Distribution Solutions (DSGR) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 15, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	0-10546
Entity Registrant Name	LAWSON PRODUCTS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2229304
Entity Address, Address Line One	8770 W. Bryn Mawr Avenue
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60631
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,078,347
Entity Central Index Key	0000703604
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 5,855	$ 28,393
Restricted cash	1,003	998
Accounts receivable, less allowance for doubtful accounts of $680 and $654, respectively	46,228	44,515
Inventories, net	63,029	61,867
Miscellaneous receivables and prepaid expenses	7,545	7,289
Total current assets	123,660	143,062
Property, plant and equipment, net	17,439	15,800
Goodwill	35,674	35,176
Deferred income taxes	19,456	18,482
Intangible assets, net	17,592	18,503
Cash value of life insurance	16,895	16,185
Right of use assets	13,483	8,764
Other assets	329	332
Total assets	244,528	256,304
Current liabilities:
Accrued acquisition liability	0	32,673
Accounts payable	23,787	22,262
Lease obligation	4,417	4,568
Accrued expenses and other liabilities	38,024	38,492
Total current liabilities	66,228	97,995
Revolving line of credit	5,000	0
Security bonus plan	10,958	11,262
Deferred compensation	11,493	10,461
Lease obligation	10,611	5,738
Deferred tax liability	3,560	2,841
Other liabilities	5,780	5,585
Total liabilities	113,630	133,882
Stockholders’ equity:
Preferred Stock, $1 par value: Authorized - 500,000 shares, Issued and outstanding — None	0	0
Common Stock, $1 par value: Authorized - 35,000,000 shares Issued - 9,293,401 and 9,287,625 shares, respectively Outstanding - 9,066,547 and 9,061,039 shares, respectively	9,304	9,288
Capital in excess of par value	20,798	19,841
Retained earnings	108,140	101,609
Treasury stock – 226,854 and 226,586 shares, respectively	(9,028)	(9,015)
Accumulated other comprehensive income	1,684	699
Total stockholders’ equity	130,898	122,422
Total liabilities and stockholders’ equity	$ 244,528	$ 256,304

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Allowance for doubtful accounts	$ 680	$ 654
LIABILITIES AND STOCKHOLDERS’ EQUITY
Preferred stock, par value (in USD per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	35,000,000	35,000,000
Common stock, shares issued (in shares)	9,304,366	9,287,625
Common stock, shares outstanding (in shares)	9,077,512	9,061,039
Treasury stock (in shares)	226,854	226,586

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 106,540	$ 72,146	$ 210,096	$ 163,181
Cost of goods sold	51,920	33,833	100,916	75,947
Gross profit	54,620	38,313	109,180	87,234
Operating expenses:
Selling expenses	24,235	16,306	48,037	36,290
General and administrative expenses	27,003	21,438	52,951	31,737
Operating expenses	51,238	37,744	100,988	68,027
Operating income	3,382	569	8,192	19,207
Interest expense	(268)	(72)	(591)	(187)
Other income (expense), net	(639)	(511)	(1,011)	600
Income before income taxes	3,753	1,008	8,612	18,420
Income tax expense	818	389	2,081	5,268
Net income	$ 2,935	$ 619	$ 6,531	$ 13,152
Basic income per share of common stock (in USD per share)	$ 0.32	$ 0.07	$ 0.72	$ 1.46
Diluted income per share of common stock (in USD per share)	$ 0.31	$ 0.07	$ 0.70	$ 1.41
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	9,078	9,002	9,073	9,017
Effect of dilutive securities outstanding (in shares)	271	296	269	310
Diluted weighted average shares outstanding (in shares)	9,349	9,298	9,342	9,327
Comprehensive income:
Net income	$ 2,935	$ 619	$ 6,531	$ 13,152
Adjustment for foreign currency translation	354	1,178	985	(1,316)
Net comprehensive income	$ 3,289	$ 1,797	$ 7,516	$ 11,836

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Income
Balance at beginning of year (in shares) at Dec. 31, 2019		9,043,771
Balance at beginning of year at Dec. 31, 2019	$ 108,001	$ 9,190	$ 18,077	$ 86,496	$ (5,761)	$ (1)
Net income	12,533			12,533
Adjustment for foreign currency translation	(2,494)					(2,494)
Stock-based compensation	451		451
Shares repurchased held in treasury (in shares)		(47,504)
Shares repurchased held in treasury	(1,756)				(1,756)
Balance at end of period (in shares) at Mar. 31, 2020		8,996,267
Balance at end of period at Mar. 31, 2020	116,735	$ 9,190	18,528	99,029	(7,517)	(2,495)
Balance at beginning of year (in shares) at Dec. 31, 2019		9,043,771
Balance at beginning of year at Dec. 31, 2019	108,001	$ 9,190	18,077	86,496	(5,761)	(1)
Net income	13,152
Adjustment for foreign currency translation	(1,316)
Balance at end of period (in shares) at Jun. 30, 2020		9,007,411
Balance at end of period at Jun. 30, 2020	119,044	$ 9,201	19,029	99,648	(7,517)	(1,317)
Balance at beginning of year (in shares) at Mar. 31, 2020		8,996,267
Balance at beginning of year at Mar. 31, 2020	116,735	$ 9,190	18,528	99,029	(7,517)	(2,495)
Net income	619			619
Adjustment for foreign currency translation	1,178					1,178
Stock-based compensation	498		498
Shares issued (in shares)		11,144
Shares issued	14	$ 11	3
Balance at end of period (in shares) at Jun. 30, 2020		9,007,411
Balance at end of period at Jun. 30, 2020	$ 119,044	$ 9,201	19,029	99,648	(7,517)	(1,317)
Balance at beginning of year (in shares) at Dec. 31, 2020	9,287,625	9,061,039
Balance at beginning of year at Dec. 31, 2020	$ 122,422	$ 9,288	19,841	101,609	(9,015)	699
Net income	3,596			3,596
Adjustment for foreign currency translation	631					631
Stock-based compensation	422		422
Shares issued (in shares)		5,776
Shares issued	0	$ 5	(5)
Shares repurchased held in treasury (in shares)		(268)
Shares repurchased held in treasury	(13)				(13)
Balance at end of period (in shares) at Mar. 31, 2021		9,066,547
Balance at end of period at Mar. 31, 2021	$ 127,058	$ 9,293	20,258	105,205	(9,028)	1,330
Balance at beginning of year (in shares) at Dec. 31, 2020	9,287,625	9,061,039
Balance at beginning of year at Dec. 31, 2020	$ 122,422	$ 9,288	19,841	101,609	(9,015)	699
Net income	6,531
Adjustment for foreign currency translation	$ 985
Balance at end of period (in shares) at Jun. 30, 2021	9,304,366
Balance at end of period at Jun. 30, 2021	$ 130,898
Balance at beginning of year (in shares) at Mar. 31, 2021		9,066,547
Balance at beginning of year at Mar. 31, 2021	127,058	$ 9,293	20,258	105,205	$ (9,028)	$ 1,330
Net income	2,935			$ 2,935
Adjustment for foreign currency translation	354						$ 354
Stock-based compensation	$ 551		551
Shares issued (in shares)	10,965
Shares issued	$ 0	$ 11	$ (11)
Balance at end of period (in shares) at Jun. 30, 2021	9,304,366
Balance at end of period at Jun. 30, 2021	$ 130,898

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Operating activities:
Net income	$ 2,935	$ 6,531	$ 13,152
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		3,939	3,020
Stock-based compensation		2,574	(7,513)
Deferred income taxes		(308)	2,514
Changes in operating assets and liabilities, net of acquisition
Accounts receivable		(1,664)	3,887
Inventories		(752)	311
Miscellaneous receivables, prepaid expenses and other assets		(975)	(499)
Accounts payable and other liabilities		(561)	(7,527)
Other		508	492
Net cash provided by operating activities		9,292	7,837
Investing activities:
Purchases of property, plant and equipment		(3,874)	(720)
Business acquisition		(33,000)	0
Net cash used in investing activities		(36,874)	(720)
Financing activities:
Net proceeds from revolving line of credit		5,000	(559)
Repurchase treasury shares		(13)	(1,756)
Payment of financing lease principal	(135)	(135)	(135)
Proceeds from stock option exercise		0	15
Net cash provided by (used in) financing activities		4,852	(2,435)
Effect of exchange rate changes on cash and cash equivalents		197	(165)
Increase (decrease) in cash, cash equivalents and restricted cash		(22,533)	4,517
Cash, cash equivalents and restricted cash at beginning of period		29,391	6,297
Cash, cash equivalents and restricted cash at end of period	6,858	6,858	10,814
Cash and cash equivalents	5,855	5,855	10,012
Restricted cash	1,003	1,003	802
Cash, cash equivalents and restricted cash	$ 6,858	6,858	10,814
Supplemental disclosure of cash flow information
Net cash paid for income taxes		3,671	207
Net cash paid for interest		$ 317	$ 247

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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 Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. 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, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The Company has two operating segments. 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 Bolt Supply House Ltd. ("Bolt Supply") operating segment, distributes MRO products primarily through its branches located in Western Canada. Bolt Supply had 14 b

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition On August 31, 2020, the Company acquired Partsmaster from NCH Corporation. Partsmaster is a leading maintenance, MRO solutions provider that serves approximately 16,000 customers with approximately 200 sales representatives. The acquisition was made primarily to expand the Company's sales coverage, expand product lines, add experienced sales representatives, and leverage the Company's infrastructure. The purchase price was $35.3 million in cash plus the assumption of certain liabilities. The Company paid $2.3 million of the purchase price in cash at closing and paid the remaining $33.0 million in May 2021. The payment obligation has been discounted to present value and was recognized as an accrued acquisition liability of $32.7 million as of December 31, 2020 in the Company's condensed consolidated balance sheet. Interest expense of $0.1 million and $0.3 million was recorded in the three and six months ended June 30, 2021, respectively. P ayment was guaranteed under the Purchase Agreement, and included the issuance of a $33.0 million irrevocable standby letter of credit. The letter of credit was released upon payment of the acquisition liability in May 2021. The purchase price of the acquisition was allocated to the fair value of Partsmaster’s assets and liabilities on the acquisition date. The fair market value appraisals of the majority of the assets and liabilities was determined by a third party valuation firm using management estimates and assumptions including intangible assets of $5.0 million for customer relationships and $2.8 million for trade names, and their estimated useful lives of 10 and 5 years, respectively. The $15.8 million allocated to goodwill reflects the purchase price less the fair market value of the identifiable net assets. The goodwill is attributable to the workforce of the acquired business and the synergies expected to arise after Lawson's acquisition of Partsmaster. The entire amount of goodwill is expected to be deductible for tax purposes. The accounting for this acquisition was complete as of June 30, 2021. Partsmaster contributed $15.3 million of revenue and $0.5 million of operating income in the second quarter of 2021 and $31.0 million of revenue and $1.1 million of operating income in the first six months of 2021. A summary of the purchase price allocation of the acquisition is as follows (Dollars in thousands): Cash paid and payable and liabilities assumed Cash paid and payable $ 34,523 Accounts payable and accrued expenses 4,086 Deferred compensation 2,938 Lease obligation 620 $ 42,167 Fair value of assets acquired Goodwill $ 15,816 Inventories 7,797 Accounts receivable 7,706 Customer relationships 4,961 Trade names 2,775 Property, plant and equipment 2,121 Right of use asset 620 Other assets 371 $ 42,167 The unaudited pro forma revenue and net income for the Company for the three months ended June 30, 2020, assuming the Partsmaster acquisition closed on January 1, 2019, was $91.1 million and $1.4 million , respectively. The unaudited pro forma revenue and net income for the Company for the six months ended June 30, 2020, assuming the Partsmaster acquisition closed on January 1, 2019, was $197.3 million and $14.3 million, respectively. The pro forma disclosures include adjustments for amortization of intangible assets, implied interest expense and acquisition costs to reflect results as if the acquisition of Partsmaster had closed on January 1, 2019 rather than on the actual acquisition date. This pro forma information utilizes certain estimates, is presented for illustrative purposes only and is not intended to be indicative of the actual results of operation. In addition, future results may vary significantly from the results

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
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. 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 and services is agreed upon regardless of whether or not there is a written contract. Performance Obligations The Company has two operating segments; the Lawson segment and the Bolt Supply segment. The Lawson segment has two distinct performance obligations from contracts with its customers: a product performance obligation and a service performance obligation. While the Company offers both a product and a service obligation, customers receive one invoice per transaction with no price breakout between these obligations. The Company does not separately price performance obligations. The Lawson segment generates revenue primarily from the sale of MRO products to its customers. Revenues 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, including the recent Partsmaster acquisition, 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 provides product sales and does not provide VMI services or other services. 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 with the customer. In previous financial statements, the Company presented the disaggregated components of total revenue: product revenue and service revenue, along with the cost of sales associated with each of these revenue streams as the service revenues exceeded 10% of consolidated revenue. Since the Company qualifies as a smaller reporting company, the Company has elected to discontinue disclosure of the disaggregated components of revenue and cost of sales in its condensed consolidated statements of income and comprehensive income and in the related notes to the condensed consolidated financial statements. For the three months ended June 30, 2020, service revenue of $7.6 million was reported as service revenue which has now been combined and reported within total revenue. For the six months ended June 30, 2020, service revenue of $17.3 million was reported as service revenue, which has now been combined and reported within total revenue. Disaggregated revenue by geographic area follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2021 2020 2021 2020 United States $ 86,249 $ 57,096 $ 171,234 $ 130,679 Canada 20,291 15,050 38,862 32,502 Consolidated total $ 106,540 $ 72,146 $ 210,096 $ 163,181 Disaggregated revenue by product type follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fastening Systems 21.1 % 23.8 % 21.0 % 23.3 % Cutting Tools and Abrasives 14.5 % 12.5 % 14.7 % 12.9 % Fluid Power 13.2 % 13.2 % 13.3 % 13.8 % Electrical 10.2 % 10.0 % 10.4 % 10.4 % Specialty Chemicals 10.1 % 12.8 % 9.9 % 11.9 % Aftermarket Automotive Supplies 7.1 % 6.0 % 6.9 % 7.2 % Safety 5.0 % 6.1 % 4.9 % 6.2 % Welding and Metal Repair 1.6 % 1.5 % 1.6 % 1.5 % Other 17.2 % 14.1 % 17.3 % 12.8 % Consolidated Total 100.0% 100.0% 100.0% 100.0% Activities as lessor Prior to acquisition, Partsmaster leased parts washer machines to customers through its Torrents leasing program. The Torrents leasing program comprised a minor portion of the Partsmaster business. The Company will continue the leasing program for the foreseeable future. These leases are classified as operating leases. The leased machines are recognized as fixed assets on the Company's consolidated balance sheet and the leasing revenue is recognized on a straight line basis. The Torrents machine leasing program generated $0.7 million and $1.4 million of revenue in the three and six months ended June 30, 2021. The Company has adopted the practical expedient not to separate non-lease components that would be within the scope of ASC 606 from the associated lease components as the relevant criteria under ASC 842 are met.

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2021
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 has also agreed to maintain $0.2 million in a guaranteed investment certificate as collateral for an outside party that is providing certain commercial credit card services for Bolt. The Company is restricted from withdrawing this balance without the prior consent of the outside party during the term of the agreement.

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories, Net	Inventories Inventories, net, consisting primarily of purchased goods offered for resale, were as follows: (Dollars in thousands) June 30, 2021 December 31, 2020 Inventories, gross $ 70,324 $ 67,137 Reserve for obsolete and excess inventory (7,295) (5,270) Inventories, net $ 63,029 $ 61,867 During the six months ended June 30, 2021, the Company increased its reserve for obsolete and excess inventory by $0.4 million for which its cost exceeded its estimated selling price and $1.0 million

Goodwill Goodwill

Goodwill Goodwill	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Goodwill activity for the first six months of 2021 is included in the table below: (Dollars in Thousands) Goodwill By Reportable Segment Lawson Bolt Total Beginning balance December 31, 2020 $ 21,352 $ 13,824 $ 35,176 Impact of foreign exchange rates 278 220 498 Balance at June 30, 2021 $ 21,630 $ 14,044 $ 35,674 Goodwill activity for the first six months of 2020 is included in the table below: (Dollars in Thousands) Goodwill By Reportable Segment Lawson Bolt Total Beginning balance December 31, 2019 $ 7,369 $ 13,554 $ 20,923 Impact of foreign exchange rates (45) (728) (773) Balance at June 30, 2020 $ 7,324 $ 12,826 $ 20,150

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets The gross carrying amount and accumulated amortization by intangible asset class were as follows: (Dollars in thousands) June 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade names $ 11,528 $ (3,369) $ 8,159 $ 11,289 $ (2,733) $ 8,556 Customer relationships 12,520 (3,087) 9,433 12,349 (2,402) 9,947 $ 24,048 $ (6,456) $ 17,592 $ 23,638 $ (5,135) $ 18,503 Amortization expense of $1.2 million

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases Activities as Lessee The Company leases equipment, distribution centers, office space, and branch locations throughout the US and Canada. Expenses related to leasing activities for the three months ended June 30, 2021 and June 30, 2020 are as follows (Dollars in thousands): Three Months Ended June 30, Lease Type Classification 2021 2020 Operating Lease Expense Operating expenses $ 1,434 $ 1,183 Financing Lease Amortization Operating expenses 57 $ 50 Financing Lease Interest Interest expense 5 7 Financing Lease Expense 62 57 Net Lease Cost $ 1,496 $ 1,240 Expenses related to leasing activities for the six months ended June 30, 2021 and June 30, 2020 are as follows (Dollars in thousands): Six Months Ended June 30, Lease Type Classification 2021 2020 Operating Lease Expense Operating expenses $ 2,929 $ 2,369 Financing Lease Amortization Operating expenses 135 $ 102 Financing Lease Interest Interest expense 10 14 Financing Lease Expense 145 116 Net Lease Cost $ 3,074 $ 2,485 Net assets and liabilities related to leasing activities as of June 30, 2021 and December 31, 2020 are as follows (Dollars in thousands): Lease Type June 30, 2021 December 31, Total Right Of Use ("ROU") operating lease assets (1) $ 13,044 $ 8,246 Total ROU financing lease assets (2) 439 518 Total lease assets $ 13,483 $ 8,764 Total current operating lease obligation $ 4,253 $ 4,360 Total current financing lease obligation 164 208 Total current lease obligations $ 4,417 $ 4,568 Total long term operating lease obligation $ 10,423 $ 5,498 Total long term financing lease obligation 188 240 Total long term lease obligation $ 10,611 $ 5,738 (1) Operating lease assets are recorded net of accumulated amortization of $7.6 million and $5.9 million as of June 30, 2021 and December 31, 2020, respectively (2) Financing lease assets are recorded net of accumulated amortization of $0.5 million and $0.4 million as of June 30, 2021 and December 31, 2020, respectively Liabilities generated by leasing activities as of June 30, 2021 were as follows (Dollars in thousands): Maturity Date of Lease Liabilities Operating Leases Financing Leases Total Year one $ 4,666 $ 177 $ 4,843 Year two 4,041 130 4,171 Year three 3,067 55 3,122 Year four 2,299 9 2,308 Year five 300 — 300 Subsequent years 1,350 — 1,350 Total lease payments 15,723 371 16,094 Less: Interest 1,047 19 1,066 Present value of lease liabilities $ 14,676 $ 352 $ 15,028 (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, 2021 are as follows: Lease Type Weighted Average Term in Years Weighted Average Interest Rate Operating Leases 4.3 3.56% Financing Leases 2.4 5.01% The cash outflows of the leasing activity for the three months ending June 30, 2021 are as follows (Dollars in thousands): Cash Flow Source Classification Amount Operating cash flows from operating leases Operating activities $ 2,304 Operating cash flows from financing leases Operating activities 10 Financing cash flows from financing leases Financing activities 135 In March 2021 the Company signed a three year extension for their lease at the McCook distribution center. ("McCook"). The lease extension created a right of use asset of $5.3 million and a lease liability of $5.3 million. Refer to Note 3 - Revenue Recognition for a discussion on Lawson activities as lessor.
Leases	Leases Activities as Lessee The Company leases equipment, distribution centers, office space, and branch locations throughout the US and Canada. Expenses related to leasing activities for the three months ended June 30, 2021 and June 30, 2020 are as follows (Dollars in thousands): Three Months Ended June 30, Lease Type Classification 2021 2020 Operating Lease Expense Operating expenses $ 1,434 $ 1,183 Financing Lease Amortization Operating expenses 57 $ 50 Financing Lease Interest Interest expense 5 7 Financing Lease Expense 62 57 Net Lease Cost $ 1,496 $ 1,240 Expenses related to leasing activities for the six months ended June 30, 2021 and June 30, 2020 are as follows (Dollars in thousands): Six Months Ended June 30, Lease Type Classification 2021 2020 Operating Lease Expense Operating expenses $ 2,929 $ 2,369 Financing Lease Amortization Operating expenses 135 $ 102 Financing Lease Interest Interest expense 10 14 Financing Lease Expense 145 116 Net Lease Cost $ 3,074 $ 2,485 Net assets and liabilities related to leasing activities as of June 30, 2021 and December 31, 2020 are as follows (Dollars in thousands): Lease Type June 30, 2021 December 31, Total Right Of Use ("ROU") operating lease assets (1) $ 13,044 $ 8,246 Total ROU financing lease assets (2) 439 518 Total lease assets $ 13,483 $ 8,764 Total current operating lease obligation $ 4,253 $ 4,360 Total current financing lease obligation 164 208 Total current lease obligations $ 4,417 $ 4,568 Total long term operating lease obligation $ 10,423 $ 5,498 Total long term financing lease obligation 188 240 Total long term lease obligation $ 10,611 $ 5,738 (1) Operating lease assets are recorded net of accumulated amortization of $7.6 million and $5.9 million as of June 30, 2021 and December 31, 2020, respectively (2) Financing lease assets are recorded net of accumulated amortization of $0.5 million and $0.4 million as of June 30, 2021 and December 31, 2020, respectively Liabilities generated by leasing activities as of June 30, 2021 were as follows (Dollars in thousands): Maturity Date of Lease Liabilities Operating Leases Financing Leases Total Year one $ 4,666 $ 177 $ 4,843 Year two 4,041 130 4,171 Year three 3,067 55 3,122 Year four 2,299 9 2,308 Year five 300 — 300 Subsequent years 1,350 — 1,350 Total lease payments 15,723 371 16,094 Less: Interest 1,047 19 1,066 Present value of lease liabilities $ 14,676 $ 352 $ 15,028 (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, 2021 are as follows: Lease Type Weighted Average Term in Years Weighted Average Interest Rate Operating Leases 4.3 3.56% Financing Leases 2.4 5.01% The cash outflows of the leasing activity for the three months ending June 30, 2021 are as follows (Dollars in thousands): Cash Flow Source Classification Amount Operating cash flows from operating leases Operating activities $ 2,304 Operating cash flows from financing leases Operating activities 10 Financing cash flows from financing leases Financing activities 135 In March 2021 the Company signed a three year extension for their lease at the McCook distribution center. ("McCook"). The lease extension created a right of use asset of $5.3 million and a lease liability of $5.3 million. Refer to Note 3 - Revenue Recognition for a discussion on Lawson activities as lessor.
Leases	Leases Activities as Lessee The Company leases equipment, distribution centers, office space, and branch locations throughout the US and Canada. Expenses related to leasing activities for the three months ended June 30, 2021 and June 30, 2020 are as follows (Dollars in thousands): Three Months Ended June 30, Lease Type Classification 2021 2020 Operating Lease Expense Operating expenses $ 1,434 $ 1,183 Financing Lease Amortization Operating expenses 57 $ 50 Financing Lease Interest Interest expense 5 7 Financing Lease Expense 62 57 Net Lease Cost $ 1,496 $ 1,240 Expenses related to leasing activities for the six months ended June 30, 2021 and June 30, 2020 are as follows (Dollars in thousands): Six Months Ended June 30, Lease Type Classification 2021 2020 Operating Lease Expense Operating expenses $ 2,929 $ 2,369 Financing Lease Amortization Operating expenses 135 $ 102 Financing Lease Interest Interest expense 10 14 Financing Lease Expense 145 116 Net Lease Cost $ 3,074 $ 2,485 Net assets and liabilities related to leasing activities as of June 30, 2021 and December 31, 2020 are as follows (Dollars in thousands): Lease Type June 30, 2021 December 31, Total Right Of Use ("ROU") operating lease assets (1) $ 13,044 $ 8,246 Total ROU financing lease assets (2) 439 518 Total lease assets $ 13,483 $ 8,764 Total current operating lease obligation $ 4,253 $ 4,360 Total current financing lease obligation 164 208 Total current lease obligations $ 4,417 $ 4,568 Total long term operating lease obligation $ 10,423 $ 5,498 Total long term financing lease obligation 188 240 Total long term lease obligation $ 10,611 $ 5,738 (1) Operating lease assets are recorded net of accumulated amortization of $7.6 million and $5.9 million as of June 30, 2021 and December 31, 2020, respectively (2) Financing lease assets are recorded net of accumulated amortization of $0.5 million and $0.4 million as of June 30, 2021 and December 31, 2020, respectively Liabilities generated by leasing activities as of June 30, 2021 were as follows (Dollars in thousands): Maturity Date of Lease Liabilities Operating Leases Financing Leases Total Year one $ 4,666 $ 177 $ 4,843 Year two 4,041 130 4,171 Year three 3,067 55 3,122 Year four 2,299 9 2,308 Year five 300 — 300 Subsequent years 1,350 — 1,350 Total lease payments 15,723 371 16,094 Less: Interest 1,047 19 1,066 Present value of lease liabilities $ 14,676 $ 352 $ 15,028 (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, 2021 are as follows: Lease Type Weighted Average Term in Years Weighted Average Interest Rate Operating Leases 4.3 3.56% Financing Leases 2.4 5.01% The cash outflows of the leasing activity for the three months ending June 30, 2021 are as follows (Dollars in thousands): Cash Flow Source Classification Amount Operating cash flows from operating leases Operating activities $ 2,304 Operating cash flows from financing leases Operating activities 10 Financing cash flows from financing leases Financing activities 135 In March 2021 the Company signed a three year extension for their lease at the McCook distribution center. ("McCook"). The lease extension created a right of use asset of $5.3 million and a lease liability of $5.3 million. Refer to Note 3 - Revenue Recognition for a discussion on Lawson activities as lessor.

Revolving Credit Facility

Revolving Credit Facility	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility The Revolving Credit Facility matures on October 11, 2024 and provides $100.0 million of revolving commitments. The facility is primarily for general corporate purpos es. Net of outstanding letters of credit, the Company had $91.9 million of borrowing availability under its Revolving Credit Facility as of June 30, 2021 and $66.0 million as of December 31, 2020. Weighted average interest rates for the six months ended June 30, 2021 and June 30, 2020 were 3.25% and 2.64%, respectively. Fees are reported as interest expense and include customary charges relating to letters of credit and an unused commitment fee ranging from 0.15% to 0.30%, depending on the Total Net Leverage Ratio as defined in the Credit Agreement. Fees for the six months ended June 30, 2021 and June 30, 2020 were $0.2 million and $0.1 million, respectively. In connection with the Revolving Credit Facility originated in 2019, deferred financing costs of $0.6 million were incurred. Deferred financing costs are amortized over the life of the debt instrument and reported as interest e xpense. As of June 30, 2021 and December 31, 2020 deferred financing costs net of accumulated amortization were $0.4 million and are included in Other assets. Borrowings are designed as alternate base rate loans, Canadian prime rate loans, Eurodollar loans, and Canadian dollar offered rate loans. Interest rates vary by the type of borrowing and Total Net Leverage Ratio as defined in the Credit Agreement of the most recent fiscal quarter. The Revolving Credit Facility includes customary financial covenants representations and warranties. The Company was in compliance with all financial covenants as of June 30, 2021.

Accrued Acquisition Liability

Accrued Acquisition Liability	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Accrued Acquisition Liability	Accrued Acquisition Liability On August 31, 2020, Lawson acquired Partsmaster from NCH Corporation. As part of the purchase price the Company agreed to pay $33.0 million in May 2021. The payment obligation was discounted to present value using an implied interest rate of 1.8%. A discounted current liability of $32.7 million was recognized as of December 31, 2020 in the Company's consolidated balance sheet. In May 2021, the Company paid the outstanding $33.0 million accrued acquisition liability. Payment was guaranteed under the Purchase Agreement which included the issuance of a $33.0 million irrevocable standby letter of credit. The letter of credit was released in June 2021 subsequent to payment of the liability in May 2021. Interest expense of $0.3 million was recorded in the six months ended June 30, 2021.

Stock Repurchase Program

Stock Repurchase Program	6 Months Ended
	Jun. 30, 2021
Disclosure of Repurchase Agreements [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. The Company had $4.5 million remaining under its repurchase plan as of June 30, 2021. No shares were repurchased in the first or second quarters of 2021 under the Company stock repurchase plan. The Company purchased 47,504 of common stock at an average price of $36.93 under the repurchase program in the second quarter of 2020.

Severance Reserve

Severance Reserve	6 Months Ended
	Jun. 30, 2021
Severance Reserve [Abstract]
Severance Reserve	Severance Reserve Changes in the Company’s reserve for severance included in Accrued expenses and other liabilities, as of June 30, 2021 and 2020 were as follows: (Dollars in thousands) Six Months Ended June 30, 2021 2020 Balance at beginning of period $ 1,251 $ 909 Charged to earnings 278 1,032 Payments (765) (910) Balance at end of period $ 764 $ 1,031

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recorded stock-based compensation expense of $2.6 million and benefit of $7.5 million for the first six months of 2021 and 2020, 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 lia bility of $15.9 million as of June 30, 2021 and $14.4 million as of December 31, 2020 is included in Accrued expenses and other liabilities. A summary of stock-based awards issued during the six months ended June 30, 2021 follows: Restricted Stock Units ("RSUs") The Company i ssued 7,862 RSUs to key employees that cliff vest on December 31, 2023. The Company issued 2,000 RSUs to one key employee that vest ratably through June 15, 2023 and 5,000 RSUs to one key employee that cliff vest on April 15, 2024. Additionally the Company issued 28,600 RSUs to various employees that vest ratably through December 31, 2024. The Company issued 6,995 RSUs to certain members of the Company's Board of Directors with a vesting date of May 11, 2022. 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 19,688 MSUs to key employees that cliff vest on December 31, 2023. 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 29,532 shares, will be determined based upon the trailing sixty-day average closing price of the Company's common stock on December 31, 2023. Performance Awards ("PAs") The Company issued 15,723 PAs to key employees that cliff vest on December 31, 2023. PAs are exchangeable for shares of the Company's common stock ranging from zero to 23,585 shares, or the equivalent amount in cash, based upon the achievement of certain financial performance metrics.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recorded income tax expense of $2.1 million, a 24.2% effective tax rate for the six months ended June 30, 2021. The effective tax rate is higher than the U.S. statutory rate due primarily to state taxes and other permanent items. Income tax expense of $5.3 million, a 28.6% effective tax rate was recorded for the six months ended June 30, 2020. The effective tax rate is higher than the U.S. statutory rate due primarily to state taxes, recording of reserves for uncertain tax positions, 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, 2021, the Company is subject to U.S. Federal income tax examinations for the years 2017 through 2019 and income tax examinations from various other jurisdictions for the years 2013 through 2019. 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 Liabilities

Contingent Liabilities	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities In 2012, it was determined a Company owned site in Decatur, Alabama, contained 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, prepare a remediation plan, and enroll the site in the Alabama Department of Environmental Management (“ADEM") voluntary cleanup program. The remediation plan, approved by ADEM in 2018, consists of chemical injections throughout the affected area and subsequent monitoring. The injection process was completed in the first quarter of 2019 and monitoring is ongoing pending certification by ADEM. At June 30, 2021 estimated costs for future monitoring are not significant and have been fully accrued. The Company does not expect to capitalize any amounts related to the remediation plan.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information The Company's operating segments, Lawson and Bolt, also represent its reportable segments because of differences in the businesses' financial characteristics and the methods they employ to deliver product to customers. The results of the Company's 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' location and produce sales orders for product that is then shipped to the customer and also provides VMI services. The Bolt segment primarily sells product to customers when the customers visit one of Bolt's 14 b ranch locations and the product is delivered to the customers at the point of sale. The Bolt segment total assets include the value of the acquired intangibles and the related amortization within its operating income. Financial information for the Company's reportable segments follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenue Lawson $ 94,861 $ 63,214 $ 188,191 $ 144,705 Bolt Supply 11,679 8,932 21,905 18,476 Consolidated total $ 106,540 $ 72,146 $ 210,096 $ 163,181 Gross profit Lawson $ 49,901 $ 34,873 $ 100,309 $ 79,993 Bolt Supply 4,719 3,440 8,871 7,241 Consolidated total $ 54,620 $ 38,313 $ 109,180 $ 87,234 Operating income Lawson $ 2,443 $ (202) $ 6,699 $ 17,891 Bolt Supply 939 771 1,493 1,316 Consolidated total 3,382 569 8,192 19,207 Interest expense (268) (72) (591) (187) Other income (expense), net 639 511 1,011 (600) Income before income taxes $ 3,753 $ 1,008 $ 8,612 $ 18,420

COVID-19 Risks and Uncertaintie

COVID-19 Risks and Uncertainties	6 Months Ended
	Jun. 30, 2021
Risks and Uncertainties [Abstract]
COVID-19 Risks and Uncertainties	COVID-19 Risks and Uncertainties There is substantial uncertainty as to the effect the COVID-19 pandemic will have on the future results of the Company. Various events related to COVID-19 may impact revenue, product sourcing, sales functions, and customers' ability to pay timely. The government of the State of Illinois defines Lawson Products as an essential business. A change in this status could result in the temporary closure of our business. The COVID-19 pandemic could result in a temporary closure of any or all of our office space, distribution facilities, or Bolt branch locations, as well as disruptions to our supply chain and interactions with customers. The pandemic may have a material adverse impact on future financial results, liquidity, and overall performance of the Company. It is reasonably possible that estimates made in the financial statements may be materially and adversely impacted 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. 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 total amount deferred is $3.5 million, with $1.7 million expected to be paid in the second half of 2021 and the remainder in 2022. 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 will continue to closely monitor the operating environment and will take appropriate actions to protect the safety for its employees, customers and suppliers.

Related Party Transaction

Related Party Transaction	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transaction	Related Party TransactionDuring the three and six months ended June 30, 2021, the Company purchased approximately $0.1 million of inventory from a company owned by an immediate relative of a Board member at fair market value. The Company paid substantially all of the amount owed in the second quarter and therefore immaterial remaining liabilities exist as of June 30, 2021.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
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. 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 and services is agreed upon regardless of whether or not there is a written contract. Performance Obligations The Company has two operating segments; the Lawson segment and the Bolt Supply segment. The Lawson segment has two distinct performance obligations from contracts with its customers: a product performance obligation and a service performance obligation. While the Company offers both a product and a service obligation, customers receive one invoice per transaction with no price breakout between these obligations. The Company does not separately price performance obligations. The Lawson segment generates revenue primarily from the sale of MRO products to its customers. Revenues 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, including the recent Partsmaster acquisition, 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 provides product sales and does not provide VMI services or other services. 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 with the customer.

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	A summary of the purchase price allocation of the acquisition is as follows (Dollars in thousands): Cash paid and payable and liabilities assumed Cash paid and payable $ 34,523 Accounts payable and accrued expenses 4,086 Deferred compensation 2,938 Lease obligation 620 $ 42,167 Fair value of assets acquired Goodwill $ 15,816 Inventories 7,797 Accounts receivable 7,706 Customer relationships 4,961 Trade names 2,775 Property, plant and equipment 2,121 Right of use asset 620 Other assets 371 $ 42,167

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
Deferred Revenue Disclosure [Abstract]
Disaggregation of Revenue	Disaggregated revenue by geographic area follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2021 2020 2021 2020 United States $ 86,249 $ 57,096 $ 171,234 $ 130,679 Canada 20,291 15,050 38,862 32,502 Consolidated total $ 106,540 $ 72,146 $ 210,096 $ 163,181 Disaggregated revenue by product type follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fastening Systems 21.1 % 23.8 % 21.0 % 23.3 % Cutting Tools and Abrasives 14.5 % 12.5 % 14.7 % 12.9 % Fluid Power 13.2 % 13.2 % 13.3 % 13.8 % Electrical 10.2 % 10.0 % 10.4 % 10.4 % Specialty Chemicals 10.1 % 12.8 % 9.9 % 11.9 % Aftermarket Automotive Supplies 7.1 % 6.0 % 6.9 % 7.2 % Safety 5.0 % 6.1 % 4.9 % 6.2 % Welding and Metal Repair 1.6 % 1.5 % 1.6 % 1.5 % Other 17.2 % 14.1 % 17.3 % 12.8 % Consolidated Total 100.0% 100.0% 100.0% 100.0%

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Components of Inventories	Inventories, net, consisting primarily of purchased goods offered for resale, were as follows: (Dollars in thousands) June 30, 2021 December 31, 2020 Inventories, gross $ 70,324 $ 67,137 Reserve for obsolete and excess inventory (7,295) (5,270) Inventories, net $ 63,029 $ 61,867

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill activity for the first six months of 2021 is included in the table below: (Dollars in Thousands) Goodwill By Reportable Segment Lawson Bolt Total Beginning balance December 31, 2020 $ 21,352 $ 13,824 $ 35,176 Impact of foreign exchange rates 278 220 498 Balance at June 30, 2021 $ 21,630 $ 14,044 $ 35,674 Goodwill activity for the first six months of 2020 is included in the table below: (Dollars in Thousands) Goodwill By Reportable Segment Lawson Bolt Total Beginning balance December 31, 2019 $ 7,369 $ 13,554 $ 20,923 Impact of foreign exchange rates (45) (728) (773) Balance at June 30, 2020 $ 7,324 $ 12,826 $ 20,150

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets Disclosure	The gross carrying amount and accumulated amortization by intangible asset class were as follows: (Dollars in thousands) June 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade names $ 11,528 $ (3,369) $ 8,159 $ 11,289 $ (2,733) $ 8,556 Customer relationships 12,520 (3,087) 9,433 12,349 (2,402) 9,947 $ 24,048 $ (6,456) $ 17,592 $ 23,638 $ (5,135) $ 18,503

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Net Lease Cost	Expenses related to leasing activities for the three months ended June 30, 2021 and June 30, 2020 are as follows (Dollars in thousands): Three Months Ended June 30, Lease Type Classification 2021 2020 Operating Lease Expense Operating expenses $ 1,434 $ 1,183 Financing Lease Amortization Operating expenses 57 $ 50 Financing Lease Interest Interest expense 5 7 Financing Lease Expense 62 57 Net Lease Cost $ 1,496 $ 1,240 Expenses related to leasing activities for the six months ended June 30, 2021 and June 30, 2020 are as follows (Dollars in thousands): Six Months Ended June 30, Lease Type Classification 2021 2020 Operating Lease Expense Operating expenses $ 2,929 $ 2,369 Financing Lease Amortization Operating expenses 135 $ 102 Financing Lease Interest Interest expense 10 14 Financing Lease Expense 145 116 Net Lease Cost $ 3,074 $ 2,485 The weighted average lease terms and interest rates of the leases held by Lawson as of June 30, 2021 are as follows: Lease Type Weighted Average Term in Years Weighted Average Interest Rate Operating Leases 4.3 3.56% Financing Leases 2.4 5.01% The cash outflows of the leasing activity for the three months ending June 30, 2021 are as follows (Dollars in thousands): Cash Flow Source Classification Amount Operating cash flows from operating leases Operating activities $ 2,304 Operating cash flows from financing leases Operating activities 10 Financing cash flows from financing leases Financing activities 135
Operating Lease Assets and Liabilities	Net assets and liabilities related to leasing activities as of June 30, 2021 and December 31, 2020 are as follows (Dollars in thousands): Lease Type June 30, 2021 December 31, Total Right Of Use ("ROU") operating lease assets (1) $ 13,044 $ 8,246 Total ROU financing lease assets (2) 439 518 Total lease assets $ 13,483 $ 8,764 Total current operating lease obligation $ 4,253 $ 4,360 Total current financing lease obligation 164 208 Total current lease obligations $ 4,417 $ 4,568 Total long term operating lease obligation $ 10,423 $ 5,498 Total long term financing lease obligation 188 240 Total long term lease obligation $ 10,611 $ 5,738 (1) Operating lease assets are recorded net of accumulated amortization of $7.6 million and $5.9 million as of June 30, 2021 and December 31, 2020, respectively (2) Financing lease assets are recorded net of accumulated amortization of $0.5 million and $0.4 million as of June 30, 2021 and December 31, 2020, respectively
Value of Operating Lease Liabilities Generated by Leasing Activities	Liabilities generated by leasing activities as of June 30, 2021 were as follows (Dollars in thousands): Maturity Date of Lease Liabilities Operating Leases Financing Leases Total Year one $ 4,666 $ 177 $ 4,843 Year two 4,041 130 4,171 Year three 3,067 55 3,122 Year four 2,299 9 2,308 Year five 300 — 300 Subsequent years 1,350 — 1,350 Total lease payments 15,723 371 16,094 Less: Interest 1,047 19 1,066 Present value of lease liabilities $ 14,676 $ 352 $ 15,028 (1) Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.4 million
Value of Finance Lease Liabilities Generated by Leasing Activities	Liabilities generated by leasing activities as of June 30, 2021 were as follows (Dollars in thousands): Maturity Date of Lease Liabilities Operating Leases Financing Leases Total Year one $ 4,666 $ 177 $ 4,843 Year two 4,041 130 4,171 Year three 3,067 55 3,122 Year four 2,299 9 2,308 Year five 300 — 300 Subsequent years 1,350 — 1,350 Total lease payments 15,723 371 16,094 Less: Interest 1,047 19 1,066 Present value of lease liabilities $ 14,676 $ 352 $ 15,028 (1) Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.4 million

Severance Reserve (Tables)

Severance Reserve (Tables)	6 Months Ended
	Jun. 30, 2021
Severance Reserve [Abstract]
Changes in the Company's Reserve for Severance	Changes in the Company’s reserve for severance included in Accrued expenses and other liabilities, as of June 30, 2021 and 2020 were as follows: (Dollars in thousands) Six Months Ended June 30, 2021 2020 Balance at beginning of period $ 1,251 $ 909 Charged to earnings 278 1,032 Payments (765) (910) Balance at end of period $ 764 $ 1,031

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information for the Company's reportable segments follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenue Lawson $ 94,861 $ 63,214 $ 188,191 $ 144,705 Bolt Supply 11,679 8,932 21,905 18,476 Consolidated total $ 106,540 $ 72,146 $ 210,096 $ 163,181 Gross profit Lawson $ 49,901 $ 34,873 $ 100,309 $ 79,993 Bolt Supply 4,719 3,440 8,871 7,241 Consolidated total $ 54,620 $ 38,313 $ 109,180 $ 87,234 Operating income Lawson $ 2,443 $ (202) $ 6,699 $ 17,891 Bolt Supply 939 771 1,493 1,316 Consolidated total 3,382 569 8,192 19,207 Interest expense (268) (72) (591) (187) Other income (expense), net 639 511 1,011 (600) Income before income taxes $ 3,753 $ 1,008 $ 8,612 $ 18,420

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2021branchsegment
Accounting Policies [Abstract]
Number of reportable segments | segment	2
Number of branches | branch	14

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) customer in Thousands, $ in Thousands	Aug. 31, 2020USD ($)customersale_representative	May 31, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Payments for purchase					$ 33,000	$ 0
Accrued acquisition liability			$ 0		0			$ 32,673
Interest expense			268	$ 72	591	187
Goodwill			35,674	$ 20,150	35,674	20,150	$ 20,923	35,176
Partsmaster
Business Acquisition [Line Items]
Number of customers | customer	16
Number of sales representatives | sale_representative	200
Purchase price	$ 35,300
Payments for purchase	2,300	$ 33,000
Accrued acquisition liability								$ 32,700
Interest expense			100		300
Goodwill	15,816
Revenue			15,300		31,000
Operating income since acquisition			$ 500		$ 1,100
Pro Forma revenue						91,100	197,300
Pro Forma net income						$ 1,400	$ 14,300
Partsmaster | Customer relationships
Business Acquisition [Line Items]
Intangibles	$ 4,961
Intangibles weighted average life	10 years
Partsmaster | Trade names
Business Acquisition [Line Items]
Intangibles	$ 2,775
Intangibles weighted average life	5 years

Acquisition - Initial Purchase

Acquisition - Initial Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Aug. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Fair value of assets acquired
Goodwill	$ 35,674	$ 35,176		$ 20,150	$ 20,923
Partsmaster
Cash paid and payable and liabilities assumed
Cash paid and payable			$ 34,523
Accounts payable and accrued expenses			4,086
Deferred compensation			2,938
Lease obligation			620
Cash paid and payable and liabilities assumed			42,167
Fair value of assets acquired
Goodwill			15,816
Inventories			7,797
Accounts receivable			7,706
Property, plant and equipment			2,121
Right of use asset			620
Other assets			371
Fair value of assets acquired			42,167
Partsmaster | Customer relationships
Fair value of assets acquired
Intangibles			4,961
Partsmaster | Trade names
Fair value of assets acquired
Intangibles			$ 2,775

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)revenueStream	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segmentrevenueStream	Jun. 30, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Number of revenue streams | revenueStream	2		2
Number of operating segments | segment			2
Disaggregation of Revenue [Line Items]
Revenue	$ 106,540	$ 72,146	$ 210,096	$ 163,181
Operating lease revenue	$ 700		$ 1,400
Service Revenue
Disaggregation of Revenue [Line Items]
Revenue		$ 7,600		$ 17,300

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 106,540	$ 72,146	$ 210,096	$ 163,181
United States
Disaggregation of Revenue [Line Items]
Revenue	86,249	57,096	171,234	130,679
Canada
Disaggregation of Revenue [Line Items]
Revenue	$ 20,291	$ 15,050	$ 38,862	$ 32,502

Revenue Recognition - Product T

Revenue Recognition - Product Type (Details) - Product Concentration Risk - Revenue from Contract with Customer Benchmark	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Fastening Systems
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	21.10%	23.80%	21.00%	23.30%
Cutting Tools and Abrasives
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	14.50%	12.50%	14.70%	12.90%
Fluid Power
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	13.20%	13.20%	13.30%	13.80%
Electrical
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10.20%	10.00%	10.40%	10.40%
Specialty Chemicals
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10.10%	12.80%	9.90%	11.90%
Aftermarket Automotive Supplies
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	7.10%	6.00%	6.90%	7.20%
Safety
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	5.00%	6.10%	4.90%	6.20%
Welding and Metal Repair
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	1.60%	1.50%	1.60%	1.50%
Other
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	17.20%	14.10%	17.30%	12.80%

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,003	$ 998	$ 802
Money Market Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	800
Guaranteed Investment Certificate
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 200

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Components of inventories
Inventories, gross	$ 70,324	$ 67,137
Reserve for obsolete and excess inventory	(7,295)	(5,270)
Inventories, net	$ 63,029	$ 61,867

Inventories, Net - Narrative (D

Inventories, Net - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Inventory [Line Items]
Rationalization of inventory	$ 0.4
Partsmaster
Inventory [Line Items]
Rationalization of inventory	$ 1

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 35,176	$ 20,923
Impact of foreign exchange rates	498	(773)
Goodwill, ending balance	35,674	20,150
Lawson
Goodwill [Roll Forward]
Goodwill, beginning balance	21,352	7,369
Impact of foreign exchange rates	278	(45)
Goodwill, ending balance	21,630	7,324
Bolt
Goodwill [Roll Forward]
Goodwill, beginning balance	13,824	13,554
Impact of foreign exchange rates	220	(728)
Goodwill, ending balance	$ 14,044	$ 12,826

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 24,048		$ 23,638
Accumulated Amortization	(6,456)		(5,135)
Net Carrying Value	17,592		18,503
Amortization of Intangible Assets	1,200	$ 700
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,528		11,289
Accumulated Amortization	(3,369)		(2,733)
Net Carrying Value	8,159		8,556
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,520		12,349
Accumulated Amortization	(3,087)		(2,402)
Net Carrying Value	$ 9,433		$ 9,947

Leases - Net Lease Cost (Detail

Leases - Net Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating Lease Expense	$ 1,434	$ 1,183	$ 2,929	$ 2,369
Financing Lease Amortization	57	50	135	102
Financing Lease Interest	5	7	10	14
Financing Lease Expense	62	57	145	116
Net Lease Cost	$ 1,496	$ 1,240	$ 3,074	$ 2,485

Leases - Net Lease Assets and L

Leases - Net Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Total Right Of Use ("ROU") operating lease assets	$ 13,044	$ 8,246
Total ROU financing lease assets	439	518
Total lease assets	13,483	8,764
Total current operating lease obligation	4,253	4,360
Total current financing lease obligation	164	208
Total current lease obligations	4,417	4,568
Total long term operating lease obligation	10,423	5,498
Total long term financing lease obligation	188	240
Total long term lease obligation	10,611	5,738
Operating lease accumulated depreciation	7,600	5,900
Finance lease accumulated amortization	$ 500	$ 400
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total current lease obligations	Total current lease obligations
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total current lease obligations	Total current lease obligations
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total long term lease obligation	Total long term lease obligation
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total long term lease obligation	Total long term lease obligation

Leases - Value of Lease Liabili

Leases - Value of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Operating Leases
Year one	$ 4,666
Year two	4,041
Year three	3,067
Year four	2,299
Year five	300
Subsequent years	1,350
Total lease payments	15,723
Less: Interest	1,047
Present value of lease liabilities	14,676
Financing Leases
Year one	177
Year two	130
Year three	55
Year four	9
Year five	0
Subsequent years	0
Total lease payments	371	$ 400
Less: Interest	19
Present value of lease liabilities	352
Total
Year one	4,843
Year two	4,171
Year three	3,122
Year four	2,308
Year five	300
Subsequent years	1,350
Total lease payments	16,094
Less: Interest	1,066
Present value of lease liabilities	$ 15,028

Leases - Leases Weighted-Averag

Leases - Leases Weighted-Average Lease Terms and Interest Rates (Details)	Jun. 30, 2021
Leases [Abstract]
Operating Leases, Weighted Average Term in Years	4 years 3 months 18 days
Operating Leases, Weighted Average Interest Rate	3.56%
Finance Leases, Weighted Average Term in Years	2 years 4 months 24 days
Finance Leases, Weighted Average Interest Rate	5.01%

Leases - Cash Outflows of the L

Leases - Cash Outflows of the Leasing Activity (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 2,304
Operating cash flows from financing leases	10
Financing cash flows from financing leases	$ 135	$ 135	$ 135

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Renewal term (in years)		3 years
Right of use asset	$ 13,044		$ 8,246
Lease liability	$ 14,676
McCook
Lessee, Lease, Description [Line Items]
Right of use asset		$ 5,300
Lease liability		$ 5,300

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - Line of Credit - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Weighted average interest rate	3.25%				2.64%
Allowable indebtedness for acquisition				$ 36,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility, borrowing capacity			$ 100,000,000
Line of credit facility, remaining borrowing capacity	$ 91,900,000		66,000,000
Commitment fee	200,000	$ 100,000
Deferred financing costs incurred						$ 600,000
Deferred financing costs net of accumulated amortization	$ 400,000		$ 400,000
Letter of Credit
Line of Credit Facility [Line Items]
Letter of credit		$ 15,000,000		$ 40,000,000
Letter of Credit | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.15%
Letter of Credit | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.30%

Accrued Acquisition Liability (

Accrued Acquisition Liability (Details) - USD ($) $ in Thousands	Aug. 31, 2020	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Payments for purchase					$ 33,000	$ 0
Implied interest rate	1.80%
Accrued acquisition liability			$ 0		0		$ 32,673
Interest expense			268	$ 72	591	$ 187
Partsmaster
Business Acquisition [Line Items]
Payments for purchase	$ 2,300	$ 33,000
Accrued acquisition liability							$ 32,700
Interest expense			$ 100		$ 300

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2019
Disclosure of Repurchase Agreements [Abstract]
Stock repurchase program, authorized amount	$ 4.5			$ 7.5
Stock repurchased (in shares)	0	0	47,504
Stock repurchased (in USD per share)			$ 36.93

Severance Reserve (Details)

Severance Reserve (Details) - Employee Severance - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Reserve for severance and related payments
Balance at beginning of period	$ 1,251	$ 909
Charged to earnings	278	1,032
Payments	(765)	(910)
Balance at end of period	$ 764	$ 1,031

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense (income)	$ 2.6	$ (7.5)
Stock-based compensation liability			$ 15.9	$ 14.4

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2021shares
Stock-Based Compensation Details
Amount of Common stock exchanged for each RSU vested (in shares)	1
Executive
Stock-Based Compensation Details
Stock-based awards issued (in shares)	28,600
Restricted Stock Units (RSUs)
Stock-Based Compensation Details
Stock-based awards issued (in shares)	7,862
Restricted Stock Units (RSUs) | Executive
Stock-Based Compensation Details
Stock-based awards issued (in shares)	2,000
Restricted Stock Units (RSUs) | Executive | Cliff vest on March 9, 2023
Stock-Based Compensation Details
Stock-based awards issued (in shares)	5,000
Restricted Stock Units (RSUs) | Certain members of the Company's Board of Directors
Stock-Based Compensation Details
Stock-based awards issued (in shares)	6,995

Stock-Based Compensation - Mark

Stock-Based Compensation - Market Stock Units (Details) - MSUs	6 Months Ended
	Jun. 30, 2021shares
Stock-Based Compensation Details
Stock-based awards issued (in shares)	19,688
Minimum
Stock-Based Compensation Details
Equity share payout range	0
Maximum
Stock-Based Compensation Details
Equity share payout range	29,532
Equity share payout range, trailing period	60 days

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Awards (Details) - PAs	6 Months Ended
	Jun. 30, 2021shares
Stock-Based Compensation Details
Stock-based awards issued (in shares)	15,723
Minimum
Stock-Based Compensation Details
Equity share payout range	0
Maximum
Stock-Based Compensation Details
Equity share payout range	23,585

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 818	$ 389	$ 2,081	$ 5,268
Effective income tax rate	24.20%			28.60%

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)branch	Jun. 30, 2020USD ($)
Segment Reporting [Abstract]
Number of branches | branch			14
Segment Reporting Information [Line Items]
Revenue	$ 106,540	$ 72,146	$ 210,096	$ 163,181
Gross profit	54,620	38,313	109,180	87,234
Operating income	3,382	569	8,192	19,207
Interest expense	268	72	591	187
Other income (expense), net	639	511	1,011	(600)
Income before income taxes	3,753	1,008	8,612	18,420
Lawson
Segment Reporting Information [Line Items]
Revenue	94,861	63,214	188,191	144,705
Gross profit	49,901	34,873	100,309	79,993
Operating income	2,443	(202)	6,699	17,891
Bolt Supply
Segment Reporting Information [Line Items]
Revenue	11,679	8,932	21,905	18,476
Gross profit	4,719	3,440	8,871	7,241
Operating income	$ 939	$ 771	$ 1,493	$ 1,316

COVID-19 Risks and Uncertaint_2

COVID-19 Risks and Uncertainties (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Mar. 27, 2020
Unusual Risk or Uncertainty [Line Items]
Deferred employer side social security payments		$ 3.5
Forecast | Subsequent Event
Unusual Risk or Uncertainty [Line Items]
Payments Of deferred employer payroll tax, CARES Act	$ 1.7

Related Party Transaction (Deta

Related Party Transaction (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Related Party Transactions [Abstract]
Related party transaction expense	$ 0.1	$ 0.1