Distribution Solutions (DSGR) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 15, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Cover [Abstract]
Entity Registrant Name	LAWSON PRODUCTS, INC.
Entity Central Index Key	0000703604
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock, Shares, Outstanding	9,007,411		8,996,267	8,983,162	8,962,450	8,955,930
Entity Address, Address Line One	8770 W. Bryn Mawr Avenue, Suite 900,
Entity Address, City or Town	Chicago,
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-10546
Entity Tax Identification Number	36-2229304
Entity Address, State or Province	IL
Entity Incorporation, State or Country Code	DE
City Area Code	(773)
Local Phone Number	304-5050
Title of 12(b) Security	Common stock, $1.00 par value
Trading Symbol	LAWS
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		9,008,254
Entity Address, Postal Zip Code	60631

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 10,012	$ 5,495
Restricted cash	802	802
Accounts receivable, less allowance for doubtful accounts of $961 and $593, respectively	33,968	38,843
Inventories, net	54,910	55,905
Miscellaneous receivables and prepaid expenses	6,046	5,377
Total current assets	105,738	106,422
Property, plant and equipment, net	14,872	16,546
Deferred income taxes	19,218	21,711
Goodwill	20,150	20,923
Cash value of life insurance	14,716	14,969
Intangible assets, net	11,250	12,335
Right of use assets	9,507	11,246
Other assets	256	277
Total assets	195,707	204,429
Current liabilities:
Accounts payable	11,492	13,789
Lease obligation	3,921	3,830
Accrued expenses and other liabilities	24,195	39,311
Total current liabilities	39,608	56,930
Revolving line of credit	1,712	2,271
Security bonus plan	11,832	11,840
Lease obligation	7,427	9,504
Deferred compensation	6,186	6,370
Deferred tax liability	6,094	6,188
Other liabilities	3,804	3,325
Total liabilities	76,663	96,428
Stockholders' equity:
Authorized - 500,000 shares, Issued and outstanding — None	0	0
Common stock, $1 par value:	9,201	9,190
Capital in excess of par value	19,029	18,077
Retained earnings	99,648	86,496
Treasury stock – 193,904 and 146,400 shares, respectively	(7,517)	(5,761)
Accumulated other comprehensive loss	(1,317)	(1)
Total stockholders’ equity	119,044	108,001
Total liabilities and stockholders’ equity	$ 195,707	$ 204,429
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred Stock, Shares Authorized	500,000	500,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 1	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares outstanding	9,007,411

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Total revenue	$ 72,146	$ 96,097	$ 163,181	$ 187,440
Gross profit	38,313	51,043	87,234	99,966
Operating expenses:
Selling expenses	16,306	21,867	36,290	43,609
General and administrative expenses	21,438	27,553	31,737	49,190
Operating expenses	37,744	49,420	68,027	92,799
Operating income	569	1,623	19,207	7,167
Interest expense	(72)	(146)	(187)	(343)
Other income (expense), net	(511)	(339)	600	(811)
Income before income taxes	1,008	1,816	18,420	7,635
Income tax expense	389	509	5,268	2,182
Net income	$ 619	$ 1,307	$ 13,152	$ 5,453
Basic income per share of common stock	$ 0.07	$ 0.15	$ 1.46	$ 0.61
Diluted income per share of common stock	$ 0.07	$ 0.14	$ 1.41	$ 0.58
Weighted average shares outstanding:
Basic weighted average shares outstanding	9,002	8,976	9,017	8,969
Effect of dilutive securities outstanding	296	405	310	379
Diluted weighted average shares outstanding	9,298	9,381	9,327	9,348
Comprehensive income:
Net income	$ 619	$ 1,307	$ 13,152	$ 5,453
Adjustment for foreign currency translation	1,178	717	(1,316)	1,392
Net comprehensive income	1,797	2,024	11,836	6,845
Product [Member]
Revenue	64,571	85,996	145,906	167,911
Cost of goods sold	31,063	40,580	68,868	78,587
Service [Member]
Revenue	7,575	10,101	17,275	19,529
Cost of goods sold	$ 2,770	$ 4,474	$ 7,079	$ 8,887

Condensed Consolidated Statemen

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)		Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Outstanding		8,955,930
Common Stock Outstanding, $1 Par Value		$ 9,006,000
Capital in Excess of Par Value		15,623,000
Retained Earnings		77,338,000
Treasury Stock		(1,234,000)
Accumulated Other Comprehensive Income (Loss)		(1,560,000)
Total Stockholders' Equity		99,173,000
Net income		4,146,000			$ 4,146,000
Adjustment for foreign currency translation		675,000					$ 675,000
Stock-based compensation		$ 666,000		$ 666,000
Shares issued (in shares)		6,520
Shares issued		$ 0	$ 6,000	(6,000)
Net income		5,453,000
Adjustment for foreign currency translation		$ 1,392,000
Common Stock, Shares, Outstanding		8,962,450
Common Stock Outstanding, $1 Par Value		$ 9,012,000
Capital in Excess of Par Value		16,283,000
Retained Earnings		83,421,000
Treasury Stock		(1,234,000)
Accumulated Other Comprehensive Income (Loss)		(885,000)
Total Stockholders' Equity		106,597,000
Change in accounting principle	[1]	1,937,000			1,937,000
Net income		1,307,000			1,307,000
Adjustment for foreign currency translation		717,000					717,000
Stock-based compensation		$ 711,000		711,000
Shares issued (in shares)		20,712
Shares issued		$ 0	21,000	(21,000)
Common Stock, Shares, Outstanding		8,983,162
Common Stock Outstanding, $1 Par Value		$ 9,033,000
Capital in Excess of Par Value		16,973,000
Retained Earnings		84,728,000
Treasury Stock		(1,234,000)
Accumulated Other Comprehensive Income (Loss)		(168,000)
Total Stockholders' Equity		109,332,000
Common Stock Outstanding, $1 Par Value		9,190,000
Capital in Excess of Par Value		18,077,000
Retained Earnings		86,496,000
Treasury Stock		(5,761,000)
Accumulated Other Comprehensive Income (Loss)		(1,000)
Total Stockholders' Equity		108,001,000
Net income		$ 12,533,000			12,533,000
Treasury shares repurchased (in shares)		(47,504)
Treasury shares repurchased		$ (1,756,000)				$ (1,756,000)
Adjustment for foreign currency translation		(2,494,000)					(2,494,000)
Stock-based compensation		451,000		451,000
Net income		$ 13,152,000
Treasury shares repurchased (in shares)		(47,504)
Adjustment for foreign currency translation		$ (1,316,000)
Common Stock, Shares, Outstanding		8,996,267
Common Stock Outstanding, $1 Par Value		$ 9,190,000
Capital in Excess of Par Value		18,528,000
Retained Earnings		99,029,000
Treasury Stock		(7,517,000)
Accumulated Other Comprehensive Income (Loss)		(2,495,000)
Total Stockholders' Equity		116,735,000
Net income		619,000			$ 619,000
Adjustment for foreign currency translation		1,178,000					$ 1,178,000
Stock-based compensation		$ 498,000		498,000
Shares issued (in shares)		11,144
Shares issued		$ 14,000	$ 11,000	$ 3,000
Common Stock, Shares, Outstanding		9,007,411
Common Stock Outstanding, $1 Par Value		$ 9,201,000
Capital in Excess of Par Value		19,029,000
Retained Earnings		99,648,000
Treasury Stock		(7,517,000)
Accumulated Other Comprehensive Income (Loss)		(1,317,000)
Total Stockholders' Equity		$ 119,044,000
[1]	The Company adopted the ASC No.842, Leases (ASC 842) on January 1, 2019 using the modified retrospective approach. See Note 7 - Leases for further details.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities:
Net income	$ 13,152	$ 5,453
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	3,020	2,933
Stock-based compensation	(7,513)	5,247
Deferred income taxes	2,514	1,591
Changes in operating assets and liabilities:
Accounts receivable	3,887	(7,974)
Inventories	311	(1,882)
Prepaid expenses and other assets	(499)	(1,629)
Accounts payable and other liabilities	(7,527)	(6,406)
Other	492	434
Net cash provided by (used in) operating activities	7,837	(2,233)
Investing activities:
Purchases of property, plant and equipment	(720)	(944)
Net cash used in investing activities	(720)	(944)
Financing activities:
Net payments on revolving lines of credit	(559)	(2,000)
Repurchase treasury shares	(1,756)	0
Payment of financing lease principal	(135)	(123)
Proceeds from stock option exercises	15	16
Net cash used in financing activities	(2,435)	(2,107)
Effect of exchange rate changes on cash and cash equivalents	(165)	316
Increase (decrease) in cash, cash equivalents and restricted cash	4,517	(4,968)
Cash, cash equivalents and restricted cash at beginning of period	6,297	12,683
Cash, cash equivalents and restricted cash at end of period	10,814	7,715
Cash, cash equivalents and restricted cash	10,814	7,715
Supplemental disclosure of cash flow information
Net cash paid for income taxes	207	259
Net cash paid for interest	$ 247	$ 358

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting PoliciesThe accompanying unaudited condensed consolidated financial statements of Lawson Products, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not contain all disclosures required by generally accepted accounting principles. Reference should be made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of the Company, all normal recurring adjustments have been made that are necessary to present fairly the results of operations for the interim periods. Operating results for the three and six month periods ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Company has two operating segments. The first segment, the Lawson operating segment, distributes maintenance, repair and operations ("MRO") products to customers primarily through a network of sales representatives offering vendor managed inventory ("VMI") service to customers throughout the United States and Canada. The second segment, The Bolt Supply House Ltd. ("Bolt Supply") operating segment, distributes MRO products primarily through its branches located in Western Canada. Bolt Supply had 14 branches in operation at the end of the second quarter 2020.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Deferred Revenue Disclosure [Abstract]
Revenue Recognition	Revenue Recognition As part of the Company's revenue recognition analysis, it concluded that it has two separate performance obligations, and accordingly, two separate revenue streams: products and services. As a result, the Company reports two separate revenue streams and two separate costs of revenues. Under the definition of a contract as defined by ASC 606, the Company considers contracts to be created at the time an order to purchase product is agreed upon regardless of whether or not there is a written contract. Performance Obligations Lawson has two operating segments; the Lawson segment and the Bolt Supply segment. The Lawson segment has two distinct performance obligations offered to its customers: a product performance obligation and a service performance obligation. Although the Company has identified that it offers its customers both a product and a service obligation, the customer only receives one invoice per transaction with no price breakout between these obligations. The Company does not price its offerings based on any breakout between these obligations. Lawson generates revenue primarily from the sale of MRO products to its customers. Revenue related to product sales is recognized at the time that control of the product has been transferred to the customer; either at the time the product is shipped or the time the product has been received by the customer. The Company does not commit to long-term contracts to sell customers a certain minimum quantity of products. The Lawson segment offers a vendor managed inventory ("VMI") service proposition to its customers. A portion of these services, primarily related to stocking of product and maintenance of the MRO inventory, is provided a short period of time after control of the purchased product has been transferred to the customer. Since some components of VMI service have not been provided at the time the control of the product transfers to the customer, that portion of expected consideration is deferred until the time that those services have been provided. The Bolt Supply segment does not provide VMI services for its customers or provide services in addition to product sales to customers. Revenue is recognized at the time that control of the product has been transferred to the customer which is either upon delivery or shipment depending on the terms of the contract. Accounting Policy Elections The Company has elected to treat shipping and handling costs after the control of the product has been transferred to the customer as a fulfillment cost. Sales taxes that are imposed on our sales and collected from customers are excluded from revenues. The Company expenses sales commissions when incurred as the amortization period is one year or less. Certain Judgments The Company employs certain judgments to estimate the dollar amount of revenue, and related expenses, allocated to the sale of product and service. These judgments include, among others, the percentage of customers that take advantage of the VMI services offered, the amount of revenue to be allocated to the VMI service based on the value of the service to its customers, and the amount of time after control of the product passes to the customer that the VMI service obligation is completed. It is assumed that any customer who averages placing orders at a frequency of longer than 30 days does not take advantage of the available VMI services offered. The estimate of the cost of sales is based on expenses directly related to sales representatives that provide direct VMI services to the customer. The onset of the COVID-19 pandemic impacted the ability of the Lawson sales representatives to call on their customers in person, particularly in the first half of the second quarter of 2020. As a result, Lawson sales representatives were not able to perform VMI services with the same frequency in the second quarter of 2020 as they were in prior quarters. As a result, the amount of revenue allocated to the service revenue component is lower in the second quarter of 2020 than in previous quarters. Additionally the amount of service costs allocated to gross margin from selling expense is lower than in prior quarters. The Company expects the COVID-19 pandemic to continue to impact the allocation of service revenue and service related costs for the foreseeable future, though the Company is unable to determine the extent of the impact at this time. At June 30, 2020, the Company had a deferred revenue liability of $0.5 million and a deferred expense of $0.2 million for related expenses associated with the deferred service performance obligations, respectively. The decrease in deferred revenues and related expenses associated with the deferred service performance obligations is driven by the effects of the COVID-19 pandemic. The deferral of revenue and expenses does not affect the amount, timing and any uncertainty of cash flows generated from operations. Disaggregated revenue by geographic area follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2020 2019 2020 2019 United States $ 57,096 $ 76,119 $ 130,679 $ 150,167 Canada 15,050 19,978 32,502 37,273 Consolidated total $ 72,146 $ 96,097 $ 163,181 $ 187,440 Disaggregated revenue by product type follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fastening Systems 23.8 % 24.3 % 23.3 % 23.9 % Fluid Power 13.2 % 15.2 % 13.8 % 15.2 % Specialty Chemicals 12.8 % 11.7 % 11.9 % 11.5 % Cutting Tools and Abrasives 12.5 % 13.0 % 12.9 % 13.1 % Electrical 10.0 % 10.7 % 10.4 % 11.1 % Safety 6.1 % 4.7 % 6.2 % 4.7 % Aftermarket Automotive Supplies 6.0 % 7.6 % 7.2 % 8.0 % Welding and Metal Repair 1.5 % 1.6 % 1.5 % 1.7 % Other 14.1 % 11.2 % 12.8 % 10.8 % Consolidated Total 100.0 % 100.0 % 100.0 % 100.0 %

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2020
Restricted Cash [Abstract]
Restricted Cash	Restricted CashThe Company has agreed to maintain $0.8 million in a money market account as collateral for an outside party that is providing certain commercial card processing services for the Company. The Company is restricted from withdrawing this balance without the prior consent of the outside party during the term of the agreement.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net Inventories, net, consisting primarily of purchased goods which are offered for resale, were as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Inventories, gross $ 59,467 $ 60,500 Reserve for obsolete and excess inventory (4,557) (4,595) Inventories, net $ 54,910 $ 55,905

Goodwill Goodwill

Goodwill Goodwill	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Goodwill activity for the first six months of 2020 and 2019 is included in the table below: (Dollars in thousands) Six Months Ended June 30, 2020 2019 Beginning balance $ 20,923 $ 20,079 Adjustment to original acquisition allocation — 2 Impact of foreign exchange (773) 713 Ending balance $ 20,150 $ 20,794

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2020
Intangible Assets [Abstract]
Intangible Assets	Intangible Assets The gross carrying amount and accumulated amortization by intangible asset class were as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade names $ 8,121 $ (2,237) $ 5,884 $ 8,422 $ (2,020) $ 6,402 Customer relationships 7,135 (1,769) 5,366 7,337 (1,404) 5,933 $ 15,256 $ (4,006) $ 11,250 $ 15,759 $ (3,424) $ 12,335

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases The Company leases property used for distribution centers, office space, and Bolt branch locations throughout the US and Canada, along with various equipment located in distribution centers and corporate headquarters. The Company is also a lessor of its Decatur, Alabama property previously used in conjunction with a discontinued operation. Lawson Operating Leases Lawson MRO primarily has two types of leases: leases for real estate and leases for equipment. Operating real estate leases that have a material impact on the operations of the Company are related to the Company's distribution network and headquarters. The Company possesses several additional property leases that are month to month basis and are not material in nature. Lawson MRO does not possess any leases that have residual value guarantees. Several property leases include renewal clauses which vary in length and may not include specific rent renewal amounts. The Company will revise the value of the right of use assets and associated lease liabilities when the Company is reasonably certain it will renew a lease. The value of the Right Of Use ("ROU") assets and associated lease liabilities is calculated using the total cash payments over the course of the lease, discounted to the present value using the appropriate incremental borrowing rate. The right of use asset will be amortized over its useful life. The lease liability is reduced in conjunction with the lease payments made, with adjustments made to the lease liability in order to account for non-straight line cash payments through the life of the lease. Bolt primarily leases the real estate for its branch locations as well as its distribution center in Calgary, Alberta. Bolt possesses additional property leases that are month to month and not material in nature. Bolt property leases include renewal clauses which vary in length and may not include specific rent renewal amounts. The Company will revise the value of the right of use asset and associated lease liability when the Company is reasonably certain it will renew a lease. Significant Assumptions The Company is required to determine a discount rate for the present value of lease payments. If the rate is not included in the lease or cannot be readily determined, the Company must estimate the incremental borrowing rate to be used for the discount rate. The discount rate of Lawson MRO and Bolt will be reviewed on a periodic basis and updated as needed. The expenses and income generated by the leasing activity of Lawson as lessee for the three months ended June 30, 2020 and June 30, 2019 are as follows (Dollars in thousands): Lease Type Classification Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Consolidated Operating Lease Expense (1) Operating expenses $ 1,183 $ 1,227 Consolidated Financing Lease Amortization Operating expenses 50 $ 51 Consolidated Financing Lease Interest Interest expense 7 7 Consolidated Financing Lease Expense 57 58 Sublease Income (2) Operating expenses — (80) Net Lease Cost $ 1,240 $ 1,205 (1) Includes short term lease expense, which is immaterial (2) Sublease income from sublease of a portion of the Company headquarters. The sublease was terminated in June 2019 and the Company has no other subleases. The expenses and income generated by the leasing activity of Lawson as lessee for the six months ended June 30, 2020 and June 30, 2019 are as follows (Dollars in thousands): Lease Type Classification Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Consolidated Operating Lease Expense (1) Operating expenses $ 2,369 $ 2,502 Consolidated Financing Lease Amortization Operating expenses 102 99 Consolidated Financing Lease Interest Interest expense 14 13 Consolidated Financing Lease Expense 116 112 Sublease Income (2) Operating expenses — (160) Net Lease Cost $ 2,485 $ 2,454 (1) Includes short term lease expense, which is immaterial (2) Sublease income from sublease of a portion of the Company headquarters. The sublease was terminated in June 2019 and the Company has no other subleases. The value of the net assets and liabilities generated by the leasing activity of Lawson as lessee as of June 30, 2020 and December 31, 2019 are as follows (Dollars in thousands): Lease Type June 30, December 31, Total ROU operating lease assets (1) $ 8,944 $ 10,592 Total ROU financing lease assets (2) 563 654 Total lease assets $ 9,507 $ 11,246 Total current operating lease obligation $ 3,678 $ 3,591 Total current financing lease obligation 243 239 Total current lease obligations $ 3,921 $ 3,830 Total long term operating lease obligation $ 7,166 $ 9,133 Total long term financing lease obligation 261 371 Total long term lease obligation $ 7,427 $ 9,504 (1) Operating lease assets are recorded net of accumulated amortization of $4.5 million and $2.4 million as of June 30, 2020 and December 31, 2019, respectively (2) Financing lease assets are recorded net of accumulated amortization of $0.3 million and $0.2 million as of June 30, 2020 and December 31, 2019, respectively The value of the lease liabilities generated by the leasing activities of Lawson as lessee as of June 30, 2020 were as follows (Dollars in thousands): Maturity Date of Lease Liabilities Operating Leases Financing Leases Total Year one $ 4,126 $ 263 $ 4,389 Year two 4,056 145 4,201 Year three 1,955 98 2,053 Year four 951 30 981 Year five 151 2 153 Subsequent years 498 — 498 Total lease payments 11,737 538 12,275 Less: Interest 893 34 927 Present value of lease liabilities $ 10,844 $ 504 $ 11,348 (1) Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.4 million The weighted average lease terms and interest rates of the leases held by Lawson as of June 30, 2020 are as follows: Lease Type Weighted Average Term in Years Weighted Average Interest Rate Operating Leases 3.3 5.10% Financing Leases 2.6 5.44% The cash outflows of the leasing activity of Lawson as lessee for the six months ending June 30, 2020 are as follows (Dollars in thousands): Cash Flow Source Classification Amount Operating cash flows from operating leases Operating activities $ 2,021 Operating cash flows from financing leases Operating activities 15 Financing cash flows from financing leases Financing activities 135

Credit Agreement

Credit Agreement	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Credit Agreement	Credit Agreement In the fourth quarter of 2019, the Company entered into a five-year credit agreement led by J.P. Morgan Chase Bank N.A, as administrative agent and including CIBC Bank USA and Bank of America, N.A. as other lenders. The credit agreement matures on October 11, 2024 and provides for $100.0 million of revolving commitments. The credit agreement allows borrowing capacity to increase to $150.0 million subject to meeting certain criteria and additional commitments from its lenders. The Credit Agreement consists of borrowings as alternate base rate loans, Canadian prime rate loans, Eurodollar loans, and Canadian dollar offered rate loans as the Company requests. The applicable interest rate spread is determined by the type of borrowing used and the Total Net Leverage Ratio as of the most recent fiscal quarter as defined in the Credit Agreement. The covenants associated with the Credit Agreement restrict the ability of the Company to, among other things: incur additional indebtedness and liens, make certain investments, merge or consolidate, engage in certain transactions such as the disposition of assets and sales-leaseback transactions, and make certain restricted cash payments such as dividends in excess of defined amounts contained within the Credit Agreement. In addition to these items and other customary terms and conditions, the Credit Agreement requires the Company to comply with certain financial covenants as follows: a) The Company is required to maintain an EBITDA to Fixed Charge Coverage Ratio of at least 1.15 to 1.00 for any period of four consecutive fiscal quarters ending on the last day of any fiscal quarter; and b) The Company is required to maintain a Total Net Leverage Ratio of no more than 3.25 to 1.00 on the last day of any fiscal quarter. The maximum Total Net Leverage Ratio will be allowed to increase to 3.75 to 1.00 after certain permitted acquisitions. The Credit Agreement also includes events of default for, among others, non-payment of obligations under the Credit Agreement, change of control, cross default to other indebtedness in an aggregate amount in excess of $5.0 million, failure to comply with covenants, and insolvency. In addition to other customary representations, warranties and covenants, the results of the financial covenants are provided below: Quarterly Financial Covenants Requirement Actual EBITDA to fixed charges ratio 1.15 : 1.00 6.98 : 1.00 Total net leverage ratio 3.25 : 1.00 0.00 : 1.00 The Company was in compliance with all covenants as of June 30, 2020. At June 30, 2020, the Company had $1.7 million of borrowings and $97.3 million of availability under its revolving line of credit facility. The weighted average interest rate was 2.64% and 3.82% for the six months ended June 30, 2020 and 2019, respectively.

Stock Repurchase Program

Stock Repurchase Program	6 Months Ended
	Jun. 30, 2020
Treasury Shares Repurchase [Abstract]
Stock Repurchase Program	Stock Repurchase ProgramIn the second quarter of 2019, the Board of Directors authorized a program in which the Company may repurchase up to $7.5 million of the Company's common stock from time to time in open market transactions, privately negotiated transactions or by other methods. In the first quarter of 2020 the Company purchased 47,504 shares of common stock at an average purchase price of $36.93 under the repurchase program. No shares were repurchased in the second quarter of 2020.

Severance Reserve

Severance Reserve	6 Months Ended
	Jun. 30, 2020
Severance Reserve [Abstract]
Severance Reserve	Severance Reserve Changes in the Company’s reserve for severance as of June 30, 2020 and 2019 were as follows: (Dollars in thousands) Six Months Ended June 30, 2020 2019 Balance at beginning of period $ 909 $ 359 Charged to earnings 1,032 1,512 Payments (910) (409) Balance at end of period $ 1,031 $ 1,462

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recorded stock-based compensation income of $7.5 million and expense of $5.2 million for the first six months of 2020 and 2019, respectively. A portion of stock-based compensation is related to the change in the market value of the Company's common stock. Stock-based compensation liability of $6.3 million as of June 30, 2020 and $14.9 million as of December 31, 2019 is included in Accrued expenses and other liabilities. A summary of stock-based awards issued during the six months ended June 30, 2020 follows: Restricted Stock Units ("RSUs") The Company i ssued 6,847 RSUs to key employees that cliff vest on December 31, 2022. The Company issued 2,500 RSUs to an executive that cliff vest on March 2, 2023 and 3,000 RSUs that cliff vest on March 9, 2023. The Company issued 10,965 RSUs to certain members of the Company's Board of Directors with a vesting date of May 12, 2021. Each RSU is exchangeable for one share of the Company's common stock at the end of the vesting period. Market Stock Units ("MSUs") The Company issued 22,284 MSUs to key employees that cliff vest on December 31, 2022. MSUs are exchangeable for the Company's common stock at the end of the vesting period. The number of shares of common stock that will be issued upon vesting, ranging from zero to 33,426, will be determined based upon the trailing sixty-day average closing price of the Company's common stock on December 31, 2022. Performance Awards ("PAs") The Company issued 10,852 PAs to key employees that cliff vest on December 31, 2022. PAs are exchangeable for the Company's common stock ranging from zero to 16,278, or the equivalent amount in cash, based upon the achievement of certain financial performance metrics. For the three months ended June 30, 2020, stock options to purchase approximately 19,000 shares of the Company's common stock were excluded from the computation of diluted earnings per share because they were anti-dilutive. No stock options were excluded from the computation of diluted earnings per share for the three months ended June 30, 2019 or the six months ended June 30, 2020 and June 30, 2019.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recorded income tax expense of $5.3 million, a 28.6% effective tax rate for the six months ended June 30, 2020. The effective tax rate is higher than the U.S. statutory tax rate due primarily to state taxes, recording of reserves for uncertain tax positions, and an inclusion for Global Intangible Low Taxed Income. Income tax expense of $2.2 million, a 28.6% effective tax rate was recorded for the six months ended June 30, 2019. This effective tax rate was higher than the U.S. statutory rate due primarily to state taxes, income in higher tax jurisdictions and an inclusion for Global Intangible Low Tax Income. The Company and its subsidiaries are subject to U.S. Federal income tax, as well as income tax of multiple state and foreign jurisdictions. As of June 30, 2020, the Company is subject to U.S. Federal income tax examinations for the years 2016 through 2018 and income tax examinations from various other jurisdictions for the years 2012 through 2018. Earnings from the Company’s foreign subsidiaries are considered to be indefinitely reinvested. A distribution of these non-U.S. earnings in the form of dividends or otherwise may subject the Company to foreign withholding taxes and U.S. federal and state taxes.

Contingent Liability

Contingent Liability	6 Months Ended
	Jun. 30, 2020
Contingent Liability [Abstract]
Contingent Liability	Contingent LiabilitiesIn 2012, the Company identified that a site it owns in Decatur, Alabama, contains hazardous substances in the soil and groundwater as a result of historical operations prior to the Company's ownership. The Company retained an environmental consulting firm to further investigate the contamination including the measurement and monitoring of the site and the site was enrolled in the Alabama Department of Environmental Management (“ADEM") voluntary cleanup program. The remediation plan was approved by ADEM in 2018. The plan consists of chemical injections throughout the affected area, as well as subsequent monitoring of the area for three consecutive periods. The injection process was completed in the first quarter of 2019 and the environmental consulting firm is monitoring the affected area. The Company believes the remaining environmental remediation liability of approximately $0.1 million, classified within Accrued expenses and other liabilities on the accompanying Consolidated Balance Sheet, will be sufficient to cover the remaining cost of the plan. The Company does not expect to capitalize any amounts related to the remediation plan.

Related Party Disclosures

Related Party Disclosures	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transaction	Related Party TransactionDuring the second quarter of 2020 the Company purchased approximately $0.2 million of inventory from a company owned by an immediate relative of a Board member at fair market value. The Company paid the amount owed in the second quarter and therefore no remaining liabilities exist as of June 30, 2020.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates in two reportable segments. The businesses have been determined to be separate reportable segments because of differences in their financial characteristics and the methods they employ to deliver product to customers. The operating segments are reviewed by the Company’s chief operating decision maker responsible for reviewing operating performance and allocating resources. The Lawson segment primarily relies on its large network of sales representatives to visit the customer at the customers' work location and provide VMI service and produce sales orders for product that is then shipped to the customer. The Bolt Supply segment primarily sells product to customers through its branch locations. Bolt Supply had 14 branches in operation at the end of the second quarter of 2020. Financial information for the Company's reportable segments follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue Lawson product revenue $ 55,639 $ 74,866 $ 127,430 $ 147,905 Lawson service revenue 7,575 10,101 17,275 19,529 Total Lawson revenue 63,214 84,967 144,705 167,434 Bolt Supply 8,932 11,130 18,476 20,006 Consolidated total $ 72,146 $ 96,097 $ 163,181 $ 187,440 Gross profit Lawson product gross profit $ 30,068 $ 41,130 $ 69,797 $ 81,734 Lawson service gross profit 4,805 5,627 10,196 10,642 Total Lawson gross profit 34,873 46,757 79,993 92,376 Bolt Supply 3,440 4,286 7,241 7,590 Consolidated total $ 38,313 $ 51,043 $ 87,234 $ 99,966 Operating income Lawson $ (202) $ 654 $ 17,891 $ 6,113 Bolt Supply 771 969 1,316 1,054 Consolidated total 569 1,623 19,207 7,167 Interest expense (72) (146) (187) (343) Other income (expense), net 511 339 (600) 811 Income before income taxes $ 1,008 $ 1,816 $ 18,420 $ 7,635

COVID-19 Risks and Uncertaintie

COVID-19 Risks and Uncertainties	6 Months Ended
	Jun. 30, 2020
Risks and Uncertainties [Abstract]
COVID-19 Risks and Uncertainties	COVID-19 Risks and Uncertainties There is substantial uncertainty as to the overall effect the COVID-19 pandemic will have on the results of the Company for 2020 and beyond. Various events related to COVID-19 have resulted in lost revenue to our Company, limitations on our ability to source high demand products, limitations on our sales force to perform certain functions due to state or federal stay-at-home orders, slow-down of customer demand for our products and limitations of some customers to pay us on a timely basis. On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide certain relief as a result of the COVID-19 outbreak. The Company has elected to defer the employer side social security payments in accordance with the CARES Act. The Company will continue to evaluate how the provisions of the CARES Act will impact its financial position, results of operations and cash flows. The Company has utilized the Canadian Emergency Wage Subsidy (CEWS) Act for both Lawson Canada and Bolt for assistance with hourly employee costs. The CEWS is a program that provides a subsidy of 75% of eligible wages for up to 24 weeks, retroactive from March 15, 2020 to August 29, 2020 subject to meeting certain criteria. During the three months ended June 30, 2020 the Company recorded $0.9 million in subsidies from the CEWS program which is recognized as a reduction to selling, general and administrative expenses in the consolidated statement of income and comprehensive income. In the first quarter of 2020, the government of the state of Illinois defined essential businesses, allowing Lawson to operate during the pandemic. A change in this status could result in the temporary closure of our business. Additionally the COVID-19 pandemic could result in a temporary closure of any or all of our distribution facilities or the Bolt branch locations, which would negatively impact our operations. Other disruptions to our supply chain such as reduced capacity or temporary shutdowns of freight carriers could also negatively impact Company performance. The pandemic is negatively impacting sales and operations currently and may negatively impact future financial results, liquidity and overall performance of the Company. Additionally, it is reasonably possible that estimates made in the financial statements may be materially and adversely impacted in the near term as a result of these conditions, including delay in payment of receivables, impairment losses related to goodwill and other long-lived assets, and inability to utilize deferred tax assets. The Lawson MRO business model relies upon customer interaction as well as a consistent schedule of onsite visits by our sales representatives to customer locations. The Bolt business model relies on foot traffic in its branch locations. The onset of the COVID-19 pandemic, as well as social distancing guidelines and government mandated shelter in place orders, have negatively impacted our business. The Company has taken several steps to mitigate the potential negative impacts of COVID-19. While sales reps representatives continued to call on current and prospective customers via phone, fax and electronic methods, the lack of physically visiting customer sites along with the closure of customer locations across North America in response to the pandemic led to a decrease in sales compared to April 2019. The Bolt Supply House also saw a decline in sales in April 2020 compared to April 2019 as the ability of customers to visit branch locations was restricted and certain customers temporarily closed. As certain restrictions were lifted by states toward the end of the second quarter developed, Lawson sales representatives were able to visit additional customers and Bolt was able to allow customers inside their branch locations again on a limited basis, as well as continue to offer curbside pickup. This led to improved sales activity in May and June on a sequential basis. The Company took additional actions in the second quarter, including, but not limited to furloughing approximately 100 employees, reducing base salaries, canceling travel and award trips, temporarily consolidating its Suwanee distribution center operations into the McCook facility, and eliminating non-critical capital expenditures. The Company continues to monitor its balance sheet and liquidity position and is taking actions to protect cash flows from operations, while at the same time managing its operating expenses in relation to current sales trends. At June 30, 2020, the Company had $10.0 million of unrestricted cash and cash equivalents and an additional $97.3 million of borrowing capacity, net of outstanding letters of credit, under its committed credit facility. The Company will continue to closely monitor the operating environment and will take appropriate actions to protect the safety for its employees, customers and suppliers while continuing to meet its working capital needs and remain in compliance with its debt covenants.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Revenue Disclosure [Abstract]
Disaggregated Revenue by Geographic Areas	Disaggregated revenue by geographic area follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2020 2019 2020 2019 United States $ 57,096 $ 76,119 $ 130,679 $ 150,167 Canada 15,050 19,978 32,502 37,273 Consolidated total $ 72,146 $ 96,097 $ 163,181 $ 187,440
Disaggregated Revenue by Product Type	Disaggregated revenue by product type follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fastening Systems 23.8 % 24.3 % 23.3 % 23.9 % Fluid Power 13.2 % 15.2 % 13.8 % 15.2 % Specialty Chemicals 12.8 % 11.7 % 11.9 % 11.5 % Cutting Tools and Abrasives 12.5 % 13.0 % 12.9 % 13.1 % Electrical 10.0 % 10.7 % 10.4 % 11.1 % Safety 6.1 % 4.7 % 6.2 % 4.7 % Aftermarket Automotive Supplies 6.0 % 7.6 % 7.2 % 8.0 % Welding and Metal Repair 1.5 % 1.6 % 1.5 % 1.7 % Other 14.1 % 11.2 % 12.8 % 10.8 % Consolidated Total 100.0 % 100.0 % 100.0 % 100.0 %

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Components of inventories	Inventories, net, consisting primarily of purchased goods which are offered for resale, were as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Inventories, gross $ 59,467 $ 60,500 Reserve for obsolete and excess inventory (4,557) (4,595) Inventories, net $ 54,910 $ 55,905

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill activity for the first six months of 2020 and 2019 is included in the table below: (Dollars in thousands) Six Months Ended June 30, 2020 2019 Beginning balance $ 20,923 $ 20,079 Adjustment to original acquisition allocation — 2 Impact of foreign exchange (773) 713 Ending balance $ 20,150 $ 20,794

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Intangible Assets [Abstract]
Intangible Assets Disclosure	The gross carrying amount and accumulated amortization by intangible asset class were as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade names $ 8,121 $ (2,237) $ 5,884 $ 8,422 $ (2,020) $ 6,402 Customer relationships 7,135 (1,769) 5,366 7,337 (1,404) 5,933 $ 15,256 $ (4,006) $ 11,250 $ 15,759 $ (3,424) $ 12,335

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Net Lease Cost	The expenses and income generated by the leasing activity of Lawson as lessee for the three months ended June 30, 2020 and June 30, 2019 are as follows (Dollars in thousands): Lease Type Classification Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Consolidated Operating Lease Expense (1) Operating expenses $ 1,183 $ 1,227 Consolidated Financing Lease Amortization Operating expenses 50 $ 51 Consolidated Financing Lease Interest Interest expense 7 7 Consolidated Financing Lease Expense 57 58 Sublease Income (2) Operating expenses — (80) Net Lease Cost $ 1,240 $ 1,205 (1) Includes short term lease expense, which is immaterial (2) Sublease income from sublease of a portion of the Company headquarters. The sublease was terminated in June 2019 and the Company has no other subleases.
Operating Lease Assets And Liabilities	The value of the net assets and liabilities generated by the leasing activity of Lawson as lessee as of June 30, 2020 and December 31, 2019 are as follows (Dollars in thousands): Lease Type June 30, December 31, Total ROU operating lease assets (1) $ 8,944 $ 10,592 Total ROU financing lease assets (2) 563 654 Total lease assets $ 9,507 $ 11,246 Total current operating lease obligation $ 3,678 $ 3,591 Total current financing lease obligation 243 239 Total current lease obligations $ 3,921 $ 3,830 Total long term operating lease obligation $ 7,166 $ 9,133 Total long term financing lease obligation 261 371 Total long term lease obligation $ 7,427 $ 9,504 (1) Operating lease assets are recorded net of accumulated amortization of $4.5 million and $2.4 million as of June 30, 2020 and December 31, 2019, respectively (2) Financing lease assets are recorded net of accumulated amortization of $0.3 million and $0.2 million as of June 30, 2020 and December 31, 2019, respectively
Value of Lease Liabilities Generated by Leasing Activities	The value of the lease liabilities generated by the leasing activities of Lawson as lessee as of June 30, 2020 were as follows (Dollars in thousands): Maturity Date of Lease Liabilities Operating Leases Financing Leases Total Year one $ 4,126 $ 263 $ 4,389 Year two 4,056 145 4,201 Year three 1,955 98 2,053 Year four 951 30 981 Year five 151 2 153 Subsequent years 498 — 498 Total lease payments 11,737 538 12,275 Less: Interest 893 34 927 Present value of lease liabilities $ 10,844 $ 504 $ 11,348 (1) Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.4 million
Lease Disclosures	The weighted average lease terms and interest rates of the leases held by Lawson as of June 30, 2020 are as follows: Lease Type Weighted Average Term in Years Weighted Average Interest Rate Operating Leases 3.3 5.10% Financing Leases 2.6 5.44%
Schedule of Cash Flow, Supplemental Disclosures	The cash outflows of the leasing activity of Lawson as lessee for the six months ending June 30, 2020 are as follows (Dollars in thousands): Cash Flow Source Classification Amount Operating cash flows from operating leases Operating activities $ 2,021 Operating cash flows from financing leases Operating activities 15 Financing cash flows from financing leases Financing activities 135

Credit Agreement (Tables)

Credit Agreement (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Quarterly Financial Covenants	In addition to other customary representations, warranties and covenants, the results of the financial covenants are provided below: Quarterly Financial Covenants Requirement Actual EBITDA to fixed charges ratio 1.15 : 1.00 6.98 : 1.00 Total net leverage ratio 3.25 : 1.00 0.00 : 1.00

Severance Reserve (Tables)

Severance Reserve (Tables)	6 Months Ended
	Jun. 30, 2020
Severance Reserve [Abstract]
Changes in the Company's reserve for severance and related payments	Changes in the Company’s reserve for severance as of June 30, 2020 and 2019 were as follows: (Dollars in thousands) Six Months Ended June 30, 2020 2019 Balance at beginning of period $ 909 $ 359 Charged to earnings 1,032 1,512 Payments (910) (409) Balance at end of period $ 1,031 $ 1,462

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information for the Company's reportable segments follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue Lawson product revenue $ 55,639 $ 74,866 $ 127,430 $ 147,905 Lawson service revenue 7,575 10,101 17,275 19,529 Total Lawson revenue 63,214 84,967 144,705 167,434 Bolt Supply 8,932 11,130 18,476 20,006 Consolidated total $ 72,146 $ 96,097 $ 163,181 $ 187,440 Gross profit Lawson product gross profit $ 30,068 $ 41,130 $ 69,797 $ 81,734 Lawson service gross profit 4,805 5,627 10,196 10,642 Total Lawson gross profit 34,873 46,757 79,993 92,376 Bolt Supply 3,440 4,286 7,241 7,590 Consolidated total $ 38,313 $ 51,043 $ 87,234 $ 99,966 Operating income Lawson $ (202) $ 654 $ 17,891 $ 6,113 Bolt Supply 771 969 1,316 1,054 Consolidated total 569 1,623 19,207 7,167 Interest expense (72) (146) (187) (343) Other income (expense), net 511 339 (600) 811 Income before income taxes $ 1,008 $ 1,816 $ 18,420 $ 7,635

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2020Segment
Accounting Policies [Abstract]
Number of Reportable Segments	2

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	Jun. 30, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 0.5
Deferred expense	$ 0.2

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 72,146	$ 96,097	$ 163,181	$ 187,440
United States
Disaggregation of Revenue [Line Items]
Total revenue	57,096	76,119	130,679	150,167
Canada
Disaggregation of Revenue [Line Items]
Total revenue	$ 15,050	$ 19,978	$ 32,502	$ 37,273

Revenue Recognition - Product T

Revenue Recognition - Product Type (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Product Revenue [Abstract]
Fastening Systems	23.80%	24.30%	23.30%	23.90%
Fluid Power	13.20%	15.20%	13.80%	15.20%
Specialty Chemicals	12.50%	13.00%	12.90%	11.50%
Cutting Tools and Abrasives	12.80%	11.70%	11.90%	13.10%
Electrical	10.00%	10.70%	10.40%	11.10%
Aftermarket Automotive Supplies	6.00%	7.60%	7.20%	8.00%
Safety	6.10%	4.70%	6.20%	4.70%
Welding and Metal Repair	1.50%	1.60%	1.50%	1.70%
Other Products	14.10%	11.20%	12.80%	10.80%
Total Products	100.00%	100.00%	100.00%	100.00%

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Restricted Cash [Abstract]
Restricted cash	$ 802	$ 802	$ 800

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Components of inventories
Inventory, Gross	$ 59,467	$ 60,500
Inventory Valuation Reserves	(4,557)	(4,595)
Inventories, net	$ 54,910	$ 55,905

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Goodwill [Roll Forward]
Beginning balance	$ 20,923	$ 20,079
Adjustment to original acquisition allocation	0	2
Impact of foreign exchange	(773)	713
Ending balance	$ 20,150	$ 20,794

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 15,256		$ 15,759
Accumulated Amortization	(4,006)		(3,424)
Net Carrying Value	11,250		12,335
Amortization of Intangible Assets	700	$ 300
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,121		8,422
Accumulated Amortization	(2,237)		(2,020)
Net Carrying Value	5,884		6,402
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,135		7,337
Accumulated Amortization	(1,769)		(1,404)
Net Carrying Value	$ 5,366		$ 5,933

Leases - Net Lease Cost (Detail

Leases - Net Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Consolidated Operating Lease Expense	$ 1,183	$ 1,227	$ 2,369	$ 2,502
Consolidated Financing Lease Amortization	50	51	102	99
Consolidated Financing Lease Interest	7	7	14	13
Consolidated Financing Lease Expense	57	58	116	112
Sublease Income	0	(80)	0	(160)
Net Lease Cost	$ 1,240	$ 1,205	$ 2,485	$ 2,454

Leases - Net Lease Assets and L

Leases - Net Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Total ROU operating lease assets	$ 8,944	$ 10,592
Total ROU financing lease assets	563	654
Total lease assets	9,507	11,246
Total current operating lease obligation	3,678	3,591
Total current financing lease obligation	243	239
Total current lease obligations	3,921	3,830
Total long term operating lease obligation	7,166	9,133
Total long term financing lease obligation	261	371
Total long term lease obligation	7,427	9,504
Operating lease accumulated depreciation	4,500	2,400
Finance lease accumulated depreciation	$ 300	$ 200

Leases - Value of Lease Liabili

Leases - Value of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Leases
2019	$ 4,126
2020	4,056
2021	1,955
2022	951
2023	151
Subsequent years	498
Total lease payments	11,737
Less: Interest	893
Present value of lease liabilities	10,844
Financing Leases
2019	263
2020	145
2021	98
2022	30
2023	2
Subsequent years	0
Total lease payments	538	$ 400
Less: Interest	34
Present value of lease liabilities	504
Total
2019	4,389
2020	4,201
2021	2,053
2022	981
2023	153
Subsequent years	498
Total lease payments	12,275
Less: Interest	927
Present value of lease liabilities	$ 11,348

Leases - Leases Weighted-Averag

Leases - Leases Weighted-Average Lease Terms and Interest Rates (Details)	Jun. 30, 2020
Leases [Abstract]
Operating Leases, Weighted Average Term in Years	3 years 3 months 18 days
Operating Leases, Weighted Average Interest Rate	5.10%
Finance Leases, Weighted Average Term in Years	2 years 7 months 6 days
Finance Leases, Weighted Average Interest Rate	5.44%

Leases - Cash Outflows of the L

Leases - Cash Outflows of the Leasing Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 2,021
Operating cash flow from financing leases	15
Financing cash flow from financing leases	$ 135

Credit Agreement - Covenant (De

Credit Agreement - Covenant (Details)	6 Months Ended
	Jun. 30, 2020
Loan Agreement [Line Items]
Minimum Debt Service Coverage Ratio	1.15
Minimum Net Leverage Ratio	3.25

Credit Agreement (Details)

Credit Agreement (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019
Credit Facility (Textual) [Abstract]
Weighted average interest rate	2.64%	3.82%
Minimum Net Leverage Ratio	3.25
Minimum Debt Service Coverage Ratio	1.15
Line of Credit Facility, Remaining Borrowing Capacity	$ 97.3
Revolving Credit Facility [Member]
Credit Facility (Textual) [Abstract]
JP Morgan Credit Agreement Limit	100
JP Morgan Agreement Potential Future Credit Limit	150
Line of Credit [Member] | Revolving Credit Facility [Member]
Credit Facility (Textual) [Abstract]
Long-term Debt	$ 1.7

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
Treasury Shares Repurchase [Abstract]
Stock Repurchase Program, Authorized Amount		$ 7,500,000
Treasury Stock, Shares, Acquired	47,504	47,504
Average price of treasury shares repurchased during the period		$ 36.93

Severance Reserve (Details)

Severance Reserve (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Reserve for severance and related payments
Balance at beginning of period	$ 909	$ 359
Charged to earnings	1,032	1,512
Cash paid	(910)	(409)
Balance at end of the period	$ 1,031	$ 1,462

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Expense	$ (7.5)	$ 5.2
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent	$ 6.3		$ 14.9

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2020shares
Stock-Based Compensation Details
Stock-based awards issued (shares)	6,847
Executive [Member] | Cliff vest on March 2, 2023 [Member]
Stock-Based Compensation Details
Stock-based awards issued (shares)	2,500
Executive [Member] | Cliff vest on March 9, 2023 [Member]
Stock-Based Compensation Details
Stock-based awards issued (shares)	3,000
Certain members of the Company's Board of Directors [Member]
Stock-Based Compensation Details
Stock-based awards issued (shares)	10,965

Stock-Based Compensation - Mark

Stock-Based Compensation - Market Stock Units (Details) - MSUs [Member]	6 Months Ended
	Jun. 30, 2020shares
Stock-Based Compensation Details
Stock-based awards issued (shares)	22,284
Minimum [Member]
Stock-Based Compensation Details
Equity Share Payout Range	0
Maximum [Member]
Stock-Based Compensation Details
Equity Share Payout Range	33,426

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Awards (Details) - PAs	6 Months Ended
	Jun. 30, 2020shares
Stock-Based Compensation Details
Stock-based awards issued (shares)	10,852
Minimum [Member]
Stock-Based Compensation Details
Equity Share Payout Range	0
Maximum [Member]
Stock-Based Compensation Details
Equity Share Payout Range	16,278

Stock-Based Compensation - Anti

Stock-Based Compensation - Anti Dilutive Options (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock Compensation Plan [Member]
Stock-Based Compensation Details
Antidilutive Stock Excluded from Computation of Earnings Per Share	19,000,000	0	0	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 389	$ 509	$ 5,268	$ 2,182
Effective income tax rate			28.60%	28.60%

Contingent Liability (Details)

Contingent Liability (Details) $ in Millions	Jun. 30, 2020USD ($)
Contingent Liability [Abstract]
Environmental Exit Costs, Costs Accrued to Date	$ 0.1

Related Party Disclosures (Deta

Related Party Disclosures (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Related Party Transactions [Abstract]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.2

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Segment	Jun. 30, 2019USD ($)
Segment Reporting [Abstract]
Number of Reportable Segments | Segment			2
Segment Reporting Information [Line Items]
Total revenue	$ 72,146	$ 96,097	$ 163,181	$ 187,440
Gross profit	38,313	51,043	87,234	99,966
Operating Income (Loss)	569	1,623	19,207	7,167
Interest Expense	72	146	187	343
Other Nonoperating Income (Expense)	511	339	(600)	811
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	1,008	1,816	18,420	7,635
Lawson [Member]
Segment Reporting Information [Line Items]
Revenue	63,214	84,967	144,705	167,434
Gross profit	34,873	46,757	79,993	92,376
Operating Income (Loss)	(202)	654	17,891	6,113
Bolt [Member]
Segment Reporting Information [Line Items]
Revenue	8,932	11,130	18,476	20,006
Gross profit	3,440	4,286	7,241	7,590
Operating Income (Loss)	771	969	1,316	1,054
Product [Member]
Segment Reporting Information [Line Items]
Revenue	64,571	85,996	145,906	167,911
Product [Member] | Lawson [Member]
Segment Reporting Information [Line Items]
Revenue	55,639	74,866	127,430	147,905
Gross profit	30,068	41,130	69,797	81,734
Service [Member]
Segment Reporting Information [Line Items]
Revenue	7,575	10,101	17,275	19,529
Service [Member] | Lawson [Member]
Segment Reporting Information [Line Items]
Gross profit	$ 4,805	$ 5,627	$ 10,196	$ 10,642

COVID-19 Risks and Uncertaint_2

COVID-19 Risks and Uncertainties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Risks and Uncertainties [Abstract]
Canada Emergency Wage Subsidy	$ 900
Cash and cash equivalents	10,012	$ 5,495	$ 6,915
Restricted cash	802	$ 802	$ 800
Line of Credit Facility, Remaining Borrowing Capacity	$ 97,300