 438,487 | (621,924) | (290,053) |
Net cash provided by (used in) investing activities - discontinued operations | 132,016 | (4,801) | (27,443) |
Net cash provided by (used in) investing activities | 570,503 | (626,725) | (317,496) |
Cash flows from financing activities: | |||
Proceeds from Issuance of Common Stock | 74,259 | 83,851 | 114,629 |
Borrowings under credit facility | 360,000 | 268,000 | 557,000 |
Repayments under credit facility | (515,000) | (113,000) | (864,000) |
Issuance of Senior Notes | 0 | 0 | 1,300,000 |
Distributions paid - common shares | (71,967) | (70,845) | (150,946) |
Distributions paid - preferred shares | (24,181) | (24,181) | (24,181) |
Net proceeds provided by noncontrolling shareholders | 15,599 | 1,312 | 8,237 |
Distributions paid - Allocation Interests | 26,475 | 0 | 34,058 |
Purchase of noncontrolling interest | 41,297 | 1,957 | 50,640 |
Payments to Noncontrolling Interests | (11,745) | (11,292) | (1,275) |
Debt issuance costs | 0 | (5,276) | (21,708) |
Other | (17) | 10 | (464) |
Net cash (used in) provided by financing activities | (260,163) | 556,885 | 273,206 |
Foreign currency impact on cash | 786 | (1,331) | 228 |
Net increase (decrease) in cash and cash equivalents | 389,206 | (99,462) | 89,989 |
Cash and cash equivalents — beginning of period (1) | 61,271 | 160,733 | 70,744 |
Cash and cash equivalents — end of period | 450,477 | 61,271 | 160,733 |
Cash from discontinued operations | 4,700 | 3,600 | 14,200 |
Payments for Repurchase of Common Stock | (9,339) | 0 | 0 |
Repayments of Senior Debt | 0 | 0 | (627,688) |
Proceeds from Issuance of Other Long-term Debt | 0 | 400,000 | 0 |
Repayments of Other Long-term Debt | (10,000) | (5,000) | 0 |
Proceeds from Minority Shareholders - Acquisitions | 0 | 35,263 | 68,300 |
Amortization expense | 95,820 | 84,689 | 73,675 |
Amortization of Acquisition Costs | $ 1,175 | $ 6,114 | $ 2,762 |
Organization and Business Opera
Organization and Business Operations - Segment | 12 Months Ended | |
Apr. 25, 2006 | Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization and Business Operations | Organization and Business Operations Compass Diversified Holdings, a Delaware statutory trust (“the Trust”), was incorporated in Delaware on November 18, 2005. Compass Group Diversified Holdings, LLC, a Delaware limited liability Company (the “LLC”), was also formed on November 18, 2005 with equity interests which were subsequently reclassified as the “Allocation Interests”. Collectively, Compass Diversified Holdings and Compass Group Diversified Holdings, LLC are referred to as the "Company". The Company was formed to acquire and manage a group of small and middle-market businesses headquartered in North America. 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 nine businesses, or operating segments, at December 31, 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"), Relentless Intermediate, Inc. ("PrimaLoft"), Velocity Outdoor, Inc. ("Velocity Outdoor" or "Velocity"), AMT Acquisition Corporation (“Arnold”), FFI Compass, Inc. ("Altor Solutions" or "Altor") (formerly "Foam Fabricat ors") and SternoCandleLamp Holdings, Inc. (“Sterno”). The segments are referred to interchangeably as “businesses”, “operating segments” or “subsidiaries” throughout the financial statements. Refer to Note F - "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”). | |
Sole owner of Trust interest of the company | 100% | |
Number of businesses/operating segments owned | 9 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP" or "US GAAP"). The results of operations represent the results of operations of the Company’s acquired businesses from the date of their acquisition by the Company, and therefore may not be indicative of the results to be expected for the full year. Principles of consolidation The 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. The acquisition of businesses that the Company owns or controls more than a 50% share of the voting interest are accounted for under the acquisition method of accounting. The amount assigned to the identifiable assets acquired and the liabilities assumed is based on the estimated fair values as of the date of acquisition, with the remainder, if any, recorded as goodwill. Discontinued Operations The Company completed the sale of Wheelhouse Holdings, Inc. ("Marucci") during the fourth quarter of 2023, Compass AC Holdings, Inc. ("Advanced Circuits or "ACI") during the first quarter of 2023 and Liberty Safe Holding Corporation ("Liberty") during the third quarter of 2021. The results of operations of Marucci and ACI are reported as discontinued operations in the consolidated statements of operations for years ended December 31, 2023, 2022 and 2021. The results of operations of Liberty are reported as discontinued operations in the consolidated statements of operations for year ended December 31, 2021. Refer to " Note D - Discontinued Operations " for additional information. Unless otherwise indicated, the disclosures accompanying the consolidated financial statements reflect the Company's continuing operations. Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. These estimates are based on historical factors, management’s best knowledge of current events and actions the Company may undertake in the future. It is possible that in 2023 actual conditions could be better or worse than anticipated when the Company developed the estimates and assumptions, which could materially affect the results of operations and financial position in the future. Such changes could result in future impairment of goodwill, intangibles and long-lived assets, inventory obsolescence, establishment of valuation allowances on deferred tax assets and increased tax liabilities, among other things. Actual results could differ from those estimates. Allocation Interests At the time of the Company's Initial Public Offering, the Company issued Allocation Interests governed by the LLC agreement that entitle the holders (the "Holders") to receive distributions pursuant to a profit allocation formula upon the occurrence of certain events. The Holders are entitled to receive and as such can elect to receive the positive contribution based profit allocation payment for each of the business acquisitions during the 30-day period following the fifth anniversary of the date upon which the Company acquired a controlling interest in that business (a "Holding Event") and upon the sale of that business (a "Sale Event"). The payment to the Holders for a Sale Event is based on the pre-tax gain from the sale of the business. Payments of profit allocation to the Holders are accounted for as dividends declared on Allocation Interests and recorded in stockholders' equity once they are approved by our Board of Directors. Revenue recognition The 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. Refer to " Note E - Revenue " for a detailed description of the Company's revenue recognition policies. Cash and cash equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Certain cash account balances held in domestic financial institutions exceed FDIC insurance limits of $250,000 per account and, as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. We monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash or cash equivalents. At December 31, 2023 and 2022, the amount of cash and cash equivalents held by our subsidiaries in foreign bank accounts was $24.8 million and $24.4 million, respectively. Accounts receivable and allowance for doubtful accounts Trade receivables are reported on the consolidated balance sheets at cost adjusted for any write-offs and net of an allowance for doubtful accounts. The Company uses estimates to determine the amount of the allowance for doubtful accounts in order to reduce accounts receivable to their estimated net realizable value. The Company estimates the amount of the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends. The Company’s estimate also includes analyzing existing economic conditions. When the Company becomes aware of circumstances that may impair a specific customer’s ability to meet its financial obligations subsequent to the original sale, the Company will record an allowance against amounts due, and thereby reduce the net receivable to the amount it reasonably believes will be collectible. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. The Company's Lugano operating segment has adopted the practical expedient available under the revenue recognition accounting standard whereby for revenue contracts that have an original duration of one year or less, Lugano does not consider the time value of money and does not recognize a financing component on trade receivables where the period between the transfer of a promised good to a customer and the customer’s payment for that good will be one year or less. Inventories Inventories consist of raw materials, work-in-process, manufactured goods and purchased goods acquired for resale. Inventories are stated at the lower of cost or net realizable value, with cost generally determined on the first- in, first-out method or average cost method. At our Lugano business, cost is determined based on specific identification. Cost includes raw materials, direct labor, manufacturing overhead and indirect overhead. Net realizable value is based on current replacement cost for raw materials and supplies and on estimated selling costs less reasonably predictable costs of completion, and disposal for finished goods. The net realizable value of the Company’s inventory is estimated based on historical experience, current and forecasted demand and other market conditions. In addition, reserves for inventory losses are estimated based on historical experience. The Company’s inventory reserves are estimates, which could vary significantly from actual results if future economic conditions, customer demand or competition differ from expectations. The Company's historical estimates of these adjustments have not differed materially from actual results. Property, plant and equipment Property, plant and equipment is recorded at cost. The cost of major additions or betterments is capitalized, while maintenance and repairs that do not improve or extend the useful lives of the related assets are expensed as incurred. Depreciation is provided principally on the straight-line method over estimated useful lives. Leasehold improvements are amortized over the life of the lease or the life of the improvement, whichever is shorter. The ranges of useful lives are as follows: Buildings and improvements 6 to 40 years Machinery and equipment 2 to 18 years Office furniture, computers and software 2 to 8 years Leasehold improvements Shorter of useful life or lease term Property, plant and equipment and other long-lived assets that have definitive lives are evaluated for impairment when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable (‘triggering event’). Upon the occurrence of a triggering event, the asset is reviewed to assess whether the estimated undiscounted cash flows expected from the use of the asset plus residual value from the ultimate disposal exceeds the carrying value of the asset. If the carrying value exceeds the estimated recoverable amounts, the asset is written down to its fair value. Fair value of financial instruments The carrying value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short term nature. The fair value of the Company's senior notes are based on interest rates that are currently available to the Company for issuance of debt with similar terms and remaining maturities. If measured at fair value in the financial statements, the Senior Notes would be classified as Level 2 in the fair value hierarchy. Business combinations The Company allocates the amount it pays for each acquisition to the assets acquired and liabilities assumed based on their fair values at the date of acquisition, including identifiable intangible assets which arise from a contractual or legal right or are separable from goodwill. The Company bases the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions provided by management, which consider management’s best estimates of inputs and assumptions that a market participant would use. The Company allocates any excess purchase price that exceeds the fair value of the net tangible and identifiable intangible assets acquired to goodwill. The use of alternative valuation assumptions, including estimated growth rates, cash flows, discount rates and estimated useful lives could result in different purchase price allocations and amortization expense in current and future periods. Transaction costs associated with these acquisitions are expensed as incurred through selling, general and administrative expense on the consolidated statement of operations. In those circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the contingent payments expected to be made as of the acquisition date. The Company re-measures this liability each reporting period and records changes in the fair value through operating income within the consolidated statements of operations. Goodwill Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company is required to perform impairment reviews at each of its reporting units annually and more frequently in certain circumstances. In accordance with accounting guidelines, the Company is able to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the quantitative goodwill impairment test. The first step of the process after the qualitative assessment fails is estimating the fair value of each of its reporting units based on a discounted cash flow (“DCF”) model using revenue and profit forecast and a market approach which compares peer data and earnings multiples. The Company then compares those estimated fair values with the carrying values, which include allocated goodwill. If the estimated fair value is less than the carrying value, then a goodwill impairment is recorded. The Company cannot predict the occurrence of certain future events that might adversely affect the implied value of goodwill and/or the fair value of intangible assets. Such events include, but are not limited to, strategic decisions made in response to economic and competitive conditions, the impact of the economic environment on its customer base, and material adverse effects in relationships with significant customers. The impact of over-estimating or under-estimating the implied fair value of goodwill at any of the reporting units could have a material effect on the results of operations and financial position. In addition, the value of the implied goodwill is subject to the volatility of the Company’s operations which may result in significant fluctuation in the value assigned at any point in time. Refer to " Note H - Goodwill and Intangible Assets " for the results of the annual impairment tests. Deferred debt issuance costs Deferred debt issuance costs represent the costs associated with the issuance of debt instruments and are amortized over the life of the related debt instrument. Deferred debt issuance costs are presented in the consolidated balance sheet as a deduction from the carrying value of the associated debt liability. Product Warranty Costs The Company recognizes warranty costs based on an estimate of the amounts required to meet future warranty obligations. The Company accrues an estimated liability for exposure to warranty claims at the time of a product sale based on both current and historical claim trends and warranty costs incurred. Warranty reserves are included within "Accrued expenses" in the Company's consolidated balance sheets. Foreign currency Certain of the Company’s segments have operations outside the United States, and the local currency is typically the functional currency. The financial statements are translated into U.S. dollars using exchange rates in effect at year-end for assets and liabilities and average exchange rates during the year for results of operations. The resulting translation gain or loss is included in stockholders' equity as other comprehensive income or loss. Noncontrolling interest Noncontrolling interest represents the portion of a majority-owned subsidiary’s net income that is owned by noncontrolling shareholders. Noncontrolling interest on the balance sheet represents the portion of equity in a consolidated subsidiary owned by noncontrolling shareholders. Income taxes Deferred Income Taxes Deferred income taxes are calculated under the asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred income taxes are provided for the differences between the basis of assets and liabilities for financial reporting and income tax purposes at the enacted tax rates. A valuation allowance is established when necessary to reduce deferred tax assets to the amount that is expected to more likely than not be realized. Several of the Company’s majority owned subsidiaries have deferred tax assets recorded at December 31, 2023 which in total amounted to approximately $107.0 million. This deferred tax asset is net of $10.5 million of valuation allowance primarily associated with the realization of domestic and foreign net operating losses, domestic and foreign tax credits and the limitation on the deduction of interest expense. These deferred tax assets are comprised primarily of reserves not currently deductible for tax purposes. The temporary differences that have resulted in the recording of these tax assets may be used to offset taxable income in future periods, reducing the amount of taxes required to be paid. Realization of the deferred tax assets is dependent on generating sufficient future taxable income at those subsidiaries with deferred tax assets. Based upon the expected future results of operations, the Company believes it is more likely than not that those subsidiaries with deferred tax assets will generate sufficient future taxable income to realize the benefit of existing temporary differences, although there can be no assurance of this. The impact of not realizing these deferred tax assets would result in an increase in income tax expense for such period when the determination was made that the assets are not realizable. Uncertain Tax Positions We record uncertain tax positions in accordance with Accounting Standards Codification ("ASC") 740 - Income Taxes, on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Change in Company Tax Status Election Effective September 1, 2021 (the "Effective Date"), the Trust elected to be treated as a corporation for U.S. federal income tax purposes (the "Election"). Prior to the Effective Date, the Trust was treated as a partnership for U.S. federal income tax purposes and the Trust’s items of income, gain, loss and deduction flowed through from the Trust to the shareholders, and the Trust shareholders were subject to income taxes on their allocable share of the Trust’s income and gain. After the Effective Date, the trust is taxed as a corporation and is subject to U.S. federal corporate income tax at the Trust level, but items of income, gain, loss and deduction will not flow through to Trust shareholders. Trust shareholders will no longer receive an IRS Schedule K-1. After the Effective Date, distributions from the Trust will be treated as dividends to the extent the Trust has accumulated or current earnings and profits. If the Trust does not have current or accumulated earnings and profits available for distribution, then the distribution will be treated as a return of capital and reduce Trust shareholders’ basis in their shares. Prior to the Effective Date, each of the Company’s majority owned subsidiaries were treated as corporations for U.S. federal income tax purposes. The election did not change the tax status of any Company subsidiary, and each majority owned Company subsidiary is still treated as a corporation for U.S. federal income tax purposes. Earnings per common share Basic and fully diluted earnings per Trust common share is computed using the two-class method which requires companies to allocate participating securities that have rights to earnings that otherwise would have been available only to common shareholders as a separate class of securities in calculating earnings per share. The Company has granted Allocation Interests that contain participating rights to receive profit allocations upon the occurrence of a Holding Event or a Sale Event, and has issued preferred shares that have rights to distributions when, and if, declared by the Company's board of directors. The calculation of basic and fully diluted earnings per common share is computed by dividing income available to common shareholders by the weighted average number of Trust common shares outstanding during the period. Earnings per common share reflects the effect of distributions that were declared and paid to the Holders and distributions that were paid on preferred shares during the period. The Company did not have any stock option plans or any other potentially dilutive securities outstanding during the years ended December 31, 2023, 2022 and 2021. Advertising costs Advertising costs are expensed as incurred and included in selling, general and administrative expense in the consolidated statements of operations. Advertising costs were $33.4 million, $31.9 million and $26.1 million during the years ended December 31, 2023, 2022 and 2021, respectively. Research and development Research and development costs are expensed as incurred and included in selling, general and administrative expense in the consolidated statements of operations. The Company incurred research and development expense of $14.6 million, $12.3 million and $11.4 million during the years ended December 31, 2023, 2022 and 2021, respectively. Employee retirement plans The Company and many of its segments sponsor defined contribution retirement plans, such as 401(k) plans. Employee contributions to the plan are subject to regulatory limitations and the specific plan provisions. The Company and its segments may match these contributions up to levels specified in the plans and may make additional discretionary contributions as determined by management. The total employer contributions to these plans were $5.1 million, $4.6 million and $3.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s Arnold subsidiary maintains a defined benefit plan for certain of its employees which is more fully described in " Note J - Defined Benefit Plan ". Accounting guidelines require employers to recognize the overfunded or underfunded status of defined benefit pension and postretirement plans as assets or liabilities in their consolidated balance sheets and to recognize changes in that funded status in the year in which the changes occur as a component of comprehensive income. Seasonality Earnings 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 quarter have produced the highest net sales in our fiscal year, however, due to various acquisitions in the last three years, there is generally less seasonality in our net sales on a consolidated basis than there has been historically. Stock based compensation The Company does not have a stock based compensation plan; however, all of the Company’s subsidiaries maintain stock based compensation plans under which some form of stock compensation, typically stock options or profit interests, is issued to employees and outside directors of each subsidiary. The fair value of the awards are estimated on the date of grant using a pricing model and assumptions specific to the subsidiary that granted the stock award. During the years ended December 31, 2023, 2022 and 2021, $10.7 million, $12.0 million, and $9.8 million of stock based compensation expense was recorded in selling, general and administrative expense in the consolidated statements of operations. As of December 31, 2023, the amount to be recorded for stock-based compensation expense in future years for unvested options is approximately $48.5 million. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Sale of Marucci On November 1, 2023, the LLC, solely in its capacity as the representative of the holders of stock and options of Marucci, a majority owned subsidiary of the LLC, 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. On November 14, 2023, the parties completed the Merger pursuant to the Agreement. The sale price of Wheelhouse was 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. After the allocation of the sales price to Wheelhouse non-controlling equityholders and the payment of transaction expenses, CODI received approximately $484.0 million o f total proceeds at closing of which $87.3 million related to the repayment of intercompany loans with the Compa ny . We recorded a pre-tax gain on sale of Marucci of $241.4 million in the year ended December 31, 2023. The proceeds from the Marucci sale were used to pay down outstanding debt under the Company’s 2022 Credit Facility and, subsequent to year-end, to fund an acquisition by Company. Refer to Note S - Subsequent Event for a description of the acquisition. Summarized results of operations of Marucci for the previous years through the date of disposition are as follows (in thousands): For the period January 1, 2023 through disposition Year ended December 31, 2022 Year ended December 31, 2021 Net sales $ 167,898 $ 165,411 $ 118,166 Gross profit 94,891 83,628 64,377 Operating income 17,073 21,113 16,419 Income from operations before income taxes (1) 17,040 22,974 16,533 Provision (benefit) for income taxes (2,467) 4,320 3,070 Income from discontinued operations (1) $ 19,507 $ 18,654 $ 13,463 (1) The results of operations for the periods from January 1, 2023 through disposition and the years ended December 31, 2022 and 2021, each exclude $8.9 million, $7.0 million and $3.1 million, respectively, of intercompany interest expense. The following table presents summary balance sheet information of Marucci that is presented as discontinued operations as of December 31, 2022 (in thousands): December 31, Assets Cash and cash equivalents $ 1,281 Accounts receivable, net 33,674 Inventories, net 47,538 Prepaid expenses and other current assets 1,500 Current assets of discontinued operations $ 83,993 Property, plant and equipment, net 14,023 Goodwill 75,719 Intangible assets, net 112,439 Other non-current assets 4,021 Non-current assets of discontinued operations $ 206,202 Liabilities Accounts payable $ 7,462 Accrued expenses 8,790 Deferred revenue 3,112 Other current liabilities 1,259 Current liabilities of discontinued operations $ 20,623 Deferred income taxes 3,016 Other non-current liabilities 2,267 Non-current liabilities of discontinued operations $ 5,283 Noncontrolling interest of discontinued operations $ 20,045 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. We recorded a pre-tax gain on sale of $106.9 million on the sale of Advanced Circuits in the year ended December 31, 2023. Summarized results of operations of ACI for the previous years through the date of disposition are as follows (in thousands): For the period January 1, 2023 through disposition Year ended December 31, 2022 Year ended December 31, 2021 Net sales $ 8,829 $ 89,503 $ 90,487 Gross profit 3,663 41,064 41,049 Operating income 1,058 23,617 25,232 Income (loss) from operations before income taxes (1) (2,464) 23,349 24,933 Provision (benefit) for income taxes (1,073) 3,616 3,419 Income (loss) from discontinued operations (1) $ (1,391) $ 19,733 $ 21,514 (1) The results of operations for the periods from January 1, 2023 through disposition and the years ended December 31, 2022 and 2021, each exclude $1.4 million, $6.7 million and $7.2 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 Gain on sale of discontinued operations - income tax Effective September 1, 2021, the Trust elected to be treated as a corporation for U.S. federal income tax purposes. Prior to the Effective Date, the Trust was treated as a partnership for U.S. federal income tax purposes and the Trust’s items of income, gain, loss and deduction flowed through from the Trust to the shareholders, and the Trust shareholders were subject to income taxes on their allocable share of the Trust’s income and gains. After the Effective Date, the Trust is taxed as a corporation and is subject to U.S. federal corporate income tax at the Trust level. The election to be treated as a corporation for U.S federal income tax purposes, resulted in an approximate $328 million gain to the Trust for U.S. federal income tax purposes. This taxable capital gain should result in a basis step-up for the Trust after the Election. This basis step-up should provide a tax benefit to the Trust, as it should increase the Trust’s basis in its subsidiaries as of September 1, 2021, which in turn should reduce future gains, if and when the Trust divests such subsidiaries. The Trust has filed for a Private Letter Ruling ("PLR"), with the Internal Revenue Service ("IRS") regarding the basis step-up and intends to reflect the basis step up on future tax returns unless the IRS disagrees with the Company's proposed treatment. Until the IRS issues a ruling on the PLR, the Company has concluded that a full reserve should be recorded for the stepped-up basis benefit and as a result, recorded an unrecognized tax benefit of $27.9 million that reduced the gain on sale of Advanced Circuits and Marucci. The gain recorded related to the sale of Advanced Circuits and Marucci in the year ending December 31, 2023 is subject to income tax expense. Prior to the sale of Marucci in the fourth quarter of 2023, the Trust had sufficient net operating losses to offset the gain on sale of Advanced Circuits and did not record income tax expense. The sale of Marucci and the resulting gain that was recorded, combined with the gain on Advanced Circuits, utilized all of the Trust's net operating losses and resulted in taxable income in the fourth quarter of 2023. The Trust recorded income tax expense of $37.4 million that reduced the gain on sale of discontinued operations. The pre-tax gain on sale of Advanced Circuits and Marucci totaled $348.4 million, and was reduced by the $37.4 million in income tax expense and the $27.9 million in unrecognized tax benefits, resulting in the $283.0 million recorded as gain on sale of discontinued operations in the statement of operations in the year ending December 31, 2023. Sale of Liberty On July 16, 2021, the LLC, as majority stockholder of Liberty Safe Holding Corporation and as Sellers Representative, entered into a definitive Stock Purchase Agreement (the “Liberty Purchase Agreement”) with Independence Buyer, Inc. (“Liberty Buyer”), Liberty and the other holders of stock and options of Liberty to sell to Liberty Buyer all of the issued and outstanding securities of Liberty, the parent company of the operating entity, Liberty Safe and Security Products, Inc. On August 3, 2021, Liberty Buyer and the LLC, as Sellers Representative, entered into the Amendment to Stock Purchase Agreement (the “Liberty Amendment”) which amended the Liberty Purchase Agreement to, among other things, provide that, immediately prior to the closing, certain investors in Liberty will, instead of selling all of the shares of Liberty owned by them to Liberty Buyer, contribute a portion of such shares (the “Liberty Rollover Shares”) to an indirect parent company of Liberty Buyer in exchange for equity securities of such entity. On August 3, 2021, Liberty Buyer completed the acquisition of all the issued and outstanding securities of Liberty (other than the Liberty Rollover Shares) pursuant to the Liberty Purchase Agreement and Liberty Amendment (the “Liberty Transaction”). The sale price of Liberty was based on an aggregate total enterprise value of $147.5 million, subject to customary adjustments. After the allocation of the sale proceeds to Liberty's non-controlling shareholders, the repayment of intercompany loans to the LLC (including accrued interest) of $26.5 million, and the payment of transaction expenses of approximately $4.5 million, the LLC received approximately $128.0 million of total proceeds from the sale at closing. The LLC recognized a gain on the sale of Liberty of $72.8 million during the year ended December 31, 2021. In 2022, the LLC received an income tax refund of approximately $0.9 million related to Liberty which was recognized as gain on sale of discontinued operations, net of taxes, in the accompanying consolidated statement of operations. Summarized results of operations of Liberty for the previous years through the date of disposition are as follows (in thousands): For the period January 1, 2021 through disposition Net sales $ 75,753 Gross profit 20,129 Operating income 9,175 Income from continuing operations before income taxes (1) 9,174 Provision for income taxes 1,509 Income from discontinued operations (1) $ 7,665 (1) The results of operations for the period from January 1, 2021 through disposition, excludes $1.7 million of intercompany interest expense. Sale of Clean Earth On May 8, 2019, the LLC, as majority stockholder of CEHI Acquisition Corporation ("Clean Earth" or CEHI") and as Sellers’ Representative, entered into a definitive Stock Purchase Agreement (the “Clean Earth Purchase Agreement”) with Calrissian Holdings, LLC (“Clean Earth Buyer”), CEHI, the other holders of stock and options of CEHI and, as Clean Earth Buyer’s guarantor, Harsco Corporation, pursuant to which Clean Earth Buyer would acquire all of the issued and outstanding securities of CEHI, the parent company of the operating entity, Clean Earth, Inc. The LLC recognized a gain on the sale of Clean Earth of $209.3 million during the year ended December 31, 2019. In 2022, the LLC received an income tax refund of approximately $8.5 million related to Clean Earth which was recognized as gain on sale of discontinued operations, net of taxes, in the accompanying consolidated statement of operations. |
Acquisition of Businesses
Acquisition of Businesses | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisition of Businesses | Acquisition of Businesses The acquisitions of our businesses are accounted for under the acquisition method of accounting. For each new 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, before working capital and other customary adjustments. The Company funded the acquisition through a draw on its 2022 Revolving Credit Facility and the proceeds from its new $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 which were payable quarterly over the twelve-month period beginning September 30, 2022. 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, which approximate fair value. 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. Acquisition of Lugano Diamonds On September 3, 2021, the LLC, through its newly formed acquisition subsidiaries, Lugano Holding, Inc., a Delaware corporation (“Lugano Holdings”), and Lugano Buyer, Inc., a Delaware corporation (“Lugano Buyer”) and a wholly-owned subsidiary of Lugano Holdings, acquired the issued and outstanding shares of stock of Lugano Diamonds & Jewelry Inc. ("Lugano") other than certain rollover shares (the “Lugano Transaction”). The Lugano Transaction was effectuated pursuant to a Stock Purchase Agreement (the “Lugano Purchase Agreement”), also dated September 3, 2021, by and among Lugano Buyer, the sellers named therein (“Lugano Sellers”) and Mordechai Haim Ferder in his individual capacity and as initial representative of the Lugano Sellers. Lugano 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. The LLC made loans to, and purchased a 60% equity interest in, Lugano. The purchase price, including proceeds from noncontrolling shareholders, was $265.1 million. The selling shareholders invested in the transaction along with the LLC, representing 40% initial noncontrolling interest on both a primary and fully diluted basis. The fair value of the noncontrolling interest was determined based on the enterprise value of the acquired entity multiplied by the ratio of the number of shares acquired by the minority holders to total shares. The transaction was accounted for as a business combination. CGM acted as an advisor to the LLC in the acquisition and continued to provide integration services during the first year of the LLC's ownership of Lugano. CGM received integration service fees of $2.3 million which were payable quarterly over a twelve month period as services were rendered beginning December 31, 2021. The LLC incurred $1.8 million of transaction costs in conjunction with the Lugano acquisition, which was included in selling, general and administrative expense in the consolidated statements of operations during the third quarter of 2021. The LLC funded the acquisition with cash on hand and a $120 million draw on its 2021 Revolving Credit Facility. The results of operations of Lugano have been included in the consolidated results of operations since the date of acquisition. Lugano's results of operations are reported as a separate operating segment as a branded consumer business. The table below provides the recording 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 $ 267,554 $ (2,420) $ 265,134 Fair value of identifiable assets acquired: Cash $ 1,433 $ — $ 1,433 Accounts receivable (1) 20,954 — 20,954 Inventory 85,794 9,419 95,213 Property, plant and equipment 2,743 392 3,135 Intangible assets — 82,454 82,454 Other current and noncurrent assets 4,979 4,114 9,093 Total identifiable assets $ 115,903 $ 96,379 $ 212,282 Fair value of liabilities assumed: Current liabilities $ 7,129 $ 58 $ 7,187 Other liabilities — 3,175 3,175 Deferred tax liabilities — 23,123 23,123 Total liabilities $ 7,129 $ 26,356 $ 33,485 Net identifiable assets acquired $ 108,774 $ 70,023 $ 178,797 Goodwill $ 158,780 $ (72,443) $ 86,337 Acquisition consideration Purchase price $ 256,000 $ — $ 256,000 Cash acquired 1,554 (120) 1,434 Net working capital adjustment 10,000 (2,300) 7,700 Total purchase consideration $ 267,554 $ (2,420) $ 265,134 (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 which approximate fair value. 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 through a purchase price appraisal and will be depreciated on a straight-line basis over the respective 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 $86.3 million reflects the strategic fit of Lugano in the Company's branded consumer business and is not expected to be deductible for income tax purposes. The intangible assets recorded related to the Lugano acquisition are as follows (in thousands): Intangible Assets Fair Value Estimated Useful Lives Tradename $ 48,433 18 years Customer relationships 34,021 15 years $ 82,454 The tradename was considered the primary intangible asset and was valued at $48.4 million using a multi period excess earnings method. The customer relationships were valued at $34.0 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 years ended December 31, 2022 and 2021 gives effect to the acquisitions of PrimaLoft and Lugano as described above, as if these transactions had been completed as of January 1, 2021. 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. Years ended (in thousands, except per share data) December 31, 2022 December 31, 2021 Net sales $ 2,064,315 $ 1,860,442 Gross profit $ 816,840 $ 736,712 Operating income $ 140,643 $ 136,011 Net income from continuing operations $ 51 $ 40,173 Net income (loss) from continuing operations attributable to Holdings $ (10,755) $ 28,147 Basic and fully diluted net loss per share from continuing operations attributable to Holdings $ (0.76) $ (0.59) Other acquisitions Velocity King's Camo - On July 8, 2022, Velocity acquired the assets of King's Camo LC, 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. Altor Solutions Plymouth Foam - On October 5, 2021, Altor acquired Plymouth Foam, LLC (“Plymouth”), a manufacturer of protective packaging and componentry, for an enterprise value of approximately $56.0 million, excluding customary closing adjustments. The acquisition and related transaction costs were funded through an additional term loan of $52.0 million under the Altor intercompany credit agreement and a draw on the existing Altor intercompany revolving credit facility with the LLC. Altor paid approximately $0.4 million in transaction fees in connection with the acquisition of Plymouth. Plymouth was founded in 1978 and is based in Plymouth, Wisconsin. Plymouth supplies a wide array of high value products, including custom protective packaging, cold chain packaging and internal components made from expanded polystyrene and expanded polypropylene. Plymouth’s complementary product portfolio will allow Altor to be able to further expand its business and capabilities. Altor recorded a purchase price allocation, including goodwill of approximately $15.5 million, which is not expected to be deductible for income tax purposes, and intangible asset of $20.1 million. The purchase price allocation was finalized in the first quarter of 2022. Arnold Ramco - On March 1, 2021, Arnold acquired Ramco Electric Motors, Inc. ("Ramco"), a manufacturer of stators, rotors and full electric motors, for a purchase price of approximately $34.3 million. The acquisition and related transaction costs were funded through an additional equity investment in Arnold by the LLC of $35.5 million. Ramco was founded in 1987 and is based in Greenville, Ohio. Ramco supplies their custom electric motor solutions for general industrial, aerospace and defense, and oil and gas end-markets. Ramco’s complementary product portfolio will allow Arnold to be able to offer more comprehensive, turnkey solutions to their customers. In connection with the acquisition, Arnold recorded a purchase price allocation of $12.4 million of goodwill, which is not expected to be deductible for income tax purposes and $12.7 million in intangible assets. The remainder of the purchase consideration was allocated to net assets acquired. The purchase price allocation was finalized in the fourth quarter of 2021. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Performance Obligations - Revenues are recognized when control of the promised goods or service is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. Each product or service represents a separate performance obligation. Once the performance obligations are identified, the Company determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on a relative stand-alone selling price method. The corresponding revenues are recognized as the related performance obligations are satisfied as discussed above. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. The standalone selling price is directly observable as it is the price at which the Company sells its products separately to the customer. The Company assesses promised goods or services as performance obligations deemed immaterial at the contract level. Revenue is recognized generally upon shipment terms for products and when the service is performed for services. Certain sale transactions at our Lugano operating segment also include a non-monetary exchange of inventory with customers whereby the consideration received for the sale transaction has a non-cash component. The transaction price for a sale to a customer includes all cash and non-cash consideration. The non-cash consideration represents the non-monetary exchange of inventory and is measured at the fair-value of the exchanged item. Shipping and handling costs - The Company accounts for shipping and handling activities performed after control of a good has been transferred to the customer as a fulfillment cost. Therefore, both revenue and costs of shipping and handling are recorded at the same time. As a result, any consideration (including freight and landing costs) related to these activities are included as a component of the overall transaction consideration and allocated to the performance obligations of the contract. Costs associated with shipment of products to a customer are accounted for as a fulfillment cost and are typically included in selling, general and administrative expense. Shipping and handling fees billed directly to customers are included in sales. Warranty - For product sales, the Company provides standard assurance-type warranties as the Company only warrants its products against defects in materials and workmanship (i.e., manufacturing flaws). Although the warranties are not required by law, the tasks performed over the warranty period are only to remediate instances when products do not meet the promised specifications. Customers do not have the option to purchase warranties separately. The Company’s warranty periods generally range from 90 days to three years depending on the nature of the product and are consistent with industry standards. The periods are reasonable to assure that products conform to specifications. The Company does not have a history of performing activities outside the scope of the standard warranty. Variable Consideration - The Company’s policy around estimating variable consideration related to sales incentives (early pay discounts, rights of return, rebates, chargebacks, and other discounts) included in certain customer contracts are recorded as a reduction in the transaction price. The Company applies the expected value method to estimate variable consideration. These estimates are based on historical experience, anticipated performance and the Company’s best judgment at the time and as a result, reflect applicable constraints. The Company includes in the transaction price an amount of variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. In certain of the Company’s arrangements related to product sales, a right of return exists, which is included in the transaction price. For these right of return arrangements, an asset (and corresponding adjustment to cost of sale) for its right to recover the products from the customers is recorded. The asset recognized is the carrying amount of the product (for example, inventory) less any expected costs to recover the products (including potential decreases in the value to the Company of the returned product). Additionally, the Company records a refund liability for the amount of consideration that it does not expect to be entitled. The amounts associated with right of return arrangements are not material to the Company's statement of position or operating results. Sales and Other Similar Taxes - The Company notes that under its contracts with customers, the customer is responsible for all sales and other similar taxes, which the Company will invoice the customer for if they are applicable. The Company excludes sales taxes and similar taxes from the measurement of transaction price. Cost to Obtain a Contract - The Company recognizes the incremental costs of obtaining a contract as an expense when incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less. Disaggregated Revenue - Revenue Streams & Timing of Revenue Recognition - 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. The disaggregation in the tables below reflects where revenue is earned based on the shipping address of our customers unless otherwise noted. 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. The following tables provide disaggregation of revenue by reportable segment geography for the years ended December 31, 2023, 2022 and 2021 (in thousands). Year ended December 31, 2023 United States Mexico Europe Asia Pacific Other International Total 5.11 $ 423,750 $ 26,718 $ 34,018 $ 17,313 $ 31,290 $ 533,089 BOA (1) 41,036 22 56,073 58,139 555 155,825 Ergo 35,083 71 27,351 24,012 7,342 93,859 Lugano 304,761 — 3,102 73 385 308,321 PrimaLoft (2) 774 101 3,500 62,049 629 67,053 Velocity 156,853 1,141 4,393 617 9,186 172,190 Altor 204,598 33,432 — — — 238,030 Arnold 115,625 413 39,173 6,388 5,080 166,679 Sterno 312,239 1 3,354 10 8,226 323,830 $ 1,594,719 $ 61,899 $ 170,964 $ 168,601 $ 62,693 $ 2,058,876 Year ended December 31, 2022 United States Mexico Europe Asia Pacific Other International Total 5.11 $ 384,911 $ 19,110 $ 34,389 $ 16,677 $ 31,126 $ 486,213 BOA (1) 61,719 12 66,273 79,848 836 208,688 Ergo 32,207 76 28,210 22,903 5,039 88,435 Lugano 192,026 — 9,014 439 28 201,507 PrimaLoft (2) 1,583 56 1,881 20,623 601 24,744 Velocity 208,215 1,303 7,557 1,301 13,862 232,238 Altor 233,158 28,180 — — — 261,338 Arnold 105,899 456 38,602 6,490 2,368 153,815 Sterno 340,510 15 2,746 86 8,795 352,152 $ 1,560,228 $ 49,208 $ 188,672 $ 148,367 $ 62,655 $ 2,009,130 Year ended December 31, 2021 United States Mexico Europe Asia Pacific Other International Total 5.11 $ 363,017 $ 15,365 $ 27,393 $ 15,715 23,473 $ 444,963 BOA (1) 52,804 37 57,570 53,735 1,004 $ 165,150 Ergo 33,319 54 31,411 24,891 3,956 $ 93,631 Lugano 53,662 — — 385 — $ 54,047 Velocity 243,347 1,074 8,546 1,328 16,131 $ 270,426 Altor 154,882 25,335 — — — $ 180,217 Arnold 96,944 471 33,828 6,086 2,612 $ 139,941 Sterno 361,586 11 1,071 281 12,178 $ 375,127 $ 1,359,561 $ 42,347 $ 159,819 $ 102,421 $ 59,354 $ 1,723,502 |
Operating Segment Data
Operating Segment Data | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Operating Segment Data | Operating Segment Data At December 31, 2023, the Company had nine 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 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. • 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 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. • 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 15 molding and fabricating facilities across North America. • Arnold is a global solutions provider and manufacturer of engineered magnetic 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 also manufactures creative indoor and outdoor lighting and home fragrance solutions for 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, as well as 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 Year ended December 31, (in thousands) 2023 2022 2021 5.11 $ 533,089 $ 486,213 $ 444,963 BOA 155,825 208,688 165,150 Ergobaby 93,859 88,435 93,631 Lugano 308,321 201,507 54,047 PrimaLoft 67,053 24,744 — Velocity Outdoor 172,190 232,238 270,426 Altor Solutions 238,030 261,338 180,217 Arnold 166,679 153,815 139,941 Sterno 323,830 352,152 375,127 Total segment revenue 2,058,876 2,009,130 1,723,502 Corporate — — — Total consolidated revenues $ 2,058,876 $ 2,009,130 $ 1,723,502 Segment Profit (Loss) Year ended December 31, (in thousands) 2023 2022 2021 5.11 $ 46,699 $ 43,531 $ 39,374 BOA 27,291 57,810 33,976 Ergobaby (1) 4,820 (16,814) 9,087 Lugano 100,306 53,015 9,923 PrimaLoft (1) (57,057) (13,832) — Velocity Outdoor (1) (32,828) 18,961 39,725 Altor Solutions 34,566 24,591 17,962 Arnold 21,587 16,700 11,988 Sterno 24,852 19,801 19,877 Total segment operating income 170,236 203,763 181,912 Corporate (2) (80,167) (72,925) (58,828) Total consolidated operating income 90,069 130,838 123,084 Reconciliation of segment operating income (loss) to consolidated income from continuing operations before income taxes: Interest expense, net (105,179) (83,492) (58,834) Amortization of debt issuance costs (4,038) (3,740) (2,979) Loss on debt extinguishment — (534) (33,305) Other income (expense), net 1,743 (2,321) (1,303) Total consolidated income (loss) from continuing operations before income taxes $ (17,405) $ 40,751 $ 26,663 (1) Segment loss for the PrimaLoft and Velocity operating segments for the year ended December 31, 2023 includes goodwill impairment expense of $57.8 million and $31.6 million, respectively. Segment loss for the Ergobaby operating segment for the year ended December 31, 2022 includes goodwill impairment expense of $20.6 million. (2) Corporate operating loss is comprised of management fees to CGM and corporate overhead expenses. Depreciation and Amortization Expense Year ended December 31, (in thousands) 2023 2022 2021 5.11 $ 25,714 $ 22,742 $ 22,048 BOA 22,659 21,751 19,999 Ergobaby 8,011 8,007 8,405 Lugano 7,413 5,648 1,881 PrimaLoft 21,155 9,664 — Velocity Outdoor 13,100 13,030 12,451 Altor Solutions 16,495 16,157 12,700 Arnold 8,279 7,878 8,728 Sterno 19,541 19,842 22,918 Total 142,367 124,719 109,130 Reconciliation of segment to consolidated total: Amortization of debt issuance costs and debt premiums 4,038 3,740 2,896 Consolidated total $ 146,405 $ 128,459 $ 112,026 Accounts Receivable Identifiable Assets December 31, December 31 (in thousands) 2023 2022 2023 (1) 2022 (1) 5.11 $ 50,452 $ 53,589 $ 398,050 $ 450,537 BOA 1,368 1,630 243,243 240,359 Ergobaby 12,018 11,213 73,660 84,657 Lugano 124,776 85,911 510,484 327,795 PrimaLoft 1,381 2,486 288,212 310,914 Velocity 24,458 33,159 207,609 224,356 Altor Solutions 35,232 42,368 186,683 198,943 Arnold 25,977 23,666 110,883 105,196 Sterno 51,740 54,400 174,166 210,780 Sales allowance accounts (9,161) (10,700) — — Total 318,241 297,722 2,192,990 2,153,537 Reconciliation of segment to consolidated totals: Corporate and other identifiable assets (2) — — 404,322 19,197 Assets of discontinued operations — — — 388,168 Total $ 318,241 $ 297,722 $ 2,597,312 $ 2,560,902 (1) Does not include accounts receivable balances per schedule above or goodwill balances - refer to " Note H - Goodwill and Intangible Assets " for a schedule of goodwill by segment. (2) Corporate assets at December 31, 2023 consists primarily of cash related to the proceeds received from the sale of Marucci in November 2023. Geographic Information Net Revenues Revenues are attributable to countries based on the location of customers. Revenue attributable to any individual foreign country was not material in 2023, 2022 or 2021. Identifiable Assets Several of the Company's operating segments have subsidiaries with assets located outside of the United States. The following table presents identifiable assets by geographic area: Identifiable Assets December 31, (in thousands) 2023 2022 (1) United States $ 2,505,586 $ 2,089,784 Europe 58,688 49,062 Other international 33,038 33,888 Total identifiable assets $ 2,597,312 $ 2,172,734 |
Inventory, Property, Plant and
Inventory, Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Inventory, Property, Plant and Equipment | Inventory and Property, Plant, and Equipment Inventory December 31, (in thousands) 2023 2022 Raw materials and supplies $ 97,209 $ 101,812 Work-in-process 25,516 29,979 Finished goods 646,406 576,914 769,131 708,705 Less: obsolescence reserve (28,744) (28,160) Total $ 740,387 $ 680,545 Property, plant and equipment December 31, (in thousands) 2023 2022 Machinery and equipment $ 238,168 $ 218,959 Office furniture, computers and software 67,652 59,860 Leasehold improvements 95,530 70,330 Buildings and land 12,816 12,629 Construction in process 15,197 17,654 429,363 379,432 Less: accumulated depreciation (236,801) (194,931) Total $ 192,562 $ 184,501 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Intangible Assets Goodwill 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. A reconciliation of the change in the carrying value of goodwill by segment for the years ended December 31, 2023 and 2022 are as follows (in thousands ): Balance at January 1, 2023 Acquisitions/Measurement Period Adjustments (1) Goodwill Impairment Balance at December 31, 2023 5.11 $ 92,966 $ — $ — $ 92,966 BOA 254,153 — — 254,153 Ergobaby 40,896 625 — 41,521 Lugano 86,337 — — 86,337 PrimaLoft 291,150 (804) (57,810) 232,536 Velocity Outdoor 39,773 — (31,590) 8,183 Altor Solutions 91,129 — — 91,129 Arnold 39,267 — — 39,267 Sterno 55,336 — — 55,336 Total $ 991,007 $ (179) $ (89,400) $ 901,428 (1) Acquisition of businesses during the year ended December 31, 2023 includes an add-on acquisition at Ergobaby. Balance at January 1, 2022 Acquisitions/Measurement Period Adjustments (1) Goodwill Impairment Balance at December 31, 2022 5.11 $ 92,966 $ — $ — $ 92,966 BOA 254,153 — — 254,153 Ergobaby 61,448 — (20,552) 40,896 Lugano 83,458 2,879 — 86,337 PrimaLoft — 291,150 — 291,150 Velocity Outdoor 30,079 9,694 — 39,773 Altor Solutions 90,843 286 — 91,129 Arnold 39,267 — — 39,267 Sterno 55,336 — — 55,336 Total $ 707,550 $ 304,009 $ (20,552) $ 991,007 (1) Acquisition of businesses during the year ended December 31, 2022 includes the acquisition of PrimaLoft by the Company, and an add-on acquisition at Velocity. Approximately $117.8 million of goodwill is deductible for income tax purposes at December 31, 2023. Interim Impairment Testing 2023 Interim Impairment Testing PrimaLoft - The Company performed an interim impairment test of goodwill at PrimaLoft as of December 31, 2023. As a result of operating results that were below forecast amounts that were used as the basis for the purchase price allocation performed when PrimaLoft was acquired as well as the failure of certain financial covenants in the intercompany credit agreement as of December 31, 2023, the Company determined that a triggering event had occurred. The Company performed the quantitative impairment test using both an income approach and a market approach. The prospective information used in the income approach considers macroeconomic data, industry and reporting unit specific facts and circumstances and is our best estimate of operational results and cash flows for the PrimaLoft reporting unit as of the date of our impairment testing. The discount rate used in the income approach was 11.3% The results of the quantitative impairment testing indicated that the fair value of the PrimaLoft reporting unit did not exceed its carrying value, resulting in goodwill impairment expense of $57.8 million in the year ended December 31, 2023. 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 $31.6 million during the year ended December 31, 2023. 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. 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 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 approach 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. 2021 Annual Impairment Testing The Company determined that the Arnold 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. The quantitative test of Arnold was performed using an income approach to determine the fair value of the reporting unit. The results of the quantitative impairment testing indicated that the fair value of the Arnold reporting unit exceeded the carrying value. For the reporting units that were tested only on a qualitative basis for the 2021 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 following is a summary of the net carrying amount of goodwill at December 31, 2023 and 2022 ( in thousands ): December 31, 2023 December 31, 2022 Goodwill - gross carrying amount $ 1,069,125 $ 1,069,304 Accumulated impairment losses (1) (167,697) (78,297) Goodwill - net carrying amount $ 901,428 $ 991,007 (1) Includes goodwill impairment expense of $20.6 million recorded at Ergobaby, $64.5 million at Velocity $24.9 million at Arnold and $57.8 million at PrimaLoft. In the year ended December 31, 2023, the Company recorded $31.6 million of goodwill impairment expense at Velocity and $57.8 million of goodwill impairment expense at PrimaLoft. In the year ended December 31, 2022, the Company recorded $20.6 million in goodwill impairment expense at Ergobaby. Intangible Assets Intangible assets are comprised of the following (in thousands): December 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Customer relationships $ 772,423 $ (294,628) $ 477,795 $ 770,982 $ (237,500) $ 533,482 14 Technology and patents 202,898 (66,035) 136,863 200,820 (51,169) 149,651 12 Trade names, subject to amortization 375,507 (124,648) 250,859 374,888 (101,577) 273,311 17 Non-compete agreements 4,638 (4,082) 556 4,638 (3,825) 813 5 Other contractual intangible assets 1,960 (1,593) 367 1,960 (1,185) 775 4 1,357,426 (490,986) 866,440 1,353,288 (395,256) 958,032 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 $ 1,414,891 $ (490,986) $ 923,905 $ 1,410,753 $ (395,256) $ 1,015,497 (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 Company’s amortization expense of intangible assets for the years ended December 31, 2023, 2022 and 2021 totaled $95.8 million, $84.7 million and $73.7 million, respectively. Estimated charges to amortization expense of intangible assets over the next five years, is as follows, (in thousands): 2024 $ 94,326 2025 $ 89,124 2026 $ 82,825 2027 $ 72,091 2028 $ 69,958 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Financing Arrangements 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. 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 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 Company 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” of "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 our entry into the 2021 Credit Facility, as described above, and to redeem our 8.000% Senior Notes due 2026 (the “2026 Senior Notes”). The 2032 Notes and the 2029 Notes rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness, and rank senior in right of payment to all of the Company’s future subordinated indebtedness, if any. The 2032 Notes and the 2029 Notes will be effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including the indebtedness under the Company’s credit facilities described below. The 2032 Notes Indenture and the 2029 Notes Indenture contains several restrictive covenants including, but not limited to, limitations on the following: (i) the incurrence of additional indebtedness, (ii) restricted payments, (iii) the purchase, redemption or retirement of capital stock or subordinated debt, (iv) dividends and other payments affecting restricted subsidiaries, (v) transactions with affiliates, (vi) asset sales and mergers and consolidations, (vii) future subsidiary guarantees and (viii) incurring liens, (ix) entering into sale-leaseback transactions and (x) making certain investments, subject in each case to certain exceptions. 2026 Senior Notes Our 2026 Senior Notes bore interest at 8.000% per annum and were scheduled to mature on May 1, 2026. On March 2, 2021, pursuant to an indenture, dated as of April 18, 2018 between the Company and U.S. Bank National Association, as trustee ("Trustee"), the Trustee delivered redemption notices, on behalf of the Company, to holders of the Company’s 2026 Senior Notes to redeem the 2026 Senior Notes on April 1, 2021. The principal amount of the 2026 Senior Notes redeemed was $600 million, which represented all of the outstanding principal of the 2026 Senior Notes. The 2026 Senior Notes were redeemed at 100% of their principal, plus an applicable premium, and accrued and unpaid interest as of the redemption date. On March 23, 2021, the proceeds required for the redemption of the 2026 Senior Notes, the applicable premium and accrued interest totaling $647.7 million was irrevocably deposited with the Trustee and held by the Trustee until the date of redemption, April 1, 2021. The redemption of the 2026 Senior Notes resulted in a Loss on Debt Extinguishment of approximately $33.3 million, which is comprised of the premium paid for early redemption of the 2026 Senior Notes, and the expensing of the deferred financing costs and bond premium associated with the 2026 Senior Notes. The following table provides the Company’s outstanding long-term debt and effective interest rates at December 31, 2023 and December 31, 2022 (in thousands) : December 31, 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 7.50% 385,000 5.20% 395,000 2022 Revolving Credit Facility — 5.98% 155,000 Unamortized premiums and debt issuance costs (13,121) (15,532) Total debt $ 1,671,879 $ 1,834,468 Less: Current portion, term loan facilities (10,000) (10,000) Long-term debt $ 1,661,879 $ 1,824,468 Annual maturities of the Company's debt obligations are as follows (in thousands): 2024 $ 10,000 2025 15,000 2026 25,000 2027 335,000 2028 — 2029 and thereafter 1,300,000 $ 1,685,000 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 $12.0 million in deferred financing costs related to the 2029 Senior Notes offering in March 2021. The Company recorded $5.4 million in deferred financing costs in connection with entry into the 2021 Credit Facility, $0.5 million of which was recorded as a loss on debt extinguishment upon entry into the 2022 Credit Facility. The net deferred financing costs associated with the Company's 2026 Senior Notes were $7.2 million at March 31, 2021, and were expensed on April 1, 2021, the date of the redemption of the 2026 Senior Notes. 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 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 consolidated balance sheets. The following table summarizes debt issuance costs at December 31, 2023 and December 31, 2022, and the balance sheet classification in each of the periods presents ( in thousands ): December 31, 2023 2022 Deferred debt issuance costs $ 32,526 $ 32,526 Accumulated amortization (13,779) (9,760) Deferred debt issuance costs, net $ 18,747 $ 22,766 Balance sheet classification: Other noncurrent assets $ 5,626 $ 7,234 Long-term debt 13,121 15,532 $ 18,747 $ 22,766 Covenants The Company is subject to certain customary affirmative and restrictive covenants arising under the 2022 Credit Facility. The following table reflects required and actual financial ratios as of December 31, 2023 included as part of the affirmative covenants in the 2022 Credit Facility: Description of Required Covenant Ratio Covenant Ratio Requirement Actual Ratio Fixed Charge Coverage Ratio Greater than or equal to 1.50: 1.00 3.17:1:00 Total Secured Debt to EBITDA Ratio Less than or equal to 3.50: 1.00 0.00:1:00 Total Debt to EBITDA Ratio Less than or equal to 5.00: 1.00 3.11:1:00 The Company exercised an option under our 2022 Credit Facility to increase our Consolidated Total Leverage Ratio to 5.75:1.00 as of December 31, 2022. This ratio declined to 5.50:1.00 on June 30, 2023, and to 5.00:1.00 on December 31, 2023. A breach of any of these covenants will be an event of default under the 2022 Credit Facility. Upon the occurrence of an event of default under the 2022 Credit Facility, the 2022 Revolving Credit Facility may be terminated, and all outstanding loans and other obligations under the 2022 Credit Facility may become immediately due and payable and any letters of credit then outstanding may be required to be cash collateralized, and the Agent and the Lenders may exercise any rights or remedies available to them under the 2022 Credit Facility. Any such event would materially impair the Company’s ability to conduct its business. As of December 31, 2023, the Company was in compliance with all covenants as defined in the 2022 Credit Facility. Letters of credit The 2022 Credit Facility allows for letters of credit in an aggregate face amount of up to $100 million. Letters of credit outstanding at both December 31, 2023 and December 31, 2022 totaled $2.2 million. Interest expense The following details the components of interest expense in each of the years ended December 31, 2023, 2022 and 2021: Year ended December 31, (in thousands) 2023 2022 2021 Interest on credit facilities $ 37,269 $ 13,842 $ 2,669 Interest on Senior Notes 67,500 67,500 54,441 Unused fee on Revolving Credit Facility 1,998 1,913 1,598 Amortization of debt premium — — (83) Other interest expense 363 286 222 Interest income (1,951) (49) (13) Interest expense, net $ 105,179 $ 83,492 $ 58,834 |
Defined Benefit Plan
Defined Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 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 following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated balance sheets at December 31, 2023 and 2022: December 31, (in thousands) 2023 2022 Change in benefit obligation: Benefit obligation, beginning of year $ 10,649 $ 12,311 Service cost 369 432 Interest cost 257 42 Actuarial (gain)/loss 1,090 (1,792) Plan amendment (67) (73) Employee contributions and transfer 444 349 Benefits paid 1,037 74 Settlement (1,139) (518) Foreign currency translation 1,207 (176) Benefit obligation $ 13,847 $ 10,649 Change in plan assets: Fair value of assets, beginning of period $ 9,521 $ 9,449 Actual return on plan assets 90 (122) Company contribution 465 371 Employee contributions and transfer 444 349 Benefits paid 1,037 74 Settlement (1,139) (518) Foreign currency translation 1,008 (82) Fair value of assets 11,426 9,521 Funded status $ (2,421) $ (1,128) The unfunded liability of $2.4 million and $1.1 million at December 31, 2023 and 2022, respectively, is recognized in the consolidated balance sheet within other non-current liabilities. Net periodic benefit cost consists of the following: Year ended December 31, (in thousands) 2023 2022 2021 Service cost $ 369 $ 432 $ 422 Interest cost 257 42 38 Expected return on plan assets (184) (73) (73) Amortization of unrecognized gain (loss) (37) (27) (12) Effect of settlement (1) (40) — Effect of curtailment — — 111 Net periodic benefit cost $ 404 $ 334 $ 486 Assumptions used to determine the benefit obligations and components of the net periodic benefit cost at December 31, 2023 and 2022: December 31, 2023 2022 Discount rate 1.85 % 2.25 % Expected return on plan assets 1.85 % 2.25 % Rate of compensation increase 4.00 % 4.00 % The Company considers the historical level of long-term returns and the current level of expected long-term returns for the plan assets, as well as the current and expected allocation of assets when developing its expected long-term rate of return on assets assumption. The assumptions used for the plan are based upon customary rates and practices for the location of the Company. Arnold expects to contribute approximately $0.6 million to the defined benefit plan in 2024. The following presents the benefit payments which are expected to be paid for the plan in each year indicated ( in thousands ): 2024 $ 595 2025 624 2026 782 2027 1,088 2028 812 Thereafter 4,262 $ 8,163 Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements. The assets of the plan are reinsured in their entirety with Swiss Life Ltd. (“Swiss Life”) within the framework of the corresponding contracts with Swiss Life Collective BVG Foundation and Swiss Life Complementary Foundation. The assets are guaranteed by the insurance company and pooled with the assets of other participating employers. The allocation of pension plan assets by category in Swiss Life’s group life portfolio is as follows at December 31, 2023: Fixed income bonds and securities 60 % Real estate 24 % Equities and investment funds 14 % Certificates of deposit and cash and cash equivalents 1 % Other investments 1 % 100 % 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 December 31, 2023 and 2022 were considered Level 3. |
Stockholder's Equity
Stockholder's Equity | Nov. 20, 2019 |
Equity [Abstract] | |
Stockholder's Equity | Stockholders' Equity Trust Common Shares The Trust is authorized to issue 500,000,000 Trust common shares and the LLC is authorized to issue a corresponding number of LLC interests. The Company will, at all times, have the identical number of LLC interests outstanding as Trust shares. Each Trust share represents an undivided beneficial interest in the Trust, and each Trust share is entitled to one vote per share on any matter with respect to which members of the LLC are entitled to vote. Share Repurchase Program In January 2023, the Company's Board of Directors approved a share repurchase program authorizing the Company to repurchase, through December 31, 2023, up to $50 million of its outstanding common shares. The Company repurchased 482,400 shares for approximately $9.2 million during the year ended December 31, 2023. The share repurchase program expired on December 31, 2023. Private Placement On December 15, 2023, the Company completed the sale of 3,550,000 common shares in a private placement to Allspring Special Small Cap Value Fund for consideration per share equal to $21.18 per share, or an aggregate sale price of approximately $75.2 million. In connection with the issuance of the shares, we paid a commission equal to 1% of the aggregate sales price, or approximately $0.8 million. The sale of the common shares was made pursuant to a subscription agreement pursuant to which the buyer agreed not to dispose of the common shares for a period of six months following the date of the private placement. At-The-Market Equity Offering Program On September 7, 2021, the Company filed a prospectus supplement pursuant to which the Company may, but has no obligation to, issue and sell up to $500 million common shares of the Trust in amounts and at times to be determined by the Company. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions, the trading price of Trust common shares and determinations by us regarding appropriate sources of funding. In connection with this offering, the Company entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. and Goldman Sachs & Co. LLC (each a “Sales Agent” and, collectively, the “Sales Agents”). The Sales Agreement provides that the Company may offer and sell Trust common shares from time to time through the Sales Agents up to $500 million, in amounts and at times to be determined by the Company. Pursuant to the Sales Agreement, the shares may be offered and sold through each Sales Agent, acting separately, in ordinary brokers’ transactions, to or through a market maker, on or through the New York Stock Exchange or any other market venue where the securities may be traded, in the over-the-counter market, in privately negotiated transactions, in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act or through a combination of any such methods of sale. During the year ended December 31, 2023, there were no sales of Trust common shares under the Sales Agreement as the at-the-market program is not active when the share repurchase program is active. During the year ended December 31, 2022, the Company sold 3,464,844 Trust common shares under the Sales Agreement. For the same period, the Company received total net proceeds of approximately $84.0 million from these sales, and incurred approximately $1.5 million in commissions payable to the Sales Agents. The Company incurred $0.2 million total expenses related to the ATM program during both the years ended December 31, 2023 and 2022, respectively. Trust Preferred Shares The Trust is authorized to issue up to 50,000,000 Trust preferred shares and the Company is authorized to issue a corresponding number of Trust Interests. Series C Preferred Shares On November 20, 2019, the Trust issued 4,000,000 7.875% Series C Preferred Shares (the "Series C Preferred Shares") with a liquidation preference of $25.00 per share, and on December 2, 2019, the Trust issued 600,000 of the Series C Preferred Shares which were sold pursuant to an option to purchase additional shares by the underwriters. Total proceeds from the issuance of the Series C Preferred Shares were $115.0 million, or $111.0 million net of underwriters' discount and issuance costs. Distributions on the Series C Preferred Shares will be payable quarterly in arrears, when and as declared by the Company's board of directors on January 30, April 30, July 30, and October 30 of each year, beginning on January 30, 2020, at a rate per annum of 7.875%. Distributions on the Series C Preferred Shares are cumulative and at December 31, 2023, $1.5 million of Series C distributions are accumulated and unpaid. Unless full cumulative distributions on the Series C Preferred Shares have been or contemporaneously are declared and set apart for payment of the Series C Preferred Shares for all past distribution periods, no distribution may be declared or paid for payment on the Trust common shares. The Series C Preferred Shares are not convertible into Trust common shares and have no voting rights, except in limited circumstances as provided for in the share designation for the Series C Preferred Shares. The Series C Preferred Shares may be redeemed at the Company's option, in whole or in part, at any time after January 30, 2025, at a price of $25.00 per share, plus any accumulated and unpaid distributions (thereon whether authorized or declared) to, but excluding, the redemption date. Holders of Series C Preferred Shares will have no right to require the redemption of the Series C Preferred Shares and there is no maturity date. If a certain tax redemption event occurs prior to January 30, 2025, the Series C Preferred Shares may be redeemed at the Company's option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such tax redemption event, at a price of $25.25 per share, plus accumulated and unpaid distributions to, but excluding, the redemption date. If a certain fundamental change related to the Series C Preferred Shares or the Company occurs (whether before, on or after January 30, 2025), the Company will be required to repurchase the Series C Preferred Shares at a price of $25.25 per share, plus accumulated and unpaid distributions to, but excluding, the date of purchase. If (i) a fundamental change occurs and (ii) the Company does not give notice prior to the 31st day following the fundamental change to repurchase all the outstanding Series C Preferred Shares, the distribution rate per annum on the Series C Preferred Shares will increase by 5.00%, beginning on the 31st day following such fundamental change. Notwithstanding any requirement that the Company repurchase all of the outstanding Series C Preferred Shares, the increase in the distribution rate is the sole remedy to holders in the event the Company fails to do so, and following any such increase, the Company will be under no obligation to repurchase any Series C Preferred Shares. Series B Preferred Shares On March 13, 2018, the Trust issued 4,000,000 7.875% Series B Preferred Shares (the "Series B Preferred Shares") with a liquidation preference of $25.00 per share, for gross proceeds of $100.0 million, or $96.5 million net of underwriters' discount and issuance costs. Distributions on the Series B Preferred Shares are payable quarterly in arrears, when and as declared by the Company's board of directors on January 30, April 30, July 30, and October 30 of each year, beginning on July 30, 2018, at a rate per annum of 7.875%. Holders of the Series B Preferred Shares are entitled to receive cumulative cash distributions (i) from and including the date of issuance to, but excluding, April 30, 2028 at a rate equal to 7.875% per annum and (ii) from and including April 30, 2028, at a floating rate equal to the then applicable three-month LIBOR (or a successor rate) plus a spread of 4.985% per annum. Subsequent to April 30, 2028, the distribution rate will be reset quarterly. At December 31, 2023, $1.3 million of Series B distributions are accumulated and unpaid. Unless full cumulative distributions on the Series B Preferred Shares have been or contemporaneously are declared and set apart for payment of the Series B Preferred Shares for all past distribution periods, no distribution may be declared or paid for payment on the Trust common shares. The Series B Preferred Shares are not convertible into Trust common shares and have no voting rights, except in limited circumstances as provided for in the share designation for the Series B Preferred Shares. The Series B Preferred Shares may be redeemed at the Company's option, in whole or in part, at any time after April 30, 2028, at a price of $25.00 per share, plus any accumulated and unpaid distributions (thereon whether authorized or declared) to, but excluding, the redemption date. Holders of Series B Preferred Shares will have no right to require the redemption of the Series B Preferred Shares and there is no maturity date. If a certain tax redemption event occurs prior to April 30, 2028, the Series B Preferred Shares may be redeemed at the Company's option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such tax redemption event, at a price of $25.25 per share, plus accumulated and unpaid distributions to, but excluding, the redemption date. If a certain fundamental change related to the Series B Preferred Shares or the Company occurs (whether before, on or after April 30, 2028), the Company will be required to repurchase the Series B Preferred Shares at a price of $25.25 per share, plus accumulated and unpaid distributions to, but excluding, the date of purchase. If (i) a fundamental change occurs and (ii) the Company does not give notice prior to the 31st day following the fundamental change to repurchase all the outstanding Series B Preferred Shares, the distribution rate per annum on the Series B Preferred Shares will increase by 5.00%, beginning on the 31st day following such fundamental change. Notwithstanding any requirement that the Company repurchase all of the outstanding Series B Preferred Shares, the increase in the distribution rate is the sole remedy to holders in the event the Company fails to do so, and following any such increase, the Company will be under no obligation to repurchase any Series B Preferred Shares. Series A Preferred Shares On June 28, 2017, the Trust issued 4,000,000 7.250% Series A Preferred Shares (the "Series A Preferred Shares") with a liquidation preference of $25.00 per share, for gross proceeds of $100.0 million, or $96.4 million net of underwriters' discount and issuance costs. When, and if declared by the Company's board of directors, distribution on the Series A Preferred Shares will be payable quarterly on January 30, April 30, July 30, and October 30 of each year, beginning on October 30, 2017, at a rate per annum of 7.250%. Distributions on the Series A Preferred Shares are discretionary and non-cumulative. The Company has no obligation to pay distributions for a quarterly distribution period if the board of directors does not declare the distribution before the scheduled record of date for the period, whether or not distributions are paid for any subsequent distribution periods with respect to the Series A Preferred Shares, or the Trust common shares. If the Company's board of directors does not declare a distribution for the Series A Preferred Shares for a quarterly distribution period, during the remainder of that quarterly distribution period the Company cannot declare or pay distributions on the Trust common shares. The Series A Preferred Shares are not convertible into Trust common shares and have no voting rights, except in limited circumstances as provided for in the share designation for the Series A Preferred Shares. The Series A Preferred Shares may be redeemed at the Company's option, in whole or in part, at any time after July 30, 2022, at a price of $25.00 per share, plus declared and unpaid distribution to, but excluding, the redemption date, without payment of any undeclared distributions. Holders of Series A Preferred Shares will have no right to require the redemption of the Series A Preferred Shares and there is no maturity date. If a certain tax redemption event occurs prior to July 30, 2022, the Series A Preferred Shares may be redeemed at the Company's option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such tax redemption event, at a price of $25.25 per share, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. If a certain fundamental change related to the Series A Preferred Shares or the Company occurs (whether before, on or after July 30, 2022), the Company will be required to repurchase the Series A Preferred Shares at a price of $25.25 per share, plus declared and unpaid distributions to, but excluding, the date of purchase, without payment of any undeclared distributions. If (i) a fundamental change occurs and (ii) the Company does not give notice prior to the 31st day following the fundamental change to repurchase all the outstanding Series A Preferred Shares, the distribution rate per annum on the Series A Preferred Shares will increase by 5.00%, beginning on the 31st day following such fundamental change. Notwithstanding any requirement that the Company repurchase all of the outstanding Series A Preferred Shares, the increase in the distribution rate is the sole remedy to holders in the event the Company fails to do so, and following any such increase, the Company will be under no obligation to repurchase any Series A Preferred Shares. Allocation Interests The Allocation Interests represent the original equity interest in the Company. The holders of the Allocation Interests (“Holders”), through Sostratus LLC, are entitled to receive distributions pursuant to a profit allocation formula upon the occurrence of certain events. The distributions of the profit allocation is paid upon the occurrence of the sale of a material amount of capital stock or assets of one of the Company’s businesses (“Sale Event”) or, at the option of the Holders, at each five year anniversary date of the acquisition of one of the Company’s businesses (“Holding Event”). The Company records distributions of the profit allocation to the Holders upon occurrence of a Sale Event or Holding Event as dividends declared on Allocation Interests to stockholders’ equity when they are approved by the Company’s board of directors. The following is a summary of the profit allocation payments made to the Holders of the Allocation Interest during the years ended December 31, 2023 and 2021. There were no profit allocation payments during the year ended December 31, 2022. Year ended December 31, 2023 • The sale of Advanced Circuits in February 2023 represented a Sale Event and the Company's board of director's approved a distribution of $24.4 million paid to the Holders of the Allocation Interests in the second quarter of 2023 (refer to Note D - "Discontinued Operations" ). • The Company's board of directors approved a distribution of $2.1 million paid to the Holders of the Allocation Interests related to various sale proceeds received related to previous Sale Events. These distributions were in the second quarter of 2023. Year ended December 31, 2021 • The fifteen-year anniversary of the acquisition of ACI occurred in May 2021 which represented a Holding Event. The Company declared and paid a distribution to the Holders of the Allocation Interests of $12.1 million in the third quarter of 2021. • During the fourth quarter of 2021, the Company declared and paid a distribution to the paid to the Holders of the Allocation Interests of $16.8 million related to the sale of Liberty (refer to Note D - "Discontinued Operations" ). Reconciliation of net income (loss) available to common shares of Holdings The following table reconciles net income from continuing operations attributable to Holdings to net income (loss) from continuing operations attributable to the common shares of Holdings: Year ended December 31, ( in thousands ) 2023 2022 2021 Net income from continuing operations attributable to Holdings $ (54,681) $ (6,709) $ 4,458 Less: Distributions paid - Allocation Interests 26,475 — 34,058 Less: Distributions paid - Preferred Shares 24,181 24,181 24,181 Less: Accrued distributions - Preferred Shares 2,869 2,869 2,869 Net loss from continuing operations attributable to common shares of Holdings $ (108,206) $ (33,759) $ (56,650) Earnings per share Basic and diluted earnings per share for the fiscal year ended December 31, 2023, 2022 and 2021 is calculated as follows: Year ended December 31, (in thousands, except per share data) 2023 2022 2021 Net loss from continuing operations attributable to common shares of Holdings $ (108,206) $ (33,759) $ (56,650) Less: Effect of contribution based profit—Holding Event 15,424 13,032 5,348 Loss from continuing operations attributable to common shares $ (123,630) $ (46,791) $ (61,998) Income from discontinued operations attributable to Holdings $ 300,967 $ 43,096 $ 110,094 Less: Effect of contribution based profit — 3,105 13 Income from discontinued operations of Holdings attributable to common shares $ 300,967 $ 39,991 $ 110,081 Basic and diluted weighted average common shares of Holdings outstanding 72,105 70,715 65,362 Basic and fully diluted income (loss) per common share attributable to Holdings Continuing operations $ (1.71) $ (0.66) $ (0.95) Discontinued operations 4.17 0.56 1.68 $ 2.46 $ (0.10) $ 0.73 Distributions The following table summarizes information related to our quarterly cash distributions on our Trust common and preferred shares: Period Cash Distribution per Share Total Cash Distributions Record Date Payment Date (in thousands) Trust Common Shares: October 1, 2023 - December 31, 2023 (1) $ 0.25 $ 18,818 January 18, 2024 January 25, 2024 July 1, 2023 - September 30, 2023 $ 0.25 $ 17,955 October 19, 2023 October 26, 2023 April 1, 2023 - June 30, 2023 $ 0.25 $ 17,974 July 20, 2023 July 27, 2023 January 1, 2023 - March 31, 2023 $ 0.25 $ 17,987 April 20, 2023 April 27, 2023 October 1, 2022 - December 31, 2022 $ 0.25 $ 18,051 January 19, 2023 January 26, 2023 July 1, 2022 - September 30, 2022 $ 0.25 $ 18,051 October 20, 2022 October 27, 2022 April 1, 2022 - June 30, 2022 $ 0.25 $ 17,931 July 21, 2022 July 28, 2022 January 1, 2022 - March 31, 2022 $ 0.25 $ 17,510 April 21, 2022 April 28, 2022 October 1, 2021 - December 31, 2021 $ 0.25 $ 17,352 January 13, 2022 January 20, 2022 July 1, 2021 - September 30, 2021 $ 0.36 $ 23,742 October 15, 2021 October 22, 2021 August 3, 2021 (2) $ 0.88 $ 57,112 August 31, 2021 September 7, 2021 April 1, 2021 - June 30, 2021 $ 0.36 $ 23,364 July 15, 2021 July 22, 2021 January 1, 2021 - March 31, 2021 $ 0.36 $ 23,364 April 15, 2021 April 22, 2021 Series A Preferred Shares: October 30, 2023 - January 29, 2024 (1) $ 0.453125 $ 1,813 January 15, 2024 January 30, 2024 July 30, 2023 - October 29, 2023 $ 0.453125 $ 1,813 October 15, 2023 October 30, 2023 April 30, 2023 - July 29, 2023 $ 0.453125 $ 1,813 July 15, 2023 July 30, 2023 January 30, 2023 - April 29, 2023 $ 0.453125 $ 1,813 April 15, 2023 April 30, 2023 October 30, 2022 - January 29, 2023 $ 0.453125 $ 1,813 January 15, 2023 January 30, 2023 July 30, 2022 - October 29, 2022 $ 0.453125 $ 1,813 October 15, 2022 October 30, 2022 April 30, 2022 - July 29, 2022 $ 0.453125 $ 1,813 July 15, 2022 July 30, 2022 January 30, 2022 - April 29, 2022 $ 0.453125 $ 1,813 April 15, 2022 April 30, 2022 October 30, 2021 - January 29, 2022 $ 0.453125 $ 1,813 January 15, 2022 January 30, 2022 July 30, 2021 - October 29, 2021 $ 0.453125 $ 1,813 October 15, 2021 October 30, 2021 April 30, 2021 - July 29, 2021 $ 0.453125 $ 1,813 July 15, 2021 July 30, 2021 January 30, 2021 - April 29, 2021 $ 0.453125 $ 1,813 April 15, 2021 April 30, 2021 Series B Preferred Shares: October 30, 2023 - January 29, 2024 (1) $ 0.4921875 $ 1,969 January 15, 2024 January 30, 2024 July 30, 2023 - October 29, 2023 $ 0.4921875 $ 1,969 October 15, 2023 October 30, 2023 April 30, 2023 - July 29, 2023 $ 0.4921875 $ 1,969 July 15, 2023 July 30, 2023 January 30, 2023 - April 29, 2023 $ 0.4921875 $ 1,969 April 15, 2023 April 30, 2023 October 30, 2022 - January 29, 2023 $ 0.4921875 $ 1,969 January 15, 2023 January 30, 2023 July 30, 2022 - October 29, 2022 $ 0.4921875 $ 1,969 October 15, 2022 October 30, 2022 April 30, 2022 - July 29, 2022 $ 0.4921875 $ 1,969 July 15, 2022 July 30, 2022 January 30, 2022 - April 29, 2022 $ 0.4921875 $ 1,969 April 15, 2022 April 30, 2022 October 30, 2021 - January 29, 2022 $ 0.4921875 $ 1,969 January 15, 2022 January 30, 2022 July 30, 2021 - October 29, 2021 $ 0.4921875 $ 1,969 October 15, 2021 October 30, 2021 April 30, 2021 - July 29, 2021 $ 0.4921875 $ 1,969 July 15, 2021 July 30, 2021 January 30, 2021 - April 29, 2021 $ 0.4921875 $ 1,969 April 15, 2021 April 30, 2021 Series C Preferred Shares: October 30, 2023 - January 29, 2024 (1) $ 0.4921875 $ 2,264 January 15, 2024 January 30, 2024 July 30, 2023 - October 29, 2023 $ 0.4921875 $ 2,264 October 15, 2023 October 30, 2023 April 30, 2023 - July 29, 2023 $ 0.4921875 $ 2,264 July 15, 2023 July 30, 2023 January 30, 2023 - April 29, 2023 $ 0.4921875 $ 2,264 April 15, 2023 April 30, 2023 October 30, 2022 - January 29, 2023 $ 0.4921875 $ 2,264 January 15, 2023 January 30, 2023 July 30, 2022 - October 29, 2022 $ 0.4921875 $ 2,264 October 15, 2022 October 30, 2022 April 30, 2022 - July 29, 2022 $ 0.4921875 $ 2,264 July 15, 2022 July 30, 2022 January 30, 2022 - April 29, 2022 $ 0.4921875 $ 2,264 April 15, 2022 April 30, 2022 October 30, 2021 - January 29, 2022 $ 0.4921875 $ 2,264 January 15, 2022 January 30, 2022 July 30, 2021 - October 29, 2021 $ 0.4921875 $ 2,264 October 15, 2021 October 30, 2021 April 30, 2021 - July 29, 2021 $ 0.4921875 $ 2,264 July 15, 2021 July 30, 2021 January 30, 2021 - April 29, 2021 $ 0.4921875 $ 2,264 April 15, 2021 April 30, 2021 (1) This distribution was declared on January 4, 2024. (2) On August 3, 2021, in order to offset a portion of the tax liability to the shareholders as a result of the election to cause the Trust to be treated as a corporation for U.S. federal income tax purposes, the Company's Board of Directors declared a special cash distribution on the Trust’s common shares. A distribution of $57.1 million was made on August 31, 2021 to Trust common shareholders. The Company declared a distribution of $0.25 per share for the quarter ended December 31, 2021, which was reduced from $0.36 per share in prior periods to reflect the effect of the Trust being taxed as a corporation. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Components of the Company's income (loss) before taxes are as follows: Year ended December 31, ( in thousands) 2023 2022 2021 Domestic (including U.S. exports) $ (54,649) $ 3,966 $ 11,266 Foreign subsidiaries 37,244 36,785 15,397 $ (17,405) $ 40,751 $ 26,663 Components of the Company’s income tax provision are as follows: Year ended December 31, (in thousands) 2023 2022 2021 Current taxes Federal $ 25,727 $ 22,189 $ 17,760 State 5,458 5,526 3,835 Foreign 11,853 11,889 5,234 Total current taxes 43,038 39,604 26,829 Deferred taxes: Federal (20,974) (3,079) (11,277) State (798) 2,834 (1,823) Foreign 65 (2,266) 1,538 Total deferred taxes (21,707) (2,511) (11,562) Total tax provision $ 21,331 $ 37,093 $ 15,267 The tax effects of temporary differences that have resulted in the creation of deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are as follows: December 31, ( in thousands) 2023 2022 Deferred tax assets: Tax credits $ 8,552 $ 9,958 Accounts receivable and allowances 1,181 1,658 Net operating loss carryforwards 10,574 27,095 Accrued expenses 6,685 7,722 Interest expense limitation carryforwards 19,386 7,419 Lease liabilities 46,226 39,026 Inventory 9,226 9,406 Stock based compensation 5,976 6,048 Capitalized research & development expenses 5,695 3,232 Other 4,039 3,763 Total deferred tax assets $ 117,540 $ 115,327 Valuation allowance (1) (10,510) (21,104) Net deferred tax assets $ 107,030 $ 94,223 Deferred tax liabilities: Intangible assets $ (162,771) $ (178,224) Property and equipment (23,273) (23,551) Repatriation of foreign earnings (38) (38) Prepaid and other expenses (842) (863) Right of use assets (40,237) (34,174) Total deferred tax liabilities $ (227,161) $ (236,850) Total net deferred tax liability $ (120,131) $ (142,627) (1) Primarily relates to the Trust and 5.11, Arnold, Ergo and Velocity operating segments. For the years ending December 31, 2023 and 2022, the Company recognized approximately $227.2 million and $236.9 million, respectively in deferred tax liabilities. A significant portion of the balance in deferred tax liabilities reflects temporary differences in the basis of property and equipment and intangible assets related to the Company’s purchase accounting adjustments in connection with the acquisition of certain of its businesses. For financial accounting purposes the Company has recognized a significant increase in the fair values of the intangible assets and property and equipment in certain of the businesses it acquired. For income tax purposes the existing, pre-acquisition tax basis of the intangible assets and property and equipment is utilized. In order to reflect the increase in the financial accounting basis over the existing tax basis, a deferred tax liability was recorded. This liability will decrease in future periods as these temporary differences reverse but may be replaced by deferred tax liabilities generated as a result of future acquisitions. At December 31, 2023 and 2022, the Company had U.S. Federal net operating loss carryforwards of approximately $19.2 million and $101.5 million, respectively. Approximately $19.2 million of the these carryforwards will expire, if not utilized, beginning in 2036. The remaining balance of the Company's U.S. Federal net operating loss carryforwards do not expire and are subject to utilization limitations based on a percentage of taxable income in a given year. As of December 31, 2023 and 2022, the Company had net operating loss carryforwards for state income tax purposes of $62.4 million and $92.9 million, respectively. The Company’s state net operating loss carryforwards will expire, if not utilized, beginning in 2023. As of December 31, 2023 and 2022, the Company had foreign net operating loss carryforwards of $13.0 million and $6.8 million, respectively. The foreign net operating loss carryforwards will expire, if not utilized, beginning in 2023. As of December 31, 2023 and 2022, the Company had federal research and development tax credit carryforwards of $1.7 million and $1.5 million, respectively. The research and development tax credit carryforwards will expire beginning in 2036 if not utilized. As of December 31, 2023 and 2022, the Company had foreign tax credit carryforwards of $6.4 million and $6.4 million, respectively. The foreign tax credit carryforwards will expire beginning in 2031 if not utilized. As of December 31, 2023 and 2022, the Company had state tax credit carryforwards, consisting mostly of California business tax credits of $1.2 million and $3.4 million, respectively. The California business tax credit carryforwards will expire, if not utilized, beginning in 2024. A valuation allowance relating to the realization of domestic and foreign net operating losses, domestic and foreign tax credits and the limitation on the deduction of interest expense of $10.5 million was provided at December 31, 2023 and a valuation allowance related to the realization of domestic and foreign net operating losses, domestic and foreign tax credits and the limitation on the deduction of interest expense of $21.1 million was provided at December 31, 2022. A valuation allowance is provided whenever it is more likely than not that some or all of deferred assets recorded may not be realized. The reconciliation between the Federal Statutory Rate and the effective income tax rate for 2023, 2022 and 2021 are as follows: Year ended December 31, 2023 2022 2021 United States Federal Statutory Rate 21.0 % 21.0 % 21.0 % State income taxes (net of Federal benefits) (17.8) 8.5 6.5 Foreign income taxes (25.9) 5.8 13.3 Expenses of Compass Group Diversified Holdings LLC representing a pass through to shareholders (1) — — 56.6 Impact of subsidiary employee stock options 20.4 1.4 (0.4) Non-deductible acquisition costs 0.2 1.3 1.0 Impairment expense (90.1) 2.2 — Non-recognition of various carryforwards at subsidiaries 2.0 35.9 (3.7) United States tax on foreign income (8.3) 1.1 (3.9) Dividend (net of dividend received deduction) (51.0) 7.7 — Utilization of tax credits 29.7 (19.0) (8.4) Effect of classification of assets held for sale — 21.1 (27.3) Other (2.8) 4.0 2.8 Effective income tax rate (122.6) % 91.0 % 57.5 % (1) The effective income tax rate for the year 2021 includes a loss at the Company’s parent, which was taxed as a partnership through August 31, 2021. Beginning September 1, 2021, the Company's parent is taxed as a corporation. A reconciliation of the amount of unrecognized tax benefits for 2023, 2022 and 2021 are as follows (in thousands) : Balance at January 1, 2021 $ 1,334 Additions for current years’ tax positions 31 Additions for prior years’ tax positions 15 Reductions for prior years’ tax positions (63) Reductions for expiration of statute of limitations $ (63) Balance at December 31, 2021 $ 1,254 Additions for current years’ tax positions 91 Additions for prior years’ tax positions 15 Reductions for prior years' tax positions (71) Reductions for expiration of statute of limitations (73) Balance at December 31, 2022 $ 1,216 Additions for current years’ tax positions 28,325 Additions for prior years’ tax positions 33 Reductions for prior years' tax positions (184) Reductions for expiration of statute of limitations (68) Balance at December 31, 2023 $ 29,322 The unrecognized tax benefits are recorded in the consolidated balance sheet in other noncurrent liabilities. Included in the unrecognized tax benefits at December 31, 2023 and 2022 is $1.3 million and $1.2 million, respectively, of tax benefits that, if recognized, would affect the Company’s effective tax rate. Also included in the unrecognized tax benefits at December 31, 2023 i s $27.9 million of unrecognized tax benefits that, if recognized, would not affect the Company's effective tax rate but would result in an adjustment to discontinued operations in future periods. The $27.9 million in unrecognized tax benefits is recorded as a reduction to the gain on sale related to the sale of our ACI and Marucci subsidiaries in the year ended December 31, 2023. If recognized, the tax benefit would result in additional gain on sale in discontinued operations. The Company accrues interest and penalties related to uncertain tax positions. The amounts accrued at December 31, 2023, 2022 and 2021 are not material to the Company. Such amounts are included in the provision (benefit) for income taxes in the accompanying consolidated statements of operations. It is expected that the amount of unrecognized tax benefits will change in the next twelve months. However, we do not expect the change to have a significant impact on the consolidated results of operations or financial position. Each of the Company’s businesses file U.S. Federal, state and foreign income tax returns in multiple jurisdictions with varying statutes of limitations. The 2018 through 2023 tax years generally remain subject to examinations by the taxing authorities. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 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 as of December 31, 2022. There were no assets or liabilities measured on a recurring basis as of December 31, 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) Represents 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. A reconciliation of the change in the carrying value of the Company’s Level 3 fair value measurements is as follows: Year ended December 31, ( in thousands ) 2023 2022 Balance at January 1st $ (1,442) $ (1,501) Termination of put option of noncontrolling shareholder- 5.11 142 — Contingent consideration - King's Camo — (1,600) Adjustment to contingent consideration - King's Camo 25 300 Payment of contingent consideration - Polyfoam — 1,350 Payment of contingent consideration - Kings's Camo 1,275 — Increase in the fair value of put option of noncontrolling shareholder - 5.11 — 9 Balance at December 31st $ — $ (1,442) Valuation Techniques Options of noncontrolling shareholders The put option of noncontrolling shareholders was determined based on inputs that were not readily available in public markets or able to be derived from information available in publicly quoted markets. As such, the Company categorized the put option of the noncontrolling shareholders as Level 3. The primary inputs associated with this valuation were earnings before interest, taxes amortization and depreciation times a multiple established in the shareholder put option agreement, which was used to determine a per share equity value for the shares that could be put back to the Company. The put option was terminated during the period ended March 31, 2023. Contingent Consideration For certain acquisition of businesses that the Company or its subsidiaries make, a portion of the acquisition price w ill be contingent consideration. The following is a summary of the contingent consideration arrangements entered into by the Company's subsidiaries in the prior three years and the valuation methodologies: • Velocity entered into a contingent consideration arrangement in connection with their purchase of King's Camo in J uly 2022. The purchase price of King's Camo included a potential earn-out of $3.0 million if King's Camo achieved certain financial metrics. The contingent consideration was valued at $1.6 million using probability weighted models. The earnout was reduced to $1.3 million at December 31, 2022 based on the expected payout amount. The payment of the earn-out occurred in April 2023. • Altor Solutions entered into a contingent consideration arrangement in connection with their purchase of Polyfoam in July 2020. The purchase price of Polyfoam included a potential earn-out of $1.4 million if Polyfoam achieved certain financial metrics. The payment of the earn-out occurred on March 31, 2022. Senior Notes The Company's Senior Notes consisted of the following carrying value and estimated fair value (in thousands): Fair Value Hierarchy Level December 31, 2023 Maturity Date Rate Carrying Value Fair Value 2032 Senior Notes January 15, 2032 5.000 % 2 $ 300,000 $ 261,000 2029 Senior Notes April 15, 2029 5.250 % 2 $ 1,000,000 $ 927,500 2022 Term Loan At December 31, 2022, the carrying value of the principal under the Company's outstanding 2022 Term Loan, including the current portion, was $385 million, which approximates fair value because it bears interest at a variable interest rate that reflects changes in interest rates and changes in the Company's net leverage ratio. The estimated fair value of the outstanding 2022 Term Loan is classified as Level 2 in the fair value hierarchy. Nonrecurring Fair Value Measurements The following table provides the assets and liabilities carried at fair value measured on a non-recurring basis as of December 31, 2023 and December 31, 2022. Refer to " Note H – 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 tables below. There were no assets and liabilities carried at fair value measured on a non-recurring basis as of December 31, 2021. Expense Fair Value Measurements at December 31, 2023 Year ended (in thousands) Carrying Level 1 Level 2 Level 3 December 31, 2023 Goodwill - Velocity $ 8,183 — — $ 8,183 $ 31,590 Goodwill - PrimaLoft $ 232,536 — — $ 232,536 $ 57,810 |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest represents the portion of a majority-owned subsidiary’s net income and equity that is owned by noncontrolling shareholders. The following tables reflect the Company’s percentage ownership of its businesses, as of December 31, 2023, 2022 and 2021 and related noncontrolling interest balances as of December 31, 2023 and 2022: % Ownership (1) December 31, 2023 % Ownership (1) December 31, 2022 % Ownership (1) December 31, 2021 Primary Fully Primary Fully Primary Fully 5.11 97.2 88.9 97.7 88.3 97.6 88.4 BOA 91.8 83.2 91.8 83.5 91.8 83.8 Ergobaby 81.6 72.8 81.6 72.8 81.7 72.7 Lugano 59.9 55.5 59.9 55.2 59.9 58.1 PrimaLoft 90.7 83.1 90.7 83.7 N/a N/a Velocity 99.4 87.7 99.4 87.7 99.3 87.6 Altor 99.3 89.8 99.8 88.2 100.0 91.2 Arnold 98.0 85.5 98.0 85.5 98.0 85.5 Sterno 99.4 87.6 99.4 90.7 100.0 87.1 (1) The principal difference between primary and fully diluted percentages of our operating segments is due to stock option issuances of operating segment stock to management of the respective business. Noncontrolling Interest Balances (in thousands) December 31, December 31, 5.11 $ 15,350 $ 17,186 BOA 8,316 36,215 Ergobaby 16,756 16,020 Lugano 105,425 82,967 PrimaLoft 30,736 36,263 Velocity 6,770 6,115 Altor 5,354 5,077 Arnold 1,707 1,475 Sterno 2,117 2,046 Allocation Interests 100 100 $ 192,631 $ 203,464 |
Supplemental Data
Supplemental Data | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Data | Supplemental Data Supplemental Balance Sheet Data (in thousands): Summary of accrued expenses December 31, 2023 2022 Accrued payroll and fringe benefits $ 44,039 $ 31,386 Accrued taxes 13,759 15,608 Income taxes payable 3,878 3,141 Accrued interest 19,447 21,071 Accrued rebates and discounts 9,868 8,948 Warranty payable 1,375 1,530 Accrued inventory 33,478 74,858 Deferred revenue 7,350 7,093 Other accrued expenses 24,262 20,703 Total $ 157,456 $ 184,338 Warranty liability Year ended December 31, 2023 2022 Beginning balance $ 1,530 $ 1,838 Accrual 3,489 2,954 Warranty payments (3,644) (3,262) Ending balance $ 1,375 $ 1,530 Supplemental Statement of Operations Data (in thousands): Other income (expense), net Year ended December 31, 2023 2022 2021 Foreign currency gain (loss) $ (819) $ (1,163) $ 27 Loss on sale of capital assets (925) (2,581) (585) Sublease income 1,434 1,330 995 Other income (expense) 2,053 93 (1,740) $ 1,743 $ (2,321) $ (1,303) Supplemental Cash Flow Statement Data (in thousands): Year ended December 31, 2023 2022 2021 Interest paid $ 108,418 $ 86,286 $ 58,547 Taxes paid $ 79,657 $ 26,037 $ 27,371 Investments Arnold Joint Venture Arnold is a 50% partner in a China rare earth mine-to-magnet joint venture. Arnold accounts for its activity in the joint venture utilizing the equity method of accounting. Gains and losses from the joint venture were not material for the years ended December 31, 2023, 2022 and 2021. Altor Solutions In September 2020, Altor invested $3.6 million in Rational Packaging, LLC, a designer and manufacturer of recyclable, paperboard-based structural packaging components. The investment will be accounted for as an equity method investment. Gains and losses from the investment were not material for the years ended December 31, 2023, 2022 and 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company and its subsidiaries lease office and manufacturing facilities, computer equipment and software under various operating 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 years ending December 31, 2023, 2022 or 2021. The maturities of lease liabilities at December 31, 2023 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows ( in thousands ): 2024 $ 44,194 2025 42,585 2026 41,606 2027 37,121 2028 29,645 Thereafter 76,417 Total undiscounted lease payments $ 271,568 Less: Interest 68,754 Present value of lease liabilities $ 202,814 The Company’s rent expense for the fiscal years ended December 31, 2023, 2022 and 2021 totaled $50.8 million, $42.5 million and $34.6 million, respectively. The calculated amount of the right-of-use assets and lease liabilities in the table above 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 December 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) 6.76 6.48 Weighted-average discount rate 8.50 % 7.76 % Supplemental balance sheet information related to leases was as follows ( in thousands ): Line Item in the Company’s Consolidated Balance Sheet December 31, 2023 December 31, 2022 Operating lease right-of-use assets Other non-current assets $ 177,581 $ 144,010 Current portion, operating lease liabilities Other current liabilities $ 29,228 $ 27,206 Operating lease liabilities Other non-current liabilities $ 173,586 $ 137,279 Supplemental cash flow information related to leases was as follows ( in thousands ): Year ended December 31, 2023 Year ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 40,294 $ 36,851 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 61,860 $ 57,366 Legal Proceedings In 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The LLC has entered into related party transactions with its Manager, CGM, including the following: • Management Services Agreement • LLC Agreement • Integration Services Agreements • Cost Reimbursement and Fees Management Services Agreement The LLC entered into a MSA with CGM effective May 16, 2006, as amended. Our Chief Executive Officer is a the managing member 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. The management fee is required to be paid prior to the payment of any distributions to shareholders. Pursuant to the MSA, CGM is entitled to enter into off-setting management service agreements with each of the operating segments. The amount of the fee is negotiated between CGM and the operating management of each segment and is based upon the value of the services to be provided. The fees paid directly to CGM by the segments offset on a dollar for dollar basis the amount due CGM by the LLC under the MSA. At December 31, 2023, CGM entered into a waiver to exclude cash balances held at the LLC from the calculation of the management fee. 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 than would normally have been due. At March 31, 2022 and June 30, 2022, CGM entered into a waiver to exclude cash balances held at the LLC from the calculation of the management fee. During 2021, CGM entered into a waiver of the MSA for a period through December 31, 2021 to receive a 1% annual management fee related to BOA, rather than the 2% called for under the MSA, which resulted in a lower management fee paid during 2021 than would have normally been due. In the first quarter of 2021, the LLC and CGM entered into a waiver agreement whereby CGM agreed to waive the portion of the management fee related to the amount of the proceeds deposited with the Trustee that was in excess of the amount payable related to the 2026 Senior Notes at March 31, 2021. Additionally, CGM entered into a waiver of the MSA at December 31, 2021 to exclude the cash balances held at the LLC from the calculation of the management fee. The LLC paid CGM $0.4 million in the year ended December 31, 2021, representing the management fee due from Arnold for the first three quarters of 2021. At December 31, 2021, Arnold reimbursed the LLC for the management fee paid on their behalf. For the years ended December 31, 2023, 2022 and 2021, the Company incurred the following management fees to CGM, by entity: Year ended December 31, ( in thousands ) 2023 2022 2021 5.11 $ 1,000 $ 1,000 $ 1,000 BOA 1,000 1,000 1,000 Ergobaby 500 500 500 Lugano 750 750 188 PrimaLoft 1,000 500 N/a Velocity 500 500 500 Altor Solutions 750 750 750 Arnold 500 500 500 Sterno 500 500 500 Corporate 61,945 56,604 41,505 $ 68,445 $ 62,604 $ 46,443 Approximately $16.0 million and $15.5 million of the management fees incurred were unpaid as of December 31, 2023 and 2022, respectively, and are reflected in "Due to related party" on the consolidated balance sheets. LLC Agreement The LLC agreement gives Holders the right to distributions pursuant to a profit allocation formula upon the occurrence of a Sale Event or a Holding Event. The Holders are entitled to receive and as such can elect to receive the positive contribution-based profit allocation payment for each of the business acquisitions during the 30-day period following the fifth anniversary of the date upon which we acquired a controlling interest in that business (Holding Event) and upon the sale of the business (Sale Event). Holders received $26.5 million and $34.1 million in distributions related to Sale and Holding Events that occurred during 2023 and 2021, respectively. There were no profit allocation payments during the year ended December 31, 2022. Refer to " Note K - Stockholders' Equity " for a description of the profit allocation payments. Certain persons who are employees and partners of the Manager, including the Company’s Chief Executive Officer, beneficially own (through Sostratus LLC) 63.0% of the Allocation Interests at December 31, 2023 and 62.0% at December 31, 2022. Of the remaining 37.0% at December 31, 2023 and 38.0% at December 31, 2022, 5.0% is held by CGI Diversified Holdings LP, 5.0% is held by a former director on the Company’s Board of Directors, and the remaining percentage of Allocation Interests are held by the former founding partners of the Manager. Integration Services Agreements Integration services represent fees paid by newly acquired companies to the Manager for integration services performed during the first year of ownership. Under the Integration Services Agreement ("ISA"), 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. PrimaLoft, which was acquired in July 2022, entered into an ISA with CGM whereby PrimaLoft will pay CGM a total integration services fee of $4.8 million, payable quarterly over a twelve-month period ended June 30, 2023. Lugano, which was acquired in September 2021, entered into an ISA with CGM whereby Lugano paid CGM a total integration services fee of $2.3 million, payable quarterly over a twelve month period as services are rendered, beginning in the quarter ended December 31, 2021. During the years ended December 31, 2023, 2022 and 2021, CGM received $2.4 million, $4.1 million, and $4.9 million, respectively, in total integration service fees. 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. Cost Reimbursement and Fees The Company reimbursed its Manager, CGM, approximately $6.4 million, $6.5 million, and $5.4 million, principally for occupancy and staffing costs incurred by CGM on the Company’s behalf during the years ended December 31, 2023, 2022 and 2021, respectively. The Company and its businesses have the following significant related party transactions : 5.11 Recapitalization - In August 2021, the Company completed a recapitalization of 5.11 whereby the LLC entered into an amendment to the intercompany credit agreement with 5.11 (the "5.11 Credit Agreement"). The 5.11 Credit Agreement was amended to provide for additional term loan borrowings of $55.0 million to fund a distribution to shareholders. The LLC owned 97.7% of the outstanding shares of 5.11 on the date of the distribution and received $53.7 million. The remaining amount of the distribution went to minority shareholders. 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. During the years ended December 31, 2023, 2022 and 2021, 5.11 purchased approximately $1.7 million, $2.0 million, and $1.1 million, respectively, in inventory from the vendor. BOA Recapitalization - In December 2023, the Company completed a recapitalization of BOA whereby the LLC entered into an amendment to the intercompany credit agreement with BOA (the "BOA Credit Agreement"). The BOA Credit Agreement was amended to provide for additional term loan borrowings of $165.9 million to fund a distribution to shareholders. The LLC received a distribution of $131.0 million related to their ownership of the outstanding shares of BOA on the date of the distribution. Noncontrolling shareholders received a distribution of $11.7 million, and the remaining amount of the recapitalization was used to repurchase shares owned by employees after the exercise of fully vested employee stock options, and to pay a bonus to employees who held phantom stock options and were not eligible to participate in the distribution to noncontrolling shareholders. BOA recorded compensation expense of $3.1 million related to the bonus paid to employees as part of the recapitalization. Repurchase of Noncontrolling Interest - In September 2021, BOA repurchased shares of its issued and outstanding common shares from its largest minority shareholder for a total payment of $48.0 million, which BOA financed by borrowing under the BOA Credit Agreement. The BOA Credit Agreement was amended to (i) provide for additional term loan borrowings of $38.0 million, and (ii) consent to the repurchase of the shares from the minority shareholder. The transaction was accounted for in accordance with ASC 810 - Consolidation, whereby the carrying amount of the noncontrolling interest was adjusted to reflect the change in the ownership interest in BOA that occurred as a result of the share repurchase. The difference between the fair value of the consideration paid of $48.0 million and the amount by which the noncontrolling interest was adjusted of $39.4 million was recognized in equity attributable to the LLC. Related Party Vendor Purchases - A contract manufacturer used by BOA as the primary supplier of molded injection parts is a noncontrolling shareholder of BOA. During the years ended December 31, 2023 and 2022 and 2021, BOA purchased approximate ly $42.1 million, $56.1 million and $48.3 million, respectively, from this supplier. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 3 Months Ended |
Mar. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data The following table presents the unaudited quarterly financial data. This information has been prepared on a basis consistent with that of the audited consolidated financial statements and all necessary material adjustments, consisting of normal recurring accruals and adjustments, have been included to present fairly the unaudited quarterly financial data. The quarterly results of operations for these periods are not necessarily indicative of future results of operations. Typically, the first quarter of each fiscal year has the lower results than the remainder of the year, representing the Company's weakest quarter due to seasonality at our businesses. The per share calculations for each of the quarters are based on the weighted average number of shares for each period using the two class method, which requires companies to allocate participating securities that have rights to earnings that otherwise would have been available only to common shareholders as a separate class of securities in calculating earnings per share; therefore, the sum of the quarters will not equal to the full year per share amount. (in thousands) December 31, 2023 (1) (2) (3) September 30, 2023 (1) (2) June 30, 2023 (1) March 31, 2023 (1) Total revenues $ 566,989 $ 521,065 $ 486,889 $ 483,933 Gross profit 246,307 225,311 216,641 205,064 Operating income (loss) (3,974) 17,373 42,113 34,557 Income (loss) from continuing operations (38,970) (19,705) 6,553 (2,559) Income from discontinued operations (3,123) 8,277 2,821 9,967 Gain on sale of discontinued operations, net of tax 179,530 1,274 4,232 97,989 Net income (loss) attributable to Holdings $ 137,437 $ (10,154) $ 13,606 $ 105,397 Basic and fully diluted income (loss) per share attributable to Holdings: Continuing operations $ (0.74) $ (0.45) $ (0.44) $ (0.18) Discontinued operations 2.44 0.12 0.09 1.47 Basic and fully diluted income (loss) per share attributable to Holdings $ 1.70 $ (0.33) $ (0.35) $ 1.29 (1) The Company sold its ACI operating segment in the first quarter of 2023, recording a gain on sale of $98.0 million, net of an income tax provision of $6.8 million. 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 year ended December 31, 2023. All prior periods are presented as discontinued operations. (2) The Company recorded goodwill impairment of $32.6 million in the third quarter of 2023 and $56.8 million in the fourth quarter of 2023. Refer to " Note H - Goodwill and Intangible Assets " for further description. (3) The Company sold its Marucci operating segment in the fourth quarter of 2023, recording a pre-tax gain on sale of $241.4 million. We recorded an income tax provision related to the gain on sale of both Marucci and ACI of $65.3 million, which includes a uncertain tax position reserve of $27.9 million. Refer to Note L - Income Taxes for a description of the reserve. All prior periods are presented as discontinued operations. (in thousands) December 31, 2022 (1)(2) September 30, 2022 (1) June 30, 2022 March 31, 2022 Total revenues $ 529,682 $ 533,066 $ 487,961 $ 458,421 Gross profit 201,748 204,690 199,145 177,469 Operating income 6,291 36,083 51,747 36,717 Income (loss) from continuing operations (24,013) (12,348) 23,352 6,300 Income from discontinued operations 9,545 9,095 3,594 11,469 Gain (loss) on sale of discontinued operations, net of tax 2,500 1,479 (579) 5,993 Net income (loss) attributable to Holdings $ (11,968) $ (1,774) $ 26,367 $ 23,762 Basic and fully diluted income (loss) per share attributable to Holdings: Continuing operations $ (0.49) $ (0.34) $ 0.15 $ (0.09) Discontinued operations 0.15 0.13 0.02 0.23 Basic and fully diluted income (loss) per share attributable to Holdings $ (0.34) $ (0.21) $ 0.17 $ 0.14 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Additions (in thousands) Balance at beginning Charge to costs Other (1) Deductions Balance at Sales allowance accounts - 2023 $ 10,700 $ 4,448 $ (41) $ 5,946 $ 9,161 Sales allowance accounts - 2022 $ 12,812 $ 2,586 $ 148 $ 4,846 $ 10,700 Sales allowance accounts - 2021 $ 17,275 $ 4,546 $ (3,533) $ 5,476 $ 12,812 Valuation allowance for deferred tax assets - 2023 $ 21,104 $ 1,578 $ — $ 12,172 $ 10,510 Valuation allowance for deferred tax assets - 2022 $ 9,413 $ 12,085 $ — $ 394 $ 21,104 Valuation allowance for deferred tax assets - 2021 $ 7,012 $ 2,903 $ — $ 502 $ 9,413 (1) Represents opening allowance balances related to acquisitions made during the period indicated. In addition, during the year ended December 31, 2021, certain sales allowance accounts were reclassified to accrued expenses. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | ote S - Subsequent Events Acquisition of The Honey Pot On January 31, 2024 (the "Closing Date"), the LLC, through its newly formed acquisition subsidiaries, THP Topco, Inc. , a Delaware corporation (“THP Topco”) and THP Intermediate, Inc. , a Delaware corporation (“THP Buyer”), acquired The Honey Pot Company Holdings, LLC (“THP”) and certain of its affiliated entities pursuant to a Merger and Stock Purchase Agreement (the “THP Purchase Agreement”) dated January 14, 2024 by and among THP Buyer, THP, VMG Honey Pot Blocker, Inc. (“Blocker I”), NVB1, Inc. (“Blocker II”), VMG Tax-Exempt IV, L.P. (“Blocker I Seller”), New Voices Fund, LP (“Blocker II Seller”), THP Merger Sub, LLC (“THP Merger Sub”), VMG Honey Pot Holdings, LLC, as the Sellers’ Representative, and certain remaining equity holders of THP (the “THP Sellers”, together with Blocker I Seller and Blocker II Seller, each a “Seller” and collectively, the “Sellers”). Pursuant to the Purchase Agreement, subsequent to certain internal reorganizations, THP Buyer acquired all of the issued and outstanding equity of Blocker I and Blocker II and, thereafter, THP Merger Sub merged with and into THP (the “THP Merger”), with THP surviving such that the separate existence of THP Merger Sub ceased, with THP surviving the Merger as a wholly-owned, indirect subsidiary of the Topco . THP is the parent company of The Honey Pot Company (DE), LLC (“The Honey Pot Co.”). The Company paid a purchase price of approximately $380 million, before working capital and certain other adjustments, at the Closing (the “THP Purchase Price”). The Company funded the THP Purchase Price with cash on hand. Certain minority equity holders of THP executed agreements pursuant to which they contributed a portion of their THP equity (the “Rollover Equity”) to THP Topco in exchange for THP Topco common stock. THP Topco contributed the Rollover Equity to THP Buyer. Certain other members of The Honey Pot Co. management team also contributed cash in exchange for equity in THP Topco. The Company directly owns approximately 85% of THP Topco, which in turn indirectly owns all of the issued and outstanding equity interests of THP and The Honey Pot Co. Concurrent with the Closing, the Company provided a credit facility to THP Buyer, THP and The Honey Pot Co., as borrowers (the “THP Credit Agreement”), pursuant to which a secured revolving loan commitment and secured term loans were made available to Buyer, THP and The Honey Pot Co. (collectively, the “Borrowers”). The initial amount outstanding under these facilities on the Closing Date was approxima tely $110 million. The Company expects to complete the preliminary purchase price allocation during the first quarter of 2024 and will allocate excess purchase price fair value to intangible assets and inventory, with the remaining excess of consideration transferred over net assets acquired allocated to goodwill. The Honey Pot Company Co. is a leading better-for-you feminine care brand that offers an extensive range of holistic wellness products across feminine hygiene, menstrual, consumer health, and sexual wellness categories. The Honey Pot Co.’s mission is to educate, support, and provide consumers around the world with the tools and resources that promote menstrual health and vaginal wellness. Allocation Interests - Payment of Marucci Distribution to Holders The sale of Marucci in November 2023 represented a Sale Event and the Company's board of director's approved a distribution of $48.9 million in the f irst quarter of 2024 (refer to Note D - "Discontinued Operations" ). This distribution was paid to the Holders of the Allocation Interests in the first quarter of 2024. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP" or "US GAAP"). The results of operations represent the results of operations of the Company’s acquired businesses from the date of their acquisition by the Company, and therefore may not be indicative of the results to be expected for the full year. |
Principles of Consolidation | Principles of consolidation The 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. The acquisition of businesses that the Company owns or controls more than a 50% share of the voting interest are accounted for under the acquisition method of accounting. The amount assigned to the identifiable assets acquired and the liabilities assumed is based on the estimated fair values as of the date of acquisition, with the remainder, if any, recorded as goodwill. |
Discontinued Operations | Discontinued Operations The Company completed the sale of Wheelhouse Holdings, Inc. ("Marucci") during the fourth quarter of 2023, Compass AC Holdings, Inc. ("Advanced Circuits or "ACI") during the first quarter of 2023 and Liberty Safe Holding Corporation ("Liberty") during the third quarter of 2021. The results of operations of Marucci and ACI are reported as discontinued operations in the consolidated statements of operations for years ended December 31, 2023, 2022 and 2021. The results of operations of Liberty are reported as discontinued operations in the consolidated statements of operations for year ended December 31, 2021. Refer to " Note D - Discontinued Operations |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. These estimates are based on historical factors, management’s best knowledge of current events and actions the Company may undertake in the future. It is possible that in 2023 actual conditions could be better or worse than anticipated when the Company developed the estimates and assumptions, which could materially affect the results of operations and financial position in the future. Such changes could result in future impairment of goodwill, intangibles and long-lived assets, inventory obsolescence, establishment of valuation allowances on deferred tax assets and increased tax liabilities, among other things. Actual results could differ from those estimates. |
Profit Allocation Interests | Allocation Interests |
Revenue Recognition | Revenue recognition The 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. Refer to " Note E - Revenue " for a detailed description of the Company's revenue recognition policies. Performance Obligations - Revenues are recognized when control of the promised goods or service is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. Each product or service represents a separate performance obligation. Once the performance obligations are identified, the Company determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on a relative stand-alone selling price method. The corresponding revenues are recognized as the related performance obligations are satisfied as discussed above. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. The standalone selling price is directly observable as it is the price at which the Company sells its products separately to the customer. The Company assesses promised goods or services as performance obligations deemed immaterial at the contract level. Revenue is recognized generally upon shipment terms for products and when the service is performed for services. Certain sale transactions at our Lugano operating segment also include a non-monetary exchange of inventory with customers whereby the consideration received for the sale transaction has a non-cash component. The transaction price for a sale to a customer includes all cash and non-cash consideration. The non-cash consideration represents the non-monetary exchange of inventory and is measured at the fair-value of the exchanged item. Shipping and handling costs - The Company accounts for shipping and handling activities performed after control of a good has been transferred to the customer as a fulfillment cost. Therefore, both revenue and costs of shipping and handling are recorded at the same time. As a result, any consideration (including freight and landing costs) related to these activities are included as a component of the overall transaction consideration and allocated to the performance obligations of the contract. Costs associated with shipment of products to a customer are accounted for as a fulfillment cost and are typically included in selling, general and administrative expense. Shipping and handling fees billed directly to customers are included in sales. Warranty - For product sales, the Company provides standard assurance-type warranties as the Company only warrants its products against defects in materials and workmanship (i.e., manufacturing flaws). Although the warranties are not required by law, the tasks performed over the warranty period are only to remediate instances when products do not meet the promised specifications. Customers do not have the option to purchase warranties separately. The Company’s warranty periods generally range from 90 days to three years depending on the nature of the product and are consistent with industry standards. The periods are reasonable to assure that products conform to specifications. The Company does not have a history of performing activities outside the scope of the standard warranty. Variable Consideration - The Company’s policy around estimating variable consideration related to sales incentives (early pay discounts, rights of return, rebates, chargebacks, and other discounts) included in certain customer contracts are recorded as a reduction in the transaction price. The Company applies the expected value method to estimate variable consideration. These estimates are based on historical experience, anticipated performance and the Company’s best judgment at the time and as a result, reflect applicable constraints. The Company includes in the transaction price an amount of variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. In certain of the Company’s arrangements related to product sales, a right of return exists, which is included in the transaction price. For these right of return arrangements, an asset (and corresponding adjustment to cost of sale) for its right to recover the products from the customers is recorded. The asset recognized is the carrying amount of the product (for example, inventory) less any expected costs to recover the products (including potential decreases in the value to the Company of the returned product). Additionally, the Company records a refund liability for the amount of consideration that it does not expect to be entitled. The amounts associated with right of return arrangements are not material to the Company's statement of position or operating results. Sales and Other Similar Taxes - The Company notes that under its contracts with customers, the customer is responsible for all sales and other similar taxes, which the Company will invoice the customer for if they are applicable. The Company excludes sales taxes and similar taxes from the measurement of transaction price. Cost to Obtain a Contract - The Company recognizes the incremental costs of obtaining a contract as an expense when incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less. Disaggregated Revenue - Revenue Streams & Timing of Revenue Recognition - |
Cash Equivalents | Cash and cash equivalents |
Allowance for Doubtful Accounts | Trade receivables are reported on the consolidated balance sheets at cost adjusted for any write-offs and net of an allowance for doubtful accounts. The Company uses estimates to determine the amount of the allowance for doubtful accounts in order to reduce accounts receivable to their estimated net realizable value. The Company estimates the amount of the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends. The Company’s estimate also includes analyzing existing economic conditions. When the Company becomes aware of circumstances that may impair a specific customer’s ability to meet its financial obligations subsequent to the original sale, the Company will record an allowance against amounts due, and thereby reduce the net receivable to the amount it reasonably believes will be collectible. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. The Company's Lugano operating segment has adopted the practical expedient available under the revenue recognition accounting standard whereby for revenue contracts that have an original duration of one year or less, Lugano does not consider the time value of money and does not recognize a financing component on trade receivables where the period between the transfer of a promised good to a customer and the customer’s payment for that good will be one year or less. |
Inventories | Inventories Inventories consist of raw materials, work-in-process, manufactured goods and purchased goods acquired for resale. Inventories are stated at the lower of cost or net realizable value, with cost generally determined on the first- in, first-out method or average cost method. At our Lugano business, cost is determined based on specific identification. Cost includes raw materials, direct labor, manufacturing overhead and indirect overhead. Net realizable value is based on current replacement cost for raw materials and supplies and on estimated selling costs less reasonably predictable costs of completion, and disposal for finished goods. The net realizable value of the Company’s inventory is estimated based on historical experience, current and forecasted demand and other market conditions. In addition, reserves for inventory losses are estimated based on historical experience. The Company’s inventory reserves are estimates, which could vary significantly from actual results if future economic conditions, customer demand or competition differ from expectations. The Company's historical estimates of these adjustments have not differed materially from actual results. |
Property, Plant and Equipment | Property, plant and equipment Property, plant and equipment is recorded at cost. The cost of major additions or betterments is capitalized, while maintenance and repairs that do not improve or extend the useful lives of the related assets are expensed as incurred. Depreciation is provided principally on the straight-line method over estimated useful lives. Leasehold improvements are amortized over the life of the lease or the life of the improvement, whichever is shorter. The ranges of useful lives are as follows: Buildings and improvements 6 to 40 years Machinery and equipment 2 to 18 years Office furniture, computers and software 2 to 8 years Leasehold improvements Shorter of useful life or lease term Property, plant and equipment and other long-lived assets that have definitive lives are evaluated for impairment when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable (‘triggering event’). Upon the occurrence of a triggering event, the asset is reviewed to assess whether the estimated undiscounted cash flows expected from the use of the asset plus residual value from the ultimate disposal exceeds the carrying value of the asset. If the carrying value exceeds the estimated recoverable amounts, the asset is written down to its fair value. |
Fair Value of Financial Instruments | Fair value of financial instruments |
Business Combinations | Business combinations The Company allocates the amount it pays for each acquisition to the assets acquired and liabilities assumed based on their fair values at the date of acquisition, including identifiable intangible assets which arise from a contractual or legal right or are separable from goodwill. The Company bases the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions provided by management, which consider management’s best estimates of inputs and assumptions that a market participant would use. The Company allocates any excess purchase price that exceeds the fair value of the net tangible and identifiable intangible assets acquired to goodwill. The use of alternative valuation assumptions, including estimated growth rates, cash flows, discount rates and estimated useful lives could result in different purchase price allocations and amortization expense in current and future periods. Transaction costs associated with these acquisitions are expensed as incurred through selling, general and administrative expense on the consolidated statement of operations. In those circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the contingent payments expected to be made as of the acquisition date. The Company re-measures this liability each reporting period and records changes in the fair value through operating income within the consolidated statements of operations. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company is required to perform impairment reviews at each of its reporting units annually and more frequently in certain circumstances. In accordance with accounting guidelines, the Company is able to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the quantitative goodwill impairment test. The first step of the process after the qualitative assessment fails is estimating the fair value of each of its reporting units based on a discounted cash flow (“DCF”) model using revenue and profit forecast and a market approach which compares peer data and earnings multiples. The Company then compares those estimated fair values with the carrying values, which include allocated goodwill. If the estimated fair value is less than the carrying value, then a goodwill impairment is recorded. The Company cannot predict the occurrence of certain future events that might adversely affect the implied value of goodwill and/or the fair value of intangible assets. Such events include, but are not limited to, strategic decisions made in response to economic and competitive conditions, the impact of the economic environment on its customer base, and material adverse effects in relationships with significant customers. The impact of over-estimating or under-estimating the implied fair value of goodwill at any of the reporting units could have a material effect on the results of operations and financial position. In addition, the value of the implied goodwill is subject to the volatility of the Company’s operations which may result in significant fluctuation in the value assigned at any point in time. Refer to " Note H - Goodwill and Intangible Assets " for the results of the annual impairment tests. |
Deferred Debt Issuance Costs | Deferred debt issuance costs |
Warranties | Product Warranty Costs The Company recognizes warranty costs based on an estimate of the amounts required to meet future warranty obligations. The Company accrues an estimated liability for exposure to warranty claims at the time of a product sale based on both current and historical claim trends and warranty costs incurred. Warranty reserves are included within "Accrued expenses" in the Company's consolidated balance sheets. |
Foreign Currency | Foreign currency Certain of the Company’s segments have operations outside the United States, and the local currency is typically the functional currency. The financial statements are translated into U.S. dollars using exchange rates in effect at year-end for assets and liabilities and average exchange rates during the year for results of operations. The resulting translation gain or loss is included in stockholders' equity as other comprehensive income or loss. |
Noncontrolling Interest | Noncontrolling interest Noncontrolling interest represents the portion of a majority-owned subsidiary’s net income that is owned by noncontrolling shareholders. Noncontrolling interest on the balance sheet represents the portion of equity in a consolidated subsidiary owned by noncontrolling shareholders. |
Deferred Income Taxes | ncome taxes Deferred Income Taxes Deferred income taxes are calculated under the asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred income taxes are provided for the differences between the basis of assets and liabilities for financial reporting and income tax purposes at the enacted tax rates. A valuation allowance is established when necessary to reduce deferred tax assets to the amount that is expected to more likely than not be realized. Several of the Company’s majority owned subsidiaries have deferred tax assets recorded at December 31, 2023 which in total amounted to approximately $107.0 million. This deferred tax asset is net of $10.5 million of valuation allowance primarily associated with the realization of domestic and foreign net operating losses, domestic and foreign tax credits and the limitation on the deduction of interest expense. These deferred tax assets are comprised primarily of reserves not currently deductible for tax purposes. The temporary differences that have resulted in the recording of these tax assets may be used to offset taxable income in future periods, reducing the amount of taxes required to be paid. Realization of the deferred tax assets is dependent on generating sufficient future taxable income at those subsidiaries with deferred tax assets. Based upon the expected future results of operations, the Company believes it is more likely than not that those subsidiaries with deferred tax assets will generate sufficient future taxable income to realize the benefit of existing temporary differences, although there can be no assurance of this. The impact of not realizing these deferred tax assets would result in an increase in income tax expense for such period when the determination was made that the assets are not realizable. Uncertain Tax Positions We record uncertain tax positions in accordance with Accounting Standards Codification ("ASC") 740 - Income Taxes, on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Change in Company Tax Status Election Effective September 1, 2021 (the "Effective Date"), the Trust elected to be treated as a corporation for U.S. federal income tax purposes (the "Election"). Prior to the Effective Date, the Trust was treated as a partnership for U.S. federal income tax purposes and the Trust’s items of income, gain, loss and deduction flowed through from the Trust to the shareholders, and the Trust shareholders were subject to income taxes on their allocable share of the Trust’s income and gain. After the Effective Date, the trust is taxed as a corporation and is subject to U.S. federal corporate income tax at the Trust level, but items of income, gain, loss and deduction will not flow through to Trust shareholders. Trust shareholders will no longer receive an IRS Schedule K-1. After the Effective Date, distributions from the Trust will be treated as dividends to the extent the Trust has accumulated or current earnings and profits. If the Trust does not have current or accumulated earnings and profits available for distribution, then the distribution will be treated as a return of capital and reduce Trust shareholders’ basis in their shares. Prior to the Effective Date, each of the Company’s majority owned subsidiaries were treated as corporations for U.S. federal income tax purposes. The election did not change the tax status of any Company subsidiary, and each majority owned Company subsidiary is still treated as a corporation for U.S. federal income tax purposes. |
Advertising Costs | Advertising costs Advertising costs are expensed as incurred and included in selling, general and administrative expense in the consolidated statements of operations. Advertising costs were $33.4 million, $31.9 million and $26.1 million during the years ended December 31, 2023, 2022 and 2021, respectively. |
Research and Development | Research and development Research and development costs are expensed as incurred and included in selling, general and administrative expense in the consolidated statements of operations. The Company incurred research and development expense of $14.6 million, $12.3 million and $11.4 million during the years ended December 31, 2023, 2022 and 2021, respectively. |
Employee Retirement Plans | Employee retirement plans The Company and many of its segments sponsor defined contribution retirement plans, such as 401(k) plans. Employee contributions to the plan are subject to regulatory limitations and the specific plan provisions. The Company and its segments may match these contributions up to levels specified in the plans and may make additional discretionary contributions as determined by management. The total employer contributions to these plans were $5.1 million, $4.6 million and $3.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s Arnold subsidiary maintains a defined benefit plan for certain of its employees which is more fully described in " Note J - Defined Benefit Plan ". Accounting guidelines require employers to recognize the overfunded or underfunded status of defined benefit pension and postretirement plans as assets or liabilities in their consolidated balance sheets and to recognize changes in that funded status in the year in which the changes occur as a component of comprehensive income. |
Stock Based Compensation | Stock based compensation |
Earnings Per Common Share | Earnings per common share Basic and fully diluted earnings per Trust common share is computed using the two-class method which requires companies to allocate participating securities that have rights to earnings that otherwise would have been available only to common shareholders as a separate class of securities in calculating earnings per share. The Company has granted Allocation Interests that contain participating rights to receive profit allocations upon the occurrence of a Holding Event or a Sale Event, and has issued preferred shares that have rights to distributions when, and if, declared by the Company's board of directors. The calculation of basic and fully diluted earnings per common share is computed by dividing income available to common shareholders by the weighted average number of Trust common shares outstanding during the period. Earnings per common share reflects the effect of distributions that were declared and paid to the Holders and distributions that were paid on preferred shares during the period. The Company did not have any stock option plans or any other potentially dilutive securities outstanding during the years ended December 31, 2023, 2022 and 2021. |
Recent Accounting Pronouncements | Recently Issued Accounting Pronouncements Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This guidance will require, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The guidance will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact that this ASU will have when adopted and anticipates the ASU will likely result in additional disclosures in our consolidated financial statements. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance will require, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The guidance will be effective for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact that this ASU will have when adopted and anticipates the ASU will likely result in additional disclosures in our consolidated financial statements. |
Revenue from Contract with Cust
Revenue from Contract with Customer (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue recognition The 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. Refer to " Note E - Revenue " for a detailed description of the Company's revenue recognition policies. Performance Obligations - Revenues are recognized when control of the promised goods or service is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. Each product or service represents a separate performance obligation. Once the performance obligations are identified, the Company determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on a relative stand-alone selling price method. The corresponding revenues are recognized as the related performance obligations are satisfied as discussed above. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. The standalone selling price is directly observable as it is the price at which the Company sells its products separately to the customer. The Company assesses promised goods or services as performance obligations deemed immaterial at the contract level. Revenue is recognized generally upon shipment terms for products and when the service is performed for services. Certain sale transactions at our Lugano operating segment also include a non-monetary exchange of inventory with customers whereby the consideration received for the sale transaction has a non-cash component. The transaction price for a sale to a customer includes all cash and non-cash consideration. The non-cash consideration represents the non-monetary exchange of inventory and is measured at the fair-value of the exchanged item. Shipping and handling costs - The Company accounts for shipping and handling activities performed after control of a good has been transferred to the customer as a fulfillment cost. Therefore, both revenue and costs of shipping and handling are recorded at the same time. As a result, any consideration (including freight and landing costs) related to these activities are included as a component of the overall transaction consideration and allocated to the performance obligations of the contract. Costs associated with shipment of products to a customer are accounted for as a fulfillment cost and are typically included in selling, general and administrative expense. Shipping and handling fees billed directly to customers are included in sales. Warranty - For product sales, the Company provides standard assurance-type warranties as the Company only warrants its products against defects in materials and workmanship (i.e., manufacturing flaws). Although the warranties are not required by law, the tasks performed over the warranty period are only to remediate instances when products do not meet the promised specifications. Customers do not have the option to purchase warranties separately. The Company’s warranty periods generally range from 90 days to three years depending on the nature of the product and are consistent with industry standards. The periods are reasonable to assure that products conform to specifications. The Company does not have a history of performing activities outside the scope of the standard warranty. Variable Consideration - The Company’s policy around estimating variable consideration related to sales incentives (early pay discounts, rights of return, rebates, chargebacks, and other discounts) included in certain customer contracts are recorded as a reduction in the transaction price. The Company applies the expected value method to estimate variable consideration. These estimates are based on historical experience, anticipated performance and the Company’s best judgment at the time and as a result, reflect applicable constraints. The Company includes in the transaction price an amount of variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. In certain of the Company’s arrangements related to product sales, a right of return exists, which is included in the transaction price. For these right of return arrangements, an asset (and corresponding adjustment to cost of sale) for its right to recover the products from the customers is recorded. The asset recognized is the carrying amount of the product (for example, inventory) less any expected costs to recover the products (including potential decreases in the value to the Company of the returned product). Additionally, the Company records a refund liability for the amount of consideration that it does not expect to be entitled. The amounts associated with right of return arrangements are not material to the Company's statement of position or operating results. Sales and Other Similar Taxes - The Company notes that under its contracts with customers, the customer is responsible for all sales and other similar taxes, which the Company will invoice the customer for if they are applicable. The Company excludes sales taxes and similar taxes from the measurement of transaction price. Cost to Obtain a Contract - The Company recognizes the incremental costs of obtaining a contract as an expense when incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less. Disaggregated Revenue - Revenue Streams & Timing of Revenue Recognition - |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Deconsolidation, Effects of IPO | The following tables reflect the Company’s percentage ownership of its businesses, as of December 31, 2023, 2022 and 2021 and related noncontrolling interest balances as of December 31, 2023 and 2022: % Ownership (1) December 31, 2023 % Ownership (1) December 31, 2022 % Ownership (1) December 31, 2021 Primary Fully Primary Fully Primary Fully 5.11 97.2 88.9 97.7 88.3 97.6 88.4 BOA 91.8 83.2 91.8 83.5 91.8 83.8 Ergobaby 81.6 72.8 81.6 72.8 81.7 72.7 Lugano 59.9 55.5 59.9 55.2 59.9 58.1 PrimaLoft 90.7 83.1 90.7 83.7 N/a N/a Velocity 99.4 87.7 99.4 87.7 99.3 87.6 Altor 99.3 89.8 99.8 88.2 100.0 91.2 Arnold 98.0 85.5 98.0 85.5 98.0 85.5 Sterno 99.4 87.6 99.4 90.7 100.0 87.1 (1) The principal difference between primary and fully diluted percentages of our operating segments is due to stock option issuances of operating segment stock to management of the respective business. Noncontrolling Interest Balances (in thousands) December 31, December 31, 5.11 $ 15,350 $ 17,186 BOA 8,316 36,215 Ergobaby 16,756 16,020 Lugano 105,425 82,967 PrimaLoft 30,736 36,263 Velocity 6,770 6,115 Altor 5,354 5,077 Arnold 1,707 1,475 Sterno 2,117 2,046 Allocation Interests 100 100 $ 192,631 $ 203,464 |
Summary of Ranges of Useful Lives | The ranges of useful lives are as follows: Buildings and improvements 6 to 40 years Machinery and equipment 2 to 18 years Office furniture, computers and software 2 to 8 years Leasehold improvements Shorter of useful life or lease term |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables provide disaggregation of revenue by reportable segment geography for the years ended December 31, 2023, 2022 and 2021 (in thousands). Year ended December 31, 2023 United States Mexico Europe Asia Pacific Other International Total 5.11 $ 423,750 $ 26,718 $ 34,018 $ 17,313 $ 31,290 $ 533,089 BOA (1) 41,036 22 56,073 58,139 555 155,825 Ergo 35,083 71 27,351 24,012 7,342 93,859 Lugano 304,761 — 3,102 73 385 308,321 PrimaLoft (2) 774 101 3,500 62,049 629 67,053 Velocity 156,853 1,141 4,393 617 9,186 172,190 Altor 204,598 33,432 — — — 238,030 Arnold 115,625 413 39,173 6,388 5,080 166,679 Sterno 312,239 1 3,354 10 8,226 323,830 $ 1,594,719 $ 61,899 $ 170,964 $ 168,601 $ 62,693 $ 2,058,876 Year ended December 31, 2022 United States Mexico Europe Asia Pacific Other International Total 5.11 $ 384,911 $ 19,110 $ 34,389 $ 16,677 $ 31,126 $ 486,213 BOA (1) 61,719 12 66,273 79,848 836 208,688 Ergo 32,207 76 28,210 22,903 5,039 88,435 Lugano 192,026 — 9,014 439 28 201,507 PrimaLoft (2) 1,583 56 1,881 20,623 601 24,744 Velocity 208,215 1,303 7,557 1,301 13,862 232,238 Altor 233,158 28,180 — — — 261,338 Arnold 105,899 456 38,602 6,490 2,368 153,815 Sterno 340,510 15 2,746 86 8,795 352,152 $ 1,560,228 $ 49,208 $ 188,672 $ 148,367 $ 62,655 $ 2,009,130 Year ended December 31, 2021 United States Mexico Europe Asia Pacific Other International Total 5.11 $ 363,017 $ 15,365 $ 27,393 $ 15,715 23,473 $ 444,963 BOA (1) 52,804 37 57,570 53,735 1,004 $ 165,150 Ergo 33,319 54 31,411 24,891 3,956 $ 93,631 Lugano 53,662 — — 385 — $ 54,047 Velocity 243,347 1,074 8,546 1,328 16,131 $ 270,426 Altor 154,882 25,335 — — — $ 180,217 Arnold 96,944 471 33,828 6,086 2,612 $ 139,941 Sterno 361,586 11 1,071 281 12,178 $ 375,127 $ 1,359,561 $ 42,347 $ 159,819 $ 102,421 $ 59,354 $ 1,723,502 (1) For BOA, revenue reflects the location of BOA's Brand Partners. (2) For PrimaLoft, revenue reflects the location of our manufacturing partners. |
Operating Segment Data (Tables)
Operating Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Net Sales of Operating Segments | Net Revenues Year ended December 31, (in thousands) 2023 2022 2021 5.11 $ 533,089 $ 486,213 $ 444,963 BOA 155,825 208,688 165,150 Ergobaby 93,859 88,435 93,631 Lugano 308,321 201,507 54,047 PrimaLoft 67,053 24,744 — Velocity Outdoor 172,190 232,238 270,426 Altor Solutions 238,030 261,338 180,217 Arnold 166,679 153,815 139,941 Sterno 323,830 352,152 375,127 Total segment revenue 2,058,876 2,009,130 1,723,502 Corporate — — — Total consolidated revenues $ 2,058,876 $ 2,009,130 $ 1,723,502 |
Revenues from Geographic Locations Outside Domestic Country | Revenue attributable to any individual foreign country was not material in 2023, 2022 or 2021. |
Summary of Profit (Loss) of Operating Segments | Identifiable Assets December 31, (in thousands) 2023 2022 (1) United States $ 2,505,586 $ 2,089,784 Europe 58,688 49,062 Other international 33,038 33,888 Total identifiable assets $ 2,597,312 $ 2,172,734 |
Inventory, Property, Plant an_2
Inventory, Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment December 31, (in thousands) 2023 2022 Machinery and equipment $ 238,168 $ 218,959 Office furniture, computers and software 67,652 59,860 Leasehold improvements 95,530 70,330 Buildings and land 12,816 12,629 Construction in process 15,197 17,654 429,363 379,432 Less: accumulated depreciation (236,801) (194,931) Total $ 192,562 $ 184,501 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Line Items] | |
Summary of Goodwill | Balance at January 1, 2023 Acquisitions/Measurement Period Adjustments (1) Goodwill Impairment Balance at December 31, 2023 5.11 $ 92,966 $ — $ — $ 92,966 BOA 254,153 — — 254,153 Ergobaby 40,896 625 — 41,521 Lugano 86,337 — — 86,337 PrimaLoft 291,150 (804) (57,810) 232,536 Velocity Outdoor 39,773 — (31,590) 8,183 Altor Solutions 91,129 — — 91,129 Arnold 39,267 — — 39,267 Sterno 55,336 — — 55,336 Total $ 991,007 $ (179) $ (89,400) $ 901,428 (1) Acquisition of businesses during the year ended December 31, 2023 includes an add-on acquisition at Ergobaby. Balance at January 1, 2022 Acquisitions/Measurement Period Adjustments (1) Goodwill Impairment Balance at December 31, 2022 5.11 $ 92,966 $ — $ — $ 92,966 BOA 254,153 — — 254,153 Ergobaby 61,448 — (20,552) 40,896 Lugano 83,458 2,879 — 86,337 PrimaLoft — 291,150 — 291,150 Velocity Outdoor 30,079 9,694 — 39,773 Altor Solutions 90,843 286 — 91,129 Arnold 39,267 — — 39,267 Sterno 55,336 — — 55,336 Total $ 707,550 $ 304,009 $ (20,552) $ 991,007 (1) Acquisition of businesses during the year ended December 31, 2022 includes the acquisition of PrimaLoft by the Company, and an add-on acquisition at Velocity. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Actual Financial Ratios as Part of Affirmative Covenants Credit Facility | The following table reflects required and actual financial ratios as of December 31, 2023 included as part of the affirmative covenants in the 2022 Credit Facility: Description of Required Covenant Ratio Covenant Ratio Requirement Actual Ratio Fixed Charge Coverage Ratio Greater than or equal to 1.50: 1.00 3.17:1:00 Total Secured Debt to EBITDA Ratio Less than or equal to 3.50: 1.00 0.00:1:00 Total Debt to EBITDA Ratio Less than or equal to 5.00: 1.00 3.11:1:00 |
Summary of Components of Interest Expense | The following details the components of interest expense in each of the years ended December 31, 2023, 2022 and 2021: Year ended December 31, (in thousands) 2023 2022 2021 Interest on credit facilities $ 37,269 $ 13,842 $ 2,669 Interest on Senior Notes 67,500 67,500 54,441 Unused fee on Revolving Credit Facility 1,998 1,913 1,598 Amortization of debt premium — — (83) Other interest expense 363 286 222 Interest income (1,951) (49) (13) Interest expense, net $ 105,179 $ 83,492 $ 58,834 |
Schedule of Long-term Debt Instruments | The following table provides the Company’s outstanding long-term debt and effective interest rates at December 31, 2023 and December 31, 2022 (in thousands) : December 31, 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 7.50% 385,000 5.20% 395,000 2022 Revolving Credit Facility — 5.98% 155,000 Unamortized premiums and debt issuance costs (13,121) (15,532) Total debt $ 1,671,879 $ 1,834,468 Less: Current portion, term loan facilities (10,000) (10,000) Long-term debt $ 1,661,879 $ 1,824,468 The following table summarizes debt issuance costs at December 31, 2023 and December 31, 2022, and the balance sheet classification in each of the periods presents ( in thousands ): December 31, 2023 2022 Deferred debt issuance costs $ 32,526 $ 32,526 Accumulated amortization (13,779) (9,760) Deferred debt issuance costs, net $ 18,747 $ 22,766 Balance sheet classification: Other noncurrent assets $ 5,626 $ 7,234 Long-term debt 13,121 15,532 $ 18,747 $ 22,766 |
Defined Benefit Plan (Tables)
Defined Benefit Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary of Net Periodic Benefit Cost | Net periodic benefit cost consists of the following: Year ended December 31, (in thousands) 2023 2022 2021 Service cost $ 369 $ 432 $ 422 Interest cost 257 42 38 Expected return on plan assets (184) (73) (73) Amortization of unrecognized gain (loss) (37) (27) (12) Effect of settlement (1) (40) — Effect of curtailment — — 111 Net periodic benefit cost $ 404 $ 334 $ 486 |
Summary of Assumptions Used to Determine the Benefit Obligations and Components of the Net Periodic Benefit Cost | Assumptions used to determine the benefit obligations and components of the net periodic benefit cost at December 31, 2023 and 2022: December 31, 2023 2022 Discount rate 1.85 % 2.25 % Expected return on plan assets 1.85 % 2.25 % Rate of compensation increase 4.00 % 4.00 % |
Summary of Expected Foreign Plan Benefit Payments | The following presents the benefit payments which are expected to be paid for the plan in each year indicated ( in thousands ): 2024 $ 595 2025 624 2026 782 2027 1,088 2028 812 Thereafter 4,262 $ 8,163 |
Summary of Allocation of Assets in Swiss Life's Group Life Portfolio | The allocation of pension plan assets by category in Swiss Life’s group life portfolio is as follows at December 31, 2023: Fixed income bonds and securities 60 % Real estate 24 % Equities and investment funds 14 % Certificates of deposit and cash and cash equivalents 1 % Other investments 1 % 100 % |
Stockholder's Equity Stockholde
Stockholder's Equity Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share for the fiscal year ended December 31, 2023, 2022 and 2021 is calculated as follows: Year ended December 31, (in thousands, except per share data) 2023 2022 2021 Net loss from continuing operations attributable to common shares of Holdings $ (108,206) $ (33,759) $ (56,650) Less: Effect of contribution based profit—Holding Event 15,424 13,032 5,348 Loss from continuing operations attributable to common shares $ (123,630) $ (46,791) $ (61,998) Income from discontinued operations attributable to Holdings $ 300,967 $ 43,096 $ 110,094 Less: Effect of contribution based profit — 3,105 13 Income from discontinued operations of Holdings attributable to common shares $ 300,967 $ 39,991 $ 110,081 Basic and diluted weighted average common shares of Holdings outstanding 72,105 70,715 65,362 Basic and fully diluted income (loss) per common share attributable to Holdings Continuing operations $ (1.71) $ (0.66) $ (0.95) Discontinued operations 4.17 0.56 1.68 $ 2.46 $ (0.10) $ 0.73 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Components of the Company's income (loss) before taxes are as follows: Year ended December 31, ( in thousands) 2023 2022 2021 Domestic (including U.S. exports) $ (54,649) $ 3,966 $ 11,266 Foreign subsidiaries 37,244 36,785 15,397 $ (17,405) $ 40,751 $ 26,663 |
Components of the Company's Income Tax Provision (Benefit) | Components of the Company’s income tax provision are as follows: Year ended December 31, (in thousands) 2023 2022 2021 Current taxes Federal $ 25,727 $ 22,189 $ 17,760 State 5,458 5,526 3,835 Foreign 11,853 11,889 5,234 Total current taxes 43,038 39,604 26,829 Deferred taxes: Federal (20,974) (3,079) (11,277) State (798) 2,834 (1,823) Foreign 65 (2,266) 1,538 Total deferred taxes (21,707) (2,511) (11,562) Total tax provision $ 21,331 $ 37,093 $ 15,267 |
Summary of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that have resulted in the creation of deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are as follows: December 31, ( in thousands) 2023 2022 Deferred tax assets: Tax credits $ 8,552 $ 9,958 Accounts receivable and allowances 1,181 1,658 Net operating loss carryforwards 10,574 27,095 Accrued expenses 6,685 7,722 Interest expense limitation carryforwards 19,386 7,419 Lease liabilities 46,226 39,026 Inventory 9,226 9,406 Stock based compensation 5,976 6,048 Capitalized research & development expenses 5,695 3,232 Other 4,039 3,763 Total deferred tax assets $ 117,540 $ 115,327 Valuation allowance (1) (10,510) (21,104) Net deferred tax assets $ 107,030 $ 94,223 Deferred tax liabilities: Intangible assets $ (162,771) $ (178,224) Property and equipment (23,273) (23,551) Repatriation of foreign earnings (38) (38) Prepaid and other expenses (842) (863) Right of use assets (40,237) (34,174) Total deferred tax liabilities $ (227,161) $ (236,850) Total net deferred tax liability $ (120,131) $ (142,627) (1) |
Reconciliation Between Federal Statutory Rate and Effective Income Tax Rate | The reconciliation between the Federal Statutory Rate and the effective income tax rate for 2023, 2022 and 2021 are as follows: Year ended December 31, 2023 2022 2021 United States Federal Statutory Rate 21.0 % 21.0 % 21.0 % State income taxes (net of Federal benefits) (17.8) 8.5 6.5 Foreign income taxes (25.9) 5.8 13.3 Expenses of Compass Group Diversified Holdings LLC representing a pass through to shareholders (1) — — 56.6 Impact of subsidiary employee stock options 20.4 1.4 (0.4) Non-deductible acquisition costs 0.2 1.3 1.0 Impairment expense (90.1) 2.2 — Non-recognition of various carryforwards at subsidiaries 2.0 35.9 (3.7) United States tax on foreign income (8.3) 1.1 (3.9) Dividend (net of dividend received deduction) (51.0) 7.7 — Utilization of tax credits 29.7 (19.0) (8.4) Effect of classification of assets held for sale — 21.1 (27.3) Other (2.8) 4.0 2.8 Effective income tax rate (122.6) % 91.0 % 57.5 % (1) The effective income tax rate for the year 2021 includes a loss at the Company’s parent, which was taxed as a partnership through August 31, 2021. Beginning September 1, 2021, the Company's parent is taxed as a corporation. |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the amount of unrecognized tax benefits for 2023, 2022 and 2021 are as follows (in thousands) : Balance at January 1, 2021 $ 1,334 Additions for current years’ tax positions 31 Additions for prior years’ tax positions 15 Reductions for prior years’ tax positions (63) Reductions for expiration of statute of limitations $ (63) Balance at December 31, 2021 $ 1,254 Additions for current years’ tax positions 91 Additions for prior years’ tax positions 15 Reductions for prior years' tax positions (71) Reductions for expiration of statute of limitations (73) Balance at December 31, 2022 $ 1,216 Additions for current years’ tax positions 28,325 Additions for prior years’ tax positions 33 Reductions for prior years' tax positions (184) Reductions for expiration of statute of limitations (68) Balance at December 31, 2023 $ 29,322 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 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 as of December 31, 2022. There were no assets or liabilities measured on a recurring basis as of December 31, 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) Represents 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 Change in Carrying Value of Level 3 Supplemental Put Liability | A reconciliation of the change in the carrying value of the Company’s Level 3 fair value measurements is as follows: Year ended December 31, ( in thousands ) 2023 2022 Balance at January 1st $ (1,442) $ (1,501) Termination of put option of noncontrolling shareholder- 5.11 142 — Contingent consideration - King's Camo — (1,600) Adjustment to contingent consideration - King's Camo 25 300 Payment of contingent consideration - Polyfoam — 1,350 Payment of contingent consideration - Kings's Camo 1,275 — Increase in the fair value of put option of noncontrolling shareholder - 5.11 — 9 Balance at December 31st $ — $ (1,442) |
Summary of Assets and Liabilities Carried at Fair Value Measured on Non-recurring Basis | The following table provides the assets and liabilities carried at fair value measured on a non-recurring basis as of December 31, 2023 and December 31, 2022. Refer to " Note H – 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 tables below. There were no assets and liabilities carried at fair value measured on a non-recurring basis as of December 31, 2021. Expense Fair Value Measurements at December 31, 2023 Year ended (in thousands) Carrying Level 1 Level 2 Level 3 December 31, 2023 Goodwill - Velocity $ 8,183 — — $ 8,183 $ 31,590 Goodwill - PrimaLoft $ 232,536 — — $ 232,536 $ 57,810 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Deconsolidation, Effects of IPO | The following tables reflect the Company’s percentage ownership of its businesses, as of December 31, 2023, 2022 and 2021 and related noncontrolling interest balances as of December 31, 2023 and 2022: % Ownership (1) December 31, 2023 % Ownership (1) December 31, 2022 % Ownership (1) December 31, 2021 Primary Fully Primary Fully Primary Fully 5.11 97.2 88.9 97.7 88.3 97.6 88.4 BOA 91.8 83.2 91.8 83.5 91.8 83.8 Ergobaby 81.6 72.8 81.6 72.8 81.7 72.7 Lugano 59.9 55.5 59.9 55.2 59.9 58.1 PrimaLoft 90.7 83.1 90.7 83.7 N/a N/a Velocity 99.4 87.7 99.4 87.7 99.3 87.6 Altor 99.3 89.8 99.8 88.2 100.0 91.2 Arnold 98.0 85.5 98.0 85.5 98.0 85.5 Sterno 99.4 87.6 99.4 90.7 100.0 87.1 (1) The principal difference between primary and fully diluted percentages of our operating segments is due to stock option issuances of operating segment stock to management of the respective business. Noncontrolling Interest Balances (in thousands) December 31, December 31, 5.11 $ 15,350 $ 17,186 BOA 8,316 36,215 Ergobaby 16,756 16,020 Lugano 105,425 82,967 PrimaLoft 30,736 36,263 Velocity 6,770 6,115 Altor 5,354 5,077 Arnold 1,707 1,475 Sterno 2,117 2,046 Allocation Interests 100 100 $ 192,631 $ 203,464 |
Supplemental Data (Tables)
Supplemental Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Supplemental Balance Sheet Data | Supplemental Balance Sheet Data (in thousands): Summary of accrued expenses December 31, 2023 2022 Accrued payroll and fringe benefits $ 44,039 $ 31,386 Accrued taxes 13,759 15,608 Income taxes payable 3,878 3,141 Accrued interest 19,447 21,071 Accrued rebates and discounts 9,868 8,948 Warranty payable 1,375 1,530 Accrued inventory 33,478 74,858 Deferred revenue 7,350 7,093 Other accrued expenses 24,262 20,703 Total $ 157,456 $ 184,338 Warranty liability Year ended December 31, 2023 2022 Beginning balance $ 1,530 $ 1,838 Accrual 3,489 2,954 Warranty payments (3,644) (3,262) Ending balance $ 1,375 $ 1,530 |
Schedule of Supplemental Statement of Operations Data | Supplemental Statement of Operations Data (in thousands): Other income (expense), net Year ended December 31, 2023 2022 2021 Foreign currency gain (loss) $ (819) $ (1,163) $ 27 Loss on sale of capital assets (925) (2,581) (585) Sublease income 1,434 1,330 995 Other income (expense) 2,053 93 (1,740) $ 1,743 $ (2,321) $ (1,303) |
Summary of Supplemental Cash Flow Data | Supplemental Cash Flow Statement Data (in thousands): Year ended December 31, 2023 2022 2021 Interest paid $ 108,418 $ 86,286 $ 58,547 Taxes paid $ 79,657 $ 26,037 $ 27,371 Supplemental cash flow information related to leases was as follows ( in thousands ): Year ended December 31, 2023 Year ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 40,294 $ 36,851 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 61,860 $ 57,366 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | Supplemental balance sheet information related to leases was as follows ( in thousands ): Line Item in the Company’s Consolidated Balance Sheet December 31, 2023 December 31, 2022 Operating lease right-of-use assets Other non-current assets $ 177,581 $ 144,010 Current portion, operating lease liabilities Other current liabilities $ 29,228 $ 27,206 Operating lease liabilities Other non-current liabilities $ 173,586 $ 137,279 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental Cash Flow Statement Data (in thousands): Year ended December 31, 2023 2022 2021 Interest paid $ 108,418 $ 86,286 $ 58,547 Taxes paid $ 79,657 $ 26,037 $ 27,371 Supplemental cash flow information related to leases was as follows ( in thousands ): Year ended December 31, 2023 Year ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 40,294 $ 36,851 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 61,860 $ 57,366 |
Summary of Future Minimum Rental Commitments under Operating Leases | The maturities of lease liabilities at December 31, 2023 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows ( in thousands ): 2024 $ 44,194 2025 42,585 2026 41,606 2027 37,121 2028 29,645 Thereafter 76,417 Total undiscounted lease payments $ 271,568 Less: Interest 68,754 Present value of lease liabilities $ 202,814 |
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 December 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) 6.76 6.48 Weighted-average discount rate 8.50 % 7.76 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Incurred Management Fees | For the years ended December 31, 2023, 2022 and 2021, the Company incurred the following management fees to CGM, by entity: Year ended December 31, ( in thousands ) 2023 2022 2021 5.11 $ 1,000 $ 1,000 $ 1,000 BOA 1,000 1,000 1,000 Ergobaby 500 500 500 Lugano 750 750 188 PrimaLoft 1,000 500 N/a Velocity 500 500 500 Altor Solutions 750 750 750 Arnold 500 500 500 Sterno 500 500 500 Corporate 61,945 56,604 41,505 $ 68,445 $ 62,604 $ 46,443 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Financial Data | The following table presents the unaudited quarterly financial data. This information has been prepared on a basis consistent with that of the audited consolidated financial statements and all necessary material adjustments, consisting of normal recurring accruals and adjustments, have been included to present fairly the unaudited quarterly financial data. The quarterly results of operations for these periods are not necessarily indicative of future results of operations. Typically, the first quarter of each fiscal year has the lower results than the remainder of the year, representing the Company's weakest quarter due to seasonality at our businesses. The per share calculations for each of the quarters are based on the weighted average number of shares for each period using the two class method, which requires companies to allocate participating securities that have rights to earnings that otherwise would have been available only to common shareholders as a separate class of securities in calculating earnings per share; therefore, the sum of the quarters will not equal to the full year per share amount. (in thousands) December 31, 2023 (1) (2) (3) September 30, 2023 (1) (2) June 30, 2023 (1) March 31, 2023 (1) Total revenues $ 566,989 $ 521,065 $ 486,889 $ 483,933 Gross profit 246,307 225,311 216,641 205,064 Operating income (loss) (3,974) 17,373 42,113 34,557 Income (loss) from continuing operations (38,970) (19,705) 6,553 (2,559) Income from discontinued operations (3,123) 8,277 2,821 9,967 Gain on sale of discontinued operations, net of tax 179,530 1,274 4,232 97,989 Net income (loss) attributable to Holdings $ 137,437 $ (10,154) $ 13,606 $ 105,397 Basic and fully diluted income (loss) per share attributable to Holdings: Continuing operations $ (0.74) $ (0.45) $ (0.44) $ (0.18) Discontinued operations 2.44 0.12 0.09 1.47 Basic and fully diluted income (loss) per share attributable to Holdings $ 1.70 $ (0.33) $ (0.35) $ 1.29 (1) The Company sold its ACI operating segment in the first quarter of 2023, recording a gain on sale of $98.0 million, net of an income tax provision of $6.8 million. 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 year ended December 31, 2023. All prior periods are presented as discontinued operations. (2) The Company recorded goodwill impairment of $32.6 million in the third quarter of 2023 and $56.8 million in the fourth quarter of 2023. Refer to " Note H - Goodwill and Intangible Assets " for further description. (3) The Company sold its Marucci operating segment in the fourth quarter of 2023, recording a pre-tax gain on sale of $241.4 million. We recorded an income tax provision related to the gain on sale of both Marucci and ACI of $65.3 million, which includes a uncertain tax position reserve of $27.9 million. Refer to Note L - Income Taxes for a description of the reserve. All prior periods are presented as discontinued operations. (in thousands) December 31, 2022 (1)(2) September 30, 2022 (1) June 30, 2022 March 31, 2022 Total revenues $ 529,682 $ 533,066 $ 487,961 $ 458,421 Gross profit 201,748 204,690 199,145 177,469 Operating income 6,291 36,083 51,747 36,717 Income (loss) from continuing operations (24,013) (12,348) 23,352 6,300 Income from discontinued operations 9,545 9,095 3,594 11,469 Gain (loss) on sale of discontinued operations, net of tax 2,500 1,479 (579) 5,993 Net income (loss) attributable to Holdings $ (11,968) $ (1,774) $ 26,367 $ 23,762 Basic and fully diluted income (loss) per share attributable to Holdings: Continuing operations $ (0.49) $ (0.34) $ 0.15 $ (0.09) Discontinued operations 0.15 0.13 0.02 0.23 Basic and fully diluted income (loss) per share attributable to Holdings $ (0.34) $ (0.21) $ 0.17 $ 0.14 (1) The quarters ended September 30, 2022 and December 31, 2022 includes the operating results from PrimaLoft, which the Company acquired on July 12, 2022. (2) The Company recorded goodwill impairment of $20.6 million in the fourth quarter of 2022 related to the Ergobaby operating segment. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Class of Stock [Line Items] | ||||
Cash and cash equivalents | $ 450,477 | $ 56,599 | ||
Deferred tax assets recorded | 107,030 | 94,223 | ||
Valuation allowance | [1] | 10,510 | 21,104 | |
Advertising costs | 33,400 | 31,900 | $ 26,100 | |
Research and development expense | 14,600 | 12,300 | 11,400 | |
Total employer contributions to plans | 5,100 | 4,600 | 3,200 | |
Share-based Payment Arrangement, Expense | 10,700 | 12,000 | $ 9,800 | |
Stock compensation expense in future years for unvested options | $ 48,500 | |||
Business Acquisitions | ||||
Class of Stock [Line Items] | ||||
Share of the voting interest percentage | 50% | |||
Foreign | Subsidiaries | ||||
Class of Stock [Line Items] | ||||
Cash and cash equivalents | $ 24,800 | $ 24,400 | ||
[1] Primarily relates to the Trust and 5.11, Arnold, Ergo and Velocity operating segments. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Ranges of Useful Lives (Detail) | Dec. 31, 2023 |
Building and Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life for property, plant and equipment, in years | 6 years |
Building and Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life for property, plant and equipment, in years | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life for property, plant and equipment, in years | 2 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life for property, plant and equipment, in years | 18 years |
Office furniture, computers and software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life for property, plant and equipment, in years | 2 years |
Office furniture, computers and software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life for property, plant and equipment, in years | 8 years |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 7 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||
Nov. 01, 2023 | Jan. 10, 2023 | Jan. 10, 2023 | Sep. 01, 2021 | Aug. 03, 2021 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Aug. 03, 2021 | Nov. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 500,305 | $ 9,393 | $ 101,039 | |||||||||||
Gain on sale of discontinued operations, net of income tax | 283,025 | 9,393 | 72,770 | |||||||||||
Current assets of discontinued operations | $ 0 | 0 | 102,119 | |||||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 0 | 0 | 286,049 | |||||||||||
Current liabilities of discontinued operations | 0 | 0 | 31,771 | |||||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 0 | 21,475 | |||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 0 | 0 | 21,578 | |||||||||||
Unrecognized Tax Benefits, Discontinued Operations | 27,900 | 27,900 | ||||||||||||
Gain on Election to be treated as Corporation - US Federal Tax | $ 328,000 | |||||||||||||
Lugano | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Disposal Group, Total enterprise value | $ 147,500 | $ 147,500 | ||||||||||||
Disposal Group, repayment of intercompany loans | 26,500 | 26,500 | ||||||||||||
disposal group, including discontinued operation, transaction costs | 4,500 | |||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 128,000 | |||||||||||||
Gain on sale of discontinued operations, net of income tax | 900 | 72,800 | ||||||||||||
Provision for income taxes | $ 1,509 | |||||||||||||
Clean Earth | ||||||||||||||
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 | 8,500 | $ 209,300 | ||||||||||||
Marucci | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Disposal Group, Total enterprise value | $ 572,000 | $ 572,000 | ||||||||||||
Disposal Group, repayment of intercompany loans | 87,300 | 87,300 | ||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 484,000 | |||||||||||||
Cash | 1,281 | |||||||||||||
Accounts receivable, net | 33,674 | |||||||||||||
Disposal Group, Including Discontinued Operation, Inventory | 47,538 | |||||||||||||
Prepaid expenses and other current assets | 1,500 | |||||||||||||
Current assets of discontinued operations | 83,993 | |||||||||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 14,023 | |||||||||||||
Disposal Group, Including Discontinued Operation, Goodwill | 75,719 | |||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 4,021 | |||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 206,202 | |||||||||||||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 7,462 | |||||||||||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 8,790 | |||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 1,259 | |||||||||||||
Current liabilities of discontinued operations | 20,623 | |||||||||||||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 3,016 | |||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 2,267 | |||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 5,283 | |||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 20,045 | |||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 241,400 | 241,400 | ||||||||||||
Provision for income taxes | $ (2,467) | 4,320 | 3,070 | |||||||||||
Aci [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Disposal Group, Total enterprise value | $ 220,000 | $ 220,000 | ||||||||||||
Disposal Group, repayment of intercompany loans | 66,900 | 66,900 | ||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 170,900 | |||||||||||||
Cash | 3,391 | |||||||||||||
Accounts receivable, net | 10,044 | |||||||||||||
Disposal Group, Including Discontinued Operation, Inventory | 4,345 | |||||||||||||
Prepaid expenses and other current assets | 346 | |||||||||||||
Current assets of discontinued operations | 18,126 | |||||||||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 6,949 | |||||||||||||
Disposal Group, Including Discontinued Operation, Goodwill | 66,678 | |||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 6,220 | |||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 79,847 | |||||||||||||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 3,810 | |||||||||||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 5,570 | |||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 1,518 | |||||||||||||
Current liabilities of discontinued operations | 11,148 | |||||||||||||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 10,999 | |||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 5,193 | |||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 16,192 | |||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 1,533 | |||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 2,100 | $ 98,000 | 106,900 | |||||||||||
Provision for income taxes | $ (1,073) | $ 3,616 | $ 3,419 | |||||||||||
Marucci and ACI | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 348,400 | |||||||||||||
Provision for income taxes | $ 37,400 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Disposition of Operating Results (Detail) - USD ($) $ in Thousands | 7 Months Ended | 10 Months Ended | 12 Months Ended | ||||||
Nov. 01, 2023 | Jan. 10, 2023 | Jan. 10, 2023 | Aug. 03, 2021 | Aug. 03, 2021 | Nov. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Income from continuing operations before income taxes | $ 300,967 | $ 43,096 | $ 110,094 | ||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 500,305 | 9,393 | 101,039 | ||||||
Impairment expense | $ 89,400 | 20,552 | 0 | ||||||
Marucci | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal Group, Total enterprise value | $ 572,000 | $ 572,000 | |||||||
Disposal Group, repayment of intercompany loans | 87,300 | 87,300 | |||||||
Disposal Group, Including Discontinued Operation, Intercompany Interest Expense Excluded from Income (Loss) from Discontinued Operations | $ 1,400 | 8,900 | 7,000 | 3,100 | |||||
Net sales | 167,898 | 165,411 | 118,166 | ||||||
Gross profit | 94,891 | 83,628 | 64,377 | ||||||
Operating income | 17,073 | 21,113 | 16,419 | ||||||
Income from continuing operations before income taxes | 17,040 | 22,974 | 16,533 | ||||||
Provision for income taxes | (2,467) | 4,320 | 3,070 | ||||||
Income from discontinued operations | $ 19,507 | 18,654 | 13,463 | ||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 484,000 | ||||||||
Aci [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal Group, Total enterprise value | $ 220,000 | 220,000 | |||||||
Disposal Group, repayment of intercompany loans | 66,900 | 66,900 | |||||||
Disposal Group, Including Discontinued Operation, Intercompany Interest Expense Excluded from Income (Loss) from Discontinued Operations | 6,700 | 7,200 | |||||||
Net sales | 8,829 | 89,503 | 90,487 | ||||||
Gross profit | 3,663 | 41,064 | 41,049 | ||||||
Operating income | 1,058 | 23,617 | 25,232 | ||||||
Income from continuing operations before income taxes | (2,464) | 23,349 | 24,933 | ||||||
Provision for income taxes | (1,073) | 3,616 | 3,419 | ||||||
Income from discontinued operations | $ (1,391) | $ 19,733 | $ 21,514 | ||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 170,900 | ||||||||
Lugano | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal Group, Total enterprise value | $ 147,500 | $ 147,500 | |||||||
Disposal Group, repayment of intercompany loans | 26,500 | 26,500 | |||||||
Disposal Group, Including Discontinued Operation, Intercompany Interest Expense Excluded from Income (Loss) from Discontinued Operations | 1,700 | ||||||||
Net sales | 75,753 | ||||||||
Gross profit | 20,129 | ||||||||
Operating income | 9,175 | ||||||||
Income from continuing operations before income taxes | 9,174 | ||||||||
Provision for income taxes | 1,509 | ||||||||
Income from discontinued operations | $ 7,665 | ||||||||
disposal group, including discontinued operation, transaction costs | 4,500 | ||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 128,000 |
Discontinued Operations - Sum_2
Discontinued Operations - Summarized Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Nov. 01, 2023 | Jan. 10, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | $ 0 | $ 21,578 | ||
Current assets of discontinued operations | 0 | 102,119 | ||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 0 | 286,049 | ||
Current liabilities of discontinued operations | 0 | 31,771 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | $ 0 | 21,475 | ||
Marucci | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Total enterprise value | $ 572,000 | |||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 20,045 | |||
Cash | 1,281 | |||
Accounts receivable, net | 33,674 | |||
Disposal Group, Including Discontinued Operation, Inventory | 47,538 | |||
Prepaid expenses and other current assets | 1,500 | |||
Current assets of discontinued operations | 83,993 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 14,023 | |||
Disposal Group, Including Discontinued Operation, Goodwill | 75,719 | |||
Disposal Group, Including Discontinued Operation, Intangible Assets | 112,439 | |||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 4,021 | |||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 206,202 | |||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 7,462 | |||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 8,790 | |||
Disposal Group, Including Discontinued Operation, Deferred Revenue | 3,112 | |||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 1,259 | |||
Current liabilities of discontinued operations | 20,623 | |||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 3,016 | |||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 2,267 | |||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 5,283 | |||
Aci [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Total enterprise value | $ 220,000 | |||
Stockholders' Equity Attributable to Noncontrolling Interest, Discontinued Operations | 1,533 | |||
Cash | 3,391 | |||
Accounts receivable, net | 10,044 | |||
Disposal Group, Including Discontinued Operation, Inventory | 4,345 | |||
Prepaid expenses and other current assets | 346 | |||
Current assets of discontinued operations | 18,126 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 6,949 | |||
Disposal Group, Including Discontinued Operation, Goodwill | 66,678 | |||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 6,220 | |||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 79,847 | |||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 3,810 | |||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 5,570 | |||
Disposal group due to related party | 250 | |||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 1,518 | |||
Current liabilities of discontinued operations | 11,148 | |||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 10,999 | |||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 5,193 | |||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | $ 16,192 |
Acquisition of Businesses - Add
Acquisition of Businesses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2022 | Jul. 12, 2022 | Jul. 08, 2022 | Dec. 31, 2021 | Oct. 05, 2021 | Sep. 03, 2021 | Mar. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||||||
Payment to acquire business | $ 3,907 | $ 569,028 | $ 356,851 | |||||||
Goodwill | $ 991,007 | $ 707,550 | 901,428 | 991,007 | 707,550 | |||||
Borrowings under credit facility | 360,000 | 268,000 | 557,000 | |||||||
Goodwill, Acquired During Period | 304,009 | |||||||||
Lugano | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 82,454 | |||||||||
Cash | 1,433 | 1,433 | 1,433 | |||||||
Liabilities and noncontrolling interest | 33,485 | 7,129 | 33,485 | |||||||
Purchase price, net | 265,100 | |||||||||
Payment to acquire business | 256,000 | 256,000 | ||||||||
Integration service fees | 2,300 | |||||||||
Goodwill | 86,337 | $ 158,780 | 86,337 | |||||||
Percentage of controlling interest in Arnold | 60% | |||||||||
Business Combination, Acquisition Related Costs | $ 1,800 | |||||||||
Purchase price | 265,134 | 267,554 | ||||||||
Working capital adjustment | 7,700 | 10,000 | ||||||||
Cash Acquired from Acquisition | 1,434 | 1,554 | ||||||||
Accounts receivable | 20,954 | 20,954 | 20,954 | |||||||
Property, Plant, and Equipment | 3,135 | 2,743 | 3,135 | |||||||
Intangible assets | 82,454 | 0 | 82,454 | |||||||
Other current and noncurrent assets | 9,093 | 4,979 | 9,093 | |||||||
Current liabilities | 7,187 | 7,129 | 7,187 | |||||||
Other liabilities | 3,175 | 0 | 3,175 | |||||||
Inventory | 95,213 | 85,794 | 95,213 | |||||||
Borrowings under credit facility | $ 120,000 | |||||||||
PrimaLoft | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 306,900 | |||||||||
Cash | 6,951 | 6,951 | 6,951 | |||||||
Liabilities and noncontrolling interest | 71,521 | 60,493 | 71,521 | |||||||
Purchase price, net | 541,100 | |||||||||
Payment to acquire business | 530,000 | 530,000 | ||||||||
Integration service fees | 4,800 | |||||||||
Goodwill | 290,347 | $ 335,296 | 290,300 | 290,347 | ||||||
Percentage of controlling interest in Arnold | 9.20% | |||||||||
Business Combination, Acquisition Related Costs | $ 5,700 | |||||||||
Working capital adjustment | 4,161 | 2,257 | ||||||||
Cash Acquired from Acquisition | 6,951 | 7,319 | ||||||||
Accounts receivable | 2,992 | 2,992 | 2,992 | |||||||
Property, Plant, and Equipment | 1,058 | 1,058 | 1,058 | |||||||
Intangible assets | 306,900 | 248,200 | 306,900 | |||||||
Other current and noncurrent assets | 2,394 | 3,581 | 2,394 | |||||||
Current liabilities | 7,785 | 8,865 | 7,785 | |||||||
Other liabilities | 360 | 360 | 360 | |||||||
Inventory | 1,991 | 1,991 | 1,991 | |||||||
Borrowings under credit facility | 400,000 | |||||||||
Goodwill, Acquired During Period | 291,150 | |||||||||
Initial Term and Revolving Loan Commitment | 178,000 | |||||||||
Velocity Outdoor [Member] | King's Camo | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price, net | $ 25,200 | |||||||||
Contingent consideration | 3,000 | |||||||||
Business Combination, Acquisition Related Costs | 200 | |||||||||
Intangible assets | 7,100 | |||||||||
Borrowings under credit facility | 25,700 | |||||||||
Goodwill, Acquired During Period | $ 9,700 | |||||||||
Altor | Plymouth Foam | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price, net | $ 56,000 | |||||||||
Business Combination, Acquisition Related Costs | 400 | |||||||||
Intangible assets | 20,100 | |||||||||
Borrowings under credit facility | 52,000 | |||||||||
Goodwill, Acquired During Period | $ 15,500 | |||||||||
Arnold | Ramco | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price, net | $ 34,300 | |||||||||
Intangible assets | 12,700 | |||||||||
Goodwill, Acquired During Period | 12,400 | |||||||||
Business acquisition, payment through equity investment | $ 35,500 | |||||||||
Ergobaby | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 40,896 | $ 61,448 | $ 41,521 | 40,896 | $ 61,448 | |||||
Goodwill, Acquired During Period | $ 0 | |||||||||
Noncontrolling Interest [Member] | Lugano | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of controlling interest in Arnold | 40% | |||||||||
Trade name | Lugano | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 48,433 | |||||||||
Intangible assets, estimated useful life | 18 years | |||||||||
Trade name | PrimaLoft | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 48,200 | |||||||||
Intangible assets, estimated useful life | 20 years | |||||||||
Customer relationships | Lugano | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 34,021 | |||||||||
Intangible assets, estimated useful life | 15 years | |||||||||
Customer relationships | PrimaLoft | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 209,100 | |||||||||
Intangible assets, estimated useful life | 15 years | |||||||||
Technology-Based Intangible Assets [Member] | PrimaLoft | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 49,100 | |||||||||
Intangible assets, estimated useful life | 11 years |
Acquisition of Businesses Acqui
Acquisition of Businesses Acquisition - Schedule of Assets Acquired and Liabilities Assumed as of the Acquisition Date (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2022 | Jul. 12, 2022 | Dec. 31, 2021 | Sep. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | ||||||||||
Goodwill | $ 991,007 | $ 707,550 | $ 707,550 | $ 707,550 | $ 991,007 | $ 901,428 | $ 991,007 | $ 707,550 | ||
Liabilities and noncontrolling interest: | ||||||||||
Unrecognized Tax Benefits, Discontinued Operations | 27,900 | |||||||||
Goodwill, Purchase Accounting Adjustments | (179) | |||||||||
Acquisition Consideration | ||||||||||
Payment to acquire business | 3,907 | 569,028 | 356,851 | |||||||
Lugano | ||||||||||
Assets: | ||||||||||
Cash | 1,433 | $ 1,433 | 1,433 | 1,433 | 1,433 | |||||
Accounts receivable | 20,954 | 20,954 | 20,954 | 20,954 | 20,954 | |||||
Inventory | 95,213 | 85,794 | 95,213 | 95,213 | 95,213 | |||||
Property, Plant, and Equipment | 3,135 | 2,743 | 3,135 | 3,135 | 3,135 | |||||
Intangible assets | 82,454 | 0 | 82,454 | 82,454 | 82,454 | |||||
Goodwill | 86,337 | 158,780 | 86,337 | 86,337 | 86,337 | |||||
Other current and noncurrent assets | 9,093 | 4,979 | 9,093 | 9,093 | 9,093 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 212,282 | 115,903 | 212,282 | 212,282 | 212,282 | |||||
Liabilities and noncontrolling interest: | ||||||||||
Current liabilities | 7,187 | 7,129 | 7,187 | 7,187 | 7,187 | |||||
Other liabilities | 3,175 | 0 | 3,175 | 3,175 | 3,175 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 23,123 | 0 | 23,123 | 23,123 | 23,123 | |||||
Total liabilities and noncontrolling interest | 33,485 | 7,129 | 33,485 | 33,485 | 33,485 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 178,797 | 108,774 | 178,797 | 178,797 | 178,797 | |||||
Acquisition Consideration | ||||||||||
Purchase price | 265,134 | 267,554 | ||||||||
Working capital adjustment | 7,700 | 10,000 | ||||||||
Payment to acquire business | 256,000 | 256,000 | ||||||||
Cash | (1,434) | (1,554) | ||||||||
Business Combination, Acquisition Related Costs | 1,800 | |||||||||
Purchase price, net | $ 265,100 | |||||||||
Lugano | Scenario, Adjustment | ||||||||||
Assets: | ||||||||||
Inventory basis step-up | 9,419 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 392 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 82,454 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Current and Noncurrent Assets | 4,114 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 96,379 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Other Current Liabilities | 58 | |||||||||
Liabilities and noncontrolling interest: | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Liabilities | 3,175 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Liabilities | 23,123 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 26,356 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 70,023 | 70,023 | 70,023 | 70,023 | ||||||
Goodwill, Purchase Accounting Adjustments | (72,443) | |||||||||
Acquisition Consideration | ||||||||||
Working capital adjustment | (2,300) | |||||||||
Payment to acquire business | 0 | |||||||||
Cash | $ 120 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ (2,420) | (2,420) | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Cash | 0 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Receivable | $ 0 | |||||||||
PrimaLoft | ||||||||||
Assets: | ||||||||||
Cash | 6,951 | $ 6,951 | 6,951 | 6,951 | ||||||
Accounts receivable | 2,992 | 2,992 | 2,992 | 2,992 | ||||||
Inventory | 1,991 | 1,991 | 1,991 | 1,991 | ||||||
Property, Plant, and Equipment | 1,058 | 1,058 | 1,058 | 1,058 | ||||||
Intangible assets | 306,900 | 248,200 | 306,900 | 306,900 | ||||||
Goodwill | 290,347 | 335,296 | 290,347 | 290,300 | 290,347 | |||||
Other current and noncurrent assets | 2,394 | 3,581 | 2,394 | 2,394 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 322,286 | 264,773 | 322,286 | 322,286 | ||||||
Liabilities and noncontrolling interest: | ||||||||||
Current liabilities | 7,785 | 8,865 | 7,785 | 7,785 | ||||||
Other liabilities | 360 | 360 | 360 | 360 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 63,376 | 51,268 | 63,376 | 63,376 | ||||||
Total liabilities and noncontrolling interest | 71,521 | 60,493 | 71,521 | 71,521 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 250,765 | 204,280 | 250,765 | 250,765 | ||||||
Goodwill, Purchase Accounting Adjustments | $ (804) | |||||||||
Acquisition Consideration | ||||||||||
Working capital adjustment | 4,161 | 2,257 | ||||||||
Payment to acquire business | 530,000 | 530,000 | ||||||||
Cash | (6,951) | (7,319) | ||||||||
Business Combination, Acquisition Related Costs | 5,700 | |||||||||
Purchase price, net | 541,100 | |||||||||
Business Combination, Consideration Transferred | 541,112 | $ 539,576 | ||||||||
PrimaLoft | Scenario, Adjustment | ||||||||||
Assets: | ||||||||||
Inventory basis step-up | 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 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Current and Noncurrent Assets | (1,187) | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 57,513 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Other Current Liabilities | (1,080) | |||||||||
Liabilities and noncontrolling interest: | ||||||||||
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, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 11,028 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 46,485 | 46,485 | $ 46,485 | |||||||
Goodwill, Purchase Accounting Adjustments | (44,949) | |||||||||
Acquisition Consideration | ||||||||||
Working capital adjustment | 1,904 | |||||||||
Payment to acquire business | 0 | |||||||||
Cash | 368 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 1,536 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Cash | 0 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Receivable | $ 0 |
Acquisition of Businesses Acq_2
Acquisition of Businesses Acquisition - Schedule of Intangible Assets Recorded as Part of Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jul. 12, 2022 | Sep. 03, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 991,007 | $ 901,428 | $ 707,550 | ||
Goodwill, Acquired During Period | 304,009 | ||||
Lugano | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets acquired | $ 82,454 | ||||
Goodwill | 158,780 | $ 86,337 | |||
Lugano | Customer relationships | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets acquired | $ 34,021 | ||||
Intangible assets, estimated useful life | 15 years | ||||
Lugano | Trade name | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets acquired | $ 48,433 | ||||
Intangible assets, estimated useful life | 18 years | ||||
PrimaLoft | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets acquired | $ 306,900 | ||||
Goodwill | 335,296 | 290,347 | $ 290,300 | ||
Goodwill, Acquired During Period | $ 291,150 | ||||
PrimaLoft | Customer relationships | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets acquired | $ 209,100 | ||||
Intangible assets, estimated useful life | 15 years | ||||
PrimaLoft | Trade name | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets acquired | $ 48,200 | ||||
Intangible assets, estimated useful life | 20 years | ||||
PrimaLoft | Technology-Based Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets acquired | $ 49,100 | ||||
Intangible assets, estimated useful life | 11 years | ||||
PrimaLoft | In Process Research and Development | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets acquired | $ 500 |
Acquisition of Businesses Acq_3
Acquisition of Businesses Acquisition - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net income (loss) attributable to Holdings | $ 137,437 | $ (10,154) | $ 13,606 | $ 105,397 | $ (11,968) | $ (1,774) | $ 26,367 | $ 23,762 | $ 246,286 | $ 36,387 | $ 114,552 |
Lugano and PrimaLoft | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Business Acquisition, Pro Forma Revenue | 1,860,442 | ||||||||||
Business Acquisition, Pro Forma Gross Profit | 736,712 | ||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | 136,011 | ||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 40,173 | ||||||||||
Net income (loss) attributable to Holdings | $ 28,147 | ||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (0.59) | ||||||||||
PrimaLoft | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Business Acquisition, Pro Forma Revenue | 2,064,315 | ||||||||||
Business Acquisition, Pro Forma Gross Profit | 816,840 | ||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | 140,643 | ||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 51 | ||||||||||
Net income (loss) attributable to Holdings | $ (10,755) | ||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (0.76) |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 566,989 | $ 521,065 | $ 486,889 | $ 483,933 | $ 529,682 | $ 533,066 | $ 487,961 | $ 458,421 | $ 2,058,876 | $ 2,009,130 | $ 1,723,502 |
UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,594,719 | 1,560,228 | 1,359,561 | ||||||||
Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 170,964 | 188,672 | 159,819 | ||||||||
Asia Pacific [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 168,601 | 148,367 | 102,421 | ||||||||
Other International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 62,693 | 62,655 | 59,354 | ||||||||
MEXICO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 61,899 | 49,208 | 42,347 | ||||||||
5.11 Tactical | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 533,089 | 486,213 | 444,963 | ||||||||
5.11 Tactical | UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 423,750 | 384,911 | 363,017 | ||||||||
5.11 Tactical | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,018 | 34,389 | 27,393 | ||||||||
5.11 Tactical | Asia Pacific [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,313 | 16,677 | 15,715 | ||||||||
5.11 Tactical | Other International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 31,290 | 31,126 | 23,473 | ||||||||
5.11 Tactical | MEXICO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,718 | 19,110 | 15,365 | ||||||||
Ergobaby | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 93,859 | 88,435 | 93,631 | ||||||||
Ergobaby | UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35,083 | 32,207 | 33,319 | ||||||||
Ergobaby | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,351 | 28,210 | 31,411 | ||||||||
Ergobaby | Asia Pacific [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 24,012 | 22,903 | 24,891 | ||||||||
Ergobaby | Other International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,342 | 5,039 | 3,956 | ||||||||
Ergobaby | MEXICO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 71 | 76 | 54 | ||||||||
Velocity Outdoor | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 172,190 | 232,238 | 270,426 | ||||||||
Velocity Outdoor | UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 156,853 | 208,215 | 243,347 | ||||||||
Velocity Outdoor | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,393 | 7,557 | 8,546 | ||||||||
Velocity Outdoor | Asia Pacific [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 617 | 1,301 | 1,328 | ||||||||
Velocity Outdoor | Other International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,186 | 13,862 | 16,131 | ||||||||
Velocity Outdoor | MEXICO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,141 | 1,303 | 1,074 | ||||||||
Arnold | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 166,679 | 153,815 | 139,941 | ||||||||
Arnold | UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 115,625 | 105,899 | 96,944 | ||||||||
Arnold | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 39,173 | 38,602 | 33,828 | ||||||||
Arnold | Asia Pacific [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,388 | 6,490 | 6,086 | ||||||||
Arnold | Other International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,080 | 2,368 | 2,612 | ||||||||
Arnold | MEXICO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 413 | 456 | 471 | ||||||||
Sterno Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 323,830 | 352,152 | 375,127 | ||||||||
Sterno Products | UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 312,239 | 340,510 | 361,586 | ||||||||
Sterno Products | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,354 | 2,746 | 1,071 | ||||||||
Sterno Products | Asia Pacific [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10 | 86 | 281 | ||||||||
Sterno Products | Other International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,226 | 8,795 | 12,178 | ||||||||
Sterno Products | MEXICO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1 | 15 | 11 | ||||||||
Boa | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 155,825 | 208,688 | 165,150 | ||||||||
Boa | UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 41,036 | 61,719 | 52,804 | ||||||||
Boa | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 56,073 | 66,273 | 57,570 | ||||||||
Boa | Asia Pacific [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 58,139 | 79,848 | 53,735 | ||||||||
Boa | Other International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 555 | 836 | 1,004 | ||||||||
Boa | MEXICO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 22 | 12 | 37 | ||||||||
Altor | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 238,030 | 261,338 | 180,217 | ||||||||
Altor | UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 204,598 | 233,158 | 154,882 | ||||||||
Altor | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||||||
Altor | Asia Pacific [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||||||
Altor | Other International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||||||
Altor | MEXICO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 33,432 | 28,180 | 25,335 | ||||||||
Lugano | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 308,321 | 201,507 | 54,047 | ||||||||
Lugano | UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 304,761 | 192,026 | 53,662 | ||||||||
Lugano | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,102 | 9,014 | 0 | ||||||||
Lugano | Asia Pacific [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 73 | 439 | 385 | ||||||||
Lugano | Other International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 385 | 28 | 0 | ||||||||
Lugano | MEXICO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | $ 0 | ||||||||
PrimaLoft | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,053 | 24,744 | |||||||||
PrimaLoft | UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 774 | 1,583 | |||||||||
PrimaLoft | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,500 | 1,881 | |||||||||
PrimaLoft | Asia Pacific [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 62,049 | 20,623 | |||||||||
PrimaLoft | Other International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 629 | 601 | |||||||||
PrimaLoft | MEXICO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 101 | $ 56 |
Operating Segment Data - Additi
Operating Segment Data - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | 48 Months Ended | ||
Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) client Segment Facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Assets | $ 3,816,981 | $ 3,849,631 | $ 3,816,981 | ||
Number of reportable operating segments | Segment | 9 | ||||
Integration service fees | $ 2,400 | 4,100 | $ 4,900 | ||
Goodwill impairment expense | (89,400) | (20,552) | |||
Goodwill | 901,428 | 991,007 | 707,550 | 901,428 | |
Property, Plant and Equipment, Net | 192,562 | 184,501 | 192,562 | ||
Interest Expense | (105,179) | (83,492) | (58,834) | ||
Other income (expense), net | 1,743 | (2,321) | (1,303) | ||
5.11 Tactical | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill impairment expense | 0 | 0 | |||
Goodwill | 92,966 | 92,966 | 92,966 | 92,966 | |
Ergobaby | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill impairment expense | 0 | (20,552) | |||
Goodwill | 41,521 | 40,896 | 61,448 | 41,521 | |
Velocity Outdoor | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill impairment expense | $ 32,600 | (31,590) | 0 | 64,500 | |
Goodwill | $ 8,183 | 39,773 | 30,079 | 8,183 | |
Arnold Magnetics | Minimum | |||||
Segment Reporting Information [Line Items] | |||||
Number of clients | client | 2,000 | ||||
Altor | |||||
Segment Reporting Information [Line Items] | |||||
Number of facilities | Facility | 15 | ||||
Goodwill impairment expense | $ 0 | 0 | |||
Goodwill | $ 91,129 | 91,129 | 90,843 | $ 91,129 | |
Sales | Foreign | Ergobaby | Geographic Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Concentration risk percentage | 50% | ||||
Operating Segments | Sterno Candle Lamp | |||||
Segment Reporting Information [Line Items] | |||||
Loss from continuing operations before income taxes | $ 24,852 | 19,801 | 19,877 | ||
Operating Segments | 5.11 Tactical | |||||
Segment Reporting Information [Line Items] | |||||
Loss from continuing operations before income taxes | 46,699 | 43,531 | 39,374 | ||
Operating Segments | Ergobaby | |||||
Segment Reporting Information [Line Items] | |||||
Loss from continuing operations before income taxes | 4,820 | (16,814) | 9,087 | ||
Operating Segments | Velocity Outdoor | |||||
Segment Reporting Information [Line Items] | |||||
Loss from continuing operations before income taxes | (32,828) | 18,961 | 39,725 | ||
Operating Segments | Altor | |||||
Segment Reporting Information [Line Items] | |||||
Loss from continuing operations before income taxes | 34,566 | 24,591 | 17,962 | ||
Reconciliation of Segment to Consolidated | |||||
Segment Reporting Information [Line Items] | |||||
Interest Expense | (105,179) | (83,492) | (58,834) | ||
Other income (expense), net | $ 1,743 | $ (2,321) | $ (1,303) |
Operating Segment Data - Summar
Operating Segment Data - Summary of Net Sales of Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 566,989 | $ 521,065 | $ 486,889 | $ 483,933 | $ 529,682 | $ 533,066 | $ 487,961 | $ 458,421 | $ 2,058,876 | $ 2,009,130 | $ 1,723,502 |
5.11 Tactical | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 533,089 | 486,213 | 444,963 | ||||||||
Ergobaby | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 93,859 | 88,435 | 93,631 | ||||||||
Velocity Outdoor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 172,190 | 232,238 | 270,426 | ||||||||
Boa | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 155,825 | 208,688 | 165,150 | ||||||||
Lugano | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 308,321 | 201,507 | 54,047 | ||||||||
Altor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 238,030 | 261,338 | 180,217 | ||||||||
Arnold | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 166,679 | 153,815 | 139,941 | ||||||||
PrimaLoft | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,053 | 24,744 | |||||||||
Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,058,876 | 2,009,130 | 1,723,502 | ||||||||
Operating Segments | 5.11 Tactical | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 533,089 | 486,213 | 444,963 | ||||||||
Operating Segments | Ergobaby | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 93,859 | 88,435 | 93,631 | ||||||||
Operating Segments | Velocity Outdoor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 172,190 | 232,238 | 270,426 | ||||||||
Operating Segments | Sterno | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 323,830 | 352,152 | 375,127 | ||||||||
Operating Segments | Boa | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 155,825 | 208,688 | 165,150 | ||||||||
Operating Segments | Lugano | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 308,321 | 201,507 | 54,047 | ||||||||
Operating Segments | Altor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 238,030 | 261,338 | 180,217 | ||||||||
Operating Segments | Arnold | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 166,679 | 153,815 | 139,941 | ||||||||
Operating Segments | PrimaLoft | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,053 | 24,744 | 0 | ||||||||
Reconciliation of Segment to Consolidated | Corporate | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||||||
UNITED STATES | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,594,719 | 1,560,228 | 1,359,561 | ||||||||
UNITED STATES | 5.11 Tactical | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 423,750 | 384,911 | 363,017 | ||||||||
UNITED STATES | Ergobaby | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35,083 | 32,207 | 33,319 | ||||||||
UNITED STATES | Velocity Outdoor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 156,853 | 208,215 | 243,347 | ||||||||
UNITED STATES | Boa | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 41,036 | 61,719 | 52,804 | ||||||||
UNITED STATES | Lugano | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 304,761 | 192,026 | 53,662 | ||||||||
UNITED STATES | Altor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 204,598 | 233,158 | 154,882 | ||||||||
UNITED STATES | Arnold | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 115,625 | 105,899 | 96,944 | ||||||||
UNITED STATES | PrimaLoft | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 774 | 1,583 | |||||||||
Europe | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 170,964 | 188,672 | 159,819 | ||||||||
Europe | 5.11 Tactical | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,018 | 34,389 | 27,393 | ||||||||
Europe | Ergobaby | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,351 | 28,210 | 31,411 | ||||||||
Europe | Velocity Outdoor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,393 | 7,557 | 8,546 | ||||||||
Europe | Boa | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 56,073 | 66,273 | 57,570 | ||||||||
Europe | Lugano | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,102 | 9,014 | 0 | ||||||||
Europe | Altor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||||||
Europe | Arnold | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 39,173 | 38,602 | 33,828 | ||||||||
Europe | PrimaLoft | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,500 | 1,881 | |||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 168,601 | 148,367 | 102,421 | ||||||||
Asia Pacific [Member] | 5.11 Tactical | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,313 | 16,677 | 15,715 | ||||||||
Asia Pacific [Member] | Ergobaby | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 24,012 | 22,903 | 24,891 | ||||||||
Asia Pacific [Member] | Velocity Outdoor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 617 | 1,301 | 1,328 | ||||||||
Asia Pacific [Member] | Boa | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 58,139 | 79,848 | 53,735 | ||||||||
Asia Pacific [Member] | Lugano | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 73 | 439 | 385 | ||||||||
Asia Pacific [Member] | Altor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||||||
Asia Pacific [Member] | Arnold | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,388 | 6,490 | 6,086 | ||||||||
Asia Pacific [Member] | PrimaLoft | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 62,049 | 20,623 | |||||||||
Other International [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 62,693 | 62,655 | 59,354 | ||||||||
Other International [Member] | 5.11 Tactical | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 31,290 | 31,126 | 23,473 | ||||||||
Other International [Member] | Ergobaby | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,342 | 5,039 | 3,956 | ||||||||
Other International [Member] | Velocity Outdoor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,186 | 13,862 | 16,131 | ||||||||
Other International [Member] | Boa | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 555 | 836 | 1,004 | ||||||||
Other International [Member] | Lugano | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 385 | 28 | 0 | ||||||||
Other International [Member] | Altor | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||||||
Other International [Member] | Arnold | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,080 | 2,368 | $ 2,612 | ||||||||
Other International [Member] | PrimaLoft | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 629 | $ 601 |
Operating Segment Data - Summ_2
Operating Segment Data - Summary of Profit (Loss) of Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 48 Months Ended | |||||||||||
Mar. 02, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2023 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | $ 146,405 | $ 128,459 | $ 112,026 | |||||||||||
Identifiable assets of segments | $ 2,192,990 | $ 2,153,537 | 2,192,990 | 2,153,537 | $ 2,192,990 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (17,405) | 40,751 | 26,663 | |||||||||||
Interest expense, net | 105,179 | 83,492 | 58,834 | |||||||||||
Amortization of Debt Issuance Costs | 4,038 | 3,740 | 2,979 | |||||||||||
Loss on debt extinguishment | $ 33,300 | 0 | (534) | (33,305) | ||||||||||
Other expense, net | 1,743 | (2,321) | (1,303) | |||||||||||
Operating income | (3,974) | $ 17,373 | $ 42,113 | $ 34,557 | 6,291 | $ 36,083 | $ 51,747 | $ 36,717 | 90,069 | 130,838 | 123,084 | |||
Integration service fees | 2,400 | 4,100 | 4,900 | |||||||||||
Goodwill impairment expense | (89,400) | (20,552) | ||||||||||||
Velocity Outdoor | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | 13,100 | 13,030 | 12,451 | |||||||||||
Identifiable assets of segments | 207,609 | 224,356 | 207,609 | 224,356 | 207,609 | |||||||||
Goodwill impairment expense | $ 32,600 | (31,590) | 0 | 64,500 | ||||||||||
5.11 Tactical | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | 25,714 | 22,742 | 22,048 | |||||||||||
Identifiable assets of segments | 398,050 | 450,537 | 398,050 | 450,537 | 398,050 | |||||||||
Goodwill impairment expense | 0 | 0 | ||||||||||||
Ergobaby | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | 8,011 | 8,007 | 8,405 | |||||||||||
Identifiable assets of segments | 73,660 | 84,657 | 73,660 | 84,657 | 73,660 | |||||||||
Goodwill impairment expense | 0 | (20,552) | ||||||||||||
Lugano | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Identifiable assets of segments | 510,484 | 327,795 | 510,484 | 327,795 | 510,484 | |||||||||
Boa | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | 22,659 | 21,751 | 19,999 | |||||||||||
Identifiable assets of segments | 243,243 | 240,359 | 243,243 | 240,359 | 243,243 | |||||||||
Goodwill impairment expense | 0 | 0 | ||||||||||||
Lugano | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | 7,413 | 5,648 | 1,881 | |||||||||||
Goodwill impairment expense | 0 | 0 | ||||||||||||
Altor | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | 16,495 | 16,157 | 12,700 | |||||||||||
Identifiable assets of segments | 186,683 | 198,943 | 186,683 | 198,943 | 186,683 | |||||||||
Goodwill impairment expense | 0 | 0 | ||||||||||||
Arnold | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | 8,279 | 7,878 | 8,728 | |||||||||||
Identifiable assets of segments | 110,883 | 105,196 | 110,883 | 105,196 | 110,883 | |||||||||
Goodwill impairment expense | 0 | 0 | $ 24,900 | |||||||||||
PrimaLoft | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | 21,155 | 9,664 | 0 | |||||||||||
Identifiable assets of segments | 288,212 | 310,914 | 288,212 | 310,914 | 288,212 | |||||||||
Goodwill impairment expense | 56,800 | (57,810) | 0 | |||||||||||
Operating Segments | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | 142,367 | 124,719 | 109,130 | |||||||||||
Identifiable assets of segments | $ 2,597,312 | $ 2,172,734 | 2,597,312 | 2,172,734 | $ 2,597,312 | |||||||||
Operating income | 170,236 | 203,763 | 181,912 | |||||||||||
Operating Segments | Velocity Outdoor | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Loss from continuing operations before income taxes | (32,828) | 18,961 | 39,725 | |||||||||||
Operating Segments | 5.11 Tactical | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Loss from continuing operations before income taxes | 46,699 | 43,531 | 39,374 | |||||||||||
Operating Segments | Ergobaby | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Loss from continuing operations before income taxes | 4,820 | (16,814) | 9,087 | |||||||||||
Operating Segments | Sterno Candle Lamp | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Loss from continuing operations before income taxes | 24,852 | 19,801 | 19,877 | |||||||||||
Operating Segments | Corporate and Other | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Operating income | (80,167) | (72,925) | (58,828) | |||||||||||
Operating Segments | Boa | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Loss from continuing operations before income taxes | 27,291 | 57,810 | 33,976 | |||||||||||
Operating Segments | Lugano | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Loss from continuing operations before income taxes | 100,306 | 53,015 | 9,923 | |||||||||||
Operating Segments | Altor | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Loss from continuing operations before income taxes | 34,566 | 24,591 | 17,962 | |||||||||||
Operating Segments | Arnold | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Loss from continuing operations before income taxes | 21,587 | 16,700 | 11,988 | |||||||||||
Operating Segments | PrimaLoft | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Loss from continuing operations before income taxes | (57,057) | (13,832) | 0 | |||||||||||
Reconciliation of Segment to Consolidated | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Interest expense, net | 105,179 | 83,492 | 58,834 | |||||||||||
Amortization of Debt Issuance Costs | (4,038) | (3,740) | (2,979) | |||||||||||
Loss on debt extinguishment | 0 | (534) | (33,305) | |||||||||||
Other expense, net | $ 1,743 | $ (2,321) | $ (1,303) |
Operating Segment Data - Summ_3
Operating Segment Data - Summary of Accounts Receivable of Operating Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Allowance for doubtful accounts | $ (13,851) | $ (17,970) |
Total consolidated net accounts receivable | $ 318,241 | $ 297,722 |
Operating Segment Data - Summ_4
Operating Segment Data - Summary of Goodwill and Identifiable Assets of Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 48 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2023 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Goodwill | $ 901,428 | $ 991,007 | $ 707,550 | $ 901,428 | ||
Identifiable assets of segments | 2,192,990 | 2,153,537 | 2,192,990 | |||
Integration service fees | 2,400 | 4,100 | 4,900 | |||
Goodwill impairment expense | (89,400) | (20,552) | ||||
Disposal Group, Including Discontinued Operation, Assets | 0 | 388,168 | 0 | |||
5.11 Tactical | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Goodwill | 92,966 | 92,966 | 92,966 | 92,966 | ||
Identifiable assets of segments | 398,050 | 450,537 | 398,050 | |||
Goodwill impairment expense | 0 | 0 | ||||
Ergobaby | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Goodwill | 41,521 | 40,896 | 61,448 | 41,521 | ||
Identifiable assets of segments | 73,660 | 84,657 | 73,660 | |||
Goodwill impairment expense | 0 | (20,552) | ||||
Lugano | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Identifiable assets of segments | 510,484 | 327,795 | 510,484 | |||
Arnold | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Goodwill | 39,267 | 39,267 | 39,267 | 39,267 | ||
Identifiable assets of segments | 110,883 | 105,196 | 110,883 | |||
Goodwill impairment expense | 0 | 0 | $ 24,900 | |||
Velocity Outdoor | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Goodwill | 8,183 | 39,773 | $ 30,079 | 8,183 | ||
Identifiable assets of segments | 207,609 | 224,356 | 207,609 | |||
Goodwill impairment expense | $ 32,600 | (31,590) | 0 | 64,500 | ||
Operating Segments | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Identifiable assets of segments | 2,597,312 | 2,172,734 | 2,597,312 | |||
UNITED STATES | Operating Segments | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Identifiable assets of segments | 2,505,586 | 2,089,784 | 2,505,586 | |||
Europe | Operating Segments | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Identifiable assets of segments | 58,688 | 49,062 | 58,688 | |||
Non United States | Operating Segments | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Identifiable assets of segments | $ 33,038 | $ 33,888 | $ 33,038 |
Operating Segment Data Operatin
Operating Segment Data Operating Segment Data - Accounts Receivable and Identifiable Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss | $ 318,241 | $ 297,722 | |
Identifiable Assets, Total, Including Other Identifiable Assets | 2,597,312 | 2,560,902 | |
Amortization of Debt Issuance Costs | 4,038 | 3,740 | $ 2,979 |
Identifiable assets of segments | 2,192,990 | 2,153,537 | |
Accounts Receivable, Allowance for Credit Loss | 9,161 | 10,700 | |
Corporate | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Amortization of Debt Issuance Costs | 4,038 | 3,740 | $ 2,896 |
Other Identifiable Assets | 404,322 | 19,197 | |
5.11 Tactical | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Accounts Receivable, before Allowance for Credit Loss | 50,452 | 53,589 | |
Identifiable assets of segments | 398,050 | 450,537 | |
Ergobaby | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Accounts Receivable, before Allowance for Credit Loss | 12,018 | 11,213 | |
Identifiable assets of segments | 73,660 | 84,657 | |
Lugano | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable assets of segments | 510,484 | 327,795 | |
Arnold | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Accounts Receivable, before Allowance for Credit Loss | 25,977 | 23,666 | |
Identifiable assets of segments | 110,883 | 105,196 | |
Sterno Products | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Accounts Receivable, before Allowance for Credit Loss | 51,740 | 54,400 | |
Identifiable assets of segments | 174,166 | 210,780 | |
Boa | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Accounts Receivable, before Allowance for Credit Loss | 1,368 | 1,630 | |
Identifiable assets of segments | 243,243 | 240,359 | |
Lugano | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Accounts Receivable, before Allowance for Credit Loss | 124,776 | 85,911 | |
Altor | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Accounts Receivable, before Allowance for Credit Loss | 35,232 | 42,368 | |
Identifiable assets of segments | 186,683 | 198,943 | |
Velocity Outdoor | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Accounts Receivable, before Allowance for Credit Loss | 24,458 | 33,159 | |
Identifiable assets of segments | 207,609 | 224,356 | |
PrimaLoft | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Accounts Receivable, before Allowance for Credit Loss | 1,381 | 2,486 | |
Identifiable assets of segments | $ 288,212 | $ 310,914 |
Operating Segment Data Summary
Operating Segment Data Summary of Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | $ 146,405 | $ 128,459 | $ 112,026 |
Amortization of Debt Issuance Costs | 4,038 | 3,740 | 2,979 |
5.11 Tactical | |||
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | 25,714 | 22,742 | 22,048 |
Ergobaby | |||
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | 8,011 | 8,007 | 8,405 |
Arnold | |||
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | 8,279 | 7,878 | 8,728 |
Sterno Products | |||
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | 19,541 | 19,842 | 22,918 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Amortization of Debt Issuance Costs | 4,038 | 3,740 | 2,896 |
Boa | |||
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | 22,659 | 21,751 | 19,999 |
Lugano | |||
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | 7,413 | 5,648 | 1,881 |
Altor | |||
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | 16,495 | 16,157 | 12,700 |
Velocity Outdoor | |||
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | 13,100 | 13,030 | 12,451 |
PrimaLoft | |||
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | 21,155 | 9,664 | 0 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Period Increase (Decrease) | $ 142,367 | $ 124,719 | $ 109,130 |
Inventory, Property, Plant an_3
Inventory, Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Raw materials and supplies | $ 97,209 | $ 101,812 | |
Work-in-process | 25,516 | 29,979 | |
Finished goods | 646,406 | 576,914 | |
Inventory, Gross | 769,131 | 708,705 | |
Inventory Valuation Reserves | (28,744) | (28,160) | |
Inventories, net | 740,387 | 680,545 | |
Depreciation expense | $ 46,547 | $ 40,030 | $ 35,455 |
Inventory, Property, Plant an_4
Inventory, Property, Plant and Equipment- Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Construction in Progress, Gross | $ 15,197 | $ 17,654 |
Property, plant and equipment, gross | 429,363 | 379,432 |
Less: accumulated depreciation | (236,801) | (194,931) |
Total | 192,562 | 184,501 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 238,168 | 218,959 |
Office furniture, computers and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 67,652 | 59,860 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 95,530 | 70,330 |
Buildings and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 12,816 | $ 12,629 |
Inventory, Property, Plant an_5
Inventory, Property, Plant and Equipment - Summary of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Raw materials and supplies | $ 97,209 | $ 101,812 |
Work-in-process | 25,516 | 29,979 |
Finished goods | 646,406 | 576,914 |
Less: obsolescence reserve | (28,744) | (28,160) |
Total | $ 740,387 | $ 680,545 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | 48 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Trade names, not subject to amortization | $ 56,965,000 | $ 56,965,000 | $ 56,965,000 | $ 56,965,000 | |||
Goodwill - gross carrying amount | 1,069,125,000 | 1,069,125,000 | 1,069,304,000 | 1,069,125,000 | |||
Goodwill impairment expense | 89,400,000 | 20,552,000 | |||||
Goodwill | 901,428,000 | 901,428,000 | 991,007,000 | $ 707,550,000 | 901,428,000 | ||
Carrying value of trade names | 866,440,000 | 866,440,000 | 958,032,000 | 866,440,000 | |||
Goodwill deductible for income tax | 117,800,000 | 117,800,000 | 117,800,000 | ||||
Amortization expense | 95,820,000 | 84,689,000 | 73,675,000 | ||||
Trade name | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Carrying value of trade names | 250,859,000 | 250,859,000 | 273,311,000 | 250,859,000 | |||
Arnold | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill impairment expense | 0 | 0 | $ (24,900,000) | ||||
Goodwill | 39,267,000 | $ 39,267,000 | 39,267,000 | 39,267,000 | 39,267,000 | ||
Velocity Outdoor | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Impairment Assessment Assumptions Weighted Average Cost Of Capital | 17% | 15% | |||||
Goodwill impairment expense | $ (32,600,000) | $ 31,590,000 | 0 | (64,500,000) | |||
Goodwill | 8,183,000 | 8,183,000 | $ 39,773,000 | 30,079,000 | 8,183,000 | ||
Goodwill Impairment Testing, Fair Value Exceeding Carrying Value, Percent | 0.21 | 0.21 | 0.21 | ||||
Ergobaby | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Impairment Assessment Assumptions Weighted Average Cost Of Capital | 16% | ||||||
Goodwill impairment expense | 0 | $ 20,552,000 | |||||
Goodwill | 41,521,000 | 41,521,000 | 40,896,000 | 61,448,000 | 41,521,000 | ||
Altor | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill impairment expense | 0 | 0 | |||||
Goodwill | 91,129,000 | $ 91,129,000 | 91,129,000 | 90,843,000 | 91,129,000 | ||
PrimaLoft | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Impairment Assessment Assumptions Weighted Average Cost Of Capital | 11.30% | ||||||
Goodwill impairment expense | (56,800,000) | $ 57,810,000 | 0 | ||||
Goodwill | $ 232,536,000 | $ 232,536,000 | $ 291,150,000 | $ 0 | $ 232,536,000 |
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 | 12 Months Ended | 48 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2017 | Dec. 31, 2023 | |
Balance as of January 1, 2014 | |||||||
Goodwill | $ 991,007 | $ 707,550 | |||||
Goodwill, Acquired During Period | 304,009 | ||||||
Accumulated impairment losses | $ (167,697) | $ (78,297) | (167,697) | (78,297) | $ (167,697) | ||
Goodwill | 901,428 | 991,007 | 901,428 | 991,007 | 901,428 | ||
Goodwill, Purchase Accounting Adjustments | (179) | ||||||
Goodwill impairment expense | (89,400) | (20,552) | |||||
5.11 Tactical | |||||||
Balance as of January 1, 2014 | |||||||
Goodwill | 92,966 | 92,966 | |||||
Goodwill, Acquired During Period | 0 | 0 | |||||
Goodwill | 92,966 | 92,966 | 92,966 | 92,966 | 92,966 | ||
Goodwill impairment expense | 0 | $ 0 | |||||
Ergobaby | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Impairment Assessment Assumptions Weighted Average Cost Of Capital | 16% | ||||||
Balance as of January 1, 2014 | |||||||
Goodwill | 40,896 | $ 61,448 | |||||
Goodwill, Acquired During Period | 0 | ||||||
Goodwill | 41,521 | 40,896 | 41,521 | 40,896 | 41,521 | ||
Goodwill, Purchase Accounting Adjustments | 625 | ||||||
Goodwill impairment expense | 0 | (20,552) | |||||
Arnold | |||||||
Balance as of January 1, 2014 | |||||||
Goodwill | 39,267 | 39,267 | |||||
Goodwill, Acquired During Period | 0 | 0 | |||||
Goodwill | 39,267 | 39,267 | 39,267 | 39,267 | 39,267 | ||
Goodwill impairment expense | 0 | 0 | $ 24,900 | ||||
Sterno Products | |||||||
Balance as of January 1, 2014 | |||||||
Goodwill | 55,336 | 55,336 | |||||
Goodwill, Acquired During Period | 0 | 0 | |||||
Goodwill | 55,336 | 55,336 | 55,336 | 55,336 | 55,336 | ||
Goodwill impairment expense | 0 | 0 | |||||
Boa | |||||||
Balance as of January 1, 2014 | |||||||
Goodwill | 254,153 | 254,153 | |||||
Goodwill, Acquired During Period | 0 | 0 | |||||
Goodwill | 254,153 | 254,153 | 254,153 | 254,153 | 254,153 | ||
Goodwill impairment expense | 0 | 0 | |||||
Lugano | |||||||
Balance as of January 1, 2014 | |||||||
Goodwill | 86,337 | 83,458 | |||||
Goodwill, Acquired During Period | 0 | 2,879 | |||||
Goodwill | 86,337 | 86,337 | 86,337 | 86,337 | 86,337 | ||
Goodwill impairment expense | 0 | 0 | |||||
Altor | |||||||
Balance as of January 1, 2014 | |||||||
Goodwill | 91,129 | 90,843 | |||||
Goodwill, Acquired During Period | 0 | 286 | |||||
Goodwill | 91,129 | 91,129 | 91,129 | 91,129 | 91,129 | ||
Goodwill impairment expense | $ 0 | 0 | |||||
Velocity Outdoor | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Impairment Assessment Assumptions Weighted Average Cost Of Capital | 17% | 15% | |||||
Balance as of January 1, 2014 | |||||||
Goodwill | $ 39,773 | 30,079 | |||||
Goodwill, Acquired During Period | 0 | 9,694 | |||||
Goodwill | 8,183 | 39,773 | 8,183 | 39,773 | 8,183 | ||
Goodwill impairment expense | $ 32,600 | $ (31,590) | 0 | 64,500 | |||
PrimaLoft | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Impairment Assessment Assumptions Weighted Average Cost Of Capital | 11.30% | ||||||
Balance as of January 1, 2014 | |||||||
Goodwill | $ 291,150 | 0 | |||||
Goodwill | 232,536 | 291,150 | 232,536 | 291,150 | 232,536 | ||
Goodwill impairment expense | 56,800 | (57,810) | 0 | ||||
PrimaLoft | |||||||
Balance as of January 1, 2014 | |||||||
Goodwill | 335,296 | 290,347 | |||||
Goodwill, Acquired During Period | 291,150 | ||||||
Goodwill | $ 290,300 | $ 290,347 | 290,300 | $ 290,347 | $ 290,300 | ||
Goodwill, Purchase Accounting Adjustments | $ (804) |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Document Period End Date | Dec. 31, 2023 | ||
Finite-Lived Intangible Assets, Gross | $ 1,357,426 | $ 1,353,288 | |
Total accumulated amortization | (490,986) | (395,256) | |
Finite-Lived Intangible Assets, Net | 866,440 | 958,032 | |
Trade names, not subject to amortization | 56,965 | 56,965 | |
Finite lived in-process research and development | 500 | 500 | |
Intangible Assets, Gross (Excluding Goodwill) | 1,414,891 | 1,410,753 | |
Intangible assets, net | 923,905 | 1,015,497 | |
Amortization expense | 95,820 | 84,689 | $ 73,675 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 772,423 | 770,982 | |
Total accumulated amortization | (294,628) | (237,500) | |
Finite-Lived Intangible Assets, Net | $ 477,795 | 533,482 | |
Weighted average useful lives | 14 years | ||
Technology and patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 202,898 | 200,820 | |
Total accumulated amortization | (66,035) | (51,169) | |
Finite-Lived Intangible Assets, Net | $ 136,863 | 149,651 | |
Weighted average useful lives | 12 years | ||
Trade names, subject to amortization | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 375,507 | 374,888 | |
Total accumulated amortization | (124,648) | (101,577) | |
Finite-Lived Intangible Assets, Net | $ 250,859 | 273,311 | |
Weighted average useful lives | 17 years | ||
Licensing and non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 4,638 | 4,638 | |
Total accumulated amortization | (4,082) | (3,825) | |
Finite-Lived Intangible Assets, Net | $ 556 | 813 | |
Weighted average useful lives | 5 years | ||
Distributor relations and other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 1,960 | 1,960 | |
Total accumulated amortization | (1,593) | (1,185) | |
Finite-Lived Intangible Assets, Net | $ 367 | $ 775 | |
Weighted average useful lives | 4 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Estimated Charges to Amortization Expense of Intangible Assets (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 94,326 |
2021 | 89,124 |
2022 | 82,825 |
2023 | 72,091 |
2024 | $ 69,958 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Asset - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | |||
Goodwill - gross carrying amount | $ 1,069,125 | $ 1,069,304 | |
Accumulated impairment losses | (167,697) | (78,297) | |
Goodwill - net carrying amount | $ 901,428 | $ 991,007 | $ 707,550 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets Goodwill and Other Intangible Asset - Carrying Amount of Goodwill Reconciliation By Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2017 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||||
Goodwill | $ 901,428 | $ 991,007 | $ 707,550 | |
Goodwill, Acquired During Period | 304,009 | |||
Goodwill impairment expense | (89,400) | (20,552) | ||
5.11 Tactical | ||||
Goodwill [Line Items] | ||||
Goodwill | 92,966 | 92,966 | 92,966 | |
Goodwill, Acquired During Period | 0 | 0 | ||
Goodwill impairment expense | 0 | 0 | ||
Ergobaby | ||||
Goodwill [Line Items] | ||||
Goodwill | 41,521 | 40,896 | 61,448 | |
Goodwill, Acquired During Period | 0 | |||
Goodwill impairment expense | 0 | (20,552) | ||
Arnold | ||||
Goodwill [Line Items] | ||||
Goodwill | 39,267 | 39,267 | 39,267 | |
Goodwill, Acquired During Period | 0 | 0 | ||
Goodwill impairment expense | 0 | 0 | $ 24,900 | |
Sterno Products | ||||
Goodwill [Line Items] | ||||
Goodwill | 55,336 | 55,336 | $ 55,336 | |
Goodwill, Acquired During Period | 0 | 0 | ||
Goodwill impairment expense | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 12 Months Ended | ||||
Mar. 02, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 | |
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Discount | $ 13,121,000 | $ 15,532,000 | |||
Deferred debt issuance costs | 32,526,000 | 32,526,000 | |||
Debt modification and extinguishment costs | 0 | 5,276,000 | $ 21,708,000 | ||
Long-term debt, gross | 1,685,000,000 | ||||
Loss on debt extinguishment | $ 33,300,000 | $ 0 | $ (534,000) | $ (33,305,000) | |
Total Debt To Ebitda Ratio | 5 | 5.75 | 5.50 | ||
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, aggregate face amount | $ 100,000,000 | ||||
Letter of credit outstanding | $ 2,200,000 |
Debt - Summary of Debt Holdings
Debt - Summary of Debt Holdings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jul. 12, 2022 | Mar. 02, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 17, 2021 | Mar. 23, 2021 | |
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 1,685,000 | ||||||
Unamortized premiums and debt issuance costs | (13,121) | $ (15,532) | |||||
Total debt | 1,671,879 | 1,834,468 | |||||
Less: Current portion, term loan facilities | (10,000) | (10,000) | |||||
Long term debt | $ 1,661,879 | 1,824,468 | |||||
Document Period End Date | Dec. 31, 2023 | ||||||
Loss on debt extinguishment | $ 33,300 | $ 0 | (534) | $ (33,305) | |||
Borrowings under credit facility | 360,000 | 268,000 | $ 557,000 | ||||
Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | 395,000 | ||||||
2022 Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | 0 | 155,000 | |||||
2022 Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | 385,000 | ||||||
Senior notes due 2026 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Less: Current portion, term loan facilities | $ (600,000) | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||
Proceeds held in escrow | $ 647,700 | ||||||
2029 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | 1,000,000 | $ 1,000,000 | |||||
Debt issuance, aggregate principal amount | $ 1,000,000 | $ 1,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | 5.25% | |||||
2032 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 300,000 | $ 300,000 | |||||
Debt issuance, aggregate principal amount | $ 300,000 | $ 300,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | 5% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5% | 5% | |||||
2021 credit facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||||
2022 Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.50% | 5.20% | |||||
2022 Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.98% | ||||||
2022 Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||||
Borrowings under credit facility | $ 115,000 | ||||||
2022 Credit Facility | Revolving Credit Facility | Federal Funds Effective 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 | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||||
2022 Credit Facility | Revolving Credit Facility | Minimum | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||||||
2022 Credit Facility | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||||||
2022 Credit Facility | Revolving Credit Facility | Maximum | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||||
Term Loan | 2021 credit facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||||||
Line of Credit | 2022 Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||||||
2022 Term Loan | 2022 Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000 | ||||||
2022 Term Loan | 2022 Credit Facility | Revolving Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Periodic Payment | 2,500 | ||||||
2022 Term Loan | 2022 Credit Facility | Revolving Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Periodic Payment | $ 7,500 |
Debt - Summary of Annual Maturi
Debt - Summary of Annual Maturities of Term Loan Facility and Revolving Credit Facility (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Long-Term Debt, Maturity, Year One | $ 10,000 |
Long-Term Debt, Maturity, Year Two | 15,000 |
Long-Term Debt, Maturity, Year Three | 25,000 |
Long-Term Debt, Maturity, Year Four | 335,000 |
Long-Term Debt, Maturity, after Year Five | 1,300,000 |
Long-term debt, gross | $ 1,685,000 |
Debt - Issuance Costs (Details)
Debt - Issuance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Mar. 02, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 12, 2022 | Nov. 17, 2021 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Debt modification and extinguishment costs | $ 0 | $ 5,276 | $ 21,708 | ||||
Accumulated amortization | (13,779) | (9,760) | |||||
Deferred debt issuance costs, net | 18,747 | 22,766 | |||||
Amortization of Debt Issuance Costs | 4,038 | 3,740 | 2,979 | ||||
Deferred debt issuance costs | 32,526 | 32,526 | |||||
Loss on debt extinguishment | $ 33,300 | 0 | (534) | $ (33,305) | |||
Other noncurrent assets | |||||||
Debt Instrument [Line Items] | |||||||
Deferred debt issuance costs, net | 5,626 | 7,234 | |||||
Long-term debt | |||||||
Debt Instrument [Line Items] | |||||||
Deferred debt issuance costs, net | $ 13,121 | $ 15,532 | |||||
2029 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Deferred debt issuance costs | 12,000 | ||||||
2032 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Deferred debt issuance costs | $ 4,300 | ||||||
Senior notes due 2026 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred debt issuance costs | $ 7,200 | ||||||
2021 credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Deferred debt issuance costs | $ 5,400 | ||||||
2022 Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Deferred debt issuance costs | $ 2,800 | ||||||
2022 Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Deferred debt issuance costs | $ 2,500 |
Debt - Summary of Actual Financ
Debt - Summary of Actual Financial Ratios as Part of Affirmative Covenants Credit Facility (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Actual Fixed Charge Coverage Ratio | 3.17 | ||
Actual Secured Debt To Ebitda Ratio | 0% | ||
Actual Debt To Ebitda Ratio | 3.11 | ||
Total Debt To Ebitda Ratio | 5 | 5.50 | 5.75 |
Debt - Summary of Components of
Debt - Summary of Components of Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Interest on credit facilities | $ 37,269 | $ 13,842 | $ 2,669 |
Interest on Senior Notes | 67,500 | 67,500 | 54,441 |
Unused fee on Revolving Credit Facility | 1,998 | 1,913 | 1,598 |
Amortization of debt premium | 0 | 0 | (83) |
Other interest expense | 363 | 286 | 222 |
Interest Income, Other | (1,951) | (49) | (13) |
Interest expense, net | $ 105,179 | $ 83,492 | $ 58,834 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Debt Instrument, Unamortized Discount | $ 13,121 | $ 15,532 |
Deferred debt issuance costs | $ 32,526 | $ 32,526 |
Defined Benefit Plan - Addition
Defined Benefit Plan - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
2020 | $ 595 | |
Defined benefit plan expected contribution by employer | 600 | |
Long-term debt | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded liability | (2,400) | $ (1,100) |
Long-term debt | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded liability | $ (2,421) | $ (1,128) |
Defined Benefit Plan - Summary
Defined Benefit Plan - Summary of Net Periodic Benefit Cost (Detail) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 369 | $ 432 | $ 422 |
Interest cost | 257 | 42 | 38 |
Expected return on plan assets | (184) | (73) | (73) |
Defined Benefit Plan, Amortization of Gain (Loss) | (37) | (27) | (12) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 1 | 40 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | (111) |
Net periodic benefit cost | 404 | 334 | 486 |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 369 | 432 | 422 |
Interest cost | 257 | 42 | 38 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 184 | 73 | 73 |
Defined Benefit Plan, Amortization of Gain (Loss) | 37 | 27 | 12 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 404 | 334 | 486 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 1 | 40 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | $ 0 | $ 0 | $ (111) |
Defined Benefit Plan - Summar_2
Defined Benefit Plan - Summary of Assumptions Used to Determine the Benefit Obligations and Components of the Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Discount rate | 1.85% | 2.25% | |
Expected return on plan assets | 1.85% | 2.25% | |
Rate of compensation increase | 4% | 4% | |
Long-term debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (2,400) | $ (1,100) | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 13,847 | 10,649 | $ 12,311 |
Service cost | 369 | 432 | 422 |
Interest cost | 257 | 42 | 38 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 1,090 | (1,792) | |
Employee contributions and transfer | (67) | (73) | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | 444 | 349 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 1,037 | 74 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement | (1,139) | (518) | |
Foreign currency translation | 1,207 | (176) | |
Defined Benefit Plan, Plan Assets, Amount | 11,426 | 9,521 | $ 9,449 |
Actual return on plan assets | 90 | (122) | |
Company contribution | 465 | 371 | |
Foreign currency translation | 1,008 | (82) | |
Pension Plan | Long-term debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (2,421) | $ (1,128) |
Defined Benefit Plan - Summar_3
Defined Benefit Plan - Summary of Expected Foreign Plan Benefit Payments (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 595 |
2021 | 624 |
2022 | 782 |
2023 | 1,088 |
2024 | 812 |
Thereafter | 4,262 |
Total | $ 8,163 |
Defined Benefit Plan - Summar_4
Defined Benefit Plan - Summary of Allocation of Assets in Swiss Life's Group Life Portfolio (Detail) - Pension Plan | Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | |
Allocation of pension plan assets | 100% |
Certificates Of Deposit And Cash And Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Allocation of pension plan assets | 1% |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Allocation of pension plan assets | 60% |
Hedge Funds, Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Allocation of pension plan assets | 14% |
Real Estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Allocation of pension plan assets | 24% |
Equity Method Investments [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Allocation of pension plan assets | 1% |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Jan. 30, 2024 | Jan. 25, 2024 | Oct. 30, 2023 | Oct. 26, 2023 | Jul. 30, 2023 | Jul. 27, 2023 | Apr. 30, 2023 | Apr. 27, 2023 | Jan. 30, 2023 | Jan. 26, 2023 | Oct. 30, 2022 | Oct. 27, 2022 | Jul. 30, 2022 | Jul. 28, 2022 | Apr. 30, 2022 | Apr. 28, 2022 | Jan. 30, 2022 | Jan. 20, 2022 | Oct. 30, 2021 | Oct. 22, 2021 | Sep. 07, 2021 | Aug. 03, 2021 | Jul. 30, 2021 | Jul. 22, 2021 | Apr. 30, 2021 | Apr. 22, 2021 | Nov. 20, 2019 | Mar. 13, 2018 | Jun. 28, 2017 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 02, 2019 | |
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Document Period End Date | Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 1,357,426 | $ 1,353,288 | $ 1,357,426 | $ 1,353,288 | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ (38,970) | $ (19,705) | $ 6,553 | $ (2,559) | $ (24,013) | $ (12,348) | $ 23,352 | $ 6,300 | (54,681) | (6,709) | $ 4,458 | ||||||||||||||||||||||||||||||||||
Less: Distributions paid - Allocation Interests | 26,475 | 0 | 34,058 | ||||||||||||||||||||||||||||||||||||||||||
Less: Distributions paid - Preferred Shares | $ 24,181 | 24,181 | 24,181 | ||||||||||||||||||||||||||||||||||||||||||
Trust shares, authorized (in shares) | 500,000,000 | 500,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of Trust common shares, net of offering costs | $ 74,259 | 83,851 | 114,629 | ||||||||||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 2,869 | $ 2,869 | $ 2,869 | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 12,600,000 | 12,600,000 | 12,600,000 | 12,600,000 | |||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | $ 25 | |||||||||||||||||||||||||||||||||||||||||||
Distribution declared per share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.36 | $ 0.88 | $ 0.36 | $ 0.36 | $ 0.25 | $ 0.25 | $ 0.36 | ||||||||||||||||||||||||||||||
Distribution To Shareholders | $ 17,955 | $ 17,974 | $ 17,987 | $ 18,051 | $ 18,051 | $ 17,931 | $ 17,510 | $ 17,352 | $ 23,742 | $ 57,112 | $ 23,364 | $ 23,364 | |||||||||||||||||||||||||||||||||
Net Income Loss Available to Trust Stock Net of Distributions | $ (108,206) | $ (33,759) | $ (56,650) | ||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 490,986 | $ 395,256 | 490,986 | 395,256 | |||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 923,905 | 1,015,497 | 923,905 | 1,015,497 | |||||||||||||||||||||||||||||||||||||||||
Carrying value of trade names | 866,440 | 958,032 | 866,440 | 958,032 | |||||||||||||||||||||||||||||||||||||||||
Trade names, not subject to amortization | 56,965 | 56,965 | 56,965 | 56,965 | |||||||||||||||||||||||||||||||||||||||||
Intangible assets, gross (excluding goodwill) | $ 1,414,891 | $ 1,410,753 | $ 1,414,891 | $ 1,410,753 | |||||||||||||||||||||||||||||||||||||||||
Distributions For Contribution Based Profit Allocation Payments | 2,100 | ||||||||||||||||||||||||||||||||||||||||||||
Trust shares, issued (in shares) | 75,753,000 | 72,203,000 | 75,753,000 | 72,203,000 | |||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 74,259 | $ 83,851 | 114,629 | ||||||||||||||||||||||||||||||||||||||||||
At the market offering costs | 200 | ||||||||||||||||||||||||||||||||||||||||||||
Commissions Payable to Broker-Dealers and Clearing Organizations | $ 1,500 | 1,500 | |||||||||||||||||||||||||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | $ 50,000 | |||||||||||||||||||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 482,400 | ||||||||||||||||||||||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 9,200 | ||||||||||||||||||||||||||||||||||||||||||||
Payments Of Distributions To Shareholders | $ 57,100 | $ 71,967 | $ 70,845 | 150,946 | |||||||||||||||||||||||||||||||||||||||||
us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations | 1% | ||||||||||||||||||||||||||||||||||||||||||||
At the market equity offering | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Trust shares, authorized (in shares) | 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Trust shares, issued (in shares) | 3,464,844 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 84,000 | ||||||||||||||||||||||||||||||||||||||||||||
Private Placement | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Trust shares, issued (in shares) | 3,550,000 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 75,200 | ||||||||||||||||||||||||||||||||||||||||||||
Commissions Payable to Broker-Dealers and Clearing Organizations | $ 800 | $ 800 | |||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 21.18 | $ 21.18 | |||||||||||||||||||||||||||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Trust shares, issued (in shares) | 96,400,000 | ||||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Less: Distributions paid - Allocation Interests | $ 26,475 | $ 34,058 | |||||||||||||||||||||||||||||||||||||||||||
Lugano | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Distributions For Contribution Based Profit Allocation Payments | $ 16,800 | ||||||||||||||||||||||||||||||||||||||||||||
Aci [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Distributions For Contribution Based Profit Allocation Payments | $ 24,400 | $ 12,100 | |||||||||||||||||||||||||||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | 110,997,000 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Trust common shares, net of offering costs | $ 111,000 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.875% | ||||||||||||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 1,500 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 4,000,000 | 4,600,000 | 4,600,000 | 4,600,000 | 4,600,000 | 600,000 | |||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of preferred stock | $ 115,000 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ 110,997 | $ 110,997 | $ 110,997 | $ 110,997 | |||||||||||||||||||||||||||||||||||||||||
Preferred Shares Redemption, Fundamental Change, Increase In Distribution Rate Per Annum Following Notice Period | 5% | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | ||||||||||||||||||||||||||||||||||
Distribution To Shareholders | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | $ 2,264 | ||||||||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | 96,504,000 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Trust common shares, net of offering costs | $ 96,500 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.875% | ||||||||||||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 1,300 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of preferred stock | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ 96,504 | $ 96,504 | $ 96,504 | $ 96,504 | |||||||||||||||||||||||||||||||||||||||||
Preferred Shares Redemption, Fundamental Change, Increase In Distribution Rate Per Annum Following Notice Period | 5% | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Spread | 4.985% | ||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | 96,417,000 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.25% | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of preferred stock | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ 96,417 | $ 96,417 | $ 96,417 | $ 96,417 | |||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Redemption, Fundamental Change, Increase In Distribution Rate Per Annum Following Notice Period | 5% | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | $ 453.125000 | ||||||||||||||||||||||||||||||||||
Distribution To Shareholders | $ 1,813 | $ 1,813 | $ 1,813 | $ 1,813 | $ 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 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | ||||||||||||||||||||||||||||||||||
Distribution To Shareholders | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | $ 1,969 | ||||||||||||||||||||||||||||||||||
Minimum | Series C Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25.25 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Redemption, Fundamental Change, Notice Period | 31 days | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Redemption, Notice Period | 30 days | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Tax Redemption, Notice Period | 60 days | ||||||||||||||||||||||||||||||||||||||||||||
Minimum | Series B Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25.25 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Redemption, Fundamental Change, Notice Period | 31 days | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Redemption, Notice Period | 30 days | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Tax Redemption, Notice Period | 60 days | ||||||||||||||||||||||||||||||||||||||||||||
Minimum | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25.25 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Redemption, Fundamental Change, Notice Period | 31 days | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Redemption, Notice Period | 30 days | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Tax Redemption, Notice Period | 60 days | ||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | 772,423 | 770,982 | 772,423 | 770,982 | |||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 294,628 | 237,500 | 294,628 | 237,500 | |||||||||||||||||||||||||||||||||||||||||
Carrying value of trade names | $ 477,795 | 533,482 | $ 477,795 | 533,482 | |||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 14 years | 14 years | |||||||||||||||||||||||||||||||||||||||||||
Technology and patents | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 202,898 | 200,820 | $ 202,898 | 200,820 | |||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 66,035 | 51,169 | 66,035 | 51,169 | |||||||||||||||||||||||||||||||||||||||||
Carrying value of trade names | $ 136,863 | 149,651 | $ 136,863 | 149,651 | |||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | 12 years | |||||||||||||||||||||||||||||||||||||||||||
Trade name | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 375,507 | 374,888 | $ 375,507 | 374,888 | |||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 124,648 | 101,577 | 124,648 | 101,577 | |||||||||||||||||||||||||||||||||||||||||
Carrying value of trade names | $ 250,859 | 273,311 | $ 250,859 | 273,311 | |||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 17 years | 17 years | |||||||||||||||||||||||||||||||||||||||||||
Licensing and non-compete agreements | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 4,638 | 4,638 | $ 4,638 | 4,638 | |||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 4,082 | 3,825 | 4,082 | 3,825 | |||||||||||||||||||||||||||||||||||||||||
Carrying value of trade names | $ 556 | 813 | $ 556 | 813 | |||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years | |||||||||||||||||||||||||||||||||||||||||||
Distributor relations and other | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 1,960 | 1,960 | $ 1,960 | 1,960 | |||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 1,593 | 1,185 | 1,593 | 1,185 | |||||||||||||||||||||||||||||||||||||||||
Carrying value of trade names | $ 367 | $ 775 | $ 367 | $ 775 | |||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | 4 years | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Distribution declared per share (in dollars per share) | $ 0.25 | ||||||||||||||||||||||||||||||||||||||||||||
Distribution To Shareholders | $ 18,818 | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ 0.4921875 | ||||||||||||||||||||||||||||||||||||||||||||
Distribution To Shareholders | $ 2,264 | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ 453.125000 | ||||||||||||||||||||||||||||||||||||||||||||
Distribution To Shareholders | $ 1,813 | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Series B [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Cash Distributions Paid, Per Share | $ 0.4921875 | ||||||||||||||||||||||||||||||||||||||||||||
Distribution To Shareholders | $ 1,969 |
Stockholder's Equity Stockhol_2
Stockholder's Equity Stockholders' Equity - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||||||||||
NetIncomeLossAvailabletoTrustNetofDistributions | $ (108,206) | $ (33,759) | $ (56,650) | ||||||||
Less: Effect of contribution based profit—Holding Event | 15,424 | 13,032 | 5,348 | ||||||||
Loss from continuing operations attributable to common shares | (123,630) | (46,791) | (61,998) | ||||||||
Income from continuing operations before income taxes | 300,967 | 43,096 | 110,094 | ||||||||
Income from discontinued operations of Holdings attributable to common shares | $ 300,967 | $ 39,991 | $ 110,081 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 72,105,000 | 70,715,000 | 65,362,000 | ||||||||
Income from operations—Basic and fully diluted (in dollars per share) | $ (0.74) | $ (0.45) | $ (0.44) | $ (0.18) | $ (0.49) | $ (0.34) | $ 0.15 | $ (0.09) | $ (1.71) | $ (0.66) | $ (0.95) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 2.44 | 0.12 | 0.09 | 1.47 | 0.15 | 0.13 | 0.02 | 0.23 | 4.17 | 0.56 | 1.68 |
Earnings per share, diluted | $ 1.70 | $ (0.33) | $ (0.35) | $ 1.29 | $ (0.34) | $ (0.21) | $ 0.17 | $ 0.14 | $ 2.46 | $ (0.10) | $ 0.73 |
Discontinued Operations, Disposed of by Sale | |||||||||||
Class of Stock [Line Items] | |||||||||||
Less: Effect of contribution based profit—Holding Event | $ 0 | $ (3,105) | $ (13) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Tax Examination [Line Items] | |||||
Recognized deferred tax liabilities | $ (227,161) | $ (236,850) | |||
Valuation allowance | [1] | (10,510) | (21,104) | ||
Reductions for prior years’ tax positions | 184 | 71 | $ 63 | ||
Unrecognized tax benefits, if recognized, would affect the Company's effective tax rate | 1,300 | 1,200 | |||
Unrecognized Tax Benefits | 29,322 | 1,216 | $ 1,254 | $ 1,334 | |
Unrecognized Tax Benefits, Discontinued Operations | 27,900 | ||||
Internal Revenue Service (IRS) | |||||
Income Tax Examination [Line Items] | |||||
Operating Loss Carryforwards | 19,200 | 101,500 | |||
Internal Revenue Service (IRS) | Research and Development Expense | |||||
Income Tax Examination [Line Items] | |||||
Tax Credit Carryforward, Amount | 1,700 | 1,500 | |||
Internal Revenue Service (IRS) | 2036 | |||||
Income Tax Examination [Line Items] | |||||
Operating Loss Carryforwards | 19,200 | ||||
State and Local Jurisdiction | |||||
Income Tax Examination [Line Items] | |||||
Operating Loss Carryforwards | 62,400 | 92,900 | |||
Tax Credit Carryforward, Amount | 1,200 | 3,400 | |||
Foreign Tax Authority | |||||
Income Tax Examination [Line Items] | |||||
Operating Loss Carryforwards | 13,000 | 6,800 | |||
Tax Credit Carryforward, Amount | $ 6,400 | $ 6,400 | |||
[1] Primarily relates to the Trust and 5.11, Arnold, Ergo and Velocity operating segments. |
Income Taxes - Components of th
Income Taxes - Components of the Company's pretax income (loss) before taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic (including U.S. exports) | $ (54,649) | $ 3,966 | $ 11,266 |
Foreign subsidiaries | 37,244 | 36,785 | 15,397 |
Income Before Income Taxes | $ (17,405) | $ 40,751 | $ 26,663 |
Income Taxes - Components of _2
Income Taxes - Components of the Company's Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current taxes | |||
Federal | $ 25,727 | $ 22,189 | $ 17,760 |
State | 5,458 | 5,526 | 3,835 |
Foreign | 11,853 | 11,889 | 5,234 |
Total current taxes | 43,038 | 39,604 | 26,829 |
Deferred taxes: | |||
Federal | (20,974) | (3,079) | (11,277) |
State | (798) | 2,834 | (1,823) |
Foreign | 65 | (2,266) | 1,538 |
Total deferred taxes | (21,707) | (2,511) | (11,562) |
Total tax provision | $ 21,331 | $ 37,093 | $ 15,267 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred tax assets: | |||
Tax credits | $ 8,552 | $ 9,958 | |
Accounts receivable and allowances | 1,181 | 1,658 | |
Net operating loss carryforwards | 10,574 | 27,095 | |
Accrued expenses | 6,685 | 7,722 | |
Interest expense limitation carryforwards | 19,386 | 7,419 | |
Deferred Tax Asset, Leases | 46,226 | 39,026 | |
Deferred Tax Assets, Inventory | 9,226 | 9,406 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-Based Compensation Cost | 5,976 | 6,048 | |
Deferred Tax Assets, in Process Research and Development | 5,695 | 3,232 | |
Other | 4,039 | 3,763 | |
Total deferred tax assets | 117,540 | 115,327 | |
Valuation allowance | [1] | (10,510) | (21,104) |
Net deferred tax assets | 107,030 | 94,223 | |
Deferred tax liabilities: | |||
Intangible assets | (162,771) | (178,224) | |
Property and equipment | (23,273) | (23,551) | |
Repatriation of foreign earnings | (38) | (38) | |
Deferred Tax Liabilities, Leasing Arrangements | (842) | (863) | |
Right of use assets | (40,237) | (34,174) | |
Total deferred tax liabilities | (227,161) | (236,850) | |
Total net deferred tax liability | $ (120,131) | $ (142,627) | |
[1] Primarily relates to the Trust and 5.11, Arnold, Ergo and Velocity operating segments. |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Federal Statutory Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Tax Disclosure [Abstract] | ||||
United States Federal Statutory Rate | 21% | 21% | 21% | |
State income taxes (net of Federal benefits) | (17.80%) | 8.50% | 6.50% | |
Effective Income Tax Rate Reconciliation, Deduction, Dividend, Percent | (51.00%) | 7.70% | 0% | |
Foreign income taxes | (25.90%) | 5.80% | 13.30% | |
Expenses of Compass Group Diversified Holdings, LLC representing a pass through to shareholders | [1] | 0% | 0% | 56.60% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | 20.40% | 1.40% | (0.40%) | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 0.20% | 1.30% | 1% | |
Impairment expense | (90.10%) | 2.20% | 0% | |
Non-recognition of various carryforwards at subsidiaries | 2% | 35.90% | (3.70%) | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | (8.30%) | 1.10% | (3.90%) | |
Utilization of tax credits | 29.70% | (19.00%) | (8.40%) | |
Effect of classification of assets held for sale | 0% | 21.10% | (27.30%) | |
Other | (2.80%) | 4% | 2.80% | |
Effective income tax rate | (122.60%) | 91% | 57.50% | |
[1] The effective income tax rate for the year 2021 includes a loss at the Company’s parent, which was taxed as a partnership through August 31, 2021. Beginning September 1, 2021, the Company's parent is taxed as a corporation. |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 1,216 | $ 1,254 | $ 1,334 |
Additions for current years’ tax positions | 28,325 | 91 | 31 |
Additions for prior years’ tax positions (1) | 33 | 15 | 15 |
Reductions for prior years’ tax positions | (184) | (71) | (63) |
Reductions for expiration of statute of limitations | (68) | (73) | (63) |
Ending balance | $ 29,322 | $ 1,216 | $ 1,254 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jul. 08, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 01, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment expense | $ 89,400 | $ 20,552 | $ 0 | ||
Long-term debt, gross | 1,685,000 | ||||
Ravin [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of contingent consideration | 0 | (1,600) | |||
5.11 Tactical | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 0 | 9 | |||
Ergobaby | Fair Value, Measurements, Nonrecurring | Goodwill | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment expense | 20,552 | ||||
Ergobaby | Fair Value, Measurements, Nonrecurring | Carrying Value | Goodwill | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 40,896 | ||||
Ergobaby | Level 3 | Fair Value, Measurements, Nonrecurring | Estimate of Fair Value Measurement | Goodwill | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 40,896 | ||||
Arnold | Polyfoam [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent consideration | $ 1,400 | ||||
Velocity Outdoor | Fair Value, Measurements, Nonrecurring | Goodwill | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment expense | 31,590 | ||||
Velocity Outdoor | Fair Value, Measurements, Nonrecurring | Carrying Value | Goodwill | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 8,183 | ||||
Velocity Outdoor | Level 3 | Fair Value, Measurements, Nonrecurring | Estimate of Fair Value Measurement | Goodwill | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | $ 8,183 | ||||
Velocity Outdoor | King's Camo | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent consideration | $ 3,000 | $ 1,300 | |||
Fair value of contingent consideration | $ (1,600) |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Document Period End Date | Dec. 31, 2023 | ||
Fair Value Measurements Recurring | Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 0 | $ (1,442) | $ (1,501) |
Fair Value Measurements Recurring | Estimate of Fair Value Measurement | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | ||
Fair Value Measurements Recurring | Estimate of Fair Value Measurement | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | ||
Fair Value Measurements Recurring | Estimate of Fair Value Measurement | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (1,442) | ||
Put Option | Fair Value Measurements Recurring | Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (142) | ||
Put Option | Fair Value Measurements Recurring | Estimate of Fair Value Measurement | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | ||
Put Option | Fair Value Measurements Recurring | Estimate of Fair Value Measurement | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | ||
Put Option | Fair Value Measurements Recurring | Estimate of Fair Value Measurement | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (142) | ||
Business Acquisition [Member] | Fair Value Measurements Recurring | Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (1,300) | ||
Business Acquisition [Member] | Fair Value Measurements Recurring | Estimate of Fair Value Measurement | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | ||
Business Acquisition [Member] | Fair Value Measurements Recurring | Estimate of Fair Value Measurement | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | ||
Business Acquisition [Member] | Fair Value Measurements Recurring | Estimate of Fair Value Measurement | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (1,300) | ||
Ravin [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | $ 0 | $ 1,600 |
Fair Value Measurement - Reconc
Fair Value Measurement - Reconciliations of Change in Carrying Value of Level 3 Supplemental Put Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jul. 01, 2020 | |
Fair Value Measurements Recurring | Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ (142) | $ 0 | |
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 | 0 | |
Polyfoam [Member] | |||
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 | 0 | 1,350 | |
Polyfoam [Member] | Arnold | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration | $ 1,400 | ||
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 | $ 25 | $ 300 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Assets and Liabilities Carried at Fair Value Measured on Non-recurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 17, 2021 | Mar. 23, 2021 | Mar. 02, 2021 | |
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Impairment Expenses | $ 89,400 | $ 20,552 | $ 0 | |||
Velocity Outdoor | Fair Value, Measurements, Nonrecurring | Goodwill | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Impairment Expenses | 31,590 | |||||
Velocity Outdoor | Fair Value, Measurements, Nonrecurring | Carrying Value | Goodwill | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Goodwill, Fair Value Disclosure | 8,183 | |||||
Velocity Outdoor | Fair Value, Measurements, Nonrecurring | Estimate of Fair Value Measurement | Goodwill | Level 3 | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Goodwill, Fair Value Disclosure | 8,183 | |||||
Ergobaby | Fair Value, Measurements, Nonrecurring | Goodwill | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Impairment Expenses | 20,552 | |||||
Ergobaby | Fair Value, Measurements, Nonrecurring | Carrying Value | Goodwill | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Goodwill, Fair Value Disclosure | 40,896 | |||||
Ergobaby | Fair Value, Measurements, Nonrecurring | Estimate of Fair Value Measurement | Goodwill | Level 3 | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Goodwill, Fair Value Disclosure | $ 40,896 | |||||
PrimaLoft | Fair Value, Measurements, Nonrecurring | Goodwill | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Impairment Expenses | 57,810 | |||||
PrimaLoft | Fair Value, Measurements, Nonrecurring | Carrying Value | Goodwill | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Goodwill, Fair Value Disclosure | 232,536 | |||||
PrimaLoft | Fair Value, Measurements, Nonrecurring | Estimate of Fair Value Measurement | Goodwill | Level 3 | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Goodwill, Fair Value Disclosure | $ 232,536 | |||||
Senior notes due 2026 [Member] | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||
2032 Senior Notes | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | 5% | ||||
Debt issuance, aggregate principal amount | $ 300,000 | $ 300,000 | ||||
Long-term Debt, Fair Value | $ 261,000 | |||||
2029 Senior Notes | ||||||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | ||||
Debt issuance, aggregate principal amount | $ 1,000,000 | $ 1,000,000 | ||||
Long-term Debt, Fair Value | $ 927,500 |
Noncontrolling Interest - Compa
Noncontrolling Interest - Company's Ownership Percentage of its Majority Owned Operating Segments and Related Noncontrolling Interest (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||||||||||||||||
Oct. 26, 2023 | Jul. 27, 2023 | Apr. 27, 2023 | Jan. 26, 2023 | Oct. 27, 2022 | Jul. 28, 2022 | Apr. 28, 2022 | Jan. 20, 2022 | Oct. 22, 2021 | Sep. 07, 2021 | Aug. 03, 2021 | Jul. 22, 2021 | Apr. 22, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 01, 2022 | |||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Noncontrolling interest | $ 192,631 | $ 203,464 | |||||||||||||||||
Distribution To Shareholders | $ 17,955 | $ 17,974 | $ 17,987 | $ 18,051 | $ 18,051 | $ 17,931 | $ 17,510 | $ 17,352 | $ 23,742 | $ 57,112 | $ 23,364 | $ 23,364 | |||||||
Payments Of Distributions To Shareholders | $ 57,100 | 71,967 | 70,845 | $ 150,946 | |||||||||||||||
Share-based Payment Arrangement, Expense | 10,700 | 12,000 | $ 9,800 | ||||||||||||||||
5.11 Tactical | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 55,000 | ||||||||||||||||||
Noncontrolling interest | $ 15,350 | $ 17,186 | |||||||||||||||||
5.11 Tactical | Primary | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | [1] | 97.20% | 97.70% | 97.60% | |||||||||||||||
5.11 Tactical | Fully Diluted | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | [1] | 88.90% | 88.30% | 88.40% | |||||||||||||||
Ergobaby | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 61,500 | ||||||||||||||||||
Noncontrolling interest | $ 16,756 | $ 16,020 | |||||||||||||||||
Ergobaby | Primary | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | [1] | 81.60% | 81.60% | 81.70% | |||||||||||||||
Ergobaby | Fully Diluted | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | [1] | 72.80% | 72.80% | 72.70% | |||||||||||||||
Sterno Candle Lamp | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Noncontrolling interest | $ 2,117 | $ 2,046 | |||||||||||||||||
Sterno Candle Lamp | Primary | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | [1] | 99.40% | 99.40% | 100% | |||||||||||||||
Sterno Candle Lamp | Fully Diluted | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | [1] | 87.60% | 90.70% | 87.10% | |||||||||||||||
Allocation Interests [Member] | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Noncontrolling interest | $ 100 | $ 100 | |||||||||||||||||
Boa | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 165,900 | ||||||||||||||||||
Noncontrolling interest | $ 8,316 | $ 36,215 | |||||||||||||||||
Boa | Primary | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | 91.80% | 91.80% | 91.80% | ||||||||||||||||
Boa | Fully Diluted | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | 83.20% | 83.50% | 83.80% | ||||||||||||||||
Arnold | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Noncontrolling interest | $ 1,707 | $ 1,475 | |||||||||||||||||
Arnold | Primary | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | 98% | 98% | 98% | ||||||||||||||||
Arnold | Fully Diluted | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | 85.50% | 85.50% | 85.50% | ||||||||||||||||
Lugano | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Noncontrolling interest | $ 105,425 | $ 82,967 | |||||||||||||||||
Lugano | Primary | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | 59.90% | [1] | 59.90% | 59.90% | |||||||||||||||
Lugano | Fully Diluted | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | 55.50% | [1] | 55.20% | 58.10% | |||||||||||||||
Velocity Outdoor | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Noncontrolling interest | $ 6,770 | $ 6,115 | |||||||||||||||||
Velocity Outdoor | Primary | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | [1] | 99.40% | 99.40% | 99.30% | |||||||||||||||
Velocity Outdoor | Fully Diluted | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | [1] | 87.70% | 87.70% | 87.60% | |||||||||||||||
Altor | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Noncontrolling interest | $ 5,354 | $ 5,077 | |||||||||||||||||
Altor | Primary | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | 99.30% | 99.80% | 100% | ||||||||||||||||
Altor | Fully Diluted | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | 89.80% | 88.20% | 91.20% | ||||||||||||||||
PrimaLoft | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
Noncontrolling interest | $ 30,736 | $ 36,263 | |||||||||||||||||
PrimaLoft | Primary | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | 90.70% | 90.70% | |||||||||||||||||
PrimaLoft | Fully Diluted | |||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||
% Ownership | 83.10% | 83.70% | |||||||||||||||||
[1] The principal difference between primary and fully diluted percentages of our operating segments is due to stock option issuances of operating segment stock to management of the respective business. |
Noncontrolling Interest - Summa
Noncontrolling Interest - Summary of Each Purchase of Noncontrolling Interest (Detail) - USD ($) $ in Thousands | Feb. 01, 2022 | Aug. 03, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 192,631 | $ 203,464 | ||||
5.11 Tactical | ||||||
Noncontrolling Interest [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 55,000 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 15,350 | 17,186 | ||||
Business Combination, Consideration Transferred | $ 53,700 | |||||
Ergobaby | ||||||
Noncontrolling Interest [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 61,500 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 16,756 | 16,020 | ||||
Business Combination, Consideration Transferred | $ 50,200 | |||||
Sterno Candle Lamp | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 2,117 | 2,046 | ||||
Allocation Interests [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 100 | $ 100 | ||||
Primary | 5.11 Tactical | ||||||
Noncontrolling Interest [Line Items] | ||||||
% Ownership | [1] | 97.20% | 97.70% | 97.60% | ||
Primary | Ergobaby | ||||||
Noncontrolling Interest [Line Items] | ||||||
% Ownership | [1] | 81.60% | 81.60% | 81.70% | ||
Primary | Sterno Candle Lamp | ||||||
Noncontrolling Interest [Line Items] | ||||||
% Ownership | [1] | 99.40% | 99.40% | 100% | ||
Fully Diluted | 5.11 Tactical | ||||||
Noncontrolling Interest [Line Items] | ||||||
% Ownership | [1] | 88.90% | 88.30% | 88.40% | ||
Fully Diluted | Ergobaby | ||||||
Noncontrolling Interest [Line Items] | ||||||
% Ownership | [1] | 72.80% | 72.80% | 72.70% | ||
Fully Diluted | Sterno Candle Lamp | ||||||
Noncontrolling Interest [Line Items] | ||||||
% Ownership | [1] | 87.60% | 90.70% | 87.10% | ||
[1] The principal difference between primary and fully diluted percentages of our operating segments is due to stock option issuances of operating segment stock to management of the respective business. |
Supplemental Data - Summary of
Supplemental Data - Summary of Supplemental Balance Sheet Data (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2020 | |
Summary of accrued expenses: | |||
Accrued payroll and fringe benefits | $ 44,039 | $ 31,386 | |
Accrued taxes | 13,759 | 15,608 | |
Income taxes payable | 3,878 | 3,141 | |
Accrued interest | 19,447 | 21,071 | |
Accrued rebates and discounts | 9,868 | 8,948 | |
Warranty payable | 1,375 | 1,530 | |
Accrued inventory | 33,478 | 74,858 | |
Deferred Revenue | 7,350 | 7,093 | |
Other accrued expenses | 24,262 | 20,703 | |
Total | 157,456 | 184,338 | |
Warranty liability: | |||
Beginning balance | 1,530 | 1,838 | |
Accrual | 3,489 | 2,954 | |
Warranty payments | (3,644) | (3,262) | |
Ending balance | $ 1,375 | $ 1,530 | |
Equity Method Investments | $ 3,600 |
Supplemental Data - Summary o_2
Supplemental Data - Summary of Supplemental Cash Flow Data (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |||
Interest paid | $ 108,418 | $ 86,286 | $ 58,547 |
Taxes paid | $ 79,657 | $ 26,037 | $ 27,371 |
Supplemental Data - Statement o
Supplemental Data - Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency gain (loss) | $ (819) | $ (1,163) | $ 27 |
Loss on sale of capital assets | (925) | (2,581) | (585) |
Sublease Income | 1,434 | 1,330 | 995 |
Other income (expense) | 2,053 | 93 | (1,740) |
Other expense, net | $ 1,743 | $ (2,321) | $ (1,303) |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) | Dec. 31, 2023 |
Corporate Joint Venture | Arnold Magnetics | |
Subsidiary, Sale of Stock [Line Items] | |
Non-controlling interest percent | 50% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Lease, Payments | $ 40,294 | $ 36,851 | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 9 months 3 days | 6 years 5 months 23 days | |
Operating Lease, Cost | $ 50,800 | $ 42,500 | $ 34,600 |
Operating Lease, Weighted Average Discount Rate, Percent | 8.50% | 7.76% | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 61,860 | $ 57,366 | |
Present value of lease liabilities | 202,814 | ||
Other Commitments [Line Items] | |||
Present value of lease liabilities | $ 202,814 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other non-current liabilities | Other non-current liabilities | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Rental Commitments under Operating Leases (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 44,194 |
2021 | 42,585 |
2022 | 41,606 |
2023 | 37,121 |
2024 | 29,645 |
Thereafter | 76,417 |
Lessee, Operating Lease, Liability, Payments, Due | 271,568 |
Less: Interest | 68,754 |
Present value of lease liabilities | $ 202,814 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Feb. 01, 2022 USD ($) | Sep. 03, 2021 USD ($) | Aug. 03, 2021 USD ($) | May 16, 2006 | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) vendor shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 12, 2022 USD ($) | Nov. 20, 2019 $ / shares | Mar. 13, 2018 $ / shares | |
Related Party Transaction [Line Items] | |||||||||||||
Period to acquired controlling interest in business on fifth anniversary | 30 days | ||||||||||||
Distributions Made to Holders of Allocation Interests, Cash Distributions Paid | $ (26,500) | $ (34,100) | |||||||||||
Distributions For Contribution Based Profit Allocation Payments | $ 2,100 | ||||||||||||
Percentage of allocation agreement | 37% | 38% | |||||||||||
Document Period End Date | Dec. 31, 2023 | ||||||||||||
Integration service fees | $ 2,400 | $ 4,100 | 4,900 | ||||||||||
Reimbursement of occupancy and staffing costs to CGM | 6,400 | 6,500 | 5,400 | ||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | $ 25 | |||||||||||
Management fees | $ 68,445 | 62,604 | 46,443 | ||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 3,886 | ||||||||||||
Stock Repurchased During Period, Shares | shares | 482,400 | ||||||||||||
Payments to Noncontrolling Interests | $ 11,745 | $ 11,292 | 1,275 | ||||||||||
5.11 Tactical | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Ownership percentage intercompany loan agreement | 97.70% | ||||||||||||
Ergobaby | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Ownership percentage intercompany loan agreement | 81.60% | ||||||||||||
Employees and Partners of the Manager | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage of allocation agreement | 63% | 62% | |||||||||||
Board of Directors Chairman | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage of allocation agreement | 5% | ||||||||||||
Lugano | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Distributions For Contribution Based Profit Allocation Payments | $ 16,800 | ||||||||||||
Ergobaby | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Business Combination, Consideration Transferred | $ 50,200 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 61,500 | ||||||||||||
Arnold | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Payment for Management Fee | $ 400 | ||||||||||||
Boa | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees paid equal to net asset | 2% | ||||||||||||
Business Combination, Consideration Transferred | $ 131,000 | ||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 38,000 | ||||||||||||
Management fee waiver | 1% | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 165,900 | $ 165,900 | |||||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 48,000 | ||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 39,400 | ||||||||||||
Payments to Noncontrolling Interests | 11,700 | ||||||||||||
Compensation Expense, Excluding Cost of Good and Service Sold | $ 3,100 | ||||||||||||
PrimaLoft | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees paid equal to net asset | 2% | ||||||||||||
Integration service fees | $ 4,800 | ||||||||||||
Management fee waiver | 1% | 1% | |||||||||||
Lugano | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Integration service fees | $ 2,300 | ||||||||||||
5.11 Tactical | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Business Combination, Consideration Transferred | $ 53,700 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 55,000 | ||||||||||||
Management Service Agreement with CGM | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees paid equal to net asset | 0.50% | ||||||||||||
Management fees | 68,445 | $ 62,604 | $ 46,443 | ||||||||||
Management Service Agreement with CGM | Ergobaby | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees | 500 | 500 | 500 | ||||||||||
Management Service Agreement with CGM | Velocity Outdoor | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees | 500 | 500 | 500 | ||||||||||
Management Service Agreement with CGM | Arnold | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees | 500 | 500 | 500 | ||||||||||
Management Service Agreement with CGM | Boa | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees | 1,000 | 1,000 | 1,000 | ||||||||||
Management Service Agreement with CGM | PrimaLoft | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees | 1,000 | 500 | |||||||||||
Management Service Agreement with CGM | Lugano | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees | 750 | 750 | 188 | ||||||||||
Management Service Agreement with CGM | 5.11 Tactical | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees | 1,000 | 1,000 | 1,000 | ||||||||||
Vendor | 5.11 Tactical | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Purchases from related party | $ 1,700 | 2,000 | 1,100 | ||||||||||
Ownership Interest | 40% | 40% | |||||||||||
Vendor | Executive Officer | 5.11 Tactical | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of Related Party Vendors | vendor | 1 | ||||||||||||
Vendor | Boa | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Purchases from related party | $ 42,100 | $ 56,100 | $ 48,300 | ||||||||||
CGI Diversified Holdings LP | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage of allocation agreement | 5% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Incurred Management Fees (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | $ 68,445 | $ 62,604 | $ 46,443 |
Other current liabilities | 35,465 | 35,286 | |
Related Party | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Other current liabilities | 16,000 | 15,500 | |
Management Service Agreement with CGM | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | 68,445 | 62,604 | 46,443 |
Management Service Agreement with CGM | 5.11 Tactical | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | 1,000 | 1,000 | 1,000 |
Management Service Agreement with CGM | Ergobaby | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | 500 | 500 | 500 |
Management Service Agreement with CGM | Sterno Candle Lamp | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | 500 | 500 | 500 |
Management Service Agreement with CGM | Corporate | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | 61,945 | 56,604 | 41,505 |
Management Service Agreement with CGM | Boa | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | 1,000 | 1,000 | 1,000 |
Management Service Agreement with CGM | Altor | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | 750 | 750 | 750 |
Management Service Agreement with CGM | Lugano | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | 750 | 750 | 188 |
Management Service Agreement with CGM | Velocity Outdoor | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | 500 | 500 | 500 |
Management Service Agreement with CGM | Arnold | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | 500 | 500 | $ 500 |
Management Service Agreement with CGM | PrimaLoft | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Management Fee | $ 1,000 | $ 500 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data - Summary of Unaudited Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 10 Months Ended | 12 Months Ended | 48 Months Ended | |||||||||||||
Jan. 10, 2023 | Mar. 02, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Nov. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2023 | Dec. 31, 2020 | |
Selected Quarterly Financial Information [Line Items] | |||||||||||||||||
Impairment expense | $ 89,400 | $ 20,552 | $ 0 | ||||||||||||||
Goodwill impairment expense | 89,400 | 20,552 | |||||||||||||||
Gross profit | $ 246,307 | $ 225,311 | $ 216,641 | $ 205,064 | $ 201,748 | $ 204,690 | $ 199,145 | $ 177,469 | 893,323 | 783,052 | 661,580 | ||||||
Operating income | (3,974) | 17,373 | 42,113 | 34,557 | 6,291 | 36,083 | 51,747 | 36,717 | 90,069 | 130,838 | 123,084 | ||||||
Income (loss) from continuing operations | (38,970) | (19,705) | 6,553 | (2,559) | (24,013) | (12,348) | 23,352 | 6,300 | (54,681) | (6,709) | 4,458 | ||||||
Income from discontinued operations, net of income tax | (3,123) | 8,277 | 2,821 | 9,967 | 9,545 | 9,095 | 3,594 | 11,469 | 17,942 | 33,703 | 37,324 | ||||||
Net income (loss) attributable to Holdings | $ 137,437 | $ (10,154) | $ 13,606 | $ 105,397 | $ (11,968) | $ (1,774) | $ 26,367 | $ 23,762 | $ 246,286 | $ 36,387 | $ 114,552 | ||||||
Continuing operations (in dollars per share) | $ (0.74) | $ (0.45) | $ (0.44) | $ (0.18) | $ (0.49) | $ (0.34) | $ 0.15 | $ (0.09) | $ (1.71) | $ (0.66) | $ (0.95) | ||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 2.44 | 0.12 | 0.09 | 1.47 | 0.15 | 0.13 | 0.02 | 0.23 | 4.17 | 0.56 | 1.68 | ||||||
Earnings per share, diluted | $ 1.70 | $ (0.33) | $ (0.35) | $ 1.29 | $ (0.34) | $ (0.21) | $ 0.17 | $ 0.14 | $ 2.46 | $ (0.10) | $ 0.73 | ||||||
Goodwill, impaired, accumulated impairment loss | $ 167,697 | $ 78,297 | $ 167,697 | $ 78,297 | $ 167,697 | ||||||||||||
Loss on debt extinguishment | $ 33,300 | 0 | (534) | $ (33,305) | |||||||||||||
Gain on sale of discontinued operations, net of income tax | 283,025 | 9,393 | 72,770 | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 566,989 | $ 521,065 | $ 486,889 | $ 483,933 | 529,682 | $ 533,066 | $ 487,961 | $ 458,421 | 2,058,876 | 2,009,130 | 1,723,502 | ||||||
Unrecognized Tax Benefits | 29,322 | 1,216 | 29,322 | 1,216 | 1,254 | 29,322 | $ 1,334 | ||||||||||
Unrecognized Tax Benefits, Discontinued Operations | 27,900 | 27,900 | 27,900 | ||||||||||||||
Arnold | |||||||||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||||||||
Goodwill impairment expense | 0 | 0 | $ (24,900) | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 166,679 | 153,815 | 139,941 | ||||||||||||||
Ergobaby | |||||||||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||||||||
Goodwill impairment expense | 0 | 20,552 | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 93,859 | 88,435 | 93,631 | ||||||||||||||
Velocity Outdoor | |||||||||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||||||||
Goodwill impairment expense | (32,600) | 31,590 | 0 | $ (64,500) | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 172,190 | 232,238 | 270,426 | ||||||||||||||
PrimaLoft | |||||||||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||||||||
Goodwill impairment expense | (56,800) | 57,810 | 0 | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,053 | 24,744 | |||||||||||||||
Aci [Member] | |||||||||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||||||||
Net sales | $ 8,829 | 89,503 | 90,487 | ||||||||||||||
Gross profit | 3,663 | 41,064 | 41,049 | ||||||||||||||
Operating income | $ 1,058 | 23,617 | 25,232 | ||||||||||||||
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 3,400 | 6,800 | |||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 2,100 | 98,000 | 106,900 | ||||||||||||||
Marucci | |||||||||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||||||||
Net sales | $ 167,898 | 165,411 | 118,166 | ||||||||||||||
Gross profit | 94,891 | 83,628 | 64,377 | ||||||||||||||
Operating income | $ 17,073 | $ 21,113 | $ 16,419 | ||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 241,400 | 241,400 | |||||||||||||||
Marucci and ACI | |||||||||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||||||||
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 65,300 | ||||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 348,400 | ||||||||||||||||
Discontinued Operations, Disposed of by Sale | |||||||||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||||||||
Discontinued Operation, Gain on Disposal of Discontinued Operation, Net of Tax | $ 179,530 | $ 1,274 | $ 4,232 | $ 97,989 | $ 2,500 | $ 1,479 | $ (579) | $ 5,993 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Deductions | $ 12,172 | $ 394 | $ 502 |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 10,700 | 12,812 | 17,275 |
Additions, Charge to costs and expense | 4,448 | 2,586 | 4,546 |
Deductions | 5,946 | 4,846 | 5,476 |
Balance at end of Year | 9,161 | 10,700 | 12,812 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | (41) | 148 | (3,533) |
Valuation Allowance of Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 21,104 | 9,413 | 7,012 |
Additions, Charge to costs and expense | 1,578 | 12,085 | 2,903 |
Other | 0 | 0 | 0 |
Balance at end of Year | $ 10,510 | $ 21,104 | $ 9,413 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2024 | Nov. 01, 2023 | Dec. 31, 2022 | Jul. 12, 2022 | Aug. 03, 2021 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||||||||||
Stock Repurchased During Period, Shares | 482,400 | ||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 500,305 | $ 9,393 | $ 101,039 | ||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||||||||||
Distributions For Contribution Based Profit Allocation Payments | $ 2,100 | ||||||||||
Lugano | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Disposal Group, Total enterprise value | $ 147,500 | ||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 128,000 | ||||||||||
Marucci | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Disposal Group, Total enterprise value | $ 572,000 | ||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 484,000 | ||||||||||
Subsequent Event [Member] | Marucci | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Distributions For Contribution Based Profit Allocation Payments | $ 48,900 | ||||||||||
Aci [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Distributions For Contribution Based Profit Allocation Payments | $ 24,400 | $ 12,100 | |||||||||
PrimaLoft | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Purchase price | $ 541,112 | $ 539,576 | |||||||||
Purchase price, net | $ 541,100 | ||||||||||
Percentage of controlling interest in Arnold | 9.20% | ||||||||||
Initial Term and Revolving Loan Commitment | $ 178,000 | ||||||||||
The Honey Pot | Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Purchase price, net | $ 380,000 | ||||||||||
Percentage of controlling interest in Arnold | 85% | ||||||||||
Initial Term and Revolving Loan Commitment | $ 110,000 |