Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 0-10436 | ||
Entity Registrant Name | L.B. FOSTER COMPANY | ||
Entity Incorporation, State | PA | ||
Entity Tax Identification Number | 25-1324733 | ||
Entity Address, Street Address | 415 Holiday Drive | ||
Entity Address, Suite | Suite 100 | ||
Entity Address, City | Pittsburgh | ||
Entity Address, State | PA | ||
Entity Address, Postal Zip Code | 15220 | ||
City Area Code | 412 | ||
Local Phone Number | 928-3400 | ||
Title of Each Class | Common Stock, Par Value $0.01 | ||
Trading Symbol(s) | FSTR | ||
Name of Each Exchange On Which Registered | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 151,600,835 | ||
Entity Common Stock, Shares Outstanding | 11,001,640 | ||
Documents Incorporated by Reference | Portions of the Definitive Proxy Statement for the 2024 Annual Meeting of Shareholders (“2024 Proxy Statement”) are incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K. The 2024 Proxy Statement will be filed with the US Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Form 10-K relates. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000352825 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Pittsburgh, Pennsylvania |
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,560 | $ 2,882 |
Accounts receivable - net (Note 6) | 53,484 | 82,455 |
Contract assets (Note 4) | 29,489 | 33,613 |
Inventories - net (Note 7) | 73,496 | 75,721 |
Other current assets | 8,961 | 11,061 |
Total current assets | 167,990 | 205,732 |
Property, plant, and equipment - net (Note 8) | 75,999 | 85,344 |
Operating lease right-of-use assets - net (Note 9) | 14,905 | 17,291 |
Other assets: | ||
Goodwill (Note 5) | 32,587 | 30,733 |
Other intangibles - net (Note 5) | 19,010 | 23,831 |
Other assets | 2,715 | 2,379 |
TOTAL ASSETS | 313,206 | 365,310 |
Current liabilities: | ||
Accounts payable | 40,305 | 48,782 |
Deferred revenue (Note 4) | 12,479 | 19,452 |
Accrued payroll and employee benefits | 16,978 | 10,558 |
Current portion of accrued settlement (Note 18) | 8,000 | 8,000 |
Current maturities of long-term debt (Note 10) | 102 | 127 |
Other accrued liabilities | 17,442 | 16,192 |
Total current liabilities | 95,306 | 103,111 |
Long-term debt (Note 10) | 55,171 | 91,752 |
Deferred tax liabilities (Note 14) | 1,232 | 3,109 |
Long-term portion of accrued settlement (Note 18) | 0 | 8,000 |
Long-term operating lease liabilities (Note 9) | 11,865 | 14,163 |
Other long-term liabilities | 6,797 | 7,577 |
Stockholders’ equity: | ||
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at December 31, 2023 and December 31, 2022, 11,115,779; shares outstanding at December 31, 2023 and December 31, 2022, 10,733,935 and 10,776,827, respectively (Note 11) | 111 | 111 |
Paid-in capital | 43,111 | 41,303 |
Retained earnings | 124,633 | 123,169 |
Treasury stock - at cost, common stock, shares at December 31, 2023 and December 31, 2022, 381,844 and 338,952, respectively (Note 11) | (6,494) | (6,240) |
Accumulated other comprehensive loss (Note 12) | (19,250) | (21,165) |
Total L.B. Foster Company stockholders’ equity | 142,111 | 137,178 |
Noncontrolling interest | 724 | 420 |
Total stockholders’ equity | 142,835 | 137,598 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 313,206 | $ 365,310 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 11,115,779 | 11,115,779 |
Common stock, shares outstanding (in shares) | 10,733,935 | 10,776,827 |
Treasury stock shares - at cost, common stock (in shares) | 381,844 | 338,952 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total net sales (Note 4) | $ 543,744 | $ 497,497 |
Total cost of sales | 430,934 | 407,886 |
Gross profit | 112,810 | 89,611 |
Selling and administrative expenses | 97,358 | 82,657 |
Amortization expense (Note 5) | 5,314 | 6,144 |
Goodwill and long-lived assets impairment charges (Note 5) | 0 | 8,016 |
Operating income (loss) | 10,138 | (7,206) |
Interest expense - net | 5,528 | 3,340 |
Other expense (income) - net (Note 19) | 3,666 | (1,550) |
Income (loss) before income taxes | 944 | (8,996) |
Income tax (benefit) expense (Note 14) | (355) | 36,681 |
Net income (loss) | 1,299 | (45,677) |
Net loss attributable to noncontrolling interest | (165) | (113) |
Net income (loss) attributable to L.B. Foster Company | $ 1,464 | $ (45,564) |
Basic earnings (loss) per common share (usd per share) | $ 0.14 | $ (4.25) |
Diluted earnings (loss) per common share (usd per share) | $ 0.13 | $ (4.25) |
Basic weighted average shares outstanding (in shares) | 10,799,000 | 10,720,000 |
Diluted weighted average shares outstanding (in shares) | 10,995,000 | 10,720,000 |
Sales of goods | ||
Total net sales (Note 4) | $ 475,350 | $ 436,821 |
Total cost of sales | 367,431 | 355,106 |
Sales of services | ||
Total net sales (Note 4) | 68,394 | 60,676 |
Total cost of sales | $ 63,503 | $ 52,780 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 1,299 | $ (45,677) | |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | 2,428 | (5,639) | |
Unrealized (loss) gain on cash flow hedges, net of tax expense of $0 | (704) | 1,755 | |
Cash flow hedges reclassified to earnings, net of tax expense of $0 | 0 | 159 | |
Pension and post-retirement benefit plans benefit, net of tax benefit of $0 and $357, respectively | 152 | 1,352 | |
Reclassification of pension liability adjustments to earnings, net of tax expense of $0 and benefit of $6, respectively* | [1] | 39 | 53 |
Total comprehensive income (loss) | 3,214 | (47,997) | |
Less comprehensive loss attributable to noncontrolling interest: | |||
Net loss attributable to noncontrolling interest | (165) | (113) | |
Foreign currency translation adjustment | 29 | 15 | |
Amounts attributable to noncontrolling interest | (136) | (98) | |
Comprehensive income (loss) attributable to L.B. Foster Company | $ 3,350 | $ (47,899) | |
[1]Reclassifications out of Accumulated other comprehensive loss for pension obligations are reflected in Selling and administrative expense. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain on cash flow hedge, tax | $ 0 | |
Cash flow hedges reclassified to earnings, tax | 0 | |
Pension and post-retirement benefit plan, tax | 0 | $ 357 |
Reclassification of pension liability adjustments to earnings, tax expense (benefit) | $ 0 | $ (6) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 1,299 | $ (45,677) |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||
Deferred income taxes | (1,852) | 35,785 |
Depreciation | 9,949 | 8,635 |
Amortization | 5,314 | 6,144 |
Asset impairments | 0 | 8,016 |
Equity income in nonconsolidated investment | (51) | (74) |
Gain on sales and disposals of property, plant, and equipment | (459) | (177) |
Stock-based compensation | 4,179 | 2,380 |
Loss on asset divestitures | 3,074 | 214 |
Change in operating assets and liabilities: | ||
Accounts receivable | 27,367 | (25,061) |
Contract assets | 1,797 | (540) |
Inventories | (6,989) | (11,798) |
Other current assets | 1,122 | 3,555 |
Other noncurrent assets | (153) | (2,136) |
Accounts payable | (3,753) | 10,066 |
Deferred revenue | (2,850) | 4,649 |
Accrued payroll and employee benefits | 6,364 | 1,225 |
Accrued settlement | (8,000) | (8,000) |
Other current liabilities | 2,555 | 876 |
Other liabilities | (1,537) | 1,342 |
Net cash provided by (used in) operating activities | 37,376 | (10,576) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from the sale of property, plant, and equipment | 539 | 267 |
Capital expenditures on property, plant, and equipment | (4,933) | (7,633) |
Acquisitions, net of cash acquired | (1,246) | (57,852) |
Proceeds from asset divestiture | 7,706 | 8,800 |
Net cash provided by (used in) investing activities | 2,066 | (56,418) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments of debt | (208,668) | (188,437) |
Proceeds from debt | 171,408 | 249,269 |
Debt issuance costs | 0 | (182) |
Treasury stock acquisitions | (2,625) | (410) |
Consideration received from noncontrolling interest | 589 | 0 |
Net cash (used in) provided by financing activities | (39,296) | 60,240 |
Effect of exchange rate changes on cash and cash equivalents | (468) | (736) |
Net decrease in cash and cash equivalents | (322) | (7,490) |
Cash and cash equivalents at beginning of period | 2,882 | 10,372 |
Cash and cash equivalents at end of period | 2,560 | 2,882 |
Supplemental disclosure of cash flow information: | ||
Net interest paid | 5,454 | 2,701 |
Net income taxes received | $ (221) | $ (5,007) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
Beginning balance at Dec. 31, 2021 | $ 183,610 | $ 111 | $ 43,272 | $ 168,733 | $ (10,179) | $ (18,845) | $ 518 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | (45,677) | (45,564) | (113) | ||||
Other comprehensive loss, net of tax: | |||||||
Pension liability adjustment | 1,405 | 1,405 | |||||
Foreign currency translation adjustment | (5,624) | (5,639) | 15 | ||||
Unrealized derivative gain (loss) on cash flow hedges | 1,755 | 1,755 | |||||
Cash flow hedges reclassified to earnings | 159 | 159 | |||||
Issuance of common shares, net of shares withheld for taxes | (410) | (4,349) | 3,939 | ||||
Stock-based compensation | 2,380 | 2,380 | |||||
Ending balance at Dec. 31, 2022 | 137,598 | 111 | 41,303 | 123,169 | (6,240) | (21,165) | 420 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | 1,299 | 1,464 | (165) | ||||
Other comprehensive loss, net of tax: | |||||||
Pension liability adjustment | 191 | 191 | |||||
Foreign currency translation adjustment | 2,457 | 2,428 | 29 | ||||
Unrealized derivative gain (loss) on cash flow hedges | (704) | (704) | |||||
Cash flow hedges reclassified to earnings | 0 | ||||||
Purchase of common shares for treasury | (2,310) | (2,310) | |||||
Issuance of common shares, net of shares withheld for taxes | (315) | (2,371) | 2,056 | ||||
Stock-based compensation | 4,179 | 4,179 | |||||
Investment of noncontrolling interest | 440 | 440 | |||||
Ending balance at Dec. 31, 2023 | $ 142,835 | $ 111 | $ 43,111 | $ 124,633 | $ (6,494) | $ (19,250) | $ 724 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Purchase of common shares for treasury (in shares) | 134,208 | |
Common shares issues net of shares withheld (in shares) | 91,316 | 106,484 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization, operations, and basis of consolidation The consolidated financial statements include the accounts of L.B. Foster Company and its wholly-owned subsidiaries, joint ventures, and partnerships in which a controlling interest is held. Inter-company transactions and accounts have been eliminated. The Company utilizes the equity method of accounting for companies where its ownership is less than or equal to 50% and significant influence exists. L.B. Foster Company (together with its subsidiaries, the “Company”) is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company’s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers’ most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. Effective for the quarter and year ended December 31, 2023, the Company implemented operational changes in how its Chief Operating Decision Maker (“CODM”) manages its businesses, including resource allocation and operating decisions. As a result of these changes, the Company now has two (previously three) operating segments, representing the individual businesses that are run separately under the new structure: Rail, Technologies, and Services (“Rail”) and Infrastructure Solutions (“Infrastructure”). The Rail segment is comprised of several manufacturing and distribution businesses that provide a variety of products and services for freight and passenger railroads and industrial companies throughout the world. The Infrastructure segment is composed of nine operating facilities across the US providing engineered precast concrete solutions, as well as fabricated bridge, protective pipe coating, and pipe threading offerings across North America. On November 17, 2023, the Company acquired the operating assets of Cougar Mountain Precast, LLC (“Cougar”), located in Caldwell, Idaho, which is a licensed manufacturer of Redi-Rock and natural concrete products for $1,644, subject to working capital adjustments and hold back payments, to be paid over the next twelve months or utilized to satisfy post-close working capital adjustments or indemnity claims. Cougar has been included in the Infrastructure segment. On August 30, 2023, the Company announced the discontinuation of its Bridge Products grid deck product line and expects to complete any remaining customer obligations in 2024. The grid deck product line is reported in the Bridge Products business unit within the Infrastructure segment. On June 30, 2023, the Company sold substantially all the operating assets of the prestressed concrete railroad tie business operated by its wholly-owned subsidiary, CXT Incorporated (“Ties”), located in Spokane, WA, for $2,362 in proceeds, subject to final working capital adjustments. The Ties business was reported in the Rail Products business unit within the Rail segment. On March 30, 2023, the Company sold substantially all the operating assets of its Precision Measurement Products and Systems business, Chemtec Energy Services LLC (“Chemtec”), for $5,344 in proceeds, subject to final working capital adjustments. The Chemtec business was reported in the Coatings and Measurement business unit within the Infrastructure segment. On June 21, 2022, the Company acquired the stock of Skratch Enterprises Ltd. (“Skratch”) for $7,402, which is inclusive of deferred payments withheld by the Company of $1,228, to be paid over the next five years or utilized to satisfy post-closing working capital adjustments or indemnity claims under the purchase agreement. Skratch has been included in the Company’s Technology Services and Solutions business unit within the Rail segment. On August 1, 2022 the Company divested the assets of its Track Components business for $7,795 in cash proceeds, subject to indemnification obligations and working capital adjustments. The Track Components business was reported in the Rail Products business unit within the Rail segment. On August 12, 2022, the Company acquired the operating assets of VanHooseCo Precast LLC (“VanHooseCo”) for $52,146, net of cash acquired at closing, subject to the finalization of net working capital adjustments. An amount equal to $2,500 of the purchase price was deposited into an escrow account to cover breaches of representations and warranties, all of which was released from escrow as of December 31, 2023. VanHooseCo has been included in the Company’s Infrastructure segment. Use of estimates The preparation of financial statements in conformity with US generally accepted accounting principles (“US GAAP”) requires management to make estimates, judgements, and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and changes in these estimates are recorded when known. Significant accounting policies Cash and cash equivalents The Company considers cash and other instruments with maturities of three months or less when purchased to be cash and cash equivalents. The Company invests available funds in a manner to preserve investment principal and maintain liquidity. Cash and cash equivalents held in non-domestic accounts were $2,193 and $2,012 as of December 31, 2023 and 2022, respectively. Accounts Receivable Trade receivables are carried at their estimated collectible amounts. Trade credit is generally extended on a short-term basis; thus trade receivables do not bear interest. Credit is extended based upon an evaluation of the customer’s financial condition and, while collateral is not required, the Company periodically receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices. Inventory Inventory is valued at the lower of average cost or net realizable value. Slow-moving inventory is reviewed and adjusted regularly, based upon product knowledge, physical inventory observation, inventory turnover, and the age of the inventory. Inventory costs include materials, direct labor, manufacturing overhead, and other direct costs. Property, plant, and equipment Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of 10 to 41 years for buildings and 2 to 50 years for machinery and equipment. Leasehold improvements are amortized over 4 to 19 years, which represent the lives of the respective leases or the lives of the improvements, whichever is shorter. Depreciation expense is recorded within “Cost of goods sold,” “Cost of services sold,” and “Selling and administrative expenses” on the Consolidated Statements of Operations based upon the particular asset’s use. The Company reviews a long-lived asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company recognizes an impairment loss if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. There were no material property, plant, and equipment impairments recorded for the years ended December 31, 2023 and 2022. Maintenance, repairs, and minor renewals are charged to operations as incurred. Major renewals and betterments that substantially extend the useful life of the property are capitalized at cost. Upon the sale or other disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in “Other expense (income) - net” in the Consolidated Statements of Operations. Allowance for credit losses The Company established the allowance for credit losses by calculating the amount to reserve based on the age of a given trade receivable and considering historical collection patterns, bad debt expense experience, expected future trends of collections, current and expected market conditions, and any other relevant subjective adjustments as needed. Management maintains high-quality credit review practices and positive customer relationships that mitigate credit risks. The Company’s reserves are regularly reviewed and revised as necessary. Reserves for uncollectible accounts are recorded as part of “Selling and administrative expenses” in the Consolidated Statements of Operations. The Company has also established policies regarding allowance for credit losses associated with contract assets, which includes standalone reserve assessments for its long term, complex contracts as needed as well as detailed regular review and updates to contract margins, progress, and value. A standard reserve threshold is applied to contract assets related to short term, less complex contracts. Management also regularly reviews collection patterns and future expected collections and makes necessary revisions to allowance for credit losses related to contract assets. Goodwill and other intangible assets Goodwill is the cost of an acquisition less the fair value of the identifiable net assets of the acquired business. Goodwill is tested annually for impairment or more often if there are indicators of impairment within a reporting unit. A reporting unit is an operating segment or a component of an operating segment for which discrete financial information is available and reviewed by management on a regular basis. There was no change to the reporting units as a result of the 2023 change in reporting segments. The goodwill impairment test involves comparing the fair value of a reporting unit to its carrying value, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the excess amount up to the goodwill balance is recorded as a component of operations. The Company performs its annual impairment tests in the fourth quarter. The Company’s fourth quarter 2023 annual test included the assessment of a quantitative analysis to determine whether it was more likely than not that the fair value of each reporting unit is less than its carrying value. The quantitative assessment considers fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s quantitative analysis considered and evaluated each of the three traditional approaches to value: the income approach, the market approach, and the asset approach. The Company uses a combination of a discounted cash flow method and a market approach to determine the fair values of the reporting units. Any impairment charges are based on both historic and future expected business results that no longer support the carrying value of the reporting unit. The Company also monitors the recoverability of the long-lived assets associated with the asset groups of the Company and the long-term financial projections of the businesses to assess for asset impairment. The Company has no indefinite-lived intangible assets. The Company reviews a long-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. All intangible assets are amortized over their estimated useful lives. Environmental remediation and compliance Environmental remediation costs are accrued when a liability is probable and costs are estimable. Environmental compliance costs, which principally include the disposal of waste generated by routine operations, are expensed as incurred. Reserves are not reduced by potential claims for recovery and are not discounted. Claims for recovery are recognized as agreements are reached with third parties or as amounts are received. Reserves are periodically reviewed throughout the year and adjusted to reflect current remediation progress, prospective estimates of required activity, and other factors that may be relevant, including changes in technology or regulations. Revenue recognition The Company’s revenues are comprised of product and service sales, including products and services provided under long-term agreements with its customers. All revenue is recognized when the Company satisfies its performance obligations under the respective contract, either implicit or explicit, by transferring the promised product or rendering a service to its customer either when or as its customer obtains control of the product or the service is rendered. Deferred revenue consists of customer billings or payments received for which the revenue recognition criteria have not yet been met as well as contract liabilities (billings in excess of costs) on over time contracts. Advance payments from customers typically relate to contracts for which the Company has significantly fulfilled its obligations, but due to the Company’s continuing involvement with the project, revenue is precluded from being recognized until the performance obligation is met for the customer. Product warranty The Company maintains a current warranty liability for the repair or replacement of defective products. For certain manufactured products, an accrual is made on a monthly basis as a percentage of cost of sales based upon historical experience. For long-lived construction products, a warranty is established when the claim is known and quantifiable. The product warranty accrual is periodically adjusted based on the identification or resolution of known individual product warranty claims or due to changes in the Company’s historical warranty experience. As of December 31, 2023 and 2022, the product warranty reserve was $688 and $870, respectively. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax laws and rates expected to be in effect when such differences are recovered or settled. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date of the change. The Company has also elected to record income taxes associated with global intangible low-taxed income (“GILTI”) as period costs if and when incurred. The Company makes judgments regarding the recognition of deferred tax assets and the future realization of these assets. As prescribed by the FASB’s ASC 740, “Income Taxes” and applicable guidance, valuation allowances must be provided for those deferred tax assets for which it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The guidance requires the Company to evaluate positive and negative evidence regarding the recoverability of deferred tax assets. The determination of whether the positive evidence outweighs the negative evidence and quantification of the valuation allowance requires the Company to make estimates and judgments of future financial results. The Company has concluded that for purposes of quantifying valuation allowances, it would be appropriate to consider the reversal of taxable temporary differences related to indefinite-lived intangible assets when assessing the realizability of deferred tax assets that upon reversal, would give rise to operating losses that do not expire. The Company evaluates all tax positions taken on its federal, state, and foreign tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that meet the more likely than not to be sustained criteria, the largest amount of benefit to be realized upon ultimate settlement is determined on a cumulative probability basis. A previously recognized tax position is derecognized when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the expected tax benefit is based on judgment, historical experience, and various other assumptions. Actual results could differ from those estimates upon subsequent resolution of identified matters. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. Foreign currency translation The assets and liabilities of the Company’s foreign subsidiaries are measured using the local currency as the functional currency and are translated into US dollars at exchange rates as of the balance sheet date. Income statement amounts are translated at the weighted-average rates of exchange during the year. The translation adjustment is accumulated as a separate component of “Accumulated other comprehensive loss” within the Consolidated Balance Sheets. Foreign currency transaction gains and losses are included in “Other income or expense.” For the years ended December 31, 2023 and 2022, foreign currency transaction loss of $77 and $434, respectively, were included in “Other expense (income) - net” in the Consolidated Statements of Operations. Research and development The Company expenses research and development costs as costs are incurred. For the years ended December 31, 2023 and 2022, research and development expenses were $2,555 and $2,219, respectively, and were principally related to the Company’s friction management and railroad monitoring system products within the Rail segment. Reclassifications Certain accounts in the prior year consolidated financial statements have been reclassified for comparative purposes principally to conform to the presentation in the current year period, including the changes in business segments. Recently issued accounting guidance In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires enhanced disclosures regarding significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included in each reported measure of segment profit or loss, including an amount for “other segment items” by reportable segment and a description of its composition. ASU 2023-07 also requires entities to disclose the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss to assess performance and allocate resources. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company did not identify any material impact from the provision of ASU 2023-07 on its financial condition, results of operations, and cash flows. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and disaggregation of income tax expense and income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09, but does not expect this standard to have a material effect on its financial condition, results of operations, and cash flows. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Effective for the quarter and year ended December 31, 2023, the Company implemented operational changes in how its CODM manages its businesses, including resource allocation and operating decisions. As a result of these changes, the Company now has two operating segments, representing the individual businesses that are run separately under the new structure. The Company's new reportable segments are: the Rail, Technologies, and Services segment and Infrastructure Solutions segment. The Company’s segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred, (b) whose operating results are regularly reviewed by the CODM, who uses such information to make decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available. The Infrastructure segment is comprised of the previous Precast Concrete Products and Steel Products and Measurement (now Steel Products business unit) segments, and the Company has restated segment information for the historical periods presented herein to conform to the current presentation. This change in segment presentation does not affect the Company’s consolidated statements of income, balance sheets, or statements of cash flows. Operating segments are evaluated on their segment profit contribution to the Company’s consolidated results. The Company considers the aggregation of operating segments into reporting segments based on the nature of offerings, nature of production services, the type or class of customer for products and services, methods used to distribute products and services, and economic and regulatory environment conditions. The Company’s Rail reporting segment consists of the Rail Products, Global Friction Management, and Technology Services and Solutions business units, which was evaluated based on the factors outlined above. The Rail reporting segment engineers, manufactures, and assembles friction management products and railway wayside data collection, application systems, railroad condition monitoring systems and equipment, wheel impact load detection systems, management systems, and provides services for these products. The Rail segment also provides a full line of new and used rail, trackwork, and accessories to railroads, mines, and other customers in the rail industry as well as designs and produces insulated rail joints, power rail, track fasteners, coverboards, and special accessories for mass transit and other rail systems. In addition, the Rail segment provides controls, display, and telecommunication contract management solutions for the transit, control room, and customer information and display sectors to enhance safety, operational efficiency, and customer experience. On June 30, 2023, the Company sold substantially all the operating assets of the prestressed concrete railroad tie business operated by its wholly-owned subsidiary, CXT Incorporated (“Ties”), located in Spokane, WA. The Ties business was reported in the Rail Products business unit within the Rail segment. On June 21, 2022, the Company acquired the stock of Skratch. Skratch is located in Telford, United Kingdom, and offers a single-point supply solution model for clients, and enabling large scale deployments of its intelligent digital signage solutions. Skratch has been included in the Company’s Technology Services and Solutions business unit within the Rail segment. Additionally, on August 1, 2022, the Company divested its Track Components business located in St-Jean-sur-Richelieu, Quebec, Canada. Results of the Track Components business are included in the Company’s Rail Products business unit within the Rail segment. Refer to Note 3 for further details on acquisitions and divestitures. The Company’s Infrastructure segment produces precast concrete buildings and a variety of specialty precast concrete products for use in several infrastructure end markets, including transportation, energy, and general infrastructure. The precast concrete buildings are primarily used as restrooms, concession stands, and protective storage buildings in national, state, and municipal parks, while other precast products include sound walls, bridge beams, box culverts, septic tanks, and other custom pre-stressed products. The segment also produces threaded pipe products for industrial water well and irrigation markets as well pipe coatings for oil and gas markets. In addition, the segment sells bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms and other products for highway construction and repair. Lastly, this segment provides pipe coatings for oil and gas pipelines and utilities. On March 30, 2023, the Company sold substantially all the operating assets of its Precision Measurement Products and Systems business, Chemtec Energy Services LLC (“Chemtec”). The Chemtec business was reported in the Coatings and Measurement business unit within the Infrastructure segment. On August 12, 2022, the Company acquired the operating assets of VanHooseCo, a privately-held business headquartered in Loudon, Tennessee. VanHooseCo specializes in precast concrete walls, water management products, and traditional precast products for the industrial, commercial, and residential infrastructure markets and has been included in the Infrastructure segment. Refer to Note 3 for further details on acquisitions and divestitures. Segment profit from operations includes allocated corporate operating expenses. Operating expenses related to corporate headquarter functions were allocated to each segment based on segment headcount, revenue contribution, or activity of the business units within the segments, based on the corporate activity type provided to the segment. The expense allocation excludes certain corporate costs that are separately managed from the segments including interest, income taxes, and certain other items that are included in other income and expense and are managed on a consolidated basis. Management believes the allocation of corporate operating expenses provides an accurate presentation of how the segments utilize corporate support activities. This provides the CODM meaningful segment profitability information to support operating decisions and the allocation of resources. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies found in Note 1. The operating results and assets of the Company’s reportable segments were as follows as of and for the year ended December 31, 2023: 2023 Net Sales Segment Operating Profit Segment Assets Depreciation/Amortization Expenditures for Long-Lived Assets Rail, Technologies, and Services $ 312,160 $ 11,940 $ 157,023 $ 5,172 $ 1,915 Infrastructure Solutions 231,584 9,988 130,667 8,262 2,707 Total $ 543,744 $ 21,928 $ 287,690 $ 13,434 $ 4,622 Included in the Rail operating profit for the year ended December 31, 2023 was a $1,862 expense related to bad debt due to a customer filing for administrative protection and a $676 expense related to restructuring, both of which were within the Company’s UK based Technology Services and Solutions business. The operating results and assets of the Company’s reportable segments were as follows as of and for the year ended December 31, 2022: 2022 Net Sales Segment Operating Profit (Loss) Segment Assets Depreciation/Amortization Expenditures for Long-Lived Assets Rail, Technologies, and Services $ 300,592 $ 11,454 $ 172,111 $ 5,620 $ 1,218 Infrastructure Solutions 196,905 (9,132) 163,114 7,664 3,100 Total $ 497,497 $ 2,322 $ 335,225 $ 13,284 $ 4,318 Included in the Infrastructure operating loss for the year ended December 31, 2022 were pre-tax impairment charges of $8,016 associated with goodwill and intangible assets within the Steel Products business unit. During 2023 and 2022, no single customer accounted for more than 10% of the Company’s consolidated net sales. Sales between segments were immaterial and eliminated in consolidation. Reconciliations of reportable segment net sales, profits, assets, depreciation/amortization, and expenditures for long-lived assets to the Company’s consolidated totals are as follows as of and for the years ended December 31: 2023 2022 Income from operations: Total segment operating profit $ 21,928 $ 2,322 Interest expense - net (5,528) (3,340) Other (expense) income - net (3,666) 1,550 Corporate expense and other unallocated charges (11,790) (9,528) Income (loss) before income taxes $ 944 $ (8,996) Assets: Total segment assets $ 287,690 $ 335,225 Unallocated corporate assets 25,516 30,085 Assets $ 313,206 $ 365,310 Depreciation/Amortization: Total segment depreciation/amortization $ 13,434 $ 13,284 Corporate depreciation/amortization 1,829 1,495 Depreciation/amortization $ 15,263 $ 14,779 Expenditures for Long-Lived Assets: Total segment expenditures for long-lived assets $ 4,622 $ 4,318 Corporate expenditures for long-lived assets 311 3,315 Expenditures for long-lived assets $ 4,933 $ 7,633 The following table summarizes the Company’s sales by major geographic region in which the Company had operations for the years ended December 31: 2023 2022 United States $ 463,936 $ 378,339 Canada 24,925 38,489 United Kingdom 41,418 46,590 Other 13,465 34,079 Total net sales $ 543,744 $ 497,497 The following table summarizes the Company’s long-lived assets by geographic region as of December 31: 2023 2022 United States $ 73,260 $ 82,846 Canada 56 110 United Kingdom 1,833 1,533 Other 850 855 Total property, plant, and equipment - net $ 75,999 $ 85,344 The following table summarizes the Company’s sales by major product and service line for the years ended December 31: December 31, 2023 2022 Rail Products $ 205,797 $ 202,559 Global Friction Management 63,946 54,811 Technology Services and Solutions 42,417 43,222 Rail, Technologies, and Services 312,160 300,592 Precast Concrete Products 136,458 104,212 Steel Products 95,126 92,693 Infrastructure Solutions 231,584 196,905 Total net sales $ 543,744 $ 497,497 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures Skratch Enterprises Ltd. On June 21, 2022, the Company acquired the stock of Skratch for $7,402, which is inclusive of deferred payments withheld by the Company of $1,228, to be paid over the next five years or utilized to satisfy post-closing working capital adjustments or indemnity claims under the purchase agreement. Located in Telford, United Kingdom, Skratch offers a single-point supply solution model for clients, and enables large scale deployments of its intelligent digital signage solutions. Skratch’s service offerings include design, prototyping and proof of concept, hardware and software, logistics and warehousing, installation, maintenance, content management, and managed monitoring. Skratch has been included in the Company’s Technology Services and Solutions business unit within the Rail segment. VanHooseCo Precast LLC On August 12, 2022, the Company acquired the operating assets of VanHooseCo, a privately-held business headquartered in Loudon, Tennessee specializing in precast concrete walls, water management products, and traditional precast products for the industrial, commercial, and residential infrastructure markets. The Company acquired VanHooseCo for $52,146, net of cash acquired at closing. An amount equal to $2,500 of the purchase price was deposited in an escrow account in order to cover breaches of representations and warranties, all of which was released from escrow as of December 31, 2023. The acquisition agreement includes two employment agreements whereby principals had the ability to earn up to an additional $1,000 dependent upon the successful completion of the principals’ employment agreements. VanHooseCo has been included in the Company’s Precast Concrete Products business unit within the Infrastructure segment. Acquisition Summary Each transaction was accounted for under the acquisition method of accounting under US GAAP which requires an acquiring entity to recognize, with limited exceptions, all of the assets acquired and liabilities assumed in a transaction at fair value as of the acquisition date. Goodwill primarily represents the value paid for each acquisition’s enhancement to the Company’s product and service offerings and capabilities, as well as a premium payment related to the ability to control the acquired assets, as well as the assembled workforce provided. Acquisition costs for the year ended December 31, 2022 were $2,043 and were recognized as part of the Company’s selling and administrative expenses. VanHooseCo contributed net sales of $17,788 and operating profit of $1,555 to the Company’s consolidated results for the period from August 12, 2022 through December 31, 2022. The table below summarizes the Company’s results as though the VanHooseCo acquisition had been completed on January 1, 2022. Certain of VanHooseCo’s historical amounts were reclassified to conform to the Company’s financial presentation of operations, which included recording inventory and property, plant, and equipment at fair market value, to establish intangible assets, to remove deferred compensation expense, and to include interest expense for the additional borrowings. The following unaudited pro forma information is provided for informational purposes only, and they are not necessarily indicative of future consolidated results of operations. Year Ended 2022 Unaudited Net sales $ 522,997 Net (loss) income attributable to L.B. Foster Company (44,564) Diluted (loss) earnings per share As reported $ (4.25) Pro forma $ (4.16) The following table summarizes estimated fair values of the assets acquired and liabilities assumed at the date of the VanHooseCo and Skratch acquisitions, including final purchase accounting adjustments as of December 31, 2023: Allocation of purchase price VanHooseCo Skratch Current assets, net of cash acquired on the acquisition date $ 11,138 $ 1,129 Property, plant, and equipment 30,410 174 Goodwill 8,463 5,549 Other intangibles 5,442 1,750 Liabilities assumed (3,307) (1,200) Total $ 52,146 $ 7,402 The following table summarizes estimates of the fair values of the VanHooseCo and Skratch identifiable intangible assets acquired: VanHooseCo Skratch Identifiable intangible assets Weighted Average Net Weighted Average Net Non-compete agreements 0 $ — 1 $ 27 Customer relationships 5 3,578 3 1,349 Trademarks and trade names 10 1,537 10 374 Favorable lease 6 327 0 — Total $ 5,442 $ 1,750 The Company made an allocation of the purchase price for the VanHooseCo and Skratch acquisitions as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These fair value measurements are classified as Level 3 in the fair value hierarchy. See Note 16 for a description of the fair value hierarchy. There were no material purchase accounting adjustments made in 2023 as the Company finalized purchase accounting within the allowable measurement period. Divestiture Summary On August 1, 2022, the Company divested its Track Components business located in St-Jean-sur-Richelieu, Quebec, Canada. Cash proceeds from the transaction were $7,795, subject to indemnification obligations and working capital adjustments, resulting in a pre-tax loss of $467. The Track Components business was reported in the Rail Products business unit within the Rail segment. On March 30, 2023, the Company sold substantially all the operating assets of its Chemtec business, which was inclusive of its entire Precision Measurement Products and Services division, located in Willis, TX. Cash proceeds from the transaction were $5,344, subject to final working capital adjustments, resulting in a pre-tax loss of $2,065. The Chemtec business was reported in the Steel Products business unit within the Infrastructure segment. On June 30, 2023, the Company sold substantially all the operating assets of the prestressed concrete railroad tie business operated by its wholly-owned subsidiary, CXT Incorporated, located in Spokane, WA. Cash proceeds from the transaction were $2,362, subject to final working capital adjustments, generating a pre-tax loss of $1,009. The Ties business was reported in the Rail Products business unit within the Rail segment. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company’s revenues are comprised of product and service sales, including products and services provided under long-term agreements with its customers. All revenue is recognized when the Company satisfies its performance obligations under the contract, either implicit or explicit, by transferring the promised product or rendering a service to its customer either when its customer obtains control of the product or as the service is rendered. A performance obligation is a promise in a contract to transfer a distinct product or render a specific service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. The majority of the Company’s contracts have a single performance obligation, as the promise to transfer products or render services is not separately identifiable from other promises in the contract and, therefore, not distinct. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. Revenue is recorded net of returns, allowances, and customer discounts. Sales, value added, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and handling costs are included in cost of goods sold. The Company’s performance obligations under long-term agreements with its customers are generally satisfied over time. Over time revenue is primarily comprised of transit infrastructure and technology services and solutions projects within the Rail segment, precast concrete buildings within the Precast Concrete Products division in the Infrastructure segment, and long-term bridge projects and custom precision metering systems within the Steel Products division in the Infrastructure segment. Revenue under these long- term agreements is generally recognized over time, either using an input measure based upon the proportion of actual costs incurred to estimated total project costs or an input measure based upon actual labor costs as a percentage of estimated total labor costs, depending upon which measure the Company believes best depicts the Company’s performance to date under the terms of the contract, or an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. The Company records contract liabilities in “Deferred revenue” within the Consolidated Balance Sheets. Deferred revenue of $12,479 and $19,452 as of December 31, 2023 and 2022, respectively, consisted of customer billings or payments received for which the revenue recognition criteria had not yet been met as well as contract liabilities (billings in excess of costs) on over time revenue projects. For the years ended December 31, 2023 and 2022, revenue recognized over time was as follows: Year Ended December 31, Percentage of Total Net Sales 2023 2022 2023 2022 Over time input method $ 59,864 $ 67,116 11.1 % 13.5 % Over time output method 88,856 68,794 16.3 13.8 Total over time sales $ 148,720 $ 135,910 27.4 % 27.3 % Accounting for these long-term agreements involves the use of various techniques to estimate total revenues and costs. The Company estimates profit on these long-term agreements as the difference between total estimated revenues and expected costs to complete a contract and recognizes that profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include, among other things, labor productivity, cost and availability of materials, and timing of funding by customers. The nature of these long-term agreements may give rise to several types of variable consideration, such as claims and awards. Contract estimates may include additional revenue for submitted contract modifications, including at times unapproved change orders, if there exists an enforceable right to the modification, the amount can be reasonably estimated, and its realization is probable. These estimates are based on historical collection experience, anticipated performance, and the Company’s best judgment at that time. These amounts are generally included in the contract’s transaction price and are allocated over the remaining performance obligations. As a result of management's reviews of contract-related estimates the Company makes adjustments to contract estimates that impact our revenue and profit totals. Changes in estimates are primarily attributed to updated considerations, including economic conditions and historic contract patterns, resulting in changes to anticipated revenue from existing contracts. In the event that a contract loss becomes known, the entire amount of the estimated loss is recognized in the Consolidated Statements of Operations. The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time, which is inherent in all major product and service categories. Point in time revenue accounted for 72.6% and 72.7% of revenue for the years ended December 31, 2023 and 2022, respectively. The Company recognizes revenue at the point in time in which the customer obtains control of the product or service, which is generally when product title passes to the customer upon shipment or the service has been rendered to the customer. In limited cases, title does not transfer upon shipment and revenue is not recognized until the customer has received the products at a designated physical location. For the years ended December 31, 2023 and 2022, net sales by the timing of the transfer of goods and services were as follows: Year Ended December 31, 2023 Rail, Technologies, and Services Infrastructure Solutions Total Point in time $ 254,345 $ 140,679 $ 395,024 Over time 57,815 90,905 148,720 Total net sales $ 312,160 $ 231,584 $ 543,744 Year Ended December 31, 2022 Rail, Technologies, and Services Infrastructure Solutions Total Point in time $ 241,759 $ 119,828 $ 361,587 Over time 58,833 77,077 135,910 Total net sales $ 300,592 $ 196,905 $ 497,497 During 2023, the Company recorded $8,718 in reductions to net sales stemming from changes in actual and expected values of certain commercial contracts, including $2,987 associated with the Bridge Exit and other settled contracts. Such adjustments were $4,800 in 2022, including the $3,956 impact of the Crossrail Settlement. See Note 2 for additional information for the Company’s net sales by major product and service category. The timing of revenue recognition, billings, and cash collections results in billed receivables, costs in excess of billings (contract assets), and billings in excess of costs (contract liabilities), included in deferred revenue on the Consolidated Balance Sheets. The following table sets forth the Company’s contract assets: Contract Assets Contract asset balance as of December 31, 2022 $ 33,613 Net additions to contract assets 9,638 Transfers from contract asset balance to accounts receivable (13,762) Contract asset balance as of December 31, 2023 $ 29,489 The following table sets forth the Company’s contract liabilities: Contract Liabilities Contract liability balance as of December 31, 2022 $ 6,781 Revenue recognized from contract liabilities (5,121) Increase in billings in excess of costs, excluding revenue recognized 2,204 Other adjustments, including business divestiture (1,675) Balance as of December 31, 2023 $ 2,189 As of December 31, 2023, the Company had approximately $213,780 of remaining performance obligations, which is also referred to as backlog. Approximately 10.5% of the backlog as of December 31, 2023 was related to projects that are anticipated to extend beyond December 31, 2024. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets As of December 31, 2023 and 2022, the following table represents the goodwill balance by reportable segment: Rail, Technologies, and Services Infrastructure Solutions Total Balance as of December 31, 2021: $ 14,577 $ 5,575 $ 20,152 Acquisitions 5,549 8,221 13,770 Foreign currency translation impact (178) — (178) Impairment charges — (3,011) (3,011) Balance as of December 31, 2022: 19,948 10,785 30,733 Acquisitions — 1,336 1,336 Foreign currency translation impact 518 — 518 Balance as of December 31, 2023: $ 20,466 $ 12,121 $ 32,587 In conjunction with our annual goodwill impairment test performed during the fourth quarter of 2023, the Company determined it was necessary to perform a quantitative test for impairment of goodwill due to weakened economic conditions, unfavorable changes in foreign exchange rates, and recent increases in the cost of certain materials, labor, and other inflation-related pressures unfavorably impacted the financial results. The Company determined the implied fair values of its reporting units by using Level 3 unobservable inputs, which incorporated assumptions that we believe would be a reasonable market participant’s view in a hypothetical purchase, to develop the discounted cash flows of the respective reporting units. Significant Level 3 inputs included estimates of future revenue growth, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) contribution, and market participant assumptions. The results of the test indicated that all reporting units that maintain goodwill adequately exceeded their carrying value and were not subject to impairment. However, headroom in the Rail Technologies and Precast Concrete Products reporting units indicate that should results or future projections diverge from current expectations, the reporting units could be subject to future impairment. As a result of the procedures performed as outlined above, no impairments were recorded in 2023. In the fourth quarter of 2022, the Company impaired 100% of goodwill held in the Fabricated Bridge reporting unit, resulting in a non-cash pre-tax impairment charge of $3,011. As of December 31, 2023 and 2022, the components of the Company’s intangible assets were as follows: December 31, 2023 Weighted Average Gross Accumulated Net Patents 10 $ 335 $ (199) $ 136 Customer relationships 16 27,712 (17,236) 10,476 Trademarks and trade names 16 7,989 (4,593) 3,396 Technology 9 32,658 (27,906) 4,752 Favorable lease 6 327 (77) 250 $ 69,021 $ (50,011) $ 19,010 December 31, 2022 Weighted Average Gross Accumulated Net Non-compete agreements 1 $ 27 $ (16) $ 11 Patents 10 330 (187) 143 Customer relationships 16 27,184 (14,129) 13,055 Trademarks and trade names 16 7,933 (3,989) 3,944 Technology 14 32,201 (25,827) 6,374 Favorable lease 6 327 (23) 304 $ 68,002 $ (44,171) $ 23,831 Intangible assets are amortized over their useful lives ranging from 1 to 25 years, with a total weighted average amortization period of approximately 13 years. Amortization expense for the years ended December 31, 2023 and 2022 were $5,314 and $6,144, respectively. During the year ended December 31, 2023, certain fully amortized intangible assets of $27 related to non-compete agreements were eliminated from gross intangible assets and accumulated amortization. During the year ended December 31, 2022, the Company’s gross carrying value of customer relationships and technology intangible assets were reduced by $5,448 and $471, respectively, and the net carrying amount of customer relationships and technology intangible assets were reduced by $2,869 and $7, respectively, as a result of the August 1, 2022 disposition of the Track Components business. Estimated annual amortization expense for the years ending December 31, 2024 and thereafter is as follows: Year Ending December 31, 2024 $ 4,393 2025 2,922 2026 2,331 2027 1,989 2028 1,519 2029 and thereafter 5,856 $ 19,010 During the year ended December 31, 2022, management performed a recoverability test on a reporting unit for which there was an indication that it was more likely than not that the carrying value of the long-lived asset group would not be recoverable. As a result of the analysis and valuation exercises performed, in the fourth quarter of 2022, the Company recorded $4,883 in non-cash, pre-tax impairment charges associated with the Company's Precision Measurement Products and Systems business based in Willis, TX, equal to 100% of their carrying value. Impairment was inclusive of $3,828, $394, and $661 related to customer relationships, trade name, and developed technology, respectively. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable as of December 31, 2023 and 2022 are summarized as follows: December 31, 2023 2022 Accounts receivable $ 54,293 $ 83,268 Allowance for credit losses (809) (813) Accounts receivable - net $ 53,484 $ 82,455 Changes in reserves for uncollectible accounts are recorded as part of “Selling and administrative expenses” in the Consolidated Statements of Operations, and were an expense of $1,912 and $382 for the years ended December 31, 2023 and 2022, respectively. The following table sets forth the Company’s allowance for credit losses: Allowance for Credit Losses December 31, 2022 $ 813 Current period provision 1,020 Write-off against allowance (1,024) December 31, 2023 $ 809 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory is valued at average cost or net realizable value, whichever is lower. The Company’s components of inventory as of December 31, 2023 and 2022 are summarized in the following table: December 31, 2023 2022 Finished goods $ 44,903 $ 41,431 Work-in-process 4,675 9,693 Raw materials 23,918 24,597 Inventories - net $ 73,496 $ 75,721 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant, and Equipment Property, plant, and equipment as of December 31, 2023 and 2022 consisted of the following: December 31, 2023 2022 Land $ 5,869 $ 5,284 Improvements to land and leaseholds 19,404 19,956 Buildings 31,447 34,814 Machinery and equipment, including equipment under finance leases 118,190 123,806 Construction in progress 2,122 5,552 Gross property, plant, and equipment 177,032 189,412 Less: accumulated depreciation and amortization, including accumulated amortization of finance leases (101,033) (104,068) Property, plant, and equipment - net $ 75,999 $ 85,344 Depreciation expense, including amortization of assets under finance leases, for the years ended December 31, 2023 and 2022 amounted to $9,949 and $8,635, respectively. There were no material property, plant, and equipment impairments recorded for the year ended December 31, 2023 and 2022. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company determines if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets,” “Other current liabilities,” and “Long-term operating lease liabilities” within the Consolidated Balance Sheets. Finance leases are included in “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in the Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The Company uses the implicit rate when readily determinable. The operating lease right-of-use asset also includes indirect costs incurred and lease payments made prior to the commencement date, less any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease and will be recognized when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components that it accounts for as a single lease component. Also, for certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease right-of-use assets and liabilities. The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of December 31, 2023, its leases had remaining lease terms of 2 to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. The balance sheet components of the leases were as follows as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Operating leases Operating lease right-of-use assets $ 14,905 $ 17,291 Other current liabilities $ 3,040 $ 3,128 Long-term operating lease liabilities 11,865 14,163 Total operating lease liabilities $ 14,905 $ 17,291 Finance leases Property, plant, and equipment $ 1,317 $ 1,442 Accumulated amortization (1,104) (1,130) Property, plant, and equipment - net $ 213 $ 312 Current maturities of long-term debt $ 102 $ 127 Long-term debt 111 185 Total finance lease liabilities $ 213 $ 312 The components of lease expense within the Consolidated Statements of Operations were as follows for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Finance lease cost: Amortization of finance leases $ 186 $ 177 Interest on lease liabilities 58 34 Operating lease cost 3,448 2,891 Sublease income (200) (200) Total lease cost $ 3,492 $ 2,902 The cash flow components of the leases were as follows for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (4,113) $ (3,440) Financing cash flows from finance leases (214) (164) Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 404 $ 5,257 The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented: December 31, 2023 2022 Operating lease weighted-average remaining lease term 6 7 Operating lease weighted-average discount rate 5.2 % 5.2 % Finance lease weighted-average remaining lease term 2 2 Finance lease weighted-average discount rate 3.6 % 3.7 % As of December 31, 2023, estimated annual maturities of lease liabilities for the year ending December 31, 2024 and thereafter were as follows: Year Ending December 31, Operating Leases Finance Leases 2024 $ 4,082 $ 37 2025 3,719 136 2026 3,175 76 2027 2,949 5 2028 2,145 — 2029 and thereafter 5,345 — 21,415 254 Interest (6,510) (41) Total $ 14,905 $ 213 |
Leases | Leases The Company determines if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets,” “Other current liabilities,” and “Long-term operating lease liabilities” within the Consolidated Balance Sheets. Finance leases are included in “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in the Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The Company uses the implicit rate when readily determinable. The operating lease right-of-use asset also includes indirect costs incurred and lease payments made prior to the commencement date, less any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease and will be recognized when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components that it accounts for as a single lease component. Also, for certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease right-of-use assets and liabilities. The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of December 31, 2023, its leases had remaining lease terms of 2 to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. The balance sheet components of the leases were as follows as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Operating leases Operating lease right-of-use assets $ 14,905 $ 17,291 Other current liabilities $ 3,040 $ 3,128 Long-term operating lease liabilities 11,865 14,163 Total operating lease liabilities $ 14,905 $ 17,291 Finance leases Property, plant, and equipment $ 1,317 $ 1,442 Accumulated amortization (1,104) (1,130) Property, plant, and equipment - net $ 213 $ 312 Current maturities of long-term debt $ 102 $ 127 Long-term debt 111 185 Total finance lease liabilities $ 213 $ 312 The components of lease expense within the Consolidated Statements of Operations were as follows for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Finance lease cost: Amortization of finance leases $ 186 $ 177 Interest on lease liabilities 58 34 Operating lease cost 3,448 2,891 Sublease income (200) (200) Total lease cost $ 3,492 $ 2,902 The cash flow components of the leases were as follows for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (4,113) $ (3,440) Financing cash flows from finance leases (214) (164) Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 404 $ 5,257 The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented: December 31, 2023 2022 Operating lease weighted-average remaining lease term 6 7 Operating lease weighted-average discount rate 5.2 % 5.2 % Finance lease weighted-average remaining lease term 2 2 Finance lease weighted-average discount rate 3.6 % 3.7 % As of December 31, 2023, estimated annual maturities of lease liabilities for the year ending December 31, 2024 and thereafter were as follows: Year Ending December 31, Operating Leases Finance Leases 2024 $ 4,082 $ 37 2025 3,719 136 2026 3,175 76 2027 2,949 5 2028 2,145 — 2029 and thereafter 5,345 — 21,415 254 Interest (6,510) (41) Total $ 14,905 $ 213 |
Long-Term Debt and Related Matt
Long-Term Debt and Related Matters | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Related Matters | Long-Term Debt and Related Matters Long-term debt as of December 31, 2023 and 2022 consisted of the following: December 31, 2023 2022 Revolving credit facility with an interest rate of 7.40% as of December 31, 2023 and 6.93% as of December 31, 2022 $ 55,060 $ 91,567 Lease obligations payable in installments through 2024 with a weighted average interest rate of 4.67% as of December 31, 2023 and 4.80% as of December 31, 2022 213 312 Total debt 55,273 91,879 Less: current maturities (102) (127) Long-term portion $ 55,171 $ 91,752 The expected maturities of long-term debt for December 31, 2024 and thereafter are as follows: Year Ending December 31, 2024 $ 102 2025 99 2026 55,072 2027 — 2028 — 2029 and thereafter — Total $ 55,273 Borrowings On August 13, 2021, the Company, its domestic subsidiaries, and certain of its Canadian and United Kingdom subsidiaries (collectively, the “Borrowers”), entered into the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with PNC Bank, N.A., Citizens Bank, N.A., Wells Fargo Bank, National Association, Bank of America, N.A., and BMO Harris Bank, National Association. The Credit Agreement, as amended, modifies the prior revolving credit facility, as amended, on terms more favorable to the Company and extends the maturity date from April 30, 2024 to August 13, 2026. The Credit Agreement provides for a five-year, revolving credit facility that permits aggregate borrowings of the Borrowers up to $130,000 with a sublimit of the equivalent of $25,000 US dollars that is available to the Canadian and United Kingdom borrowers in the aggregate. The Credit Agreement’s incremental loan feature permits the Company to increase the available commitments under the facility by up to an additional $50,000 subject to the Company’s receipt of increased commitments from existing or new lenders and the satisfaction of certain conditions. The Credit Agreement includes two financial covenants: (a) Maximum Gross Leverage Ratio, defined as the Company’s consolidated Indebtedness (as defined in the Credit Agreement) divided by the Company’s consolidated EBITDA, which must not exceed (i) 3.25 to 1.00 for all testing periods other than during an Acquisition Period, and (ii) 3.50 to 1.00 for all testing periods occurring during an Acquisition Period (as defined in the Credit Agreement), and (b) Minimum Consolidated Fixed Charge Coverage Ratio, defined as the Company’s consolidated EBITDA divided by the Company’s Fixed Charges (as defined in the Credit Agreement), which must be more than 1.05 to 1.00. On August 12, 2022, the Company entered into a second amendment to its Credit Agreement (the “Second Amendment”) to obtain approval for the VanhooseCo acquisition and temporarily modify certain financial covenants to accommodate the transaction. The Second Amendment permitted the Company to acquire the operating assets of VanHooseCo and modified the Maximum Gross Leverage Ratio covenant through June 30, 2023 to accommodate the transaction. The Second Amendment also added an additional tier to the pricing grid and provided for the conversion from LIBOR-based to SOFR-based borrowings. Borrowings under the Credit Agreement, as amended, will bear interest at rates based upon either the base rate or SOFR rate plus applicable margins. Applicable margins are dictated by the ratio of the Company’s total net indebtedness to the Company’s consolidated EBITDA for four trailing quarters, as defined in the Credit Agreement. The base rate is the highest of (a) the Overnight Bank Funding Rate plus 50 basis points, (b) the Prime Rate, or (c) the Daily Simple SOFR rate plus 100 basis points so long as the Daily Simple SOFR rate is offered, ascertainable, and not unlawful (each as defined in the Credit Agreement). The base rate and LIBOR rate spreads range from 25 to 150 basis points and 125 to 250 basis points, respectively. The obligation of the Company and its domestic, Canadian, and United Kingdom subsidiaries (the “Guarantors”) under the Credit Agreement is secured by the grant of a security interest by the Borrowers and Guarantors in substantially all of the assets owned by such entities. Additionally, the equity interests in each of the loan parties, other than the Company, and the equity interests held by each loan party in their subsidiaries, will be pledged to the lenders as collateral for the lending obligations. Other restrictions exist at all times including, but not limited to, limitations on the Company’s sale of assets and the incurrence by either the Borrowers or the non-borrower subsidiaries of the Company of other indebtedness, guarantees, and liens. As of December 31, 2023, the Company was in compliance with the covenants in the Credit Agreement, as amended. As of December 31, 2023 and 2022, the Company had outstanding letters of credit of approximately $2,807 and $619, respectively, and had net available borrowing capacity of $72,133 and $37,814, respectively, subject to covenant restrictions. The maturity date of the facility is August 13, 2026. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company had authorized shares of 20,000,000 in common stock with 11,115,779 shares issued as of December 31, 2023 and 2022. The common stock has a par value of $0.01 per share and the Company did not make any dividend payments during the years ended December 31, 2023 and 2022. As of December 31, 2023 and 2022, the Company withheld 24,886 and 27,636 shares for approximately $315 and $410, respectively, from employees to pay their withholding taxes in connection with the vesting of restricted stock awards. During the first quarter of 2023, the Company's Board of Directors authorized the repurchase of up to $15,000 of the Company's common stock in open market transactions through February 2026. Repurchases are limited to up to $5,000 in any trailing 12-month period, with unused amounts carrying forward to future periods through the end of the authorization. Any repurchases will be subject to the Company’s liquidity, including availability of borrowings and covenant compliance under its revolving credit facility, and other capital needs of the business. In connection with the stock repurchase program, 134,208 shares valued at $2,310 were repurchased during the year ended December 31, 2023 and no shares were repurchased for the year ended December 31, 2022. There were no dividends declared during the years ended December 31, 2023 and 2022. Common Stock Treasury Outstanding (Number of Shares) Balance at end of 2021 445,436 10,670,343 Issued for stock-based compensation plans (106,484) 106,484 Balance at end of 2022 338,952 10,776,827 Issued for stock-based compensation plans (91,316) 91,316 Repurchased common stock 134,208 (134,208) Balance at end of 2023 381,844 10,733,935 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2023 and 2022, were as follows: December 31, 2023 2022 Pension and post-retirement benefit plan adjustments $ (921) $ (1,112) Unrealized income on interest rate swap contracts 1,278 1,982 Foreign currency translation adjustments (19,607) (22,035) Accumulated other comprehensive loss $ (19,250) $ (21,165) Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-US subsidiaries. See Note 14 for further information. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share (Share amounts in thousands) The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Numerator for basic and diluted earnings (loss) per common share: Net income (loss) attributable to L.B. Foster Company $ 1,464 $ (45,564) Denominator: Weighted average shares outstanding 10,799 10,720 Denominator for basic earnings per common share 10,799 10,720 Effect of dilutive securities: Stock compensation plans 196 — Dilutive potential common shares 196 — Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions 10,995 10,720 Basic earnings (loss) per common share $ 0.14 $ (4.25) Diluted earnings (loss) per common share $ 0.13 $ (4.25) There were 0 and 75 anti-dilutive shares for the years ended December 31, 2023 and December 31, 2022, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Income (loss) before income taxes, as shown in the accompanying Consolidated Statements of Operations, includes the following components for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Domestic $ 14,575 $ (5,074) Foreign (13,631) (3,922) Income (loss) before income taxes $ 944 $ (8,996) Significant components of the provision for income taxes for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Current: Federal $ (16) $ — State 53 127 Foreign 1,460 769 Total current 1,497 896 Deferred: Federal — 28,287 State — 9,001 Foreign (1,852) (1,503) Total deferred (1,852) 35,785 Total income tax (benefit) expense $ (355) $ 36,681 The reconciliation of income tax computed at statutory rates to income tax expense for the years ended December 31, 2023 and 2022 is as follows: Year Ended December 31, 2023 2022 Amount Percent Amount Percent Statutory rate $ 198 21.0 % $ (1,889) 21.0 % Foreign tax rate differential (520) (55.1) (306) 3.4 State income taxes, net of federal benefit 322 34.1 327 (3.6) Non-deductible expenses 206 21.8 200 (2.2) Non-deductible executive compensation 256 27.1 45 (0.5) Income tax credits (218) (23.1) (261) 2.9 Change in income tax rates (38) (4.0) 176 (2.0) Tax on unremitted foreign earnings 181 19.2 439 (4.9) Change in valuation allowance (723) (76.6) 37,895 (421.2) Other (19) (2.0) 55 (0.6) Total income tax (benefit) expense / Effective rate $ (355) (37.6) % $ 36,681 (407.7) % Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows: December 31, 2023 2022 Deferred tax assets: Goodwill and other intangibles $ 1,762 $ 8,099 Accrued settlement 2,001 3,915 Deferred compensation 4,127 2,396 Contingent liabilities 600 613 Net operating loss / tax credit carryforwards 36,217 30,812 Pension and post-retirement liability 149 297 Inventories 852 1,790 Warranty reserve 146 202 Accounts receivable 201 181 Interest deduction carryforward 1,882 775 Capitalized research expenditures 1,599 1,292 Other 680 644 Total deferred tax assets 50,216 51,016 Less: valuation allowance (40,125) (40,601) Net deferred tax assets 10,091 10,415 Deferred tax liabilities: Goodwill and other intangibles (2,181) (2,803) Depreciation (8,596) (9,434) Unrealized income on interest rate swap contracts (306) (472) Unremitted earnings of foreign subsidiaries (50) (625) Other (190) (166) Total deferred tax liabilities (11,323) (13,500) Net deferred tax (liabilities) assets $ (1,232) $ (3,085) A valuation allowance is required to be established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company has considered all available evidence, both positive and negative, in assessing the need for a valuation allowance in each jurisdiction. The Company has reported cumulative financial losses in recent years, which is a significant piece of negative evidence that typically limits a Company’s ability to consider more subjective forms of evidence. Although many of our deferred tax assets have indefinite carryforward periods, we determined it was not appropriate to place significant weight on forecasted income in future periods given the subjective nature of such forecasts and our cumulative losses in recent years. A valuation allowance of $40,125 was recorded at December 31, 2023 to recognize only the amount of deferred tax assets more likely than not to be realized. The amount of deferred tax assets considered realizable, however, could be adjusted if objective negative evidence in the form of cumulative financial losses is no longer present, and additional weight is given to subjective evidence such as our projections for growth. As of December 31, 2023, the Company had a federal Net Operating Loss (“NOL”) carryforward of $103,108, which is limited to 80% of taxable income annually, but may be carried forward indefinitely. The Company also has federal research tax credit carryforwards in the amount of $1,678 that will expire at various times from 2036 through 2043. Based on information available as of December 31, 2023, the Company believes it is more likely than not that the tax benefits from the federal loss carryforwards and research tax credit carryforwards will not be realized. In recognition of this risk, we have provided a full valuation allowance against deferred tax assets related to federal NOL and research tax credit carryforwards at December 31, 2023. As of December 31, 2023 and 2022, the tax benefit of NOL carryforwards available for state income tax purposes was $10,137 and $9,574, respectively. Many state NOL carryforwards will expire in various years through 2043, while some may be carried forward indefinitely. Based on information available as of December 31, 2023, the Company believes it is more likely than not that the tax benefit from state operating loss carryforwards will not be realized. In recognition of this risk, the Company has provided a full valuation allowance against deferred tax assets related to state operating loss carryforwards as of December 31, 2023. As of December 31, 2023, the Company has NOL carryforwards in certain foreign jurisdictions of $18,202, which may be carried forward indefinitely. The foreign jurisdictions have incurred cumulative financial losses over the three-year period ended December 31, 2023 and have projected future taxable losses. Based on information available as of December 31, 2023, the Company believes it is more likely than not that the tax benefit from these loss carryforwards will not be realized. In recognition of this risk, it has provided a valuation allowance of $3,761, collectively, against deferred tax assets in foreign jurisdictions as of December 31, 2023. The determination to record or not record a valuation allowance involves managements’ judgment, based on the consideration of positive and negative evidence available at the time of the assessment. Management will continue to assess the realization of its deferred tax assets based upon future evidence, and may record adjustments to valuation allowances against deferred tax assets in future periods, as appropriate, that could materially impact net income. Each quarter, management reviews operations and liquidity needs in each jurisdiction to assess the Company’s intent to reinvest foreign earnings outside of the United States. As of December 31, 2023, management determined that a portion of the Company’s outside basis differences in its foreign subsidiaries would not be indefinitely reinvested outside of the United States. The Company has accrued foreign withholding taxes of $50 related to $1,000 of outside basis differences in its foreign subsidiaries that are not indefinitely reinvested as of December 31, 2023. It is management’s intent and practice to indefinitely reinvest all other undistributed earnings outside of the United States. Determination of the amount of any unrecognized deferred income tax liability associated with these undistributed earnings is not practicable because of the complexities of the hypothetical calculation. The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2023 and 2022: December 31, 2023 2022 Unrecognized tax benefits at beginning of period: $ 354 $ 365 Decreases based on tax positions for prior periods (47) (11) Balance at end of period $ 307 $ 354 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $307 as of December 31, 2023. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. As of December 31, 2023 and 2022, the Company had accrued interest and penalties related to unrecognized tax benefits of $332 and $356, respectively. As of December 31, 2023, the Company did not expect any material increases or decreases to its unrecognized tax benefits within the next 12 months. Ultimate realization of these tax benefits is dependent upon the occurrence of certain events, including the completion of audits by tax authorities and expiration of statutes of limitations. The Company files income tax returns in the US and in various state, local, and foreign jurisdictions. The Company is subject to federal income tax examinations for the 2020 period and thereafter. With respect to the state, local, and foreign filings, certain entities of the Company are subject to income tax examinations for the 2019 period and thereafter. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-based Compensation | Stock-based Compensation The Company applies the provisions of ASC 718, “Compensation - Stock-based Compensation,” to account for the Company’s stock-based compensation. Stock-based compensation cost is measured at the grant date based on the calculated fair value of the award and is recognized over the employees’ requisite service period. Stock forfeitures and cancellations are recognized as they occur. The Company recorded stock-based compensation expense of $4,179 and $2,380 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, unrecognized compensation expense for awards that the Company expects to vest approximated $5,457. The Company will recognize this unrecognized compensation expense over approximately 2.3 years. Shares issued as a result of vested stock-based compensation generally will be from previously issued shares that have been reacquired by the Company and held as treasury stock or authorized but previously unissued common stock. As of December 31, 2023, the Company had stock awards issued pursuant to the Omnibus Plan and the Equity and Incentive Plan. The Omnibus Plan allowed for the issuance of 2,058,000 shares of common stock through the granting of stock options or stock awards (including performance units convertible into stock) to key employees and directors at no less than 100% of fair market value on the date of the grant. The Equity and Incentive Plan allows for the issuance of 854,077 shares of common stock, which includes 765,000 shares that were authorized under the Equity and Incentive Compensation Plan and 89,077 shares remaining available for the Omnibus Incentive Plan, through the granting of stock options or stock awards (including performance units and restricted stock units convertible into stock) to key employees and directors at no less than 100% of fair market value on the date of the grant. The total number of shares of common stock available for issuance, including shares that were forfeited, cancelled, expired, settled for cash, or unearned under the Omnibus Plan, were available for awards under the Equity and Incentive Plan as of its approval date. The Omnibus Plan and Equity and Incentive Plan provide for the granting of “nonqualified options” with a duration of not more than ten years from the date of grant. The Omnibus Plan and Equity and Incentive Plan also provide that, unless otherwise set forth in the option agreement, stock options are exercisable in installments of up to 25% annually beginning one year from the date of grant. No stock options have been granted under the Omnibus Plan or Equity and Incentive Plan and, as such, there was no stock-based compensation expense related to stock options recorded in 2023 and 2022. Non-Employee Director Fully-Vested and Restricted Stock Awards Since May 2018, non-employee directors have been awarded shares of the Company’s common stock on each date the non-employee directors were elected at the annual shareholders’ meeting to serve as directors, subject to a one-year vesting requirement. During the quarter ended June 30, 2017, the Nomination and Governance Committee and Board of Directors jointly approved the Deferred Compensation Plan for Non-Employee Directors under the Omnibus Plan and, by amendment, under the Equity and Incentive Compensation Plan, which permits non-employee directors of the Company to defer receipt of earned cash and/or stock compensation for service on the Board. During 2023 and 2022, the non-employee directors were granted a total of 39,312 and 45,840 restricted shares, respectively, which fully-vested as of December 31, 2023 and 2022, respectively. Compensation expense recorded by the Company related to such awards to non-employee directors was approximately $468 and $697 for the years ended December 31, 2023 and 2022, respectively. During 2023, no deferred share units were allotted to the accounts of the non-employee directors pursuant to the Deferred Compensation Plan for Non-Employee Directors. The weighted average fair value of all the restricted stock grants awarded was $13.00 and $13.09 per share for the years ended December 31, 2023 and 2022, respectively. Restricted Stock Awards and Performance Unit Awards Under the Equity and Incentive Plan and Omnibus Plan, the Company grants certain employees restricted stock and performance unit awards. The forfeitable restricted stock awards granted generally time-vest ratably over a three-year period, unless indicated otherwise by the underlying restricted stock award agreement. Performance unit awards are offered annually under separate three-year long-term incentive programs, unless indicated otherwise by the underlying performance unit award agreement. Performance units are subject to forfeiture and will be converted into common stock based upon the Company’s performance relative to performance measures and conversion multiples as defined in the underlying program. If the Company’s estimate of the number of performance stock awards expected to vest changes in a subsequent accounting period, cumulative compensation expense could increase or decrease. The change is recognized in the current period for the performance unit awards and would change future expense over the remaining service period. The following table summarizes the restricted stock award, deferred stock units, and performance unit award activity for the years ended December 31, 2023 and 2022: Restricted Deferred Performance Weighted Average Outstanding as of January 1, 2022 135,704 74,950 116,571 $ 19.75 Granted 125,582 5,730 110,600 14.88 Vested (86,613) (34,412) (13,095) 17.98 Adjustment for incentive awards — — (105,598) 16.67 Canceled and forfeited (500) — — 18.57 Outstanding as of December 31, 2022 174,173 46,268 108,478 17.77 Granted 181,914 — 367,558 11.78 Vested (88,367) (33,864) — 15.97 Adjustment for incentive awards — — 84,302 13.75 Canceled and forfeited (2,750) — — 14.46 Outstanding as of December 31, 2023 264,970 12,404 560,338 $ 14.10 Commencing in 2022, Performance Stock Units may be earned annually during each year of the three year program and converted into restricted stock units which settle in common stock at the end of each three year period. Performance Stock Units are adjusted to the Company’s expected performance target attainment, while the weighted average aggregate grant date fair value in the above table is based upon achieving 100% of the performance targets as defined in the underlying plan. In June 2022, under the Equity and Incentive Plan, the Company approved the Strategy Transformation Plan performance-based incentive stock award to incentivize key personnel for the strategic transformation of the Company. Under the four-year program, participants shall be eligible for a performance stock unit award of Company common stock with 50% of the shares earned based on the achievement of EBITDA Margin and 50% of the shares earned based on the Company’s stock price for the projected payout. In February 2021, under the Omnibus Plan, the Company established a performance-based incentive stock award retention program to incentivize and retain key personnel during the COVID-19 pandemic by driving stock price. Under this five-year program, participants have the opportunity to earn up to 3,333 shares of Company common stock. The first 50% of the shares (1,666 shares) are earned based on achievement of a consecutive thirty (30) day average NASDAQ closing price of $25.00. The second 50% of the shares (1,666 shares) are earned based on achievement of a consecutive thirty (30) day average NASDAQ closing price of $30.00. The value of any shares awarded will be determined using a Monte Carlo methodology for the projected payout. No shares earned are paid prior to March 1, 2024, and the program and opportunity to earn the shares expires on February 28, 2026. Excluding the restricted stock awards granted to non-employee directors, the Company recorded stock-based compensation expense of $3,711 and $1,683, respectively, for the periods ended December 31, 2023 and 2022 related to restricted stock and performance unit awards. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below. Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company has an established process for determining fair value for its financial assets and liabilities, principally cash and cash equivalents and interest rate swaps. Fair value is based on quoted market prices, where available. If quoted market prices are not available, fair value is based on assumptions that use as inputs market-based parameters. The following section describes the valuation methodologies used by the Company to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the key inputs to the valuations and any significant assumptions. Cash equivalents - Included within “Cash and cash equivalents” are investments in non-domestic term deposits. The carrying amounts approximate fair value because of the short maturity of the instruments. SOFR-based interest rate swaps - To reduce the impact of interest rate changes on outstanding variable-rate debt, the Company amended and entered into forward-starting SOFR-based interest rate swaps, with notional values totaling $20,000 and $20,000 effective August 12, 2022 and August 31, 2022, respectively. The fair value of the interest rate swaps is based on market-observable forward interest rates and represents the estimated amount that the Company would pay to terminate the agreements. As such, the swap agreements are classified as Level 2 within the fair value hierarchy. As of December 31, 2023 and December 31, 2022, the interest rate swaps were recorded in “Other current assets” when the interest rate swaps’ fair market value are in an asset position and “Other accrued liabilities” when in a liability position within our Consolidated Balance Sheets. The following assets and liabilities of the Company were measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820, “Fair Value Measurement” (“ASC 820”) as of December 31, 2023 and 2022: Fair Value Measurements as of December 31, 2023 Fair Value Measurements as of December 31, 2022 December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Term deposits $ — $ — $ — $ — $ 17 $ 17 $ — $ — Interest rate swaps 1,225 — 1,225 — 1,930 — 1,930 — Total assets $ 1,225 $ — $ 1,225 $ — $ 1,947 $ 17 $ 1,930 $ — The interest rate swaps that became effective August 2022 are accounted for as cash flow hedges and the objective of the hedges is to offset the expected interest variability on payments associated with the interest rate on our debt. The gains and losses related to the interest rate swaps are reclassified from “Accumulated other comprehensive loss” in our Consolidated Balance Sheets and included in “Interest expense - net” in our Consolidated Statements of Operations as the interest expense from our debt is recognized. The Company accounted for $50,000 of interest rate swaps that became effective February 2017 as cash flow hedges. In the third quarter of 2020, the Company dedesignated the cash flow hedges and accounted for the $50,000 interest rate swaps on a mark-to-market basis with changes in fair value recorded in current period earnings. In connection with this dedesignation, the Company froze the balances recorded in “Accumulated other comprehensive loss” at June 30, 2020 and reclassified balances to earnings as the underlying physical transactions occurred, unless it was no longer probable that the physical transaction would occur at which time the related gains deferred in "Other Comprehensive Income" would be immediately recorded in earnings. The gains and losses related to the interest rate swaps were reclassified from “Accumulated other comprehensive loss” in the Consolidated Balance Sheets and included in “Interest expense - net” in the Consolidated Statements of Operations as the interest expense from the Company’s debt was recognized. These interest rate swaps expired February 2022. For the years ended December 31, 2023 and 2022, the Company recognized interest income of $1,206 and $71, respectively, from interest rate swaps. As a result of the dedesignation of the interest rate swaps, the Company recognized interest income of $157 from the change in fair value of the interest rate swaps in “Interest expense - net” in the Consolidated Statements of Operations for year ended December 31, 2022. In accordance with the provisions of ASC 820, the Company measures certain nonfinancial assets and liabilities at fair value, which are recognized and disclosed on a nonrecurring basis. The gross carrying value of the Company’s revolving credit facility approximates fair value for the periods presented. Additional information regarding the revolving credit facility can be found in Note 10. Information regarding the fair value disclosures associated with the assets of the Company’s defined benefit plans can be found in Note 17. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Company has three retirement plans that cover its hourly and salaried employees in the US: one defined benefit plan, which is frozen, and two defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company’s contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the Company’s policy and investment guidelines of the applicable plan. The Company’s policy is to contribute at least the required minimum in accordance with the funding standards of ERISA. The Company maintains one defined contribution plans for its employees in Canada. In the United Kingdom, the Company maintains two defined contribution plans and a defined benefit plan, which is frozen. These plans are discussed in further detail below. United States Defined Benefit Plan The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2023 and 2022: December 31, 2023 2022 Changes in benefit obligation: Benefit obligation at beginning of year $ 6,101 $ 7,875 Interest cost 286 194 Actuarial gain (23) (1,544) Benefits paid (455) (424) Benefit obligation at end of year $ 5,909 $ 6,101 Change to plan assets: Fair value of assets at beginning of year $ 3,792 $ 4,767 Actual gain (loss) on plan assets 310 (1,007) Employer contribution 276 456 Benefits paid (455) (424) Fair value of assets at end of year 3,923 3,792 Funded status at end of year $ (1,986) $ (2,309) Amounts recognized in the consolidated balance sheets consist of: Other long-term liabilities $ (1,986) $ (2,309) Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 1,598 $ 1,737 The actuarial loss included in accumulated other comprehensive loss that will be recognized in net periodic pension cost during 2024 is $52, before taxes. Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Components of net periodic benefit cost: Interest cost $ 286 $ 194 Expected return on plan assets (256) (264) Recognized net actuarial loss 62 71 Net periodic pension cost $ 92 $ 1 The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. Year Ended December 31, 2023 2022 Discount rate 4.9 % 2.6 % Expected rate of return on plan assets 7.0 % 5.6 % The expected long-term rate of return is based on numerous factors, including the target asset allocation for plan assets, historical rate of return, long-term inflation assumptions, and current and projected market conditions. Amounts applicable to the Company’s pension plan with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2023 and 2022: December 31, 2023 2022 Projected benefit obligation $ 5,909 $ 6,101 Accumulated benefit obligation 5,909 6,101 Fair value of plan assets 3,923 3,792 Plan assets consist primarily of various fixed income and equity investments. The Company’s primary investment objective is to provide long-term growth of capital while accepting a moderate level of risk. The investments are limited to cash and cash equivalents, bonds, preferred stocks, and common stocks. The investment target ranges and actual allocation of pension plan assets by major category as of December 31, 2023 and 2022 were as follows: December 31, Target 2023 2022 Asset Category Cash and cash equivalents 0 - 20% 4 % 6 % Total fixed income funds 25 - 50% 33 7 Total mutual funds and equities 35 - 70% 63 87 Total 100 % 100 % In accordance with the fair value disclosure requirements of ASC 820, the following assets were measured at fair value on a recurring basis as of December 31, 2023 and 2022. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 16. December 31, 2023 2022 Asset Category Cash and cash equivalents $ 160 $ 222 Fixed income funds Corporate bonds 845 795 Total fixed income funds 845 795 Equity funds and equities Mutual funds — 247 Exchange-traded funds 2,918 2,528 Total mutual funds and equities 2,918 2,775 Total $ 3,923 $ 3,792 Cash equivalents: The Company uses quoted market prices to determine the fair value of these investments in interest-bearing cash accounts and they are classified as Level 1 of the fair value hierarchy. The carrying amounts approximate fair value because of the short maturity of the instruments. Fixed income funds: Investments within the fixed income funds category consist of fixed income corporate debt. The Company uses quoted market prices to determine the fair values of these fixed income funds. These instruments consist of exchange-traded government and corporate bonds and are classified as Level 1 of the fair value hierarchy. Equity funds and equities: The valuation of investments in registered investment companies is based on the underlying investments in securities. Securities traded on security exchanges are valued at the latest quoted sales price. Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the average of the last reported bid and ask quotations. These investments are classified as Level 1 of the fair value hierarchy. The Company currently anticipates contributions of $370 to its US defined benefit plan in 2024. The following benefit payments are expected to be paid during the years indicated: Year Ending December 31, 2024 $ 491 2025 483 2026 478 2027 468 2028 455 Years 2029-2033 2,105 United Kingdom Defined Benefit Plan The Company’s UK defined benefit plan covers certain current employees, former employees, and retirees. The plan has been frozen to new entrants since April 1, 1997 and also covers the former employees of a merged plan after January 2002. Benefits under the plan were based on years of service and eligible compensation during defined periods of service. The Company’s funding policy for the plan is to make minimum annual contributions required by applicable regulations. The funded status of the United Kingdom defined benefit plan as of December 31, 2023 and 2022 was as follows: December 31, 2023 2022 Changes in benefit obligation: Benefit obligation at beginning of year $ 4,671 $ 9,135 Interest cost 229 135 Actuarial gain 154 (2,221) Benefits paid (292) (1,424) Foreign currency exchange rate changes 249 (954) Benefit obligation at end of year $ 5,011 $ 4,671 Change to plan assets: Fair value of assets at beginning of year $ 5,745 $ 8,409 Actual gain (loss) on plan assets 323 (742) Employer contribution 318 319 Benefits paid (292) (1,363) Foreign currency exchange rate changes 305 (878) Fair value of assets at end of year 6,399 5,745 Funded status at end of year $ 1,388 $ 1,074 Amounts recognized in the consolidated balance sheets consist of: Other assets $ 1,388 $ 1,074 Amounts recognized in accumulated other comprehensive loss consist of: Net gain $ (567) $ (1,425) Prior service cost 71 90 Total $ (496) $ (1,335) Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Components of net periodic benefit gain: Interest cost $ 229 $ 135 Expected return on plan assets (346) (264) Amortization of prior service cost 24 23 Recognized net actuarial loss 18 13 Net periodic pension gain $ (75) $ (93) The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. Year Ended December 31, 2023 2022 Discount rate 4.5 % 4.8 % Expected rate of return on plan assets 6.0 % 5.7 % Amounts applicable to the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2023 and 2022: December 31, 2023 2022 Projected benefit obligation $ 5,011 $ 4,671 Accumulated benefit obligation 5,011 4,671 Fair value of plan assets 6,399 5,745 The Company has estimated the long-term rate of return on plan assets based primarily on historical returns on plan assets, adjusted for changes in target portfolio allocations, and recent changes in long-term interest rates based on publicly available information. Plan assets are invested by the trustees in accordance with a written statement of investment principles. This statement permits investment in equities, corporate bonds, United Kingdom government securities, commercial property, and cash, based on certain target allocation percentages. Asset allocation is primarily based on a strategy to provide steady growth without undue fluctuations. The target asset allocation percentages for 2023 were as follows: Equity securities Up to 100% Commercial property Not to exceed 50% UK Government securities Not to exceed 50% Cash Up to 100% Plan assets held within the United Kingdom defined benefit plan consist of cash and equity securities that have been classified as Level 1 of the fair value hierarchy. All other plan assets have been classified as Level 2 of the fair value hierarchy. The plan assets by category for the years ended December 31, 2023 and 2022 were as follows: December 31, 2023 2022 Asset Category Cash and cash equivalents $ 127 $ 540 Equity securities 3,676 2,530 Bonds 1,693 2,296 Other 903 379 Total $ 6,399 $ 5,745 United Kingdom regulations require trustees to adopt a prudent approach to funding required contributions to defined benefit pension plans. The Company anticipates making contributions of $318 to the United Kingdom defined benefit plan during 2024. The following estimated future benefits payments are expected to be paid under the United Kingdom defined benefit plan: Year Ending December 31, 2024 $ 308 2025 318 2026 325 2027 331 2028 337 Years 2029-2033 1,497 Defined Contribution Plans The Company sponsors five defined contribution plans for hourly and salaried employees across its domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans. Year Ended December 31, 2023 2022 United States $ 2,841 $ 1,650 Canada 114 131 United Kingdom 1,178 817 $ 4,133 $ 2,598 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company is subject to product warranty claims that arise in the ordinary course of its business. For certain manufactured products, the Company maintains a product warranty accrual, which is adjusted on a monthly basis as a percentage of cost of sales. In addition, the product warranty accrual is adjusted periodically based on the identification or resolution of known individual product warranty claims. The following table sets forth the Company’s product warranty accrual: Warranty Liability Balance as of December 31, 2022 $ 870 Additions to warranty liability 871 Warranty liability utilized (940) Divestiture of business (113) Balance as of December 31, 2023 $ 688 On March 13, 2019, the Company and its subsidiary, CXT Incorporated ("CXT"), entered into a Settlement Agreement (the “Settlement Agreement”) with Union Pacific Railroad Company ("UPRR") to resolve the pending litigation in the matter of Union Pacific Railroad Company v. L.B. Foster Company and CXT Incorporated , Case No. CI 15-564, in the District Court for Douglas County, Nebraska. Under the Settlement Agreement, the Company and CXT will pay UPRR the aggregate amount of $50,000 without pre-judgment interest, which began with a $2,000 immediate payment, and with the remaining $48,000 paid in installments over a six-year period commencing on the effective date of the Settlement Agreement through December 2024 pursuant to a Promissory Note. Additionally, commencing in January 2019 and through December 2024, UPRR agreed to purchase and has been purchasing from the Company and its subsidiaries and affiliates, a cumulative total amount of $48,000 of products and services, targeting $8,000 of annual purchases per year beginning March 13, 2019 per letters of intent under the Settlement Agreement. During the third quarter of 2021, in connection with the Company’s divestiture of its Piling Products division, the targeted annual purchases per year have been reduced to $6,000 for 2021 through 2024. The Settlement Agreement also includes a mutual release of all claims and liability regarding or relating to all CXT pre-stressed concrete railroad ties with no admission of liability and dismissal of the litigation with prejudice. The expected payments under the UPRR Settlement Agreement for the year ending December 31, 2024 are $8,000. The Company reclassified $6,600 of the previously accrued warranty reserve related to the UPRR matter into its aggregate accrued settlement liability of $50,000 as of December 31, 2018. Therefore, the Company recognized $43,400 in expense for the year ended December 31, 2018 for the remaining amount per the Settlement Agreement, which was recorded in “Concrete Tie Settlement expense” within its Consolidated Statements of Operations. As of December 31, 2023 and 2022, $8,000 and $8,000 was recorded within “Current portion of accrued settlement,” respectively, and $8,000 was recorded within “Long-term portion of accrued settlement” as of December 31, 2022, within the Consolidated Balance Sheets. Other Legal Matters The Company is also subject to other legal proceedings and claims that arise in the ordinary course of its business. Legal actions are subject to inherent uncertainties, and future events could change management’s assessment of the probability or estimated amount of potential losses from pending or threatened legal actions. Based on available information, it is the opinion of management that the ultimate resolution of pending or threatened legal actions, both individually and in the aggregate, will not result in losses having a material adverse effect on the Company’s financial position or liquidity as of December 31, 2023. If management believes that, based on available information, it is at least reasonably possible that a material loss (or additional material loss in excess of any accrual) will be incurred in connection with any legal actions, the Company discloses an estimate of the possible loss or range of loss, either individually or in the aggregate, as appropriate, if such an estimate can be made, or discloses that an estimate cannot be made. Based on the Company’s assessment as of December 31, 2023, no such disclosures were considered necessary. Environmental Matters The Company is subject to national, state, foreign, provincial, and/or local laws and regulations relating to the protection of the environment. The Company’s efforts to comply with environmental regulations may have an adverse effect on its future earnings. On June 5, 2017, a General Notice Letter was received from the United States Environmental Protection Agency (“EPA”) indicating that the Company may be a potentially responsible party (“PRP”) regarding the Portland Harbor Superfund Site cleanup along with numerous other companies. More than 140 other companies received such a notice. The Company and a predecessor owned and operated a facility near the harbor site for a period prior to 1982. The net present value and undiscounted costs of the selected remedy throughout the harbor site are estimated by the EPA to be approximately $1.1 billion and $1.7 billion, respectively, and the remedial work is expected to take as long as 13 years to complete. These costs may increase given that the remedy will not be initiated or completed for several years. The Company is reviewing the basis for its identification by the EPA and the nature of the historic operations of a Company predecessor near the site. Additionally, the Company executed a PRP agreement which provides for a private allocation process among almost 100 PRPs in a working group whose work is ongoing and involves a process that will ultimately conclude a proposed allocation of liability for cleanup of the site and various sub-areas. The Company does not have any individual risk sharing agreements in place with respect to the site, and was only associated with the site from 1976 to when it purchased the stock of a company whose assets it sold in 1982 and which was dissolved in 1994. On March 26, 2020, the EPA issued a Unilateral Administrative Order to two parties requiring them to perform remedial design work for that portion of the Harbor Superfund Site that includes the area closest to the facility; the Company was not a recipient of this Unilateral Administrative Order. The Company cannot predict the ultimate impact of these proceedings because of the large number of PRPs involved throughout the harbor site, the size and extent of the site, the degree of contamination of various wastes, varying environmental impacts throughout the harbor site, the scarcity of data related to the facility once operated by the Company and a predecessor, potential comparative liability between the allocation parties and regarding non-participants, and the speculative nature of the remediation costs. Based upon information currently available, management does not believe that the Company’s alleged PRP status regarding the Portland Harbor Superfund Site or other compliance with the present environmental protection laws will have a material adverse effect on the financial condition, results of operations, cash flows, competitive position, or capital expenditures of the Company. As more information develops and the allocation process is completed, and given the resolution factors like those described above, an unfavorable resolution could have a material adverse effect. As of December 31, 2023 and December 31, 2022, the Company maintained environmental reserves approximating $2,417 and $2,472, respectively. The following table sets forth the Company’s undiscounted environmental obligation: Environmental Liability Balance as of December 31, 2022 $ 2,472 Additions to environmental obligations 10 Environmental obligations utilized (65) Balance as of December 31, 2023 $ 2,417 |
Other Expense (Income)
Other Expense (Income) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Expense (Income) | Other Expense (Income) The following table summarizes the Company’s other expense (income) for the years ended December 31, 2023 and 2022: 2023 2022 Loss on the sale of Chemtec (a) $ 2,065 $ — Bridge grid deck exit impact (b) 1,403 — Loss on the sale of Concrete Ties (c) 1,009 — Gain on Piling Products division asset sale (d) — (489) Insurance proceeds (e) (215) (790) Loss on the sale of Track Components (f) — 467 Costs recovered from environmental cleanup activities (g) — (325) Foreign currency losses 77 434 Other (673) (847) Other expense (income) - net $ 3,666 $ (1,550) a. On March 30, 2023, the Company sold substantially all the operating assets of its Chemtec business, which was inclusive of its entire Precision Measurement Products and Services division, generating a $2,065 pre-tax loss. b. On August 30, 2023, the Company announced the discontinuation of its Bridge Products grid deck product line which was reported in the Steel Products business unit within the Infrastructure segment and resulted in expense of $1,403. c. On June 30, 2023, the Company sold substantially all the operating assets of the Ties business, located in Spokane, WA, generating a $1,009 loss on the sale. d. On September 27, 2021, the Company announced it completed the sale of its Piling Products division to J.D. Fields & Company, Inc., resulting in a pre-tax gain of $489 in 2022. e. In 2023 and 2022, the Company received $215 and $790, respectively, in insurance proceeds. f. On August 1, 2022, the Company divested the assets of its rail spikes and anchors track components business located in St-Jean-sur-Richelieu, Quebec, Canada, resulting in a pre-tax loss of $467 in 2022. g. In 2022, the Company received $325 to recover costs associated with environmental cleanup activities in a formerly leased property in Magnolia, TX. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | L.B. FOSTER COMPANY AND SUBSIDIARIES SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 Balance at Beginning of Year Additions Charged to Costs and Expenses Other adjustments (1) Balance at End of Year Allowance for credit losses For the year ended December 31, 2023 $ 813 $ 1,020 $ (1,024) $ 809 2022 $ 547 $ 382 $ (116) $ 813 1. Notes and accounts receivable written off as uncollectible or allowance reversed. Balance at Beginning of Year Additions Charged to Costs and Expenses Other adjustments (1) Balance at End of Year Valuation allowance for deferred tax assets For the year ended December 31, 2023 $ 40,601 $ (723) $ 247 $ 40,125 2022 $ 3,290 $ 37,895 $ (584) $ 40,601 1. Consists primarily of adjustments related to unrealized income on interest rate swap contracts. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization, operations, and basis of consolidation | Organization, operations, and basis of consolidation The consolidated financial statements include the accounts of L.B. Foster Company and its wholly-owned subsidiaries, joint ventures, and partnerships in which a controlling interest is held. Inter-company transactions and accounts have been eliminated. The Company utilizes the equity method of accounting for companies where its ownership is less than or equal to 50% and significant influence exists. L.B. Foster Company (together with its subsidiaries, the “Company”) is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company’s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers’ most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. Effective for the quarter and year ended December 31, 2023, the Company implemented operational changes in how its Chief Operating Decision Maker (“CODM”) manages its businesses, including resource allocation and operating decisions. As a result of these changes, the Company now has two (previously three) operating segments, representing the individual businesses that are run separately under the new structure: Rail, Technologies, and Services (“Rail”) and Infrastructure Solutions (“Infrastructure”). The Rail segment is comprised of several manufacturing and distribution businesses that provide a variety of products and services for freight and passenger railroads and industrial companies throughout the world. The Infrastructure segment is composed of nine operating facilities across the US providing engineered precast concrete solutions, as well as fabricated bridge, protective pipe coating, and pipe threading offerings across North America. On November 17, 2023, the Company acquired the operating assets of Cougar Mountain Precast, LLC (“Cougar”), located in Caldwell, Idaho, which is a licensed manufacturer of Redi-Rock and natural concrete products for $1,644, subject to working capital adjustments and hold back payments, to be paid over the next twelve months or utilized to satisfy post-close working capital adjustments or indemnity claims. Cougar has been included in the Infrastructure segment. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with US generally accepted accounting principles (“US GAAP”) requires management to make estimates, judgements, and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and changes in these estimates are recorded when known. |
Cash and cash equivalents | Cash and cash equivalents The Company considers cash and other instruments with maturities of three months or less when purchased to be cash and cash equivalents. The Company invests available funds in a manner to preserve investment principal and maintain liquidity. Cash and cash equivalents held in non-domestic accounts were $2,193 and $2,012 as of December 31, 2023 and 2022, respectively. |
Accounts Receivable | Accounts Receivable Trade receivables are carried at their estimated collectible amounts. Trade credit is generally extended on a short-term basis; thus trade receivables do not bear interest. Credit is extended based upon an evaluation of the customer’s financial condition and, while collateral is not required, the Company periodically receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices. |
Inventory | Inventory |
Property, plant and equipment | Property, plant, and equipment Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of 10 to 41 years for buildings and 2 to 50 years for machinery and equipment. Leasehold improvements are amortized over 4 to 19 years, which represent the lives of the respective leases or the lives of the improvements, whichever is shorter. Depreciation expense is recorded within “Cost of goods sold,” “Cost of services sold,” and “Selling and administrative expenses” on the Consolidated Statements of Operations based upon the particular asset’s use. The Company reviews a long-lived asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company recognizes an impairment loss if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. There were no material property, plant, and equipment impairments recorded for the years ended December 31, 2023 and 2022. Maintenance, repairs, and minor renewals are charged to operations as incurred. Major renewals and betterments that substantially extend the useful life of the property are capitalized at cost. Upon the sale or other disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in “Other expense (income) - net” in the Consolidated Statements of Operations. |
Allowance for credit losses | Allowance for credit losses The Company established the allowance for credit losses by calculating the amount to reserve based on the age of a given trade receivable and considering historical collection patterns, bad debt expense experience, expected future trends of collections, current and expected market conditions, and any other relevant subjective adjustments as needed. Management maintains high-quality credit review practices and positive customer relationships that mitigate credit risks. The Company’s reserves are regularly reviewed and revised as necessary. Reserves for uncollectible accounts are recorded as part of “Selling and administrative expenses” in the Consolidated Statements of Operations. The Company has also established policies regarding allowance for credit losses associated with contract assets, which includes standalone reserve assessments for its long term, complex contracts as needed as well as detailed regular review and updates to contract margins, progress, and value. A standard reserve threshold is applied to contract assets related to short term, less complex contracts. Management also regularly reviews collection patterns and future expected collections and makes necessary revisions to allowance for credit losses related to contract assets. |
Goodwill and other intangible assets | Goodwill and other intangible assets Goodwill is the cost of an acquisition less the fair value of the identifiable net assets of the acquired business. Goodwill is tested annually for impairment or more often if there are indicators of impairment within a reporting unit. A reporting unit is an operating segment or a component of an operating segment for which discrete financial information is available and reviewed by management on a regular basis. There was no change to the reporting units as a result of the 2023 change in reporting segments. The goodwill impairment test involves comparing the fair value of a reporting unit to its carrying value, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the excess amount up to the goodwill balance is recorded as a component of operations. The Company performs its annual impairment tests in the fourth quarter. The Company’s fourth quarter 2023 annual test included the assessment of a quantitative analysis to determine whether it was more likely than not that the fair value of each reporting unit is less than its carrying value. The quantitative assessment considers fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s quantitative analysis considered and evaluated each of the three traditional approaches to value: the income approach, the market approach, and the asset approach. The Company uses a combination of a discounted cash flow method and a market approach to determine the fair values of the reporting units. Any impairment charges are based on both historic and future expected business results that no longer support the carrying value of the reporting unit. The Company also monitors the recoverability of the long-lived assets associated with the asset groups of the Company and the long-term financial projections of the businesses to assess for asset impairment. The Company has no indefinite-lived intangible assets. The Company reviews a long-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. All intangible assets are amortized over their estimated useful lives. |
Environmental remediation and compliance | Environmental remediation and compliance Environmental remediation costs are accrued when a liability is probable and costs are estimable. Environmental compliance costs, which principally include the disposal of waste generated by routine operations, are expensed as incurred. Reserves are not reduced by potential claims for recovery and are not discounted. Claims for recovery are recognized as agreements are reached with third parties or as amounts are received. Reserves are periodically reviewed throughout the year and adjusted to reflect current remediation progress, prospective estimates of required activity, and other factors that may be relevant, including changes in technology or regulations. |
Revenue recognition | Revenue recognition The Company’s revenues are comprised of product and service sales, including products and services provided under long-term agreements with its customers. All revenue is recognized when the Company satisfies its performance obligations under the respective contract, either implicit or explicit, by transferring the promised product or rendering a service to its customer either when or as its customer obtains control of the product or the service is rendered. Deferred revenue consists of customer billings or payments received for which the revenue recognition criteria have not yet been met as well as contract liabilities (billings in excess of costs) on over time contracts. Advance payments from customers typically relate to contracts for which the Company has significantly fulfilled its obligations, but due to the Company’s continuing involvement with the project, revenue is precluded from being recognized until the performance obligation is met for the customer. |
Product warranty | Product warranty |
Income taxes | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax laws and rates expected to be in effect when such differences are recovered or settled. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date of the change. The Company has also elected to record income taxes associated with global intangible low-taxed income (“GILTI”) as period costs if and when incurred. The Company makes judgments regarding the recognition of deferred tax assets and the future realization of these assets. As prescribed by the FASB’s ASC 740, “Income Taxes” and applicable guidance, valuation allowances must be provided for those deferred tax assets for which it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The guidance requires the Company to evaluate positive and negative evidence regarding the recoverability of deferred tax assets. The determination of whether the positive evidence outweighs the negative evidence and quantification of the valuation allowance requires the Company to make estimates and judgments of future financial results. The Company has concluded that for purposes of quantifying valuation allowances, it would be appropriate to consider the reversal of taxable temporary differences related to indefinite-lived intangible assets when assessing the realizability of deferred tax assets that upon reversal, would give rise to operating losses that do not expire. The Company evaluates all tax positions taken on its federal, state, and foreign tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that meet the more likely than not to be sustained criteria, the largest amount of benefit to be realized upon ultimate settlement is determined on a cumulative probability basis. A previously recognized tax position is derecognized when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the expected tax benefit is based on judgment, historical experience, and various other assumptions. Actual results could differ from those estimates upon subsequent resolution of identified matters. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. |
Foreign currency translation | Foreign currency translation |
Research and development | Research and development |
Reclassifications | Reclassifications Certain accounts in the prior year consolidated financial statements have been reclassified for comparative purposes principally to conform to the presentation in the current year period, including the changes in business segments. |
Recently issued accounting guidance | Recently issued accounting guidance In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires enhanced disclosures regarding significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included in each reported measure of segment profit or loss, including an amount for “other segment items” by reportable segment and a description of its composition. ASU 2023-07 also requires entities to disclose the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss to assess performance and allocate resources. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company did not identify any material impact from the provision of ASU 2023-07 on its financial condition, results of operations, and cash flows. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and disaggregation of income tax expense and income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09, but does not expect this standard to have a material effect on its financial condition, results of operations, and cash flows. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of Revenue from Segments to Consolidated | The operating results and assets of the Company’s reportable segments were as follows as of and for the year ended December 31, 2023: 2023 Net Sales Segment Operating Profit Segment Assets Depreciation/Amortization Expenditures for Long-Lived Assets Rail, Technologies, and Services $ 312,160 $ 11,940 $ 157,023 $ 5,172 $ 1,915 Infrastructure Solutions 231,584 9,988 130,667 8,262 2,707 Total $ 543,744 $ 21,928 $ 287,690 $ 13,434 $ 4,622 Included in the Rail operating profit for the year ended December 31, 2023 was a $1,862 expense related to bad debt due to a customer filing for administrative protection and a $676 expense related to restructuring, both of which were within the Company’s UK based Technology Services and Solutions business. The operating results and assets of the Company’s reportable segments were as follows as of and for the year ended December 31, 2022: 2022 Net Sales Segment Operating Profit (Loss) Segment Assets Depreciation/Amortization Expenditures for Long-Lived Assets Rail, Technologies, and Services $ 300,592 $ 11,454 $ 172,111 $ 5,620 $ 1,218 Infrastructure Solutions 196,905 (9,132) 163,114 7,664 3,100 Total $ 497,497 $ 2,322 $ 335,225 $ 13,284 $ 4,318 Included in the Infrastructure operating loss for the year ended December 31, 2022 were pre-tax impairment charges of $8,016 associated with goodwill and intangible assets within the Steel Products business unit. |
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Reconciliations of reportable segment net sales, profits, assets, depreciation/amortization, and expenditures for long-lived assets to the Company’s consolidated totals are as follows as of and for the years ended December 31: 2023 2022 Income from operations: Total segment operating profit $ 21,928 $ 2,322 Interest expense - net (5,528) (3,340) Other (expense) income - net (3,666) 1,550 Corporate expense and other unallocated charges (11,790) (9,528) Income (loss) before income taxes $ 944 $ (8,996) Assets: Total segment assets $ 287,690 $ 335,225 Unallocated corporate assets 25,516 30,085 Assets $ 313,206 $ 365,310 Depreciation/Amortization: Total segment depreciation/amortization $ 13,434 $ 13,284 Corporate depreciation/amortization 1,829 1,495 Depreciation/amortization $ 15,263 $ 14,779 Expenditures for Long-Lived Assets: Total segment expenditures for long-lived assets $ 4,622 $ 4,318 Corporate expenditures for long-lived assets 311 3,315 Expenditures for long-lived assets $ 4,933 $ 7,633 |
Schedule of Revenue from Customer by Major Geographical Region | The following table summarizes the Company’s sales by major geographic region in which the Company had operations for the years ended December 31: 2023 2022 United States $ 463,936 $ 378,339 Canada 24,925 38,489 United Kingdom 41,418 46,590 Other 13,465 34,079 Total net sales $ 543,744 $ 497,497 |
Schedule of Reconciliation of Assets from Segment to Consolidated | The following table summarizes the Company’s long-lived assets by geographic region as of December 31: 2023 2022 United States $ 73,260 $ 82,846 Canada 56 110 United Kingdom 1,833 1,533 Other 850 855 Total property, plant, and equipment - net $ 75,999 $ 85,344 |
Schedule of Revenues by Major Product Line | The following table summarizes the Company’s sales by major product and service line for the years ended December 31: December 31, 2023 2022 Rail Products $ 205,797 $ 202,559 Global Friction Management 63,946 54,811 Technology Services and Solutions 42,417 43,222 Rail, Technologies, and Services 312,160 300,592 Precast Concrete Products 136,458 104,212 Steel Products 95,126 92,693 Infrastructure Solutions 231,584 196,905 Total net sales $ 543,744 $ 497,497 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisition, Pro Forma Information | Year Ended 2022 Unaudited Net sales $ 522,997 Net (loss) income attributable to L.B. Foster Company (44,564) Diluted (loss) earnings per share As reported $ (4.25) Pro forma $ (4.16) |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes estimated fair values of the assets acquired and liabilities assumed at the date of the VanHooseCo and Skratch acquisitions, including final purchase accounting adjustments as of December 31, 2023: Allocation of purchase price VanHooseCo Skratch Current assets, net of cash acquired on the acquisition date $ 11,138 $ 1,129 Property, plant, and equipment 30,410 174 Goodwill 8,463 5,549 Other intangibles 5,442 1,750 Liabilities assumed (3,307) (1,200) Total $ 52,146 $ 7,402 The following table summarizes estimates of the fair values of the VanHooseCo and Skratch identifiable intangible assets acquired: VanHooseCo Skratch Identifiable intangible assets Weighted Average Net Weighted Average Net Non-compete agreements 0 $ — 1 $ 27 Customer relationships 5 3,578 3 1,349 Trademarks and trade names 10 1,537 10 374 Favorable lease 6 327 0 — Total $ 5,442 $ 1,750 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | For the years ended December 31, 2023 and 2022, revenue recognized over time was as follows: Year Ended December 31, Percentage of Total Net Sales 2023 2022 2023 2022 Over time input method $ 59,864 $ 67,116 11.1 % 13.5 % Over time output method 88,856 68,794 16.3 13.8 Total over time sales $ 148,720 $ 135,910 27.4 % 27.3 % For the years ended December 31, 2023 and 2022, net sales by the timing of the transfer of goods and services were as follows: Year Ended December 31, 2023 Rail, Technologies, and Services Infrastructure Solutions Total Point in time $ 254,345 $ 140,679 $ 395,024 Over time 57,815 90,905 148,720 Total net sales $ 312,160 $ 231,584 $ 543,744 Year Ended December 31, 2022 Rail, Technologies, and Services Infrastructure Solutions Total Point in time $ 241,759 $ 119,828 $ 361,587 Over time 58,833 77,077 135,910 Total net sales $ 300,592 $ 196,905 $ 497,497 |
Schedule of Contract with Customer, Contract Asset, Contract Liability | The following table sets forth the Company’s contract assets: Contract Assets Contract asset balance as of December 31, 2022 $ 33,613 Net additions to contract assets 9,638 Transfers from contract asset balance to accounts receivable (13,762) Contract asset balance as of December 31, 2023 $ 29,489 The following table sets forth the Company’s contract liabilities: Contract Liabilities Contract liability balance as of December 31, 2022 $ 6,781 Revenue recognized from contract liabilities (5,121) Increase in billings in excess of costs, excluding revenue recognized 2,204 Other adjustments, including business divestiture (1,675) Balance as of December 31, 2023 $ 2,189 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | As of December 31, 2023 and 2022, the following table represents the goodwill balance by reportable segment: Rail, Technologies, and Services Infrastructure Solutions Total Balance as of December 31, 2021: $ 14,577 $ 5,575 $ 20,152 Acquisitions 5,549 8,221 13,770 Foreign currency translation impact (178) — (178) Impairment charges — (3,011) (3,011) Balance as of December 31, 2022: 19,948 10,785 30,733 Acquisitions — 1,336 1,336 Foreign currency translation impact 518 — 518 Balance as of December 31, 2023: $ 20,466 $ 12,121 $ 32,587 |
Schedule of Finite-Lived Intangible Assets | As of December 31, 2023 and 2022, the components of the Company’s intangible assets were as follows: December 31, 2023 Weighted Average Gross Accumulated Net Patents 10 $ 335 $ (199) $ 136 Customer relationships 16 27,712 (17,236) 10,476 Trademarks and trade names 16 7,989 (4,593) 3,396 Technology 9 32,658 (27,906) 4,752 Favorable lease 6 327 (77) 250 $ 69,021 $ (50,011) $ 19,010 December 31, 2022 Weighted Average Gross Accumulated Net Non-compete agreements 1 $ 27 $ (16) $ 11 Patents 10 330 (187) 143 Customer relationships 16 27,184 (14,129) 13,055 Trademarks and trade names 16 7,933 (3,989) 3,944 Technology 14 32,201 (25,827) 6,374 Favorable lease 6 327 (23) 304 $ 68,002 $ (44,171) $ 23,831 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated annual amortization expense for the years ending December 31, 2024 and thereafter is as follows: Year Ending December 31, 2024 $ 4,393 2025 2,922 2026 2,331 2027 1,989 2028 1,519 2029 and thereafter 5,856 $ 19,010 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable Detail | Accounts receivable as of December 31, 2023 and 2022 are summarized as follows: December 31, 2023 2022 Accounts receivable $ 54,293 $ 83,268 Allowance for credit losses (809) (813) Accounts receivable - net $ 53,484 $ 82,455 |
Schedule of Accounts Receivable, Allowance for Credit Loss | The following table sets forth the Company’s allowance for credit losses: Allowance for Credit Losses December 31, 2022 $ 813 Current period provision 1,020 Write-off against allowance (1,024) December 31, 2023 $ 809 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company’s components of inventory as of December 31, 2023 and 2022 are summarized in the following table: December 31, 2023 2022 Finished goods $ 44,903 $ 41,431 Work-in-process 4,675 9,693 Raw materials 23,918 24,597 Inventories - net $ 73,496 $ 75,721 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant, and equipment as of December 31, 2023 and 2022 consisted of the following: December 31, 2023 2022 Land $ 5,869 $ 5,284 Improvements to land and leaseholds 19,404 19,956 Buildings 31,447 34,814 Machinery and equipment, including equipment under finance leases 118,190 123,806 Construction in progress 2,122 5,552 Gross property, plant, and equipment 177,032 189,412 Less: accumulated depreciation and amortization, including accumulated amortization of finance leases (101,033) (104,068) Property, plant, and equipment - net $ 75,999 $ 85,344 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Balance Sheet Location | The balance sheet components of the leases were as follows as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Operating leases Operating lease right-of-use assets $ 14,905 $ 17,291 Other current liabilities $ 3,040 $ 3,128 Long-term operating lease liabilities 11,865 14,163 Total operating lease liabilities $ 14,905 $ 17,291 Finance leases Property, plant, and equipment $ 1,317 $ 1,442 Accumulated amortization (1,104) (1,130) Property, plant, and equipment - net $ 213 $ 312 Current maturities of long-term debt $ 102 $ 127 Long-term debt 111 185 Total finance lease liabilities $ 213 $ 312 |
Schedule of Components of Lease Cost | The components of lease expense within the Consolidated Statements of Operations were as follows for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Finance lease cost: Amortization of finance leases $ 186 $ 177 Interest on lease liabilities 58 34 Operating lease cost 3,448 2,891 Sublease income (200) (200) Total lease cost $ 3,492 $ 2,902 The cash flow components of the leases were as follows for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (4,113) $ (3,440) Financing cash flows from finance leases (214) (164) Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 404 $ 5,257 The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented: December 31, 2023 2022 Operating lease weighted-average remaining lease term 6 7 Operating lease weighted-average discount rate 5.2 % 5.2 % Finance lease weighted-average remaining lease term 2 2 Finance lease weighted-average discount rate 3.6 % 3.7 % |
Schedule of Lessee, Operating Lease, Liability, Maturity | As of December 31, 2023, estimated annual maturities of lease liabilities for the year ending December 31, 2024 and thereafter were as follows: Year Ending December 31, Operating Leases Finance Leases 2024 $ 4,082 $ 37 2025 3,719 136 2026 3,175 76 2027 2,949 5 2028 2,145 — 2029 and thereafter 5,345 — 21,415 254 Interest (6,510) (41) Total $ 14,905 $ 213 |
Schedule of Finance Lease, Liability, Maturity | As of December 31, 2023, estimated annual maturities of lease liabilities for the year ending December 31, 2024 and thereafter were as follows: Year Ending December 31, Operating Leases Finance Leases 2024 $ 4,082 $ 37 2025 3,719 136 2026 3,175 76 2027 2,949 5 2028 2,145 — 2029 and thereafter 5,345 — 21,415 254 Interest (6,510) (41) Total $ 14,905 $ 213 |
Long-Term Debt and Related Ma_2
Long-Term Debt and Related Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt as of December 31, 2023 and 2022 consisted of the following: December 31, 2023 2022 Revolving credit facility with an interest rate of 7.40% as of December 31, 2023 and 6.93% as of December 31, 2022 $ 55,060 $ 91,567 Lease obligations payable in installments through 2024 with a weighted average interest rate of 4.67% as of December 31, 2023 and 4.80% as of December 31, 2022 213 312 Total debt 55,273 91,879 Less: current maturities (102) (127) Long-term portion $ 55,171 $ 91,752 |
Schedule of Maturities of Long-term Debt | The expected maturities of long-term debt for December 31, 2024 and thereafter are as follows: Year Ending December 31, 2024 $ 102 2025 99 2026 55,072 2027 — 2028 — 2029 and thereafter — Total $ 55,273 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | Common Stock Treasury Outstanding (Number of Shares) Balance at end of 2021 445,436 10,670,343 Issued for stock-based compensation plans (106,484) 106,484 Balance at end of 2022 338,952 10,776,827 Issued for stock-based compensation plans (91,316) 91,316 Repurchased common stock 134,208 (134,208) Balance at end of 2023 381,844 10,733,935 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2023 and 2022, were as follows: December 31, 2023 2022 Pension and post-retirement benefit plan adjustments $ (921) $ (1,112) Unrealized income on interest rate swap contracts 1,278 1,982 Foreign currency translation adjustments (19,607) (22,035) Accumulated other comprehensive loss $ (19,250) $ (21,165) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Numerator for basic and diluted earnings (loss) per common share: Net income (loss) attributable to L.B. Foster Company $ 1,464 $ (45,564) Denominator: Weighted average shares outstanding 10,799 10,720 Denominator for basic earnings per common share 10,799 10,720 Effect of dilutive securities: Stock compensation plans 196 — Dilutive potential common shares 196 — Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions 10,995 10,720 Basic earnings (loss) per common share $ 0.14 $ (4.25) Diluted earnings (loss) per common share $ 0.13 $ (4.25) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income before Income Tax | Income (loss) before income taxes, as shown in the accompanying Consolidated Statements of Operations, includes the following components for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Domestic $ 14,575 $ (5,074) Foreign (13,631) (3,922) Income (loss) before income taxes $ 944 $ (8,996) |
Schedule of Significant Components of Income Tax | Significant components of the provision for income taxes for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Current: Federal $ (16) $ — State 53 127 Foreign 1,460 769 Total current 1,497 896 Deferred: Federal — 28,287 State — 9,001 Foreign (1,852) (1,503) Total deferred (1,852) 35,785 Total income tax (benefit) expense $ (355) $ 36,681 |
Schedule of Reconciliation of Statutory Income to Income Tax Expense | The reconciliation of income tax computed at statutory rates to income tax expense for the years ended December 31, 2023 and 2022 is as follows: Year Ended December 31, 2023 2022 Amount Percent Amount Percent Statutory rate $ 198 21.0 % $ (1,889) 21.0 % Foreign tax rate differential (520) (55.1) (306) 3.4 State income taxes, net of federal benefit 322 34.1 327 (3.6) Non-deductible expenses 206 21.8 200 (2.2) Non-deductible executive compensation 256 27.1 45 (0.5) Income tax credits (218) (23.1) (261) 2.9 Change in income tax rates (38) (4.0) 176 (2.0) Tax on unremitted foreign earnings 181 19.2 439 (4.9) Change in valuation allowance (723) (76.6) 37,895 (421.2) Other (19) (2.0) 55 (0.6) Total income tax (benefit) expense / Effective rate $ (355) (37.6) % $ 36,681 (407.7) % |
Schedule of Significant Components of Deferred Tax Asset and Liability | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows: December 31, 2023 2022 Deferred tax assets: Goodwill and other intangibles $ 1,762 $ 8,099 Accrued settlement 2,001 3,915 Deferred compensation 4,127 2,396 Contingent liabilities 600 613 Net operating loss / tax credit carryforwards 36,217 30,812 Pension and post-retirement liability 149 297 Inventories 852 1,790 Warranty reserve 146 202 Accounts receivable 201 181 Interest deduction carryforward 1,882 775 Capitalized research expenditures 1,599 1,292 Other 680 644 Total deferred tax assets 50,216 51,016 Less: valuation allowance (40,125) (40,601) Net deferred tax assets 10,091 10,415 Deferred tax liabilities: Goodwill and other intangibles (2,181) (2,803) Depreciation (8,596) (9,434) Unrealized income on interest rate swap contracts (306) (472) Unremitted earnings of foreign subsidiaries (50) (625) Other (190) (166) Total deferred tax liabilities (11,323) (13,500) Net deferred tax (liabilities) assets $ (1,232) $ (3,085) |
Schedule of Reconciliation of Unrealized tax Benefits | The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2023 and 2022: December 31, 2023 2022 Unrecognized tax benefits at beginning of period: $ 354 $ 365 Decreases based on tax positions for prior periods (47) (11) Balance at end of period $ 307 $ 354 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Nonvested Share Activity | The following table summarizes the restricted stock award, deferred stock units, and performance unit award activity for the years ended December 31, 2023 and 2022: Restricted Deferred Performance Weighted Average Outstanding as of January 1, 2022 135,704 74,950 116,571 $ 19.75 Granted 125,582 5,730 110,600 14.88 Vested (86,613) (34,412) (13,095) 17.98 Adjustment for incentive awards — — (105,598) 16.67 Canceled and forfeited (500) — — 18.57 Outstanding as of December 31, 2022 174,173 46,268 108,478 17.77 Granted 181,914 — 367,558 11.78 Vested (88,367) (33,864) — 15.97 Adjustment for incentive awards — — 84,302 13.75 Canceled and forfeited (2,750) — — 14.46 Outstanding as of December 31, 2023 264,970 12,404 560,338 $ 14.10 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following assets and liabilities of the Company were measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820, “Fair Value Measurement” (“ASC 820”) as of December 31, 2023 and 2022: Fair Value Measurements as of December 31, 2023 Fair Value Measurements as of December 31, 2022 December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Term deposits $ — $ — $ — $ — $ 17 $ 17 $ — $ — Interest rate swaps 1,225 — 1,225 — 1,930 — 1,930 — Total assets $ 1,225 $ — $ 1,225 $ — $ 1,947 $ 17 $ 1,930 $ — |
Retirement Plans (Tables)
Retirement Plans (Tables) - Pension Plan | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan Disclosure | |
Schedule of Net Benefit Costs | Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Components of net periodic benefit cost: Interest cost $ 286 $ 194 Expected return on plan assets (256) (264) Recognized net actuarial loss 62 71 Net periodic pension cost $ 92 $ 1 |
Schedule of Costs of Retirement Plans | The Company sponsors five defined contribution plans for hourly and salaried employees across its domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans. Year Ended December 31, 2023 2022 United States $ 2,841 $ 1,650 Canada 114 131 United Kingdom 1,178 817 $ 4,133 $ 2,598 |
United States | |
Defined Benefit Plan Disclosure | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2023 and 2022: December 31, 2023 2022 Changes in benefit obligation: Benefit obligation at beginning of year $ 6,101 $ 7,875 Interest cost 286 194 Actuarial gain (23) (1,544) Benefits paid (455) (424) Benefit obligation at end of year $ 5,909 $ 6,101 Change to plan assets: Fair value of assets at beginning of year $ 3,792 $ 4,767 Actual gain (loss) on plan assets 310 (1,007) Employer contribution 276 456 Benefits paid (455) (424) Fair value of assets at end of year 3,923 3,792 Funded status at end of year $ (1,986) $ (2,309) Amounts recognized in the consolidated balance sheets consist of: Other long-term liabilities $ (1,986) $ (2,309) Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 1,598 $ 1,737 |
Schedule of Changes in Fair Value of Plan Assets | The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2023 and 2022: December 31, 2023 2022 Changes in benefit obligation: Benefit obligation at beginning of year $ 6,101 $ 7,875 Interest cost 286 194 Actuarial gain (23) (1,544) Benefits paid (455) (424) Benefit obligation at end of year $ 5,909 $ 6,101 Change to plan assets: Fair value of assets at beginning of year $ 3,792 $ 4,767 Actual gain (loss) on plan assets 310 (1,007) Employer contribution 276 456 Benefits paid (455) (424) Fair value of assets at end of year 3,923 3,792 Funded status at end of year $ (1,986) $ (2,309) Amounts recognized in the consolidated balance sheets consist of: Other long-term liabilities $ (1,986) $ (2,309) Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 1,598 $ 1,737 |
Schedule of Weighted Average Assumptions Used | The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. Year Ended December 31, 2023 2022 Discount rate 4.9 % 2.6 % Expected rate of return on plan assets 7.0 % 5.6 % |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts applicable to the Company’s pension plan with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2023 and 2022: December 31, 2023 2022 Projected benefit obligation $ 5,909 $ 6,101 Accumulated benefit obligation 5,909 6,101 Fair value of plan assets 3,923 3,792 |
Schedule of Investment Allocation and Target Allocation | The investment target ranges and actual allocation of pension plan assets by major category as of December 31, 2023 and 2022 were as follows: December 31, Target 2023 2022 Asset Category Cash and cash equivalents 0 - 20% 4 % 6 % Total fixed income funds 25 - 50% 33 7 Total mutual funds and equities 35 - 70% 63 87 Total 100 % 100 % In accordance with the fair value disclosure requirements of ASC 820, the following assets were measured at fair value on a recurring basis as of December 31, 2023 and 2022. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 16. December 31, 2023 2022 Asset Category Cash and cash equivalents $ 160 $ 222 Fixed income funds Corporate bonds 845 795 Total fixed income funds 845 795 Equity funds and equities Mutual funds — 247 Exchange-traded funds 2,918 2,528 Total mutual funds and equities 2,918 2,775 Total $ 3,923 $ 3,792 |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid during the years indicated: Year Ending December 31, 2024 $ 491 2025 483 2026 478 2027 468 2028 455 Years 2029-2033 2,105 |
United Kingdom | |
Defined Benefit Plan Disclosure | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The funded status of the United Kingdom defined benefit plan as of December 31, 2023 and 2022 was as follows: December 31, 2023 2022 Changes in benefit obligation: Benefit obligation at beginning of year $ 4,671 $ 9,135 Interest cost 229 135 Actuarial gain 154 (2,221) Benefits paid (292) (1,424) Foreign currency exchange rate changes 249 (954) Benefit obligation at end of year $ 5,011 $ 4,671 Change to plan assets: Fair value of assets at beginning of year $ 5,745 $ 8,409 Actual gain (loss) on plan assets 323 (742) Employer contribution 318 319 Benefits paid (292) (1,363) Foreign currency exchange rate changes 305 (878) Fair value of assets at end of year 6,399 5,745 Funded status at end of year $ 1,388 $ 1,074 Amounts recognized in the consolidated balance sheets consist of: Other assets $ 1,388 $ 1,074 Amounts recognized in accumulated other comprehensive loss consist of: Net gain $ (567) $ (1,425) Prior service cost 71 90 Total $ (496) $ (1,335) |
Schedule of Net Benefit Costs | Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Components of net periodic benefit gain: Interest cost $ 229 $ 135 Expected return on plan assets (346) (264) Amortization of prior service cost 24 23 Recognized net actuarial loss 18 13 Net periodic pension gain $ (75) $ (93) |
Schedule of Weighted Average Assumptions Used | The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. Year Ended December 31, 2023 2022 Discount rate 4.5 % 4.8 % Expected rate of return on plan assets 6.0 % 5.7 % |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts applicable to the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2023 and 2022: December 31, 2023 2022 Projected benefit obligation $ 5,011 $ 4,671 Accumulated benefit obligation 5,011 4,671 Fair value of plan assets 6,399 5,745 |
Schedule of Investment Allocation and Target Allocation | The target asset allocation percentages for 2023 were as follows: Equity securities Up to 100% Commercial property Not to exceed 50% UK Government securities Not to exceed 50% Cash Up to 100% Plan assets held within the United Kingdom defined benefit plan consist of cash and equity securities that have been classified as Level 1 of the fair value hierarchy. All other plan assets have been classified as Level 2 of the fair value hierarchy. The plan assets by category for the years ended December 31, 2023 and 2022 were as follows: December 31, 2023 2022 Asset Category Cash and cash equivalents $ 127 $ 540 Equity securities 3,676 2,530 Bonds 1,693 2,296 Other 903 379 Total $ 6,399 $ 5,745 |
Schedule of Expected Benefit Payments | The following estimated future benefits payments are expected to be paid under the United Kingdom defined benefit plan: Year Ending December 31, 2024 $ 308 2025 318 2026 325 2027 331 2028 337 Years 2029-2033 1,497 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | The following table sets forth the Company’s product warranty accrual: Warranty Liability Balance as of December 31, 2022 $ 870 Additions to warranty liability 871 Warranty liability utilized (940) Divestiture of business (113) Balance as of December 31, 2023 $ 688 |
Schedule of Environmental Loss Contingencies | The following table sets forth the Company’s undiscounted environmental obligation: Environmental Liability Balance as of December 31, 2022 $ 2,472 Additions to environmental obligations 10 Environmental obligations utilized (65) Balance as of December 31, 2023 $ 2,417 |
Other Expense (Income) (Tables)
Other Expense (Income) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | The following table summarizes the Company’s other expense (income) for the years ended December 31, 2023 and 2022: 2023 2022 Loss on the sale of Chemtec (a) $ 2,065 $ — Bridge grid deck exit impact (b) 1,403 — Loss on the sale of Concrete Ties (c) 1,009 — Gain on Piling Products division asset sale (d) — (489) Insurance proceeds (e) (215) (790) Loss on the sale of Track Components (f) — 467 Costs recovered from environmental cleanup activities (g) — (325) Foreign currency losses 77 434 Other (673) (847) Other expense (income) - net $ 3,666 $ (1,550) a. On March 30, 2023, the Company sold substantially all the operating assets of its Chemtec business, which was inclusive of its entire Precision Measurement Products and Services division, generating a $2,065 pre-tax loss. b. On August 30, 2023, the Company announced the discontinuation of its Bridge Products grid deck product line which was reported in the Steel Products business unit within the Infrastructure segment and resulted in expense of $1,403. c. On June 30, 2023, the Company sold substantially all the operating assets of the Ties business, located in Spokane, WA, generating a $1,009 loss on the sale. d. On September 27, 2021, the Company announced it completed the sale of its Piling Products division to J.D. Fields & Company, Inc., resulting in a pre-tax gain of $489 in 2022. e. In 2023 and 2022, the Company received $215 and $790, respectively, in insurance proceeds. f. On August 1, 2022, the Company divested the assets of its rail spikes and anchors track components business located in St-Jean-sur-Richelieu, Quebec, Canada, resulting in a pre-tax loss of $467 in 2022. g. In 2022, the Company received $325 to recover costs associated with environmental cleanup activities in a formerly leased property in Magnolia, TX. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||||||
Nov. 17, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 30, 2023 USD ($) | Aug. 01, 2022 USD ($) | Jun. 21, 2022 USD ($) | Dec. 31, 2023 USD ($) facility segment | Dec. 31, 2022 USD ($) segment | Aug. 12, 2022 USD ($) | |
Property, Plant and Equipment | ||||||||
Number of operating segments | segment | 2 | 3 | ||||||
Cash and cash equivalents | $ 2,560,000 | $ 2,882,000 | ||||||
Impairments of property, plant, and equipment | 0 | 0 | ||||||
Product warranty reserve | 688,000 | 870,000 | ||||||
Foreign currency transaction gain (loss) | (77,000) | (434,000) | ||||||
Research and development expenses | $ 2,555,000 | 2,219,000 | ||||||
Cougar Mountain Precast, LLC | ||||||||
Property, Plant and Equipment | ||||||||
Consideration transferred to acquire operating assets | $ 1,644,000 | |||||||
Buildings | Minimum | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment useful life | 10 years | |||||||
Buildings | Maximum | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment useful life | 41 years | |||||||
Machinery and equipment | Minimum | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment useful life | 2 years | |||||||
Machinery and equipment | Maximum | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment useful life | 50 years | |||||||
Leasehold improvements | Minimum | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment useful life | 4 years | |||||||
Leasehold improvements | Maximum | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment useful life | 19 years | |||||||
Non Domestic | ||||||||
Property, Plant and Equipment | ||||||||
Cash and cash equivalents | $ 2,193,000 | $ 2,012,000 | ||||||
Skratch | ||||||||
Property, Plant and Equipment | ||||||||
Business combination, stock acquire | $ 7,402,000 | |||||||
Business combination, deferred consideration | $ 1,228,000 | |||||||
Business combination, term for payment of deferred consideration | 5 years | |||||||
VanHooseCo | ||||||||
Property, Plant and Equipment | ||||||||
Business combination, stock acquire | $ 52,146,000 | |||||||
Escrow deposit | $ 2,500,000 | |||||||
Rail Products Business Unit | ||||||||
Property, Plant and Equipment | ||||||||
Proceeds from divestiture of assets | $ 2,362,000 | $ 7,795,000 | ||||||
Coatings and Measurement | ||||||||
Property, Plant and Equipment | ||||||||
Proceeds from divestiture of assets | $ 5,344,000 | |||||||
Precast Concrete Products | ||||||||
Property, Plant and Equipment | ||||||||
Number of manufacturing facilities | facility | 9 |
Business Segments - Narrative (
Business Segments - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) segment | |
Segment Reporting Information | ||
Number of operating segments | segment | 2 | 3 |
Reserve for uncollectable accounts income (expense) | $ 1,020 | |
Rail, Technologies, and Services | Operating Segments | ||
Segment Reporting Information | ||
Reserve for uncollectable accounts income (expense) | 1,862 | |
Restructuring costs | $ 676 | |
Infrastructure Solutions | ||
Segment Reporting Information | ||
Impairment of goodwill and intangible assets | $ 8,016 |
Business Segments - Reconciliat
Business Segments - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information | ||
Net Sales | $ 543,744 | $ 497,497 |
Segment Operating Profit | 10,138 | (7,206) |
Segment Assets | 313,206 | 365,310 |
Depreciation/Amortization | 15,263 | 14,779 |
Expenditures for long-lived assets | 4,933 | 7,633 |
Rail, Technologies, and Services | ||
Segment Reporting Information | ||
Net Sales | 312,160 | 300,592 |
Infrastructure Solutions | ||
Segment Reporting Information | ||
Net Sales | 231,584 | 196,905 |
Operating Segments | ||
Segment Reporting Information | ||
Net Sales | 543,744 | 497,497 |
Segment Operating Profit | 21,928 | 2,322 |
Segment Assets | 287,690 | 335,225 |
Depreciation/Amortization | 13,434 | 13,284 |
Expenditures for long-lived assets | 4,622 | 4,318 |
Operating Segments | Rail, Technologies, and Services | ||
Segment Reporting Information | ||
Net Sales | 312,160 | 300,592 |
Segment Operating Profit | 11,940 | 11,454 |
Segment Assets | 157,023 | 172,111 |
Depreciation/Amortization | 5,172 | 5,620 |
Expenditures for long-lived assets | 1,915 | 1,218 |
Operating Segments | Infrastructure Solutions | ||
Segment Reporting Information | ||
Net Sales | 231,584 | 196,905 |
Segment Operating Profit | 9,988 | (9,132) |
Segment Assets | 130,667 | 163,114 |
Depreciation/Amortization | 8,262 | 7,664 |
Expenditures for long-lived assets | $ 2,707 | $ 3,100 |
Business Segments - Reconcili_2
Business Segments - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income from operations: | ||
Total segment operating profit | $ 10,138 | $ (7,206) |
Other (expense) income - net | (3,666) | 1,550 |
Income (loss) before income taxes | 944 | (8,996) |
Assets: | ||
Segment Assets | 313,206 | 365,310 |
Depreciation/Amortization: | ||
Depreciation/Amortization | 15,263 | 14,779 |
Expenditures for Long-Lived Assets: | ||
Expenditures for long-lived assets | 4,933 | 7,633 |
Operating Segments | ||
Income from operations: | ||
Total segment operating profit | 21,928 | 2,322 |
Interest expense - net | (5,528) | (3,340) |
Other (expense) income - net | (3,666) | 1,550 |
Corporate expense and other unallocated charges | (11,790) | (9,528) |
Income (loss) before income taxes | 944 | (8,996) |
Assets: | ||
Segment Assets | 287,690 | 335,225 |
Depreciation/Amortization: | ||
Depreciation/Amortization | 13,434 | 13,284 |
Expenditures for Long-Lived Assets: | ||
Expenditures for long-lived assets | 4,622 | 4,318 |
Unallocated corporate assets | ||
Assets: | ||
Segment Assets | 25,516 | 30,085 |
Depreciation/Amortization: | ||
Depreciation/Amortization | 1,829 | 1,495 |
Expenditures for Long-Lived Assets: | ||
Expenditures for long-lived assets | $ 311 | $ 3,315 |
Business Segments - Sales by Ge
Business Segments - Sales by Geographical Location (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets | ||
Net Sales | $ 543,744 | $ 497,497 |
United States | ||
Revenues from External Customers and Long-Lived Assets | ||
Net Sales | 463,936 | 378,339 |
Canada | ||
Revenues from External Customers and Long-Lived Assets | ||
Net Sales | 24,925 | 38,489 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets | ||
Net Sales | 41,418 | 46,590 |
Other | ||
Revenues from External Customers and Long-Lived Assets | ||
Net Sales | $ 13,465 | $ 34,079 |
Business Segments - Long-Lived
Business Segments - Long-Lived Assets By Geographical Location (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information | ||
Long-Lived assets | $ 75,999 | $ 85,344 |
United States | ||
Segment Reporting Information | ||
Long-Lived assets | 73,260 | 82,846 |
Canada | ||
Segment Reporting Information | ||
Long-Lived assets | 56 | 110 |
United Kingdom | ||
Segment Reporting Information | ||
Long-Lived assets | 1,833 | 1,533 |
Other | ||
Segment Reporting Information | ||
Long-Lived assets | $ 850 | $ 855 |
Business Segments - Sales by Ma
Business Segments - Sales by Major Product Line (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from External Customer | ||
Net Sales | $ 543,744 | $ 497,497 |
Rail, Technologies, and Services | ||
Revenue from External Customer | ||
Net Sales | 312,160 | 300,592 |
Infrastructure Solutions | ||
Revenue from External Customer | ||
Net Sales | 231,584 | 196,905 |
Rail Products | Rail, Technologies, and Services | ||
Revenue from External Customer | ||
Net Sales | 205,797 | 202,559 |
Global Friction Management | Rail, Technologies, and Services | ||
Revenue from External Customer | ||
Net Sales | 63,946 | 54,811 |
Technology Services and Solutions | Rail, Technologies, and Services | ||
Revenue from External Customer | ||
Net Sales | 42,417 | 43,222 |
Precast Concrete Products | Infrastructure Solutions | ||
Revenue from External Customer | ||
Net Sales | 136,458 | 104,212 |
Steel Products | Infrastructure Solutions | ||
Revenue from External Customer | ||
Net Sales | $ 95,126 | $ 92,693 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) $ in Thousands | 5 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2023 USD ($) | Mar. 30, 2023 USD ($) | Aug. 12, 2022 USD ($) agreement | Aug. 01, 2022 USD ($) | Jun. 21, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Finite-Lived Intangible Assets | ||||||||
Business combination, acquisition related costs | $ 2,043 | |||||||
Loss on asset divestitures | $ 2,065 | $ 467 | $ 3,074 | $ 214 | ||||
Rail Products Business Unit | ||||||||
Finite-Lived Intangible Assets | ||||||||
Proceeds from divestiture of assets | $ 2,362 | $ 7,795 | ||||||
Loss on asset divestitures | $ 1,009 | |||||||
Coatings and Measurement | ||||||||
Finite-Lived Intangible Assets | ||||||||
Proceeds from divestiture of assets | $ 5,344 | |||||||
Skratch | ||||||||
Finite-Lived Intangible Assets | ||||||||
Business combination, stock acquire | $ 7,402 | |||||||
Business combination, deferred consideration | $ 1,228 | |||||||
Business combination, term for payment of deferred consideration | 5 years | |||||||
VanHooseCo | ||||||||
Finite-Lived Intangible Assets | ||||||||
Business combination, stock acquire | $ 52,146 | |||||||
Escrow deposit | $ 2,500 | |||||||
Number of employment agreement | agreement | 2 | |||||||
Business combination, contingent consideration, liability | $ 1,000 | |||||||
Business combination, acquiree, net sales | $ 17,788 | |||||||
Business combination, acquiree, operating profit | $ 1,555 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Schedule of Business Acquisition, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Diluted (loss) earnings per share, As reported (usd per share) | $ 0.13 | $ (4.25) |
VanHooseCo | ||
Business Acquisition [Line Items] | ||
Net sales | $ 522,997 | |
Net (loss) income attributable to L.B. Foster Company | $ (44,564) | |
Diluted (loss) earnings per share, As reported (usd per share) | $ (4.25) | |
Diluted (loss) earnings per share, Pro forma (usd per share) | $ (4.16) |
Acquisitions and Divestitures_3
Acquisitions and Divestitures - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Aug. 12, 2022 | Jun. 21, 2022 | Dec. 31, 2021 | |
Allocation of purchase price | |||||
Goodwill | $ 32,587 | $ 30,733 | $ 20,152 | ||
Identifiable intangible assets | |||||
Net Carrying Amount | 69,021 | 68,002 | |||
Non-compete agreements | |||||
Identifiable intangible assets | |||||
Net Carrying Amount | 27 | ||||
Customer relationships | |||||
Identifiable intangible assets | |||||
Net Carrying Amount | 27,712 | 27,184 | |||
Favorable lease | |||||
Identifiable intangible assets | |||||
Net Carrying Amount | 327 | $ 327 | |||
VanHooseCo | |||||
Allocation of purchase price | |||||
Current assets, net of cash acquired on the acquisition date | $ 11,138 | ||||
Property, plant, and equipment | 30,410 | ||||
Goodwill | 8,463 | ||||
Other intangibles | 5,442 | ||||
Liabilities assumed | (3,307) | ||||
Total | $ 52,146 | ||||
Identifiable intangible assets | |||||
Net Carrying Amount | $ 5,442 | ||||
VanHooseCo | Non-compete agreements | |||||
Identifiable intangible assets | |||||
Weighted Average Amortization Period In Years | 0 years | ||||
Net Carrying Amount | $ 0 | ||||
VanHooseCo | Customer relationships | |||||
Identifiable intangible assets | |||||
Weighted Average Amortization Period In Years | 5 years | ||||
Net Carrying Amount | $ 3,578 | ||||
VanHooseCo | Trademarks and trade names | |||||
Identifiable intangible assets | |||||
Weighted Average Amortization Period In Years | 10 years | ||||
Net Carrying Amount | $ 1,537 | ||||
VanHooseCo | Favorable lease | |||||
Identifiable intangible assets | |||||
Weighted Average Amortization Period In Years | 6 years | ||||
Net Carrying Amount | $ 327 | ||||
Skratch | |||||
Allocation of purchase price | |||||
Current assets, net of cash acquired on the acquisition date | $ 1,129 | ||||
Property, plant, and equipment | 174 | ||||
Goodwill | 5,549 | ||||
Other intangibles | 1,750 | ||||
Liabilities assumed | (1,200) | ||||
Total | $ 7,402 | ||||
Identifiable intangible assets | |||||
Net Carrying Amount | $ 1,750 | ||||
Skratch | Non-compete agreements | |||||
Identifiable intangible assets | |||||
Weighted Average Amortization Period In Years | 1 year | ||||
Net Carrying Amount | $ 27 | ||||
Skratch | Customer relationships | |||||
Identifiable intangible assets | |||||
Weighted Average Amortization Period In Years | 3 years | ||||
Net Carrying Amount | $ 1,349 | ||||
Skratch | Trademarks and trade names | |||||
Identifiable intangible assets | |||||
Weighted Average Amortization Period In Years | 10 years | ||||
Net Carrying Amount | $ 374 | ||||
Skratch | Favorable lease | |||||
Identifiable intangible assets | |||||
Weighted Average Amortization Period In Years | 0 years | ||||
Net Carrying Amount | $ 0 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue | ||
Deferred revenue | $ 12,479 | $ 19,452 |
Reduction in net sales | (543,744) | (497,497) |
Changes in actual and expected values of commercial contracts | ||
Disaggregation of Revenue | ||
Reduction in net sales | 8,718 | 4,800 |
Commercial contracts | Changes in actual and expected values of commercial contracts | ||
Disaggregation of Revenue | ||
Reduction in net sales | $ 2,987 | $ 3,956 |
Point in time | ||
Disaggregation of Revenue | ||
Customer revenue transferred (percentage) | 72.60% | 72.70% |
Reduction in net sales | $ (395,024) | $ (361,587) |
Revenue - Over Time Sales (Deta
Revenue - Over Time Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue | ||
Over time sales, amount | $ 148,720 | $ 135,910 |
Over time sales, percentage | 27.40% | 27.30% |
Over time input method | ||
Disaggregation of Revenue | ||
Over time sales, amount | $ 59,864 | $ 67,116 |
Over time sales, percentage | 11.10% | 13.50% |
Over time output method | ||
Disaggregation of Revenue | ||
Over time sales, amount | $ 88,856 | $ 68,794 |
Over time sales, percentage | 16.30% | 13.80% |
Revenue - Timing of Transfer (D
Revenue - Timing of Transfer (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue | ||
Net Sales | $ 543,744 | $ 497,497 |
Point in time | ||
Disaggregation of Revenue | ||
Net Sales | 395,024 | 361,587 |
Over time | ||
Disaggregation of Revenue | ||
Net Sales | 148,720 | 135,910 |
Rail, Technologies, and Services | ||
Disaggregation of Revenue | ||
Net Sales | 312,160 | 300,592 |
Rail, Technologies, and Services | Point in time | ||
Disaggregation of Revenue | ||
Net Sales | 254,345 | 241,759 |
Rail, Technologies, and Services | Over time | ||
Disaggregation of Revenue | ||
Net Sales | 57,815 | 58,833 |
Infrastructure Solutions | ||
Disaggregation of Revenue | ||
Net Sales | 231,584 | 196,905 |
Infrastructure Solutions | Point in time | ||
Disaggregation of Revenue | ||
Net Sales | 140,679 | 119,828 |
Infrastructure Solutions | Over time | ||
Disaggregation of Revenue | ||
Net Sales | $ 90,905 | $ 77,077 |
Revenue - Contract with Custome
Revenue - Contract with Customer (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Contract Assets | |
Contract asset balance opening balance | $ 33,613 |
Transfers to receivables from contract assets | 9,638 |
Additions to contract assets | (13,762) |
Contract asset balance ending balance | 29,489 |
Contract Liabilities | |
Contract liabilities opening balance | 6,781 |
Revenue recognized from contract liabilities | (5,121) |
Increase in billings in excess of costs, excluding revenue recognized | 2,204 |
Other adjustments, including business divestiture | (1,675) |
Contract liabilities ending balance | $ 2,189 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligation (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue remaining performance obligation | $ 213,780 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Revenue remaining performance obligation (percentage) | 10.50% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | ||
Goodwill, beginning balance | $ 30,733 | $ 20,152 |
Acquisitions | 1,336 | 13,770 |
Foreign currency translation impact | 518 | (178) |
Impairment charges | (3,011) | |
Goodwill, ending balance | 32,587 | 30,733 |
Rail, Technologies, and Services | ||
Goodwill | ||
Goodwill, beginning balance | 19,948 | 14,577 |
Acquisitions | 0 | 5,549 |
Foreign currency translation impact | 518 | (178) |
Impairment charges | 0 | |
Goodwill, ending balance | 20,466 | 19,948 |
Infrastructure Solutions | ||
Goodwill | ||
Goodwill, beginning balance | 10,785 | 5,575 |
Acquisitions | 1,336 | 8,221 |
Foreign currency translation impact | 0 | 0 |
Impairment charges | (3,011) | |
Goodwill, ending balance | $ 12,121 | $ 10,785 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Aug. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets | ||||
Impairment charges | $ 3,011 | |||
Amortization expense | $ 5,314 | 6,144 | ||
Accumulated amortization | $ 44,171 | 50,011 | 44,171 | |
Asset impairments | $ 4,883 | 0 | 8,016 | |
Fabricated Bridge | ||||
Finite-Lived Intangible Assets | ||||
Percentage of goodwill impairment | 100% | |||
Impairment charges | $ 3,011 | 0 | ||
Non-compete agreements | ||||
Finite-Lived Intangible Assets | ||||
Accumulated amortization | 16 | 27 | 16 | |
Customer relationships | ||||
Finite-Lived Intangible Assets | ||||
Accumulated amortization | 14,129 | 17,236 | 14,129 | |
Decrease in gross carrying value of intangible assets | 5,448 | |||
Decrease in net carrying value of intangible assets | $ 2,869 | |||
Goodwill and intangible asset impairment | 3,828 | |||
Trademarks and trade names | ||||
Finite-Lived Intangible Assets | ||||
Goodwill and intangible asset impairment | 394 | |||
Developed Technology Rights | ||||
Finite-Lived Intangible Assets | ||||
Goodwill and intangible asset impairment | 661 | |||
Technology | ||||
Finite-Lived Intangible Assets | ||||
Accumulated amortization | $ 25,827 | $ 27,906 | 25,827 | |
Decrease in gross carrying value of intangible assets | $ 471 | |||
Decrease in net carrying value of intangible assets | $ 7 | |||
Minimum | ||||
Finite-Lived Intangible Assets | ||||
Finite lived intangible asset, useful life | 1 year | |||
Maximum | ||||
Finite-Lived Intangible Assets | ||||
Finite lived intangible asset, useful life | 25 years | |||
Weighted Average Amortization Period In Years | ||||
Finite-Lived Intangible Assets | ||||
Finite lived intangible asset, useful life | 13 years | |||
Weighted Average Amortization Period In Years | Non-compete agreements | ||||
Finite-Lived Intangible Assets | ||||
Finite lived intangible asset, useful life | 1 year | 1 year | ||
Weighted Average Amortization Period In Years | Customer relationships | ||||
Finite-Lived Intangible Assets | ||||
Finite lived intangible asset, useful life | 16 years | 16 years | 16 years | |
Weighted Average Amortization Period In Years | Technology | ||||
Finite-Lived Intangible Assets | ||||
Finite lived intangible asset, useful life | 14 years | 9 years | 14 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets | ||
Gross Carrying Value | $ 69,021 | $ 68,002 |
Accumulated Amortization | (50,011) | (44,171) |
Net Carrying Amount | 19,010 | 23,831 |
Non-compete agreements | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Value | 27 | |
Accumulated Amortization | (27) | (16) |
Net Carrying Amount | 11 | |
Patents | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Value | 335 | 330 |
Accumulated Amortization | (199) | (187) |
Net Carrying Amount | 136 | 143 |
Customer relationships | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Value | 27,712 | 27,184 |
Accumulated Amortization | (17,236) | (14,129) |
Net Carrying Amount | 10,476 | 13,055 |
Trademarks and trade names | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Value | 7,989 | 7,933 |
Accumulated Amortization | (4,593) | (3,989) |
Net Carrying Amount | 3,396 | 3,944 |
Technology | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Value | 32,658 | 32,201 |
Accumulated Amortization | (27,906) | (25,827) |
Net Carrying Amount | 4,752 | 6,374 |
Favorable lease | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Value | 327 | 327 |
Accumulated Amortization | (77) | (23) |
Net Carrying Amount | $ 250 | $ 304 |
Weighted Average Amortization Period In Years | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 13 years | |
Weighted Average Amortization Period In Years | Non-compete agreements | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 1 year | |
Weighted Average Amortization Period In Years | Patents | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 10 years | 10 years |
Weighted Average Amortization Period In Years | Customer relationships | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 16 years | 16 years |
Weighted Average Amortization Period In Years | Trademarks and trade names | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 16 years | 16 years |
Weighted Average Amortization Period In Years | Technology | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 9 years | 14 years |
Weighted Average Amortization Period In Years | Favorable lease | ||
Finite-Lived Intangible Assets | ||
Weighted Average Amortization Period In Years | 6 years | 6 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 4,393 | |
2025 | 2,922 | |
2026 | 2,331 | |
2027 | 1,989 | |
2028 | 1,519 | |
2029 and thereafter | 5,856 | |
Net Carrying Amount | $ 19,010 | $ 23,831 |
Accounts Receivable - Accounts
Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Accounts receivable | $ 54,293 | $ 83,268 |
Allowance for credit losses | (809) | (813) |
Accounts receivable - net | $ 53,484 | $ 82,455 |
Accounts Receivable - Narrative
Accounts Receivable - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Reserve for uncollectable accounts income (expense) | $ 1,020 | |
Selling, General and Administrative Expenses | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Reserve for uncollectable accounts income (expense) | $ 1,912 | $ 382 |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Doubtful Accounts (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Allowance for credit losses, beginning balance | $ 813 |
Current period provision | 1,020 |
Write-off against allowance | (1,024) |
Allowance for credit losses, ending balance | $ 809 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 44,903 | $ 41,431 |
Work-in-process | 4,675 | 9,693 |
Raw materials | 23,918 | 24,597 |
Inventories - net | $ 73,496 | $ 75,721 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment | ||
Gross property, plant, and equipment | $ 177,032,000 | $ 189,412,000 |
Less: accumulated depreciation and amortization, including accumulated amortization of finance leases | (101,033,000) | (104,068,000) |
Property, plant, and equipment - net | 75,999,000 | 85,344,000 |
Depreciation | 9,949,000 | 8,635,000 |
Impairments of property, plant, and equipment | 0 | 0 |
Land | ||
Property, Plant and Equipment | ||
Gross property, plant, and equipment | 5,869,000 | 5,284,000 |
Improvements to land and leaseholds | ||
Property, Plant and Equipment | ||
Gross property, plant, and equipment | 19,404,000 | 19,956,000 |
Buildings | ||
Property, Plant and Equipment | ||
Gross property, plant, and equipment | 31,447,000 | 34,814,000 |
Machinery and equipment, including equipment under finance leases | ||
Property, Plant and Equipment | ||
Gross property, plant, and equipment | 118,190,000 | 123,806,000 |
Construction in progress | ||
Property, Plant and Equipment | ||
Gross property, plant, and equipment | $ 2,122,000 | $ 5,552,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Lessee, Lease, Description | |
Lessee lease renewal term | 12 years |
Lessee, lease, termination period | 1 year |
Minimum | |
Lessee, Lease, Description | |
Lessee remaining lease term | 2 years |
Maximum | |
Lessee, Lease, Description | |
Lessee remaining lease term | 12 years |
Leases - Balance Sheet Location
Leases - Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating leases | ||
Operating lease right-of-use assets | $ 14,905 | $ 17,291 |
Other current liabilities | $ 3,040 | $ 3,128 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities |
Long-term operating lease liabilities | $ 11,865 | $ 14,163 |
Total operating lease liabilities | 14,905 | 17,291 |
Finance leases | ||
Property, plant, and equipment | 1,317 | 1,442 |
Accumulated amortization | (1,104) | (1,130) |
Property, plant, and equipment - net | $ 213 | $ 312 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant, and equipment - net (Note 8) | Property, plant, and equipment - net (Note 8) |
Current maturities of long-term debt | $ 102 | $ 127 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current |
Long-term debt | $ 111 | $ 185 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term portion | Long-term portion |
Total finance lease liabilities | $ 213 | $ 312 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finance lease cost: | ||
Amortization of finance leases | $ 186 | $ 177 |
Interest on lease liabilities | 58 | 34 |
Operating lease cost | 3,448 | 2,891 |
Sublease income | (200) | (200) |
Total lease cost | $ 3,492 | $ 2,902 |
Leases - Cash Flow Components (
Leases - Cash Flow Components (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ (4,113) | $ (3,440) |
Financing cash flows from finance leases | (214) | (164) |
Right-of-use assets obtained in exchange for new lease liabilities: | ||
Operating leases | $ 404 | $ 5,257 |
Leases - Weighted Average Lease
Leases - Weighted Average Lease Term and Discount Rate (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease weighted-average remaining lease term | 6 years | 7 years |
Operating lease weighted-average discount rate | 5.20% | 5.20% |
Finance lease weighted-average remaining lease term | 2 years | 2 years |
Finance lease weighted-average discount rate | 3.60% | 3.70% |
Leases - Estimated Annual Matur
Leases - Estimated Annual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 4,082 | |
2025 | 3,719 | |
2026 | 3,175 | |
2027 | 2,949 | |
2028 | 2,145 | |
2029 and thereafter | 5,345 | |
Operating lease, liability, payments, due | 21,415 | |
Interest | (6,510) | |
Total operating lease liabilities | 14,905 | $ 17,291 |
Finance Leases | ||
2024 | 37 | |
2025 | 136 | |
2026 | 76 | |
2027 | 5 | |
2028 | 0 | |
2029 and thereafter | 0 | |
Finance lease liability, payments, due | 254 | |
Interest | (41) | |
Total finance lease liabilities | $ 213 | $ 312 |
Long-Term Debt and Related Ma_3
Long-Term Debt and Related Matters - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Revolving credit facility with an interest rate of 7.40% as of December 31, 2023 and 6.93% as of December 31, 2022 | $ 55,060 | $ 91,567 |
Lease obligations payable in installments through 2024 with a weighted average interest rate of 4.67% as of December 31, 2023 and 4.80% as of December 31, 2022 | 213 | 312 |
Total debt | 55,273 | 91,879 |
Less: current maturities | (102) | (127) |
Long-term portion | $ 55,171 | $ 91,752 |
Interest rate on credit facility (percent) | 7.40% | 6.93% |
Weighted average interest rate on debt (percent) | 4.67% | 4.80% |
Long-Term Debt and Related Ma_4
Long-Term Debt and Related Matters - Schedule of Long Term Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 102 | |
2025 | 99 | |
2026 | 55,072 | |
2027 | 0 | |
2028 | 0 | |
2029 and thereafter | 0 | |
Total debt | $ 55,273 | $ 91,879 |
Long-Term Debt and Related Ma_5
Long-Term Debt and Related Matters - Narrative (Details) $ in Thousands | Aug. 12, 2022 | Aug. 11, 2022 | Aug. 13, 2021 USD ($) | Dec. 31, 2023 USD ($) covenant | Dec. 31, 2022 USD ($) |
Line of Credit Facility | |||||
Line of credit facility, amount outstanding | $ 55,060 | $ 91,567 | |||
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association | Fourth Amended And Restated Credit Agreement | |||||
Line of Credit Facility | |||||
Minimum fixed charge coverage ratio | 1.05 | ||||
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association | Fourth Amended And Restated Credit Agreement | Debt Instrument, Redemption, Period One | |||||
Line of Credit Facility | |||||
Number of financial covenants | covenant | 2 | ||||
Maximum leverage ratio | 3.25 | ||||
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association | Fourth Amended And Restated Credit Agreement | Debt Instrument, Redemption, Period Two | |||||
Line of Credit Facility | |||||
Maximum leverage ratio | 3.50 | ||||
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association | Overnight Bank Funding Rate | Fourth Amended And Restated Credit Agreement | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 0.50% | 0.50% | |||
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association | LIBOR | Fourth Amended And Restated Credit Agreement | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 1% | 1% | |||
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association | LIBOR | Minimum | Fourth Amended And Restated Credit Agreement | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 1.25% | 1.25% | |||
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association | LIBOR | Maximum | Fourth Amended And Restated Credit Agreement | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 2.50% | ||||
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association | Base Rate | Minimum | Fourth Amended And Restated Credit Agreement | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 0.25% | 0.25% | |||
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association | Base Rate | Maximum | Fourth Amended And Restated Credit Agreement | |||||
Line of Credit Facility | |||||
Debt instrument, basis spread on variable rate | 1.50% | ||||
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association | Revolving Credit Facility | Fourth Amended And Restated Credit Agreement | |||||
Line of Credit Facility | |||||
Debt instrument, term | 5 years | ||||
Line of credit facility, maximum borrowing capacity | $ 130,000 | ||||
Line of credit, accordion feature, lower borrowing capacity | 25,000 | ||||
Line of credit facility, maximum increase in commitments | $ 50,000 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company | Revolving Credit Facility | |||||
Line of Credit Facility | |||||
Line of credit facility, amount outstanding | $ 2,807 | 619 | |||
Line of credit facility, current borrowing capacity | $ 72,133 | $ 37,814 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Equity [Abstract] | |||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | |
Common stock, shares issued (in shares) | 11,115,779 | 11,115,779 | |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Shares paid for tax withholding (in shares) | 24,886 | 27,636 | |
Shares paid for tax withholding | $ 315,000 | $ 410,000 | |
Authorized repurchase | $ 15,000,000 | ||
Authorized repurchase, annual limitation | $ 5,000,000 | ||
Repurchased common stock (in shares) | 134,208 | ||
Stock repurchased during period, value | $ 2,310,000 | ||
Dividends declared | $ 0 | $ 0 |
Stockholders' Equity - Rollforw
Stockholders' Equity - Rollforward of Common Stock (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Increase (Decrease) in Stockholders' Equity | ||
Beginning (in shares) | 10,776,827 | |
Repurchased common stock (in shares) | (134,208) | |
Ending (in shares) | 10,733,935 | 10,776,827 |
Treasury | ||
Increase (Decrease) in Stockholders' Equity | ||
Beginning (in shares) | 338,952 | 445,436 |
Issued for stock-based compensation plans (in shares) | (91,316) | (106,484) |
Repurchased common stock (in shares) | 134,208 | |
Ending (in shares) | 381,844 | 338,952 |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity | ||
Beginning (in shares) | 10,776,827 | 10,670,343 |
Issued for stock-based compensation plans (in shares) | 91,316 | 106,484 |
Repurchased common stock (in shares) | (134,208) | |
Ending (in shares) | 10,733,935 | 10,776,827 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated Other Comprehensive Loss | ||
Accumulated other comprehensive loss | $ 142,111 | $ 137,178 |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Loss | ||
Accumulated other comprehensive loss | (19,250) | (21,165) |
Pension and post-retirement benefit plan adjustments | ||
Accumulated Other Comprehensive Loss | ||
Accumulated other comprehensive loss | (921) | (1,112) |
Unrealized income on interest rate swap contracts | ||
Accumulated Other Comprehensive Loss | ||
Accumulated other comprehensive loss | 1,278 | 1,982 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Loss | ||
Accumulated other comprehensive loss | $ (19,607) | $ (22,035) |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Numerator for basic and diluted earnings (loss) per common share: | ||
Net income (loss) attributable to L.B. Foster Company | $ 1,464 | $ (45,564) |
Denominator: | ||
Weighted average shares outstanding (in shares) | 10,799,000 | 10,720,000 |
Denominator for basic earnings per common share (in shares) | 10,799,000 | 10,720,000 |
Effect of dilutive securities: | ||
Stock compensation plans (in shares) | 196,000 | 0 |
Dilutive potential common shares (in shares) | 196,000 | 0 |
Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions (in shares) | 10,995,000 | 10,720,000 |
Basic earnings (loss) per common share (usd per share) | $ 0.14 | $ (4.25) |
Diluted earnings (loss) per common share (usd per share) | $ 0.13 | $ (4.25) |
Anti-dilutive share (in shares) | 0 | 75,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Tax Domestic And Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ 14,575 | $ (5,074) |
Foreign | (13,631) | (3,922) |
Income (loss) before income taxes | $ 944 | $ (8,996) |
Income Taxes - Significant Comp
Income Taxes - Significant Components Of The Provision For Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current: | ||
Federal | $ (16) | $ 0 |
State | 53 | 127 |
Foreign | 1,460 | 769 |
Total current | 1,497 | 896 |
Deferred: | ||
Federal | 0 | 28,287 |
State | 0 | 9,001 |
Foreign | (1,852) | (1,503) |
Total deferred | (1,852) | 35,785 |
Total income tax (benefit) expense | $ (355) | $ 36,681 |
Income Taxes - Reconciliation O
Income Taxes - Reconciliation Of Income Tax Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Amount | ||
Statutory rate | $ 198 | $ (1,889) |
Foreign tax rate differential | (520) | (306) |
State income taxes, net of federal benefit | 322 | 327 |
Non-deductible expenses | 206 | 200 |
Non-deductible executive compensation | 256 | 45 |
Income tax credits | (218) | (261) |
Change in income tax rates | (38) | 176 |
Tax on unremitted foreign earnings | 181 | 439 |
Change in valuation allowance | (723) | 37,895 |
Other | (19) | 55 |
Total income tax (benefit) expense | $ (355) | $ 36,681 |
Effective Income Tax Rate Reconciliation, Percent | ||
Statutory rate | 21% | 21% |
Foreign tax rate differential | (55.10%) | 3.40% |
State income taxes, net of federal benefit | 34.10% | (3.60%) |
Non-deductible expenses | 21.80% | (2.20%) |
Non-deductible executive compensation | 27.10% | (0.50%) |
Income tax credits | (23.10%) | 2.90% |
Change in income tax rates | (4.00%) | (2.00%) |
Tax on unremitted foreign earnings | 19.20% | (4.90%) |
Change in valuation allowance | (76.60%) | (421.20%) |
Other | (2.00%) | (0.60%) |
Effective rate | (37.60%) | (407.70%) |
Income Taxes - Significant Co_2
Income Taxes - Significant Components Of Deferred Tax Liabilities And Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Goodwill and other intangibles | $ 1,762 | $ 8,099 |
Accrued settlement | 2,001 | 3,915 |
Deferred compensation | 4,127 | 2,396 |
Contingent liabilities | 600 | 613 |
Net operating loss / tax credit carryforwards | 36,217 | 30,812 |
Pension and post-retirement liability | 149 | 297 |
Inventories | 852 | 1,790 |
Warranty reserve | 146 | 202 |
Accounts receivable | 201 | 181 |
Interest deduction carryforward | 1,882 | 775 |
Capitalized research expenditures | 1,599 | 1,292 |
Other | 680 | 644 |
Total deferred tax assets | 50,216 | 51,016 |
Less: valuation allowance | (40,125) | (40,601) |
Net deferred tax assets | 10,091 | 10,415 |
Deferred tax liabilities: | ||
Goodwill and other intangibles | (2,181) | (2,803) |
Depreciation | (8,596) | (9,434) |
Unrealized income on interest rate swap contracts | (306) | (472) |
Unremitted earnings of foreign subsidiaries | (50) | (625) |
Other | (190) | (166) |
Total deferred tax liabilities | (11,323) | (13,500) |
Net deferred tax (liabilities) assets | $ (1,232) | $ (3,085) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards | ||
Deferred tax asset valuation allowance | $ 40,125 | $ 40,601 |
Operating loss carryforward, valuation allowance | 3,761 | |
Unremitted earnings of foreign subsidiary | 50 | 625 |
Foreign earnings repatriated | 1,000 | |
Unrecognized tax benefit that would impact effective tax rate | 307 | |
Accrued interest and penalties | 332 | 356 |
Domestic Tax Authority | ||
Operating Loss Carryforwards | ||
Operating loss carryforwards | 103,108 | |
Research tax credit carryforward, amount | 1,678 | |
State and local | ||
Operating Loss Carryforwards | ||
Operating loss carryforwards | 10,137 | $ 9,574 |
Foreign tax authority | Secretariat of the Federal Revenue Bureau of Brazil | ||
Operating Loss Carryforwards | ||
Operating loss carryforwards | $ 18,202 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation Of Unrecognized Tax Benefits Table (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | ||
Unrecognized tax benefits at beginning of period: | $ 354 | $ 365 |
Decreases based on tax positions for prior periods | (47) | (11) |
Balance at end of period | $ 307 | $ 354 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Feb. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock-based compensation | $ 4,179,000 | $ 2,380,000 | ||
Expected cost on shares expected to vest | $ 5,457,000 | |||
Recognition period for compensation expense not yet recognized | 2 years 3 months 18 days | |||
Weighted average shares granted (usd per share) | $ 11.78 | $ 14.88 | ||
Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Granted (in shares) | 0 | 5,730 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Vesting period | 3 years | |||
Granted (in shares) | 181,914 | 125,582 | ||
Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Vesting period | 3 years | |||
Granted (in shares) | 367,558 | 110,600 | ||
Restricted Stock And Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock-based compensation | $ 3,711,000 | $ 1,683,000 | ||
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Vesting period | 1 year | |||
Director | Fully Vested and Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock-based compensation | $ 468,000 | $ 697,000 | ||
Granted (in shares) | 39,312 | 45,840 | ||
Weighted average shares granted (usd per share) | $ 13 | $ 13.09 | ||
Omnibus Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based compensation, number of shares authorized (in shares) | 2,058,000 | |||
Omnibus Plan | Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Performance based incentive stock award retention program period | 5 years | |||
Share-based payment award, maximum number of shares per employee (in shares) | 3,333 | |||
Omnibus Plan | Performance Stock Units | Vesting period one | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based payment award vesting rights, percentage | 50% | |||
Share-based payment award, maximum number of shares per employee (in shares) | 1,666 | |||
Target share price (usd per share) | $ 25 | |||
Omnibus Plan | Performance Stock Units | Vesting period two | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based payment award vesting rights, percentage | 50% | |||
Share-based payment award, maximum number of shares per employee (in shares) | 1,666 | |||
Target share price (usd per share) | $ 30 | |||
Equity and Incentive Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based compensation, number of shares authorized (in shares) | 765,000 | |||
Equity and Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based compensation, number of shares authorized (in shares) | 854,077 | |||
Equity and Incentive Plan | Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Performance based incentive stock award retention program period | 4 years | |||
Equity and Incentive Plan | Performance Stock Units | Achievement of EBITDA Margin | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based payment award vesting rights, percentage | 50% | |||
Equity and Incentive Plan | Performance Stock Units | Company's stock price | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based payment award vesting rights, percentage | 50% | |||
Omnibus Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based compensation, number of shares authorized (in shares) | 89,077 | |||
Omnibus Plan and Equity and Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock-based compensation | $ 0 | $ 0 | ||
Shares granted in period (in shares) | 0 | 0 | ||
Omnibus Plan and Equity and Incentive Plan | Share-based Payment Arrangement, Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based payment award vesting rights, percentage | 25% | |||
Omnibus Plan and Equity and Incentive Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Performance based incentive stock award retention program period | 10 years | |||
Omnibus Plan and Equity and Incentive Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Vesting period | 1 year |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Deferred Stock, and Performance Share Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ||
Weighted average share price, beginning balance (usd per share) | $ 17.77 | $ 19.75 |
Weighted average shares granted (usd per share) | 11.78 | 14.88 |
Weighted average shares vested (usd per share) | 15.97 | 17.98 |
Weighted average shares adjustment for incentive awards (usd per share) | 13.75 | 16.67 |
Weighted average shares canceled and forfeited (usd per share) | 14.46 | 18.57 |
Weighted average share price, ending balance (usd per share) | $ 14.10 | $ 17.77 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | ||
Nonvested Shares, Outstanding, Beginning Balance (in shares) | 174,173 | 135,704 |
Granted (in shares) | 181,914 | 125,582 |
Vested (in shares) | (88,367) | (86,613) |
Adjustment for incentive awards (in shares) | 0 | 0 |
Canceled and forfeited (in shares) | (2,750) | (500) |
Nonvested Shares, Outstanding, Ending Balance (in shares) | 264,970 | 174,173 |
Deferred Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | ||
Nonvested Shares, Outstanding, Beginning Balance (in shares) | 46,268 | 74,950 |
Granted (in shares) | 0 | 5,730 |
Vested (in shares) | (33,864) | (34,412) |
Adjustment for incentive awards (in shares) | 0 | 0 |
Canceled and forfeited (in shares) | 0 | 0 |
Nonvested Shares, Outstanding, Ending Balance (in shares) | 12,404 | 46,268 |
Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | ||
Nonvested Shares, Outstanding, Beginning Balance (in shares) | 108,478 | 116,571 |
Granted (in shares) | 367,558 | 110,600 |
Vested (in shares) | 0 | (13,095) |
Adjustment for incentive awards (in shares) | 84,302 | (105,598) |
Canceled and forfeited (in shares) | 0 | 0 |
Nonvested Shares, Outstanding, Ending Balance (in shares) | 560,338 | 108,478 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Aug. 31, 2022 | Aug. 12, 2022 | Sep. 30, 2020 | Feb. 28, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||||||
Interest expense - net | $ 5,528,000 | $ 3,340,000 | ||||
Swap | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||||||
Derivative, notional amount | $ 20,000,000 | $ 50,000,000 | $ 50,000,000 | |||
Investment income | $ 1,206,000 | 71,000 | ||||
Interest expense - net | $ 157,000 | |||||
Swap 2 | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||||||
Derivative, notional amount | $ 20,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Term deposits | $ 0 | $ 17 |
Interest rate swaps | $ 1,225 | $ 1,930 |
Derivative Asset Statement Of Financial Position Extensible Enumeration Not Disclosed Flag | Interest rate swaps | Interest rate swaps |
Total assets | $ 1,225 | $ 1,947 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Term deposits | 0 | 17 |
Interest rate swaps | 0 | 0 |
Total assets | 0 | 17 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Term deposits | 0 | 0 |
Interest rate swaps | 1,225 | 1,930 |
Total assets | 1,225 | 1,930 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Term deposits | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total assets | $ 0 | $ 0 |
Retirement Plans - Narrative (D
Retirement Plans - Narrative (Details) - Pension Plan $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) plan | Dec. 31, 2022 USD ($) | |
Defined Benefit Plan Disclosure | ||
Defined contribution plan number | 5 | |
Net loss to be recognize during the next fiscal period | $ | $ 52 | |
United States | ||
Defined Benefit Plan Disclosure | ||
Number of retirement plans | 3 | |
Number of defined benefit plans | 1 | |
Defined contribution plan number | 2 | |
Defined benefit plans, estimated future employer contributions in current fiscal year | $ | $ 370 | |
Accrued pension obligation | $ | $ 1,986 | $ 2,309 |
Canada | ||
Defined Benefit Plan Disclosure | ||
Defined contribution plan number | 1 | |
United Kingdom | ||
Defined Benefit Plan Disclosure | ||
Defined contribution plan number | 2 | |
Defined benefit plans, estimated future employer contributions in current fiscal year | $ | $ 318 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Benefit Obligation, Fair Value of Assets, and Funded Status of the Plans (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
United States | ||
Changes in benefit obligation: | ||
Benefit obligation at beginning of year | $ 6,101 | $ 7,875 |
Interest cost | 286 | 194 |
Actuarial gain | (23) | (1,544) |
Benefits paid | (455) | (424) |
Benefit obligation at end of year | 5,909 | 6,101 |
Change to plan assets: | ||
Fair value of assets at beginning of year | 3,792 | 4,767 |
Actual gain (loss) on plan assets | 310 | (1,007) |
Employer contribution | 276 | 456 |
Benefits paid | (455) | (424) |
Fair value of assets at end of year | 3,923 | 3,792 |
Funded status at end of year | (1,986) | (2,309) |
Amounts recognized in accumulated other comprehensive loss consist of: | ||
Net gain | 1,598 | 1,737 |
United Kingdom | ||
Changes in benefit obligation: | ||
Benefit obligation at beginning of year | 4,671 | 9,135 |
Interest cost | 229 | 135 |
Actuarial gain | 154 | (2,221) |
Benefits paid | (292) | (1,424) |
Foreign currency exchange rate changes | 249 | (954) |
Benefit obligation at end of year | 5,011 | 4,671 |
Change to plan assets: | ||
Fair value of assets at beginning of year | 5,745 | 8,409 |
Actual gain (loss) on plan assets | 323 | (742) |
Employer contribution | 318 | 319 |
Benefits paid | (292) | (1,363) |
Foreign currency exchange rate changes | 305 | (878) |
Fair value of assets at end of year | 6,399 | 5,745 |
Funded status at end of year | 1,388 | 1,074 |
Amounts recognized in the consolidated balance sheets consist of: | ||
Other assets | 1,388 | 1,074 |
Amounts recognized in accumulated other comprehensive loss consist of: | ||
Net gain | (567) | (1,425) |
Prior service cost | 71 | 90 |
Defined benefit plan, comprehensive (income) loss | $ (496) | $ (1,335) |
Retirement Plans - Schedule O_2
Retirement Plans - Schedule Of Net Benefit Costs (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
United States | ||
Components of net periodic benefit cost: | ||
Interest cost | $ 286 | $ 194 |
Expected return on plan assets | (256) | (264) |
Recognized net actuarial loss | 62 | 71 |
Net periodic pension gain | 92 | 1 |
United Kingdom | ||
Components of net periodic benefit cost: | ||
Interest cost | 229 | 135 |
Expected return on plan assets | (346) | (264) |
Amortization of prior service cost | 24 | 23 |
Recognized net actuarial loss | 18 | 13 |
Net periodic pension gain | $ (75) | $ (93) |
Retirement Plans - Actuarial As
Retirement Plans - Actuarial Assumptions (Details) - Pension Plan | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
United States | ||
Defined Benefit Plan Disclosure | ||
Discount rate | 4.90% | 2.60% |
Expected rate of return on plan assets | 7% | 5.60% |
United Kingdom | ||
Defined Benefit Plan Disclosure | ||
Discount rate | 4.50% | 4.80% |
Expected rate of return on plan assets | 6% | 5.70% |
Retirement Plans - Accumulated
Retirement Plans - Accumulated Benefit Obligations in Excess of Plan Asset (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
United States | |||
Defined Benefit Plan Disclosure | |||
Projected benefit obligation | $ 5,909 | $ 6,101 | $ 7,875 |
Accumulated benefit obligation | 5,909 | 6,101 | |
Fair value of plan assets | 3,923 | 3,792 | 4,767 |
United Kingdom | |||
Defined Benefit Plan Disclosure | |||
Projected benefit obligation | 5,011 | 4,671 | 9,135 |
Accumulated benefit obligation | 5,011 | 4,671 | |
Fair value of plan assets | $ 6,399 | $ 5,745 | $ 8,409 |
Retirement Plans - Plan Asset I
Retirement Plans - Plan Asset Investment Allocation Percentage (Details) - Pension Plan | Dec. 31, 2023 | Dec. 31, 2022 |
United States | ||
Asset Category | ||
Percentage of Plan assets | 100% | 100% |
United States | Cash and cash equivalents | ||
Asset Category | ||
Percentage of Plan assets | 4% | 6% |
United States | Cash and cash equivalents | Minimum | ||
Asset Category | ||
Target percentage of plan assets | 0% | |
United States | Cash and cash equivalents | Maximum | ||
Asset Category | ||
Target percentage of plan assets | 20% | |
United States | Total fixed income funds | ||
Asset Category | ||
Percentage of Plan assets | 33% | 7% |
United States | Total fixed income funds | Minimum | ||
Asset Category | ||
Target percentage of plan assets | 25% | |
United States | Total fixed income funds | Maximum | ||
Asset Category | ||
Target percentage of plan assets | 50% | |
United States | Total mutual funds and equities | ||
Asset Category | ||
Percentage of Plan assets | 63% | 87% |
United States | Total mutual funds and equities | Minimum | ||
Asset Category | ||
Target percentage of plan assets | 35% | |
United States | Total mutual funds and equities | Maximum | ||
Asset Category | ||
Target percentage of plan assets | 70% | |
United Kingdom | Cash and cash equivalents | Maximum | ||
Asset Category | ||
Target percentage of plan assets | 100% | |
United Kingdom | Equity securities | Maximum | ||
Asset Category | ||
Target percentage of plan assets | 100% | |
United Kingdom | Commercial property | Maximum | ||
Asset Category | ||
Target percentage of plan assets | 50% | |
United Kingdom | UK Government securities | Maximum | ||
Asset Category | ||
Target percentage of plan assets | 50% |
Retirement Plans - Information
Retirement Plans - Information About Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
United States | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | $ 3,923 | $ 3,792 | $ 4,767 |
United States | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 160 | 222 | |
United States | Total fixed income funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 845 | 795 | |
United States | Corporate bonds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 845 | 795 | |
United States | Total mutual funds and equities | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 2,918 | 2,775 | |
United States | Mutual funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 0 | 247 | |
United States | Equity securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 2,918 | 2,528 | |
United Kingdom | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 6,399 | 5,745 | $ 8,409 |
United Kingdom | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 127 | 540 | |
United Kingdom | Bonds | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 1,693 | 2,296 | |
United Kingdom | Other | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | 903 | 379 | |
United Kingdom | Equity securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets | $ 3,676 | $ 2,530 |
Retirement Plans - Future Benef
Retirement Plans - Future Benefit Payments (Details) - Pension Plan $ in Thousands | Dec. 31, 2023 USD ($) |
United States | |
Defined Benefit Plan, Expected Future Benefit Payment | |
2024 | $ 491 |
2025 | 483 |
2026 | 478 |
2027 | 468 |
2028 | 455 |
Years 2029-2033 | 2,105 |
United Kingdom | |
Defined Benefit Plan, Expected Future Benefit Payment | |
2024 | 308 |
2025 | 318 |
2026 | 325 |
2027 | 331 |
2028 | 337 |
Years 2029-2033 | $ 1,497 |
Retirement Plans - Schedule o_3
Retirement Plans - Schedule of Costs of Retirement Plans (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan Disclosure | ||
Expenses associated with contributions made | $ 4,133 | $ 2,598 |
United States | ||
Defined Contribution Plan Disclosure | ||
Expenses associated with contributions made | 2,841 | 1,650 |
Canada | ||
Defined Contribution Plan Disclosure | ||
Expenses associated with contributions made | 114 | 131 |
United Kingdom | ||
Defined Contribution Plan Disclosure | ||
Expenses associated with contributions made | $ 1,178 | $ 817 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Schedule of Product Warranty Liability (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Warranty Liability | |
Beginning balance | $ 870 |
Additions to warranty liability | 871 |
Warranty liability utilized | (940) |
Divestiture of business | (113) |
Ending balance | $ 688 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||
Mar. 13, 2019 USD ($) | Dec. 31, 2023 USD ($) party | Dec. 31, 2018 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Mar. 26, 2020 party | Jun. 05, 2017 company | |
Product Liability Contingency | |||||||
Current portion of accrued settlement | $ 8,000 | $ 8,000 | |||||
Long-term portion of accrued settlement (Note 18) | 0 | $ 8,000 | |||||
Number of companies receiving general notice letter | company | 140 | ||||||
Present value or proposed remedial work | 1,100,000 | ||||||
Undiscovered remedial work | $ 1,700,000 | ||||||
Remedial work anticipated clean up period | 13 years | ||||||
Number of potentially responsible parties included in agreement | party | 100 | ||||||
Number of parties required to perform remedial design work | party | 2 | ||||||
UPRR | |||||||
Product Liability Contingency | |||||||
Purchase commitment | $ 48,000 | ||||||
Annual commitment amount | 8,000 | $ 6,000 | |||||
UPRR | |||||||
Product Liability Contingency | |||||||
Litigation settlement amount | 50,000 | ||||||
Litigation settlement amount, current | 2,000 | ||||||
Litigation settlement amount, non-current | $ 48,000 | ||||||
Litigation settlement installment payment term | 6 years | ||||||
Estimated litigation liability, payment due year one | $ 8,000 | ||||||
Amounts reclassified to accrued settlement | $ 6,600 | ||||||
Legal fees | $ 43,400 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Environmental Loss Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accrual for Environmental Loss Contingencies | ||
Environmental liability, beginning balance | $ 2,472 | |
Additions to environmental obligations | 10 | |
Environmental obligations utilized | (65) | |
Environmental liability, ending balance | $ 2,417 | $ 2,472 |
Environmental Loss Contingency Statement Of Financial Position Extensible Enumeration Not Disclosed Flag | financial condition | financial condition |
Other Expense (Income) (Details
Other Expense (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 30, 2023 | Aug. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Loss | ||||
Insurance proceeds | $ (215) | $ (790) | ||
Costs recovered from environmental cleanup activities | 0 | (325) | ||
Foreign currency losses | 77 | 434 | ||
Other | (673) | (847) | ||
Other expense (income) - net | 3,666 | (1,550) | ||
Loss on asset divestitures | $ 2,065 | $ 467 | 3,074 | 214 |
Chemtec Energy Services LLC | ||||
Accumulated Other Comprehensive Loss | ||||
Loss on sale/disposal of assets | 2,065 | 0 | ||
Bridge Grid Deck Product | ||||
Accumulated Other Comprehensive Loss | ||||
Loss on sale/disposal of assets | 1,403 | 0 | ||
Concrete Ties | ||||
Accumulated Other Comprehensive Loss | ||||
Loss on sale/disposal of assets | 1,009 | 0 | ||
Piling Products | ||||
Accumulated Other Comprehensive Loss | ||||
Loss on sale/disposal of assets | 0 | (489) | ||
Track Components | ||||
Accumulated Other Comprehensive Loss | ||||
Loss on sale/disposal of assets | $ 0 | $ 467 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance for credit losses | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at Beginning of Year | $ 813 | $ 547 |
Additions Charged to Costs and Expenses | 1,020 | 382 |
Other adjustments | (1,024) | (116) |
Balance at End of Year | 809 | 813 |
Valuation allowance for deferred tax assets | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at Beginning of Year | 40,601 | 3,290 |
Additions Charged to Costs and Expenses | (723) | 37,895 |
Other adjustments | 247 | (584) |
Balance at End of Year | $ 40,125 | $ 40,601 |