Document And Entity Information
Document And Entity Information | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 shares | Jun. 30, 2023 USD ($) | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000917470 | ||
Entity Registrant Name | OLYMPIC STEEL INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 0-23320 | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 34-1245650 | ||
Entity Address, Address Line One | 22901 Millcreek Boulevard, Suite 650 | ||
Entity Address, City or Town | Highland Hills | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44122 | ||
City Area Code | 216 | ||
Local Phone Number | 292-3800 | ||
Title of 12(b) Security | Common stock, without par value | ||
Trading Symbol | ZEUS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ | $ 478,445,784 | ||
Entity Common Stock, Shares Outstanding | shares | 11,132,542 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Cleveland, Ohio | ||
Entity Number of Employees | 244 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 2,158,163 | $ 2,559,990 | $ 2,312,253 |
Costs and expenses | |||
Cost of materials sold (excludes items shown separately below) | 1,684,663 | 2,073,930 | 1,802,052 |
Warehouse and processing | 122,212 | 104,668 | 103,017 |
Administrative and general | 122,239 | 114,004 | 104,617 |
Distribution | 66,979 | 60,529 | 55,404 |
Selling | 41,436 | 40,174 | 41,881 |
Occupancy | 16,520 | 13,200 | 12,500 |
Depreciation | 21,545 | 17,285 | 17,952 |
Amortization | 4,898 | 2,453 | 2,364 |
Total costs and expenses | 2,080,492 | 2,426,243 | 2,139,787 |
Operating income | 77,671 | 133,747 | 172,466 |
Other loss, net | 78 | 45 | 36 |
Income before interest and income taxes | 77,593 | 133,702 | 172,430 |
Interest and other expense on debt | 16,006 | 10,080 | 7,631 |
Income before income taxes | 61,587 | 123,622 | 164,799 |
Income tax provision | 17,058 | 32,691 | 43,748 |
Net income | 44,529 | 90,931 | 121,051 |
Gain (loss) on cash flow hedges | (1,693) | 4,409 | 2,960 |
Tax effect of hedges | 423 | (1,102) | (740) |
Total comprehensive income | $ 43,259 | $ 94,238 | $ 123,271 |
Net income per share - basic (in dollars per share) | $ 3.85 | $ 7.87 | $ 10.53 |
Weighted average shares outstanding - basic (in shares) | 11,573 | 11,551 | 11,492 |
Net income per share - diluted (in dollars per share) | $ 3.85 | $ 7.87 | $ 10.52 |
Weighted average shares outstanding - diluted (in shares) | 11,578 | 11,559 | 11,503 |
Dividends declared per share of common stock (in dollars per share) | $ 0.5 | $ 0.36 | $ 0.08 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 13,224 | $ 12,189 |
Accounts receivable, net | 191,149 | 219,789 |
Inventories, net | 386,535 | 416,931 |
Prepaid expenses and other | 12,261 | 9,197 |
Total current assets | 603,169 | 658,106 |
Property and equipment, at cost | 483,448 | 429,810 |
Accumulated depreciation | (297,340) | (281,478) |
Net property and equipment | 186,108 | 148,332 |
Goodwill | 52,091 | 10,496 |
Intangible assets, net | 92,621 | 32,035 |
Other long-term assets | 16,466 | 14,434 |
Right-of use assets, net | 34,380 | 28,224 |
Total assets | 984,835 | 891,627 |
Liabilities | ||
Accounts payable | 119,718 | 101,446 |
Accrued payroll | 30,113 | 40,334 |
Other accrued liabilities | 22,593 | 16,824 |
Current portion of lease liabilities | 7,813 | 6,098 |
Total current liabilities | 180,237 | 164,702 |
Credit facility revolver | 190,198 | 165,658 |
Other long-term liabilities | 20,151 | 12,619 |
Deferred income taxes | 11,510 | 10,025 |
Lease liabilities | 27,261 | 22,655 |
Total liabilities | 429,357 | 375,659 |
Commitments and contingencies (Note 14) | ||
Shareholders' Equity | ||
Preferred stock, without par value, 5,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, without par value, 20,000 shares authorized; 11,133 and 11,130 issued; 11,133 and 11,130 shares outstanding | 136,541 | 134,724 |
Accumulated other comprehensive income | 41 | 1,311 |
Retained earnings | 418,896 | 379,933 |
Total shareholders' equity | 555,478 | 515,968 |
Total liabilities and shareholders' equity | $ 984,835 | $ 891,627 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories, LIFO reserves | $ 12,043 | $ 20,301 |
Preferred Stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, shares authorized (in shares) | 5,000 | 5,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 20,000 | 20,000 |
Common stock, shares issued (in shares) | 11,133 | 11,130 |
Common stock, shares outstanding (in shares) | 11,133 | 11,130 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 44,529 | $ 90,931 | $ 121,051 |
Adjustments to reconcile net income to net cash from (used for) operating activities - | |||
Depreciation and amortization | 27,176 | 20,206 | 20,954 |
Gain on disposition of property and equipment | (133) | (2,185) | (22) |
Gain on disposition of Detroit operation (before expenses of $2,569) | 0 | 0 | (6,068) |
Stock-based compensation | 1,817 | 1,297 | 1,045 |
Intangibles and other long-term assets | (1,257) | 1,304 | 6,796 |
Deferred income taxes and other long-term liabilities | 8,950 | 235 | (6,231) |
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital | 81,082 | 111,788 | 137,525 |
Changes in working capital: | |||
Accounts receivable | 44,576 | 64,781 | (131,459) |
Inventories | 51,538 | 68,098 | (241,899) |
Prepaid expenses and other | (2,324) | 792 | (4,850) |
Accounts payable | 10,568 | (52,274) | 60,538 |
Change in outstanding checks | 1,576 | 5,071 | (1,189) |
Accrued payroll and other accrued liabilities | (11,857) | (12,403) | 34,960 |
Increase (Decrease) in Operating Capital | 94,077 | 74,065 | (283,899) |
Net cash from (used for) operating activities | 175,159 | 185,853 | (146,374) |
Cash flows from (used for) investing activities: | |||
Acquisitions | (169,768) | 0 | (12,105) |
Capital expenditures | (21,326) | (19,854) | (11,011) |
Proceeds from sale of Detroit property and equipment | 0 | 0 | 9,506 |
Proceeds from disposition of property and equipment | 251 | 3,293 | 146 |
Net cash used for investing activities | (190,843) | (16,561) | (13,464) |
Cash flows from (used for) financing activities: | |||
Credit facility revolver borrowings | 743,030 | 685,269 | 757,788 |
Credit facility revolver repayments | (718,490) | (847,375) | (590,632) |
Principal payments under finance lease obligation | (1,039) | (703) | (828) |
Credit facility fees and expenses | (1,216) | (100) | (1,325) |
Dividends paid | (5,566) | (4,006) | (886) |
Net cash from (used for) financing activities | 16,719 | (166,915) | 164,117 |
Cash and cash equivalents: | |||
Net change | 1,035 | 2,377 | 4,279 |
Beginning balance | 12,189 | 9,812 | 5,533 |
Ending balance | 13,224 | 12,189 | 9,812 |
Interest paid | 14,965 | 9,635 | 6,843 |
Income taxes paid | $ 13,603 | $ 33,404 | $ 46,548 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount of operating expense attributable to sale of operations | $ 2,569 | ||
Finance lease obligations incurred | $ 15,000 | $ 5,500 | $ 9,800 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance | $ 132,382 | $ (4,215) | $ 172,843 | $ 301,010 |
Balance at Dec. 31, 2020 | 132,382 | (4,215) | 172,843 | 301,010 |
Net income | 0 | 0 | 121,051 | 121,051 |
Payment of dividends | 0 | 0 | (886) | (886) |
Stock-based compensation | 1,045 | 0 | 0 | 1,045 |
Change in fair value of hedges | 0 | 2,220 | 0 | 2,220 |
Other | 0 | (1) | 0 | (1) |
Change in fair value of hedges | 0 | (2,220) | 0 | (2,220) |
Balance at Dec. 31, 2021 | 133,427 | (1,996) | 293,008 | 424,439 |
Balance | 133,427 | (1,996) | 293,008 | 424,439 |
Net income | 0 | 0 | 90,931 | 90,931 |
Payment of dividends | 0 | 0 | (4,006) | (4,006) |
Stock-based compensation | 1,297 | 0 | 0 | 1,297 |
Change in fair value of hedges | 0 | 3,307 | 0 | 3,307 |
Change in fair value of hedges | 0 | (3,307) | 0 | (3,307) |
Balance at Dec. 31, 2022 | 134,724 | 1,311 | 379,933 | 515,968 |
Balance | 134,724 | 1,311 | 379,933 | 515,968 |
Net income | 0 | 0 | 44,529 | 44,529 |
Payment of dividends | 0 | 0 | (5,566) | (5,566) |
Stock-based compensation | 1,817 | 0 | 0 | 1,817 |
Change in fair value of hedges | 0 | 1,270 | 0 | 1,270 |
Change in fair value of hedges | 0 | (1,270) | 0 | (1,270) |
Balance at Dec. 31, 2023 | 136,541 | 41 | 418,896 | 555,478 |
Balance | $ 136,541 | $ 41 | $ 418,896 | $ 555,478 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies : Nature of Business The Company operates in three reportable segments: specialty metals flat products, carbon flat products, and tubular and pipe products. The specialty metals flat products segment and the carbon flat products segment are at times consolidated and referred to as the flat products segments. Certain of the flat products segments’ assets and resources are shared by the specialty metals and carbon flat products segments, and both segments’ products are stored in the shared facilities and, in some locations, processed on shared equipment. As such, total assets and capital expenditures are reported in the aggregate for the flat products segment. Due to the shared assets and resources, certain of the flat products segment expenses are allocated between the specialty metals flat products segment and the carbon flat products segment based upon an established allocation methodology. The Company is a leading metals service center focused on the direct sale and value-added processing of carbon and coated steel, plate and coil products; stainless steel sheet, plate, bar and coil; aluminum sheet, plate and coil; pipe, tube bar, valves and fittings, tin plate and metal-intensive end-use products. The specialty metals flat products segment sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products, prime tin mill products and fabricated parts. Through acquisitions, the specialty metals flat products segment has expanded its geographic footprint and enhanced its product offerings in stainless steel and aluminum plate, sheet, angles, rounds, flat bar, tubing and pipe, stainless steel bollards and water treatment systems. The carbon flat products segment sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, fabricated parts and fabricated products, including self-dumping metal hoppers and steel and stainless-steel dump inserts for pickup truck and service truck beds. With the recent acquisition of Metal-Fab, Inc. (Metal-Fab) on January 3, 2023, October 2, 2023 Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared from the financial records of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, Olympic or the Company), after elimination of intercompany accounts and transactions. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentration Risks The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not one three 2023 2022 2021 The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 2023 2022 2021 2023 2022 2021 2023 2022 2021 Cash and Cash Equivalents Cash equivalents consist of short-term highly liquid investments, with a three may not not Fair Market Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. Valuation techniques must maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company applies a fair value hierarchy that is based on three first two Level 1 Level 2 1 not Level 3 no Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices. Allowance for Credit Losses The Company’s allowance for credit losses is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has identified. Estimations are based upon the application of a historical collection rate to the outstanding accounts receivable balance, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of the allowance for credit losses each quarter. Inventory Valuation Non-LIFO inventories are stated at the lower of its cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. LIFO inventories are stated at the lower of cost or market. Market is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion. Inventory costs include the costs of the purchased metals, inbound freight, external and internal processing and applicable labor and overhead costs. Substantially all of the costs of the Company’s specialty metals and carbon flat products segments’ inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. Certain of the Company’s tubular and pipe products inventory is stated under the LIFO method. At December 31, 2023 December 31, 2022 first first On the Consolidated Statements of Comprehensive Income, “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income or expense. Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two five Intangible Assets and Recoverability of Long-lived Assets The Company performs an annual impairment test of indefinite-lived intangible assets in the fourth If a quantitative fair value measurement is used, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. The Company estimates the fair value of indefinite-lived intangible assets using a discounted cash flow methodology. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions, which could adversely affect the reported value of intangible assets. The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not may not Income Taxes The Company records, as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 The Company had no December 31, 2023 no one December 31, 2023 Revenue Recognition The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 one Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements. Shipping and Handling Fees and Costs Amounts charged to customers for shipping and other transportation services are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers. Stock-Based Compensation The Company records compensation expense for stock awards issued to employees and directors. For additional information, see Note 13, Impact of Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, 280 not 280, December 15, 2023 December 15, 2024, not In December 2023, No. 2023 09, 740 December 15, 2024 not not 10 In March 2020 No. 2020 04, 848 December 2022 No. 2022 06 848” December 31, 2024 first 2023 not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Acquisitions On January, 3 2023 The Company paid total cash consideration of $131.2 2023 On October 2, 2023 The Company paid total cash consideration of $40.3 2023 On October 1, 2021 Each acquisition was funded with borrowings under the Company's asset-based credit facility (ABL Credit Facility). Purchase Price Allocation The acquisitions were accounted for as business combinations and the assets and liabilities were valued at fair market value on the date of acquisition. The final purchase price allocations presented below are based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using Level 3 not Details of Acquisition (in thousands) Metal-Fab As of January 3, 2023 CTB As of October 2, 2023 Assets acquired Cash and cash equivalents $ 1,728 $ - Accounts receivable, net 10,597 5,339 Prepaid expenses and other 740 - Inventories, net 17,236 3,906 Property and equipment 20,408 16,193 Goodwill 33,194 8,401 Intangible assets 54,740 9,590 Right-of-use and other long-term assets 6,930 917 Total assets acquired 145,573 44,346 Total liabilities assumed (14,369) (4,054) Cash paid $ 131,204 $ 40,292 The accompanying Consolidated Statements of Comprehensive Income include the revenues and expenses of Metal-Fab, CTB and Shaw since January 3, 2023, October 2, 2023 October 1, 2021, 2023 In connection with the acquisition of Metal-Fab, the Company identified and valued certain intangible assets, including the Metal-Fab trade name, internally developed technology and know-how, restrictive covenants and customer relationships. The intangible assets were valued on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. The trade name intangible asset was valued at $11.5 million, and the useful life was determined to be indefinite primarily due to their history and reputation in the marketplace, the Company's expectation that the trade name will continue to be used, and the conclusion that there are currently no two five In connection with the acquisition of CTB, the Company identified and valued certain intangible assets, including the CTB trade name, internally developed technology and know-how, restrictive covenants and customer relationships. The intangible assets were valued on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. The trade name intangible asset was valued at $4.0 million, and the useful life was determined to be indefinite primarily due to their history, reputation in the marketplace, the Company's expectation that the trade name will continue to be used, and the conclusion that there are currently no five 10 Pro Forma Financial Information The following pro forma summary of financial results presents the consolidated results of operations as if the Metal-Fab acquisition has occurred on January 1, 2022, not may may The pro forma results have been presented for comparative purposed only and are not January 1, 2022, may not For the twelve months ended December 31, 2022 Historical OSI Historical Metal-Fab Pro Forma Adjustments Pro Forma Combined (in thousands, except per share amounts) Pro forma: Net sales $ 2,559,990 $ 95,528 $ 736 $ 2,656,254 Net income (loss) 90,931 16,538 (12,850) 94,619 Basic earnings per share 7.87 1.43 (1.11) 8.19 Diluted earnings per share 7.87 1.43 (1.11) 8.19 |
Note 3 - Disposition of Assets
Note 3 - Disposition of Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Sale of Operation, Disclosure [Text Block] | 3. Disposition of Assets On September 17, 2021 February 8, 2022 not December 31, 2021. |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. Revenue Recognition The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat-rolled sheet, coil and plate products, aluminum, and stainless flat-rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings, and fabricated parts. The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 one not Within the metals industry, revenue is frequently disaggregated by products sold. The tables below disaggregates the Company’s revenues by segment and products sold for the year ended December 31, 2023 2022 2021 Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2023 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 28.8 % - - 28.8 % Plate 12.9 % - - 12.9 % Cold Rolled 4.0 % - - 4.0 % Coated 10.3 % - - 10.3 % Specialty - 26.3 % - 26.3 % Pipe & Tube - - 17.1 % 17.1 % Other 0.6 % - - 0.6 % Total 56.6 % 26.3 % 17.1 % 100.0 % Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2022 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 29.8 % - - 29.8 % Plate 13.3 % - - 13.3 % Cold Rolled 4.7 % - - 4.7 % Coated 4.5 % - - 4.5 % Specialty - 30.3 % - 30.3 % Pipe & Tube - - 16.7 % 16.7 % Other 0.7 % - - 0.7 % Total 53.0 % 30.3 % 16.7 % 100.0 % Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 31.4 % - - 31.4 % Plate 10.4 % - - 10.4 % Cold Rolled 7.0 % - - 7.0 % Coated 7.7 % - - 7.7 % Specialty - 25.3 % - 25.3 % Pipe & Tube - - 16.5 % 16.5 % Other 1.6 % 0.1 % - 1.7 % Total 58.1 % 25.4 % 16.5 % 100.0 % |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 5. Accounts Receivable: Accounts receivable are presented net of allowances for credit losses and unissued credits of $4.2 million and $4.3 million as of December 31, 2023 2022 2023 2022 2021 |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories : Inventories consisted of the following: As of December 31, (in thousands) 2023 2022 Unprocessed $ 282,565 $ 356,588 Processed and finished 103,970 60,343 Total $ 386,535 $ 416,931 At December 31, 2023 December 31, 2022, During 2023 2023 2022 2022 The Company's tubular and pipe inventory quantities were reduced during 2023 2022 not December 31, 2023 2022 If the FIFO method had been in use, inventories would have been $12.0 million and $20.3 million higher than reported at December 31, 2023 2022 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property and Equipment: Property and equipment consists of the following: (in thousands) Depreciable Lives December 31, 2023 December 31, 2022 Land - $ 16,676 $ 15,058 Land improvements 5 - 10 4,685 4,160 Buildings and improvements 7 - 30 158,335 141,585 Machinery and equipment 2 - 15 254,777 221,375 Furniture and fixtures 3 - 7 6,849 6,829 Computer software and equipment 2 - 5 26,787 25,338 Vehicles 2 - 5 5,112 4,049 Financing lease - 5,686 3,144 Construction in progress - 4,541 8,272 483,448 429,810 Less accumulated depreciation (297,340 ) (281,478 ) Net property and equipment $ 186,108 $ 148,332 Leasehold improvements are included with buildings and improvements and are depreciated over the life of the lease or seven Construction in progress as of December 31, 2023 2022 not |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and Intangible Assets : The Company’s intangible assets were recorded in connection with its acquisitions of Metal-Fab and CTB in 2023 2021 2020 2019 2018 2011 Goodwill, by reportable unit, was as follows as of December 31, 2023 December 31, 2022 (in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2021 1,065 9,431 - 10,496 Acquisitions - - - - Impairments - - - - Balance as of December 31, 2022 $ 1,065 $ 9,431 $ - $ 10,496 Acquisitions 33,194 - 8,401 41,595 Impairments - - - - Balance as of December 31, 2023 $ 34,259 $ 9,431 $ 8,401 $ 52,091 Intangible assets, net, consisted of the following as of December 31, 2023 2022 As of Balance at December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 62,559 $ (15,084 ) $ 47,475 Covenant not to compete - subject to amortization 2,339 (679 ) 1,660 Technology and know-how - subject to amortization 7,000 (382 ) 6,618 Trade name - not subject to amortization 36,868 - 36,868 $ 108,766 $ (16,145 ) $ 92,621 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 22,559 $ (12,100 ) $ 10,459 Covenant not to compete - subject to amortization 509 (301 ) 208 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (12,401 ) $ 32,035 The useful life of the customer relationships was determined to be 10 26 one five 15 no During 2023 2022 no The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $4.2 million per year for the next two $3.7 $3.3 $3.0 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. Leases : The Company leases warehouses and office space, industrial equipment, office equipment, vehicles, industrial gas tanks and forklifts from other parties and leases warehouse space to third The Company has remaining lease terms ranging from 1 five The Company leases one one December 31, 2028 two five ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the leases do not The components of lease expense were as follows for the years ended December 31, 2023 2022 2021 (in thousands) 2023 2022 2021 Operating lease cost $ 9,008 $ 7,446 $ 6,952 Finance lease cost Amortization 1,056 720 721 Interest on lease liabilities 157 67 71 $ 1,213 $ 787 $ 792 Supplemental cash flow information related to leases was as follows for the years ended December 31, 2023 2022 2021 (in thousands) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,901 $ 7,268 $ 6,830 Operating cash flows from finance leases 157 67 71 Financing cash flows from finance leases 1,039 703 828 Total cash paid for amounts included in the measurement of lease liabilities $ 10,097 $ 8,038 $ 7,729 Supplemental balance sheet information related to leases was as follows: (in thousands) 2023 2022 Operating leases Operating lease $ 56,117 $ 45,987 Operating lease accumulated amortization (21,737 ) (17,763 ) Operating lease right of use asset, net $ 34,380 $ 28,224 Operating lease current liabilities 7,813 6,098 Operating lease liabilities 27,261 22,655 $ 35,074 $ 28,753 (in thousands) 2023 2022 Finance leases Finance lease $ 5,686 $ 3,144 Finance lease accumulated depreciation (2,615 ) (1,585 ) Finance lease, net $ 3,071 $ 1,559 Finance lease current liabilities 1,087 594 Finance lease liabilities 2,106 1,025 $ 3,193 $ 1,619 Weighted average remaining lease term (in years) 2023 2022 Operating leases 6 6 Finance leases 4 3 Weighted average discount rate Operating leases 4.07 % 3.41 % Finance leases 5.06 % 3.56 % Maturities of lease liabilities were as follows: (in thousands) Operating Lease Finance Lease Year Ending December 31, 2024 $ 9,040 $ 1,218 2025 7,482 910 2026 6,307 618 2027 5,049 417 2028 3,782 300 Thereafter 8,139 39 Total future minimum lease payments $ 39,799 $ 3,502 Less remaining imputed interest (4,725 ) (309 ) Total $ 35,074 $ 3,193 |
Note 10 - Debt
Note 10 - Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Debt: The Company’s debt is comprised of the following components: As of December 31, (in thousands) 2023 2022 Asset-based revolving credit facility due June 16, 2026 $ 190,198 $ 165,658 Total debt 190,198 165,658 Less current amount - - Total long-term debt $ 190,198 $ 165,658 The Company’s ABL Credit Facility is collateralized by the Company’s accounts receivable, inventory and personal property. The $625 million ABL Credit Facility consists of: (i) a revolving credit facility of up to $595 million, including a $20 million sub-limit for letters of credit, and (ii) a first may, June 16, 2026 The ABL Credit Facility contains customary representations and warranties and certain covenants that limit the ability of the Company to, among other things: (i) incur or guarantee additional indebtedness; (ii) pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt; (iii) make investments; (iv) sell assets; (v) enter into agreements that restrict distributions or other payments from restricted subsidiaries to the Company; (vi) incur or suffer to exist liens securing indebtedness; (vii) consolidate, merge or transfer all or substantially all of their assets; and (viii) engage in transactions with affiliates. In addition, the ABL Credit Facility contains a financial covenant which provides that: (i) if any commitments or obligations are outstanding and the Company’s availability is less than the greater of $30 million or 10.0% of the aggregate amount of revolver commitments ($62.5 million at December 31, 2023 December 31, 2023 1.00 twelve As of December 31, 2023 The Company has the option to borrow under its revolver based on the agent’s base rate plus a premium ranging from 0.00% to 0.25% or the Secured Overnight Financing Rate (SOFR) plus a premium ranging from 1.25% to 2.75%. On January 10, 2019, five January 3, 2023, January 10, 2024. As of December 31, 2023 December 31, 2022 five Scheduled Debt Maturities, Interest, Debt Carrying Values The Company’s principal payments over the next five December 31, 2023 (in thousands) 2024 2025 2026 2027 2028 Total ABL Credit Facility $ - $ - $ 190,198 $ - $ - $ 190,198 Total principal payments $ - $ - $ 190,198 $ - $ - $ 190,198 The overall effective interest rate for all debt, exclusive of deferred financing fees and deferred commitment fees, amounted to 5.9%, 3.2% and 2.5% in 2023 2022 2021 December 31, 2023 2022 2021 2023 2022 2021 |
Note 11 - Derivative Instrument
Note 11 - Derivative Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. Derivative Instruments: Metals swaps During 2023 2022 2021 third December 31, 2023 December 31, 2023. December 31, 2022. third third While these derivatives are intended to help the Company manage risk, they have not third not December 31, 2023 Fixed rate interest rate hedge On January 10, 2019 five January 3, 2023, December 31, 2023 December 31, 2022 January 10, 2024. There was no December 31, 2023 2022 2021 December 31, 2023 2022 2021 Net Gain (Loss) Recognized (in thousands) 2023 2022 2021 Fixed interest rate hedge $ 1,906 $ (664 ) $ (1,880 ) Metals swaps (1,903 ) 633 418 Embedded customer derivatives 1,903 (633 ) (418 ) Total income (loss) $ 1,906 $ (664 ) $ (1,880 ) |
Note 12 - Fair Value of Assets
Note 12 - Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. Fair Value of Assets and Liabilities: The Company’s financial instruments include cash and cash equivalents, short-term trade receivables, derivative instruments, accounts payable and debt instruments. For short-term instruments, other than those required to be reported at fair value on a recurring basis and for which additional disclosures are included below, management concluded the historical carrying value is a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization. During 2023 2022 no 1, 2 3 no December 31, 2023 December 31, 2023 2022: Metals swaps and embedded customer derivatives 2 Fixed rate interest rate hedge 2 Supplemental executive retirement plan 1 The following tables present information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company: Value of Items Recorded at Fair Value As of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 4,458 $ - $ 4,458 Embedded customer derivatives $ - $ 766 $ - $ 766 Fixed interest rate hedge $ - $ 55 $ - $ 55 Supplemental executive retirement plan $ 11,617 $ - $ - $ 11,617 Total assets at fair value $ 11,617 $ 5,279 $ - $ 16,896 Liabilities: Metal swaps $ - $ 5,224 $ - $ 5,224 Total liabilities recorded at fair value $ - $ 5,224 $ - $ 5,224 Value of Items Recorded at Fair Value As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed interest rate hedge $ - $ 1,748 $ - $ 1,748 Supplemental executive retirement plan $ 7,676 $ - $ - $ 7,676 Total assets at fair value $ 7,676 $ 1,748 $ - $ 9,424 The value of the items not The carrying value of the ABL Credit Facility was $190.2 million and $165.7 million at December 31, 2023 2022 |
Note 13 - Equity Plans
Note 13 - Equity Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 13. Equity Plans: Restricted Stock Units and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 may On an annual basis, the compensation committee of the Company’s Board of Directors awards RSUs to each non-employee director as part of their annual compensation. The annual awards for 2023 2022 $80,000 one not In January 2022 may may 5 three one December 31, 2023 2022 5 no ten The performance-based awards granted in 2023 2022 December 31, 2023 Stock-based compensation expense recognized on RSUs for the years ended December 31, 2023 2022 2021 For the years ended December 31, (in thousands) 2023 2022 2021 RSU expense before taxes of the Plan $ 1,817 $ 1,297 $ 1,045 RSU expense after taxes 1,314 954 767 All pre-tax charges related to RSUs and PSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The total compensation cost of non-vested awards totaled $4.2 million and the weighted average remaining vesting period is 1.6 years as of December 31, 2023 The following table summarizes the activity related to RSUs and PSUs for the year ended December 31, 2023 2022 2021 2023 2022 2021 Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Beginning balance 617,518 $ 18.95 576,867 $ 18.29 610,540 $ 18.14 Granted 49,768 36.63 55,558 25.56 20,604 23.29 Converted into shares (2,610 ) 18.78 (5,841 ) 18.16 (49,191 ) 18.67 Forfeited (2,573 ) 19.65 (9,066 ) 17.52 (5,086 ) 17.55 Outstanding at December 31 662,103 $ 20.28 617,518 $ 18.95 576,867 $ 18.29 Vested at December 31 454,939 $ 19.71 423,941 $ 19.24 370,771 $ 18.78 Phantom Stock Units In January 2022 Pre-tax charges related to Phantom Stock Units for the year ended December 31, 2023 December 31, 2023 December 31, 2022, December 31, 2022. December 31, 2023 December 31, 2022 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments and Contingencies : The Company is party to various legal actions that it believes are ordinary in nature and incidental to the operation of its business. In the opinion of management, the outcome of the proceedings to which the Company is currently a party will not In the normal course of business, the Company periodically enters into agreements that incorporate indemnification provisions. While the maximum amount to which the Company may not At December 31, 2023 seven Facility Expiration date Hammond, Indiana November 30, 2024 Locust, North Carolina March 4, 2025 St. Paul, Minnesota May 25, 2025 Romeoville, Illinois May 31, 2025 Minneapolis (coil), Minnesota September 30, 2025 Indianapolis, Indiana January 29, 2026 Minneapolis (plate), Minnesota April 1, 2027 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes: The components of the Company’s provision (benefit) for income taxes from continuing operations were as follows: As of December 31, (in thousands) 2023 2022 2021 Current: Federal $ 11,574 $ 27,865 $ 36,592 International 1,047 102 85 State and local 2,529 5,691 7,739 15,150 33,658 44,416 Deferred 1,908 (967 ) (668 ) Income tax provision $ 17,058 $ 32,691 $ 43,748 The components of the Company’s deferred income taxes at December 31 (in thousands) 2023 2022 Deferred tax assets: Inventory (excluding LIFO reserve) $ 3,340 $ 2,176 Net operating loss and tax credit carryforwards 803 1,029 Allowance for credit losses 657 833 Accrued expenses 7,543 6,114 Lease liabilities 9,567 7,916 Other 379 214 Deferred tax assets before valuation allowance 22,289 18,282 Valuation allowance (489 ) (919 ) Total deferred tax assets 21,800 17,363 Deferred tax liabilities: LIFO reserve (3,820 ) (3,451 ) Property and equipment (16,223 ) (12,194 ) Lease right of use assets (9,363 ) (7,769 ) Interest rate hedge (14 ) (437 ) Intangibles (3,890 ) (3,537 ) Total deferred tax liabilities (33,310 ) (27,388 ) Deferred tax liabilities, net $ (11,510 ) $ (10,025 ) The following table summarizes the activity related to the Company’s gross unrecognized tax benefits: (in thousands) 2023 2022 2021 Balance as of January 1 $ 220 $ 228 $ 28 Increases related to current year tax positions - - 8 Increase (Decrease) related to prior year tax positions 8 (8 ) 200 Decreases related to lapsing of statute of limitations (8 ) - (8 ) Settlements (46 ) - - Balance as of December 31 $ 174 $ 220 $ 228 It is expected that the amount of unrecognized tax benefits will not twelve 2020 2022 The Company recognized interest related to uncertain tax positions in the income tax provision. The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate: 2023 2022 2021 U.S. federal statutory rate in effect 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 4.4 % 4.5 % 4.5 % Foreign 1.7 % 0.1 % 0.1 % Meals and entertainment 0.7 % 0.2 % 0.1 % Tax credits (0.4 )% (0.1 )% (0.1 )% All other, net 0.3 % 0.7 % 0.9 % Effective income tax rate 27.7 % 26.4 % 26.5 % Income taxes paid in 2023 2022 2021 15 20 not December 31, 2023 2022 |
Note 16 - Shares Outstanding an
Note 16 - Shares Outstanding and Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. Shares Outstanding and Earnings Per Share: Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: For the years ended December 31, (in thousands, except per share data) 2023 2022 2021 Weighted average basic shares outstanding 11,573 11,551 11,492 Assumed exercise of stock options and issuance of stock awards 5 8 11 Weighted average diluted shares outstanding 11,578 11,559 11,503 Net income $ 44,529 $ 90,931 $ 121,051 Basic earnings per share $ 3.85 $ 7.87 $ 10.53 Diluted earnings per share $ 3.85 $ 7.87 $ 10.52 Unvested RSUs and PSUs 207 194 206 |
Note 17 - Equity Programs
Note 17 - Equity Programs | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 17. Equity Programs: Stock Repurchase Program On October 2, 2015 may 10b5 1 may may twelve $15.0 December 31, 2023 December 31, 2023 1.00 As of December 31, 2023 There were no shares repurchased during 2023 2022 At-the-Market Equity Program On September 3, 2021 September 3, 2021 not 2023 2022 |
Note 18 - Segment Information
Note 18 - Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 18. Segment Information: The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. The Company's Chief Executive Officer serves as the CODM. The CODM evaluates performance and allocates resources based primarily on operating income. The operating segments are based primarily on internal management reporting. The Company operates in three January 3, 2023 October 2, 2023 Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the years ended December 31, 2023 2022 2021 For the Year Ended December 31, (in thousands) 2023 2022 2021 Net sales Specialty metals flat products $ 567,728 $ 776,022 $ 585,751 Carbon flat products 1,221,093 1,356,605 1,344,150 Tubular and pipe products 369,342 427,363 382,352 Total net sales $ 2,158,163 $ 2,559,990 $ 2,312,253 Depreciation and amortization Specialty metals flat products $ 3,929 $ 4,060 $ 3,692 Carbon flat products 14,762 10,695 11,286 Tubular and pipe products 7,682 4,913 5,267 Corporate 70 70 71 Total depreciation and amortization $ 26,443 $ 19,738 $ 20,316 Operating income Specialty metals flat products $ 22,884 $ 93,662 $ 70,544 Carbon flat products 34,582 25,015 110,074 Tubular and pipe products 40,692 34,856 7,353 Corporate (20,487 ) (19,786 ) (15,505 ) Total operating income $ 77,671 $ 133,747 $ 172,466 Other loss, net 78 45 36 Income before interest and income taxes 77,593 133,702 172,430 Interest and other expense on debt 16,006 10,080 7,631 Income before income taxes $ 61,587 $ 123,622 $ 164,799 For the Year Ended December 31, (in thousands) 2023 2022 2021 Capital expenditures Flat products $ 14,306 $ 15,299 $ 8,797 Tubular and pipe products 7,020 4,555 2,214 Total capital expenditures $ 21,326 $ 19,854 $ 11,011 Assets Flat products $ 649,744 $ 631,607 $ 777,074 Tubular and pipe products 333,677 258,412 245,962 Corporate 1,414 1,608 536 Total assets $ 984,835 $ 891,627 $ 1,023,572 There were no December 31, 2023 2022 2021 The Company sells certain products internationally, primarily in Canada and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results. |
Note 19 - Retirement Plans
Note 19 - Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 19. Retirement Plans : The Company’s retirement plans consist of 401 The 401 401 401 one first 401 100% first one In 2005 seven The Company, through its CTI subsidiary, contributes to a multiemployer pension plan. CTI contributes to the Multiemployer Plan under the terms of a collective bargaining agreement that covers certain of its union employees, and which expires May 31, 2025 December 31, 2023 2022 2021 Retirement plan expense, which includes all Company 401 December 31, 2023 2022 2021 The fair values of the Company's SERP assets as of December 31, 2023 2022 |
Note 20 - Related-party Transac
Note 20 - Related-party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 20. Related-Party Transactions : The Company’s Executive Chairman of the Board owns 50% of an entity that owns one December 31, 2028 two five |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Valuation and Qualifying Accounts (in thousands) Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year Ended December 31, 2021 Allowance for credit losses $ 1,726 $ 1,250 $ - $ (474 ) $ 2,502 Tax valuation reserve $ 2,302 $ 236 $ - $ (1,341 ) $ 1,197 Year Ended December 31, 2022 Allowance for credit losses $ 2,502 $ 2,184 $ - $ (855 ) $ 3,831 Tax valuation reserve $ 1,197 $ - $ - $ (278 ) $ 919 Year Ended December 31, 2023 Allowance for credit losses $ 3,831 $ (425 ) $ - $ (776 ) $ 2,630 Tax valuation reserve $ 919 $ - $ - $ (430 ) $ 489 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Trading Arrangement During the quarter ended December 31, 2023, no 16a 1 10b5 1 10b5 1 408 |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Business, Policy [Policy Text Block] | Nature of Business The Company operates in three reportable segments: specialty metals flat products, carbon flat products, and tubular and pipe products. The specialty metals flat products segment and the carbon flat products segment are at times consolidated and referred to as the flat products segments. Certain of the flat products segments’ assets and resources are shared by the specialty metals and carbon flat products segments, and both segments’ products are stored in the shared facilities and, in some locations, processed on shared equipment. As such, total assets and capital expenditures are reported in the aggregate for the flat products segment. Due to the shared assets and resources, certain of the flat products segment expenses are allocated between the specialty metals flat products segment and the carbon flat products segment based upon an established allocation methodology. The Company is a leading metals service center focused on the direct sale and value-added processing of carbon and coated steel, plate and coil products; stainless steel sheet, plate, bar and coil; aluminum sheet, plate and coil; pipe, tube bar, valves and fittings, tin plate and metal-intensive end-use products. The specialty metals flat products segment sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products, prime tin mill products and fabricated parts. Through acquisitions, the specialty metals flat products segment has expanded its geographic footprint and enhanced its product offerings in stainless steel and aluminum plate, sheet, angles, rounds, flat bar, tubing and pipe, stainless steel bollards and water treatment systems. The carbon flat products segment sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, fabricated parts and fabricated products, including self-dumping metal hoppers and steel and stainless-steel dump inserts for pickup truck and service truck beds. With the recent acquisition of Metal-Fab, Inc. (Metal-Fab) on January 3, 2023, October 2, 2023 Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared from the financial records of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, Olympic or the Company), after elimination of intercompany accounts and transactions. |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration Risks The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not one three 2023 2022 2021 The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 2023 2022 2021 2023 2022 2021 2023 2022 2021 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consist of short-term highly liquid investments, with a three may not not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Market Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. Valuation techniques must maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company applies a fair value hierarchy that is based on three first two Level 1 Level 2 1 not Level 3 no Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices. |
Accounts Receivable [Policy Text Block] | Allowance for Credit Losses The Company’s allowance for credit losses is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has identified. Estimations are based upon the application of a historical collection rate to the outstanding accounts receivable balance, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of the allowance for credit losses each quarter. |
Inventory, Policy [Policy Text Block] | Inventory Valuation Non-LIFO inventories are stated at the lower of its cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. LIFO inventories are stated at the lower of cost or market. Market is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion. Inventory costs include the costs of the purchased metals, inbound freight, external and internal processing and applicable labor and overhead costs. Substantially all of the costs of the Company’s specialty metals and carbon flat products segments’ inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. Certain of the Company’s tubular and pipe products inventory is stated under the LIFO method. At December 31, 2023 December 31, 2022 first first On the Consolidated Statements of Comprehensive Income, “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income or expense. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two five |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Intangible Assets and Recoverability of Long-lived Assets The Company performs an annual impairment test of indefinite-lived intangible assets in the fourth If a quantitative fair value measurement is used, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. The Company estimates the fair value of indefinite-lived intangible assets using a discounted cash flow methodology. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions, which could adversely affect the reported value of intangible assets. The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not may not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company records, as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 The Company had no December 31, 2023 no one December 31, 2023 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 one Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements. |
Contract with Customer Liabilities, Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Fees and Costs Amounts charged to customers for shipping and other transportation services are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company records compensation expense for stock awards issued to employees and directors. For additional information, see Note 13, |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, 280 not 280, December 15, 2023 December 15, 2024, not In December 2023, No. 2023 09, 740 December 15, 2024 not not 10 In March 2020 No. 2020 04, 848 December 2022 No. 2022 06 848” December 31, 2024 first 2023 not |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Details of Acquisition (in thousands) Metal-Fab As of January 3, 2023 CTB As of October 2, 2023 Assets acquired Cash and cash equivalents $ 1,728 $ - Accounts receivable, net 10,597 5,339 Prepaid expenses and other 740 - Inventories, net 17,236 3,906 Property and equipment 20,408 16,193 Goodwill 33,194 8,401 Intangible assets 54,740 9,590 Right-of-use and other long-term assets 6,930 917 Total assets acquired 145,573 44,346 Total liabilities assumed (14,369) (4,054) Cash paid $ 131,204 $ 40,292 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the twelve months ended December 31, 2022 Historical OSI Historical Metal-Fab Pro Forma Adjustments Pro Forma Combined (in thousands, except per share amounts) Pro forma: Net sales $ 2,559,990 $ 95,528 $ 736 $ 2,656,254 Net income (loss) 90,931 16,538 (12,850) 94,619 Basic earnings per share 7.87 1.43 (1.11) 8.19 Diluted earnings per share 7.87 1.43 (1.11) 8.19 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2023 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 28.8 % - - 28.8 % Plate 12.9 % - - 12.9 % Cold Rolled 4.0 % - - 4.0 % Coated 10.3 % - - 10.3 % Specialty - 26.3 % - 26.3 % Pipe & Tube - - 17.1 % 17.1 % Other 0.6 % - - 0.6 % Total 56.6 % 26.3 % 17.1 % 100.0 % Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2022 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 29.8 % - - 29.8 % Plate 13.3 % - - 13.3 % Cold Rolled 4.7 % - - 4.7 % Coated 4.5 % - - 4.5 % Specialty - 30.3 % - 30.3 % Pipe & Tube - - 16.7 % 16.7 % Other 0.7 % - - 0.7 % Total 53.0 % 30.3 % 16.7 % 100.0 % Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 31.4 % - - 31.4 % Plate 10.4 % - - 10.4 % Cold Rolled 7.0 % - - 7.0 % Coated 7.7 % - - 7.7 % Specialty - 25.3 % - 25.3 % Pipe & Tube - - 16.5 % 16.5 % Other 1.6 % 0.1 % - 1.7 % Total 58.1 % 25.4 % 16.5 % 100.0 % |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of December 31, (in thousands) 2023 2022 Unprocessed $ 282,565 $ 356,588 Processed and finished 103,970 60,343 Total $ 386,535 $ 416,931 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) Depreciable Lives December 31, 2023 December 31, 2022 Land - $ 16,676 $ 15,058 Land improvements 5 - 10 4,685 4,160 Buildings and improvements 7 - 30 158,335 141,585 Machinery and equipment 2 - 15 254,777 221,375 Furniture and fixtures 3 - 7 6,849 6,829 Computer software and equipment 2 - 5 26,787 25,338 Vehicles 2 - 5 5,112 4,049 Financing lease - 5,686 3,144 Construction in progress - 4,541 8,272 483,448 429,810 Less accumulated depreciation (297,340 ) (281,478 ) Net property and equipment $ 186,108 $ 148,332 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2021 1,065 9,431 - 10,496 Acquisitions - - - - Impairments - - - - Balance as of December 31, 2022 $ 1,065 $ 9,431 $ - $ 10,496 Acquisitions 33,194 - 8,401 41,595 Impairments - - - - Balance as of December 31, 2023 $ 34,259 $ 9,431 $ 8,401 $ 52,091 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of Balance at December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 62,559 $ (15,084 ) $ 47,475 Covenant not to compete - subject to amortization 2,339 (679 ) 1,660 Technology and know-how - subject to amortization 7,000 (382 ) 6,618 Trade name - not subject to amortization 36,868 - 36,868 $ 108,766 $ (16,145 ) $ 92,621 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 22,559 $ (12,100 ) $ 10,459 Covenant not to compete - subject to amortization 509 (301 ) 208 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (12,401 ) $ 32,035 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (in thousands) 2023 2022 2021 Operating lease cost $ 9,008 $ 7,446 $ 6,952 Finance lease cost Amortization 1,056 720 721 Interest on lease liabilities 157 67 71 $ 1,213 $ 787 $ 792 |
Lease, Payment [Table Text Block] | (in thousands) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,901 $ 7,268 $ 6,830 Operating cash flows from finance leases 157 67 71 Financing cash flows from finance leases 1,039 703 828 Total cash paid for amounts included in the measurement of lease liabilities $ 10,097 $ 8,038 $ 7,729 |
Lease, Balance Sheet Information [Table Text Block] | (in thousands) 2023 2022 Operating leases Operating lease $ 56,117 $ 45,987 Operating lease accumulated amortization (21,737 ) (17,763 ) Operating lease right of use asset, net $ 34,380 $ 28,224 Operating lease current liabilities 7,813 6,098 Operating lease liabilities 27,261 22,655 $ 35,074 $ 28,753 (in thousands) 2023 2022 Finance leases Finance lease $ 5,686 $ 3,144 Finance lease accumulated depreciation (2,615 ) (1,585 ) Finance lease, net $ 3,071 $ 1,559 Finance lease current liabilities 1,087 594 Finance lease liabilities 2,106 1,025 $ 3,193 $ 1,619 Weighted average remaining lease term (in years) 2023 2022 Operating leases 6 6 Finance leases 4 3 Weighted average discount rate Operating leases 4.07 % 3.41 % Finance leases 5.06 % 3.56 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | (in thousands) Operating Lease Finance Lease Year Ending December 31, 2024 $ 9,040 $ 1,218 2025 7,482 910 2026 6,307 618 2027 5,049 417 2028 3,782 300 Thereafter 8,139 39 Total future minimum lease payments $ 39,799 $ 3,502 Less remaining imputed interest (4,725 ) (309 ) Total $ 35,074 $ 3,193 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of December 31, (in thousands) 2023 2022 Asset-based revolving credit facility due June 16, 2026 $ 190,198 $ 165,658 Total debt 190,198 165,658 Less current amount - - Total long-term debt $ 190,198 $ 165,658 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | (in thousands) 2024 2025 2026 2027 2028 Total ABL Credit Facility $ - $ - $ 190,198 $ - $ - $ 190,198 Total principal payments $ - $ - $ 190,198 $ - $ - $ 190,198 |
Note 11 - Derivative Instrume_2
Note 11 - Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized (in thousands) 2023 2022 2021 Fixed interest rate hedge $ 1,906 $ (664 ) $ (1,880 ) Metals swaps (1,903 ) 633 418 Embedded customer derivatives 1,903 (633 ) (418 ) Total income (loss) $ 1,906 $ (664 ) $ (1,880 ) |
Note 12 - Fair Value of Asset_2
Note 12 - Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Value of Items Recorded at Fair Value As of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 4,458 $ - $ 4,458 Embedded customer derivatives $ - $ 766 $ - $ 766 Fixed interest rate hedge $ - $ 55 $ - $ 55 Supplemental executive retirement plan $ 11,617 $ - $ - $ 11,617 Total assets at fair value $ 11,617 $ 5,279 $ - $ 16,896 Liabilities: Metal swaps $ - $ 5,224 $ - $ 5,224 Total liabilities recorded at fair value $ - $ 5,224 $ - $ 5,224 Value of Items Recorded at Fair Value As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed interest rate hedge $ - $ 1,748 $ - $ 1,748 Supplemental executive retirement plan $ 7,676 $ - $ - $ 7,676 Total assets at fair value $ 7,676 $ 1,748 $ - $ 9,424 |
Note 13 - Equity Plans (Tables)
Note 13 - Equity Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the years ended December 31, (in thousands) 2023 2022 2021 RSU expense before taxes of the Plan $ 1,817 $ 1,297 $ 1,045 RSU expense after taxes 1,314 954 767 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2023 2022 2021 Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Beginning balance 617,518 $ 18.95 576,867 $ 18.29 610,540 $ 18.14 Granted 49,768 36.63 55,558 25.56 20,604 23.29 Converted into shares (2,610 ) 18.78 (5,841 ) 18.16 (49,191 ) 18.67 Forfeited (2,573 ) 19.65 (9,066 ) 17.52 (5,086 ) 17.55 Outstanding at December 31 662,103 $ 20.28 617,518 $ 18.95 576,867 $ 18.29 Vested at December 31 454,939 $ 19.71 423,941 $ 19.24 370,771 $ 18.78 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | As of December 31, (in thousands) 2023 2022 2021 Current: Federal $ 11,574 $ 27,865 $ 36,592 International 1,047 102 85 State and local 2,529 5,691 7,739 15,150 33,658 44,416 Deferred 1,908 (967 ) (668 ) Income tax provision $ 17,058 $ 32,691 $ 43,748 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2023 2022 Deferred tax assets: Inventory (excluding LIFO reserve) $ 3,340 $ 2,176 Net operating loss and tax credit carryforwards 803 1,029 Allowance for credit losses 657 833 Accrued expenses 7,543 6,114 Lease liabilities 9,567 7,916 Other 379 214 Deferred tax assets before valuation allowance 22,289 18,282 Valuation allowance (489 ) (919 ) Total deferred tax assets 21,800 17,363 Deferred tax liabilities: LIFO reserve (3,820 ) (3,451 ) Property and equipment (16,223 ) (12,194 ) Lease right of use assets (9,363 ) (7,769 ) Interest rate hedge (14 ) (437 ) Intangibles (3,890 ) (3,537 ) Total deferred tax liabilities (33,310 ) (27,388 ) Deferred tax liabilities, net $ (11,510 ) $ (10,025 ) |
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block] | (in thousands) 2023 2022 2021 Balance as of January 1 $ 220 $ 228 $ 28 Increases related to current year tax positions - - 8 Increase (Decrease) related to prior year tax positions 8 (8 ) 200 Decreases related to lapsing of statute of limitations (8 ) - (8 ) Settlements (46 ) - - Balance as of December 31 $ 174 $ 220 $ 228 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 2021 U.S. federal statutory rate in effect 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 4.4 % 4.5 % 4.5 % Foreign 1.7 % 0.1 % 0.1 % Meals and entertainment 0.7 % 0.2 % 0.1 % Tax credits (0.4 )% (0.1 )% (0.1 )% All other, net 0.3 % 0.7 % 0.9 % Effective income tax rate 27.7 % 26.4 % 26.5 % |
Note 16 - Shares Outstanding _2
Note 16 - Shares Outstanding and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the years ended December 31, (in thousands, except per share data) 2023 2022 2021 Weighted average basic shares outstanding 11,573 11,551 11,492 Assumed exercise of stock options and issuance of stock awards 5 8 11 Weighted average diluted shares outstanding 11,578 11,559 11,503 Net income $ 44,529 $ 90,931 $ 121,051 Basic earnings per share $ 3.85 $ 7.87 $ 10.53 Diluted earnings per share $ 3.85 $ 7.87 $ 10.52 Unvested RSUs and PSUs 207 194 206 |
Note 18 - Segment Information (
Note 18 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Year Ended December 31, (in thousands) 2023 2022 2021 Net sales Specialty metals flat products $ 567,728 $ 776,022 $ 585,751 Carbon flat products 1,221,093 1,356,605 1,344,150 Tubular and pipe products 369,342 427,363 382,352 Total net sales $ 2,158,163 $ 2,559,990 $ 2,312,253 Depreciation and amortization Specialty metals flat products $ 3,929 $ 4,060 $ 3,692 Carbon flat products 14,762 10,695 11,286 Tubular and pipe products 7,682 4,913 5,267 Corporate 70 70 71 Total depreciation and amortization $ 26,443 $ 19,738 $ 20,316 Operating income Specialty metals flat products $ 22,884 $ 93,662 $ 70,544 Carbon flat products 34,582 25,015 110,074 Tubular and pipe products 40,692 34,856 7,353 Corporate (20,487 ) (19,786 ) (15,505 ) Total operating income $ 77,671 $ 133,747 $ 172,466 Other loss, net 78 45 36 Income before interest and income taxes 77,593 133,702 172,430 Interest and other expense on debt 16,006 10,080 7,631 Income before income taxes $ 61,587 $ 123,622 $ 164,799 |
Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block] | For the Year Ended December 31, (in thousands) 2023 2022 2021 Capital expenditures Flat products $ 14,306 $ 15,299 $ 8,797 Tubular and pipe products 7,020 4,555 2,214 Total capital expenditures $ 21,326 $ 19,854 $ 11,011 Assets Flat products $ 649,744 $ 631,607 $ 777,074 Tubular and pipe products 333,677 258,412 245,962 Corporate 1,414 1,608 536 Total assets $ 984,835 $ 891,627 $ 1,023,572 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year Ended December 31, 2021 Allowance for credit losses $ 1,726 $ 1,250 $ - $ (474 ) $ 2,502 Tax valuation reserve $ 2,302 $ 236 $ - $ (1,341 ) $ 1,197 Year Ended December 31, 2022 Allowance for credit losses $ 2,502 $ 2,184 $ - $ (855 ) $ 3,831 Tax valuation reserve $ 1,197 $ - $ - $ (278 ) $ 919 Year Ended December 31, 2023 Allowance for credit losses $ 3,831 $ (425 ) $ - $ (776 ) $ 2,630 Tax valuation reserve $ 919 $ - $ - $ (430 ) $ 489 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | |
Number of Reportable Segments | 3 | ||
LIFO Inventory Amount | $ 38.2 | $ 46.3 | |
Percentage of LIFO Inventory | 9.90% | 11.10% | |
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||
Software and Software Development Costs [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 2 years | ||
Minimum [Member] | Software and Software Development Costs [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 2 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||
Maximum [Member] | Software and Software Development Costs [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Steel Requirements [Member] | Supplier Concentration Risk [Member] | Three Largest Suppliers [Member] | |||
Concentration Risk, Percentage | 40% | 39% | 51% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Top 20 [Member] | |||
Concentration Risk, Percentage | 29% | 26% | 23% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Largest Customer [Member] | |||
Concentration Risk, Percentage | 3% | 3% | 2% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Industrial Machinery and Equipment Manufacturers and Fabricators [Member] | |||
Concentration Risk, Percentage | 48% | 52% | 47% |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 02, 2023 | Jan. 03, 2023 | Oct. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Internally Developed Technology [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||
Internally Developed Technology [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets, Net | $ 1,660 | $ 208 | |||
Noncompete Agreements [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | ||||
Noncompete Agreements [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets, Net | $ 47,475 | $ 10,459 | |||
Customer Relationships [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||
Customer Relationships [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 26 years | ||||
Metal-Fab [Member] | |||||
Payments to Acquire Businesses, Gross | $ 131,200 | ||||
Business Combination, Consideration Transferred | 131,000 | ||||
Business Combination, Consideration Cash Adjustment | 200 | ||||
Business Combination, Acquisition Related Costs | $ 2,600 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 2,100 | ||||
Metal-Fab [Member] | Trade Names [Member] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 11,500 | ||||
Metal-Fab [Member] | Internally Developed Technology [Member] | |||||
Finite-Lived Intangible Assets, Net | $ 5,300 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||
Metal-Fab [Member] | Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets, Net | $ 1,400 | ||||
Metal-Fab [Member] | Noncompete Agreements [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||
Metal-Fab [Member] | Noncompete Agreements [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Metal-Fab [Member] | Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets, Net | $ 36,500 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 26 years | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 26 years | ||||
Central Tube and Bar [Member] | |||||
Payments to Acquire Businesses, Gross | $ 40,300 | ||||
Business Combination, Consideration Transferred | 37,800 | ||||
Business Combination, Acquisition Related Costs | 900 | ||||
Business Combination, Consideration Working Capital Adjustment | 2,500 | ||||
Central Tube and Bar [Member] | Trade Names [Member] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 4,000 | ||||
Central Tube and Bar [Member] | Internally Developed Technology [Member] | |||||
Finite-Lived Intangible Assets, Net | $ 1,700 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||
Central Tube and Bar [Member] | Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets, Net | $ 400 | ||||
Central Tube and Bar [Member] | Noncompete Agreements [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Central Tube and Bar [Member] | Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets, Net | $ 3,500 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||
Shaw Stainless & Alloy, Inc [Member] | |||||
Business Combination, Consideration Transferred | $ 12,100 | ||||
The 2023 Acquisitions [Member] | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 110,300 |
Note 2 - Acquisitions - Purchas
Note 2 - Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Oct. 02, 2023 | Jan. 03, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 52,091 | $ 10,496 | $ 10,496 | ||
Metal-Fab [Member] | |||||
Cash and cash equivalents | $ 1,728 | ||||
Accounts receivable, net | 5,339 | 10,597 | |||
Prepaid expenses and other | 740 | ||||
Inventories, net | 3,906 | 17,236 | |||
Property and equipment | 16,193 | 20,408 | |||
Goodwill | 8,401 | 33,194 | |||
Intangible assets | 9,590 | 54,740 | |||
Right-of-use and other long-term assets | 917 | 6,930 | |||
Total assets acquired | 44,346 | 145,573 | |||
Total liabilities assumed | (4,054) | (14,369) | |||
Cash paid | $ 40,292 | $ 131,204 |
Note 2 - Acquisitions - Pro For
Note 2 - Acquisitions - Pro Forma (Details) - Metal-Fab [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares | |
Net sales | $ | $ 2,656,254 |
Net income (loss) | $ | $ 94,619 |
Basic earnings per share (in dollars per share) | $ / shares | $ 8.19 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 8.19 |
Historical OSI [Member] | |
Net sales | $ | $ 2,559,990 |
Net income (loss) | $ | $ 90,931 |
Basic earnings per share (in dollars per share) | $ / shares | $ 7.87 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 7.87 |
Historical [Member] | |
Net sales | $ | $ 95,528 |
Net income (loss) | $ | $ 16,538 |
Basic earnings per share (in dollars per share) | $ / shares | $ 1.43 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 1.43 |
Pro Forma [Member] | |
Net sales | $ | $ 736 |
Net income (loss) | $ | $ (12,850) |
Basic earnings per share (in dollars per share) | $ / shares | $ (1.11) |
Diluted earnings per share (in dollars per share) | $ / shares | $ (1.11) |
Note 3 - Disposition of Assets
Note 3 - Disposition of Assets (Details Textual) $ in Millions | Sep. 17, 2021 USD ($) |
Sale of Operations, Consideration Received or Receivable | $ 58.4 |
Estimated Working Capital Adjustment | 12.6 |
Sale of Operations, Property and Equipment | 9.5 |
Sale of Operations, Gain (Loss) on Sale of Operations, Before Tax | $ 3.5 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Percentage of net sales | 100% | 100% | 100% |
Carbon Flat Products [Member] | |||
Percentage of net sales | 26.30% | 30.30% | 25.40% |
Specialty Metals Flat Products [Member] | |||
Percentage of net sales | 56.60% | 53% | 58.10% |
Tubular and Pipe Products [Member] | |||
Percentage of net sales | 17.10% | 16.70% | 16.50% |
Hot Rolled Products [Member] | |||
Percentage of net sales | 28.80% | 29.80% | 31.40% |
Hot Rolled Products [Member] | Carbon Flat Products [Member] | |||
Percentage of net sales | 28.80% | 0% | 0% |
Hot Rolled Products [Member] | Specialty Metals Flat Products [Member] | |||
Percentage of net sales | 0% | 29.80% | 31.40% |
Hot Rolled Products [Member] | Tubular and Pipe Products [Member] | |||
Percentage of net sales | 0% | 0% | 0% |
Plate Products [Member] | |||
Percentage of net sales | 12.90% | 13.30% | 10.40% |
Plate Products [Member] | Carbon Flat Products [Member] | |||
Percentage of net sales | 12.90% | 0% | 0% |
Plate Products [Member] | Specialty Metals Flat Products [Member] | |||
Percentage of net sales | 0% | 13.30% | 10.40% |
Plate Products [Member] | Tubular and Pipe Products [Member] | |||
Percentage of net sales | 0% | 0% | 0% |
Cold Rolled Products [Member] | |||
Percentage of net sales | 4% | 4.70% | 7% |
Cold Rolled Products [Member] | Carbon Flat Products [Member] | |||
Percentage of net sales | 4% | 0% | 0% |
Cold Rolled Products [Member] | Specialty Metals Flat Products [Member] | |||
Percentage of net sales | 0% | 4.70% | 7% |
Cold Rolled Products [Member] | Tubular and Pipe Products [Member] | |||
Percentage of net sales | 0% | 0% | 0% |
Coated Products [Member] | |||
Percentage of net sales | 10.30% | 4.50% | 7.70% |
Coated Products [Member] | Carbon Flat Products [Member] | |||
Percentage of net sales | 10.30% | 0% | 0% |
Coated Products [Member] | Specialty Metals Flat Products [Member] | |||
Percentage of net sales | 0% | 4.50% | 7.70% |
Coated Products [Member] | Tubular and Pipe Products [Member] | |||
Percentage of net sales | 0% | 0% | 0% |
Specialty [Member] | |||
Percentage of net sales | 26.30% | 30.30% | 25.30% |
Specialty [Member] | Carbon Flat Products [Member] | |||
Percentage of net sales | 0% | 30.30% | 25.30% |
Specialty [Member] | Specialty Metals Flat Products [Member] | |||
Percentage of net sales | 26.30% | 0% | 0% |
Specialty [Member] | Tubular and Pipe Products [Member] | |||
Percentage of net sales | 0% | 0% | 0% |
Pipe and Tube Products [Member] | |||
Percentage of net sales | 17.10% | 16.70% | 16.50% |
Pipe and Tube Products [Member] | Carbon Flat Products [Member] | |||
Percentage of net sales | 0% | 0% | 0% |
Pipe and Tube Products [Member] | Specialty Metals Flat Products [Member] | |||
Percentage of net sales | 0% | 0% | 0% |
Pipe and Tube Products [Member] | Tubular and Pipe Products [Member] | |||
Percentage of net sales | 17.10% | 16.70% | 16.50% |
Product and Service, Other [Member] | |||
Percentage of net sales | 0.60% | 0.70% | 1.70% |
Product and Service, Other [Member] | Carbon Flat Products [Member] | |||
Percentage of net sales | 0.60% | 0% | 0.10% |
Product and Service, Other [Member] | Specialty Metals Flat Products [Member] | |||
Percentage of net sales | 0% | 0.70% | 1.60% |
Product and Service, Other [Member] | Tubular and Pipe Products [Member] | |||
Percentage of net sales | 0% | 0% | 0% |
Note 5 - Accounts Receivable (D
Note 5 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4.2 | $ 4.3 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0.4 | $ 2.2 | $ 1.3 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
LIFO Inventory Amount | $ 38.2 | $ 46.3 |
Percentage of LIFO Inventory | 9.90% | 11.10% |
Inventory, LIFO Reserve, Effect on Income, Net | $ (8.3) | $ 0.6 |
Inventory Difference Using FIFO Basis | $ 12 | $ 20.3 |
Note 6 - Inventories - Steel In
Note 6 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Unprocessed | $ 282,565 | $ 356,588 |
Processed and finished | 103,970 | 60,343 |
Inventories, net | $ 386,535 | $ 416,931 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment (Details Textual) | Dec. 31, 2023 |
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment, at cost | $ 483,448 | $ 429,810 |
Depreciable lives (Year) | 7 years | |
Financing lease | $ 5,686 | 3,144 |
Accumulated depreciation | (297,340) | (281,478) |
Net property and equipment | $ 186,108 | 148,332 |
Minimum [Member] | ||
Depreciable lives (Year) | 2 years | |
Maximum [Member] | ||
Depreciable lives (Year) | 30 years | |
Land [Member] | ||
Property and equipment, at cost | $ 16,676 | 15,058 |
Land Improvements [Member] | ||
Property and equipment, at cost | $ 4,685 | 4,160 |
Land Improvements [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 5 years | |
Land Improvements [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 10 years | |
Building and Building Improvements [Member] | ||
Property and equipment, at cost | $ 158,335 | 141,585 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 7 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 30 years | |
Machinery and Equipment [Member] | ||
Property and equipment, at cost | $ 254,777 | 221,375 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 2 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 15 years | |
Furniture and Fixtures [Member] | ||
Property and equipment, at cost | $ 6,849 | 6,829 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 7 years | |
Software and Software Development Costs [Member] | ||
Property and equipment, at cost | $ 26,787 | 25,338 |
Depreciable lives (Year) | 5 years | |
Software and Software Development Costs [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 2 years | |
Software and Software Development Costs [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 5 years | |
Vehicles [Member] | ||
Property and equipment, at cost | $ 5,112 | 4,049 |
Vehicles [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 2 years | |
Vehicles [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 5 years | |
Construction in Progress [Member] | ||
Property and equipment, at cost | $ 4,541 | $ 8,272 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 0 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 4,200 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 3,700 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 3,300 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 3,000 | |
Finite-Lived Intangible Asset, Expected Amortization, After Year Five | 2,200 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | $ 4,200 | |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 26 years | |
Noncompete Agreements [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |
Internally Developed Technology [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Internally Developed Technology [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 10,496 | $ 10,496 |
Acquisitions | 41,595 | 0 |
Impairments | 0 | 0 |
Balance | 52,091 | 10,496 |
Carbon Flat Products [Member] | ||
Balance | 1,065 | 1,065 |
Acquisitions | 33,194 | 0 |
Impairments | 0 | 0 |
Balance | 34,259 | 1,065 |
Specialty Metals Flat Products [Member] | ||
Balance | 9,431 | 9,431 |
Acquisitions | 0 | 0 |
Impairments | 0 | 0 |
Balance | 9,431 | 9,431 |
Tubular and Pipe Products [Member] | ||
Balance | 0 | 0 |
Acquisitions | 8,401 | 0 |
Impairments | 0 | 0 |
Balance | $ 8,401 | $ 0 |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated amortization | $ (16,145) | $ (12,401) |
Intangible assets, gross | 108,766 | 44,436 |
Intangible assets, net | 92,621 | 32,035 |
Trade Names [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 36,868 | 21,368 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 62,559 | 22,559 |
Accumulated amortization | (15,084) | (12,100) |
Finite-lived intangible assets, net | 47,475 | 10,459 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 2,339 | 509 |
Accumulated amortization | (679) | (301) |
Finite-lived intangible assets, net | 1,660 | $ 208 |
Technology-Based Intangible Assets [Member] | ||
Finite-lived intangible assets, gross | 7,000 | |
Accumulated amortization | (382) | |
Finite-lived intangible assets, net | $ 6,618 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Cleveland Warehouse [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Chief Executive Officer [Member] | Related Entity That Owns Cleveland Warehouse [Member] | Cleveland Warehouse [Member] | |
Equity Method Investment, Ownership Percentage | 50% |
Affiliated Entity [Member] | Cleveland Warehouse [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Operating Lease, Annual Expense | $ 0.2 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 15 years |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease cost | $ 9,008 | $ 7,446 | $ 6,952 |
Amortization | 1,056 | 720 | 721 |
Interest on lease liabilities | 157 | 67 | 71 |
Finance Lease, Cost | $ 1,213 | $ 787 | $ 792 |
Note 9 - Leases - Lease Payment
Note 9 - Leases - Lease Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating cash flows from operating leases | $ 8,901 | $ 7,268 | $ 6,830 |
Operating cash flows from finance leases | 157 | 67 | 71 |
Financing cash flows from finance leases | 1,039 | 703 | 828 |
Total cash paid for amounts included in the measurement of lease liabilities | $ 10,097 | $ 8,038 | $ 7,729 |
Note 9 - Leases - Balance Sheet
Note 9 - Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating lease | $ 56,117 | $ 45,987 |
Operating lease accumulated amortization | (21,737) | (17,763) |
Operating lease right of use asset, net | (34,380) | (28,224) |
Current portion of lease liabilities | 7,813 | 6,098 |
Operating lease, operating lease liabilities | 27,261 | 22,655 |
Operating Lease, Liability | 35,074 | 28,753 |
Property and equipment, at cost | 483,448 | 429,810 |
Accumulated depreciation | (297,340) | (281,478) |
Finance Lease, Liability | $ 3,193 | $ 1,619 |
Operating leases (Year) | 6 years | 6 years |
Finance leases (Year) | 4 years | 3 years |
Operating leases | 4.07% | 3.41% |
Finance leases | 5.06% | 3.56% |
Other Accrued Liabilities [Member] | ||
Finance lease current liabilities | $ 1,087 | $ 594 |
Other Noncurrent Liabilities [Member] | ||
Finance lease liabilities | 2,106 | 1,025 |
Assets Held Under Finance Leases [Member] | ||
Property and equipment, at cost | 5,686 | 3,144 |
Accumulated depreciation | (2,615) | (1,585) |
Finance lease, net | $ 3,071 | $ 1,559 |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024, operating lease | $ 9,040 | |
2024, finance lease | 1,218 | |
2025, operating lease | 7,482 | |
2025, finance lease | 910 | |
2026, operating lease | 6,307 | |
2026, finance lease | 618 | |
2027, operating lease | 5,049 | |
2027, finance lease | 417 | |
2028, operating lease | 3,782 | |
2028, finance lease | 300 | |
Thereafter, operating lease | 8,139 | |
Thereafter, finance lease | 39 | |
Operating lease, Total future minimum lease payments | 39,799 | |
Finance lease, Total future minimum lease payments | 3,502 | |
Operating lease, Less remaining imputed interest | (4,725) | |
Finance lease, Less remaining imputed interest | (309) | |
Operating lease, Total | 35,074 | $ 28,753 |
Finance lease, Total | 3,193 | $ 1,619 |
Current Portion and Lease Liabilities [Member] | ||
Operating lease, Total | 35,074 | |
Other Accrued Liabilities and Other Long-term Liabilities [Member] | ||
Finance lease, Total | $ 3,193 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) $ in Millions | 12 Months Ended | |||||||
Dec. 14, 2020 USD ($) | Jan. 10, 2019 USD ($) | Dec. 31, 2023 USD ($) | Dec. 30, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 03, 2023 USD ($) | Jun. 16, 2021 USD ($) | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 15 | $ 9.6 | $ 6.8 | |||||
Long-term Debt, Gross | 239.4 | 280.4 | $ 255.8 | |||||
Industrial Revenue Bond Member [Member] | ||||||||
Debt Issuance Costs, Net | $ 1.7 | $ 1.2 | ||||||
All Debt, Excluding Deferred Financing Fees and Deferred Commitment Fees [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.90% | 3.20% | 2.50% | |||||
Interest Rate Swap [Member] | ||||||||
Derivative, Term of Contract (Year) | 5 years | |||||||
Derivative, Notional Amount | $ 75 | |||||||
Derivative, Fixed Interest Rate | 2.57% | 2.42% | ||||||
ABL Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 625 | |||||||
Derivative, Term of Contract (Year) | 5 years | |||||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 595 | |||||||
Letters of Credit, Maximum Borrowing Capacity | $ 20 | |||||||
Maximum First In, Last Out Revolving Credit Facility | 30 | |||||||
Line of Credit Facility, Additional Commitments, Maximum | $ 200 | |||||||
Line Of Credit Facility Covenant Terms Monetary | $ 30 | |||||||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 10% | |||||||
Balance Required for Compliance with Revolver Commitments | $ 62.5 | |||||||
Line of Credit Facility Covenant Terms Percentage of Aggregate Borrowing Base | 10% | |||||||
Line of Credit Facility Covenant Terms Aggregate Borrowing Base | $ 53.4 | |||||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 339.4 | |||||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | |||||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Note 10 - Debt - Summary of Deb
Note 10 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Asset-based revolving credit facility | $ 190,198 | $ 165,658 |
Total debt | 190,198 | 165,658 |
Less current amount | 0 | 0 |
Total long-term debt | 190,198 | 165,658 |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Asset-based revolving credit facility | $ 190,198 | $ 165,658 |
Note 10 - Debt - Principal Paym
Note 10 - Debt - Principal Payments Over the Next 5 Years and Thereafter (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 0 | |
2025 | 0 | |
2026 | 190,198 | |
2027 | 0 | |
2028 | 0 | |
Total | 190,198 | $ 165,658 |
ABL Credit Facility [Member] | ||
2024 | 0 | |
2025 | 0 | |
2026 | 190,198 | |
2027 | 0 | |
2028 | 0 | |
Total | $ 190,198 |
Note 11 - Derivative Instrume_3
Note 11 - Derivative Instruments (Details Textual) - USD ($) | Jan. 10, 2019 | Dec. 31, 2023 | Jan. 03, 2023 | Dec. 31, 2022 |
Metal Swaps [Member] | ||||
Derivative, Notional Amount | $ 5,200,000 | $ 0 | ||
Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | $ 75,000,000 | |||
Derivative, Term of Contract (Year) | 5 years | |||
Derivative, Fixed Interest Rate | 2.57% | 2.42% | ||
Interest Rate Swap [Member] | Other Noncurrent Assets [Member] | ||||
Derivative Asset | $ 54,800 | $ 1,700,000 |
Note 11 - Derivative Instrume_4
Note 11 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Gain (Loss) Recognized | $ 1,906 | $ (664) | $ (1,880) |
Interest Rate Swap [Member] | |||
Net Gain (Loss) Recognized | 1,906 | (664) | (1,880) |
Metal Swaps [Member] | |||
Net Gain (Loss) Recognized | (1,903) | 633 | 418 |
Embedded Customer Derivatives [Member] | |||
Net Gain (Loss) Recognized | $ 1,903 | $ (633) | $ (418) |
Note 12 - Fair Value of Asset_3
Note 12 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revolving Credit Facility [Member] | ||
Long-Term Debt, Fair Value | $ 190.2 | $ 165.7 |
Note 12 - Fair Value of Asset_4
Note 12 - Fair Value of Assets and Liabilities - Fair Value Measurements, Recorded (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Asset | $ 766 | |
Total assets at fair value | 16,896 | $ 9,424 |
Total liabilities recorded at fair value | 5,224 | |
Supplemental Executive Retirement Plan [Member] | ||
Derivative Asset | 11,617 | 7,676 |
Metal Swaps [Member] | ||
Derivative Asset | 4,458 | |
Derivative liability | 5,224 | |
Interest Rate Swap [Member] | ||
Derivative Asset | 55 | 1,748 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative Asset | 0 | |
Total assets at fair value | 11,617 | 7,676 |
Total liabilities recorded at fair value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Supplemental Executive Retirement Plan [Member] | ||
Derivative Asset | 11,617 | 7,676 |
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member] | ||
Derivative Asset | 0 | |
Derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative Asset | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset | 766 | |
Total assets at fair value | 5,279 | 1,748 |
Total liabilities recorded at fair value | 5,224 | |
Fair Value, Inputs, Level 2 [Member] | Supplemental Executive Retirement Plan [Member] | ||
Derivative Asset | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member] | ||
Derivative Asset | 4,458 | |
Derivative liability | 5,224 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative Asset | 55 | 1,748 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative Asset | 0 | |
Total assets at fair value | 0 | 0 |
Total liabilities recorded at fair value | 0 | |
Fair Value, Inputs, Level 3 [Member] | Supplemental Executive Retirement Plan [Member] | ||
Derivative Asset | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member] | ||
Derivative Asset | 0 | |
Derivative liability | 0 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative Asset | $ 0 | $ 0 |
Note 13 - Equity Plans (Details
Note 13 - Equity Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
C-Suite Long-Term Incentive Plan [Member] | ||||
Minimum Return on Assets for Performance-Based Incentives | 5% | |||
Performance-Based Award Cap, Percentage of Grant | 150% | 150% | ||
Chief Executive Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 1,100,000 | |||
Chief Financial Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | 300,000 | |||
President and Chief Operating Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 600,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 49,768 | 55,558 | 20,604 | |
Share-Based Payment Arrangement, Expense | $ 1,817,000 | $ 1,297,000 | $ 1,045,000 | |
Restricted Stock Units (RSUs) [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | |||
Restricted Stock Units (RSUs) [Member] | Senior Management Stock Incentive Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||
Restricted Stock Units (RSUs) [Member] | Performance-Based Cash Awards [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 4,200,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year) | 1 year 7 months 6 days | |||
Restricted Stock Units (RSUs) [Member] | Non-Employee Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Value | $ 80,000 | $ 80,000 | ||
Restricted Stock Units (RSUs) [Member] | Non-Employee Director [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Performance Shares [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | |||
Service Based Cash Awards [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 500,000 | |||
Performance-Based Cash Awards [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 500,000 | |||
Performance-Based Cash Awards [Member] | Performance-Based Cash Awards [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 2,500,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year) | 1 year 6 months | |||
Phantom Stock Plan [Member] | Phantom Stock Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year) | 1 year 6 months | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | 2 years | ||
Share-Based Payment Arrangement, Expense | $ 1,500,000 | $ 300,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 1,600,000 | 700,000 | ||
Deferred Compensation Share-Based Arrangements, Liability, Current and Noncurrent | $ 1,800,000 | $ 300,000 | ||
Phantom Stock Plan [Member] | Phantom Stock Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Annual Grant Value | $ 30,000 | |||
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,400,000 |
Note 13 - Equity Plans - Stock-
Note 13 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 1,817 | $ 1,297 | $ 1,045 |
RSU expense after taxes | $ 1,314 | $ 954 | $ 767 |
Note 13 - Equity Plans - Restri
Note 13 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning balance, number of shares (in shares) | 617,518 | 576,867 | 610,540 |
Beginning balance, weighted average estimated fair value (in dollars per share) | $ 18.95 | $ 18.29 | $ 18.14 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 49,768 | 55,558 | 20,604 |
Granted, weighted average estimated fair value (in dollars per share) | $ 36.63 | $ 25.56 | $ 23.29 |
Converted into shares, number of shares (in shares) | (2,610) | (5,841) | (49,191) |
Converted into shares, weighted average estimated fair value (in dollars per share) | $ 18.78 | $ 18.16 | $ 18.67 |
Forfeited, number of shares (in shares) | (2,573) | (9,066) | (5,086) |
Forfeited, weighted average estimated fair value (in dollars per share) | $ 19.65 | $ 17.52 | $ 17.55 |
Outstanding, number of shares (in shares) | 662,103 | 617,518 | 576,867 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 20.28 | $ 18.95 | $ 18.29 |
Vested, number of shares (in shares) | 454,939 | 423,941 | 370,771 |
Vested, weighted average estimated fair value (in dollars per share) | $ 19.71 | $ 19.24 | $ 18.78 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) | Dec. 31, 2023 |
Entity Number of Employees | 244 |
Collective Bargaining Arrangements | 7 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes Paid, Net, Total | $ 13,603 | $ 33,404 | $ 46,548 |
Deferred Tax Assets, Valuation Allowance, Total | 489 | 919 | |
State and Local Jurisdiction [Member] | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 500 | $ 900 |
Note 15 - Income Taxes - Provis
Note 15 - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 11,574 | $ 27,865 | $ 36,592 |
International | 1,047 | 102 | 85 |
State and local | 2,529 | 5,691 | 7,739 |
Current Income Tax Expense (Benefit) | 15,150 | 33,658 | 44,416 |
Deferred | 1,908 | (967) | (668) |
Income tax provision | $ 17,058 | $ 32,691 | $ 43,748 |
Note 15 - Income Taxes - Deferr
Note 15 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Inventory (excluding LIFO reserve) | $ 3,340 | $ 2,176 |
Net operating loss and tax credit carryforwards | 803 | 1,029 |
Allowance for credit losses | 657 | 833 |
Accrued expenses | 7,543 | 6,114 |
Lease liabilities | 9,567 | 7,916 |
Other | 379 | 214 |
Deferred tax assets before valuation allowance | 22,289 | 18,282 |
Valuation allowance | (489) | (919) |
Total deferred tax assets | 21,800 | 17,363 |
Deferred tax liabilities: | ||
LIFO reserve | (3,820) | (3,451) |
Property and equipment | (16,223) | (12,194) |
Lease right of use assets | (9,363) | (7,769) |
Interest rate hedge | (14) | (437) |
Intangibles | (3,890) | (3,537) |
Total deferred tax liabilities | (33,310) | (27,388) |
Deferred tax liabilities, net | $ (11,510) | $ (10,025) |
Note 15 - Income Taxes - Unreco
Note 15 - Income Taxes - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 220 | $ 228 | $ 28 |
Increases related to current year tax positions | 0 | 0 | 8 |
Increase (Decrease) related to prior year tax positions | 8 | 200 | |
Increase (Decrease) related to prior year tax positions | (8) | ||
Decreases related to lapsing of statute of limitations | (8) | 0 | (8) |
Settlements | (46) | 0 | 0 |
Balance | $ 174 | $ 220 | $ 228 |
Note 15 - Income Taxes - Tax Ra
Note 15 - Income Taxes - Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. federal statutory rate in effect | 21% | 21% | 21% |
State and local taxes, net of federal benefit | 4.40% | 4.50% | 4.50% |
Foreign | 1.70% | 0.10% | 0.10% |
Meals and entertainment | 0.70% | 0.20% | 0.10% |
Tax credits | (0.40%) | (0.10%) | (0.10%) |
All other, net | 0.30% | 0.70% | 0.90% |
Effective income tax rate | 27.70% | 26.40% | 26.50% |
Note 16 - Shares Outstanding _3
Note 16 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average basic shares outstanding (in shares) | 11,573 | 11,551 | 11,492 |
Assumed exercise of stock options and issuance of stock awards (in shares) | 5 | 8 | 11 |
Weighted average diluted shares outstanding (in shares) | 11,578 | 11,559 | 11,503 |
Net income | $ 44,529 | $ 90,931 | $ 121,051 |
Basic earnings per share (in dollars per share) | $ 3.85 | $ 7.87 | $ 10.53 |
Diluted earnings per share (in dollars per share) | $ 3.85 | $ 7.87 | $ 10.52 |
Unvested RSUs and PSUs (in shares) | 207 | 194 | 206 |
Note 17 - Equity Programs (Deta
Note 17 - Equity Programs (Details Textual) $ in Millions | 12 Months Ended | |||
Oct. 02, 2015 USD ($) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 shares | Sep. 03, 2021 USD ($) | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 550,000 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares | 360,212 | |||
Treasury Stock, Shares, Acquired (in shares) | shares | 0 | 0 | ||
At-the-Market Equity Program [Member] | ||||
Stock Issuance Program, Authorized Amount | $ | $ 50 | |||
Stock Issuance Program, Gross Proceeds, Percent | 2% | |||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 0 | 0 | ||
ABL Credit Facility [Member] | ||||
Unrestricted Common Stock Purchases, Maximum, Value | $ | $ 15 | |||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 1 [Member] | Minimum [Member] | ||||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 20% | |||
Balance Required for Compliance with Revolver Commitments | $ | $ 125 | |||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 2 [Member] | Minimum [Member] | ||||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 15% | |||
Balance Required for Compliance with Revolver Commitments | $ | $ 93.8 | |||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 |
Note 18 - Segment Information_2
Note 18 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Reportable Segments | 3 |
Note 18 - Segment Information -
Note 18 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 2,158,163 | $ 2,559,990 | $ 2,312,253 |
Depreciation and amortization | 26,443 | 19,738 | 20,316 |
Total operating income | 77,671 | 133,747 | 172,466 |
Other loss, net | 78 | 45 | 36 |
Income before interest and income taxes | 77,593 | 133,702 | 172,430 |
Interest and other expense on debt | 16,006 | 10,080 | 7,631 |
Income before income taxes | 61,587 | 123,622 | 164,799 |
Specialty Metals Flat Products [Member] | |||
Net sales | 567,728 | 776,022 | 585,751 |
Depreciation and amortization | 3,929 | 4,060 | 3,692 |
Total operating income | 22,884 | 93,662 | 70,544 |
Carbon Flat Products [Member] | |||
Net sales | 1,221,093 | 1,356,605 | 1,344,150 |
Depreciation and amortization | 14,762 | 10,695 | 11,286 |
Total operating income | 34,582 | 25,015 | 110,074 |
Tubular and Pipe Products [Member] | |||
Net sales | 369,342 | 427,363 | 382,352 |
Depreciation and amortization | 7,682 | 4,913 | 5,267 |
Total operating income | 40,692 | 34,856 | 7,353 |
Corporate Segment [Member] | |||
Depreciation and amortization | 70 | 70 | 71 |
Total operating income | $ (20,487) | $ (19,786) | $ (15,505) |
Note 18 - Segment Information_3
Note 18 - Segment Information - Segment Reporting Information by Capital Expenditures and Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Capital expenditures | $ 21,326 | $ 19,854 | $ 11,011 |
Assets | 984,835 | 891,627 | 1,023,572 |
Flat Products Segment [Member] | |||
Capital expenditures | 14,306 | 15,299 | 8,797 |
Assets | 649,744 | 631,607 | 777,074 |
Tubular and Pipe Products [Member] | |||
Capital expenditures | 7,020 | 4,555 | 2,214 |
Assets | 333,677 | 258,412 | 245,962 |
Corporate Segment [Member] | |||
Assets | $ 1,414 | $ 1,608 | $ 536 |
Note 19 - Retirement Plans (Det
Note 19 - Retirement Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2005 | |
Defined Contribution Plan, Administrative Expense | $ 4.7 | $ 4.1 | $ 3.8 | |
Supplemental Employee Retirement Plan [Member] | ||||
Defined Contribution Plan Vesting Period (Year) | 7 years | |||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 11.6 | $ 7.7 | ||
Supplemental Employee Retirement Plan [Member] | Minimum [Member] | ||||
Defined Contribution Plan, Compensation Percentage Multiplier | 6.50% | |||
Supplemental Employee Retirement Plan [Member] | Maximum [Member] | ||||
Defined Contribution Plan, Compensation Percentage Multiplier | 13% | |||
Non-union Flat Rolled Segments’ 401K Retirement Plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | |||
Action Stainless & Alloy’s 401(k) Retirement Plans [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% | |||
Action Stainless & Alloy’s 401(k) Retirement Plans [Member] | First Step of Percent Match [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3% | |||
Action Stainless & Alloy’s 401(k) Retirement Plans [Member] | Second Step of Percent Match [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2% |
Note 20 - Related-party Trans_2
Note 20 - Related-party Transactions (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Cleveland Warehouse [Member] | |
Lessee, Operating Lease, Number of Renewal Term | 2 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Chief Executive Officer [Member] | Related Entity That Owns Cleveland Warehouse [Member] | Cleveland Warehouse [Member] | |
Equity Method Investment, Ownership Percentage | 50% |
Affiliated Entity [Member] | Cleveland Warehouse [Member] | |
Operating Lease, Annual Expense | $ 0.2 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at Beginning of Period | $ 3,831 | $ 2,502 | $ 1,726 |
Additions Charged to Costs and Expenses | (425) | 2,184 | 1,250 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (776) | (855) | (474) |
Balance at End of Period | 2,630 | 3,831 | 2,502 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at Beginning of Period | 919 | 1,197 | 2,302 |
Additions Charged to Costs and Expenses | 0 | 0 | 236 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (430) | (278) | (1,341) |
Balance at End of Period | $ 489 | $ 919 | $ 1,197 |