Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-13792 | |
Entity Registrant Name | Global Industrial Company | |
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 ($.01 par value) | |
Trading Symbol | GIC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,813,547 | |
Entity Central Index Key | 0000945114 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 54.1 | $ 22.4 |
Accounts receivable, net | 119.5 | 102.3 |
Inventories | 141.4 | 132.3 |
Prepaid expenses and other current assets | 7 | 6.8 |
Total current assets | 322 | 263.8 |
Property, plant and equipment, net | 17.4 | 16.6 |
Operating lease right-of-use assets | 71.4 | 77.3 |
Deferred income taxes | 9.9 | 7.6 |
Goodwill and intangibles | 6.9 | 7 |
Other assets | 2.2 | 2.6 |
Total assets | 429.8 | 374.9 |
Current liabilities: | ||
Accounts payable | 134.7 | 125.4 |
Accrued expenses and other current liabilities | 55.8 | 50.7 |
Operating lease liabilities | 10.3 | 10.3 |
Total current liabilities | 200.8 | 186.4 |
Other liabilities | 4.7 | 4.5 |
Operating lease liabilities | 71 | 77.2 |
Total liabilities | 276.5 | 268.1 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 0.4 | 0.4 |
Additional paid-in capital | 195 | 193.5 |
Treasury stock | (21.1) | (24) |
Retained (deficit) earnings | (24.4) | (66.5) |
Accumulated other comprehensive income | 3.4 | 3.4 |
Total shareholders’ equity | 153.3 | 106.8 |
Total liabilities and shareholders’ equity | $ 429.8 | $ 374.9 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 277.4 | $ 285.7 | $ 801.1 | $ 755.1 |
Cost of sales | 175.4 | 183.4 | 523.8 | 491.3 |
Gross profit | 102 | 102.3 | 277.3 | 263.8 |
Selling, distribution & administrative expenses | 71.4 | 70.9 | 215.4 | 200.8 |
Operating income from continuing operations | 30.6 | 31.4 | 61.9 | 63 |
Interest and other (income) expense, net | 0.2 | (0.1) | 0.4 | 0.1 |
Income from continuing operations before income taxes | 30.4 | 31.5 | 61.5 | 62.9 |
Provision for income taxes | 7.2 | 7.4 | 11.7 | 15.2 |
Net income from continuing operations | 23.2 | 24.1 | 49.8 | 47.7 |
Net (loss) income from discontinued operations | (0.1) | 0.5 | 10.5 | 1.5 |
Net income | $ 23.1 | $ 24.6 | $ 60.3 | $ 49.2 |
Net income per common share from continuing operations: | ||||
Basic (in dollars per share) | $ 0.61 | $ 0.64 | $ 1.31 | $ 1.26 |
Diluted (in dollars per share) | 0.61 | 0.64 | 1.31 | 1.26 |
Net (loss) income per common share from discontinued operations: | ||||
Basic (in dollars per share) | 0 | 0.01 | 0.28 | 0.04 |
Diluted (in dollars per share) | 0 | 0.01 | 0.28 | 0.04 |
Net income per common share: | ||||
Net income per share - Basic (in dollars per share) | 0.61 | 0.65 | 1.59 | 1.30 |
Net income per share - Diluted (in dollars per share) | $ 0.61 | $ 0.65 | $ 1.59 | $ 1.30 |
Weighted average common and common equivalent shares: | ||||
Basic (in shares) | 37.8 | 37.5 | 37.7 | 37.6 |
Diluted (in shares) | 38 | 37.6 | 37.9 | 37.7 |
Dividends declared (in dollars per share) | $ 0.16 | $ 0.14 | $ 0.48 | $ 1.42 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 23.1 | $ 24.6 | $ 60.3 | $ 49.2 |
Other comprehensive income: | ||||
Foreign currency translation | (0.2) | 0.3 | 0 | 0.1 |
Total comprehensive income | $ 22.9 | $ 24.9 | $ 60.3 | $ 49.3 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income from continuing operations | $ 49.8 | $ 47.7 |
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2.8 | 3.1 |
Provision for credit losses | 1.8 | 1.4 |
Stock-based compensation | 2 | 3.5 |
Benefit from deferred taxes | (2.4) | (0.5) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (19.1) | (27.3) |
Inventories | (9.1) | (19.9) |
Prepaid expenses and other assets | (0.2) | (3.1) |
Income taxes payable | 2.3 | 4.5 |
Accounts payable | 11.3 | 14.1 |
Accrued expenses, other current liabilities and other liabilities | 0.1 | 18 |
Net cash provided by operating activities from continuing operations | 39.3 | 41.5 |
Net cash provided by operating activities from discontinued operations | 11.6 | 0.9 |
Net cash provided by operating activities | 50.9 | 42.4 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (3.4) | (1.2) |
Net cash used in investing activities | (3.4) | (1.2) |
Cash flows from financing activities: | ||
Proceeds from short-term borrowings | 19.6 | 0 |
Repayment of short-term borrowings | (19.6) | 0 |
Dividends paid | (18.6) | (53.9) |
Proceeds from issuance of common stock | 3.8 | 0.5 |
Payment of payroll taxes on stock-based compensation through shares withheld | (2.5) | (0.4) |
Proceeds from the issuance of common stock from employee stock purchase plan | 1.1 | 0.8 |
Purchase of treasury shares | 0 | (7) |
Net cash used in financing activities | (16.2) | (60) |
Effects of exchange rates on cash | (0.1) | 0 |
Net increase (decrease) in cash | 31.2 | (18.8) |
Cash, cash equivalents and restricted cash – beginning of period | 24 | 97.2 |
Cash, cash equivalents and restricted cash – end of period | 55.2 | 78.4 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 2.6 | $ 27.6 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 | |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | $ 54.1 | $ 78.4 | |
Restricted cash | [1] | 1.1 | 0 |
Cash, cash equivalents and restricted cash | 55.2 | 78.4 | |
Restricted cash collateralizing letters of credit outstanding | $ 1.1 | $ 0 | |
[1] | (1) The Company has restricted cash collateralizing letters of credit outstanding of $1.1 million, $1.6 million and $0 million, as of 9/30/2021, 12/31/2020 and 9/30/2020, respectively, which are recorded in Other assets in the accompanying Condensed Consolidated Balance Sheets. |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained (Deficit) Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance (in shares) at Dec. 31, 2019 | 37,679,000 | |||||
Beginning Balance 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 | 1 | 1 | ||||
Issuance of restricted stock (in shares) | 36,000 | |||||
Issuance of restricted stock | 0 | (0.6) | 0.6 | |||
Stock withheld for employee taxes (in shares) | (15,000) | |||||
Stock withheld for employee taxes | (0.3) | (0.3) | ||||
Proceeds from issuance of common stock (in shares) | 30,000 | |||||
Proceeds from issuance of common stock | 0.3 | (0.2) | 0.5 | |||
Issuance of shares under employee stock purchase plan (in shares) | 23,000 | |||||
Issuance of shares under employee stock purchase plan | 0.4 | 0.4 | ||||
Dividends | (43.3) | (43.3) | ||||
Purchase of treasury shares (in shares) | (233,000) | |||||
Purchase of treasury shares | (3.9) | (3.9) | ||||
Change in cumulative translation adjustment | (0.2) | (0.2) | ||||
Net income | 8.2 | 8.2 | ||||
Ending Balance (in shares) at Mar. 31, 2020 | 37,520,000 | |||||
Ending Balance at Mar. 31, 2020 | 137.7 | $ 0.4 | 190.3 | (23.5) | (32.3) | 2.8 |
Beginning Balance (in shares) at Dec. 31, 2019 | 37,679,000 | |||||
Beginning Balance at Dec. 31, 2019 | $ 175.5 | $ 0.4 | 189.7 | (20.4) | 2.8 | 3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Purchase of treasury shares (in shares) | (392,337) | |||||
Purchase of treasury shares | $ (7.2) | |||||
Change in cumulative translation adjustment | 0.1 | |||||
Net income | 49.2 | |||||
Ending Balance (in shares) at Sep. 30, 2020 | 37,409,000 | |||||
Ending Balance at Sep. 30, 2020 | 168.1 | $ 0.4 | 192.9 | (26.4) | (1.9) | 3.1 |
Beginning Balance (in shares) at Mar. 31, 2020 | 37,520,000 | |||||
Beginning Balance at Mar. 31, 2020 | 137.7 | $ 0.4 | 190.3 | (23.5) | (32.3) | 2.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 0.8 | 0.8 | ||||
Issuance of restricted stock (in shares) | 5,000 | |||||
Issuance of restricted stock | 0 | (0.1) | 0.1 | |||
Dividends | (5.3) | (5.3) | ||||
Purchase of treasury shares (in shares) | (50,000) | |||||
Purchase of treasury shares | (0.9) | (0.9) | ||||
Net income | 16.4 | 16.4 | ||||
Ending Balance (in shares) at Jun. 30, 2020 | 37,475,000 | |||||
Ending Balance at Jun. 30, 2020 | 148.7 | $ 0.4 | 191 | (24.3) | (21.2) | 2.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 1.7 | 1.7 | ||||
Stock withheld for employee taxes (in shares) | (5,000) | |||||
Stock withheld for employee taxes | (0.1) | (0.1) | ||||
Proceeds from issuance of common stock (in shares) | 21,000 | |||||
Proceeds from issuance of common stock | 0.2 | (0.2) | 0.4 | |||
Issuance of shares under employee stock purchase plan (in shares) | 27,000 | |||||
Issuance of shares under employee stock purchase plan | 0.4 | 0.4 | ||||
Dividends | $ (5.3) | (5.3) | ||||
Purchase of treasury shares (in shares) | (108,887) | (109,000) | ||||
Purchase of treasury shares | $ (2.4) | (2.4) | ||||
Change in cumulative translation adjustment | 0.3 | 0.3 | ||||
Net income | 24.6 | 24.6 | ||||
Ending Balance (in shares) at Sep. 30, 2020 | 37,409,000 | |||||
Ending Balance at Sep. 30, 2020 | 168.1 | $ 0.4 | 192.9 | (26.4) | (1.9) | 3.1 |
Beginning Balance (in shares) at Dec. 31, 2020 | 37,552,000 | |||||
Beginning Balance at Dec. 31, 2020 | 106.8 | $ 0.4 | 193.5 | (24) | (66.5) | 3.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 0.4 | 0.4 | ||||
Issuance of restricted stock (in shares) | 65,000 | |||||
Issuance of restricted stock | 0 | (1.1) | 1.1 | |||
Stock withheld for employee taxes (in shares) | (47,000) | |||||
Stock withheld for employee taxes | (1.9) | (1.9) | ||||
Proceeds from issuance of common stock (in shares) | 119,000 | |||||
Proceeds from issuance of common stock | 2.3 | (0.2) | 2.5 | |||
Issuance of shares under employee stock purchase plan (in shares) | 29,000 | |||||
Issuance of shares under employee stock purchase plan | 0.5 | 0.5 | ||||
Dividends | (6) | (6) | ||||
Change in cumulative translation adjustment | 0.1 | 0.1 | ||||
Net income | 15.2 | 15.2 | ||||
Ending Balance (in shares) at Mar. 31, 2021 | 37,718,000 | |||||
Ending Balance at Mar. 31, 2021 | 117.4 | $ 0.4 | 193.1 | (22.3) | (57.3) | 3.5 |
Beginning Balance (in shares) at Dec. 31, 2020 | 37,552,000 | |||||
Beginning Balance at Dec. 31, 2020 | $ 106.8 | $ 0.4 | 193.5 | (24) | (66.5) | 3.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Purchase of treasury shares (in shares) | 0 | |||||
Change in cumulative translation adjustment | $ 0 | |||||
Net income | 60.3 | |||||
Ending Balance (in shares) at Sep. 30, 2021 | 37,814,000 | |||||
Ending Balance at Sep. 30, 2021 | 153.3 | $ 0.4 | 195 | (21.1) | (24.4) | 3.4 |
Beginning Balance (in shares) at Mar. 31, 2021 | 37,718,000 | |||||
Beginning Balance at Mar. 31, 2021 | 117.4 | $ 0.4 | 193.1 | (22.3) | (57.3) | 3.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 1 | 1 | ||||
Issuance of restricted stock (in shares) | 8,000 | |||||
Issuance of restricted stock | 0 | (0.1) | 0.1 | |||
Stock withheld for employee taxes (in shares) | (4,000) | |||||
Stock withheld for employee taxes | (0.1) | (0.1) | ||||
Proceeds from issuance of common stock (in shares) | 15,000 | |||||
Proceeds from issuance of common stock | 0.2 | (0.2) | 0.4 | |||
Dividends | (6.1) | (6.1) | ||||
Change in cumulative translation adjustment | 0.1 | 0.1 | ||||
Net income | 22 | 22 | ||||
Ending Balance (in shares) at Jun. 30, 2021 | 37,737,000 | |||||
Ending Balance at Jun. 30, 2021 | 134.5 | $ 0.4 | 193.8 | (21.9) | (41.4) | 3.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 0.6 | 0.6 | ||||
Issuance of restricted stock (in shares) | 3,000 | |||||
Issuance of restricted stock | 0 | |||||
Stock withheld for employee taxes (in shares) | (13,000) | |||||
Stock withheld for employee taxes | (0.5) | (0.5) | ||||
Proceeds from issuance of common stock (in shares) | 61,000 | |||||
Proceeds from issuance of common stock | 1.3 | 1.3 | ||||
Issuance of shares under employee stock purchase plan (in shares) | 26,000 | |||||
Issuance of shares under employee stock purchase plan | 0.6 | 0.6 | ||||
Dividends | (6.1) | (6.1) | ||||
Change in cumulative translation adjustment | (0.2) | (0.2) | ||||
Net income | 23.1 | 23.1 | ||||
Ending Balance (in shares) at Sep. 30, 2021 | 37,814,000 | |||||
Ending Balance at Sep. 30, 2021 | $ 153.3 | $ 0.4 | $ 195 | $ (21.1) | $ (24.4) | $ 3.4 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements of Global Industrial Company, formerly known as Systemax Inc., with its subsidiaries, (the "Company") are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America are not required in these interim financial statements and have been condensed or omitted. All significant intercompany accounts and transactions have been eliminated in consolidation. Global Industrial Company, through its operating subsidiaries, is a value-added industrial distributor. Global Industrial Company operates and is internally managed in one reportable business segment. The Company sells a wide array of industrial and maintenance, repair and operations ("MRO") products, 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 product is impractical. The Company's discontinued operations include its former North American Technology Group business, which was sold in December 2015 and has been winding down its operations since then. For the three months ended September 30, 2021, net loss from discontinued operations totaled $0.1 million and for the nine months ended September 30, 2021, net income totaled $10.5 million (see Note 8, Discontinued Operations). For the three and nine month periods ended September 30, 2020, net income from discontinued operations totaled $0.5 million and $1.5 million, respectively. In the opinion of management, the accompanying condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of September 30, 2021 and the results of operations for the three and nine month periods ended September 30, 2021 and 2020, statements of comprehensive income (loss) for the three and nine month periods ended September 30, 2021 and 2020, cash flows for the nine month periods ended September 30, 2021 and 2020 and changes in shareholders’ equity for the three and nine month periods ended September 30, 2021 and 2020. The December 31, 2020 Condensed Consolidated Balance Sheet has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2020 and for the year then ended included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results for the nine month period ended September 30, 2021 are not necessarily indicative of the results for the entire year. Global Industrial Company manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation herein, fiscal years and quarters are referred to as if they ended on the traditional calendar month. The actual fiscal third quarter ended on October 2, 2021 and September 26, 2020. The third quarters of both 2021 and 2020 included 13 weeks and the first nine months of both 2021 and 2020 included 39 weeks. Related Party Transactions For the nine months ended September 30, 2021, the Company recorded approximately $3.1 million in professional fee expense from a law firm which employs an immediate family member of one of the Company's Vice Chairmen. Of the previously mentioned fees, $3.0 million were contingent fees paid upon receipt of $15.0 million in restitution received in the Company's discontinued operations. Amounts outstanding at September 30, 2021 were de minimis and are recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. 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. On January 1, 2021 the Company adopted 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. The adoption of this ASU did not have a material impact on the Company's financial position or results of operations. On January 1, 2021, the Company adopted 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 adoption of this ASU did not have a material impact on the Company's financial position or results of operations. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
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 three and nine months ended September 30, 2021 and 2020, respectively (in millions): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net sales: United States $ 260.9 $ 270.3 $ 748.0 $ 711.6 Canada 16.5 15.4 53.1 43.5 Consolidated $ 277.4 $ 285.7 $ 801.1 $ 755.1 |
Credit Losses
Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Credit Losses | Credit Losses 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 trade accounts receivable for September 30, 2021 (in millions): September 30, 2021 Balance at beginning of period $ 1.7 Current period provision 1.8 Write-offs - trade accounts receivable (1.3) Balance at end of period $ 2.2 The following is a rollforward of the allowances for credit losses related to trade receivables for the year ended December 31, 2020 (in millions): 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 |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Common Share | Net Income (Loss) per Common Share Net income (loss) per common share - basic was 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. Undistributed net income is allocated between common shares outstanding and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Undistributed net losses are not allocated to our participating securities as these participating securities do not have a contractual obligation to share in losses. 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. The following table presents the computation of basic and diluted net income (loss) per share under the two-class method for the three and nine months ended September 30, 2021 and 2020 (in millions, except for per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income from continuing operations $ 23.2 $ 24.1 $ 49.8 $ 47.7 Less: Distributed net income available to participating securities 0.0 0.0 (0.1) (0.3) Less: Undistributed net income available to participating securities (0.1) (0.1) (0.1) 0.0 Numerator for basic net income per share: Undistributed and distributed net income available to common shareholders $ 23.1 $ 24.0 $ 49.6 $ 47.4 Add: Undistributed net income allocated to participating securities 0.1 0.1 0.1 0.0 Less: Undistributed net income reallocated to participating securities (0.1) (0.1) (0.1) 0.0 Numerator for diluted net income per share: Undistributed and distributed net income available to common shareholders $ 23.1 $ 24.0 $ 49.6 $ 47.4 Denominator: Weighted average shares outstanding for basic net income per share 37.8 37.5 37.7 37.6 Effect of dilutive securities 0.2 0.1 0.2 0.1 Weighted average shares outstanding for diluted net income per share 38.0 37.6 37.9 37.7 Net income per share from continuing operations: Basic $ 0.61 $ 0.64 $ 1.31 $ 1.26 Diluted $ 0.61 $ 0.64 $ 1.31 $ 1.26 Net (loss) income from discontinued operations $ (0.1) $ 0.5 $ 10.5 $ 1.5 Less: Undistributed net income available to participating securities 0.0 0.0 (0.1) 0.0 Numerator for basic net income per share: Undistributed and distributed net (loss) income available to common shareholders $ (0.1) $ 0.5 $ 10.4 $ 1.5 Add: Undistributed net income allocated to participating securities 0.0 0.0 0.1 0.0 Less: Undistributed net income reallocated to participating securities 0.0 0.0 (0.1) 0.0 Numerator for diluted net (loss) income per share: Undistributed and distributed net (loss) income available to common shareholders $ (0.1) $ 0.5 $ 10.4 $ 1.5 Net (loss) income per share from discontinued operations: Basic $ 0.00 $ 0.01 $ 0.28 $ 0.04 Diluted $ 0.00 $ 0.01 $ 0.28 $ 0.04 Net income per share: Basic $ 0.61 $ 0.65 $ 1.59 $ 1.30 Diluted $ 0.61 $ 0.65 $ 1.59 $ 1.30 Potentially dilutive securities 0.1 0.5 0.1 0.5 Potentially dilutive securities attributable to outstanding stock options, restricted stock units, and performance share units excluded from the calculation of diluted earnings per share where the combined exercise price and average unamortized fair value are greater than the average market price of Global Industrial Company's common stock, and their inclusion would be anti-dilutive. |
Credit Facilities
Credit Facilities | 9 Months Ended |
Sep. 30, 2021 | |
Line of Credit Facility [Abstract] | |
Credit Facilities | Credit Facilities The Company maintains a $75 million secured revolving credit facility with one financial institution which provided for borrowings in the United States. In October 2021, the Company extended this facility for an additional five year term. The extended facility matures in October 2026. Availability is subject to a borrowing base formula that takes into account eligible receivables and eligible inventory. 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. 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 September 30, 2021, eligible collateral under the credit agreement was $75.0 million, total availability and excess availability was $72.5 million, and there were no outstanding borrowings. The Company has restricted cash collateralizing letters of credit outstanding of $1.1 million at September 30, 2021 recorded within Other assets on the accompanying Condensed Consolidated Balance Sheets. The Company was in compliance with all of the covenants of the credit agreement as of September 30, 2021. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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 September 30, 2021 and December 31, 2020, 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 with respect to goodwill, non-amortizing intangibles and long-lived assets is measured in connection with the Company’s annual impairment testing. 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. 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. |
Stock Repurchases
Stock Repurchases | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stock Repurchases | Stock Repurchases In July 2018 the Company's Board of Directors approved a share repurchase program with a repurchase authorization of up to two million shares of the Company's common stock. During the first nine months of 2021, no shares were repurchased.During the third quarter of 2020, the Company repurchased 108,887 common shares for approximately $2.4 million and for the nine months ended September 30, 2020, the Company repurchased approximately 392,337 common shares for $7.2 million under its shares repurchase authorization |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In the third quarter ended September 30, 2021, the Company's discontinued operations recorded a net loss of approximately $0.1 million primarily related to professional fees, facility costs and tax benefits. For the nine months ended September 30, 2021, the Company's discontinued operations received approximately $15.0 million in restitution receipts, recorded $2.4 million in benefit from resolution of payable accounts which was offset by $3.6 million of professional fees and facility costs and approximately $3.3 million for the provision for income taxes. The Company expects that total additional exit charges related to discontinued operations after this quarter may aggregate up to $0.5 million. Additionally, the Company expects that its discontinued operations, which carries approximately $41 million in aged payables and other liabilities, including one lease obligation, will be resolving a significant amount of these balances favorably in future quarters. In the third quarter ended September 30, 2020, the Company's discontinued operations received approximately $0.8 million in vendor settlements offset by approximately $0.1 million of facility costs and professional fees and recorded approximately $0.2 million for the provision for income taxes. For the nine months ended September 30, 2020, the Company's discontinued operations received approximately $1.9 million in restitution receipts and $0.9 million in vendor settlements offset by approximately $0.8 million of facility costs and professional fees and recorded approximately $0.5 million for the provision for income taxes. The following table details liabilities related to the exit costs of the sold businesses that remain as of September 30, 2021 (in millions): Accrued exit costs Balance January 1, 2021 $ 2.8 Charged to expense 0.3 Paid or otherwise settled (0.5) Balance September 30, 2021 $ 2.6 The following table details liabilities related to the exit costs of the sold businesses that remained 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 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal ProceedingsThe 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 discontinued operations were audited by an entity representing 27 states seeking recovery of “unclaimed property” and has received separate demands from 19 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 September 30, 2021 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 September 30, 2021 any reasonably possible losses in excess of the amounts accrued would be material to the financial statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying condensed consolidated financial statements of Global Industrial Company, formerly known as Systemax Inc., with its subsidiaries, (the "Company") are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America are not required in these interim financial statements and have been condensed or omitted. All significant intercompany accounts and transactions have been eliminated in consolidation. |
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. On January 1, 2021 the Company adopted 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. The adoption of this ASU did not have a material impact on the Company's financial position or results of operations. On January 1, 2021, the Company adopted 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 adoption of this ASU did not have a material impact on the Company's financial position or results of operations. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue, from continuing operations, by geography for the three and nine months ended September 30, 2021 and 2020, respectively (in millions): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net sales: United States $ 260.9 $ 270.3 $ 748.0 $ 711.6 Canada 16.5 15.4 53.1 43.5 Consolidated $ 277.4 $ 285.7 $ 801.1 $ 755.1 |
Credit Losses (Tables)
Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Trade Accounts Receivable | The following is a rollforward of the allowances for credit losses related to trade accounts receivable for September 30, 2021 (in millions): September 30, 2021 Balance at beginning of period $ 1.7 Current period provision 1.8 Write-offs - trade accounts receivable (1.3) Balance at end of period $ 2.2 The following is a rollforward of the allowances for credit losses related to trade receivables for the year ended December 31, 2020 (in millions): 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 |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the computation of basic and diluted net income (loss) per share under the two-class method for the three and nine months ended September 30, 2021 and 2020 (in millions, except for per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income from continuing operations $ 23.2 $ 24.1 $ 49.8 $ 47.7 Less: Distributed net income available to participating securities 0.0 0.0 (0.1) (0.3) Less: Undistributed net income available to participating securities (0.1) (0.1) (0.1) 0.0 Numerator for basic net income per share: Undistributed and distributed net income available to common shareholders $ 23.1 $ 24.0 $ 49.6 $ 47.4 Add: Undistributed net income allocated to participating securities 0.1 0.1 0.1 0.0 Less: Undistributed net income reallocated to participating securities (0.1) (0.1) (0.1) 0.0 Numerator for diluted net income per share: Undistributed and distributed net income available to common shareholders $ 23.1 $ 24.0 $ 49.6 $ 47.4 Denominator: Weighted average shares outstanding for basic net income per share 37.8 37.5 37.7 37.6 Effect of dilutive securities 0.2 0.1 0.2 0.1 Weighted average shares outstanding for diluted net income per share 38.0 37.6 37.9 37.7 Net income per share from continuing operations: Basic $ 0.61 $ 0.64 $ 1.31 $ 1.26 Diluted $ 0.61 $ 0.64 $ 1.31 $ 1.26 Net (loss) income from discontinued operations $ (0.1) $ 0.5 $ 10.5 $ 1.5 Less: Undistributed net income available to participating securities 0.0 0.0 (0.1) 0.0 Numerator for basic net income per share: Undistributed and distributed net (loss) income available to common shareholders $ (0.1) $ 0.5 $ 10.4 $ 1.5 Add: Undistributed net income allocated to participating securities 0.0 0.0 0.1 0.0 Less: Undistributed net income reallocated to participating securities 0.0 0.0 (0.1) 0.0 Numerator for diluted net (loss) income per share: Undistributed and distributed net (loss) income available to common shareholders $ (0.1) $ 0.5 $ 10.4 $ 1.5 Net (loss) income per share from discontinued operations: Basic $ 0.00 $ 0.01 $ 0.28 $ 0.04 Diluted $ 0.00 $ 0.01 $ 0.28 $ 0.04 Net income per share: Basic $ 0.61 $ 0.65 $ 1.59 $ 1.30 Diluted $ 0.61 $ 0.65 $ 1.59 $ 1.30 Potentially dilutive securities 0.1 0.5 0.1 0.5 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Special Charge Liabilities | The following table details liabilities related to the exit costs of the sold businesses that remain as of September 30, 2021 (in millions): Accrued exit costs Balance January 1, 2021 $ 2.8 Charged to expense 0.3 Paid or otherwise settled (0.5) Balance September 30, 2021 $ 2.6 The following table details liabilities related to the exit costs of the sold businesses that remained 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 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Net income (loss) from discontinued operations | $ (0.1) | $ 0.5 | $ 10.5 | $ 1.5 |
Legal Fees | Immediate Family Member of Management or Principal Owner | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Expenses from transaction with related party | 3.1 | |||
Discontinued Operations - Disposed of by Sale | NATG | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net income (loss) from discontinued operations | $ 0.1 | $ 0.5 | 10.5 | 1.5 |
Contingent fees | 3 | |||
Restitution receipts | $ 15 | $ 1.9 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 277.4 | $ 285.7 | $ 801.1 | $ 755.1 | |
Performance obligation | 0 | 0 | $ 0 | ||
United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 260.9 | 270.3 | 748 | 711.6 | |
Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 16.5 | $ 15.4 | $ 53.1 | $ 43.5 |
Credit Losses (Details)
Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | $ 1.7 | $ 6.8 | |
Current period provision | 1.8 | 1.2 | |
Balance at end of period | 2.2 | 1.7 | |
Trade Accounts Receivable | |||
Allowance for Credit Losses [Roll Forward] | |||
Write-offs - trade accounts receivable | $ (1.3) | (0.7) | |
Notes and Other Receivables | |||
Allowance for Credit Losses [Roll Forward] | |||
Write-offs - trade accounts receivable | $ (5.6) | $ (5.6) |
Credit Losses - Narrative (Deta
Credit Losses - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2020 | |
Notes and Other Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Write-offs - trade accounts receivable | $ 5.6 | $ 5.6 |
Net Income (Loss) per Common _3
Net Income (Loss) per Common Share - Schedule of Net Income (loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income from continuing operations | $ 23.2 | $ 24.1 | $ 49.8 | $ 47.7 |
Less: Distributed net income available to participating securities | 0 | 0 | (0.1) | (0.3) |
Less: Undistributed net income available to participating securities | (0.1) | (0.1) | (0.1) | 0 |
Numerator for basic net income per share: | ||||
Undistributed and distributed net (loss) income available to common shareholders | 23.1 | 24 | 49.6 | 47.4 |
Add: Undistributed net income allocated to participating securities | 0.1 | 0.1 | 0.1 | 0 |
Less: Undistributed net income reallocated to participating securities | (0.1) | (0.1) | (0.1) | 0 |
Numerator for diluted net income per share: | ||||
Undistributed and distributed net (loss) income available to common shareholders | $ 23.1 | $ 24 | $ 49.6 | $ 47.4 |
Denominator: | ||||
Weighted average shares outstanding for basic net income per share (in shares) | 37.8 | 37.5 | 37.7 | 37.6 |
Effect of dilutive securities (in shares) | 0.2 | 0.1 | 0.2 | 0.1 |
Weighted average shares outstanding for diluted net income per share (in shares) | 38 | 37.6 | 37.9 | 37.7 |
Net income per share from continuing operations: | ||||
Basic (in dollars per share) | $ 0.61 | $ 0.64 | $ 1.31 | $ 1.26 |
Diluted (in dollars per share) | 0.61 | 0.64 | 1.31 | 1.26 |
Net (loss) income per share from discontinued operations: | ||||
Basic (in dollars per share) | 0 | 0.01 | 0.28 | 0.04 |
Diluted (in dollars per share) | 0 | 0.01 | 0.28 | 0.04 |
Net income per share - Basic (in dollars per share) | 0.61 | 0.65 | 1.59 | 1.30 |
Net income per share - Diluted (in dollars per share) | $ 0.61 | $ 0.65 | $ 1.59 | $ 1.30 |
Potentially dilutive securities (in shares) | 0.1 | 0.5 | 0.1 | 0.5 |
Discontinued Operations | ||||
Numerator for basic net income per share: | ||||
Undistributed and distributed net (loss) income available to common shareholders | $ (0.1) | $ 0.5 | $ 10.4 | $ 1.5 |
Numerator for diluted net income per share: | ||||
Undistributed and distributed net (loss) income available to common shareholders | (0.1) | 0.5 | 10.4 | 1.5 |
Net (loss) income per common share from discontinued operations: | ||||
Net (loss) income from discontinued operations | (0.1) | 0.5 | 10.5 | 1.5 |
Less: Undistributed net income available to participating securities | 0 | 0 | (0.1) | 0 |
Numerator for basic net income per share: | ||||
Add: Undistributed net income allocated to participating securities | 0 | 0 | 0.1 | 0 |
Less: Undistributed net income reallocated to participating securities | $ 0 | $ 0 | $ (0.1) | $ 0 |
Credit Facilities (Details)
Credit Facilities (Details) | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Sep. 30, 2021USD ($)financial_institution | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||||
Restricted cash collateralizing letters of credit outstanding | $ 1,100,000 | $ 1,600,000 | $ 0 | |
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 75,000,000 | |||
Number of financial institutions | financial_institution | 1 | |||
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 | 72,500,000 | |||
Outstanding borrowings | $ 0 | |||
Revolving Credit Facility | Subsequent Event | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility, term | 5 years | |||
Revolving Credit Facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Percentage of eligible accounts receivable for borrowings | 85.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | 9 Months Ended |
Sep. 30, 2021reporting_unit | |
Fair Value Disclosures [Abstract] | |
Number of reporting units | 1 |
Stock Repurchases (Details)
Stock Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jul. 31, 2018 | |
Equity [Abstract] | ||||||
Number of shares authorized to be repurchased (in shares) | 2,000,000 | |||||
Shares repurchased (in shares) | 108,887 | 0 | 392,337 | |||
Shares repurchased, value | $ 2.4 | $ 0.9 | $ 3.9 | $ 7.2 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - Discontinued Operations - Disposed of by Sale - NATG - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Professional fees, facility costs and tax benefits | $ 0.1 | |||
Restitution receipts | $ 15 | $ 1.9 | ||
Benefit from resolution of payable accounts | 2.4 | |||
Professional fees and facility costs | $ 0.1 | 3.6 | 0.8 | |
Tax effect of discontinued operation | 0.2 | 3.3 | 0.5 | |
Accounts payable and other liabilities | 41 | 41 | ||
Vendor settlements | $ 0.8 | $ 0.9 | ||
Maximum | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Additional charges (less than) | $ 0.5 | $ 0.5 |
Discontinued Operations - Speci
Discontinued Operations - Special Charges Liabilities (Details) - Lease Liabilities and Other Exit Costs - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | $ 2.8 | $ 2.8 |
Charged to expense | 0.3 | 0.4 |
Paid or otherwise settled | (0.5) | (0.4) |
Ending Balance | $ 2.6 | $ 2.8 |
Legal Proceedings (Details)
Legal Proceedings (Details) | Sep. 30, 2021state |
Commitments and Contingencies Disclosure [Abstract] | |
Number of states seeking recovery of unclaimed property | 27 |
Number of states requesting payment | 19 |