Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 08, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-13792 | ||
Entity Registrant Name | Systemax Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 11-3262067 | ||
Entity Address, Address Line One | 11 Harbor Park Drive | ||
Entity Address, City or Town | Port Washington | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11050 | ||
City Area Code | (516) | ||
Local Phone Number | 608-7000 | ||
Title of 12(b) Security | Common Stock, par value $ .01 per share | ||
Trading Symbol | SYX | ||
Security Exchange Name | NYSE | ||
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 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 228,333,826 | ||
Entity Common Stock, Shares Outstanding | 37,657,151 | ||
Entity Central Index Key | 0000945114 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 22.4 | $ 97.2 |
Accounts receivable, (net of allowance for credit losses of $1.7 and $6.8, respectively) | 102.3 | 88.2 |
Inventories | 132.3 | 112.5 |
Prepaid expenses and other current assets | 6.8 | 6.4 |
Total current assets | 263.8 | 304.3 |
Property, plant and equipment, net | 16.6 | 17.8 |
Operating lease right-of-use assets | 77.3 | 59.3 |
Deferred income taxes | 7.6 | 7.3 |
Goodwill and intangibles | 7 | 7.2 |
Other assets | 2.6 | 1 |
Total assets | 374.9 | 396.9 |
Current liabilities: | ||
Accounts payable | 125.4 | 115.9 |
Accrued expenses and other current liabilities | 50.7 | 34 |
Operating lease liabilities | 10.3 | 9.9 |
Total current liabilities | 186.4 | 159.8 |
Operating lease liabilities | 77.2 | 58.7 |
Other liabilities | 4.5 | 2.9 |
Total liabilities | 268.1 | 221.4 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, par value $.01 per share, authorized 25 million shares; issued none | ||
Common stock, par value $.01 per share, authorized 150 million shares; issued 38,955,848 and 38,906,221 shares; outstanding 37,552,055 and 37,678,539 shares | 0.4 | 0.4 |
Additional paid-in capital | 193.5 | 189.7 |
Treasury stock at cost —1,403,793 and 1,227,682 shares | (24) | (20.4) |
Retained (loss) earnings | (66.5) | 2.8 |
Accumulated other comprehensive income | 3.4 | 3 |
Total shareholders’ equity | 106.8 | 175.5 |
Total liabilities and shareholders’ equity | $ 374.9 | $ 396.9 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Accounts receivable, (net of allowance for credit losses of $1.7 and $6.8, respectively) | $ 1.7 | $ 6.8 |
Shareholders’ equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 38,955,848 | 38,906,221 |
Common stock, shares outstanding (in shares) | 37,552,055 | 37,678,539 |
Treasury stock at cost (in shares) | 1,403,793 | 1,227,682 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 1,029 | $ 946.9 | $ 896.9 |
Cost of sales | 672.1 | 621.2 | 589.2 |
Gross profit | 356.9 | 325.7 | 307.7 |
Selling, distribution and administrative expenses | 272.8 | 260.4 | 245.2 |
Special (gains) charges, net | 0 | (0.8) | 0.8 |
Operating income from continuing operations | 84.1 | 66.1 | 61.7 |
Foreign currency exchange loss | 0 | 0 | 0.4 |
Interest and other (income) expense, net | 0.1 | 0 | (1.6) |
Income from continuing operations before income taxes | 84 | 66.1 | 62.9 |
Provision for income taxes | 19.9 | 16.1 | 13.4 |
Net income from continuing operations | 64.1 | 50 | 49.5 |
Income (loss) from discontinued operations, net of tax | 1.3 | (1.5) | 175.2 |
Net income | $ 65.4 | $ 48.5 | $ 224.7 |
Net income per common share from continuing operations: | |||
Net income per share from continuing operations-basic (in dollars per share) | $ 1.69 | $ 1.33 | $ 1.34 |
Net income per share from continuing operations-diluted (in dollars per share) | 1.68 | 1.32 | 1.31 |
Net income (loss) per common share from discontinued operations: | |||
Net income (loss) per common share from discontinued operations- basic (in dollars per share) | 0.03 | (0.04) | 4.69 |
Net income (loss) per common share from discontinued operations-diluted (in dollars per share) | 0.03 | (0.04) | 4.62 |
Net Income (Loss) Per Common Share | |||
Net income (loss) per common share - basic (in dollars per share) | 1.72 | 1.29 | 6.03 |
Net income (loss) per common share - diluted (in dollars per share) | $ 1.71 | $ 1.28 | $ 5.93 |
Weighted average common and common equivalent shares: | |||
Weighted average shares outstanding for basic net income per share (shares) | 37.5 | 37.5 | 37.2 |
Weighted average shares outstanding for diluted net income per share (shares) | 37.7 | 37.7 | 37.9 |
Dividends declared (in dollars per share) | $ 3.56 | $ 0.48 | $ 7.94 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 65.4 | $ 48.5 | $ 224.7 |
Other comprehensive income (loss): | |||
Foreign currency translation | 0.4 | 0 | (3) |
Total comprehensive income | $ 65.8 | $ 48.5 | $ 221.7 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income from continuing operations | $ 64.1 | $ 50 | $ 49.5 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | |||
Depreciation and amortization | 4.1 | 4.1 | 4.5 |
Other non-cash (benefit) and asset impairment charges | 0 | (0.8) | 1.9 |
(Benefit) provision for deferred income taxes | (0.5) | 1.4 | 8.4 |
Provision for credit losses | 1.2 | 1 | 0.7 |
Compensation expense related to equity compensation plans | 4.7 | 5.4 | 0.9 |
Loss on dispositions and abandonment | 0 | 0.1 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (15) | (5.6) | (11.9) |
Inventories | (19.7) | (5) | (19.4) |
Prepaid expenses and other assets | (2.6) | (0.4) | (2.4) |
Income taxes payable (receivable) | 3.1 | 3.7 | (5.4) |
Accounts payable | 10.1 | 14.6 | (6.6) |
Accrued expenses, other current liabilities and other liabilities | 17.8 | 1.8 | (10.4) |
Net cash provided by operating activities from continuing operations | 67.3 | 70.3 | 9.8 |
Net cash provided by (used in) operating activities from discontinued operations | 0.9 | (1.9) | (32.1) |
Net cash provided by (used in) operating activities | 68.2 | 68.4 | (22.3) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (2.7) | (6.9) | (4.5) |
Net cash used in investing activities from continuing operations | (2.7) | (6.9) | (4.5) |
Net cash provided by investing activities from discontinued operations | 0 | 0 | 249.6 |
Net cash (used in) provided by investing activities | (2.7) | (6.9) | 245.1 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of capital lease obligations | 0 | 0 | (0.1) |
Dividends paid | (134.3) | (261.6) | (109.3) |
Proceeds from issuance of common stock | 3.3 | 2.1 | 5.4 |
Payment of payroll taxes on stock-based compensation through shares withheld | (1.4) | (0.9) | (1.9) |
Proceeds from the issuance of common stock from employee stock purchase plans | 0.8 | 0.8 | 0 |
Purchase of treasury shares | (7.2) | 0 | (9.1) |
Net cash used in financing activities | (138.8) | (259.6) | (115) |
EFFECTS OF EXCHANGE RATES ON CASH | 0.1 | (0.1) | 3.1 |
NET (DECREASE) INCREASE IN CASH | (73.2) | (198.2) | 110.9 |
CASH AND CASH EQUIVALENTS – BEGINNING OF YEAR | 97.2 | 295.4 | 184.5 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – END OF YEAR | 24 | 97.2 | 295.4 |
Supplemental disclosures: | |||
Interest paid | 0.2 | 0.3 | 0.2 |
Income taxes paid | 17.7 | 11.3 | 36.6 |
Supplemental disclosures of non-cash operating and investing activities: | |||
Operating leases | $ 28.7 | $ 16.5 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents | $ 22.4 | $ 97.2 | $ 295.4 |
Restricted cash | 1.6 | 0 | 0 |
Total cash, cash equivalents and restricted cash | $ 24 | $ 97.2 | $ 295.4 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock, At Cost | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balances (in shares) at Dec. 31, 2017 | 37,094,000 | |||||
Balances at Dec. 31, 2017 | $ 211.8 | $ 0.4 | $ 186.5 | $ (21.8) | $ 44.8 | $ 1.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 2.8 | 2.8 | ||||
Issuance of restricted stock (in shares) | 117,000 | |||||
Issuance of restricted stock | 0 | (1.7) | 1.7 | |||
Stock withheld for employee taxes (in shares) | (62,000) | |||||
Stock withheld for employee taxes | (1.9) | (1.9) | ||||
Proceeds from issuance of common stock (in shares) | 419,000 | |||||
Proceeds from issuance of common stock | 5.4 | (0.6) | 6 | |||
Dividends | $ (297.1) | (297.1) | ||||
Purchase of treasury shares (in shares) | (232,550) | (233,000) | ||||
Purchase of treasury shares | $ (9.1) | (9.1) | ||||
Discontinued France operations entities cumulative translation adjustment | 4.1 | 4.1 | ||||
Change in cumulative translation adjustment | (3) | (3) | ||||
Net income | 224.7 | 224.7 | ||||
Balances (in shares) at Dec. 31, 2018 | 37,335,000 | |||||
Balances at Dec. 31, 2018 | 137.7 | $ 0.4 | 187 | (25.1) | (27.6) | 3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 5.4 | 5.4 | ||||
Issuance of restricted stock (in shares) | 109,000 | |||||
Issuance of restricted stock | 0 | (1.8) | 1.8 | |||
Stock withheld for employee taxes (in shares) | (39,000) | |||||
Stock withheld for employee taxes | (0.9) | (0.9) | ||||
Proceeds from issuance of common stock (in shares) | 230,000 | |||||
Proceeds from issuance of common stock | 2.1 | (1.7) | 3.8 | |||
Dividends | (18.1) | (18.1) | ||||
Issuance of shares under employee stock purchase plan (shares) | 44,000 | |||||
Issuance of shares under employee stock purchase plan | 0.8 | 0.8 | ||||
Change in cumulative translation adjustment | 0 | |||||
Net income | 48.5 | 48.5 | ||||
Balances (in shares) at Dec. 31, 2019 | 37,679,000 | |||||
Balances at Dec. 31, 2019 | 175.5 | $ 0.4 | 189.7 | (20.4) | 2.8 | 3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 4.7 | 4.7 | ||||
Issuance of restricted stock (in shares) | 42,000 | |||||
Issuance of restricted stock | 0 | (0.7) | 0.7 | |||
Stock withheld for employee taxes (in shares) | (47,000) | |||||
Stock withheld for employee taxes | (1.4) | (1.4) | ||||
Proceeds from issuance of common stock (in shares) | 221,000 | |||||
Proceeds from issuance of common stock | 3.3 | (1) | 4.3 | |||
Dividends | $ (134.7) | (134.7) | ||||
Purchase of treasury shares (in shares) | (392,337) | (392,000) | ||||
Purchase of treasury shares | $ (7.2) | (7.2) | ||||
Issuance of shares under employee stock purchase plan (shares) | 49,000 | |||||
Issuance of shares under employee stock purchase plan | 0.8 | 0.8 | ||||
Change in cumulative translation adjustment | 0.4 | 0.4 | ||||
Net income | 65.4 | 65.4 | ||||
Balances (in shares) at Dec. 31, 2020 | 37,552,000 | |||||
Balances at Dec. 31, 2020 | $ 106.8 | $ 0.4 | $ 193.5 | $ (24) | $ (66.5) | $ 3.4 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Systemax Inc., through its operating subsidiaries, is primarily a direct marketer of brand name and private label industrial and business equipment and supplies in North America going to market through a system of branded e-commerce websites and relationship marketers. As previously disclosed, in August 2018 the Company sold its France-based IT business. With the completion of the sale, Systemax operates and is internally managed in one reportable business segment. The Company sells a wide array of industrial and general business hard goods and supplies and to a lesser extent products that would fall into the generally recognizable category of maintenance, repair and operations ("MRO"), markets the Company has served since 1949. Because of the large number of products and product categories the Company offers, providing information on the amount of revenue derived from transactions with external customers for each product or groupings of products is impractical. Included in discontinued operations is the Company's former France-based IT value added reseller business sold in August 2018, the SARL Businesses sold in March 2017 and the Company's former North American Products Group ("NATG) business sold in December 2015. The France business and SARL Businesses were reported within the Company's former European Technology Products Group ("ETG") segment and the NATG business was reported within the Company's former NATG segment. The sale of these businesses met the “strategic shift with major impact” criteria as defined under Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which requires disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under ASU 2014-08, in order for a disposal to qualify for discontinued operations presentation in the financial statements, the disposal must be a “strategic shift” with a major impact for the reporting entity. If the entity meets this threshold, and other requirements, only the components that were in operation at the time of disposal are presented as discontinued operations. Therefore, the prior year results of the France business, SARL Businesses and NATG are included in discontinued operations in the accompanying consolidated financial statements. The Company sold its France business, in 2018, and recorded a pre-tax book gain of approximately $178.9 million. Net sales of the France business, included within discontinued operations, totaled $352.0 million in 2018. Net gain from the sale of the France business and eight months of operating activity, included within discontinued operations, totaled $175.8 million in 2018. For the year ended December 31, 2018, net income included in discontinued operation from the discontinued SARL Businesses totaled $0.2 million. For the year ended December 31, 2020, net income from the discontinued NATG business totaled $1.3 million and for the years ended December 31, 2019 and 2018, net losses from the discontinued NATG business totaled $1.5 million and $0.8 million, respectively. During 2018 the Company's recorded a net gain of $3.1 million, in continuing operations, related to the settlement of state audits previously disclosed in its 2013 Form 10-K filing offset by an impairment charge resulting from the decision to impair the trade and domain names of C&H Distributors, which was recorded within selling, distribution and administrative expenses. Related Party Transactions During 2020, the Company made inventory purchases of approximately $3.2 million from an entity owned by immediate family members of the Company's Executive Chairman. Amounts outstanding at December 31, 2020 were de minimis and are recorded in Accounts payable in the accompanying Consolidated Balance Sheets. These transactions were carried out on an arm's length basis and with prior approval of the Company's Nominating and Corporate Governance Committee. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation — The accompanying consolidated financial statements include the accounts of Systemax Inc. and its wholly-owned subsidiaries (collectively, the “Company” or “Systemax”). All significant intercompany accounts and transactions have been eliminated in consolidation. Fiscal Year — The Company’s fiscal year ends at midnight on the Saturday closest to December 31. For clarity of presentation herein, all fiscal years are referred to as if they ended on December 31. The fiscal year is divided into four fiscal quarters that each end at midnight on a Saturday. For clarity of presentation herein, all fiscal quarters are referred to as if they ended on the traditional calendar month. The full year of 2020 included 53 weeks while 2019 and 2018 included 52 weeks. Use of Estimates in Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions that the Company believes are necessary to consider to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent assets and liabilities. The Company is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Company’s business environment, therefore, actual results could differ from these estimates. Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. Significant estimates and assumptions by management affect the allowance for credit losses, product returns liabilities, inventory reserves, allowances for cooperative advertising, the carrying value of long‑lived assets (including goodwill and intangible assets), the provision for income taxes and related deferred tax accounts, certain accrued liabilities, revenue recognition, contingencies, sublease income, litigation and related legal accruals and the value attributed to employee stock options and other stock‑based awards. Foreign Currency Translation — The Company has operations in foreign countries. The functional currency of each foreign country is the local currency. The financial statements of the Company’s foreign entities are translated into U.S. dollars, the reporting currency, using year-end exchange rates for assets and liabilities, year to date average exchange rates for the statement of operations items and historical rates for equity accounts. Translation gains or losses are recorded as a separate component of shareholders’ equity. Cash and cash equivalents — The Company considers amounts held in money market accounts and other short-term investments, including overnight bank deposits, with an original maturity date of three months or less to be cash. Cash overdrafts are classified in accounts payable. Restricted cash — The Company has restricted cash collateralizing letters of credit outstanding of $1.6 million, which are recorded in Other assets in the accompanying Consolidated Balance Sheets. Amounts included in restricted cash represent those required to be set aside by a contractual agreement with an insurer for the payment of workers' compensation claims. Inventories — Inventories consist primarily of finished goods and are stated at the lower of cost or net realizable value. Cost is determined by using the first-in, first-out method. The Company estimates the net realizable value of its inventory by considering factors such as inventory levels, historical write-off information, historical and current demand trends, market conditions, estimated direct selling costs and physical condition of the inventory as well as credits that we may obtain for returned merchandise. Leases — The Company has operating and finance leases for office and warehouse facilities, headquarters and call centers and certain computer, communications equipment and machinery and equipment which provide the right to use the underlying assets in exchange for agreed upon lease payments, determined by the payment schedule contained in each lease. The Company determines if an arrangement is an operating or finance lease at the inception of the lease. The Company has elected not to apply recognition requirements to leases with terms of one year or less. All other leases are recorded on the balance sheet, with Operating lease right-of-use assets representing the right to use the underlying asset for the lease term and Operating lease liabilities representing the obligation to make lease payments arising from the lease. The Company elected to adopt the available package of practical expedients. The ROU assets and corresponding liabilities are recorded based upon the net present value of the lease payments, discounted using interest rates determined by utilizing such factors as the Company's current credit facility terms, length of the lease term, the Company's expected debt credit rating and comparable company term loan yields. Certain leases may include options to extend the lease, however, the Company is not including any impact of such options in the valuation of its ROU assets or liabilities as they are not probable of being extended. The Company's lease agreements do not contain residual value guarantees or restrictive covenants. The Company has sublease agreements for certain unused facilities. The Company’s lease portfolio consists primarily of operating leases which expire at various dates through 2032. See Note 4 to the consolidated financial statements. Property, Plant and Equipment — Property, plant and equipment is stated at cost. Furniture, fixtures and equipment are depreciated using the straight-line or accelerated method over their estimated useful lives ranging from three years to fifteen years. Leasehold improvements are amortized over the shorter of the useful lives or the term of the respective leases. During 2020, the Company disposed of property, plant and equipment of approximately $10.5 million and accumulated depreciation of $10.5 million. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement of operations in the period realized. Internal-Use Software — Internal‑use software is included in fixed assets and is amortized on a straight‑line basis over three years. The Company capitalizes costs incurred during the application development stage. Costs related to minor upgrades, minor enhancements and maintenance activities are expensed as incurred. Evaluation of Long-lived Assets — Long-lived assets are assets used in the Company’s operations and include definite-lived intangible assets, leasehold improvements, warehouse and similar property used to generate sales and cash flows. Long-lived assets are tested for impairment utilizing a recoverability test. The recoverability test compares the carrying value of an asset group to the undiscounted cash flows directly attributable to the asset group over the life of the primary asset. If the undiscounted cash flows of an asset group is less than the carrying value of the asset group, the fair value of the asset group is then measured. If the fair value is also determined to be less than the carrying value of the asset group, the asset group is impaired. Goodwill and Intangible Assets — Goodwill represents the excess of the cost of acquired assets over the fair value of assets acquired. The Company operates in one reporting unit and in the fourth quarter of each year performs a quantitative assessment of its goodwill by comparing the Company's fair market value, or market capitalization, to the carrying value of the Company, including goodwill, to determine if impairment exists. Any excess of the carrying amount over fair value would be charged to impairment expense. Income Taxes — The Company accounts for income taxes using the liability method, under which deferred tax assets and liabilities are determined based on the future tax consequences attributable to differences between the financial reporting carrying amounts of existing assets and liabilities and their respective tax basis and tax credit carry forwards and net operating loss carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be in effect when the differences are expected to reverse. The Company assesses the likelihood that deferred tax assets will be recovered from future taxable income, and a valuation allowance is established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized. In accordance with the guidance for accounting for uncertainty in income taxes the Company recognizes the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefit of an uncertain tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount that is greater than 50% likely to be realized upon settlement with the tax authority. To the extent we prevail in matters for which accruals have been established or are required to pay amounts in excess of accruals, our effective tax rate in a given financial statement period could be affected. Revenue Recognition and Accounts Receivable — The Company’s revenue is shown as “Net sales” in the accompanying Consolidated Statements of Operations and is measured as the determined transaction price, net of any variable consideration consisting primarily of rights to return product. The Company has elected to treat shipping and handling revenues as activities to fulfill its performance obligation. Billings for freight and shipping and handling are recorded in net sales and costs of freight and shipping and handling are recorded in cost of sales in the accompanying Consolidated Statements of Operations. The Company will record a contract liability in cases where customers pay in advance of the Company satisfying its performance obligation. The Company did not have any material unsatisfied performance obligations or liabilities as of December 31, 2020. The Company offers customers rights to return product within a certain time, usually 30 days. The Company estimates its sales returns liability quarterly based upon its historical return rates as a percentage of historical sales for the trailing twelve-month period. The total accrued sales returns liability was approximately $1.9 million at December 31, 2020 and 2019, respectively, and was recorded as a refund liability in Accrued expenses and other current liabilities in the accompanying Consolidated Balance Sheets. Allowance for Credit Losses - On January 1, 2020 the Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). The Company's trade accounts receivable are subject to this standard. The adoption of this ASU did not have a material impact on the Company's financial position or results of operations. The Company’s trade accounts receivable is one portfolio comprised of commercial businesses operating in the U.S. and to a much lesser extent, Canada. The Company develops its allowances for credit losses, which represent an estimate of expected losses over the remaining contractual life of its receivables, considering customer financial condition, historical loss experience with its customers, current market economic conditions and forecasts of future economic conditions when appropriate. When the Company becomes aware of a customer's inability to meet its financial obligation, a specific reserve is recorded to reduce the receivable to the expected amount to be collected. For the balance of its trade receivables, the Company uses a loss rate method to estimate its credit loss reserve. Historical loss experience rates are calculated using receivable write offs over a trailing twelve-month period and comparing that to the average receivable balances over the same period. That rate is applied to the current accounts receivable portfolio, excluding accounts that have been specifically reserved. Any write offs incurred are recorded against the established reserves. The Company grants credit to commercial business customers using an electronic application process that evaluates the customer's detailed credit report, reference responses, availability under credit facilities, existing liens, tenure of management and business history, among other factors. Credit terms are typically net 30 days payment required with larger businesses eligible for up to net 90 day terms, if qualified. Shipping and Handling Costs — The Company recognizes shipping and handling costs in cost of sales. Advertising Costs — Expenditures for internet, television, local radio and newspaper advertising are expensed in the period the advertising takes place. Catalog preparation, printing and postage expenditures are amortized over the fiscal year during which the benefits are expected. Net advertising expenses were $60.3 million, $69.8 million and $70.4 million during 2020, 2019 and 2018, respectively, and are included in the accompanying consolidated statements of operations within continuing and discontinued operations. Of the previously mentioned amounts, the Company's discontinued operations net advertising expenses totaled $0.0 million, $0.0 million and $1.1 million during 2020, 2019 and 2018, respectively. The Company utilizes advertising programs to drive traffic to its websites, support vendors, including catalogs, internet and magazine advertising, and receives payments and credits from vendors, including consideration pursuant to volume incentive programs and cooperative marketing programs. The Company accounts for consideration from vendors as a reduction of cost of sales unless certain conditions are met showing that the funds are used for specific, incremental, identifiable costs, in which case the consideration is accounted for as a reduction in the related expense category, such as advertising expense. Stock Based Compensation — The fair value of employee share options is recognized in expense over the vesting period of the options, using the graded attribution method. The fair value of employee share options is determined on the date of grant using the Black-Scholes option pricing model. The Company has calculated its dividend yield by dividing the annualized regular quarterly dividend by the current stock price at grant date. The Company has used historical volatility in its estimate of expected volatility. The expected life represents the period of time (in years) for which the options granted are expected to be outstanding. The risk-free interest rate is based on the U.S. Treasury yield curve. Stock-based compensation expense includes an estimate for forfeitures and is recognized over the expected term of the award. The fair value of the restricted stock and performance restricted stock is the closing stock price on the NYSE of the Company's common stock on the date of grant or the closing stock price of the Company's common stock on the last business day prior to the grant date. Upon delivery, a portion of the RSU award may be withheld to satisfy the statutory withholding taxes. The remaining RSU's/PRSU's will be settled in shares of the Company's common stock after the vesting period and on the prescribed delivery date. These RSUs/PRSU's have none of the rights as other shares of common stock, other than rights to cash dividends, until common stock is distributed. Net Income (Loss) Per Common Share — Net income per common share - basic is calculated based upon the weighted average number of common shares outstanding during the respective periods presented using the two-class method of computing earnings per share. The two-class method was used as the Company has outstanding restricted stock with rights to dividend participation for unvested shares. Net income per common share - diluted was calculated based upon the weighted average number of common shares outstanding and included the equivalent shares for dilutive options outstanding during the respective periods, including unvested options. The dilutive effect of outstanding options and restricted stock issued by the Company is reflected in net income per share - diluted using the treasury stock method. Under the treasury stock method, options will only have a dilutive effect when the average market price of common stock during the period exceeds the exercise price of the options. For the calculation of net income per share-basic from continuing operations, net income available to common shareholders was $63.3 million, $49.7 million and $49.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. For the calculation of net income per share-diluted from continuing operations, net income available to common shareholders was $63.3 million, $49.7 million and $49.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. For the calculation of net income per share-basic from discontinued operations, net income (loss) available to common shareholders was $1.3 million, $(1.5) million and $174.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. For the calculation of net income per share-diluted from discontinued operations, net income (loss) available to common shareholders was $1.3 million, $(1.5) million and $175.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. Basic shares outstanding were 37.5 million for the years ended December 31, 2020 and 2019, and 37.2 million for the year ended December 31, 2018. The weighted average number of stock options outstanding included in the computation of diluted earnings per share was 0.2 million for the years ended December 31, 2020 and 2019. The weighted average number of stock options outstanding included in the computation of diluted earnings per share was 0.5 million and the weighted average number of restricted stock awards included in the computation of diluted earnings per share was 0.2 million for the year ended December 31, 2018. The weighted average number of stock options outstanding excluded from the computation of diluted income per share was 0.5 million shares, 0.4 million shares and a de minimis number of shares for the years ended December 31, 2020, 2019 and 2018, respectively, due to their antidilutive effect. Employee Benefit Plans — The Company’s U.S. subsidiaries participate in a defined contribution 401(k) plan covering substantially all U.S. employees. Employees may invest 1% or more of their eligible compensation, limited to maximum amounts as determined by the Internal Revenue Service. The Company provides a matching contribution to the plan, determined as a percentage of the employees’ contributions. Aggregate expense to the Company for contributions to the plan was approximately $1.4 million, $1.1 million and $1.2 million in 2020, 2019 and 2018, respectively. Fair Value Measurements — On January 1, 2020, the Company adopted ASU 2018-13, Fair Value Measurements (Topic 820). The adoption of this ASU did not have a material impact on the Company's financial position of results of operations. Fair value accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value standards establish the fair value hierarchy to prioritize the inputs used in valuation techniques. There are three levels to the fair value hierarchy (Level 1 is the highest priority and Level 3 is the lowest priority): Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3 - Unobservable inputs which are supported by little or no market activity Financial instruments consist primarily of investments in cash, trade accounts receivable, debt and accounts payable. The Company determines the fair value of financial instruments based on interest rates available to the Company. At December 31, 2020 and 2019, the carrying amounts of cash, accounts receivable and accounts payable are considered to be representative of their respective fair values due to their short-term nature. Cash is classified as Level 1 within the fair value hierarchy. The fair value of goodwill, non-amortizing intangibles and long-lived assets is measured in connection with the Company’s annual impairment testing as discussed above. The weighted average interest rate on short-term borrowings was 4.4% in 2020, 6.2% in 2019 and 5.7% in 2018. Significant Concentrations — Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and accounts receivable. The Company’s excess cash balances are invested with money center banks. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and their geographic dispersion comprising the Company’s customer base. The Company also performs on-going credit evaluations and maintains allowances for potential losses as warranted. The Company purchases substantially all of its products and components directly from both large and small manufacturers as well as large wholesale distributors. No supplier accounted for 10% or more of our product purchases for continuing operations in 2020, 2019 and 2018. Most private label products are manufactured by third parties to our specifications. Recent Accounting Pronouncements Public companies in the United States are subject to the accounting and reporting requirements of various authorities, including the Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”). These authorities issue numerous pronouncements, most of which are not applicable to the Company’s current or reasonably foreseeable operating structure. Below are the new authoritative pronouncements that management believes are relevant to Company’s current operations. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU clarifies and simplifies accounting for income taxes by eliminating certain exceptions for intraperiod tax allocation principles and the methodology for calculating income tax rates in an interim period, among other updates. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company will adopt this ASU effective January 1, 2021. The Company does not expect the adoption of this standard to have a material impact on the Company's financial position or results of operations. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. This ASU amends a variety of topics in the Codification to improve consistency and clarify the guidance. The effective date of this ASU is for fiscal years and interim periods beginning after December 15, 2020. The Company does not expect the adoption of this standard to have a material impact on the Company's financial position or results of operations. |
CREDIT LOSSES
CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
CREDIT LOSSES | CREDIT LOSSES On January 1, 2020 the Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). The Company's trade accounts receivable and notes and other receivables are subject to this standard. The adoption of this ASU did not have a material impact on the Company's financial position or results of operations. The Company’s trade accounts receivable is one portfolio comprised of commercial businesses operating in the U.S. and to a much lesser extent, Canada. The Company develops its allowances for credit losses, which represent an estimate of expected losses over the remaining contractual life of its receivables, considering customer financial condition, historical loss experience with its customers, current market economic conditions and forecasts of future economic conditions when appropriate. When the Company becomes aware of a customer's inability to meet its financial obligation, a specific reserve is recorded to reduce the receivable to the expected amount to be collected. For the balance of its trade receivables, the Company uses a loss rate method to estimate its credit loss reserve. Historical loss experience rates are calculated using receivable write offs over a trailing twelve-month period and comparing that to the average receivable balances over the same period. That rate is applied to the current accounts receivable portfolio, excluding accounts that have been specifically reserved. Any write offs incurred are recorded against the established reserves. The Company grants credit to commercial business customers using an electronic application process that evaluates the customer's detailed credit report, reference responses, availability under credit facilities, existing liens, tenure of management and business history, among other factors. Credit terms are typically net 30 days payment required with larger businesses eligible for up to net 90 day terms, if qualified. The following is a rollforward of the allowances for credit losses related to the Company's receivables for the year ended December 31, 2020: December 31, 2020 Balance at beginning of period $ 6.8 Current period provision 1.2 Write-offs - trade accounts receivable (0.7) Write-offs - notes and other receivables* (5.6) Balance at end of period $ 1.7 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
LEASES | LEASES The Company has operating and finance leases for office and warehouse facilities, headquarters, call centers, machinery and certain computer and communications equipment which provide the right to use the underlying assets in exchange for agreed upon lease payments, determined by the payment schedule contained in each lease. The Company’s lease portfolio consists primarily of operating leases which expire at various dates through 2032. The Company's operating lease costs, included in continuing operations, was $13.1 million, $12.0 million and $11.4 million, for the years ended December 31, 2020, 2019 and 2018, respectively. Information relating to operating leases for continuing and discontinued operations as of December 31, 2020 and 2019: Year Ended December 31, Year Ended December 31, 2020 2019 Weighted Average Remaining Lease Term Operating leases 8.7 years 8.4 years Weighted Average Discount Rate Operating leases 5.2 % 5.7 % ROU assets obtained in exchange for operating lease obligations $ 28.7 $ 16.5 Maturities of lease liabilities were as follows (in millions): Year Ending December 31 Operating Leases 2021 $ 14.8 2022 14.0 2023 13.6 2024 12.3 2025 11.1 Thereafter 46.8 Total lease payments 112.6 Less: interest (25.1) Total present value of lease liabilities $ 87.5 The Company currently leases its headquarters office facility from an entity owned by the Company’s principal shareholders. Total expense recorded to related parties was $1.0 million in 2020, 2019 and 2018. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Disaggregation of Revenues The Company believes its presentation of revenue by geography most reasonably depicts how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic and industry factors, including fluctuations in exchange rates between the U.S. and Canada. The following table presents the Company's revenue, from continuing operations, by geography for the year ended December 31, 2020, 2019 and 2018 (in millions): Year Ended December 31, 2020 2019 2018 Net sales: United States $ 968.1 $ 901.3 $ 854.6 Canada 60.9 45.6 42.3 Consolidated $ 1,029.0 $ 946.9 $ 896.9 |
DISPOSITIONS AND SPECIAL GAINS
DISPOSITIONS AND SPECIAL GAINS AND CHARGES | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS AND SPECIAL GAINS AND CHARGES | DISPOSITIONS AND SPECIAL GAINS AND CHARGES The Company's discontinued operations include the results of the France business sold in August 2018, the SARL Businesses sold in March 2017 and the NATG business sold in December 2015 (see Note 1). For the years ended December 31, 2020, 2019 and 2018, special charges (gains) included in discontinued operations were $1.4 million income, $0.0 million and $178.3 million income, respectively. For the year ended December 31, 2020, the Company's NATG discontinued operations recorded approximately $1.9 million in restitution receipts offset by approximately $0.5 million of professional fees. On August 31, 2018, the Company closed on the sale of its France-based IT value added reseller business. The Company recorded a pre-tax book gain on the sale of the France business, of approximately $178.9 million for the year ended December 31, 2018. For the year ended December 31, 2018, the Company's NATG discontinued operations recorded special charges of approximately $0.6 million. The Company recorded lease reserve adjustments related to its previously exited leased facilities for the discontinued NATG business of approximately $1.7 million and additional legal and professional fees of $0.1 million for ongoing restitution proceedings. Offsetting these expenses were approximately $1.0 million in restitution receipts and $0.2 million in vendor settlement receipts from the discontinued NATG business. The Company has completed the wind-down activities related to the sale of the France business, but may incur additional charges related to statutory tax and other indemnities given at closing. The Company has substantially completed the wind-down activities related to the NATG business, although certain NATG activities related to sublet facilities, settling accounts payable and other contingent liabilities continue. The Company expects that total additional exit charges related to discontinued operations after this quarter may aggregate up to $0.5 million. Results of discontinued operations for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 Net sales $ 0.0 $ 0.0 $ 352.0 Cost of sales 0.0 0.0 295.8 Gross profit 0.0 0.0 56.2 Selling, distribution and administrative expenses (0.4) 2.1 36.5 Pre-tax book gain on sale of France business 0.0 0.0 (178.9) Special (gains) charges, net (1.4) 0.0 0.6 Operating income (loss) from discontinued operations 1.8 (2.1) 198.0 Foreign currency exchange income 0.0 0.0 (0.2) Income (loss) of discontinued operations before income taxes 1.8 (2.1) 198.2 Provision (benefit) for income taxes 0.5 (0.6) 23.0 Net income (loss) from discontinued operations $ 1.3 $ (1.5) $ 175.2 Net income (loss) per share - basic $ 0.03 $ (0.04) $ 4.69 Net income (loss) per share - diluted $ 0.03 $ (0.04) $ 4.62 The Company has not incurred any special charges in 2020 in continuing operations. In the third quarter of 2019, within continuing operations, the Company's former German branch recorded special gains of approximately $0.8 million related to a buyout for its outstanding lease obligation. The Company recorded special charges of $0.8 million in 2018, within continuing operations, related to updating lease reserves adjustments related to its discontinued NATG outstanding business lease obligations. The following table details liabilities related to the exit costs of the sold businesses that remain for 2020 (in millions): Accrued exit costs Balance January 1, 2020 $ 2.8 Charged to expense 0.4 Paid or otherwise settled (0.4) Balance December 31, 2020 $ 2.8 The following table details liabilities related to the exit costs of the sold businesses for 2019 (in millions): Accrued exit costs Balance, January 1, 2019 $ 2.8 Charged to expense 0.7 Paid or otherwise settled (0.7) Balance, December 31, 2019 $ 2.8 |
GOODWILL AND INTANGIBLES
GOODWILL AND INTANGIBLES | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLES | GOODWILL AND INTANGIBLES Goodwill and indefinite-lived intangible assets : The following table provides information related to the carrying value of goodwill (in millions): December 31, 2020 2019 Balance, December 31 $ 5.5 $ 5.5 The following table provides information related to the carrying value of indefinite lived intangibles as of December 31, 2020 and 2019, respectively (in millions): December 31, 2020 2019 Balance, December 31 $ 0.7 $ 0.7 Definite-lived intangible assets: The following table summarizes information related to definite-lived intangible assets as of December 31, 2020 (in millions): December 31, 2020 Amortization Gross Carrying Accumulated Net Book Value Weighted avg Client lists 5-10 yrs $ 2.0 $ 1.2 $ 0.8 4.1 Domain name 5 yrs 3.4 3.4 0.0 0.0 Total $ 5.4 $ 4.6 $ 0.8 4.1 The following table summarizes information related to definite-lived intangible assets as of December 31, 2019 (in millions): December 31, 2019 Amortization Gross Carrying Accumulated Net Book Value Weighted avg Client lists 5-10 yrs $ 2.0 $ 1.0 $ 1.0 5.1 Domain name 5 yrs 3.4 3.4 0.0 0.0 Total $ 5.4 $ 4.4 $ 1.0 5.1 The aggregate amortization expense for these intangibles was approximately $0.2 million in 2020. The estimated amortization for future years ending December 31 is as follows (in millions): 2021 $ 0.2 2022 0.2 2023 0.2 2024 0.2 Total $ 0.8 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consist of the following (in millions): December 31, 2020 2019 Land improvements $ 0.8 $ 0.8 Furniture and fixtures, office, computer and other equipment and software 36.5 44.3 Leasehold improvements 13.1 13.1 50.4 58.2 Less accumulated depreciation and amortization 33.8 40.4 Property, plant and equipment, net $ 16.6 $ 17.8 |
CREDIT FACILITIES
CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Line of Credit Facility [Abstract] | |
CREDIT FACILITIES | CREDIT FACILITIESThe Company maintains a $75 million secured revolving credit facility with one financial institution, which has a five-year term, maturing on October 28, 2021 and provides for borrowings in the United States. The Company expects to renew this facility before its expiration in 2021. The credit agreement contains certain operating, financial and other covenants, including limits on annual levels of capital expenditures, availability tests related to payments of dividends and stock repurchases and fixed charge coverage tests related to acquisitions. The revolving credit agreement requires that a minimum level of availability be maintained. If such availability is not maintained, the Company will be required to maintain a fixed charge coverage ratio (as defined). The borrowings under the agreement are subject to borrowing base limitations of up to 85% of eligible accounts receivable and the inventory advance rate computed as the lesser of 60% or 85% of the net orderly liquidation value (“NOLV”). Borrowings are secured by substantially all of the borrower’s assets, as defined, including all accounts, accounts receivable, inventory and certain other assets, subject to limited exceptions, including the exclusion of certain foreign assets from the collateral. The interest rate under the amended and restated facility is computed at applicable market rates based on the London interbank offered rate (“LIBOR”), the Federal Reserve Bank of New York (“NYFRB”) or the Prime Rate, plus an applicable margin. The applicable margin varies based on borrowing base availability. As of December 31, 2020, eligible collateral under the credit agreement was $75.0 million, total availability and excess availability was $72.6 million and there were no outstanding borrowings. The Company has restricted cash collateralizing letters of credit outstanding of $1.6 million at December 31, 2020 recorded within Other assets on the accompanying Consolidated Balance Sheets. The Company was in compliance with all of the covenants of the credit agreement in place as of December 31, 2020. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following (in millions): December 31, 2020 2019 Payroll and employee benefits $ 26.4 $ 11.3 Advertising 4.8 4.9 Sales and VAT tax payable 3.8 2.6 Freight 7.4 6.8 Reorganization costs 0.4 0.4 Income taxes payable 0.9 0.0 Product returns liability 1.9 1.9 Other 5.1 6.1 $ 50.7 $ 34.0 |
STOCK REPURCHASES
STOCK REPURCHASES | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stock Repurchase | STOCK REPURCHASESIn 2018, the Company's Board of Director's approved a share repurchase program with a repurchase authorization of up to two million shares of the Company's common stock. Under the share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases, tender offerings or negotiated purchases, subject to market conditions and other factors. In 2020, the Company repurchased 392,337 common shares for approximately $7.2 million. Also, in 2018, the Company repurchased 232,550 common shares for approximately $9.1 million. The maximum number of shares that may yet be purchased under the Plan was approximately 1,375,000 at December 31, 2020.SHAREHOLDERS’ EQUITY Stock-Based Compensation Plans The Company currently has two equity compensation plan which reserves shares of common stock for issuance to key employees, directors, consultants and advisors to the Company. The following is a description of these plans: The 2010 Long-term Stock Incentive Plan (“2010 Plan”) - This plan was adopted in April 2010 and allows the Company to issue incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock and restricted stock units, performance awards and other stock based awards authorized by the Compensation Committee of the Board of Directors. Options and awards issued under this plan expire ten years after the options and awards are granted. The maximum number of shares granted per type of award to any individual may not exceed 1,500,000 in any calendar year. Restricted stock grants and common stock awards reduce stock options otherwise available for future grant. Awards for a maximum of 7,500,000 shares may be granted under this plan. A total of 661,024 options and 153,516 restricted stock units were outstanding under this plan as of December 31, 2020. The 2020 Omnibus Stock Incentive Plan (“2020 Omnibus Plan”) - This plan was adopted in June 2020 and allows the Company to issue incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock based awards authorized by the Compensation Committee of the Board of Directors. Options and awards issued under this plan expire ten years after the options and awards are granted. The maximum number of shares granted per type of award to any individual may not exceed 1,500,000 in any calendar year (or $10.0 million in the case of cash performance awards). Restricted stock grants and common stock awards reduce stock options otherwise available for future grant. Awards for a maximum of 7,500,000 shares may be granted under this plan. A total of 10,244 restricted stock units were outstanding under this plan as of December 31, 2020. Shares issued under our share-based compensation plans are usually issued from shares of our common stock held in the treasury. Compensation cost related to non-qualified stock options recognized in continuing operations (selling, distribution and administrative expenses) for 2020, 2019 and 2018 was $1.8 million, $3.3 million, and $0.3 million respectively. In the first quarter of 2019, the Company repriced approximately 0.6 million shares of outstanding stock options and recorded approximately $0.6 million of related compensation expense and for the year ended December 31, 2019, the Company recorded $0.7 million of related compensation expense. France discontinued operations compensation cost related to non-qualified stock options was $0.4 million in 2018, primarily related to the acceleration of stock options due to the sale of the France business of approximately $0.3 million. The related future income tax benefits recognized for 2020, 2019 and 2018 were $0.4 million, $0.7 million and $0.1 million, respectively. Stock Options The following table presents the weighted-average assumptions used to estimate the fair value of options granted in 2020, 2019 and 2018: 2020 2019 2018 Expected annual dividend yield 2.0 % 1.9 % 1.4 % Risk-free interest rate 1.38 % 2.65 % 2.94 % Expected volatility 51.1 % 50.4 % 48.0 % Expected life in years 5.2 5.0 5.2 The following table summarizes information concerning outstanding and exercisable options: Weighted Average 2020 2019 2018 Shares Weighted Shares Weighted Shares Weighted Outstanding at beginning of year 764,784 $ 17.31 596,148 $ 11.64 1,001,300 $ 11.58 Granted 111,872 $ 23.60 1,038,536 $ 15.76 17,550 $ 31.66 Exercised (191,780) $ 11.68 (224,750) $ 8.92 (400,203) $ 12.18 Canceled or expired (23,852) $ 23.71 (645,150) $ 12.50 (22,499) $ 15.24 Outstanding at end of year 661,024 $ 19.78 764,784 $ 17.31 596,148 $ 11.64 Options exercisable at year end 302,283 227,598 341,515 Weighted average fair value per option granted during the year $ 9.12 $ 9.16 $ 12.87 The total intrinsic value of options exercised was $3.9 million in 2020 and $3.4 million in 2019 and $9.5 million in 2018. The following table summarizes information about options vested and exercisable or non-vested that are expected to vest (non-vested outstanding less expected forfeitures) at December 31, 2020: Range of Exercise Prices Options outstanding and Weighted Weighted Average Aggregate $ 5.00 to $ 10.00 123,000 $ 6.29 5.53 $ 3.6 $ 10.01 to $ 15.00 0 $ 0.00 0 0.0 $ 15.01 to $ 20.00 57,304 $ 17.03 2.43 1.1 $ 20.01 to $ 25.00 480,720 $ 23.55 8.30 5.9 $ 5.00 to $ 25.00 661,024 $ 19.78 7.27 $ 10.6 The aggregate intrinsic value in the tables above represents the total pretax intrinsic value (the difference between the closing stock price on the last day of trading in 2020 and the exercise price) that would have been received by the option holders had all options been exercised on December 31, 2020. This value will change based on the fair market value of the Company’s common stock. The following table reflects the activity for all unvested stock options during 2020: Shares Weighted Unvested at January 1, 2020 537,186 $ 9.38 Granted 111,872 $ 9.12 Vested (269,553) $ 9.19 Forfeited (20,764) $ 9.61 Unvested at December 31, 2020 358,741 $ 9.63 At December 31, 2020, there was approximately $1.6 million of unrecognized compensation costs related to unvested stock options, which is expected to be recognized over a weighted average period of 3.36 years. The total fair value of stock options vested during 2020, 2019 and 2018 was $2.5 million, $4.0 million and $1.2 million, respectively. Restricted Stock and Restricted Stock Units The following table reflects the activity for restricted stock awards, excluding the restricted stock issued to Directors (in millions, except shares data): Year Granted Shares Granted Outstanding at December 31, 2020 Rights to Cash Dividend Other Participation Rights Performance Award Compensation Expense Year Ended December 31, 2020 2019 2018 2010 175,000 — Yes None No $ 0.0 $ 0.0 $ 0.1 2011 100,000 — Yes None No 0.0 0.0 0.2 2012 50,000 10,000 Yes None No 0 (1) 0 (1) 0 (1) 2016 100,000 — Yes None No 0.0 0 (1) 0.1 2017 53,288 — Yes None No 0.0 0.0 0 (1) 2017 49,600 — Yes None Yes 0.0 0.0 1.5 (2) 2018 5,117 — Yes None No 0.0 0.0 0 (1) 2019 30,251 24,200 Yes None No 0.2 0.3 0.0 2019 149,412 57,242 Yes None Yes 1.2 1.3 0.0 2020 28,272 28,272 Yes None No 0.4 0.0 0.0 2020 43,330 26,446 Yes None Yes 0.6 0.0 0.0 Total $ 2.4 $ 1.6 $ 1.9 1 less than $0.1 million of expense recorded 2 As a result of the sale of the France business in August 2018 and terms of the performance award, compensation expense of $1.5 million was recorded in discontinued operations for the year ended 2018. Share-based compensation expense reported within continuing operations for restricted stock issued to Directors was $0.2 million in 2020 and 2019 and $0.1 million in 2018 and is recorded within selling, distribution and administrative expenses. A total of 17,600 restricted stock units, 10,244 from the 2020 Omnibus Plan and 7,356 from the 2010 Plan, are outstanding to the Directors as of December 31, 2020. At December 31, 2020, there was approximately $1.7 million of unrecognized compensation cost related to the unvested RSU's, which is expected to be recognized over a weighted average period of 2.47 years. Compensation expense related to RSU and performance RSU's reported within continuing operations was approximately $2.5 million, $1.8 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is recorded within selling, distribution and administrative expenses. The following table reflects the activity for all unvested restricted stock during 2020: Shares Weighted Unvested at January 1, 2020 172,595 $ 23.14 Granted 81,846 $ 23.49 Vested (81,547) $ 23.58 Forfeited (9,134) $ 23.71 Unvested at December 31, 2020 163,760 $ 23.06 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | STOCK REPURCHASESIn 2018, the Company's Board of Director's approved a share repurchase program with a repurchase authorization of up to two million shares of the Company's common stock. Under the share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases, tender offerings or negotiated purchases, subject to market conditions and other factors. In 2020, the Company repurchased 392,337 common shares for approximately $7.2 million. Also, in 2018, the Company repurchased 232,550 common shares for approximately $9.1 million. The maximum number of shares that may yet be purchased under the Plan was approximately 1,375,000 at December 31, 2020.SHAREHOLDERS’ EQUITY Stock-Based Compensation Plans The Company currently has two equity compensation plan which reserves shares of common stock for issuance to key employees, directors, consultants and advisors to the Company. The following is a description of these plans: The 2010 Long-term Stock Incentive Plan (“2010 Plan”) - This plan was adopted in April 2010 and allows the Company to issue incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock and restricted stock units, performance awards and other stock based awards authorized by the Compensation Committee of the Board of Directors. Options and awards issued under this plan expire ten years after the options and awards are granted. The maximum number of shares granted per type of award to any individual may not exceed 1,500,000 in any calendar year. Restricted stock grants and common stock awards reduce stock options otherwise available for future grant. Awards for a maximum of 7,500,000 shares may be granted under this plan. A total of 661,024 options and 153,516 restricted stock units were outstanding under this plan as of December 31, 2020. The 2020 Omnibus Stock Incentive Plan (“2020 Omnibus Plan”) - This plan was adopted in June 2020 and allows the Company to issue incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock based awards authorized by the Compensation Committee of the Board of Directors. Options and awards issued under this plan expire ten years after the options and awards are granted. The maximum number of shares granted per type of award to any individual may not exceed 1,500,000 in any calendar year (or $10.0 million in the case of cash performance awards). Restricted stock grants and common stock awards reduce stock options otherwise available for future grant. Awards for a maximum of 7,500,000 shares may be granted under this plan. A total of 10,244 restricted stock units were outstanding under this plan as of December 31, 2020. Shares issued under our share-based compensation plans are usually issued from shares of our common stock held in the treasury. Compensation cost related to non-qualified stock options recognized in continuing operations (selling, distribution and administrative expenses) for 2020, 2019 and 2018 was $1.8 million, $3.3 million, and $0.3 million respectively. In the first quarter of 2019, the Company repriced approximately 0.6 million shares of outstanding stock options and recorded approximately $0.6 million of related compensation expense and for the year ended December 31, 2019, the Company recorded $0.7 million of related compensation expense. France discontinued operations compensation cost related to non-qualified stock options was $0.4 million in 2018, primarily related to the acceleration of stock options due to the sale of the France business of approximately $0.3 million. The related future income tax benefits recognized for 2020, 2019 and 2018 were $0.4 million, $0.7 million and $0.1 million, respectively. Stock Options The following table presents the weighted-average assumptions used to estimate the fair value of options granted in 2020, 2019 and 2018: 2020 2019 2018 Expected annual dividend yield 2.0 % 1.9 % 1.4 % Risk-free interest rate 1.38 % 2.65 % 2.94 % Expected volatility 51.1 % 50.4 % 48.0 % Expected life in years 5.2 5.0 5.2 The following table summarizes information concerning outstanding and exercisable options: Weighted Average 2020 2019 2018 Shares Weighted Shares Weighted Shares Weighted Outstanding at beginning of year 764,784 $ 17.31 596,148 $ 11.64 1,001,300 $ 11.58 Granted 111,872 $ 23.60 1,038,536 $ 15.76 17,550 $ 31.66 Exercised (191,780) $ 11.68 (224,750) $ 8.92 (400,203) $ 12.18 Canceled or expired (23,852) $ 23.71 (645,150) $ 12.50 (22,499) $ 15.24 Outstanding at end of year 661,024 $ 19.78 764,784 $ 17.31 596,148 $ 11.64 Options exercisable at year end 302,283 227,598 341,515 Weighted average fair value per option granted during the year $ 9.12 $ 9.16 $ 12.87 The total intrinsic value of options exercised was $3.9 million in 2020 and $3.4 million in 2019 and $9.5 million in 2018. The following table summarizes information about options vested and exercisable or non-vested that are expected to vest (non-vested outstanding less expected forfeitures) at December 31, 2020: Range of Exercise Prices Options outstanding and Weighted Weighted Average Aggregate $ 5.00 to $ 10.00 123,000 $ 6.29 5.53 $ 3.6 $ 10.01 to $ 15.00 0 $ 0.00 0 0.0 $ 15.01 to $ 20.00 57,304 $ 17.03 2.43 1.1 $ 20.01 to $ 25.00 480,720 $ 23.55 8.30 5.9 $ 5.00 to $ 25.00 661,024 $ 19.78 7.27 $ 10.6 The aggregate intrinsic value in the tables above represents the total pretax intrinsic value (the difference between the closing stock price on the last day of trading in 2020 and the exercise price) that would have been received by the option holders had all options been exercised on December 31, 2020. This value will change based on the fair market value of the Company’s common stock. The following table reflects the activity for all unvested stock options during 2020: Shares Weighted Unvested at January 1, 2020 537,186 $ 9.38 Granted 111,872 $ 9.12 Vested (269,553) $ 9.19 Forfeited (20,764) $ 9.61 Unvested at December 31, 2020 358,741 $ 9.63 At December 31, 2020, there was approximately $1.6 million of unrecognized compensation costs related to unvested stock options, which is expected to be recognized over a weighted average period of 3.36 years. The total fair value of stock options vested during 2020, 2019 and 2018 was $2.5 million, $4.0 million and $1.2 million, respectively. Restricted Stock and Restricted Stock Units The following table reflects the activity for restricted stock awards, excluding the restricted stock issued to Directors (in millions, except shares data): Year Granted Shares Granted Outstanding at December 31, 2020 Rights to Cash Dividend Other Participation Rights Performance Award Compensation Expense Year Ended December 31, 2020 2019 2018 2010 175,000 — Yes None No $ 0.0 $ 0.0 $ 0.1 2011 100,000 — Yes None No 0.0 0.0 0.2 2012 50,000 10,000 Yes None No 0 (1) 0 (1) 0 (1) 2016 100,000 — Yes None No 0.0 0 (1) 0.1 2017 53,288 — Yes None No 0.0 0.0 0 (1) 2017 49,600 — Yes None Yes 0.0 0.0 1.5 (2) 2018 5,117 — Yes None No 0.0 0.0 0 (1) 2019 30,251 24,200 Yes None No 0.2 0.3 0.0 2019 149,412 57,242 Yes None Yes 1.2 1.3 0.0 2020 28,272 28,272 Yes None No 0.4 0.0 0.0 2020 43,330 26,446 Yes None Yes 0.6 0.0 0.0 Total $ 2.4 $ 1.6 $ 1.9 1 less than $0.1 million of expense recorded 2 As a result of the sale of the France business in August 2018 and terms of the performance award, compensation expense of $1.5 million was recorded in discontinued operations for the year ended 2018. Share-based compensation expense reported within continuing operations for restricted stock issued to Directors was $0.2 million in 2020 and 2019 and $0.1 million in 2018 and is recorded within selling, distribution and administrative expenses. A total of 17,600 restricted stock units, 10,244 from the 2020 Omnibus Plan and 7,356 from the 2010 Plan, are outstanding to the Directors as of December 31, 2020. At December 31, 2020, there was approximately $1.7 million of unrecognized compensation cost related to the unvested RSU's, which is expected to be recognized over a weighted average period of 2.47 years. Compensation expense related to RSU and performance RSU's reported within continuing operations was approximately $2.5 million, $1.8 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is recorded within selling, distribution and administrative expenses. The following table reflects the activity for all unvested restricted stock during 2020: Shares Weighted Unvested at January 1, 2020 172,595 $ 23.14 Granted 81,846 $ 23.49 Vested (81,547) $ 23.58 Forfeited (9,134) $ 23.71 Unvested at December 31, 2020 163,760 $ 23.06 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAX The following table summarizes our U.S. and foreign components of income from continuing operations before income taxes (in millions): Year Ended December 31, 2020 2019 2018 United States $ 80.5 $ 65.8 $ 62.8 Foreign 3.5 0.3 0.1 Total $ 84.0 $ 66.1 $ 62.9 The following table summarizes the (benefit) provision for income taxes from continuing operations (in millions): Year Ended December 31, 2020 2019 2018 Current: Federal $ 17.0 $ 12.5 $ 2.6 State 3.3 2.1 2.4 Foreign 0.1 0.1 0.0 Total current $ 20.4 $ 14.7 $ 5.0 Deferred: Federal $ (0.8) $ 1.1 $ 7.7 State 0.3 0.3 0.6 Foreign 0.0 0.0 0.1 Total deferred $ (0.5) $ 1.4 $ 8.4 TOTAL $ 19.9 $ 16.1 $ 13.4 Tax expense (benefit) from discontinued operations was $0.5 million, $(0.6) million and $23.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. Income taxes are accrued and paid by each foreign entity in accordance with applicable local regulations. A reconciliation of the difference between the income tax expense and the computed income tax expense from continuing operations based on the Federal statutory corporate rate is as follows (in millions): Year Ended December 31, 2020 2019 2018 Income tax at Federal statutory rate $ 17.6 21.0 % $ 13.9 21.0 % $ 13.2 21.0 % State and local income taxes, net of federal tax benefit 3.0 3.5 % 2.4 3.7 % 2.6 4.1 % Impact of state rate changes 0.0 0.0 % 0.1 0.1 % (0.1) (0.2) % Reversal of valuation allowances (0.9) (1.0) % (0.3) (0.4) % (0.2) (0.3) % Stock based compensation (0.5) (0.6) % (0.5) (0.8) % (1.5) (2.4) % Non-deductible items 0.8 0.9 % 0.8 1.2 % 0.1 0.2 % Other items, net (0.1) (0.1) % (0.3) (0.4) % (0.7) (1.1) % Income tax $ 19.9 23.7 % $ 16.1 24.4 % $ 13.4 21.3 % The deferred tax assets and liabilities are comprised of the following (in millions): December 31, 2020 2019 Assets: Accrued expenses and other liabilities $ 2.5 $ 1.3 Inventory 1.7 1.3 Operating lease obligations 20.9 16.5 Intangible & other 0.6 1.3 Net operating loss and credit carryforwards 15.5 17.7 Valuation allowances (15.2) (16.8) Total deferred tax assets $ 26.0 $ 21.3 Liabilities: Operating lease right-of-use assets $ 18.4 $ 14.0 Other 0.1 0.1 Total deferred tax liabilities $ 18.5 $ 14.1 During 2020 the Company utilized approximately $4.1 million in state NOL carryforwards to reduce the current year tax expense. As of December 31, 2020, the Company has foreign NOLs of $7.9 million which expire through 2033 and foreign tax credit carryforwards of $1.1 million expiring in years through 2028. The Company has recorded valuation allowances of approximately $15.2 million, including valuations against state net operating loss carryforwards of $5.8 million, foreign NOLs of $7.9 million, $0.4 million against the deductibility of foreign temporary tax differences and $1.1 million against foreign tax carryforwards. Valuation allowances have been recorded against these assets as the Company believes it is more likely than not that these NOLs, temporary differences and foreign tax credits will not be utilized in the near future. The Company has not provided for federal income taxes applicable to the undistributed earnings of its foreign subsidiary in India and Canada of approximately $3.7 million as of December 31, 2020, since these earnings are considered permanently reinvested in the subsidiaries. The Company's permanent reinvestment assertion has not changed following the enactment of the TCJA. If the Company ceases to be permanently reinvested in its foreign subsidiaries, the Company may be subject to foreign withholding and other taxes on undistributed earnings and may need to record a deferred tax liability for any outside basis difference in its investments in its foreign subsidiaries. Under the TCJA each U.S. shareholder of a controlled foreign corporation ("CFC") must include in its gross taxable income in any tax year the aggregate net GILTI, or net income, of its CFCs. In 2020 the Company has included in taxable income the net income of its subsidiaries in the Netherlands, India, and Canada. The Company has elected to treat GILTI expense as a period cost when incurred. The Company is routinely audited by federal, state and foreign tax authorities with respect to its income taxes. The Company regularly reviews and evaluates the likelihood of audit assessments. The Company’s federal income tax returns have been audited through 2013. The Company has not signed any consent to extend the statute of limitations for any subsequent years. The Company’s significant state tax returns have been audited through 2009. The Company considers its significant tax jurisdictions in foreign locations to be Canada and India. As of December 31, 2020, the Company had no uncertain tax positions. Interest and penalties, if any, are recorded in income tax expense. There were no accrued interest or penalty charges related to unrecognized tax benefits recorded in income tax expense in 2020, 2019 or 2018. |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND OTHER MATTERS | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND OTHER MATTERS | COMMITMENTS, CONTINGENCIES AND OTHER MATTERS The Company and its subsidiaries are from time to time involved in various lawsuits, claims, investigations and proceedings which may include commercial, employment, tax, customs and trade, customer, vendor, personal injury, creditors rights and health and safety law matters, which are handled and defended in the ordinary course of business. In addition, the Company is from time to time subjected to various assertions, claims, proceedings and requests for damages and/or indemnification concerning sales channel practices and intellectual property matters, including patent infringement suits involving technologies that are incorporated in a broad spectrum of products the Company sells or that are incorporated in the Company’s e-commerce sales channels, as well as trademark/copyright infringement claims. The Company is also audited by (or has initiated voluntary disclosure agreements with) various U.S. Federal and state authorities, as well as Canadian authorities, concerning potential income tax, sales tax and/or "unclaimed property" liabilities. These matters are in various stages of investigation, negotiation and/or litigation. The Company's NATG subsidiaries are being audited by an entity representing 28 states seeking recovery of “unclaimed property” and has received separate demands from 20 states requesting payments of their claimed amounts. The Company has complied with the unclaimed property audit, has provided requested information and has corresponded with the states regarding possible further discussions. The Company intends to vigorously defend these matters and believes it has strong defenses. Although the Company does not expect, based on currently available information, that the outcome in any of these matters, individually or collectively, will have a material adverse effect on its financial position or results of operations, the ultimate outcome is inherently unpredictable. Therefore, judgments could be rendered or settlements entered, that could adversely affect the Company’s operating results or cash flows in a particular period. The Company regularly assesses all of its litigation and threatened litigation as to the probability of ultimately incurring a liability, and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable and estimable. In this regard, the Company establishes accrual estimates for its various lawsuits, claims, investigations and proceedings when it is probable that an asset has been impaired or a liability incurred at the date of the financial statements and the loss can be reasonably estimated. At December 31, 2020 the Company has established accruals for certain of its various lawsuits, claims, investigations and proceedings based upon estimates of the most likely outcome in a range of loss or the minimum amounts in a range of loss if no amount within a range is a more likely estimate. The Company does not believe that at December 31, 2020 any reasonably possible losses in excess of the amounts accrued would be material to the financial statements. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENTIn February 2021, the Company recorded approximately $15.0 million in restitution receipts and also recorded approximately $3.0 million of professional fees related to the ongoing restitution proceedings. These items will be recorded in Discontinued Operations in the first quarter of 2021. |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly financial data, excluding discontinued operations, is as follows (in millions, except for per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter 2020 Net sales $ 227.3 $ 242.1 $ 285.7 $ 273.9 Gross profit $ 76.7 $ 84.8 $ 102.3 $ 93.1 Net income from continuing operations $ 8.3 $ 15.3 $ 24.1 $ 16.4 Net income per common share from continuing operations: Basic 0.21 0.41 0.64 0.42 Diluted 0.21 0.40 0.64 0.42 2019 Net sales $ 232.2 $ 248.6 $ 243.9 $ 222.2 Gross profit $ 80.3 $ 86.0 $ 84.4 $ 75.0 Net income from continuing operations $ 10.0 $ 14.9 $ 13.7 $ 11.4 Net income per common share from continuing operations: Basic 0.27 0.40 0.36 0.30 Diluted 0.26 0.39 0.36 0.30 |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS For the years ended December: (in millions) Description Balance at Charged to Write-offs Other Balance at Allowance for credit losses 2020 $ 6.8 $ 1.2 $ (6.3) $ 0.0 $ 1.7 2019 $ 6.6 $ 1.0 $ (0.8) $ 0.0 $ 6.8 2018 $ 6.7 $ 0.7 $ (0.8) $ 0.0 $ 6.6 Allowance for deferred tax assets 2020 $ 16.8 $ (1.0) $ (0.6) $ 0.0 $ 15.2 2019 $ 18.3 $ (0.3) $ 0.0 $ (1.2) $ 16.8 2018 $ 18.3 $ (0.3) $ 0.0 $ 0.3 $ 18.3 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation — The accompanying consolidated financial statements include the accounts of Systemax Inc. and its wholly-owned subsidiaries (collectively, the “Company” or “Systemax”). All significant intercompany accounts and transactions have been eliminated in consolidation. |
Fiscal Year | Fiscal Year — The Company’s fiscal year ends at midnight on the Saturday closest to December 31. For clarity of presentation herein, all fiscal years are referred to as if they ended on December 31. The fiscal year is divided into four fiscal quarters that each end at midnight on a Saturday. For clarity of presentation herein, all fiscal quarters are referred to as if they ended on the traditional calendar month. The full year of 2020 included 53 weeks while 2019 and 2018 included 52 weeks. |
Use of Estimates In Financial Statements | Use of Estimates in Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions that the Company believes are necessary to consider to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent assets and liabilities. The Company is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Company’s business environment, therefore, actual results could differ from these estimates. Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. Significant estimates and assumptions by management affect the allowance for credit losses, product returns liabilities, inventory reserves, allowances for cooperative advertising, the carrying value of long‑lived assets (including goodwill and intangible assets), the provision for income taxes and related deferred tax accounts, certain accrued liabilities, revenue recognition, contingencies, sublease income, litigation and related legal accruals and the value attributed to employee stock options and other stock‑based awards. |
Foreign Currency Translation | Foreign Currency Translation — The Company has operations in foreign countries. The functional currency of each foreign country is the local currency. The financial statements of the Company’s foreign entities are translated into U.S. dollars, the reporting currency, using year-end exchange rates for assets and liabilities, year to date average exchange rates for the statement of operations items and historical rates for equity accounts. Translation gains or losses are recorded as a separate component of shareholders’ equity. |
Cash and cash equivalents | Cash and cash equivalents — The Company considers amounts held in money market accounts and other short-term investments, including overnight bank deposits, with an original maturity date of three months or less to be cash. Cash overdrafts are classified in accounts payable. |
Restricted cash | Restricted cash |
Inventories | Inventories — Inventories consist primarily of finished goods and are stated at the lower of cost or net realizable value. Cost is determined by using the first-in, first-out method. The Company estimates the net realizable value of its inventory by considering factors such as inventory levels, historical write-off information, historical and current demand trends, market conditions, estimated direct selling costs and physical condition of the inventory as well as credits that we may obtain for returned merchandise. |
Leases | Leases — The Company has operating and finance leases for office and warehouse facilities, headquarters and call centers and certain computer, communications equipment and machinery and equipment which provide the right to use the underlying assets in exchange for agreed upon lease payments, determined by the payment schedule contained in each lease. The Company determines if an arrangement is an operating or finance lease at the inception of the lease. The Company has elected not to apply recognition requirements to leases with terms of one year or less. All other leases are recorded on the balance sheet, with Operating lease right-of-use assets representing the right to use the underlying asset for the lease term and Operating lease liabilities representing the obligation to make lease payments arising from the lease. The Company elected to adopt the available package of practical expedients. The ROU assets and corresponding liabilities are recorded based upon the net present value of the lease payments, discounted using interest rates determined by utilizing such factors as the Company's current credit facility terms, length of the lease term, the Company's expected debt credit rating and comparable company term loan yields. Certain leases may include options to extend the lease, however, the Company is not including any impact of such options in the valuation of its ROU assets or liabilities as they are not probable of being extended. The Company's lease agreements do not contain residual value guarantees or restrictive covenants. The Company has sublease agreements for certain unused facilities. The Company’s lease portfolio consists primarily of operating leases which expire at various dates through 2032. See Note 4 to the consolidated financial statements. |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment is stated at cost. Furniture, fixtures and equipment are depreciated using the straight-line or accelerated method over their estimated useful lives ranging from three years to fifteen years. Leasehold improvements are amortized over the shorter of the useful lives or the term of the respective leases. During 2020, the Company disposed of property, plant and equipment of approximately $10.5 million and accumulated depreciation of $10.5 million. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement of operations in the period realized. |
Internal-Use Software | Internal-Use Software — Internal‑use software is included in fixed assets and is amortized on a straight‑line basis over three years. The Company capitalizes costs incurred during the application development stage. Costs related to minor upgrades, minor enhancements and maintenance activities are expensed as incurred. |
Evaluation of Long-lived Assets | Evaluation of Long-lived Assets — Long-lived assets are assets used in the Company’s operations and include definite-lived intangible assets, leasehold improvements, warehouse and similar property used to generate sales and cash flows. Long-lived assets are tested for impairment utilizing a recoverability test. The recoverability test compares the carrying value of an asset group to the undiscounted cash flows directly attributable to the asset group over the life of the primary asset. If the undiscounted cash flows of an asset group is less than the carrying value of the asset group, the fair value of the asset group is then measured. If the fair value is also determined to be less than the carrying value of the asset group, the asset group is impaired. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets — Goodwill represents the excess of the cost of acquired assets over the fair value of assets acquired. The Company operates in one reporting unit and in the fourth quarter of each year performs a quantitative assessment of its goodwill by comparing the Company's fair market value, or market capitalization, to the carrying value of the Company, including goodwill, to determine if impairment exists. Any excess of the carrying amount over fair value would be charged to impairment expense. |
Income Taxes | Income Taxes — The Company accounts for income taxes using the liability method, under which deferred tax assets and liabilities are determined based on the future tax consequences attributable to differences between the financial reporting carrying amounts of existing assets and liabilities and their respective tax basis and tax credit carry forwards and net operating loss carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be in effect when the differences are expected to reverse. The Company assesses the likelihood that deferred tax assets will be recovered from future taxable income, and a valuation allowance is established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized. In accordance with the guidance for accounting for uncertainty in income taxes the Company recognizes the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefit of an uncertain tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount that is greater than 50% likely to be realized upon settlement with the tax authority. To the extent we prevail in matters for which accruals have been established or are required to pay amounts in excess of accruals, our effective tax rate in a given financial statement period could be affected. |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable — The Company’s revenue is shown as “Net sales” in the accompanying Consolidated Statements of Operations and is measured as the determined transaction price, net of any variable consideration consisting primarily of rights to return product. The Company has elected to treat shipping and handling revenues as activities to fulfill its performance obligation. Billings for freight and shipping and handling are recorded in net sales and costs of freight and shipping and handling are recorded in cost of sales in the accompanying Consolidated Statements of Operations. The Company will record a contract liability in cases where customers pay in advance of the Company satisfying its performance obligation. The Company did not have any material unsatisfied performance obligations or liabilities as of December 31, 2020. The Company offers customers rights to return product within a certain time, usually 30 days. The Company estimates its sales returns liability quarterly based upon its historical return rates as a percentage of historical sales for the trailing twelve-month period. The total accrued sales returns liability was approximately $1.9 million at December 31, 2020 and 2019, |
Allowance for Credit Losses | Allowance for Credit Losses - On January 1, 2020 the Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). The Company's trade accounts receivable are subject to this standard. The adoption of this ASU did not have a material impact on the Company's financial position or results of operations. The Company’s trade accounts receivable is one portfolio comprised of commercial businesses operating in the U.S. and to a much lesser extent, Canada. The Company develops its allowances for credit losses, which represent an estimate of expected losses over the remaining contractual life of its receivables, considering customer financial condition, historical loss experience with its customers, current market economic conditions and forecasts of future economic conditions when appropriate. When the Company becomes aware of a customer's inability to meet its financial obligation, a specific reserve is recorded to reduce the receivable to the expected amount to be collected. For the balance of its trade receivables, the Company uses a loss rate method to estimate its credit loss reserve. Historical loss experience rates are calculated using receivable write offs over a trailing twelve-month period and comparing that to the average receivable balances over the same period. That rate is applied to the current accounts receivable portfolio, excluding accounts that have been specifically reserved. Any write offs incurred are recorded against the established reserves. The Company grants credit to commercial business customers using an electronic application process that evaluates the customer's detailed credit report, reference responses, availability under credit facilities, existing liens, tenure of management and business history, among other factors. Credit terms are typically net 30 days payment required with larger businesses eligible for up to net 90 day terms, if qualified. |
Shipping and Handling Costs | Shipping and Handling Costs — The Company recognizes shipping and handling costs in cost of sales. |
Advertising Costs | Advertising Costs — Expenditures for internet, television, local radio and newspaper advertising are expensed in the period the advertising takes place. Catalog preparation, printing and postage expenditures are amortized over the fiscal year during which the benefits are expected. |
Stock Based Compensation | Stock Based Compensation — The fair value of employee share options is recognized in expense over the vesting period of the options, using the graded attribution method. The fair value of employee share options is determined on the date of grant using the Black-Scholes option pricing model. The Company has calculated its dividend yield by dividing the annualized regular quarterly dividend by the current stock price at grant date. The Company has used historical volatility in its estimate of expected volatility. The expected life represents the period of time (in years) for which the options granted are expected to be outstanding. The risk-free interest rate is based on the U.S. Treasury yield curve. Stock-based compensation expense includes an estimate for forfeitures and is recognized over the expected term of the award. The fair value of the restricted stock and performance restricted stock is the closing stock price on the NYSE of the Company's common stock on the date of grant or the closing stock price of the Company's common stock on the last business day prior to the grant date. Upon delivery, a portion of the RSU award may be withheld to satisfy the statutory withholding taxes. The remaining RSU's/PRSU's will be settled in shares of the Company's common stock after the vesting period and on the prescribed delivery date. These RSUs/PRSU's have none of the rights as other shares of common stock, other than rights to cash dividends, until common stock is distributed. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share — Net income per common share - basic is calculated based upon the weighted average number of common shares outstanding during the respective periods presented using the two-class method of computing earnings per share. The two-class method was used as the Company has outstanding restricted stock with rights to |
Employee Benefit Plans | Employee Benefit Plans — The Company’s U.S. subsidiaries participate in a defined contribution 401(k) plan covering substantially all U.S. employees. Employees may invest 1% or more of their eligible compensation, limited to maximum amounts as determined by the Internal Revenue Service. The Company provides a matching contribution to the plan, determined as a percentage of the employees’ contributions. |
Fair Value Measurements | Fair Value Measurements — On January 1, 2020, the Company adopted ASU 2018-13, Fair Value Measurements (Topic 820). The adoption of this ASU did not have a material impact on the Company's financial position of results of operations. Fair value accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value standards establish the fair value hierarchy to prioritize the inputs used in valuation techniques. There are three levels to the fair value hierarchy (Level 1 is the highest priority and Level 3 is the lowest priority): Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3 - Unobservable inputs which are supported by little or no market activity Financial instruments consist primarily of investments in cash, trade accounts receivable, debt and accounts payable. The Company determines the fair value of financial instruments based on interest rates available to the Company. At December 31, 2020 and 2019, the carrying amounts of cash, accounts receivable and accounts payable are considered to be representative of their respective fair values due to their short-term nature. Cash is classified as Level 1 within the fair value hierarchy. The fair value of goodwill, non-amortizing intangibles and long-lived assets is measured in connection with the Company’s annual impairment testing as discussed above. The weighted average interest rate on short-term borrowings was 4.4% in 2020, 6.2% in 2019 and 5.7% in 2018. |
Significant Concentrations | Significant Concentrations — Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and accounts receivable. The Company’s excess cash balances are invested with money center banks. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and their |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Public companies in the United States are subject to the accounting and reporting requirements of various authorities, including the Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”). These authorities issue numerous pronouncements, most of which are not applicable to the Company’s current or reasonably foreseeable operating structure. Below are the new authoritative pronouncements that management believes are relevant to Company’s current operations. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU clarifies and simplifies accounting for income taxes by eliminating certain exceptions for intraperiod tax allocation principles and the methodology for calculating income tax rates in an interim period, among other updates. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company will adopt this ASU effective January 1, 2021. The Company does not expect the adoption of this standard to have a material impact on the Company's financial position or results of operations. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. This ASU amends a variety of topics in the Codification to improve consistency and clarify the guidance. The effective date of this ASU is for fiscal years and interim periods beginning after December 15, 2020. The Company does not expect the adoption of this standard to have a material impact on the Company's financial position or results of operations. |
CREDIT LOSSES (Tables)
CREDIT LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Allowance For Credit Losses On Trade Accounts Receivable | The following is a rollforward of the allowances for credit losses related to the Company's receivables for the year ended December 31, 2020: December 31, 2020 Balance at beginning of period $ 6.8 Current period provision 1.2 Write-offs - trade accounts receivable (0.7) Write-offs - notes and other receivables* (5.6) Balance at end of period $ 1.7 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of ROU Remaining Lease Term and Discount Rate | for continuing and discontinued operations as of December 31, 2020 and 2019: Year Ended December 31, Year Ended December 31, 2020 2019 Weighted Average Remaining Lease Term Operating leases 8.7 years 8.4 years Weighted Average Discount Rate Operating leases 5.2 % 5.7 % ROU assets obtained in exchange for operating lease obligations $ 28.7 $ 16.5 |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows (in millions): Year Ending December 31 Operating Leases 2021 $ 14.8 2022 14.0 2023 13.6 2024 12.3 2025 11.1 Thereafter 46.8 Total lease payments 112.6 Less: interest (25.1) Total present value of lease liabilities $ 87.5 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue, from continuing operations, by geography for the year ended December 31, 2020, 2019 and 2018 (in millions): Year Ended December 31, 2020 2019 2018 Net sales: United States $ 968.1 $ 901.3 $ 854.6 Canada 60.9 45.6 42.3 Consolidated $ 1,029.0 $ 946.9 $ 896.9 |
DISPOSITIONS AND SPECIAL GAIN_2
DISPOSITIONS AND SPECIAL GAINS AND CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Reconciliation of Pretax Loss of Discontinued Operations to Loss of Discontinued Operations | Results of discontinued operations for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 Net sales $ 0.0 $ 0.0 $ 352.0 Cost of sales 0.0 0.0 295.8 Gross profit 0.0 0.0 56.2 Selling, distribution and administrative expenses (0.4) 2.1 36.5 Pre-tax book gain on sale of France business 0.0 0.0 (178.9) Special (gains) charges, net (1.4) 0.0 0.6 Operating income (loss) from discontinued operations 1.8 (2.1) 198.0 Foreign currency exchange income 0.0 0.0 (0.2) Income (loss) of discontinued operations before income taxes 1.8 (2.1) 198.2 Provision (benefit) for income taxes 0.5 (0.6) 23.0 Net income (loss) from discontinued operations $ 1.3 $ (1.5) $ 175.2 Net income (loss) per share - basic $ 0.03 $ (0.04) $ 4.69 Net income (loss) per share - diluted $ 0.03 $ (0.04) $ 4.62 |
Special Charge Liabilities | The following table details liabilities related to the exit costs of the sold businesses that remain for 2020 (in millions): Accrued exit costs Balance January 1, 2020 $ 2.8 Charged to expense 0.4 Paid or otherwise settled (0.4) Balance December 31, 2020 $ 2.8 The following table details liabilities related to the exit costs of the sold businesses for 2019 (in millions): Accrued exit costs Balance, January 1, 2019 $ 2.8 Charged to expense 0.7 Paid or otherwise settled (0.7) Balance, December 31, 2019 $ 2.8 |
GOODWILL AND INTANGIBLES (Table
GOODWILL AND INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Goodwill | The following table provides information related to the carrying value of goodwill (in millions): December 31, 2020 2019 Balance, December 31 $ 5.5 $ 5.5 |
Schedule of Indefinite-Lived Intangible Assets | The following table provides information related to the carrying value of indefinite lived intangibles as of December 31, 2020 and 2019, respectively (in millions): December 31, 2020 2019 Balance, December 31 $ 0.7 $ 0.7 |
Schedule of Definite-Lived Intangible Assets | The following table summarizes information related to definite-lived intangible assets as of December 31, 2020 (in millions): December 31, 2020 Amortization Gross Carrying Accumulated Net Book Value Weighted avg Client lists 5-10 yrs $ 2.0 $ 1.2 $ 0.8 4.1 Domain name 5 yrs 3.4 3.4 0.0 0.0 Total $ 5.4 $ 4.6 $ 0.8 4.1 The following table summarizes information related to definite-lived intangible assets as of December 31, 2019 (in millions): December 31, 2019 Amortization Gross Carrying Accumulated Net Book Value Weighted avg Client lists 5-10 yrs $ 2.0 $ 1.0 $ 1.0 5.1 Domain name 5 yrs 3.4 3.4 0.0 0.0 Total $ 5.4 $ 4.4 $ 1.0 5.1 |
Schedule of Aggregate Amortization Expense for Intangibles | The aggregate amortization expense for these intangibles was approximately $0.2 million in 2020. The estimated amortization for future years ending December 31 is as follows (in millions): 2021 $ 0.2 2022 0.2 2023 0.2 2024 0.2 Total $ 0.8 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, plant and equipment, net consist of the following (in millions): December 31, 2020 2019 Land improvements $ 0.8 $ 0.8 Furniture and fixtures, office, computer and other equipment and software 36.5 44.3 Leasehold improvements 13.1 13.1 50.4 58.2 Less accumulated depreciation and amortization 33.8 40.4 Property, plant and equipment, net $ 16.6 $ 17.8 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in millions): December 31, 2020 2019 Payroll and employee benefits $ 26.4 $ 11.3 Advertising 4.8 4.9 Sales and VAT tax payable 3.8 2.6 Freight 7.4 6.8 Reorganization costs 0.4 0.4 Income taxes payable 0.9 0.0 Product returns liability 1.9 1.9 Other 5.1 6.1 $ 50.7 $ 34.0 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Weighted-Average Assumptions Used To Estimate the Fair Value of Options Granted | The following table presents the weighted-average assumptions used to estimate the fair value of options granted in 2020, 2019 and 2018: 2020 2019 2018 Expected annual dividend yield 2.0 % 1.9 % 1.4 % Risk-free interest rate 1.38 % 2.65 % 2.94 % Expected volatility 51.1 % 50.4 % 48.0 % Expected life in years 5.2 5.0 5.2 |
Schedule of Outstanding and Exercisable Options | The following table summarizes information concerning outstanding and exercisable options: Weighted Average 2020 2019 2018 Shares Weighted Shares Weighted Shares Weighted Outstanding at beginning of year 764,784 $ 17.31 596,148 $ 11.64 1,001,300 $ 11.58 Granted 111,872 $ 23.60 1,038,536 $ 15.76 17,550 $ 31.66 Exercised (191,780) $ 11.68 (224,750) $ 8.92 (400,203) $ 12.18 Canceled or expired (23,852) $ 23.71 (645,150) $ 12.50 (22,499) $ 15.24 Outstanding at end of year 661,024 $ 19.78 764,784 $ 17.31 596,148 $ 11.64 Options exercisable at year end 302,283 227,598 341,515 Weighted average fair value per option granted during the year $ 9.12 $ 9.16 $ 12.87 |
Schedule of Options Vested and Exercisable or Nonvested, Expected to Vest (Nonvested Outstanding Less Expected Forfeitures) | The following table summarizes information about options vested and exercisable or non-vested that are expected to vest (non-vested outstanding less expected forfeitures) at December 31, 2020: Range of Exercise Prices Options outstanding and Weighted Weighted Average Aggregate $ 5.00 to $ 10.00 123,000 $ 6.29 5.53 $ 3.6 $ 10.01 to $ 15.00 0 $ 0.00 0 0.0 $ 15.01 to $ 20.00 57,304 $ 17.03 2.43 1.1 $ 20.01 to $ 25.00 480,720 $ 23.55 8.30 5.9 $ 5.00 to $ 25.00 661,024 $ 19.78 7.27 $ 10.6 |
Schedule of Unvested Stock Options | The following table reflects the activity for all unvested stock options during 2020: Shares Weighted Unvested at January 1, 2020 537,186 $ 9.38 Granted 111,872 $ 9.12 Vested (269,553) $ 9.19 Forfeited (20,764) $ 9.61 Unvested at December 31, 2020 358,741 $ 9.63 |
Restricted Stock Award Activity | The following table reflects the activity for restricted stock awards, excluding the restricted stock issued to Directors (in millions, except shares data): Year Granted Shares Granted Outstanding at December 31, 2020 Rights to Cash Dividend Other Participation Rights Performance Award Compensation Expense Year Ended December 31, 2020 2019 2018 2010 175,000 — Yes None No $ 0.0 $ 0.0 $ 0.1 2011 100,000 — Yes None No 0.0 0.0 0.2 2012 50,000 10,000 Yes None No 0 (1) 0 (1) 0 (1) 2016 100,000 — Yes None No 0.0 0 (1) 0.1 2017 53,288 — Yes None No 0.0 0.0 0 (1) 2017 49,600 — Yes None Yes 0.0 0.0 1.5 (2) 2018 5,117 — Yes None No 0.0 0.0 0 (1) 2019 30,251 24,200 Yes None No 0.2 0.3 0.0 2019 149,412 57,242 Yes None Yes 1.2 1.3 0.0 2020 28,272 28,272 Yes None No 0.4 0.0 0.0 2020 43,330 26,446 Yes None Yes 0.6 0.0 0.0 Total $ 2.4 $ 1.6 $ 1.9 1 less than $0.1 million of expense recorded 2 As a result of the sale of the France business in August 2018 and terms of the performance award, compensation expense of $1.5 million was recorded in discontinued operations for the year ended 2018. |
Nonvested Restricted Stock Shares Activity | The following table reflects the activity for all unvested restricted stock during 2020: Shares Weighted Unvested at January 1, 2020 172,595 $ 23.14 Granted 81,846 $ 23.49 Vested (81,547) $ 23.58 Forfeited (9,134) $ 23.71 Unvested at December 31, 2020 163,760 $ 23.06 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) before Income Taxes | The following table summarizes our U.S. and foreign components of income from continuing operations before income taxes (in millions): Year Ended December 31, 2020 2019 2018 United States $ 80.5 $ 65.8 $ 62.8 Foreign 3.5 0.3 0.1 Total $ 84.0 $ 66.1 $ 62.9 |
Schedule of (Benefit) Provision for Income Taxes | The following table summarizes the (benefit) provision for income taxes from continuing operations (in millions): Year Ended December 31, 2020 2019 2018 Current: Federal $ 17.0 $ 12.5 $ 2.6 State 3.3 2.1 2.4 Foreign 0.1 0.1 0.0 Total current $ 20.4 $ 14.7 $ 5.0 Deferred: Federal $ (0.8) $ 1.1 $ 7.7 State 0.3 0.3 0.6 Foreign 0.0 0.0 0.1 Total deferred $ (0.5) $ 1.4 $ 8.4 TOTAL $ 19.9 $ 16.1 $ 13.4 |
Reconciliation of Difference between Income Tax Expense and Computed Income Tax Expense Based on Federal Statutory Corporate Rate | A reconciliation of the difference between the income tax expense and the computed income tax expense from continuing operations based on the Federal statutory corporate rate is as follows (in millions): Year Ended December 31, 2020 2019 2018 Income tax at Federal statutory rate $ 17.6 21.0 % $ 13.9 21.0 % $ 13.2 21.0 % State and local income taxes, net of federal tax benefit 3.0 3.5 % 2.4 3.7 % 2.6 4.1 % Impact of state rate changes 0.0 0.0 % 0.1 0.1 % (0.1) (0.2) % Reversal of valuation allowances (0.9) (1.0) % (0.3) (0.4) % (0.2) (0.3) % Stock based compensation (0.5) (0.6) % (0.5) (0.8) % (1.5) (2.4) % Non-deductible items 0.8 0.9 % 0.8 1.2 % 0.1 0.2 % Other items, net (0.1) (0.1) % (0.3) (0.4) % (0.7) (1.1) % Income tax $ 19.9 23.7 % $ 16.1 24.4 % $ 13.4 21.3 % |
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities are comprised of the following (in millions): December 31, 2020 2019 Assets: Accrued expenses and other liabilities $ 2.5 $ 1.3 Inventory 1.7 1.3 Operating lease obligations 20.9 16.5 Intangible & other 0.6 1.3 Net operating loss and credit carryforwards 15.5 17.7 Valuation allowances (15.2) (16.8) Total deferred tax assets $ 26.0 $ 21.3 Liabilities: Operating lease right-of-use assets $ 18.4 $ 14.0 Other 0.1 0.1 Total deferred tax liabilities $ 18.5 $ 14.1 |
QUARTERLY FINANCIAL DATA (UNA_2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly financial data, excluding discontinued operations, is as follows (in millions, except for per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter 2020 Net sales $ 227.3 $ 242.1 $ 285.7 $ 273.9 Gross profit $ 76.7 $ 84.8 $ 102.3 $ 93.1 Net income from continuing operations $ 8.3 $ 15.3 $ 24.1 $ 16.4 Net income per common share from continuing operations: Basic 0.21 0.41 0.64 0.42 Diluted 0.21 0.40 0.64 0.42 2019 Net sales $ 232.2 $ 248.6 $ 243.9 $ 222.2 Gross profit $ 80.3 $ 86.0 $ 84.4 $ 75.0 Net income from continuing operations $ 10.0 $ 14.9 $ 13.7 $ 11.4 Net income per common share from continuing operations: Basic 0.27 0.40 0.36 0.30 Diluted 0.26 0.39 0.36 0.30 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Income (loss) from discontinued operations, net of tax | $ 1.3 | $ (1.5) | $ 175.2 |
Net gain from settlement of state audit offset by impairment charges on intangible assets | 3.1 | ||
Inventory Purchases | Immediate Family Member of Management or Principal Owner | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Purchases from related party | 3.2 | ||
NATG | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax gain (loss) on sale of business | 0 | 0 | 178.9 |
Net sales | 0 | 0 | 352 |
Income (loss) from discontinued operations, net of tax | 1.3 | (1.5) | 175.2 |
Disposed of by Sale | French Business Unit | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 352 | ||
Net gain on sale of the business | 175.8 | ||
Disposed of by Sale | SARL Business Segment | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations, net of tax | 0.2 | ||
Disposed of by Sale | NATG | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations, net of tax | $ (1.3) | $ (1.5) | (0.8) |
ETG - discontinued | Disposed of by Sale | French Business Unit | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax gain (loss) on sale of business | $ 178.9 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)suppliershares | Dec. 31, 2019USD ($)suppliershares | Dec. 31, 2018USD ($)suppliershares | |
Restricted Cash [Abstract] | |||
Total outstanding letters of credit | $ 1.6 | ||
Property, Plant and Equipment [Abstract] | |||
Disposals of property plant and equipment | 10.5 | ||
Accumulated depreciation | 10.5 | ||
Revenues [Abstract] | |||
Accrued sales returns | 1.9 | $ 1.9 | |
Advertising Costs | |||
Advertising expense | 60.3 | 69.8 | $ 70.4 |
Net Income (Loss) Per Common Share | |||
Income (loss) from continuing operations available to common stockholders, basic | 63.3 | 49.7 | 49.8 |
Income (loss) from continuing operations available to common stockholders, diluted | 63.3 | 49.7 | 49.5 |
Income (loss) from discontinued operations available to common stockholders, basic | 1.3 | (1.5) | 174.4 |
Income (loss) from discontinued operations available to common stockholders, diluted | $ 1.3 | $ (1.5) | $ 175.2 |
Weighted average shares outstanding for basic net income per share (shares) | shares | 37.5 | 37.5 | 37.2 |
Stock options and restricted stock awards securities excluded from computation of earnings (loss) per share (in shares) | shares | 0.5 | 0.4 | |
Employee Benefit Plans | |||
Minimum annual contribution per employee | 1.00% | ||
Aggregate expense in contribution plans | $ 1.4 | $ 1.1 | $ 1.2 |
Fair Value Measurements | |||
Weighted average interest rate on short-term borrowings | 4.40% | 6.20% | 5.70% |
Significant Concentrations | |||
Number of supplier | supplier | 0 | 0 | 0 |
NATG | |||
Advertising Costs | |||
Advertising expense | $ 0 | $ 0 | $ 1.1 |
Furniture, Fixtures and Equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 3 years | ||
Furniture, Fixtures and Equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 15 years | ||
Internal-Use Software | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 3 years | ||
Stock Option | |||
Net Income (Loss) Per Common Share | |||
Shares included in the calculated of diluted earnings per share | shares | 0.2 | 0.2 | 0.5 |
Restricted Stock | |||
Net Income (Loss) Per Common Share | |||
Shares included in the calculated of diluted earnings per share | shares | 0.2 |
CREDIT LOSSES (Details)
CREDIT LOSSES (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at end of period | $ 1.7 | $ 6.8 | |
Current period provision | 1.2 | ||
Trade Accounts Receivable | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Writeoff | 0.7 | ||
Notes and Other Receivables | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Writeoff | $ 5.6 | $ 5.6 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating lease cost | $ 13.1 | $ 12 | $ 11.4 |
Related party rent expense | 1 | 1 | 1 |
Sublease income | 1.7 | $ 1.9 | $ 0.2 |
Sublease agreements less then one year | 1.3 | ||
Sublease agreements between one and three years | $ 0.5 |
LEASES - Lease Expense (Details
LEASES - Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating leases, weighted average remaining lease term (years) | 8 years 8 months 12 days | 8 years 4 months 24 days | |
Operating leases, weighted average discount rate (percent) | 5.20% | 5.70% | |
ROU assets obtained in exchange for operating lease obligations | $ 28.7 | $ 16.5 | $ 0 |
LEASES - Maturities of Lease Li
LEASES - Maturities of Lease Liabilities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 14.8 |
2022 | 14 |
2023 | 13.6 |
2024 | 12.3 |
2025 | 11.1 |
Thereafter | 46.8 |
Total lease payments | 112.6 |
Less: interest | (25.1) |
Total present value of lease liabilities | $ 87.5 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 273.9 | $ 285.7 | $ 242.1 | $ 227.3 | $ 222.2 | $ 243.9 | $ 248.6 | $ 232.2 | $ 1,029 | $ 946.9 | $ 896.9 |
Reportable Geographical Components | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 968.1 | 901.3 | 854.6 | ||||||||
Reportable Geographical Components | Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 60.9 | $ 45.6 | $ 42.3 |
DISPOSITIONS AND SPECIAL GAIN_3
DISPOSITIONS AND SPECIAL GAINS AND CHARGES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Special (gains) charges, net | $ 0 | $ (0.8) | $ 0.8 | |
NATG | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain (loss) on sale of business | 0 | 0 | 178.9 | |
Disposed of by Sale | NATG | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restitution receipts | 1.9 | |||
Professional fees | 0.5 | |||
NATG | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restitution receipts | 1 | |||
Ongoing restitution proceedings | 0.1 | |||
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Special (gains) charges, net | 1.4 | $ 0 | 178.3 | |
Discontinued Operations | NATG | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Special charges (settlement) | $ 0.5 | |||
Discontinued Operations | Disposed of by Sale | French Business Unit | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain (loss) on sale of business | 178.9 | |||
Discontinued Operations | NATG | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Special (gains) charges, net | 0.6 | |||
Lease reserve adjustments | 1.7 | |||
Vendor settlements receipts | 0.2 | |||
Continuing Operations | NATG | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Lease reserve adjustments | $ 0.8 | |||
Germany | Continuing Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Buyout of outstanding lease obligation | $ 0.8 |
DISPOSITIONS AND SPECIAL GAIN_4
DISPOSITIONS AND SPECIAL GAINS AND CHARGES - Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net income (loss) from discontinued operations | $ 1.3 | $ (1.5) | $ 175.2 |
Net income (loss) per share - basic (in dollars per share) | $ 0.03 | $ (0.04) | $ 4.69 |
Net income (loss) per share - diluted (in dollars per share) | $ 0.03 | $ (0.04) | $ 4.62 |
NATG | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | $ 0 | $ 0 | $ 352 |
Cost of sales | 0 | 0 | 295.8 |
Gross profit | 0 | 0 | 56.2 |
Selling, distribution and administrative expenses | (0.4) | 2.1 | 36.5 |
Pre-tax book gain on sale of France business | 0 | 0 | (178.9) |
Special (gains) charges, net | (1.4) | 0 | 0.6 |
Operating income (loss) from discontinued operations | 1.8 | (2.1) | 198 |
Foreign currency exchange income | 0 | 0 | (0.2) |
Income (loss) of discontinued operations before income taxes | 1.8 | (2.1) | 198.2 |
Provision (benefit) for income taxes | 0.5 | (0.6) | 23 |
Net income (loss) from discontinued operations | $ 1.3 | $ (1.5) | $ 175.2 |
Net income (loss) per share - basic (in dollars per share) | $ 0.03 | $ (0.04) | $ 4.69 |
Net income (loss) per share - diluted (in dollars per share) | $ 0.03 | $ (0.04) | $ 4.62 |
DISPOSITIONS AND SPECIAL GAIN_5
DISPOSITIONS AND SPECIAL GAINS AND CHARGES - Special Charges (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Balance beginning of period | $ 2.8 | $ 2.8 |
Charged to expense | 0.4 | 0.7 |
Paid or otherwise settled | (0.4) | (0.7) |
Balance end of period | $ 2.8 | $ 2.8 |
GOODWILL AND INTANGIBLES - Good
GOODWILL AND INTANGIBLES - Goodwill and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 5.5 | $ 5.5 |
Indefinite-lived intangible assets | $ 0.7 | $ 0.7 |
GOODWILL AND INTANGIBLES - Defi
GOODWILL AND INTANGIBLES - Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5.4 | $ 5.4 |
Accumulated Amortization | 4.6 | 4.4 |
Net Book Value | $ 0.8 | $ 1 |
Weighted avg useful life | 4 years 1 month 6 days | 5 years 1 month 6 days |
Client lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2 | $ 2 |
Accumulated Amortization | 1.2 | 1 |
Net Book Value | $ 0.8 | $ 1 |
Weighted avg useful life | 4 years 1 month 6 days | 5 years 1 month 6 days |
Client lists | Minimum Years | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 5 years | 5 years |
Client lists | Maximum Years | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 10 years | 10 years |
Domain name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 5 years | 5 years |
Gross Carrying Amount | $ 3.4 | $ 3.4 |
Accumulated Amortization | 3.4 | 3.4 |
Net Book Value | $ 0 | $ 0 |
Weighted avg useful life | 0 years | 0 years |
GOODWILL AND INTANGIBLES - Sche
GOODWILL AND INTANGIBLES - Schedule of Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 0.2 | |
2021 | 0.2 | |
2022 | 0.2 | |
2023 | 0.2 | |
2024 | 0.2 | |
Net Book Value | $ 0.8 | $ 1 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 50.4 | $ 58.2 | |
Less accumulated depreciation and amortization | 33.8 | 40.4 | |
Property, plant and equipment, net | 16.6 | 17.8 | |
Depreciation | 3.9 | 3.9 | $ 3.5 |
Disposals of property plant and equipment | 10.5 | ||
Accumulated depreciation | 10.5 | ||
Land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 0.8 | 0.8 | |
Furniture and fixtures, office, computer and other equipment and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 36.5 | 44.3 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 13.1 | $ 13.1 |
CREDIT FACILITIES (Details)
CREDIT FACILITIES (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)financial_institution | |
Line of Credit Facility [Line Items] | |
Restricted cash collateralizing letters of credit outstanding | $ 1,600,000 |
Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 75,000,000 |
Number of financial institutions | financial_institution | 1 |
Term of credit facility | 5 years |
Percentage of inventory advance rate computed | 60.00% |
Percentage of inventory advance rate of net orderly liquidation value | 85.00% |
Eligible collateral under the credit facility | $ 75,000,000 |
Total availability and excess availability under the credit facility | 72,600,000 |
Outstanding borrowings | $ 0 |
Revolving Credit Facility | Maximum | |
Line of Credit Facility [Line Items] | |
Percentage of eligible accounts receivable for borrowings | 85.00% |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Payroll and employee benefits | $ 26.4 | $ 11.3 |
Advertising | 4.8 | 4.9 |
Sales and VAT tax payable | 3.8 | 2.6 |
Freight | 7.4 | 6.8 |
Reorganization costs | 0.4 | 0.4 |
Income taxes payable | 0.9 | 0 |
Product returns liability | 1.9 | 1.9 |
Other | 5.1 | 6.1 |
Accrued expenses | $ 50.7 | $ 34 |
STOCK REPURCHASES (Details)
STOCK REPURCHASES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||
Number of shares authorized to be repurchased (in shares) | 2,000,000 | ||
Repurchase of treasury shares (in shares) | 392,337 | 232,550 | |
Shares repurchased, value | $ 7.2 | $ 0 | $ 9.1 |
Maximum number of shares that may yet be purchased under the plans or programs (in shares) | 1,375,000 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018shares | Mar. 31, 2019shares | Dec. 31, 2020USD ($)plan$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of compensation plans | plan | 2 | |||||
Share based compensation cost | $ | $ 4.7 | $ 5.4 | $ 0.9 | |||
Compensation Expense | $ | $ 0.1 | |||||
Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options outstanding (in shares) | shares | 596,148 | 661,024 | 764,784 | 596,148 | 1,001,300 | |
Share based compensation cost | $ | $ 1.8 | $ 3.3 | $ 0.3 | |||
Number of options repriced (shares) | shares | 600,000 | |||||
Share based compensation cost, future income tax benefits | $ | 0.4 | 0.7 | 0.1 | |||
Total intrinsic value of options exercised | $ | 3.9 | 3.4 | 9.5 | |||
Unrecognized compensation costs, unvested stock options | $ | $ 1.6 | |||||
Weighted average period of recognition (years) | 3 years 4 months 9 days | |||||
Total fair value of stock options vested | $ | $ 2.5 | 4 | 1.2 | |||
Compensation Expense | $ | 0.6 | 0.7 | ||||
Employee Stock Option | ETG | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation cost | $ | 0.4 | |||||
Acceleration of stock options due to sale of business | $ | 0.3 | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average period of recognition (years) | 2 years 5 months 19 days | |||||
Unrecognized compensation cost | $ | $ 1.7 | |||||
Restricted Stock Units (RSUs) | Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock outstanding (in shares) | shares | 17,600 | |||||
Restricted Stock Units (RSUs) | Director | Selling, Distribution and Administrative Expenses | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation cost | $ | $ 0.2 | 0.2 | 0.1 | |||
2010 Long-term Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expiration period (years) | 10 years | |||||
Number of shares authorized for issuance (in shares) | shares | 7,500,000 | |||||
2010 Long-term Stock Incentive Plan | Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock outstanding (in shares) | shares | 7,356 | |||||
2010 Long-term Stock Incentive Plan | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options outstanding (in shares) | shares | 661,024 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock outstanding (in shares) | shares | 153,516 | |||||
2010 Long-term Stock Incentive Plan | Stock Option and Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted per calendar year in total, maximum (in shares) | shares | 1,500,000 | |||||
2020 Omnibus Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expiration period (years) | 10 years | |||||
Cash performance awards | $ | $ 10 | |||||
Number of shares authorized for issuance (in shares) | shares | 7,500,000 | |||||
2020 Omnibus Stock Incentive Plan | Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock outstanding (in shares) | shares | 10,244 | |||||
2020 Omnibus Stock Incentive Plan | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted per calendar year in total, maximum (in shares) | shares | 1,500,000 | |||||
2020 Omnibus Stock Incentive Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock outstanding (in shares) | shares | 10,244 | |||||
2018 Employee Stock Purchase Plan | Employee Stock Option | Selling, Distribution and Administrative Expenses | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation Expense | $ | $ 0.3 | $ 0.3 | $ 0.1 | |||
2018 Employee Stock Purchase Plan | Employee Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares reserved for issuance (in shares) | shares | 500,000 | 406,144 | 500,000 | |||
Stock plan offering period (months) | 6 months | |||||
Employee stock purchase plan, maximum shares available to purchase (in shares) | shares | 10,000 | |||||
Employee stock purchase plan, purchase price of stock, percent | 85.00% | |||||
Stock issued during period under ESPP (in shares) | shares | 49,627 | 44,229 | ||||
Average purchase price of shares issues under ESPP (USD per share) | $ / shares | $ 16.85 | $ 17.61 | ||||
Continuing Operations | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation cost | $ | $ 2.5 | $ 1.8 | $ 0.5 |
SHAREHOLDERS' EQUITY - Weighted
SHAREHOLDERS' EQUITY - Weighted-Average Assumptions Used to Estimate Fair Value of Options (Details) - Employee Stock Option | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected annual dividend yield | 2.00% | 1.90% | 1.40% |
Risk-free interest rate | 1.38% | 2.65% | 2.94% |
Expected volatility | 51.10% | 50.40% | 48.00% |
Expected life in years | 5 years 2 months 12 days | 5 years | 5 years 2 months 12 days |
SHAREHOLDERS' EQUITY - Options
SHAREHOLDERS' EQUITY - Options Outstanding and Exercisable (Details) - Employee Stock Option - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Outstanding at beginning of year (in shares) | 764,784 | 596,148 | 1,001,300 |
Granted (in shares) | 111,872 | 1,038,536 | 17,550 |
Exercised (in shares) | (191,780) | (224,750) | (400,203) |
Cancelled or expired (in shares) | (23,852) | (645,150) | (22,499) |
Outstanding at end of year (in shares) | 661,024 | 764,784 | 596,148 |
Options exercisable at year end (in shares) | 302,283 | 227,598 | 341,515 |
Weighted average fair value per option granted during the year (in dollars per share) | $ 9.12 | $ 9.16 | $ 12.87 |
Weighted Avg. Exercise Price | |||
Outstanding at beginning of year (in dollars per share) | 17.31 | 11.64 | 11.58 |
Granted (in dollars per share) | 23.60 | 15.76 | 31.66 |
Exercised (in dollars per share) | 11.68 | 8.92 | 12.18 |
Cancelled or expired (in dollars per share) | 23.71 | 12.50 | 15.24 |
Outstanding at end of year (in dollars per share) | $ 19.78 | $ 17.31 | $ 11.64 |
SHAREHOLDERS' EQUITY - Option_2
SHAREHOLDERS' EQUITY - Options Vested and Exercisable or Nonvested that are Expected to Vest (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
5.00 to 10.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $ 5 |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 10 |
Options outstanding and Exercisable (in shares) | shares | 123,000 |
Weighted Average Exercise Price (in dollars per share) | $ 6.29 |
Weighted Average Remaining Contractual Life | 5 years 6 months 10 days |
Aggregate Intrinsic Value (in millions) | $ | $ 3.6 |
10.01 to 15.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $ 10.01 |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 15 |
Options outstanding and Exercisable (in shares) | shares | 0 |
Weighted Average Exercise Price (in dollars per share) | $ 0 |
Weighted Average Remaining Contractual Life | 0 years |
Aggregate Intrinsic Value (in millions) | $ | $ 0 |
15.01 to 20.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $ 15.01 |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 20 |
Options outstanding and Exercisable (in shares) | shares | 57,304 |
Weighted Average Exercise Price (in dollars per share) | $ 17.03 |
Weighted Average Remaining Contractual Life | 2 years 5 months 4 days |
Aggregate Intrinsic Value (in millions) | $ | $ 1.1 |
20.01 to 25.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $ 20.01 |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 25 |
Options outstanding and Exercisable (in shares) | shares | 480,720 |
Weighted Average Exercise Price (in dollars per share) | $ 23.55 |
Weighted Average Remaining Contractual Life | 8 years 3 months 18 days |
Aggregate Intrinsic Value (in millions) | $ | $ 5.9 |
5.00 to 25.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $ 5 |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 25 |
Options outstanding and Exercisable (in shares) | shares | 661,024 |
Weighted Average Exercise Price (in dollars per share) | $ 19.78 |
Weighted Average Remaining Contractual Life | 7 years 3 months 7 days |
Aggregate Intrinsic Value (in millions) | $ | $ 10.6 |
SHAREHOLDERS' EQUITY - Unvested
SHAREHOLDERS' EQUITY - Unvested Stock Options (Details) - Unvested Stock Options | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Shares | |
Unvested at beginning of the year (in shares) | shares | 537,186 |
Granted (in shares) | shares | 111,872 |
Vested (in shares) | shares | (269,553) |
Forfeited (in shares) | shares | (20,764) |
Unvested at end of the year (in shares) | shares | 358,741 |
Weighted Average Grant- Date Fair Value | |
Unvested at the beginning of the year (in dollars per share) | $ / shares | $ 9.38 |
Granted (in dollars per share) | $ / shares | 9.12 |
Vested (in dollars per share) | $ / shares | 9.19 |
Forfeited (in dollars per share) | $ / shares | 9.61 |
Unvested at the end of the year (in dollars per share) | $ / shares | $ 9.63 |
SHAREHOLDERS' EQUITY - Restrict
SHAREHOLDERS' EQUITY - Restricted Stock Awards (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Expense | $ 0.1 | |||||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 81,846 | |||||||
2010 Long-term Stock Incentive Plan | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Expense | $ 2.4 | $ 1.6 | 1.9 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2012 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 50,000 | |||||||
Restricted stock outstanding (in shares) | 10,000 | |||||||
Compensation Expense | $ 0 | 0 | 0 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2017, Tranche One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 53,288 | |||||||
Restricted stock outstanding (in shares) | 0 | |||||||
Compensation Expense | $ 0 | 0 | 0 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2016 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 100,000 | |||||||
Restricted stock outstanding (in shares) | 0 | |||||||
Compensation Expense | $ 0 | 0 | $ 0.1 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2018 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 5,117 | |||||||
Restricted stock outstanding (in shares) | 0 | |||||||
Compensation Expense | $ 0 | 0 | $ 0 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2010 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 175,000 | |||||||
Restricted stock outstanding (in shares) | 0 | |||||||
Compensation Expense | $ 0 | 0 | 0.1 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2011 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 100,000 | |||||||
Restricted stock outstanding (in shares) | 0 | |||||||
Compensation Expense | $ 0 | 0 | 0.2 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2017, Tranche Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 49,600 | |||||||
Restricted stock outstanding (in shares) | 0 | |||||||
Compensation Expense | $ 0 | $ 0 | ||||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2019, Tranche One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 30,251 | |||||||
Restricted stock outstanding (in shares) | 24,200 | |||||||
Compensation Expense | $ 0.2 | $ 0.3 | 0 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2019, Tranche Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 149,412 | |||||||
Restricted stock outstanding (in shares) | 57,242 | |||||||
Compensation Expense | $ 1.2 | $ 1.3 | 0 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2020 Tranche One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 28,272 | |||||||
Restricted stock outstanding (in shares) | 28,272 | |||||||
Compensation Expense | $ 0.4 | 0 | 0 | |||||
2010 Long-term Stock Incentive Plan | Restricted Stock | 2020 Tranche Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted (in shares) | 43,330 | |||||||
Restricted stock outstanding (in shares) | 26,446 | |||||||
Compensation Expense | $ 0.6 | $ 0 | 0 | |||||
Discontinued Operations | 2010 Long-term Stock Incentive Plan | Restricted Stock | 2017, Tranche Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Expense | $ 1.5 |
SHAREHOLDERS' EQUITY - Unvest_2
SHAREHOLDERS' EQUITY - Unvested Restricted Stock (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Shares | |
Unvested at beginning of the year (in shares) | shares | 172,595 |
Granted (in shares) | shares | 81,846 |
Vested (in shares) | shares | (81,547) |
Forfeited (in shares) | shares | (9,134) |
Unvested at end of the year (in shares) | shares | 163,760 |
Weighted Average Grant- Date Fair Value | |
Unvested at the beginning of the year (in dollars per share) | $ / shares | $ 23.14 |
Granted (in dollars per share) | $ / shares | 23.49 |
Vested (in dollars per share) | $ / shares | 23.58 |
Forfeited (in dollars per share) | $ / shares | 23.71 |
Unvested at the end of the year (in dollars per share) | $ / shares | $ 23.06 |
INCOME TAXES - Income (Loss) fr
INCOME TAXES - Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 80.5 | $ 65.8 | $ 62.8 |
Foreign | 3.5 | 0.3 | 0.1 |
Income from continuing operations before income taxes | $ 84 | $ 66.1 | $ 62.9 |
INCOME TAXES - (Benefit) Provis
INCOME TAXES - (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Current federal | $ 17 | $ 12.5 | $ 2.6 |
Current state | 3.3 | 2.1 | 2.4 |
Current foreign | 0.1 | 0.1 | 0 |
Total current | 20.4 | 14.7 | 5 |
Deferred: | |||
Deferred federal | (0.8) | 1.1 | 7.7 |
Deferred state | 0.3 | 0.3 | 0.6 |
Deferred foreign | 0 | 0 | 0.1 |
Total deferred | (0.5) | 1.4 | 8.4 |
Income tax | $ 19.9 | $ 16.1 | $ 13.4 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation Allowance [Line Items] | |||
Tax expense (benefit) from discontinued operations | $ 500,000 | $ (600,000) | $ 23,000,000 |
Deferred tax assets, valuation allowance | 15,200,000 | 16,800,000 | |
Undistributed earnings of its foreign subsidiaries | 3,700,000 | ||
Uncertain tax positions | 0 | ||
Unrecognized tax benefits, accrued interest and penalties | 0 | $ 0 | $ 0 |
State | |||
Valuation Allowance [Line Items] | |||
Operating loss carryforwards utilized in period | 4,100,000 | ||
Net operating loss carryforwards, valuation allowance | 5,800,000 | ||
Foreign | |||
Valuation Allowance [Line Items] | |||
Net operating loss | 7,900,000 | ||
Tax credit carryforward, amount | 1,100,000 | ||
Net operating loss carryforwards, valuation allowance | 7,900,000 | ||
Deductible from foreign temporary tax differences | 400,000 | ||
Tax credit carryforward, valuation allowance | $ 1,100,000 |
INCOME TAXES - Reconciliation B
INCOME TAXES - Reconciliation Between Income Tax Expense and Computed Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax at Federal statutory rate | $ 17.6 | $ 13.9 | $ 13.2 |
State and local income taxes, net of federal tax benefit | 3 | 2.4 | 2.6 |
Impact of state rate changes | 0 | 0.1 | (0.1) |
Reversal of valuation allowances | (0.9) | (0.3) | (0.2) |
Stock based compensation | (0.5) | (0.5) | (1.5) |
Non-deductible items | 0.8 | 0.8 | 0.1 |
Other items, net | (0.1) | (0.3) | (0.7) |
Income tax | $ 19.9 | $ 16.1 | $ 13.4 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income tax at Federal statutory rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal tax benefit | 3.50% | 3.70% | 4.10% |
Impact of state rate changes | 0.00% | 0.10% | (0.20%) |
Reversal of valuation allowances | (1.00%) | (0.40%) | (0.30%) |
Stock based compensation | (0.60%) | (0.80%) | (2.40%) |
Non-deductible items | 0.90% | 1.20% | 0.20% |
Other items, net | (0.10%) | (0.40%) | (1.10%) |
Income tax | 23.70% | 24.40% | 21.30% |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Accrued expenses and other liabilities | $ 2.5 | $ 1.3 |
Inventory | 1.7 | 1.3 |
Operating lease obligations | 20.9 | 16.5 |
Intangible & other | 0.6 | 1.3 |
Net operating loss and credit carryforwards | 15.5 | 17.7 |
Valuation allowances | (15.2) | (16.8) |
Total deferred tax assets | 26 | 21.3 |
Operating lease right-of-use assets | 18.4 | 14 |
Other | 0.1 | 0.1 |
Total deferred tax liabilities | $ 18.5 | $ 14.1 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND OTHER MATTERS - Narrative (Details) | Dec. 31, 2020state |
Commitments and Contingencies Disclosure [Abstract] | |
Number of states seeking recovery of unclaimed property | 28 |
Number of states requesting payments of claimed amounts | 20 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - Subsequent Event $ in Millions | 1 Months Ended |
Feb. 28, 2021USD ($) | |
Subsequent Event [Line Items] | |
Restitution receipts | $ 15 |
Professional fees | $ 3 |
QUARTERLY FINANCIAL DATA (UNA_3
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 273.9 | $ 285.7 | $ 242.1 | $ 227.3 | $ 222.2 | $ 243.9 | $ 248.6 | $ 232.2 | $ 1,029 | $ 946.9 | $ 896.9 |
Gross profit | 93.1 | 102.3 | 84.8 | 76.7 | 75 | 84.4 | 86 | 80.3 | 356.9 | 325.7 | 307.7 |
Net income from continuing operations | $ 16.4 | $ 24.1 | $ 15.3 | $ 8.3 | $ 11.4 | $ 13.7 | $ 14.9 | $ 10 | $ 64.1 | $ 50 | $ 49.5 |
Net income per common share from continuing operations: | |||||||||||
Net income per share - Basic (in dollars per share) | $ 0.42 | $ 0.64 | $ 0.41 | $ 0.21 | $ 0.30 | $ 0.36 | $ 0.40 | $ 0.27 | $ 1.72 | $ 1.29 | $ 6.03 |
Diluted (in dollars per share) | $ 0.42 | $ 0.64 | $ 0.40 | $ 0.21 | $ 0.30 | $ 0.36 | $ 0.39 | $ 0.26 | $ 1.71 | $ 1.28 | $ 5.93 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for credit losses | |||
Allowance for sales returns and doubtful accounts [Roll Forward] | |||
Balance at Beginning of Period | $ 6.8 | $ 6.6 | $ 6.7 |
Charged to Expenses | 1.2 | 1 | 0.7 |
Write-offs | (6.3) | (0.8) | (0.8) |
Other | 0 | 0 | 0 |
Balance at End of Period | 1.7 | 6.8 | 6.6 |
Allowance for deferred tax assets | |||
Allowance for sales returns and doubtful accounts [Roll Forward] | |||
Balance at Beginning of Period | 16.8 | 18.3 | 18.3 |
Charged to Expenses | (1) | (0.3) | (0.3) |
Write-offs | (0.6) | 0 | 0 |
Other | 0 | (1.2) | 0.3 |
Balance at End of Period | $ 15.2 | $ 16.8 | $ 18.3 |