Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Securities Act File Number | 001-33767 | |
Entity Registrant Name | LL Flooring Holdings, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-1310817 | |
Entity Address, Address Line One | 4901 Bakers Mill Lane | |
Entity Address, City or Town | Richmond | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23230 | |
City Area Code | 800 | |
Local Phone Number | 366-4204 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | LL | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001396033 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,862,752 | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and Cash Equivalents | $ 9,965 | $ 10,800 |
Merchandise Inventories, Net | 282,622 | 332,296 |
Prepaid Expenses | 8,477 | 9,054 |
Other Current Assets | 18,834 | 17,598 |
Total Current Assets | 319,898 | 369,748 |
Property and Equipment, Net | 98,979 | 101,758 |
Operating Lease Right-of-Use Assets | 144,512 | 123,172 |
Deferred Tax Assets, Net | 13,697 | |
Other Assets | 5,426 | 5,578 |
Total Assets | 568,815 | 613,953 |
Current Liabilities: | ||
Accounts Payable | 61,205 | 47,733 |
Customer Deposits and Store Credits | 42,252 | 43,767 |
Accrued Compensation | 6,867 | 9,070 |
Sales and Income Tax Liabilities | 2,170 | 3,574 |
Accrual for Legal Matters and Settlements - Current | 20,589 | 22,159 |
Operating Lease Liabilities - Current | 31,666 | 34,509 |
Other Current Liabilities | 26,488 | 19,712 |
Total Current Liabilities | 191,237 | 180,524 |
Other Long-Term Liabilities | 6,670 | 6,162 |
Operating Lease Liabilities - Long-Term | 120,048 | 99,186 |
Credit Agreement | 77,000 | 72,000 |
Total Liabilities | 394,955 | 357,872 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common Stock ($0.001 par value; 35,000 shares authorized; 30,971 and 30,758 shares issued and 28,840 and 28,695 shares outstanding at September 30, 2023, and December 31, 2022, respectively) | 31 | 31 |
Treasury Stock, at cost (2,131 and 2,063 shares, respectively) | (153,607) | (153,331) |
Additional Capital | 235,443 | 231,839 |
Retained Earnings | 91,993 | 177,542 |
Total Stockholders' Equity | 173,860 | 256,081 |
Total Liabilities and Stockholders' Equity | $ 568,815 | $ 613,953 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 35,000 | 35,000 |
Common Stock, shares, issued | 30,971 | 30,758 |
Common Stock, shares outstanding | 28,840 | 28,695 |
Treasury Stock, shares | 2,131 | 2,063 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Sales | $ 215,846,000 | $ 268,821,000 | $ 692,966,000 | $ 846,810,000 |
Cost of Sales | 147,338,000 | 173,239,000 | 451,927,000 | 540,399,000 |
Gross Profit | 68,508,000 | 95,582,000 | 241,039,000 | 306,411,000 |
Selling, General and Administrative Expenses | 98,109,000 | 99,692,000 | 304,294,000 | 300,804,000 |
Operating (Loss) Income | (29,601,000) | (4,110,000) | (63,255,000) | 5,607,000 |
Other Expense (Income) | 6,391,000 | 646,000 | 8,225,000 | 830,000 |
(Loss) Income Before Income Taxes | (35,992,000) | (4,756,000) | (71,480,000) | 4,777,000 |
Income Tax (Benefit) Expense | (30,400) | (982,000) | 14,069,000 | 1,778,000 |
Net (Loss) Income and Comprehensive (Loss) Income | $ (35,962,000) | $ (3,774,000) | $ (85,549,000) | $ 2,999,000 |
Net (Loss) Income per Common Share-Basic | $ (1.25) | $ (0.13) | $ (2.97) | $ 0.1 |
Net (Loss) Income per Common Share-Diluted | $ (1.25) | $ (0.13) | $ (2.97) | $ 0.1 |
Weighted Average Common Shares Outstanding: | ||||
Basic | 28,839 | 28,668 | 28,769 | 28,859 |
Diluted | 28,839 | 28,668 | 28,769 | 29,010 |
Product [Member] | ||||
Net Sales | $ 183,579,000 | $ 229,204,000 | $ 596,267,000 | $ 731,044,000 |
Cost of Sales | 120,878,000 | 142,041,000 | 373,568,000 | 449,987,000 |
Net Services Sales | ||||
Net Sales | 32,267,000 | 39,617,000 | 96,699,000 | 115,766,000 |
Cost of Sales | $ 26,460,000 | $ 31,198,000 | $ 78,359,000 | $ 90,412,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning Balance at Dec. 31, 2021 | $ 272,121 | $ 31 | $ (145,337) | $ 227,804 | $ 189,623 |
Beginning Balance (in shares) at Dec. 31, 2021 | 29,113 | 1,423 | |||
Stock-Based Compensation Expense | 2,818 | 2,818 | |||
Exercise of Stock Options | 296 | 296 | |||
Exercise of Stock Options (in shares) | 21 | ||||
Release of Restricted Shares (in shares) | 123 | ||||
Common Stock Repurchased | (7,947) | $ (7,947) | |||
Common Stock Repurchased, (in treasury shares) | 634 | ||||
Common Stock Repurchased (in shares) | (571) | ||||
Net (Loss) Income | 2,999 | 2,999 | |||
Ending Balance at Sep. 30, 2022 | 270,287 | $ 31 | $ (153,284) | 230,918 | 192,622 |
Ending Balance (in shares) at Sep. 30, 2022 | 28,686 | 2,057 | |||
Beginning Balance at Jun. 30, 2022 | 273,269 | $ 31 | $ (153,244) | 230,086 | 196,396 |
Beginning Balance (in shares) at Jun. 30, 2022 | 28,680 | 2,053 | |||
Stock-Based Compensation Expense | 832 | 832 | |||
Release of Restricted Shares (in shares) | 6 | ||||
Common Stock Repurchased | (40) | $ (40) | |||
Common Stock Repurchased, (in treasury shares) | 4 | ||||
Net (Loss) Income | (3,774) | (3,774) | |||
Ending Balance at Sep. 30, 2022 | 270,287 | $ 31 | $ (153,284) | 230,918 | 192,622 |
Ending Balance (in shares) at Sep. 30, 2022 | 28,686 | 2,057 | |||
Beginning Balance at Dec. 31, 2022 | 256,081 | $ 31 | $ (153,331) | 231,839 | 177,542 |
Beginning Balance (in shares) at Dec. 31, 2022 | 28,695 | 2,063 | |||
Stock-Based Compensation Expense | 3,604 | 3,604 | |||
Release of Restricted Shares (in shares) | 145 | ||||
Common Stock Repurchased | (276) | $ (276) | |||
Common Stock Repurchased, (in treasury shares) | 68 | ||||
Net (Loss) Income | (85,549) | (85,549) | |||
Ending Balance at Sep. 30, 2023 | 173,860 | $ 31 | $ (153,607) | 235,443 | 91,993 |
Ending Balance (in shares) at Sep. 30, 2023 | 28,840 | 2,131 | |||
Beginning Balance at Jun. 30, 2023 | 208,613 | $ 31 | $ (153,605) | 234,232 | 127,955 |
Beginning Balance (in shares) at Jun. 30, 2023 | 28,838 | 2,130 | |||
Stock-Based Compensation Expense | 1,211 | 1,211 | |||
Release of Restricted Shares (in shares) | 2 | ||||
Common Stock Repurchased | (2) | $ (2) | |||
Common Stock Repurchased, (in treasury shares) | 1 | ||||
Net (Loss) Income | (35,962) | (35,962) | |||
Ending Balance at Sep. 30, 2023 | $ 173,860 | $ 31 | $ (153,607) | $ 235,443 | $ 91,993 |
Ending Balance (in shares) at Sep. 30, 2023 | 28,840 | 2,131 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net (Loss) Income | $ (85,549) | $ 2,999 |
Adjustments to Reconcile Net (Loss) Income: | ||
Depreciation and Amortization | 14,597 | 13,723 |
Deferred Income Tax Provision | 13,806 | 51 |
Income on Vouchers Redeemed for Legal Settlements | (622) | (1,051) |
Stock-Based Compensation Expense | 3,604 | 2,818 |
Provision for Inventory Obsolescence Reserves | 3,005 | 742 |
Loss on Disposal of Fixed Assets | 29 | |
Changes in Operating Assets and Liabilities: | ||
Merchandise Inventories | 45,714 | (113,828) |
Accounts Payable | 15,589 | (1,619) |
Customer Deposits and Store Credits | (1,515) | (18,186) |
Prepaid Expenses and Other Current Assets | (463) | (4,861) |
Accrued Compensation | (2,203) | (2,536) |
Accrual for Legal Matters and Settlements | 244 | 293 |
Payments for Legal Matters and Settlements | (224) | (8,123) |
Other Assets and Liabilities | 2,406 | 5,814 |
Net Cash Provided by (Used in) Operating Activities | 8,418 | (123,764) |
Cash Flows from Investing Activities: | ||
Purchases of Property and Equipment | (13,977) | (16,787) |
Other Investing Activities | 64 | |
Net Cash Used in Investing Activities | (13,977) | (16,723) |
Cash Flows from Financing Activities: | ||
Borrowings on Credit Agreement | 237,000 | 201,000 |
Payments on Credit Agreement | (232,000) | (132,000) |
Common Stock Repurchased | (7,947) | |
Other Financing Activities | (276) | 296 |
Net Cash Provided by Financing Activities | 4,724 | 61,349 |
Net Decrease in Cash and Cash Equivalents | (835) | (79,138) |
Cash and Cash Equivalents, Beginning of Period | 10,800 | 85,189 |
Cash and Cash Equivalents, End of Period | 9,965 | 6,051 |
Supplemental disclosure of non-cash operating activities: | ||
Relief of Inventory for Vouchers Redeemed for Legal Settlements | 968 | 1,849 |
Supplemental disclosure of non-cash investing activities: | ||
Tenant Improvement Allowance for Leases | $ (196) | $ (1,148) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (35,962) | $ (3,774) | $ (85,549) | $ 2,999 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation LL Flooring Holdings, Inc., formerly Lumber Liquidators Holdings, Inc., and its direct and indirect subsidiaries (collectively and, where applicable, individually, "LL Flooring" or the "Company") engage in business as a multi-channel specialty retailer of hard-surface flooring, and hard-surface flooring enhancements and accessories, operating as a single operating segment. The Company offers an extensive assortment of hard-surface flooring including waterproof hybrid resilient, waterproof vinyl plank, solid and engineered hardwood, laminate, bamboo, tile, and cork, with a wide range of flooring enhancements and accessories to complement. In addition, the Company also began offering carpet during 2023, with 61 store locations offering carpet as of the end of the third quarter. The Company also provides in-home delivery and installation services to its customers. The Company primarily sells to consumers or to Pros on behalf of consumers through a network of store locations in metropolitan areas. As of September 30, 2023, the Company’s 443 stores spanned 47 states in the United States ("U.S."). In addition to the store locations, the Company’s products may be ordered, and customer questions or concerns addressed, through both its customer contact center in Richmond, Virginia, and its digital platform, LLFlooring.com (information contained on or connected to our website is not incorporated by reference in this report and should not be considered part of this or any other report that we file with or furnish to the Securities and Exchange Commission ("SEC")). The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10‑Q for interim financial reporting pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments (consisting of normal and recurring adjustments except those otherwise described herein) considered necessary for a fair presentation have been included in the accompanying consolidated financial statements. However, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. Therefore, the interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s annual report filed on Form 10‑K for the year ended December 31, 2022. The consolidated financial statements of the Company include the accounts of its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash and cash equivalents, accounts payable and other liabilities approximate fair value because of the short-term nature of these items. The carrying value of the Revolving Credit Facility approximates fair value due to the variable rate of interest. Merchandise Inventories The Company values merchandise inventories at the lower of cost or net realizable value. The method by which amounts are removed from inventory is weighted average cost. All of the hardwood flooring purchased from vendors is either prefinished or unfinished, and in immediate saleable form. The Company relies on a select group of international and domestic suppliers to provide imported flooring products that meet the Company’s specifications. The Company is subject to risks associated with obtaining products from abroad, including disruptions or delays in production, shipments, supply chain, delivery or processing, including due to trade restrictions. Also included in merchandise inventories are tariff-related costs. Recognition of Net Sales The Company generates revenues primarily by retailing merchandise in the form of hard-surface flooring, carpet, and accessories. Additionally, the Company expands its revenues by offering services to deliver and/or install this merchandise for its customers; it considers these services to be separate performance obligations. The separate performance obligations are detailed on the customer’s invoice(s) and the customer often purchases flooring merchandise without purchasing installation or delivery services. Sales occur through the Company’s network of 443 stores, which spanned 47 states on September 30, 2023, and its digital platform, LLFlooring.com . The Company’s agreements with its customers are of short duration (less than a year), and as such the Company has elected not to disclose revenue for partially satisfied contracts that will be completed in the days following the end of a period as permitted by GAAP. The Company reports its revenues exclusive of sales taxes collected from customers and remitted to governmental taxing authorities, consistent with past practice. Revenue is based on consideration specified in a contract with a customer and excludes any sales incentives from vendors. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer or performing services for a customer. Revenues from installation and freight services are recognized when the delivery is made or the installation is complete, which approximates the recognition of revenue over time due to the short duration of service provided. The price of the Company’s merchandise and services is specified in the respective contract and detailed on the invoice agreed to with the customer including any discounts. The Company generally requires customers to pay a deposit, equal to approximately half of the retail sales value, when ordering merchandise not regularly carried in a given location or not currently in stock. In addition, the Company generally does not extend credit to its customers with payment due in full at the time the customer takes possession of merchandise or when the service is provided. Customer payments and deposits received in advance of the customer taking possession of the merchandise or receiving the services are recorded as deferred revenues in the accompanying consolidated balance sheet caption "Customer Deposits and Store Credits." The following table shows the activity in this account for the periods noted: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Customer Deposits and Store Credits, Beginning Balance $ ( 42,404 ) $ ( 58,427 ) $ ( 43,767 ) $ ( 67,063 ) New Deposits ( 229,433 ) ( 276,235 ) ( 735,996 ) ( 884,551 ) Recognition of Revenue 215,846 268,821 692,966 846,810 Sales Tax included in Customer Deposits 12,642 15,980 41,154 51,152 Other 1,097 984 3,391 4,775 Customer Deposits and Store Credits, Ending Balance $ ( 42,252 ) $ ( 48,877 ) $ ( 42,252 ) $ ( 48,877 ) Subject to limitations under the Company’s policy, return of unopened merchandise is accepted for 90 days, subject to the discretion of the store manager. The amount of revenue recognized for flooring merchandise is adjusted for expected returns, which are estimated based on the Company’s historical data, current sales levels, and forecasted economic trends. The Company uses the expected value method to estimate returns because it has a large number of contracts with similar characteristics. The Company reduces revenue by the number of expected returns and records it within "Other Current Liabilities" on the consolidated balance sheet. The sales return reserve was $ 1.8 million and $ 2.2 million on September 30, 2023 and December 31, 2022, respectively. In addition, the Company recognizes a related asset for the right to recover returned merchandise and records it in the "Other Current Assets" caption of the accompanying consolidated balance sheet. This amount was $ 1.0 million and $ 1.2 million on September 30, 2023 and December 31, 2022, respectively. The Company recognizes sales commissions as incurred since the amortization period is less than one year. In total, the Company offers hundreds of different flooring products; however, no single flooring product represented a significant portion of its sales mix. By major product category, the Company’s sales mix was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except percentage data) Manufactured Products 1 $ 102,134 47 % $ 128,213 48 % $ 335,379 48 % $ 405,654 48 % Solid and Engineered Hardwood 49,976 23 % 62,838 23 % 161,029 23 % 203,785 24 % Moldings and Accessories and Other 31,469 15 % 38,153 14 % 99,859 15 % 121,605 14 % Installation and Delivery Services 32,267 15 % 39,617 15 % 96,699 14 % 115,766 14 % Total $ 215,846 100 % $ 268,821 100 % $ 692,966 100 % $ 846,810 100 % 1 Includes engineered vinyl plank, laminate, vinyl and tile. Cost of Sales Cost of sales includes the cost of products sold, including tariffs, the cost of installation services, and transportation costs from vendors to the Company’s distribution centers or store locations. It also includes transportation costs from distribution centers to store locations, transportation costs for the delivery of products from store locations to customers, certain costs of quality control procedures, warranty and customer satisfaction costs, inventory adjustments including obsolescence and shrinkage, and costs to produce and ship samples, which are net of vendor allowances. For the three and nine months ended September 30, 2023 , "Cost of Sales" on the consolidated statements of operations and comprehensive (loss) and income also included $ 1.6 million and $ 6.1 million in incremental costs related to the vinyl flooring U.S. Customs and Border Protection ("CBP") detentions of vinyl flooring under the Uyghur Forced Labor Prevention Act ("UFLPA"). In the third quarter, the Company also recorded an unfavorable $ 10.7 million 2012-2013 antidumping duty rate change to "Cost of Sales" on the consolidated statements of operations and comprehensive (loss) income. This adjustment is discussed further in Item 1, Note 7 to the consolidated financial statements below. The Company offers a range of limited warranties for the durability of the finish on its prefinished products to its services provided. These limited warranties range from one to 100 years , with lifetime warranties for certain of the Company’s products. Warranty reserves are based primarily on claims experience, sales history and other considerations, including payments made to satisfy customers for claims not directly related to the warranty on the Company’s products. Warranty costs are recorded in cost of sales. The related reserve was $ 0.7 million and $ 1.0 million on September 30, 2023 and December 31, 2022, respectively, and recorded in "Other Current Liabilities" on the accompanying consolidated balance sheets. The Company seeks recovery from its vendors and third-party independent contractors of installation services for certain amounts paid. Vendor allowances mostly consist of volume rebates and are accrued as earned, with those allowances received as a result of attaining certain purchase levels accrued over the incentive period based on estimates of purchases. Volume rebates earned are initially recorded as a reduction in merchandise inventories and a subsequent reduction in cost of sales when the related product is sold. Reimbursement received for the cost of producing samples is recorded as an offset against cost of sales. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Note 3. Stockholders’ Equity Net (Loss) Income per Common Share The following table sets forth the computation of basic and diluted net (loss) income per common share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except per share data) Net (Loss) Income $ ( 35,962 ) $ ( 3,774 ) $ ( 85,549 ) $ 2,999 Weighted Average Common Shares Outstanding—Basic 28,839 28,668 28,769 28,859 Effect of Dilutive Securities: Common Stock Equivalents — — — 151 Weighted Average Common Shares Outstanding—Diluted 28,839 28,668 28,769 29,010 Net (Loss) Income per Common Share—Basic $ ( 1.25 ) $ ( 0.13 ) $ ( 2.97 ) $ 0.10 Net (Loss) Income per Common Share—Diluted $ ( 1.25 ) $ ( 0.13 ) $ ( 2.97 ) $ 0.10 The following shares have been excluded from the computation of Weighted Average Common Shares Outstanding—Diluted because the effect would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Stock Options 517 633 573 448 Restricted Shares 2,095 503 1,626 365 Stock Repurchase Program In February 2012, the Company’s board of directors adopted an authorization for the repurchase of up to a total of $ 50.0 million of the Company’s common stock, which it increased by $ 50.0 million in each of November 2012 and January 2014. As of February 2022, the Company had purchased approximately $ 135.3 million common stock with $ 14.7 million remaining under this authorization, and the board of directors further increased this authority by an additional $ 35.3 million for a total authorization to repurchase up to $ 50.0 million of the Company’s common stock on the open market or in private transactions. As of September 30, 2023, there remains $ 43.0 million outstanding under the share repurchase authorization, which does not have an expiration date. The Company did no t repurchase any shares under the authorization during the three and nine months ended September 30, 2023. The timing and amount of any share repurchases under the authorization will be determined at the Company's discretion and based on market conditions and other considerations. Share repurchases under the authorizations may be made through open market purchases or pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934. The program does not obligate LL Flooring to acquire any particular amount of its common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. Outside of the share repurchase program, the Company repurchased $ 2.4 thousand, or 0.7 thousand shares, of its common stock through net settlement of restricted share awards that vested during the three months ended September 30, 2023. During the nine months ended September 30, 2023 , the Company repurchased a total of $ 0.3 million, or 67.9 thousand shares, of its common stock through net settlement of restricted share awards that vested during the period. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 4. Stock-based Compensation The following table summarizes share activity related to employee stock options and restricted stock awards ("RSAs"): Stock Options Restricted Stock Awards (in thousands) Options Outstanding/Nonvested RSAs, December 31, 2022 724 637 Granted — 2,194 Options Exercised/RSAs Released — ( 170 ) Forfeited ( 236 ) ( 403 ) Options Outstanding/Nonvested RSAs, September 30, 2023 488 2,258 The Company granted a target of 292.1 thousand performance awards with a grant date fair value of $ 1.3 million during the nine months ended September 30, 2023 , a target of 94.6 thousand performance awards with a grant date fair value of $ 1.5 million during the nine months ended September 30, 2022 , and a target of 47.8 thousand performance awards with a grant date fair value of $ 1.1 million during the nine months ended September 30, 2021 . The performance awards in 2023 were awarded to certain members of senior management in connection with certain market conditions. The performance awards in 2022 and 2021 were awarded to certain members of senior management in connection with performance conditions based on achievement of specific key financial metrics. All performance awards will cliff vest if the respective performance conditions are met at the end of the respective 3-year service periods. The Company assesses the probability of achieving these metrics on a quarterly basis. For these awards, the Company recognizes the fair value expense ratably over the service and vesting period. These awards are included above in RSAs granted. Under the Company’s equity incentive plan, the Company’s non-employee directors are compensated with an annual RSA grant. The amount of outstanding nonvested RSAs granted to non-employee directors was 166.7 thousand and 43.1 thousand on September 30, 2023 and December 31, 2022 , respectively. The Company also maintains the Outside Directors Deferral Plan under which each of the Company’s non-employee directors has the opportunity to elect annually to defer certain fees (which are payable in cash or in shares of Common Stock with a vesting period of approximately one year ). A non-employee director may elect to defer up to 100 % of his or her fees and have such fees invested in deferred stock units. Deferred stock units must be settled in common stock in either a lump sum or up to five annual equal payments following a director's departure from the board. There were 362.0 thousand and 245.0 thousand deferred stock units outstanding at September 30, 2023 and December 31, 2022, respectively. Stock-based compensation expense attributable to the Company's share-based equity awards was $ 1.2 million and $ 0.8 million for the three months ended September 30, 2023 and 2022, respectively, and $ 3.6 million and $ 2.8 million for the nine months ended September 30, 2023 and 2022, respectively. Stock-based compensation expense attributed to share-based equity awards issued under the Incentive Plan is recognized on a straight-line basis over the terms of the respective awards and is included in "Selling, General and Administrative Expenses" on the Company's consolidated statements of operations and comprehensive (loss) income. |
Credit Agreement
Credit Agreement | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Credit Agreement | Note 5. Credit Agreement On December 27, 2022, the Company entered into a Waiver and Third Amendment to the Credit Agreement (the "Amendment") with Bank of America, N.A. ("the "Bank") and Wells Fargo Bank, National Association ("Wells" and, collectively with the Bank, the "Lenders") and the Bank in its capacity as administrative agent and collateral agent (in this capacity, the "Agent") and Wells as syndication agent. The Amendment, among other things, (i) changed the rate under the Credit Agreement for borrowings from a LIBOR-based rate to a Term SOFR-based rate (as defined in the Amendment), subject to certain adjustments specified in the Amendment and (ii) provided a waiver of a technical event of default under the Credit Agreement related to providing notice to the Lenders of the Company’s name change from Lumber Liquidators Holdings, Inc. to LL Flooring Holdings, Inc. Except as set forth in the Amendment, all other terms and conditions of the Credit Agreement remain in place. The Credit Agreement contains a Revolving Credit Facility of up to $ 200.0 million subject to the conditions under the Revolving Borrowing Base, and the Company has an option to increase the Revolving Credit Facility to a maximum total amount of $ 250.0 million. The Credit Agreement has a maturity date of April 30, 2026 . The Revolving Credit Facility is secured by security interests in the Collateral (as defined in the Credit Agreement), which includes substantially all assets of the Company including, among other things, the Company’s inventory and credit card receivables, and the Company’s East Coast distribution center located in Sandston, Virginia. Under the terms of the Credit Agreement, the Company has the ability to release the East Coast distribution center from the Collateral under certain conditions. The Amendment defines the margin for Term SOFR Rate Loans (as defined in the Amendment) as a range of 1.25 % to 1.75 % over the applicable Term SOFR Rate with respect to revolving loans depending on the Company’s average daily excess borrowing availability. The unused commitment fee is 0.25 % per annum based on the average daily unused amount of the Revolving Credit Facility during the most recently completed calendar quarter. The weighted average interest rate applicable to the Company's Revolving Credit Facility for the three and nine months ended September 30, 2023 was 6.9 % and 6.5 %, respectively. The Credit Agreement contains a fixed charge coverage ratio covenant that becomes effective only when specified availability under the Revolving Credit Facility falls below the greater of $ 17.5 million or 10 % of the Revolving Loan Cap (as defined in the Credit Agreement). As of September 30, 2023, there was $ 77.0 million outstanding under the Revolving Credit Facility. The Company had $ 7.1 million in letters of credit which reduces its availability. As of September 30, 2023 , there was $ 110.2 million of availability under the Credit Agreement, which represents a decrease of $ 14.6 million from $ 124.8 million of availability as of December 31, 2022. Given the availability at September 30, 2023, the fixed charge coverage ratio covenant has not been triggered. |
Taxes
Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6. Taxes The Company calculates its quarterly tax provision pursuant to the guidelines in Accounting Standards Codification ("ASC") 740-270 "Income Taxes." Generally, ASC 740-270 requires companies to estimate the annual effective tax rate for current year ordinary income. The estimated annual effective tax rate represents the best estimate of the tax provision in relation to the best estimate of pre-tax ordinary income or loss. The estimated annual effective tax rate is then applied to year-to-date ordinary income or loss to calculate the year-to-date interim tax provision and is adjusted for discrete items that occur within the period. For the three months ended September 30, 2023 , the Company recognized an income tax benefit of $ 30.4 thousand, which represented an effective tax rate of ( 0.1 )%. For the three months ended September 30, 2022 , the Company recognized income tax benefit of $ 1.0 million, which represented an effective tax rate of ( 20.6 )%. The change of effective tax rate in the current period primarily reflects the impact of the valuation allowance on deferred tax assets. For the nine months ended September 30, 2023, the Company recognized an income tax expense of $ 14.1 million , which represented an effective tax rate of ( 19.7 )% . For the nine months ended September 30, 2022, the Company recognized income tax expense of $ 1.8 million , which represented an effective tax rate of 37.2 % . The change in effective tax rate is caused by the same drivers of the change in effective tax rate for the quarter. As of September 30, 2023, the Company has a full valuation allowance of $ 31.9 million recorded against its net deferred tax assets as it is presently deemed more likely than not that the benefit of such net tax assets will not be utilized. Due to recent cumulative losses, the Company did not rely upon projections of future taxable income in assessing the recoverability of deferred tax assets. The Company intends to maintain a valuation allowance on its deferred tax assets unless there is sufficient evidence to support the reversal of all or some portion of these allowances. A reduction in the valuation allowance could result in a significant decrease in income tax expense in the period that the release is recorded. However, the exact timing and amount of any reduction in our valuation allowance are unknown at this time and will be subject to the earnings level we achieve in future periods and estimates of future taxable income and will be made in the period such determination is made. In February 2022, the Company received sales tax and use tax assessments from the Commonwealth of Virginia covering part of 2014 through 2017. The Company believes there are factual errors, is disputing this assessment, and will defend itself vigorously in this matter. The Company is pursuing an administrative appeal, which was filed on April 15, 2022. Given the uncertainty of the final resolution, the Company cannot reasonably estimate the loss or range of loss, if any, that may result from this action and therefore no specific accrual has been made related to this. Any losses could, potentially, have a material adverse effect, individually or collectively, on the Company’s results of operations, financial condition and liquidity. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7. Commitments and Contingencies The following chart shows the activity related to current legal matters and settlements accrued. The matters themselves are described in greater detail in the paragraphs that follow the chart. December 31, 2022 September 30, 2023 Litigation Matter Accrual for Legal Matters Settlement Vouchers Accrual for Legal Matters Description and Settlements - Current Accruals Payments Redeemed and Settlements - Current (in thousands) MDL $ 9,070 $ — $ — $ ( 730 ) $ 8,340 1 Gold 12,864 — — ( 860 ) 12,004 1 Other Matters 225 244 ( 224 ) — 245 $ 22,159 $ 244 $ ( 224 ) $ ( 1,590 ) $ 20,589 December 31, 2021 September 30, 2022 Litigation Matter Accrual for Legal Matters Settlement Vouchers Accrual for Legal Matters Description and Settlements - Current Accruals Payments Redeemed and Settlements - Current (in thousands) MDL $ 10,656 $ — $ — $ ( 1,231 ) $ 9,425 Gold 14,885 — — ( 1,670 ) 13,215 Mason 7,000 129 ( 7,129 ) — — Other Matters 1,070 164 ( 993 ) — 241 $ 33,611 $ 293 $ ( 8,122 ) $ ( 2,901 ) $ 22,881 1 The remaining accrual will be fulfilled by redeeming vouchers as discussed below. Litigation Related to Formaldehyde-Abrasion MDLs In 2018, the Company entered into a settlement agreement to resolve claims related to Chinese-manufactured laminate products (the "Formaldehyde-Abrasion MDL"). Under the terms of the settlement agreement, the Company funded $ 22.0 million in cash and provided $ 14.0 million in store-credit vouchers for an aggregate settlement amount of $ 36.0 million to settle cla ims. Cash and vouchers, which generally have a three-year life, were distributed by the administrator in the fourth quarter of 2020. The Company will monitor and evaluate the redemption of vouchers on a quarterly basis. The Company intends for recipients to redeem their vouchers for product, as this compensation was provided as part of the legal settlement and is available for redemption until expiration. The rules on the expiration or escheat of any unused vouchers vary by state, and to the extent any expire unused, they will be terminated in accordance with those respective rules. As of September 30, 2023, the remaining accrual related to these matters was $ 8.3 million for vouchers. As $ 0.7 million of vouchers were redeemed during the nine months ended September 30, 2023 , the Company reduced the accrual for legal matters and settlements for the full amount, relieved inventory at its cost, and the remaining amount -- the gross margin for the items sold of $ 0.3 million was recorded as a reduction in "Selling, General and Administrative Expenses" ("SG&A") on the consolidated statement of operations. The Company included those amounts in "MDL" in the chart above. Litigation Relating to Bamboo Flooring In 2019, the Company finalized a settlement agreement to resolve claims related to Morning Star bamboo flooring (the "Gold Litigation"). Under the terms of the settlement agreement, the Company contributed $ 14.0 million in cash and provided $ 16.0 million in store-credit vouchers, for an aggregate settlement of up to $ 30.0 million. Cash and vouchers, which generally have a three-year life, were distributed by the administrator in 2021. The Company will monitor and evaluate the redemption of vouchers on a quarterly basis. The Company intends for recipients to redeem their vouchers for product, as this compensation was provided as part of the legal settlement and is available for redemption until expiration. The rules on the expiration or escheat of any unused vouchers vary by state, and to the extent any expire unused, they will be terminated in accordance with those respective rules. As of September 30, 2023, the remaining accrual related to these matters was $ 12.0 million for vouchers. As $ 0.9 million of vouchers were redeemed during the nine months ended September 30, 2023, the Company reduced the accrual for legal matters and settlements for the full amount, relieved inventory at its cost, and the remaining amount -- the gross margin for the items sold of $ 0.3 million was recorded as a reduction in "Selling, General and Administrative Expenses" ("SG&A") on the consolidated statement of operations. The Company included those amounts in "Gold" in the chart above. Mason Lawsuit In the second quarter of 2022, the Company paid $ 7.1 million in settlement of a purported collective and class action lawsuit in the United States District Court for the Eastern District of New York on behalf of all current and former store managers, store managers in training, and similarly situated current and former employees (collectively, the "Mason Putative Class Employees") alleging that the Company violated the Fair Labor Standards Act ("FLSA") and New York Labor Law ("NYLL") by classifying the Mason Putative Class Employees as exempt (the "Mason matter"). The alleged violations include failure to pay for overtime work. Antidumping and Countervailing Duties Investigation In October 2010, a conglomeration of domestic manufacturers of multilayered wood flooring ("Petitioners") filed a petition seeking the imposition of antidumping ("AD") and countervailing duties ("CVD") with the United States Department of Commerce ("DOC") and the United States International Trade Commission ("ITC") against imports of multilayered wood flooring from China. This ruling applies to companies importing multilayered wood flooring from Chinese suppliers subject to the AD and CVD orders. The Company’s multilayered wood flooring imports from China accounted for approximately 4.9 % of its flooring purchases for the year ended December 31, 2022. As part of its processes in these proceedings, the DOC conducts annual reviews of the AD and CVD rates. In such cases, the DOC will issue preliminary rates that are not binding and are subject to comment by interested parties. After consideration of the comments received, the DOC will issue final rates for the applicable period, which may lag by a year or more. At the time of import, the Company makes deposits at the then prevailing rate, even while the annual review is in process. When rates are declared final by the DOC, the Company recognizes a receivable or accrues a payable depending on where that final rate compares to the deposits it has made. The final rate amounts are not accrued by the Company until the DOC publishes these rates or the Company receives a notice from CBP, as such the rate amounts are not probable or reasonably estimable until that time. The Company and/or the domestic manufacturers can appeal the final rate for any period and, and the DOC can place a hold on final settlement by CBP while the appeals are pending. The Company as well as other involved parties have appealed many of the final rate determinations. Certain of those appeals are pending and, at times, have resulted in delays in settling the shortfalls and refunds. Because of the length of time for finalization of rates as well as appeals, any subsequent adjustment of AD and CVD rates typically flows through a period different from those in which the inventory was originally purchased and/or sold. During the third quarter of 2023, the Company received notice from CBP that its imports of multilayered hardwood from China for the antidumping review period of December 1, 2012 to November 30, 2013 would be assessed at a 49.84 % company-specific rate instead of the 3.92 % weighted average rate published in the Federal Register. The change from the published weighted average rate to the company-specific antidumping duty rate resulted in additional antidumping duty expense of $ 10.7 million adjustment to cost of sales for the principal balance and an additional $ 5.5 million in interest. The Company tendered $ 15.7 million to CBP in the third quarter and accrued the additional liability of $ 0.5 million in "Other Current Liabilities" on the consolidated balance sheet for the antidumping second period of review. The outstanding AD and CVD principal balances are detailed in the table that follows under the corresponding consolidated balance sheet line item. These amounts represent what the Company would receive or pay (net of any collections or payments) as the result of subsequent adjustment to rates whether due to finalization by the DOC or because of action of a court based on appeals by various parties. These amounts do not include any initial amounts paid for AD or CVD in the current period at the in-effect rate at that time. The Company recorded net interest expense related to antidumping and countervailing duties of $ 5.9 million for the nine months ended September 30, 2023 compared to net interest expense of $ 0.05 million for the nine months ended September 30, 2022. The amounts for both years are included in other expense on the consolidated statements of operations and comprehensive (loss) income. The estimated associated interest payable and receivable for each period is recorded separately from the principal balance in the respective other current assets, other current liabilities, or long-term liabilities financial statement line item on the Company’s consolidated balance sheet. Antidumping Review Period Period Covered Deposited Rates 1 Determined Rates 2 Other Current Assets Other Current Liabilities Other Long-Term Liabilities (in thousands) 1 May 2011 - Nov 2012 6.78 % / 3.30 % 0.00 % 4 $ 1 $ — $ — 2 Dec 2012 - Nov 2013 3.30 % 3.92 % / 49.84 % 4 — ( 510 ) — 3 Dec 2013 - Nov 2014 3.30 % / 5.92 % 0.00 % 4 1,819 — — 4 Dec 2014 - Nov 2015 5.92 % / 13.74 % 0.00 % 5 — — — 5 Dec 2015 - Nov 2016 5.92 % / 13.74 % / 17.37 % 0.00 % 5 — — — 6 Dec 2016 - Nov 2017 17.37 % / 0.00 % 42.57 % / 0.00 % 3,4 503 — ( 1,464 ) 7 Dec 2017 - Nov 2018 0.00 % 2.05 % 6 — — — 8 Dec 2018 - Nov 2019 0.00 % 0.00 % 3 — — — 9 Dec 2019 - Nov 2020 0.00 % 39.27 % 3 — — ( 1,137 ) Total Principal Balance as of September 30, 2023 $ 2,323 $ ( 510 ) $ ( 2,600 ) Countervailing Review Period Period Covered Deposited Rates 1 Determined Rates 2 Other Current Assets Other Current Liabilities Other Long-Term Liabilities (in thousands) 1 & 2 Apr 2011 - Dec 2012 1.50 % 0.83 % / 0.99 % 4 $ 26 $ — $ — 3 Jan 2013 - Dec 2013 1.50 % 1.38 % 4 37 — — 4 Jan 2014 - Dec 2014 1.50 % / 0.83 % 1.06 % 4 16 — — 5 Jan 2015 - Dec 2015 0.83 % / 0.99 % 0.11 % / 0.85 % 4 73 — — 6 Jan 2016 - Dec 2016 0.99 % / 1.38 % 3.10 % / 2.96 % 4 — ( 38 ) — 7 Jan 2017 - Dec 2017 1.38 % / 1.06 % 14.09 % 3 — — ( 1,087 ) 8 Jan 2018 - Dec 2018 1.06 % 6.13 % 3 — — ( 287 ) 9 Jan 2019 - Dec 2019 0.00 % / 0.85 % / 2.96 % 3.36 % / 9.85 % 3 — — ( 81 ) Total Principal Balance as of September 30, 2023 $ 151 $ ( 38 ) $ ( 1,455 ) 1 These are the rates determined by the DOC which the Company deposited at upon import. Multiple rates are listed if the timing of the DOC update to the deposit rate fell within the period, resulting in the remaining deposits for that period to be made at the updated rate. 2 These rates represent the current published weighted average rate after initial review or after finalization of the appeals process, with multiple rates listed if applied to different producers and/or exporters. 3 This is the published weighted average rate determined by the DOC for this period which is currently under appeal and, as a result, the period remains open. 4 This is the final published weighted average rate determined by the DOC after completion of the appeals process. Liquidation instructions have been issued, but CBP has not fully liquidated the entries in this period. As such, the period remains open. 5 This is the final published weighted average rate determined by the DOC after completion of the appeals process. This period of review has been completed and fully liquidated and is now closed. 6 In October 2023, the higher weighted average rate of 2.05 % offered by the DOC on appeal was accepted by the CIT for the seventh annual review period. This updated rate resulted in nominal impact to the Company's interim unaudited consolidated financial statements. Section 301 Tariffs Since September 2018, pursuant to Section 301 of the Trade Act of 1974, the United States Trade Representative ("USTR") has imposed tariffs on certain goods imported from China over four tranches ("Lists"). Products imported by the Company fall within Lists 3 and 4a for which tariffs range from 10% to 25%. On September 10, 2020 several importers of vinyl flooring ("the plaintiffs") filed a lawsuit with the Court of International Trade ("CIT") challenging the Section 301 tariffs under Lists 3 and 4a and the USTR's actions. The plaintiffs argued that the USTR had not acted within its statutory authority when it modified the original Section 301 determinations on certain goods from China by adding Lists 3 and 4a and that the agency had not demonstrated that it satisfied the procedural requirements of the Administrative Procedure Act. On March 17, 2023, the CIT issued a decision sustaining the List 3 and 4a tariffs. The CIT’s decision was appealed by the plaintiffs to the Court of Appeals for the Federal Circuit ("CAFC") on May 13, 2023. If these appeals are successful, the Company may qualify for refunds on these Section 301 tariffs. At this time, the Company is unable to predict the timing or outcome of the ruling by the CAFC. Other Matters The Company is also, from time to time, subject to claims and disputes arising in the normal course of business. In the opinion of management, while the outcome of any such claims and disputes cannot be predicted with certainty, its ultimate liability in connection with these matters is not expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8. Related Party Transactions Beginning in the second quarter of 2023, F9 Investments, LLC, has filed a Schedule 13D (and three subsequent amendments) with the SEC indicating beneficial ownership of more than 5 % of the Company's voting securities. As of September 30, 2023 , the Company leased 29 of its store locations, representing 6.5 % of the total number of store leases in operation, from entities controlled by F9 Investments, LLC. Rental expense for the three and nine months ended September 30, 2023 , was $ 0.6 million and $ 1.7 million, respectively. The Company is charged rent for these locations at rates believed to be at fair market value. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash and cash equivalents, accounts payable and other liabilities approximate fair value because of the short-term nature of these items. The carrying value of the Revolving Credit Facility approximates fair value due to the variable rate of interest. |
Merchandise Inventories | Merchandise Inventories The Company values merchandise inventories at the lower of cost or net realizable value. The method by which amounts are removed from inventory is weighted average cost. All of the hardwood flooring purchased from vendors is either prefinished or unfinished, and in immediate saleable form. The Company relies on a select group of international and domestic suppliers to provide imported flooring products that meet the Company’s specifications. The Company is subject to risks associated with obtaining products from abroad, including disruptions or delays in production, shipments, supply chain, delivery or processing, including due to trade restrictions. Also included in merchandise inventories are tariff-related costs. |
Recognition of Net Sales | Recognition of Net Sales The Company generates revenues primarily by retailing merchandise in the form of hard-surface flooring, carpet, and accessories. Additionally, the Company expands its revenues by offering services to deliver and/or install this merchandise for its customers; it considers these services to be separate performance obligations. The separate performance obligations are detailed on the customer’s invoice(s) and the customer often purchases flooring merchandise without purchasing installation or delivery services. Sales occur through the Company’s network of 443 stores, which spanned 47 states on September 30, 2023, and its digital platform, LLFlooring.com . The Company’s agreements with its customers are of short duration (less than a year), and as such the Company has elected not to disclose revenue for partially satisfied contracts that will be completed in the days following the end of a period as permitted by GAAP. The Company reports its revenues exclusive of sales taxes collected from customers and remitted to governmental taxing authorities, consistent with past practice. Revenue is based on consideration specified in a contract with a customer and excludes any sales incentives from vendors. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer or performing services for a customer. Revenues from installation and freight services are recognized when the delivery is made or the installation is complete, which approximates the recognition of revenue over time due to the short duration of service provided. The price of the Company’s merchandise and services is specified in the respective contract and detailed on the invoice agreed to with the customer including any discounts. The Company generally requires customers to pay a deposit, equal to approximately half of the retail sales value, when ordering merchandise not regularly carried in a given location or not currently in stock. In addition, the Company generally does not extend credit to its customers with payment due in full at the time the customer takes possession of merchandise or when the service is provided. Customer payments and deposits received in advance of the customer taking possession of the merchandise or receiving the services are recorded as deferred revenues in the accompanying consolidated balance sheet caption "Customer Deposits and Store Credits." The following table shows the activity in this account for the periods noted: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Customer Deposits and Store Credits, Beginning Balance $ ( 42,404 ) $ ( 58,427 ) $ ( 43,767 ) $ ( 67,063 ) New Deposits ( 229,433 ) ( 276,235 ) ( 735,996 ) ( 884,551 ) Recognition of Revenue 215,846 268,821 692,966 846,810 Sales Tax included in Customer Deposits 12,642 15,980 41,154 51,152 Other 1,097 984 3,391 4,775 Customer Deposits and Store Credits, Ending Balance $ ( 42,252 ) $ ( 48,877 ) $ ( 42,252 ) $ ( 48,877 ) Subject to limitations under the Company’s policy, return of unopened merchandise is accepted for 90 days, subject to the discretion of the store manager. The amount of revenue recognized for flooring merchandise is adjusted for expected returns, which are estimated based on the Company’s historical data, current sales levels, and forecasted economic trends. The Company uses the expected value method to estimate returns because it has a large number of contracts with similar characteristics. The Company reduces revenue by the number of expected returns and records it within "Other Current Liabilities" on the consolidated balance sheet. The sales return reserve was $ 1.8 million and $ 2.2 million on September 30, 2023 and December 31, 2022, respectively. In addition, the Company recognizes a related asset for the right to recover returned merchandise and records it in the "Other Current Assets" caption of the accompanying consolidated balance sheet. This amount was $ 1.0 million and $ 1.2 million on September 30, 2023 and December 31, 2022, respectively. The Company recognizes sales commissions as incurred since the amortization period is less than one year. In total, the Company offers hundreds of different flooring products; however, no single flooring product represented a significant portion of its sales mix. By major product category, the Company’s sales mix was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except percentage data) Manufactured Products 1 $ 102,134 47 % $ 128,213 48 % $ 335,379 48 % $ 405,654 48 % Solid and Engineered Hardwood 49,976 23 % 62,838 23 % 161,029 23 % 203,785 24 % Moldings and Accessories and Other 31,469 15 % 38,153 14 % 99,859 15 % 121,605 14 % Installation and Delivery Services 32,267 15 % 39,617 15 % 96,699 14 % 115,766 14 % Total $ 215,846 100 % $ 268,821 100 % $ 692,966 100 % $ 846,810 100 % 1 Includes engineered vinyl plank, laminate, vinyl and tile. |
Cost of Sales | Cost of Sales Cost of sales includes the cost of products sold, including tariffs, the cost of installation services, and transportation costs from vendors to the Company’s distribution centers or store locations. It also includes transportation costs from distribution centers to store locations, transportation costs for the delivery of products from store locations to customers, certain costs of quality control procedures, warranty and customer satisfaction costs, inventory adjustments including obsolescence and shrinkage, and costs to produce and ship samples, which are net of vendor allowances. For the three and nine months ended September 30, 2023 , "Cost of Sales" on the consolidated statements of operations and comprehensive (loss) and income also included $ 1.6 million and $ 6.1 million in incremental costs related to the vinyl flooring U.S. Customs and Border Protection ("CBP") detentions of vinyl flooring under the Uyghur Forced Labor Prevention Act ("UFLPA"). In the third quarter, the Company also recorded an unfavorable $ 10.7 million 2012-2013 antidumping duty rate change to "Cost of Sales" on the consolidated statements of operations and comprehensive (loss) income. This adjustment is discussed further in Item 1, Note 7 to the consolidated financial statements below. The Company offers a range of limited warranties for the durability of the finish on its prefinished products to its services provided. These limited warranties range from one to 100 years , with lifetime warranties for certain of the Company’s products. Warranty reserves are based primarily on claims experience, sales history and other considerations, including payments made to satisfy customers for claims not directly related to the warranty on the Company’s products. Warranty costs are recorded in cost of sales. The related reserve was $ 0.7 million and $ 1.0 million on September 30, 2023 and December 31, 2022, respectively, and recorded in "Other Current Liabilities" on the accompanying consolidated balance sheets. The Company seeks recovery from its vendors and third-party independent contractors of installation services for certain amounts paid. Vendor allowances mostly consist of volume rebates and are accrued as earned, with those allowances received as a result of attaining certain purchase levels accrued over the incentive period based on estimates of purchases. Volume rebates earned are initially recorded as a reduction in merchandise inventories and a subsequent reduction in cost of sales when the related product is sold. Reimbursement received for the cost of producing samples is recorded as an offset against cost of sales. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Customer Deposits and Store Credits | The following table shows the activity in this account for the periods noted: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Customer Deposits and Store Credits, Beginning Balance $ ( 42,404 ) $ ( 58,427 ) $ ( 43,767 ) $ ( 67,063 ) New Deposits ( 229,433 ) ( 276,235 ) ( 735,996 ) ( 884,551 ) Recognition of Revenue 215,846 268,821 692,966 846,810 Sales Tax included in Customer Deposits 12,642 15,980 41,154 51,152 Other 1,097 984 3,391 4,775 Customer Deposits and Store Credits, Ending Balance $ ( 42,252 ) $ ( 48,877 ) $ ( 42,252 ) $ ( 48,877 ) |
Sales Mix by Major Product | In total, the Company offers hundreds of different flooring products; however, no single flooring product represented a significant portion of its sales mix. By major product category, the Company’s sales mix was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except percentage data) Manufactured Products 1 $ 102,134 47 % $ 128,213 48 % $ 335,379 48 % $ 405,654 48 % Solid and Engineered Hardwood 49,976 23 % 62,838 23 % 161,029 23 % 203,785 24 % Moldings and Accessories and Other 31,469 15 % 38,153 14 % 99,859 15 % 121,605 14 % Installation and Delivery Services 32,267 15 % 39,617 15 % 96,699 14 % 115,766 14 % Total $ 215,846 100 % $ 268,821 100 % $ 692,966 100 % $ 846,810 100 % 1 Includes engineered vinyl plank, laminate, vinyl and tile. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Computation of Basic and Diluted Net Income Loss Per Common Share | The following table sets forth the computation of basic and diluted net (loss) income per common share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except per share data) Net (Loss) Income $ ( 35,962 ) $ ( 3,774 ) $ ( 85,549 ) $ 2,999 Weighted Average Common Shares Outstanding—Basic 28,839 28,668 28,769 28,859 Effect of Dilutive Securities: Common Stock Equivalents — — — 151 Weighted Average Common Shares Outstanding—Diluted 28,839 28,668 28,769 29,010 Net (Loss) Income per Common Share—Basic $ ( 1.25 ) $ ( 0.13 ) $ ( 2.97 ) $ 0.10 Net (Loss) Income per Common Share—Diluted $ ( 1.25 ) $ ( 0.13 ) $ ( 2.97 ) $ 0.10 |
Anti-Dilutive Securities Excluded from Computation of Weighted Average Common Shares Outstanding Diluted | The following shares have been excluded from the computation of Weighted Average Common Shares Outstanding—Diluted because the effect would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Stock Options 517 633 573 448 Restricted Shares 2,095 503 1,626 365 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary Of Activity Related To Stock Options And Restricted Stock Awards | The following table summarizes share activity related to employee stock options and restricted stock awards ("RSAs"): Stock Options Restricted Stock Awards (in thousands) Options Outstanding/Nonvested RSAs, December 31, 2022 724 637 Granted — 2,194 Options Exercised/RSAs Released — ( 170 ) Forfeited ( 236 ) ( 403 ) Options Outstanding/Nonvested RSAs, September 30, 2023 488 2,258 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of activity related to current legal matters and settlements accrued | The following chart shows the activity related to current legal matters and settlements accrued. The matters themselves are described in greater detail in the paragraphs that follow the chart. December 31, 2022 September 30, 2023 Litigation Matter Accrual for Legal Matters Settlement Vouchers Accrual for Legal Matters Description and Settlements - Current Accruals Payments Redeemed and Settlements - Current (in thousands) MDL $ 9,070 $ — $ — $ ( 730 ) $ 8,340 1 Gold 12,864 — — ( 860 ) 12,004 1 Other Matters 225 244 ( 224 ) — 245 $ 22,159 $ 244 $ ( 224 ) $ ( 1,590 ) $ 20,589 December 31, 2021 September 30, 2022 Litigation Matter Accrual for Legal Matters Settlement Vouchers Accrual for Legal Matters Description and Settlements - Current Accruals Payments Redeemed and Settlements - Current (in thousands) MDL $ 10,656 $ — $ — $ ( 1,231 ) $ 9,425 Gold 14,885 — — ( 1,670 ) 13,215 Mason 7,000 129 ( 7,129 ) — — Other Matters 1,070 164 ( 993 ) — 241 $ 33,611 $ 293 $ ( 8,122 ) $ ( 2,901 ) $ 22,881 1 The remaining accrual will be fulfilled by redeeming vouchers as discussed below. |
Schedule of Other Commitments | Antidumping Review Period Period Covered Deposited Rates 1 Determined Rates 2 Other Current Assets Other Current Liabilities Other Long-Term Liabilities (in thousands) 1 May 2011 - Nov 2012 6.78 % / 3.30 % 0.00 % 4 $ 1 $ — $ — 2 Dec 2012 - Nov 2013 3.30 % 3.92 % / 49.84 % 4 — ( 510 ) — 3 Dec 2013 - Nov 2014 3.30 % / 5.92 % 0.00 % 4 1,819 — — 4 Dec 2014 - Nov 2015 5.92 % / 13.74 % 0.00 % 5 — — — 5 Dec 2015 - Nov 2016 5.92 % / 13.74 % / 17.37 % 0.00 % 5 — — — 6 Dec 2016 - Nov 2017 17.37 % / 0.00 % 42.57 % / 0.00 % 3,4 503 — ( 1,464 ) 7 Dec 2017 - Nov 2018 0.00 % 2.05 % 6 — — — 8 Dec 2018 - Nov 2019 0.00 % 0.00 % 3 — — — 9 Dec 2019 - Nov 2020 0.00 % 39.27 % 3 — — ( 1,137 ) Total Principal Balance as of September 30, 2023 $ 2,323 $ ( 510 ) $ ( 2,600 ) Countervailing Review Period Period Covered Deposited Rates 1 Determined Rates 2 Other Current Assets Other Current Liabilities Other Long-Term Liabilities (in thousands) 1 & 2 Apr 2011 - Dec 2012 1.50 % 0.83 % / 0.99 % 4 $ 26 $ — $ — 3 Jan 2013 - Dec 2013 1.50 % 1.38 % 4 37 — — 4 Jan 2014 - Dec 2014 1.50 % / 0.83 % 1.06 % 4 16 — — 5 Jan 2015 - Dec 2015 0.83 % / 0.99 % 0.11 % / 0.85 % 4 73 — — 6 Jan 2016 - Dec 2016 0.99 % / 1.38 % 3.10 % / 2.96 % 4 — ( 38 ) — 7 Jan 2017 - Dec 2017 1.38 % / 1.06 % 14.09 % 3 — — ( 1,087 ) 8 Jan 2018 - Dec 2018 1.06 % 6.13 % 3 — — ( 287 ) 9 Jan 2019 - Dec 2019 0.00 % / 0.85 % / 2.96 % 3.36 % / 9.85 % 3 — — ( 81 ) Total Principal Balance as of September 30, 2023 $ 151 $ ( 38 ) $ ( 1,455 ) 1 These are the rates determined by the DOC which the Company deposited at upon import. Multiple rates are listed if the timing of the DOC update to the deposit rate fell within the period, resulting in the remaining deposits for that period to be made at the updated rate. 2 These rates represent the current published weighted average rate after initial review or after finalization of the appeals process, with multiple rates listed if applied to different producers and/or exporters. 3 This is the published weighted average rate determined by the DOC for this period which is currently under appeal and, as a result, the period remains open. 4 This is the final published weighted average rate determined by the DOC after completion of the appeals process. Liquidation instructions have been issued, but CBP has not fully liquidated the entries in this period. As such, the period remains open. 5 This is the final published weighted average rate determined by the DOC after completion of the appeals process. This period of review has been completed and fully liquidated and is now closed. 6 In October 2023, the higher weighted average rate of 2.05 % offered by the DOC on appeal was accepted by the CIT for the seventh annual review period. This updated rate resulted in nominal impact to the Company's interim unaudited consolidated financial statements. |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2023 State Store | |
Organization and Business Operations [Line Items] | |
Number of states in which stores operates | State | 47 |
Number of store locations offering carpet | 61 |
U.S. | |
Organization and Business Operations [Line Items] | |
Number of stores | 443 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) State Store | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) State Store | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Organization And Business Operations [Line Items] | |||||
Number of states in which stores operates | State | 47 | 47 | |||
Asset for right to recover returned merchandise | $ 1,000 | $ 1,000 | $ 1,200 | ||
Sales return reserve | 1,800 | 1,800 | 2,200 | ||
Cost of Sales | 147,338 | $ 173,239 | $ 451,927 | $ 540,399 | |
Unfavorable antidumping duty rate change to cost of sales | 10,700 | ||||
Minimum years of product warranty | 1 year | ||||
Maximum years of product warranty | 100 years | ||||
Product warranty reserve | 700 | $ 700 | $ 1,000 | ||
Vinyl floor | |||||
Organization And Business Operations [Line Items] | |||||
Cost of Sales | $ 1,600 | $ 6,100 | |||
U.S. | |||||
Organization And Business Operations [Line Items] | |||||
Number of stores | Store | 443 | 443 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Customer Deposits and Store Credits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Customer Deposits and Store Credits, Beginning Balance | $ (42,404) | $ (58,427) | $ (43,767) | $ (67,063) |
New Deposits | (229,433) | (276,235) | (735,996) | (884,551) |
Recognition of Revenue | 215,846 | 268,821 | 692,966 | 846,810 |
Sales Tax included in Customer Deposits | 12,642 | 15,980 | 41,154 | 51,152 |
Other | 1,097 | 984 | 3,391 | 4,775 |
Customer Deposits and Store Credits, Ending Balance | $ (42,252) | $ (48,877) | $ (42,252) | $ (48,877) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Sales Mix by Major Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Product Information [Line Items] | ||||
Net Sales | $ 215,846 | $ 268,821 | $ 692,966 | $ 846,810 |
Sales Revenue, Product Line [Member] | Product Concentration Risk [Member] | ||||
Product Information [Line Items] | ||||
Net Sales | $ 215,846 | $ 268,821 | $ 692,966 | $ 846,810 |
Percent | 100% | 100% | 100% | 100% |
Product [Member] | ||||
Product Information [Line Items] | ||||
Net Sales | $ 183,579 | $ 229,204 | $ 596,267 | $ 731,044 |
Manufactured Products [Member] | Sales Revenue, Product Line [Member] | Product Concentration Risk [Member] | ||||
Product Information [Line Items] | ||||
Net Sales | $ 102,134 | $ 128,213 | $ 335,379 | $ 405,654 |
Percent | 47% | 48% | 48% | 48% |
Solid and Engineered Hardwood [Member] | Sales Revenue, Product Line [Member] | Product Concentration Risk [Member] | ||||
Product Information [Line Items] | ||||
Net Sales | $ 49,976 | $ 62,838 | $ 161,029 | $ 203,785 |
Percent | 23% | 23% | 23% | 24% |
Moldings and Accessories [Member] | Sales Revenue, Product Line [Member] | Product Concentration Risk [Member] | ||||
Product Information [Line Items] | ||||
Net Sales | $ 31,469 | $ 38,153 | $ 99,859 | $ 121,605 |
Percent | 15% | 14% | 15% | 14% |
Installation and Delivery Services [Member] | Sales Revenue, Product Line [Member] | Product Concentration Risk [Member] | ||||
Product Information [Line Items] | ||||
Net Sales | $ 32,267 | $ 39,617 | $ 96,699 | $ 115,766 |
Percent | 15% | 15% | 14% | 14% |
Stockholders' Equity (Computati
Stockholders' Equity (Computation of Basic and Diluted Net Income Loss Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | ||||
Net (Loss) Income | $ (35,962) | $ (3,774) | $ (85,549) | $ 2,999 |
Weighted Average Common Shares Outstanding-Basic | 28,839 | 28,668 | 28,769 | 28,859 |
Effect of Dilutive Securities: | ||||
Common Stock Equivalents | 151 | |||
Weighted Average Common Shares Outstanding-Diluted | 28,839 | 28,668 | 28,769 | 29,010 |
Net (Loss) Income per Common Share-Basic | $ (1.25) | $ (0.13) | $ (2.97) | $ 0.1 |
Net (Loss) Income per Common Share-Diluted | $ (1.25) | $ (0.13) | $ (2.97) | $ 0.1 |
Stockholders' Equity (Anti-Dilu
Stockholders' Equity (Anti-Dilutive Securities Excluded from Computation of Weighted Average Common Shares Outstanding-Diluted) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earning per share | 517 | 633 | 573 | 448 |
Restricted Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earning per share | 2,095 | 503 | 1,626 | 365 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Feb. 28, 2022 | Jan. 31, 2014 | Nov. 30, 2012 | Feb. 29, 2012 | |
Stock Repurchase Programs [LineItems] | |||||||
Payments for repurchase of common stock | $ 7,947,000 | ||||||
Payments for repurchase of common stock through net settlement of restricted share awards | $ (276,000) | $ 296,000 | |||||
Stock Repurchase Program [Member] | |||||||
Stock Repurchase Programs [LineItems] | |||||||
Stock repurchase program, authorized amount | $ 50,000,000 | $ 50,000,000 | |||||
Aggregate value of stock repurchase | 135,300,000 | ||||||
Increase in stock repurchase program authorized amount | 35,300,000 | $ 50,000,000 | $ 50,000,000 | ||||
Common stock repurchased, remaining authorized amount | $ 43,000,000 | $ 43,000,000 | $ 14,700,000 | ||||
Shares repurchased | 0 | 0 | |||||
Outside of the Share Repurchase Program [Member] | |||||||
Stock Repurchase Programs [LineItems] | |||||||
Shares repurchased | 700 | 67,900 | |||||
Payments for repurchase of common stock | $ 2,400 | ||||||
Payments for repurchase of common stock through net settlement of restricted share awards | $ 300,000 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Payment shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) shares | Dec. 31, 2022 shares | |
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items] | ||||||
Deferred stock units outstanding | 362,000 | 362,000 | 245,000 | |||
Selling, General and Administrative Expenses [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items] | ||||||
Stock-based compensation expense | $ | $ 1.2 | $ 0.8 | $ 3.6 | $ 2.8 | ||
Non Employee Director [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items] | ||||||
Deferred percentage of director fees invested in deferred stock units | 100% | |||||
Deferred stock unit settled in common stock number of annual equal payments | Payment | 5 | |||||
Deffered compensation arrangement description | Deferred stock units must be settled in common stock in either a lump sum or up to five annual equal payments following a director's departure from the board. | |||||
Shares outstanding | 166,700 | 166,700 | 43,100 | |||
Vesting period of grants | 1 year | |||||
Performance Awards [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items] | ||||||
Awards granted | 292,100 | 94,600 | 47,800 | |||
Grant date fair value of awards | $ | $ 1.3 | $ 1.5 | $ 1.1 | |||
Performance Awards [Member] | Management [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items] | ||||||
Share-based compensation terms | The performance awards in 2023 were awarded to certain members of senior management in connection with certain market conditions. The performance awards in 2022 and 2021 were awarded to certain members of senior management in connection with performance conditions based on achievement of specific key financial metrics. All performance awards will cliff vest if the respective performance conditions are met at the end of the respective 3-year service periods. The Company assesses the probability of achieving these metrics on a quarterly basis. For these awards, the Company recognizes the fair value expense ratably over the service and vesting period. |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Activity Related to Stock Options) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2023 shares | |
Employee Stock Option [Member] | |
Shares | |
Beginning Balance | 724 |
Forfeited | (236) |
Ending Balance | 488 |
Restricted Shares [Member] | |
Shares | |
Beginning Balance | 637 |
Granted | 2,194 |
Released | (170) |
Forfeited | (403) |
Ending Balance | 2,258 |
Credit Agreement (Narrative) (D
Credit Agreement (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 9 Months Ended | 29 Months Ended | |
Sep. 30, 2023 | Apr. 29, 2021 | Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility remaining borrowing capacity | $ 110.2 | $ 110.2 | $ 110.2 | $ 124.8 | |
Available of credit facility | (14.6) | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Letters of credit outstanding | 77 | 77 | 77 | ||
Revolving Credit Facility [Member] | Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Covenant Trigger | $ 17.5 | $ 17.5 | $ 17.5 | ||
Line of credit covenant trigger percentage | 10% | 10% | 10% | ||
Revolving Credit Facility [Member] | Amendment | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 200 | $ 200 | $ 200 | ||
Option to increase aggregate amount | $ 250 | $ 250 | $ 250 | ||
Credit facility maturity date | Apr. 30, 2026 | ||||
Credit facility, unused capacity, commitment fee percentage | 0.25% | ||||
Average interest rate | 6.90% | 6.50% | |||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate SOFR [Member] | Minimum [Member] | Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Margin (as a percent) | 1.25% | ||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate SOFR [Member] | Maximum [Member] | Amendment | |||||
Line of Credit Facility [Line Items] | |||||
Margin (as a percent) | 1.75% | ||||
Letter of Credit [Member] | Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Letters of credit outstanding | $ 7.1 | $ 7.1 | $ 7.1 |
Taxes (Narrative) (Details)
Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Taxes [Line Items] | ||||
Effective tax rate | (0.10%) | (20.60%) | (19.70%) | 37.20% |
Valuation allowance | $ 31,900,000 | $ 31,900,000 | ||
Income Tax (Benefit) Expense | $ (30,400) | $ (982,000) | $ 14,069,000 | $ 1,778,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2013 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||||||||||
Accrual for Legal Matters and Settlements - Current | $ 20,589 | $ 20,589 | $ 22,159 | |||||||
Vouchers Accrued or (Redeemed) During Period | (1,590) | $ (2,901) | ||||||||
Gross profit | 68,508 | $ 95,582 | 241,039 | 306,411 | ||||||
Other Current Liabilities [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Contingent Liability | 510 | 510 | ||||||||
Accrual for Legal Matters and Settlements Current [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Accrual for Legal Matters and Settlements - Current | 20,589 | 22,881 | 20,589 | 22,881 | $ 22,159 | $ 33,611 | ||||
Antidumping Duties [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency Multilayered Hardwood Products Purchase Percentage | 4.90% | |||||||||
Loss contingency additional antidumping duty expense | 10,700 | |||||||||
Loss contingency additional antidumping interest amount | $ 5,500 | |||||||||
Amount paid to customs | 15,700 | |||||||||
Antidumping Duties [Member] | Other Expense [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Interest income | (5,900) | 50 | ||||||||
Second Annual Review [Member] | Antidumping Duties [Member] | Other Current Liabilities [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Contingent Liability | 510 | 510 | ||||||||
Deposit One [Member] | Second Annual Review [Member] | Antidumping Duties [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 3.92% | |||||||||
Deposit Two [Member] | Second Annual Review [Member] | Antidumping Duties [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 49.84% | |||||||||
Litigation Relating to Formaldehyde Abrasion MDL's [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | $ 36,000 | |||||||||
Vouchers Accrued or (Redeemed) During Period | (730) | (1,231) | ||||||||
Litigation Relating to Formaldehyde Abrasion MDL's [Member] | Accrual for Legal Matters and Settlements Current [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Accrual for Legal Matters and Settlements - Current | 8,340 | 9,425 | 8,340 | 9,425 | $ 9,070 | 10,656 | ||||
Litigation Relating to Formaldehyde Abrasion MDL's [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Gross profit | 300 | |||||||||
Litigation Relating to Bamboo Flooring | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | $ 30,000 | |||||||||
Litigation Relating to Bamboo Flooring | Selling, General and Administrative Expenses [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Payment of litigation settlement | 300 | |||||||||
Gold [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Vouchers Accrued or (Redeemed) During Period | (860) | (1,670) | ||||||||
Gold [Member] | Accrual for Legal Matters and Settlements Current [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Accrual for Legal Matters and Settlements - Current | $ 12,004 | $ 13,215 | $ 12,004 | $ 13,215 | $ 12,864 | 14,885 | ||||
Mason | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Payment of litigation settlement | $ 7,100 | |||||||||
Mason | Accrual for Legal Matters and Settlements Current [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Accrual for Legal Matters and Settlements - Current | $ 7,000 | |||||||||
Cash and or Common Stock [Member] | Litigation Relating to Formaldehyde Abrasion MDL's [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | 22,000 | |||||||||
Cash Payments [Member] | Litigation Relating to Bamboo Flooring | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | 14,000 | |||||||||
In Store Credit [Member] | Litigation Relating to Formaldehyde Abrasion MDL's [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | $ 14,000 | |||||||||
In Store Credit [Member] | Litigation Relating to Bamboo Flooring | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | $ 16,000 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation matters (rollforward) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Loss Contingencies [Line Items] | ||
Accrual for Legal Matters and Settlements - Current | $ 22,159 | |
Accruals During Period | 244 | $ 293 |
Settlement Payments During Period | (224) | (8,122) |
Vouchers Accrued or (Redeemed) During Period | (1,590) | (2,901) |
Accrual for Legal Matters and Settlements - Current | 20,589 | |
Accrual for Legal Matters and Settlements Current [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Legal Matters and Settlements - Current | 22,159 | 33,611 |
Accrual for Legal Matters and Settlements - Current | 20,589 | 22,881 |
Litigation Relating to Formaldehyde Abrasion MDL's [Member] | ||
Loss Contingencies [Line Items] | ||
Vouchers Accrued or (Redeemed) During Period | (730) | (1,231) |
Litigation Relating to Formaldehyde Abrasion MDL's [Member] | Accrual for Legal Matters and Settlements Current [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Legal Matters and Settlements - Current | 9,070 | 10,656 |
Accrual for Legal Matters and Settlements - Current | 8,340 | 9,425 |
Gold [Member] | ||
Loss Contingencies [Line Items] | ||
Vouchers Accrued or (Redeemed) During Period | (860) | (1,670) |
Gold [Member] | Accrual for Legal Matters and Settlements Current [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Legal Matters and Settlements - Current | 12,864 | 14,885 |
Accrual for Legal Matters and Settlements - Current | 12,004 | 13,215 |
Mason [Member] | ||
Loss Contingencies [Line Items] | ||
Accruals During Period | 129 | |
Settlement Payments During Period | (7,129) | |
Mason [Member] | Accrual for Legal Matters and Settlements Current [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Legal Matters and Settlements - Current | 7,000 | |
Other Matters [Member] | ||
Loss Contingencies [Line Items] | ||
Accruals During Period | 244 | 164 |
Settlement Payments During Period | (224) | (993) |
Other Matters [Member] | Accrual for Legal Matters and Settlements Current [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Legal Matters and Settlements - Current | 225 | 1,070 |
Accrual for Legal Matters and Settlements - Current | $ 245 | $ 241 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Other Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | 19 Months Ended | 21 Months Ended | |||||||||||||||
Nov. 30, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2023 | |
Other Current Assets [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Receivable | $ 2,323 | |||||||||||||||||
Other Current Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | (510) | |||||||||||||||||
Other Noncurrent Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | (2,600) | |||||||||||||||||
Countervailing Duties [Member] | Other Current Assets [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Receivable | 151 | |||||||||||||||||
Countervailing Duties [Member] | Other Current Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | (38) | |||||||||||||||||
Countervailing Duties [Member] | Other Noncurrent Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | (1,455) | |||||||||||||||||
First Annual Review [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 0% | |||||||||||||||||
First Annual Review [Member] | Antidumping Duties [Member] | Other Current Assets [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Receivable | 1 | |||||||||||||||||
First Annual Review [Member] | Deposit One [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 6.78% | |||||||||||||||||
First Annual Review [Member] | Deposit Two [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 3.30% | |||||||||||||||||
First and Second Annual Review [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.50% | |||||||||||||||||
First and Second Annual Review [Member] | Countervailing Duties [Member] | Other Current Assets [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Receivable | 26 | |||||||||||||||||
First and Second Annual Review [Member] | Deposit One [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 0.83% | |||||||||||||||||
First and Second Annual Review [Member] | Deposit Two [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 0.99% | |||||||||||||||||
Second Annual Review [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 3.30% | |||||||||||||||||
Second Annual Review [Member] | Antidumping Duties [Member] | Other Current Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | (510) | |||||||||||||||||
Second Annual Review [Member] | Deposit One [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 3.92% | |||||||||||||||||
Second Annual Review [Member] | Deposit Two [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 49.84% | |||||||||||||||||
Third Annual Review [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 0% | |||||||||||||||||
Third Annual Review [Member] | Antidumping Duties [Member] | Other Current Assets [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Receivable | 1,819 | |||||||||||||||||
Third Annual Review [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.50% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 1.38% | |||||||||||||||||
Third Annual Review [Member] | Countervailing Duties [Member] | Other Current Assets [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Receivable | 37 | |||||||||||||||||
Third Annual Review [Member] | Deposit One [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 3.30% | |||||||||||||||||
Third Annual Review [Member] | Deposit Two [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 5.92% | |||||||||||||||||
Fourth Annual Review [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 0% | |||||||||||||||||
Fourth Annual Review [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 1.06% | |||||||||||||||||
Fourth Annual Review [Member] | Countervailing Duties [Member] | Other Current Assets [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Receivable | 16 | |||||||||||||||||
Fourth Annual Review [Member] | Deposit One [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 5.92% | |||||||||||||||||
Fourth Annual Review [Member] | Deposit One [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.50% | |||||||||||||||||
Fourth Annual Review [Member] | Deposit Two [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 13.74% | |||||||||||||||||
Fourth Annual Review [Member] | Deposit Two [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 0.83% | |||||||||||||||||
Fifth Annual Review [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 0% | |||||||||||||||||
Fifth Annual Review [Member] | Countervailing Duties [Member] | Other Current Assets [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Receivable | 73 | |||||||||||||||||
Fifth Annual Review [Member] | Deposit One [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 5.92% | |||||||||||||||||
Fifth Annual Review [Member] | Deposit One [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 0.83% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 0.11% | |||||||||||||||||
Fifth Annual Review [Member] | Deposit Two [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 13.74% | |||||||||||||||||
Fifth Annual Review [Member] | Deposit Two [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 0.99% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 0.85% | |||||||||||||||||
Fifth Annual Review [Member] | Deposit Three [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 17.37% | |||||||||||||||||
Sixth Annual Review [Member] | Antidumping Duties [Member] | Other Current Assets [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Receivable | 503 | |||||||||||||||||
Sixth Annual Review [Member] | Antidumping Duties [Member] | Other Noncurrent Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | (1,464) | |||||||||||||||||
Sixth Annual Review [Member] | Countervailing Duties [Member] | Other Current Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | (38) | |||||||||||||||||
Sixth Annual Review [Member] | Deposit One [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 17.37% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 42.57% | |||||||||||||||||
Sixth Annual Review [Member] | Deposit One [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 0.99% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 3.10% | |||||||||||||||||
Sixth Annual Review [Member] | Deposit Two [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 0% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 0% | |||||||||||||||||
Sixth Annual Review [Member] | Deposit Two [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.38% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 2.96% | |||||||||||||||||
Seventh Annual Review [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 0% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 2.05% | |||||||||||||||||
Seventh Annual Review [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 14.09% | |||||||||||||||||
Seventh Annual Review [Member] | Countervailing Duties [Member] | Other Noncurrent Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | (1,087) | |||||||||||||||||
Seventh Annual Review [Member] | Deposit One [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.38% | |||||||||||||||||
Seventh Annual Review [Member] | Deposit Two [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.06% | |||||||||||||||||
Eighth Annual Review [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 0% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 0% | |||||||||||||||||
Eighth Annual Review [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.06% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 6.13% | |||||||||||||||||
Eighth Annual Review [Member] | Countervailing Duties [Member] | Other Noncurrent Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | (287) | |||||||||||||||||
Ninth Annual Review [Member] | Antidumping Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 0% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 39.27% | |||||||||||||||||
Ninth Annual Review [Member] | Antidumping Duties [Member] | Other Noncurrent Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | (1,137) | |||||||||||||||||
Ninth Annual Review [Member] | Countervailing Duties [Member] | Other Noncurrent Liabilities [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Contingent Liability | $ (81) | |||||||||||||||||
Ninth Annual Review [Member] | Deposit One [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 0% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 3.36% | |||||||||||||||||
Ninth Annual Review [Member] | Deposit Two [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 0.85% | |||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 9.85% | |||||||||||||||||
Ninth Annual Review [Member] | Deposit Three [Member] | Countervailing Duties [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 2.96% |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Other Commitments (Parenthetical) (Details) - Seventh Annual Review [Member] - Antidumping Duties [Member] | 1 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Nov. 30, 2018 | |
Loss Contingencies [Line Items] | ||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 2.05% | |
Subsequent Event [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 2.05% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 USD ($) Store | Jun. 30, 2023 | Sep. 30, 2023 USD ($) Store | |
Related Party Transaction [Line Items] | |||
Number of stores leased | Store | 29 | 29 | |
Percentage rate of number of store leases in operation | 6.50% | ||
Rental expense | $ | $ 0.6 | $ 1.7 | |
F9 Investments, LLC [Member] | Minimum [Member] | |||
Related Party Transaction [Line Items] | |||
Related party, beneficial ownership percentage | 5% |