Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 17, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000095574 | ||
Entity Registrant Name | SUPERIOR GROUP OF COMPANIES, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-05869 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 11-1385670 | ||
Entity Address, Address Line One | 10055 Seminole Blvd | ||
Entity Address, City or Town | Seminole | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33772 | ||
City Area Code | 727 | ||
Local Phone Number | 397-9611 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | SGC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 263,600,000 | ||
Entity Common Stock, Shares Outstanding | 16,104,534 | ||
Auditor Name | Mayer Hoffman McCann P.C. | ||
Auditor Location | St. Petersburg, Florida | ||
Auditor Firm ID | 199 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales | $ 536,986 | $ 526,697 | $ 376,701 |
Costs and expenses: | |||
Cost of goods sold | 350,972 | 337,932 | 247,772 |
Selling and administrative expenses | 142,060 | 136,515 | 107,282 |
Other periodic pension costs | 1,786 | 955 | 1,962 |
Pension plan termination charge | 7,821 | 0 | 0 |
Interest expense | 1,220 | 2,003 | 4,399 |
Costs and Expenses, Excluding Gain on Sale of Property Plant and Equipment | 503,859 | 477,405 | 361,415 |
Gain on sale of property, plant and equipment | 0 | 2,164 | 0 |
Income before taxes on income | 33,127 | 51,456 | 15,286 |
Income tax expense | 3,687 | 10,430 | 3,220 |
Net income | $ 29,440 | $ 41,026 | $ 12,066 |
Net income per share: | |||
Net income per share, basic (in dollars per share) | $ 1.91 | $ 2.72 | $ 0.81 |
Net income per share, diluted (in dollars per share) | $ 1.83 | $ 2.65 | $ 0.79 |
Weighted average shares outstanding during the period | |||
Weighted average number of shares outstanding during the period, basic (in shares) | 15,438,849 | 15,075,134 | 14,945,165 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 16,091,070 | 15,508,420 | 15,266,408 |
Other comprehensive income (loss), net of tax: | |||
Recognition of net losses included in net periodic pension costs | $ 1,662 | $ 940 | $ 968 |
Recognition of settlement loss included in net periodic pension costs | 0 | 314 | 835 |
Recognition of net losses included in pension plan termination charges | 5,230 | 0 | 0 |
Current period loss | (571) | (4,928) | (1,354) |
Loss on cash flow hedging activities | (23) | (22) | (22) |
Foreign currency translation adjustment | (310) | (1,021) | 74 |
Other comprehensive income (loss) | 5,988 | (4,717) | 501 |
Comprehensive income | $ 35,428 | $ 36,309 | $ 12,567 |
Cash dividends per common share (in dollars per share) | $ 0.46 | $ 0.40 | $ 0.40 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 8,935 | $ 5,172 |
Accounts receivable, less allowance for doubtful accounts of $6,393 and $7,667, respectively | 107,053 | 101,902 |
Accounts receivable - other | 5,546 | 1,356 |
Inventories | 120,555 | 89,766 |
Contract assets | 38,018 | 39,231 |
Prepaid expenses and other current assets | 19,162 | 11,030 |
Total current assets | 299,269 | 248,457 |
Property, plant and equipment, net | 49,690 | 36,644 |
Operating lease right-of-use assets | 8,246 | 3,826 |
Intangible assets, net | 60,420 | 58,746 |
Goodwill | 39,434 | 36,116 |
Other assets | 13,186 | 10,135 |
Total assets | 470,245 | 393,924 |
Current liabilities: | ||
Accounts payable | 52,340 | 39,327 |
Other current liabilities | 38,989 | 44,670 |
Current portion of long-term debt | 15,286 | 15,286 |
Current portion of acquisition-related contingent liabilities | 4,507 | 5,589 |
Total current liabilities | 111,122 | 104,872 |
Long-term debt | 100,845 | 72,372 |
Long-term pension liability | 15,420 | 14,574 |
Long-term acquisition-related contingent liabilities | 2,569 | 1,892 |
Long-term operating lease liabilities | 3,729 | 1,599 |
Deferred tax liability | 359 | 450 |
Other long-term liabilities | 9,211 | 6,535 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity: | ||
Preferred stock, $.001 par value - authorized 300,000 shares (none issued) | 0 | 0 |
Common stock, $.001 par value - authorized 50,000,000 shares, issued and outstanding - 16,127,505 and 15,391,660 shares, respectively | 16 | 15 |
Additional paid-in capital | 69,351 | 61,844 |
Retained earnings | 163,836 | 141,972 |
Accumulated other comprehensive income (loss), net of tax: | ||
Pensions | (4,577) | (10,898) |
Cash flow hedges | 47 | 69 |
Foreign currency translation adjustment | (1,683) | (1,372) |
Total shareholders’ equity | 226,990 | 191,630 |
Total liabilities and shareholders’ equity | $ 470,245 | $ 393,924 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, allowance for doubtful accounts | $ 6,393 | $ 7,667 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 300,000 | 300,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 16,127,505 | 15,391,660 |
Common stock, shares outstanding (in shares) | 16,127,505 | 15,391,660 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Stock Appreciation Rights (SARs) [Member]Common Stock [Member] | Stock Appreciation Rights (SARs) [Member]Additional Paid-in Capital [Member] | Stock Appreciation Rights (SARs) [Member]Retained Earnings [Member] | Stock Appreciation Rights (SARs) [Member]AOCI Attributable to Parent [Member] | Stock Appreciation Rights (SARs) [Member] | Restricted Stock [Member]Common Stock [Member] | Restricted Stock [Member]Additional Paid-in Capital [Member] | Restricted Stock [Member]Retained Earnings [Member] | Restricted Stock [Member]AOCI Attributable to Parent [Member] | Restricted Stock [Member] | Performance Shares [Member]Common Stock [Member] | Performance Shares [Member]Additional Paid-in Capital [Member] | Performance Shares [Member]Retained Earnings [Member] | Performance Shares [Member]AOCI Attributable to Parent [Member] | Performance Shares [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 15,202,387 | |||||||||||||||||||
Balance at Dec. 31, 2018 | $ 15 | $ 55,859 | $ 103,032 | $ (7,985) | $ 150,921 | |||||||||||||||
Common shares issued upon exercise of options (in shares) | 62,994 | |||||||||||||||||||
Common shares issued upon exercise of options | 460 | (177) | 283 | |||||||||||||||||
Restricted shares issued (in shares) | 69,530 | |||||||||||||||||||
Restricted shares issued | 0 | |||||||||||||||||||
Share-based compensation expense | 1,484 | 1,484 | ||||||||||||||||||
Tax benefit from vesting of acquisition-related restricted stock | 30 | 30 | ||||||||||||||||||
Cash dividends declared | (6,046) | $ (6,046) | ||||||||||||||||||
Common stock reacquired and retired (in shares) | (107,307) | (49,091) | ||||||||||||||||||
Common stock reacquired and retired | (391) | (1,294) | $ (1,685) | |||||||||||||||||
Net earnings | 12,066 | 12,066 | ||||||||||||||||||
Cash flow hedges, net of taxes | (22) | (22) | ||||||||||||||||||
Pensions, net of taxes | 449 | 449 | ||||||||||||||||||
Change in currency translation adjustment, net of taxes | 74 | 74 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 15,227,604 | |||||||||||||||||||
Balance at Dec. 31, 2019 | $ 15 | 57,442 | 107,581 | (7,484) | 157,554 | |||||||||||||||
Common shares issued upon exercise of options (in shares) | 157,730 | |||||||||||||||||||
Common shares issued upon exercise of options | 2,110 | (183) | 1,927 | |||||||||||||||||
Restricted shares issued (in shares) | 49,784 | |||||||||||||||||||
Restricted shares issued | 0 | |||||||||||||||||||
Share-based compensation expense | 2,530 | 2,530 | ||||||||||||||||||
Tax benefit from vesting of acquisition-related restricted stock | (13) | (13) | ||||||||||||||||||
Cash dividends declared | (6,111) | $ (6,111) | ||||||||||||||||||
Common stock reacquired and retired (in shares) | (43,458) | (43,458) | ||||||||||||||||||
Common stock reacquired and retired | (159) | (341) | $ (500) | |||||||||||||||||
Net earnings | 41,026 | 41,026 | ||||||||||||||||||
Cash flow hedges, net of taxes | (22) | (22) | ||||||||||||||||||
Pensions, net of taxes | (3,674) | (3,674) | ||||||||||||||||||
Change in currency translation adjustment, net of taxes | (1,021) | $ (1,021) | ||||||||||||||||||
Tax withheld on exercise of share-based compensation | $ (66) | $ (66) | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 15,391,660 | 15,391,660 | ||||||||||||||||||
Balance at Dec. 31, 2020 | $ 15 | 61,844 | 141,972 | (12,201) | $ 191,630 | |||||||||||||||
Common shares issued upon exercise of options (in shares) | 305,018 | |||||||||||||||||||
Restricted shares issued (in shares) | 338,852 | |||||||||||||||||||
Restricted shares issued | $ 0 | |||||||||||||||||||
Share-based compensation expense | 4,010 | 4,010 | ||||||||||||||||||
Tax benefit from vesting of acquisition-related restricted stock | 171 | 171 | ||||||||||||||||||
Cash dividends declared | (7,237) | $ (7,237) | ||||||||||||||||||
Common stock reacquired and retired (in shares) | 0 | |||||||||||||||||||
Net earnings | 29,440 | $ 29,440 | ||||||||||||||||||
Cash flow hedges, net of taxes | (23) | (23) | ||||||||||||||||||
Pensions, net of taxes | 6,321 | 6,321 | ||||||||||||||||||
Change in currency translation adjustment, net of taxes | (310) | (310) | ||||||||||||||||||
Tax withheld on exercise of share-based compensation | $ (179) | $ (179) | $ (405) | $ (405) | ||||||||||||||||
Common shares issued upon exercise of options and SARs, net (in shares) | 308,550 | |||||||||||||||||||
Common shares issued upon exercise of options and SARs, net | 3,041 | (339) | 2,703 | |||||||||||||||||
Performance based shares issued (in shares) | 42,823 | |||||||||||||||||||
Performance based shares issued | $ 0 | |||||||||||||||||||
Restricted shares issued in conjunction with acquisition of business (in shares) | 45,620 | |||||||||||||||||||
Restricted shares issued in conjunction with acquisition of business | $ 869 | $ 869 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 16,127,505 | 16,127,505 | ||||||||||||||||||
Balance at Dec. 31, 2021 | $ 16 | $ 69,351 | $ 163,836 | $ (6,213) | $ 226,990 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash dividends declared, per share (in dollars per share) | $ 0.46 | $ 0.40 | $ 0.40 |
Cash flow hedges, tax | $ 3 | $ 3 | $ 3 |
Pensions, tax | 2,636 | 1,154 | 141 |
Change in currency translation adjustment, tax | $ 0 | $ 449 | $ 23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 29,440 | $ 41,026 | $ 12,066 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 9,291 | 8,132 | 8,272 |
Provision for bad debts - accounts receivable | 2,260 | 6,746 | 1,323 |
Share-based compensation expense | 4,010 | 2,530 | 1,484 |
Deferred income tax benefit | (2,724) | (4,987) | (1,595) |
Gain on sale of property, plant and equipment | 0 | (2,164) | (5) |
Change in fair value of acquisition-related contingent liabilities | 2,936 | 4,119 | (74) |
Pension plan termination charge | 7,821 | 0 | 0 |
Changes in assets and liabilities, net of acquisition of businesses: | |||
Accounts receivable | (2,575) | (29,251) | (17,104) |
Accounts receivable - other | (4,189) | (273) | 660 |
Contract assets | 1,212 | (699) | 10,703 |
Inventories | (21,753) | (16,763) | (4,984) |
Prepaid expenses and other current assets | (7,852) | (1,474) | (3,479) |
Other assets | (2,325) | 464 | (1,717) |
Accounts payable and other current liabilities | 1,007 | 32,690 | 10,904 |
Payment of acquisition-related contingent liabilities | (4,221) | 0 | 0 |
Long-term pension liability | 1,951 | (508) | 2,138 |
Other long-term liabilities | 2,791 | 1,771 | 1,415 |
Net cash provided by operating activities | 17,080 | 41,359 | 20,007 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (17,696) | (11,857) | (9,672) |
Proceeds from disposals of property, plant and equipment | 0 | 5,284 | 5 |
Acquisition of businesses | (16,434) | 0 | 0 |
Net cash used in investing activities | (34,130) | (6,573) | (9,667) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from borrowings of debt | 250,608 | 202,349 | 165,314 |
Repayment of debt | (223,025) | (234,063) | (163,645) |
Payment of cash dividends | (7,237) | (6,111) | (6,046) |
Payment of acquisition-related contingent liabilities | (1,641) | (1,966) | (961) |
Proceeds received on exercise of stock options | 2,703 | 1,927 | 283 |
Tax withholdings on exercise of stock rights | (584) | (66) | 0 |
Tax (provision) benefit from vesting of acquisition-related restricted stock | 171 | (13) | 30 |
Common stock reacquired and retired | 0 | (500) | (1,685) |
Net cash provided by (used in) financing activities | 20,995 | (38,443) | (6,710) |
Effect of currency exchange rates on cash | (182) | (209) | 46 |
Net increase (decrease) in cash and cash equivalents | 3,763 | (3,866) | 3,676 |
Cash and cash equivalents balance, beginning of year | 5,172 | 9,038 | 5,362 |
Cash and cash equivalents balance, end of year | 8,935 | 5,172 | 9,038 |
Supplemental disclosure of cash flow information: | |||
Income taxes paid | 14,632 | 13,390 | 7,146 |
Interest paid | $ 1,298 | $ 1,490 | $ 3,979 |
Note 1 - Description of Busines
Note 1 - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1 Description of business Superior Group of Companies, Inc. (together with its subsidiaries, “the Company,” “Superior,” “we,” “our,” or “us”) was organized in 1920 1922 1998, May 3, 2018, Superior’s Uniforms and Related Products segment, through its primary signature marketing brands Fashion Seal Healthcare®, HPI®, and WonderWink®, manufactures (through third Superior services its Remote Staffing Solutions segment through multiple The Office Gurus® entities, including its subsidiaries in El Salvador, Belize, Jamaica, Dominican Republic, and the United States (collectively, “TOG”). TOG is primarily a near-shore premium provider of cost effective multilingual telemarketing and business process outsourced solutions. The Promotional Products segment, through the BAMKO®, Public Identity®, Tangerine®, Gifts by Design and Sutter’s Mill brands, services customers that purchase primarily promotional and related products. The segment currently has sales offices in the United States, Brazil and Canada with support services in China, Hong Kong and India. Basis of presentation The accompanying consolidated financial statements of Superior included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) (“U.S.” or “United States”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company refers to the consolidated financial statements collectively as “financial statements,” and individually as “statements of comprehensive income,” “balance sheets,” “statements of shareholders’ equity,” and “statements of cash flows” herein. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses, as well as the disclosures of contingent assets and liabilities. Because of the inherent uncertainties in this process, actual future results could differ from those expected at the reporting date. Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three Revenue recognition Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. See Note 14 Accounts receivable and allowance for doubtful accounts Judgments and estimates are used in determining the collectability of accounts receivable and in establishing allowances for doubtful accounts. The Company analyzes specific accounts receivable and historical bad debt experience, customer credit worthiness, current economic trends and the age of outstanding balances when evaluating the adequacy of the allowance for doubtful accounts. Changes in estimates are reflected in the period they become known. Charge-offs of accounts receivable are made once all collection efforts have been exhausted. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may Accounts receivable-other The Company purchases raw materials and has them delivered to certain suppliers of the Company. The Company pays for the raw materials and then deducts the cost of these materials from payments to the suppliers at the time the related finished goods are invoiced to the Company by those suppliers. Cost of goods sold and shipping and handling fees and costs Cost of goods sold for our Uniforms and Related Products segment and our Promotional Products segment consist primarily of direct costs of acquiring inventory, including cost of merchandise, inbound freight charges, purchasing, receiving and inspection costs. Cost of goods sold for our Remote Staffing Solutions segment includes salaries and payroll related benefits for agents. The Company includes shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with out-bound freight are generally recorded in cost of goods sold. Other shipping and handling costs are included in selling and administrative expenses and totaled $18.8 million, $17.6 million and $14.5 million for the years ended December 31, 2021 2020 2019 Inventories Inventories are stated at the lower of cost ( first first may Property, plant and equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Major renewals and improvements are capitalized, while replacements, maintenance and repairs which do not 31, 2020, Property, plant and equipment is recorded at cost and depreciated using the straight-line method over its estimated useful life as follows: Buildings (in years) 20 to 40 Improvements (in years) 5 to 40 Machinery, equipment and fixtures (in years) 3 to 10 Transportation equipment (in years) 3 to 5 Leasehold improvements are amortized over the terms of the leases to the extent that such improvements have useful lives of at least the terms of the respective leases. Intangible assets, net Intangible assets consist of customer relationships, non-compete agreements and trade names acquired in previous business acquisitions. Intangible assets as of December 31, 2021 2020 December 31, 2021 December 31, 2020 Item Weighted Average Life (In years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer relationships ( 7 15 12.2 $ 45,473 $ (18,809 ) $ 41,530 $ (14,773 ) Non-compete agreements ( 3 7 5.4 1,536 (1,121 ) 1,411 (852 ) Total $ 47,009 $ (19,930 ) $ 42,941 $ (15,625 ) Indefinite-lived intangible assets: Trade names $ 33,341 $ 31,430 Total intangible assets $ 80,350 $ (19,930 ) $ 74,371 $ (15,625 ) Amortization expense for intangible assets for the years ended December 31, 2021 2020 2019 $3.8 Estimated future intangible amortization expense is as follows (in thousands): 2022 $ 4,301 2023 3,504 2024 2,859 2025 2,309 2026 2,301 Thereafter 11,805 Total $ 27,079 Trade names: As part of the acquisition of substantially all of the assets of HPI Direct, Inc. in 2013, 2016, 2018, 2018, 2021, not Impairment of long-lived assets Long-lived assets, such as property and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not December 31, 2021 2020 2019 Goodwill and indefinite-lived intangible assets The Company has made acquisitions in the past that included goodwill and indefinite-lived intangible assets. Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill and indefinite-lived intangible assets such as trade names are not fourth may not • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the Company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the Company’s products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; and • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers. Goodwill and indefinite-lived intangible assets are tested at a level of reporting referred to as “the reporting unit.” The Company’s reporting units are defined as each of its three reporting segments. As of December 31, 2021 December 31, 2021 An entity has the option to first not 50% not not December 31, 2021 2020 2019 Contingent Consideration Contingent consideration relating to consideration transferred in exchange for an acquired business is recognized at its estimated fair value at the acquisition date. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Any changes in fair value are recognized each reporting period in non-cash changes in fair value of estimated contingent consideration in the accompanying statements of comprehensive income. SERP The Company is the sponsor of an unfunded supplemental executive retirement plan (“SERP”) in which several of its employees are participants. In calculating our obligations and related expense, we make various assumptions and estimates, after consulting with outside actuaries and advisors. The annual determination of expense involves calculating the estimated total benefits ultimately payable to plan participants. Significant assumptions related to the calculation of our obligations include the discount rates used to calculate the present value of benefit obligations to be paid in the future. We review these assumptions annually based upon currently available information, including information provided by our actuaries. Insurance The Company self-insures for certain obligations related to employee health programs. The Company also purchases stop-loss insurance policies to protect it from catastrophic losses. Judgments and estimates are used in determining the potential value associated with reported claims and for losses that have occurred, but have not may Taxes on income Income taxes are provided for under the liability method, whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not Note 7 Share-based compensation The Company awards share-based compensation as an incentive for employees to contribute to the Company’s long-term success. The Company grants options, stock-settled stock appreciation rights, restricted stock and performance shares. The Company recognizes share-based compensation expense for all awards granted to employees, which is based on the fair value of the award on the date of grant. Determining the appropriate fair value model and calculating the fair value of stock compensation awards requires the input of certain highly complex and subjective assumptions, including the expected life of the stock compensation awards and the Company’s common stock price volatility, risk free interest rate and dividend rate. The assumptions used in calculating the fair value of stock compensation awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and the Company deems it necessary to use different assumptions, stock compensation expense could be materially different from what has been recorded in the current period. Other comprehensive income Other comprehensive income (loss) is defined as the change in equity during a period, from transactions and other events, excluding changes resulting from investments by owners (e.g., supplemental stock offering) and distributions to owners (e.g., dividends). Risks and concentrations Financial instruments that potentially subject the Company to concentrations of credit risk include cash in banks in excess of federally insured amounts. The Company manages this risk by maintaining all deposits in high quality financial institutions and periodically performing evaluations of the relative credit standing of the financial institutions. When assessing credit risk the Company considers whether the credit risk exists at both the individual and group level. Consideration is given to the activity, region and economic characteristics when assessing if there exists a group concentration risk. At December 31, 2021 no 10 31, 2020 December 31, 2021 2020 five none 10% 2021 No 10% 2021 2021 The Uniforms and Related Products segment’s principal fabrics used in the manufacture of its finished goods are cotton, polyester, cotton-synthetic and poly-synthetic blends. The majority of such fabrics are sourced in China. The Promotional Products segment relies on the supply of different types of raw materials as well as textiles, including plastic, glass, fabric and metal. The vast majority of these raw materials are principally sourced from China, either directly by BAMKO or its suppliers. If we are unable to continue to obtain our raw materials and finished products from China or if our suppliers are unable to source raw materials from China, it could significantly disrupt our business. Further, the Company and the Company’s suppliers generally source or manufacture finished goods in parts of the world that may Fair value of financial instruments The carrying amounts of cash and cash equivalents, receivables and accounts payable approximated fair value as of December 31, 2021 2020 Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Pronouncements In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 January 1, 2021, not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 February 2020, 2020 2, Financial Instruments Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13, Financial Instruments Credit Losses (Topic 326 December 15, 2022. not In March 2020, 2020 04, Reference Rate Reform (Topic 848 may not may December 31, 2022. |
Note 2 - Allowance for Doubtful
Note 2 - Allowance for Doubtful Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 2 The activity in the allowance for doubtful accounts receivable was as follows (in thousands): Years Ended December 31, 2021 2020 2019 Balance at the beginning of year $ 7,667 $ 2,964 $ 2,042 Provision for bad debts 2,260 6,746 1,323 Charge-offs (3,653 ) (2,087 ) (401 ) Recoveries 119 44 - Balance at the end of year $ 6,393 $ 7,667 $ 2,964 |
Note 3 - Reserve for Sales Retu
Note 3 - Reserve for Sales Returns and Allowances | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Reserve For Sales Returns And Allowances Disclosure [Text Block] | NOTE 3 The activity in the reserve for sales returns and allowances was as follows (in thousands): Years Ended December 31, 2021 2020 2019 Balance at the beginning of year $ 3,365 $ 2,112 $ 1,893 Provision for returns and allowances 4,911 7,699 4,334 Actual returns and allowances paid to customers (5,640 ) (6,446 ) (4,115 ) Balance at the end of year $ 2,636 $ 3,365 $ 2,112 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 Inventories consisted of the following amounts (in thousands): December 31, 2021 2020 Finished goods $ 90,395 $ 73,979 Work in process 1,351 1,634 Raw materials 28,809 14,153 Inventories $ 120,555 $ 89,766 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 Property, plant and equipment, net, consisted of the following (in thousands): December 31, 2021 2020 Land $ 3,085 $ 3,085 Buildings, improvements and leaseholds 19,558 15,972 Machinery, equipment and fixtures 91,351 76,906 113,994 95,963 Accumulated depreciation and amortization (64,304 ) (59,319 ) Property, plant and equipment, net $ 49,690 $ 36,644 Depreciation and amortization charges were $5.1 million, $4.3 million and $4.5 million in 2021 2020 2019 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6 Debt consisted of the following (in thousands): December 31, 2021 2020 Credit Facilities: Revolving credit facility due February 2026 $ 61,517 $ 17,589 Term loan due February 2024 (“2017 Term Loan”) 15,000 21,000 Term loan due January 2026 (“2018 Term Loan”) 40,238 49,524 $ 116,755 $ 88,113 Less: Payments due within one year included in current liabilities 15,286 15,286 Debt issuance costs 624 455 Long-term debt less current maturities $ 100,845 $ 72,372 The Company is party to a credit agreement with Truist Bank, consisting of a revolving credit facility, a term loan maturing in February 2024 ( “2017 January 2026 ( “2018 2017 2018 On March 30, 2020, April 1, 2020 June 1, 2020 2017 2018 April 1, 2020 June 1, 2020 On February 8, 2021, February 8, 2026. 2017 2018 zero not Obligations outstanding under the 2018 December 31, 2021 2017 one 2017 December 31, 2021 December 31, 2021 Contractual principal payments for the 2017 2022 2023 2024 2018 2022 2025 2026 not The Credit Agreement contains customary events of default and negative covenants, including but not 1.25:1 not 5.0:1. December 31, 2021 The Company is a party to an interest rate swap with a total notional value of $6.8 million as of December 31, 2021 February 2024. not December 31, 2021 2020 2019, Debt Maturity Schedule Contractual maturities of debt (excluding interest to be accrued thereon) at December 31, 2021 2022 $ 15,286 2023 15,286 2024 12,286 2025 9,286 2026 64,611 Thereafter - Total debt $ 116,755 |
Note 7 - Income Tax Expense
Note 7 - Income Tax Expense | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 Aggregate income tax provisions consist of the following (in thousands): Years Ended December 31, 2021 2020 2019 Current: Federal $ 4,035 $ 12,997 $ 3,049 State and local 777 1,956 1,074 Foreign 2,033 486 502 6,845 15,439 4,625 Deferred Taxes: Deferred tax benefit (3,158 ) (5,009 ) (1,405 ) Income tax expense $ 3,687 $ 10,430 $ 3,220 The significant components of the deferred income tax (liability) asset are as follows (in thousands): December 31, 2021 2020 Deferred income tax assets: Pension accruals $ 4,023 $ 3,742 Operating reserves and other accruals 5,520 5,110 Tax credits 527 513 Deferred income tax liabilities: Book carrying value in excess of tax basis of property (4,814 ) (2,116 ) Book carrying value in excess of tax basis of intangibles (5,076 ) (5,780 ) Tax effect of revenue recognition standard ASC 606 - (1,021 ) Deferred expenses (539 ) (898 ) Net deferred income tax liability $ (359 ) $ (450 ) The difference between the total statutory Federal income tax rate and the actual effective income tax rate is accounted for as follows: Years Ended December 31, 2021 2020 2019 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 1.4 % 1.3 % 4.8 % Rate impacts due to foreign operations (6.7 %) (4.5 %) (3.9 %) Changes in uncertain tax positions (0.5 %) 0.2 % 1.7 % Compensation related (1.6 %) 2.3 % (0.2 %) Pension termination (1.8 %) - - R&D tax credits (0.4 %) (0.3 %) (0.9 %) Other (0.3 %) 0.3 % (1.4 %) Effective income tax rate 11.1 % 20.3 % 21.1 % The Tax Cuts and Jobs Act enacted on December 22, 2017 no not December 31, 2021 Only tax positions that meet the more-likely-than- not December 31, 2021 2020 not twelve December 31, 2021 Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands): December 31, 2021 2020 Balance at the beginning of year $ 993 $ 681 Additions based on tax positions related to the current year 94 134 Additions for tax positions of prior years 23 286 Reductions due to lapse of statute of limitations (309 ) (108 ) Balance at the end of year $ 801 $ 993 We recognize interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes. During the years ended December 31, 2021 2020 2019 2021 2020 2019 December 31, 2021 2020 $0.2 We anticipate that it is reasonably possible that the total amount of unrecognized tax benefits could decrease by approximately $0.3 million within the next twelve 2018 2015. |
Note 8 - Benefit Plans
Note 8 - Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 8 Defined Benefit Plans The Company had previously sponsored two noncontributory qualified defined benefit pension plans, providing for normal retirement at age 65, June 30, 2013, no December 31, 2014, no December 31, 2021 two December 31, 2021, not December 31, 2021 The Company is also the sponsor of an unfunded supplemental executive retirement plan (“SERP”) in which several employees participate. The Company’s projected benefit obligation under the unfunded SERP was $15.5 million. Contributions to the plan are made in accordance with statutory funding requirements and any additional funding that may The following tables present the changes in the benefit obligations and the various plan assets, the funded status of the plans, and the amounts recognized in the Company’s balance sheets December 31, 2021 2020 December 31, 2021 2020 Pension Plans SERP Total Pension Plans SERP Total Changes in benefit obligation: Benefit obligation at beginning of year $ 18,778 $ 14,337 $ 33,115 $ 18,114 $ 10,356 $ 28,470 Service cost - 185 185 - 152 152 Interest cost 171 337 508 541 322 863 Actuarial loss 11 767 778 1,773 3,610 5,383 Benefits paid (127 ) (103 ) (230 ) (1,650 ) (103 ) (1,753 ) Lump sum benefits paid (17,430 ) - (17,430 ) - - - Amendments 711 - 711 - - - Effect of settlement/curtailment (1,983 ) - (1,983 ) - - - Benefit obligation at end of year 131 15,523 15,654 18,778 14,337 33,115 Changes in plan assets: Fair value of plan assets at beginning of year 18,754 - 18,754 19,939 - 19,939 Actual return on assets (637 ) - (637 ) 462 - 462 Employer contributions (14 ) 103 89 - 103 103 Benefits paid (127 ) (103 ) (230 ) (1,647 ) (103 ) (1,750 ) Lump sum benefits paid (17,430 ) - (17,430 ) - - - Fair value of plan assets at end of year 546 - 546 18,754 - 18,754 Funded status at end of year $ 415 $ (15,523 ) $ (15,108 ) $ (24 ) $ (14,337 ) $ (14,361 ) Amounts recognized in balance sheets: Other assets $ 415 $ - $ 415 $ 314 $ - $ 314 Other current liabilities - (103 ) (103 ) - (101 ) (101 ) Long-term pension liability - (15,420 ) (15,420 ) (338 ) (14,236 ) (14,574 ) Net amount recognized $ 415 $ (15,523 ) $ (15,108 ) $ (24 ) $ (14,337 ) $ (14,361 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ - $ 6,698 $ 6,698 $ 8,227 $ 7,429 $ 15,656 Information for benefit plans with projected benefit obligation in excess of plan assets depicted as follows (in thousands): December 31, 2021 2020 Pension Plans SERP Total Pension Plans SERP Total Projected benefit obligation $ 131 $ 15,523 $ 15,654 $ 18,778 $ 14,337 $ 33,115 Fair value of plan assets (546 ) - (546 ) (18,754 ) - (18,754 ) Underfunded (Overfunded) $ (415 ) $ 15,523 $ 15,108 $ 24 $ 14,337 $ 14,361 Components of net periodic benefit cost related to pension plans were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Interest cost on projected benefit obligation $ 171 $ 541 $ 721 Expected return on plan assets (597 ) (1,555 ) (1,491 ) Recognized actuarial loss 376 539 643 Settlement loss - 413 1,110 Pension plan termination charge 7,821 - - Net periodic pension cost after settlements $ 7,771 $ (62 ) $ 983 The termination of the Company’s two 2021 December 31, 2021. not Components of net periodic benefit cost related to the SERP were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Service cost - benefits earned during the period $ 185 $ 152 $ 117 Interest cost on projected benefit obligation 337 322 363 Recognized actuarial loss 1,499 695 616 Net periodic pension cost after settlements $ 2,021 $ 1,169 $ 1,096 The service cost component is included in selling and administrative expenses in our statements of comprehensive income and the other components of net periodic pension cost are included in other periodic pension costs in our statements of comprehensive income. The estimated net actuarial loss for the SERP that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $1.7 million. The following table presents the weighted-average assumptions used to determine benefit obligations as of December 31, 2020 and 2021: Discount Rate Long Term Rate of Return Salary Scale Pension Plans Pension Plans Pension Plans Corporate Plants SERP Corporate Plants SERP Corporate Plants SERP 2020 2.36 % 2.21 % 2.36 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2021 N/A N/A 2.59 % N/A N/A N/A N/A N/A 3.00 % The following table presents the weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, 2019 , 2020 and 2021: Discount Rate Long Term Rate of Return Salary Scale Pension Plans Pension Plans Pension Plans Corporate Plants SERP Corporate Plants SERP Corporate Plants SERP 2019 4.14 % 4.06 % 4.14 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2020 3.12 % 3.02 % 3.12 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2021 2.36 % 2.21 % 2.36 % 8.00 % 8.00 % N/A N/A N/A 3.00 % The Company does not 2022. The following table includes projected benefit payments for the years indicated (in thousands): Projected Benefit Payments Year Pension Plans SERP Total 2022 $ 131 $ 102 $ 233 2023 - 1,214 1,214 2024 - 606 606 2025 - 598 598 2026 - 598 598 2027-2031 - 4,406 4,406 Rabbi Trust December 31, 2021 2020 December 31, 2021 2020 2019 In 2013, December 31, 2021 2020 December 31, 2021 2020 Defined Contribution Plan The Company provides a defined contribution plan covering qualified employees. The plan includes a provision that allows employees to make pre-tax contributions under Section 401 December 31, 2021 2019. 19 not 2019, December 31, 2019 2020. December 31, 2020. |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9 The Company primarily leases factories, warehouses, call centers, office space and equipment for various terms under long-term, non-cancelable operating lease agreements. A right-of-use asset represents the Company’s right to use an underlying asset for the lease term and a lease liability represents the Company’s obligation to make lease payments arising from the lease. The Company’s leases generally have expected lease terms of one eight not December 31, 2021 December 31, 2020 not The components of lease cost were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Operating lease costs $ 2,074 $ 2,000 $ 1,541 Short-term lease costs 602 541 302 Total lease costs $ 2,676 $ 2,541 $ 1,843 Cash flow and noncash information related to our operating leases were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Operating cash flows – cash paid for operating lease liabilities $ 1,732 $ 1,425 $ 1,320 Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 4,945 $ 243 $ 782 Other supplemental information related to our operating leases was as follows: Years Ended December 31, 2021 2020 2019 Weighted-average remaining lease term (in years) 3.1 2.8 3.6 Weighted average discount rate 4.74 % 5.61 % 5.61 % Maturities of operating lease liabilities as of December 31, 2021 Operating Leases 2022 $ 2,153 2023 1,925 2024 1,033 2025 865 2026 418 Thereafter - Total lease payments 6,394 Less imputed interest 577 Present value of lease liabilities $ 5,817 |
Note 10 - Contingencies
Note 10 - Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 The purchase price to acquire substantially all of the assets of BAMKO, Inc. (“BAMKO”) in 2016 2021. second 2022. 2017 2021. second 2022. 2021 2022 2024. December 31, 2021 may may The Company is involved in various legal actions and claims arising from the normal course of business. In the opinion of management, the ultimate outcome of these matters is not |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11 In May 2013, 2013 “2013 2013 December 31, 2021 2013 Share-based compensation is recorded in selling and administrative expense in the statements of comprehensive income. The following table details the share-based compensation expense by type of award and the total related tax benefit for the periods presented (in thousands): Years Ended December 31, 2021 2020 2019 Stock options and SARs $ 1,420 $ 1,321 $ 407 Restricted stock 2,241 777 835 Performance shares 349 432 243 Total share-based compensation expense $ 4,010 $ 2,530 $ 1,485 Related income tax benefit $ 760 $ 286 $ 262 Stock Options and Stock Appreciation Rights (“SARs”) The Company grants stock options and stock-settled SARs to employees that allow them to purchase shares of the Company’s common stock. Stock options are also granted to outside members of the Board of Directors of the Company. The Company determines the fair value of stock options and SARs at the date of grant using the Black-Scholes valuation model. Assumptions regarding volatility, risk-free interest rate, expected term and dividend yield are required for the Black-Scholes model. The risk-free interest rate is based on the yield of a U.S. treasury bond with a similar maturity to the award’s expected life. The expected life for awards granted is based on the historical exercise patterns experienced by the Company when the award is made. The determination of expected stock price volatility for awards is based on historical Superior common stock prices over a period commensurate with the expected life. The dividend yield assumption is based on the history and expectation of the Company’s dividend payouts. The following table summarizes significant assumptions utilized to determine the fair value of stock options and SARs: Years Ended December 31, 2021 2020 2019 Stock Options: Risk free interest rate 0.2% - 1.6% 0.1% - 1.4% 1.7% - 2.5% Expected award life (years) 3-10 3-10 3-10 Expected volatility 46.9% - 65.0% 35.6% - 61.5% 34.2% - 38.8% Expected dividend yield 1.6% - 2.2% 1.9% - 5.3% 2.3% - 2.5% Weighted average fair value per share at grant date $ 9.91 $ 2.36 $ 3.96 SARs: Risk free interest rate 0.2 % 0.2% 1.4% 2.4 % Expected award life (years) 3 3 3 Expected volatility 64.3 % 35.6% 55.8% 34.8 % Expected dividend yield 1.6 % 3.6% 5.3% 2.3 % Weighted average fair value per share at grant date $ 10.09 $ 2.18 $ 3.97 August 3, 2018 one two five ten 2013 A summary of stock option transactions during the year ended December 31, 2021 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2021 970,022 $ 12.92 3.74 $ 11,128 Granted 143,712 25.00 Exercised (305,018 ) 10.27 Lapsed or cancelled (28,778) 14.74 Outstanding, December 31, 2021 779,938 16.12 3.27 5,097 Exercisable, December 31, 2021 438,705 15.03 2.68 3,153 Intrinsic value is the difference between the market value of our common stock and the exercise price of each stock option multiplied by the number of stock options outstanding for those stock options where the market value exceeds their exercise price. Options exercised during the years ended December 31, 2021 2020 2019 December 31, 2021 2020 2019 December 31, 2021 2020 2019 December 31, 2021 2020 2019 December 31, 2021 A summary of stock-settled SARs transactions during the year ended December 31, 2021 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2021 317,128 $ 13.47 3.36 $ 2,031 Granted 31,687 25.75 Exercised (57,756 ) 12.54 Outstanding, December 31, 2021 291,059 14.99 2.65 2,205 Exercisable, December 31, 2021 129,268 16.40 1.83 777 SARs exercised during the years ended December 31, 2021 2020 December 31, 2019. December 31, 2021 2020 December 31, 2021 Restricted Stock three five 2013 A summary of restricted stock transactions during the year ended December 31, 2021 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 157,244 $ 16.84 Granted 345,015 20.99 Vested (37,930 ) 21.61 Forfeited (6,163 ) 21.64 Outstanding, December 31, 2021 458,166 19.51 As of December 31, 2021 Performance Shares The Company has granted performance shares, which either contain only service-based vesting conditions or service-based and performance-based vesting conditions. The service-based awards vest after the service period is met, which is generally three five five 2013 A summary of performance share transactions during the year ended December 31, 2021 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 186,264 $ 18.28 Granted 116,405 22.13 Vested (57,255 ) 17.54 Forfeited (51,891 ) 15.73 Outstanding, December 31, 2021 193,523 21.50 As of December 31, 2021 |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 12 The Company’s basic net income per share is computed based on the weighted average number of shares of common stock outstanding for the period. Diluted net income per share includes the effect of the Company’s outstanding stock options, stock appreciation rights, unvested shares of restricted stock and unvested performance shares, if the inclusion of these items is dilutive. The following table presents a reconciliation of basic and diluted net income per share for the years ended December 31, 2021 2020 2019 Years Ended December 31, 2021 2020 2019 Net income used in the computation of basic and diluted net income per share (in thousands) $ 29,440 $ 41,026 $ 12,066 Weighted average shares outstanding - basic 15,438,849 15,075,134 14,945,165 Dilutive common stock equivalents 652,221 433,286 321,243 Weighted average shares outstanding - diluted 16,091,070 15,508,420 15,266,408 Net income per share: Basic $ 1.91 $ 2.72 $ 0.81 Diluted $ 1.83 $ 2.65 $ 0.79 Awards to purchase 171,522, 271,507 and 448,298 shares of common stock with weighted average exercise prices of $25.42, $19.77 and $19.73 were outstanding during the years ended December 31, 2021 2020 2019 not |
Note 13 - Other Current Liabili
Note 13 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 13 Other current liabilities consisted of the following (in thousands) December 31, 2021 2020 Salaries, wages, commissions and compensated absences $ 17,374 $ 26,315 Contract liabilities 8,804 5,074 Accrued rebates 2,526 2,057 Current operating lease liabilities 2,088 1,124 401K profit sharing accrual 880 592 Other accrued expenses 7,317 9,508 Other current liabilities $ 38,989 $ 44,670 |
Note 14 - Net Sales
Note 14 - Net Sales | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14 For our Uniforms and Related Products and Promotional Products segments, revenue is primarily generated from the sale of finished products to customers. Revenue for our Uniforms and Related Products and Promotional Products segments is recognized when the performance obligations under the contract terms are satisfied. For certain contracts with customers in which the Company has an enforceable right to payment for goods with no not For our Remote Staffing segment, revenue is generated from providing our customers with staffing solution services. Revenue for our Remote Staffing segment is recognized as services are delivered. Revenue is measured at the amount of consideration we expect to receive in exchange for the goods or services. Variable consideration for estimated returns, allowances and other price variances is recorded based upon historical experience and current allowance programs. Contract termination terms may not not one one The following table presents disaggregated revenue by operating segment for the periods presented (in thousands): Years Ended December 31, 2021 2020 2019 Uniforms and Related Products Segment: Uniforms and related products $ 244,370 $ 238,869 $ 233,657 Personal protective equipment 19,563 48,464 3,897 Total Uniforms and Related Products Segment $ 263,933 $ 287,333 $ 237,554 Remote Staffing Solutions Segment: Remote staffing solutions services $ 64,312 $ 42,365 $ 36,490 Net intersegment eliminations (7,101 ) (5,157 ) (4,854 ) Total Remote Staffing Solutions Segment $ 57,211 $ 37,208 $ 31,636 Promotional Products Segment: Promotional products $ 196,803 $ 119,441 $ 107,511 Personal protective equipment 19,039 82,715 - Total Promotional Products Segment $ 215,842 $ 202,156 $ 107,511 Consolidated Net Sales $ 536,986 $ 526,697 $ 376,701 Contract Assets and Contract Liabilities The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers (in thousands): December 31, 2021 2020 Accounts receivable $ 107,053 $ 101,902 Current contract assets 38,018 39,231 Current contract liabilities 8,804 5,074 Contract assets relate to goods produced without an alternative use for which the Company has an enforceable right to payment but which has not December 31, 2020 December 31, 2021 December 31, 2021 December 31, 2020 |
Note 15 - Stock Repurchase Plan
Note 15 - Stock Repurchase Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 15 – Stock Repurchase Plan: On May 2, 2019, no December 31, 2020 2019, not December 31, 2021. December 31, 2021 |
Note 16 - Operating Segment Inf
Note 16 - Operating Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16 : The Company classifies its businesses into three operating segments based on the types of products and services provided. The Uniforms and Related Products segment consists of sales to customers of uniforms and related items. The Remote Staffing Solutions segment consists of sales of staffing solutions. The Promotional Products segment consists of sales to customers of promotional products and other branded merchandise. The Company evaluates the performance of each operating segment based on several factors of which the primary financial measures are net sales and income before taxes on income. No 10% 2021 2020 2019 The following tables set forth financial information related to the Company’s operating segments (in thousands): Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2021: Net sales $ 263,933 $ 64,312 $ 215,842 $ (7,101 ) $ 536,986 Cost of goods sold 177,773 26,671 149,700 (3,172 ) 350,972 Gross margin 86,160 37,641 66,142 (3,929 ) 186,014 Selling and administrative expenses 76,234 23,756 45,999 (3,929 ) 142,060 Other periodic pension cost 1,786 - - - 1,786 Pension plan termination charge 7,821 - - - 7,821 Interest expense 1,147 - 73 - 1,220 Income (loss) before taxes on income $ (828 ) $ 13,885 $ 20,070 $ - $ 33,127 Depreciation and amortization $ 5,981 $ 1,483 $ 1,827 $ - $ 9,291 Capital expenditures $ 13,592 $ 3,421 $ 683 $ - $ 17,696 Total assets $ 295,190 $ 29,315 $ 145,740 $ - $ 470,245 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2020: Net sales $ 287,333 $ 42,365 $ 202,156 $ (5,157 ) $ 526,697 Cost of goods sold 187,364 18,032 134,486 (1,950 ) 337,932 Gross margin 99,969 24,333 67,670 (3,207 ) 188,765 Selling and administrative expenses 83,005 15,294 41,423 (3,207 ) 136,515 Other periodic pension cost 955 - - - 955 Gain on sale of property, plant and equipment 2,164 - - - 2,164 Interest expense 1,699 - 304 - 2,003 Income before taxes on income $ 16,474 $ 9,039 $ 25,943 $ - $ 51,456 Depreciation and amortization $ 5,845 $ 923 $ 1,364 $ - $ 8,132 Capital expenditures $ 9,988 $ 1,578 $ 291 $ - $ 11,857 Total assets $ 283,708 $ 21,799 $ 88,417 $ - $ 393,924 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2019: Net sales $ 237,554 $ 36,490 $ 107,511 $ (4,854 ) $ 376,701 Cost of goods sold 155,283 15,066 79,137 (1,714 ) 247,772 Gross margin 82,271 21,424 28,374 (3,140 ) 128,929 Selling and administrative expenses 73,003 13,642 23,777 (3,140 ) 107,282 Other periodic pension cost 1,962 - - - 1,962 Interest expense 3,178 - 1,221 - 4,399 Income before taxes on income $ 4,128 $ 7,782 $ 3,376 $ - $ 15,286 Depreciation and amortization $ 5,975 $ 963 $ 1,334 $ - $ 8,272 Capital expenditures $ 8,150 $ 1,095 $ 427 $ - $ 9,672 Total assets $ 258,916 $ 23,970 $ 76,047 $ - $ 358,933 |
Note 17 - Acquisition of Busine
Note 17 - Acquisition of Businesses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 17 : Gifts By Design, Inc. January 29, 2021, Assets Acquired and Liabilities Assumed Accounts receivable $ 251 Prepaid expenses and other current assets 196 Property, plant and equipment 60 Intangible assets, net 3,673 Goodwill 2,417 Total assets $ 6,597 Accounts payable 199 Other current liabilities 372 Total liabilities $ 571 The Company recorded $3.7 million in identifiable intangibles at fair value, consisting of $2.5 million in acquired customer relationships and $1.2 million for the brand name. The intangible assets associated with the customer relationships are being amortized for seven not December 31, 2021 The difference between the fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed was recorded as goodwill, which is primarily attributed to the assembled workforce and expanded market opportunities. Sutter s Mill Specialties, Inc. On December 2, 2021, The purchase price of the acquisition consisted of the following: (a) approximately $10.4 million in cash at closing, subject to a working capital adjustment, (b) the issuance of 45,620 restricted shares of Superior’s common stock that vest ratably over a three 2022 2024 Fair Value of Consideration Transferred A summary of the purchase price is as follows (in thousands): Cash consideration at closing $ 10,408 Restricted shares of Superior common stock issued 869 Contingent consideration 2,520 Total Consideration $ 13,797 Assets Acquired and Liabilities Assumed The table below presents the allocation of the total fair value of consideration transferred, as shown above, to the acquired tangible and intangible assets and liabilities of Sutter’s Mill based on their estimated fair values as of the effective date of the transaction. The assets and liabilities of Sutter’s Mill shown below are based on our preliminary estimates of their acquisition date fair values. Our final fair value determination may The following is our preliminary assignment of the aggregate consideration (in thousands): Accounts receivable $ 4,701 Inventories 9,149 Prepaid expenses and other current assets 135 Property, plant and equipment 1,043 Operating lease right-of-use assets 648 Intangible assets, net 2,031 Goodwill 894 Other assets 41 Total assets $ 18,642 Accounts payable 3,209 Other current liabilities 389 Long-term debt 758 Long-term operating lease liabilities 489 Total liabilities $ 4,845 The Company recorded $2.0 million in identifiable intangibles at fair value, consisting of $1.2 million in acquired customer relationships, $0.1 million for a non-compete agreement and $0.7 million for the Sutter's Mill Specialties trade name. The intangible assets associated with the customer relationships are being amortized for seven five not The difference between the fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed was recorded as goodwill, which is primarily attributed to the assembled workforce and expanded market opportunities. The acquisition of Sutter’s Mill was treated as an asset purchase for income tax purpose, and therefore, the resulting goodwill from this acquisition was deductible for U.S. income tax purposes. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying consolidated financial statements of Superior included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) (“U.S.” or “United States”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company refers to the consolidated financial statements collectively as “financial statements,” and individually as “statements of comprehensive income,” “balance sheets,” “statements of shareholders’ equity,” and “statements of cash flows” herein. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses, as well as the disclosures of contingent assets and liabilities. Because of the inherent uncertainties in this process, actual future results could differ from those expected at the reporting date. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three |
Revenue [Policy Text Block] | Revenue recognition Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. See Note 14 |
Accounts Receivable [Policy Text Block] | Accounts receivable and allowance for doubtful accounts Judgments and estimates are used in determining the collectability of accounts receivable and in establishing allowances for doubtful accounts. The Company analyzes specific accounts receivable and historical bad debt experience, customer credit worthiness, current economic trends and the age of outstanding balances when evaluating the adequacy of the allowance for doubtful accounts. Changes in estimates are reflected in the period they become known. Charge-offs of accounts receivable are made once all collection efforts have been exhausted. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may |
Accounts Receivable Other [Policy Text Block] | Accounts receivable-other The Company purchases raw materials and has them delivered to certain suppliers of the Company. The Company pays for the raw materials and then deducts the cost of these materials from payments to the suppliers at the time the related finished goods are invoiced to the Company by those suppliers. |
Cost Of Goods Sold And Shipping And Handling Fees And Costs, Policy [Policy Text Block] | Cost of goods sold and shipping and handling fees and costs Cost of goods sold for our Uniforms and Related Products segment and our Promotional Products segment consist primarily of direct costs of acquiring inventory, including cost of merchandise, inbound freight charges, purchasing, receiving and inspection costs. Cost of goods sold for our Remote Staffing Solutions segment includes salaries and payroll related benefits for agents. The Company includes shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with out-bound freight are generally recorded in cost of goods sold. Other shipping and handling costs are included in selling and administrative expenses and totaled $18.8 million, $17.6 million and $14.5 million for the years ended December 31, 2021 2020 2019 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost ( first first may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Major renewals and improvements are capitalized, while replacements, maintenance and repairs which do not 31, 2020, Property, plant and equipment is recorded at cost and depreciated using the straight-line method over its estimated useful life as follows: Buildings (in years) 20 to 40 Improvements (in years) 5 to 40 Machinery, equipment and fixtures (in years) 3 to 10 Transportation equipment (in years) 3 to 5 Leasehold improvements are amortized over the terms of the leases to the extent that such improvements have useful lives of at least the terms of the respective leases. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets, net Intangible assets consist of customer relationships, non-compete agreements and trade names acquired in previous business acquisitions. Intangible assets as of December 31, 2021 2020 December 31, 2021 December 31, 2020 Item Weighted Average Life (In years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer relationships ( 7 15 12.2 $ 45,473 $ (18,809 ) $ 41,530 $ (14,773 ) Non-compete agreements ( 3 7 5.4 1,536 (1,121 ) 1,411 (852 ) Total $ 47,009 $ (19,930 ) $ 42,941 $ (15,625 ) Indefinite-lived intangible assets: Trade names $ 33,341 $ 31,430 Total intangible assets $ 80,350 $ (19,930 ) $ 74,371 $ (15,625 ) Amortization expense for intangible assets for the years ended December 31, 2021 2020 2019 $3.8 Estimated future intangible amortization expense is as follows (in thousands): 2022 $ 4,301 2023 3,504 2024 2,859 2025 2,309 2026 2,301 Thereafter 11,805 Total $ 27,079 Trade names: As part of the acquisition of substantially all of the assets of HPI Direct, Inc. in 2013, 2016, 2018, 2018, 2021, not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets Long-lived assets, such as property and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not December 31, 2021 2020 2019 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and indefinite-lived intangible assets The Company has made acquisitions in the past that included goodwill and indefinite-lived intangible assets. Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill and indefinite-lived intangible assets such as trade names are not fourth may not • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the Company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the Company’s products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; and • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers. Goodwill and indefinite-lived intangible assets are tested at a level of reporting referred to as “the reporting unit.” The Company’s reporting units are defined as each of its three reporting segments. As of December 31, 2021 December 31, 2021 An entity has the option to first not 50% not not December 31, 2021 2020 2019 |
Business Combinations Policy [Policy Text Block] | Contingent Consideration Contingent consideration relating to consideration transferred in exchange for an acquired business is recognized at its estimated fair value at the acquisition date. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Any changes in fair value are recognized each reporting period in non-cash changes in fair value of estimated contingent consideration in the accompanying statements of comprehensive income. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | SERP The Company is the sponsor of an unfunded supplemental executive retirement plan (“SERP”) in which several of its employees are participants. In calculating our obligations and related expense, we make various assumptions and estimates, after consulting with outside actuaries and advisors. The annual determination of expense involves calculating the estimated total benefits ultimately payable to plan participants. Significant assumptions related to the calculation of our obligations include the discount rates used to calculate the present value of benefit obligations to be paid in the future. We review these assumptions annually based upon currently available information, including information provided by our actuaries. |
Insurance [Policy Text Block] | Insurance The Company self-insures for certain obligations related to employee health programs. The Company also purchases stop-loss insurance policies to protect it from catastrophic losses. Judgments and estimates are used in determining the potential value associated with reported claims and for losses that have occurred, but have not may |
Income Tax, Policy [Policy Text Block] | Taxes on income Income taxes are provided for under the liability method, whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not Note 7 |
Share-based Payment Arrangement [Policy Text Block] | Share-based compensation The Company awards share-based compensation as an incentive for employees to contribute to the Company’s long-term success. The Company grants options, stock-settled stock appreciation rights, restricted stock and performance shares. The Company recognizes share-based compensation expense for all awards granted to employees, which is based on the fair value of the award on the date of grant. Determining the appropriate fair value model and calculating the fair value of stock compensation awards requires the input of certain highly complex and subjective assumptions, including the expected life of the stock compensation awards and the Company’s common stock price volatility, risk free interest rate and dividend rate. The assumptions used in calculating the fair value of stock compensation awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and the Company deems it necessary to use different assumptions, stock compensation expense could be materially different from what has been recorded in the current period. |
Comprehensive Income, Policy [Policy Text Block] | Other comprehensive income Other comprehensive income (loss) is defined as the change in equity during a period, from transactions and other events, excluding changes resulting from investments by owners (e.g., supplemental stock offering) and distributions to owners (e.g., dividends). |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Risks and concentrations Financial instruments that potentially subject the Company to concentrations of credit risk include cash in banks in excess of federally insured amounts. The Company manages this risk by maintaining all deposits in high quality financial institutions and periodically performing evaluations of the relative credit standing of the financial institutions. When assessing credit risk the Company considers whether the credit risk exists at both the individual and group level. Consideration is given to the activity, region and economic characteristics when assessing if there exists a group concentration risk. At December 31, 2021 no 10 31, 2020 December 31, 2021 2020 five none 10% 2021 No 10% 2021 2021 The Uniforms and Related Products segment’s principal fabrics used in the manufacture of its finished goods are cotton, polyester, cotton-synthetic and poly-synthetic blends. The majority of such fabrics are sourced in China. The Promotional Products segment relies on the supply of different types of raw materials as well as textiles, including plastic, glass, fabric and metal. The vast majority of these raw materials are principally sourced from China, either directly by BAMKO or its suppliers. If we are unable to continue to obtain our raw materials and finished products from China or if our suppliers are unable to source raw materials from China, it could significantly disrupt our business. Further, the Company and the Company’s suppliers generally source or manufacture finished goods in parts of the world that may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments The carrying amounts of cash and cash equivalents, receivables and accounts payable approximated fair value as of December 31, 2021 2020 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Pronouncements In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 January 1, 2021, not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 February 2020, 2020 2, Financial Instruments Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13, Financial Instruments Credit Losses (Topic 326 December 15, 2022. not In March 2020, 2020 04, Reference Rate Reform (Topic 848 may not may December 31, 2022. |
Note 1 - Description of Busin_2
Note 1 - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Property, Plant and Equipment, Useful Life [Table Text Block] | Buildings (in years) 20 to 40 Improvements (in years) 5 to 40 Machinery, equipment and fixtures (in years) 3 to 10 Transportation equipment (in years) 3 to 5 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2021 December 31, 2020 Item Weighted Average Life (In years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer relationships ( 7 15 12.2 $ 45,473 $ (18,809 ) $ 41,530 $ (14,773 ) Non-compete agreements ( 3 7 5.4 1,536 (1,121 ) 1,411 (852 ) Total $ 47,009 $ (19,930 ) $ 42,941 $ (15,625 ) Indefinite-lived intangible assets: Trade names $ 33,341 $ 31,430 Total intangible assets $ 80,350 $ (19,930 ) $ 74,371 $ (15,625 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2022 $ 4,301 2023 3,504 2024 2,859 2025 2,309 2026 2,301 Thereafter 11,805 Total $ 27,079 |
Note 2 - Allowance for Doubtf_2
Note 2 - Allowance for Doubtful Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Years Ended December 31, 2021 2020 2019 Balance at the beginning of year $ 7,667 $ 2,964 $ 2,042 Provision for bad debts 2,260 6,746 1,323 Charge-offs (3,653 ) (2,087 ) (401 ) Recoveries 119 44 - Balance at the end of year $ 6,393 $ 7,667 $ 2,964 |
Note 3 - Reserve for Sales Re_2
Note 3 - Reserve for Sales Returns and Allowances (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Reserve for Sales Returns and Allowances [Table Text Block] | Years Ended December 31, 2021 2020 2019 Balance at the beginning of year $ 3,365 $ 2,112 $ 1,893 Provision for returns and allowances 4,911 7,699 4,334 Actual returns and allowances paid to customers (5,640 ) (6,446 ) (4,115 ) Balance at the end of year $ 2,636 $ 3,365 $ 2,112 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 2020 Finished goods $ 90,395 $ 73,979 Work in process 1,351 1,634 Raw materials 28,809 14,153 Inventories $ 120,555 $ 89,766 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Land $ 3,085 $ 3,085 Buildings, improvements and leaseholds 19,558 15,972 Machinery, equipment and fixtures 91,351 76,906 113,994 95,963 Accumulated depreciation and amortization (64,304 ) (59,319 ) Property, plant and equipment, net $ 49,690 $ 36,644 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2021 2020 Credit Facilities: Revolving credit facility due February 2026 $ 61,517 $ 17,589 Term loan due February 2024 (“2017 Term Loan”) 15,000 21,000 Term loan due January 2026 (“2018 Term Loan”) 40,238 49,524 $ 116,755 $ 88,113 Less: Payments due within one year included in current liabilities 15,286 15,286 Debt issuance costs 624 455 Long-term debt less current maturities $ 100,845 $ 72,372 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2022 $ 15,286 2023 15,286 2024 12,286 2025 9,286 2026 64,611 Thereafter - Total debt $ 116,755 |
Note 7 - Income Tax Expense (Ta
Note 7 - Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2021 2020 2019 Current: Federal $ 4,035 $ 12,997 $ 3,049 State and local 777 1,956 1,074 Foreign 2,033 486 502 6,845 15,439 4,625 Deferred Taxes: Deferred tax benefit (3,158 ) (5,009 ) (1,405 ) Income tax expense $ 3,687 $ 10,430 $ 3,220 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Deferred income tax assets: Pension accruals $ 4,023 $ 3,742 Operating reserves and other accruals 5,520 5,110 Tax credits 527 513 Deferred income tax liabilities: Book carrying value in excess of tax basis of property (4,814 ) (2,116 ) Book carrying value in excess of tax basis of intangibles (5,076 ) (5,780 ) Tax effect of revenue recognition standard ASC 606 - (1,021 ) Deferred expenses (539 ) (898 ) Net deferred income tax liability $ (359 ) $ (450 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2021 2020 2019 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 1.4 % 1.3 % 4.8 % Rate impacts due to foreign operations (6.7 %) (4.5 %) (3.9 %) Changes in uncertain tax positions (0.5 %) 0.2 % 1.7 % Compensation related (1.6 %) 2.3 % (0.2 %) Pension termination (1.8 %) - - R&D tax credits (0.4 %) (0.3 %) (0.9 %) Other (0.3 %) 0.3 % (1.4 %) Effective income tax rate 11.1 % 20.3 % 21.1 % |
Summary of Income Tax Contingencies [Table Text Block] | December 31, 2021 2020 Balance at the beginning of year $ 993 $ 681 Additions based on tax positions related to the current year 94 134 Additions for tax positions of prior years 23 286 Reductions due to lapse of statute of limitations (309 ) (108 ) Balance at the end of year $ 801 $ 993 |
Note 8 - Benefit Plans (Tables)
Note 8 - Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | December 31, 2021 2020 Pension Plans SERP Total Pension Plans SERP Total Changes in benefit obligation: Benefit obligation at beginning of year $ 18,778 $ 14,337 $ 33,115 $ 18,114 $ 10,356 $ 28,470 Service cost - 185 185 - 152 152 Interest cost 171 337 508 541 322 863 Actuarial loss 11 767 778 1,773 3,610 5,383 Benefits paid (127 ) (103 ) (230 ) (1,650 ) (103 ) (1,753 ) Lump sum benefits paid (17,430 ) - (17,430 ) - - - Amendments 711 - 711 - - - Effect of settlement/curtailment (1,983 ) - (1,983 ) - - - Benefit obligation at end of year 131 15,523 15,654 18,778 14,337 33,115 Changes in plan assets: Fair value of plan assets at beginning of year 18,754 - 18,754 19,939 - 19,939 Actual return on assets (637 ) - (637 ) 462 - 462 Employer contributions (14 ) 103 89 - 103 103 Benefits paid (127 ) (103 ) (230 ) (1,647 ) (103 ) (1,750 ) Lump sum benefits paid (17,430 ) - (17,430 ) - - - Fair value of plan assets at end of year 546 - 546 18,754 - 18,754 Funded status at end of year $ 415 $ (15,523 ) $ (15,108 ) $ (24 ) $ (14,337 ) $ (14,361 ) Amounts recognized in balance sheets: Other assets $ 415 $ - $ 415 $ 314 $ - $ 314 Other current liabilities - (103 ) (103 ) - (101 ) (101 ) Long-term pension liability - (15,420 ) (15,420 ) (338 ) (14,236 ) (14,574 ) Net amount recognized $ 415 $ (15,523 ) $ (15,108 ) $ (24 ) $ (14,337 ) $ (14,361 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ - $ 6,698 $ 6,698 $ 8,227 $ 7,429 $ 15,656 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | December 31, 2021 2020 Pension Plans SERP Total Pension Plans SERP Total Projected benefit obligation $ 131 $ 15,523 $ 15,654 $ 18,778 $ 14,337 $ 33,115 Fair value of plan assets (546 ) - (546 ) (18,754 ) - (18,754 ) Underfunded (Overfunded) $ (415 ) $ 15,523 $ 15,108 $ 24 $ 14,337 $ 14,361 |
Schedule of Net Benefit Costs [Table Text Block] | Years Ended December 31, 2021 2020 2019 Interest cost on projected benefit obligation $ 171 $ 541 $ 721 Expected return on plan assets (597 ) (1,555 ) (1,491 ) Recognized actuarial loss 376 539 643 Settlement loss - 413 1,110 Pension plan termination charge 7,821 - - Net periodic pension cost after settlements $ 7,771 $ (62 ) $ 983 Years Ended December 31, 2021 2020 2019 Service cost - benefits earned during the period $ 185 $ 152 $ 117 Interest cost on projected benefit obligation 337 322 363 Recognized actuarial loss 1,499 695 616 Net periodic pension cost after settlements $ 2,021 $ 1,169 $ 1,096 |
Defined Benefit Plan, Assumptions [Table Text Block] | Discount Rate Long Term Rate of Return Salary Scale Pension Plans Pension Plans Pension Plans Corporate Plants SERP Corporate Plants SERP Corporate Plants SERP 2020 2.36 % 2.21 % 2.36 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2021 N/A N/A 2.59 % N/A N/A N/A N/A N/A 3.00 % Discount Rate Long Term Rate of Return Salary Scale Pension Plans Pension Plans Pension Plans Corporate Plants SERP Corporate Plants SERP Corporate Plants SERP 2019 4.14 % 4.06 % 4.14 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2020 3.12 % 3.02 % 3.12 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2021 2.36 % 2.21 % 2.36 % 8.00 % 8.00 % N/A N/A N/A 3.00 % |
Schedule of Expected Benefit Payments [Table Text Block] | Projected Benefit Payments Year Pension Plans SERP Total 2022 $ 131 $ 102 $ 233 2023 - 1,214 1,214 2024 - 606 606 2025 - 598 598 2026 - 598 598 2027-2031 - 4,406 4,406 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years Ended December 31, 2021 2020 2019 Operating lease costs $ 2,074 $ 2,000 $ 1,541 Short-term lease costs 602 541 302 Total lease costs $ 2,676 $ 2,541 $ 1,843 Years Ended December 31, 2021 2020 2019 Operating cash flows – cash paid for operating lease liabilities $ 1,732 $ 1,425 $ 1,320 Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 4,945 $ 243 $ 782 Years Ended December 31, 2021 2020 2019 Weighted-average remaining lease term (in years) 3.1 2.8 3.6 Weighted average discount rate 4.74 % 5.61 % 5.61 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2022 $ 2,153 2023 1,925 2024 1,033 2025 865 2026 418 Thereafter - Total lease payments 6,394 Less imputed interest 577 Present value of lease liabilities $ 5,817 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended December 31, 2021 2020 2019 Stock options and SARs $ 1,420 $ 1,321 $ 407 Restricted stock 2,241 777 835 Performance shares 349 432 243 Total share-based compensation expense $ 4,010 $ 2,530 $ 1,485 Related income tax benefit $ 760 $ 286 $ 262 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2021 2020 2019 Stock Options: Risk free interest rate 0.2% - 1.6% 0.1% - 1.4% 1.7% - 2.5% Expected award life (years) 3-10 3-10 3-10 Expected volatility 46.9% - 65.0% 35.6% - 61.5% 34.2% - 38.8% Expected dividend yield 1.6% - 2.2% 1.9% - 5.3% 2.3% - 2.5% Weighted average fair value per share at grant date $ 9.91 $ 2.36 $ 3.96 SARs: Risk free interest rate 0.2 % 0.2% 1.4% 2.4 % Expected award life (years) 3 3 3 Expected volatility 64.3 % 35.6% 55.8% 34.8 % Expected dividend yield 1.6 % 3.6% 5.3% 2.3 % Weighted average fair value per share at grant date $ 10.09 $ 2.18 $ 3.97 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2021 970,022 $ 12.92 3.74 $ 11,128 Granted 143,712 25.00 Exercised (305,018 ) 10.27 Lapsed or cancelled (28,778) 14.74 Outstanding, December 31, 2021 779,938 16.12 3.27 5,097 Exercisable, December 31, 2021 438,705 15.03 2.68 3,153 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2021 317,128 $ 13.47 3.36 $ 2,031 Granted 31,687 25.75 Exercised (57,756 ) 12.54 Outstanding, December 31, 2021 291,059 14.99 2.65 2,205 Exercisable, December 31, 2021 129,268 16.40 1.83 777 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 157,244 $ 16.84 Granted 345,015 20.99 Vested (37,930 ) 21.61 Forfeited (6,163 ) 21.64 Outstanding, December 31, 2021 458,166 19.51 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 186,264 $ 18.28 Granted 116,405 22.13 Vested (57,255 ) 17.54 Forfeited (51,891 ) 15.73 Outstanding, December 31, 2021 193,523 21.50 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2021 2020 2019 Net income used in the computation of basic and diluted net income per share (in thousands) $ 29,440 $ 41,026 $ 12,066 Weighted average shares outstanding - basic 15,438,849 15,075,134 14,945,165 Dilutive common stock equivalents 652,221 433,286 321,243 Weighted average shares outstanding - diluted 16,091,070 15,508,420 15,266,408 Net income per share: Basic $ 1.91 $ 2.72 $ 0.81 Diluted $ 1.83 $ 2.65 $ 0.79 |
Note 13 - Other Current Liabi_2
Note 13 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2021 2020 Salaries, wages, commissions and compensated absences $ 17,374 $ 26,315 Contract liabilities 8,804 5,074 Accrued rebates 2,526 2,057 Current operating lease liabilities 2,088 1,124 401K profit sharing accrual 880 592 Other accrued expenses 7,317 9,508 Other current liabilities $ 38,989 $ 44,670 |
Note 14 - Net Sales (Tables)
Note 14 - Net Sales (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years Ended December 31, 2021 2020 2019 Uniforms and Related Products Segment: Uniforms and related products $ 244,370 $ 238,869 $ 233,657 Personal protective equipment 19,563 48,464 3,897 Total Uniforms and Related Products Segment $ 263,933 $ 287,333 $ 237,554 Remote Staffing Solutions Segment: Remote staffing solutions services $ 64,312 $ 42,365 $ 36,490 Net intersegment eliminations (7,101 ) (5,157 ) (4,854 ) Total Remote Staffing Solutions Segment $ 57,211 $ 37,208 $ 31,636 Promotional Products Segment: Promotional products $ 196,803 $ 119,441 $ 107,511 Personal protective equipment 19,039 82,715 - Total Promotional Products Segment $ 215,842 $ 202,156 $ 107,511 Consolidated Net Sales $ 536,986 $ 526,697 $ 376,701 |
Schedule of Accounts Receivables and Contract Assets [Table Text Block] | December 31, 2021 2020 Accounts receivable $ 107,053 $ 101,902 Current contract assets 38,018 39,231 Current contract liabilities 8,804 5,074 |
Note 16 - Operating Segment I_2
Note 16 - Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2021: Net sales $ 263,933 $ 64,312 $ 215,842 $ (7,101 ) $ 536,986 Cost of goods sold 177,773 26,671 149,700 (3,172 ) 350,972 Gross margin 86,160 37,641 66,142 (3,929 ) 186,014 Selling and administrative expenses 76,234 23,756 45,999 (3,929 ) 142,060 Other periodic pension cost 1,786 - - - 1,786 Pension plan termination charge 7,821 - - - 7,821 Interest expense 1,147 - 73 - 1,220 Income (loss) before taxes on income $ (828 ) $ 13,885 $ 20,070 $ - $ 33,127 Depreciation and amortization $ 5,981 $ 1,483 $ 1,827 $ - $ 9,291 Capital expenditures $ 13,592 $ 3,421 $ 683 $ - $ 17,696 Total assets $ 295,190 $ 29,315 $ 145,740 $ - $ 470,245 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2020: Net sales $ 287,333 $ 42,365 $ 202,156 $ (5,157 ) $ 526,697 Cost of goods sold 187,364 18,032 134,486 (1,950 ) 337,932 Gross margin 99,969 24,333 67,670 (3,207 ) 188,765 Selling and administrative expenses 83,005 15,294 41,423 (3,207 ) 136,515 Other periodic pension cost 955 - - - 955 Gain on sale of property, plant and equipment 2,164 - - - 2,164 Interest expense 1,699 - 304 - 2,003 Income before taxes on income $ 16,474 $ 9,039 $ 25,943 $ - $ 51,456 Depreciation and amortization $ 5,845 $ 923 $ 1,364 $ - $ 8,132 Capital expenditures $ 9,988 $ 1,578 $ 291 $ - $ 11,857 Total assets $ 283,708 $ 21,799 $ 88,417 $ - $ 393,924 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2019: Net sales $ 237,554 $ 36,490 $ 107,511 $ (4,854 ) $ 376,701 Cost of goods sold 155,283 15,066 79,137 (1,714 ) 247,772 Gross margin 82,271 21,424 28,374 (3,140 ) 128,929 Selling and administrative expenses 73,003 13,642 23,777 (3,140 ) 107,282 Other periodic pension cost 1,962 - - - 1,962 Interest expense 3,178 - 1,221 - 4,399 Income before taxes on income $ 4,128 $ 7,782 $ 3,376 $ - $ 15,286 Depreciation and amortization $ 5,975 $ 963 $ 1,334 $ - $ 8,272 Capital expenditures $ 8,150 $ 1,095 $ 427 $ - $ 9,672 Total assets $ 258,916 $ 23,970 $ 76,047 $ - $ 358,933 |
Note 17 - Acquisition of Busi_2
Note 17 - Acquisition of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 251 Prepaid expenses and other current assets 196 Property, plant and equipment 60 Intangible assets, net 3,673 Goodwill 2,417 Total assets $ 6,597 Accounts payable 199 Other current liabilities 372 Total liabilities $ 571 Accounts receivable $ 4,701 Inventories 9,149 Prepaid expenses and other current assets 135 Property, plant and equipment 1,043 Operating lease right-of-use assets 648 Intangible assets, net 2,031 Goodwill 894 Other assets 41 Total assets $ 18,642 Accounts payable 3,209 Other current liabilities 389 Long-term debt 758 Long-term operating lease liabilities 489 Total liabilities $ 4,845 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration at closing $ 10,408 Restricted shares of Superior common stock issued 869 Contingent consideration 2,520 Total Consideration $ 13,797 |
Note 1 - Description of Busin_3
Note 1 - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 02, 2021USD ($) | Jan. 29, 2021USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2013USD ($) | |
Selling, General and Administrative Expense, Total | $ 142,060 | $ 136,515 | $ 107,282 | |||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 0 | 5,284 | 5 | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 2,164 | 0 | |||||
Amortization of Intangible Assets, Total | 4,200 | 3,800 | 3,800 | |||||
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0 | 0 | 0 | |||||
Number of Reportable Segments | 3 | |||||||
Goodwill, Ending Balance | $ 39,434 | $ 36,116 | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||||
Number of Customers | 2 | |||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | ||||||||
Concentration Risk, Percentage | 23.00% | |||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Largest [Member] | ||||||||
Concentration Risk, Percentage | 28.00% | 40.00% | ||||||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 29,600 | $ 36,800 | ||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Largest [Member] | ||||||||
Concentration Risk, Percentage | 13.00% | |||||||
Uniforms and Related Products [Member] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 18,800 | |||||||
Goodwill, Ending Balance | 24,400 | |||||||
Promotional Products [Member] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 14,500 | |||||||
Goodwill, Ending Balance | 15,000 | |||||||
HPI [Member] | Trade Names [Member] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 4,700 | |||||||
BAMKO [Member] | Trade Names [Member] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 8,900 | |||||||
Public Identity [Member] | Trade Names [Member] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 500 | |||||||
Tangerine [Member] | Trade Names [Member] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 3,200 | |||||||
CID Resources [Member] | Trade Names [Member] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 14,200 | |||||||
Sutter's Mill [Member] | ||||||||
Goodwill, Ending Balance | $ 894 | |||||||
Sutter's Mill [Member] | Trade Names [Member] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 1,200 | |||||||
Gifts By Design [Member] | ||||||||
Amortization of Intangible Assets, Total | 300 | |||||||
Goodwill, Ending Balance | $ 2,417 | |||||||
Gifts By Design [Member] | Trade Names [Member] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 700 | |||||||
Shipping and Handling [Member] | ||||||||
Selling, General and Administrative Expense, Total | $ 18,800 | $ 17,600 | $ 14,500 |
Note 1 - Description of Busin_4
Note 1 - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 20 years |
Building [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Building Improvements [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Building Improvements [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Machinery, Equipment and Fixtures [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Machinery, Equipment and Fixtures [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Transportation Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Transportation Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Note 1 - Description of Busin_5
Note 1 - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated amortization | $ (19,930) | $ (15,625) |
Total intangible assets | 80,350 | 74,371 |
Trade Names [Member] | ||
Trade names | $ 33,341 | 31,430 |
Customer Relationships [Member] | ||
Weighted average life (Year) | 12 years 2 months 12 days | |
Gross carrying amount | $ 45,473 | 41,530 |
Accumulated amortization | $ (18,809) | (14,773) |
Noncompete Agreements [Member] | ||
Weighted average life (Year) | 5 years 4 months 24 days | |
Gross carrying amount | $ 1,536 | 1,411 |
Accumulated amortization | $ (1,121) | $ (852) |
Note 1 - Description of Busin_6
Note 1 - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Intangible Assets (Details) (Parentheticals) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 |
Customer Relationships [Member] | |||
Weighted average life (Year) | 12 years 2 months 12 days | ||
Customer Relationships [Member] | Minimum [Member] | |||
Weighted average life (Year) | 7 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Weighted average life (Year) | 15 years | ||
Noncompete Agreements [Member] | |||
Weighted average life (Year) | 5 years 4 months 24 days | ||
Noncompete Agreements [Member] | Minimum [Member] | |||
Weighted average life (Year) | 3 years | ||
Noncompete Agreements [Member] | Maximum [Member] | |||
Weighted average life (Year) | 7 years |
Note 1 - Description of Busin_7
Note 1 - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Estimated Future Intangible Amortization Expense (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 4,301 |
2023 | 3,504 |
2024 | 2,859 |
2025 | 2,309 |
2026 | 2,301 |
Thereafter | 11,805 |
Total | $ 27,079 |
Note 2 - Allowance for Doubtf_3
Note 2 - Allowance for Doubtful Accounts Receivable - Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at the beginning of year | $ 7,667 | $ 2,964 | $ 2,042 |
Provision for bad debts - accounts receivable | 2,260 | 6,746 | 1,323 |
Charge-offs | (3,653) | (2,087) | (401) |
Recoveries | 119 | 44 | 0 |
Balance at the end of year | $ 6,393 | $ 7,667 | $ 2,964 |
Note 3 - Reserve for Sales Re_3
Note 3 - Reserve for Sales Returns and Allowance - Reserve for Sales Returns and Allowances (Details) - Allowance For Sales Returns 1 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at the beginning of year | $ 3,365 | $ 2,112 | $ 1,893 |
Provision for returns and allowances | 4,911 | 7,699 | 4,334 |
Actual returns and allowances paid to customers | (5,640) | (6,446) | (4,115) |
Balance at the end of year | $ 2,636 | $ 3,365 | $ 2,112 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finished goods | $ 90,395 | $ 73,979 |
Work in process | 1,351 | 1,634 |
Raw materials | 28,809 | 14,153 |
Inventories | $ 120,555 | $ 89,766 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 9,291 | $ 8,132 | $ 8,272 |
Property, Plant and Equipment [Member] | |||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 5,100 | $ 4,300 | $ 4,500 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, plant and equipment, gross | $ 113,994 | $ 95,963 |
Accumulated depreciation and amortization | (64,304) | (59,319) |
Property, plant and equipment, net | 49,690 | 36,644 |
Land [Member] | ||
Property, plant and equipment, gross | 3,085 | 3,085 |
Buildings Improvements and Leaseholds [Member] | ||
Property, plant and equipment, gross | 19,558 | 15,972 |
Machinery, Equipment and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 91,351 | $ 76,906 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) $ in Thousands | Feb. 08, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Long-Term Debt, Maturity, Year One | $ 15,286 | |||
Long-Term Debt, Maturity, Year Four | 9,286 | |||
Long-Term Debt, Maturity, Year Five | 64,611 | |||
Interest Rate Swap [Member] | ||||
Derivative Liability, Notional Amount | 6,800 | |||
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ 100 | $ (300) | $ (200) | |
Credit Agreement [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||
Fixed Charge Coverage Ratio | 1.25 | |||
Debt Instrument, Covenant, Maximum Total Debt to EBITDAX Ratio | 5 | |||
Credit Agreement [Member] | Term Loan 2 [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.95% | |||
Long-Term Debt, Maturity, Year One | $ 9,300 | |||
Long-Term Debt, Maturity, Year Five | $ 3,100 | |||
Credit Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.78% | |||
Long-Term Debt, Maturity, Year One | $ 6,000 | |||
Long-Term Debt, Maturity, Year Four | $ 3,000 | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan 2 [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan 2 [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.68% | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.93% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, LIBOR Floor | 0.25% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Truist Bank [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | $ 75,000 | ||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Truist Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, LIBOR Floor | 0.25% | 0.00% | ||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Fifth Third Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, LIBOR Floor | 0.00% | |||
Credit Agreement [Member] | Letter of Credit [Member] | ||||
Letters of Credit Outstanding, Amount | $ 0 |
Note 6 - Long-term Debt - Long-
Note 6 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term debt, gross | $ 116,755 | $ 88,113 |
Payments due within one year included in current liabilities | 15,286 | 15,286 |
Debt issuance costs | 624 | 455 |
Long-term debt less current maturities | 100,845 | 72,372 |
Truist Bank [Member] | Revolving Credit Facility [Member] | ||
Long-term debt, gross | 61,517 | 17,589 |
BB&T [Member] | Term Loan Maturing February 26, 2024 [Member] | ||
Long-term debt, gross | 15,000 | 21,000 |
BB&T [Member] | Term Loan Maturing May 2020 [Member] | ||
Long-term debt, gross | $ 40,238 | $ 49,524 |
Note 6 - Long-term Debt - Contr
Note 6 - Long-term Debt - Contractual Maturities of Debt (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Long-Term Debt, Maturity, Year One | $ 15,286 |
2023 | 15,286 |
2024 | 12,286 |
Long-Term Debt, Maturity, Year Four | 9,286 |
Long-Term Debt, Maturity, Year Five | 64,611 |
Thereafter | 0 |
Total debt | $ 116,755 |
Note 7 - Income Tax Expense (De
Note 7 - Income Tax Expense (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0.1 | $ 0.2 | $ 0.2 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0.2 | 0.1 | $ 0.1 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0.2 | 0.2 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0.3 | ||
Domestic Tax Authority [Member] | |||
Open Tax Year | 2018 2019 2020 2021 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2015 2016 2017 2018 2019 2020 2021 | ||
Other Noncurrent Liabilities [Member] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0.9 | $ 1.2 |
Note 7 - Income Tax Expense - I
Note 7 - Income Tax Expense - Income Tax Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal | $ 4,035 | $ 12,997 | $ 3,049 |
State and local | 777 | 1,956 | 1,074 |
Foreign | 2,033 | 486 | 502 |
Current Income Tax Expense (Benefit), Total | 6,845 | 15,439 | 4,625 |
Deferred tax benefit | (3,158) | (5,009) | (1,405) |
Income tax expense | $ 3,687 | $ 10,430 | $ 3,220 |
Note 7 - Income Tax Expense - D
Note 7 - Income Tax Expense - Deferred Income Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension accruals | $ 4,023 | $ 3,742 |
Operating reserves and other accruals | 5,520 | 5,110 |
Tax credits | 527 | 513 |
Book carrying value in excess of tax basis of property | (4,814) | (2,116) |
Book carrying value in excess of tax basis of intangibles | (5,076) | (5,780) |
Tax effect of revenue recognition standard ASC 606 | 0 | (1,021) |
Deferred expenses | (539) | (898) |
Net deferred income tax liability | $ (359) | $ (450) |
Note 7 - Income Tax Expense -_2
Note 7 - Income Tax Expense - Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal income tax benefit | 1.40% | 1.30% | 4.80% |
Rate impacts due to foreign operations | (6.70%) | (4.50%) | (3.90%) |
Changes in uncertain tax positions | (0.50%) | 0.20% | 1.70% |
Compensation related | (1.60%) | 2.30% | (0.20%) |
Pension termination | (1.80%) | 0.00% | 0.00% |
R&D tax credits | (0.40%) | (0.30%) | (0.90%) |
Other | (0.30%) | 0.30% | (1.40%) |
Effective income tax rate | 11.10% | 20.30% | 21.10% |
Note 7 - Income Tax Expense - U
Note 7 - Income Tax Expense - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reductions due to lapse of statute of limitations | $ (200) | $ (100) | $ (100) |
Excluding Interest and Penalties [Member] | |||
Balance at the beginning of year | 993 | 681 | |
Additions based on tax positions related to the current year | 94 | 134 | |
Additions for tax positions of prior years | 23 | 286 | |
Reductions due to lapse of statute of limitations | (309) | (108) | |
Balance at the end of year | $ 801 | $ 993 | $ 681 |
Note 8 - Benefit Plans (Details
Note 8 - Benefit Plans (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)yr | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Benefit Plans Number of Plans | 2 | ||
Defined Benefit Plans Retirement Age (Year) | yr | 65 | ||
Defined Benefit Plan, Termination Charge | $ 7,821 | $ 0 | $ 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | (15,108) | (14,361) | |
Other Assets [Member] | Nonqualified Plan [Member] | |||
Cash Surrender Value of Life Insurance | 7,900 | 5,000 | |
Other Noncurrent Liabilities [Member] | Nonqualified Plan [Member] | |||
Deferred Compensation Liability, Classified, Noncurrent, Total | 7,800 | 4,800 | |
Noncontributory Qualified Defined Pension Plans [Member] | |||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 14,300 | ||
Defined Benefit Plan, Termination Charge | 7,800 | ||
Defined Benefit Plan, Remaining Undistributed Asset Surplus | 400 | ||
Noncontributory Qualified Defined Pension Plans [Member] | Annuitization Benefit [Member] | |||
Guaranteed Benefit Liability, Net, Ending Balance | 3,100 | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | (15,523) | (14,337) | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total | 1,700 | ||
Postretirement Life Insurance [Member] | |||
Cash Surrender Value of Life Insurance | 4,600 | 4,000 | |
Postretirement Life Insurance [Member] | Life Insurance Contracts [Member] | |||
Gain (Loss) on Investments, Total | $ 600 | 500 | 700 |
401(K) Plan [Member} | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,600 | 1,600 | |
Defined Contribution Plan, Increase (Decrease), Cost | $ (1,200) | ||
Gain (loss) on Employer Matching Contribution, Amount | $ 300 |
Note 8 - Benefit Plans - Define
Note 8 - Benefit Plans - Defined Benefit Plans Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Benefit obligation at beginning of year | $ 33,115 | $ 28,470 | |
Service cost - benefits earned during the period | 185 | 152 | |
Interest cost on projected benefit obligation | 508 | 863 | |
Actuarial loss | 778 | 5,383 | |
Benefits paid | (230) | (1,753) | |
Lump sum benefits paid | (17,430) | 0 | |
Amendments | 711 | 0 | |
Effect of settlement/curtailment | (1,983) | 0 | |
Benefit obligation at end of year | 15,654 | 33,115 | $ 28,470 |
Fair value of plan assets at beginning of year | 18,754 | 19,939 | |
Actual return on assets | (637) | 462 | |
Employer contributions | (89) | (103) | |
Employer contributions | 89 | 103 | |
Benefits paid | (230) | (1,750) | |
Lump sum benefits paid | (17,430) | 0 | |
Fair value of plan assets at end of year | 546 | 18,754 | 19,939 |
Funded status at end of year | (15,108) | (14,361) | |
Other assets | 415 | 314 | |
Other current liabilities | (103) | (101) | |
Long-term pension liability | (15,420) | (14,574) | |
Net amount recognized | (15,108) | (14,361) | |
Net actuarial loss | 6,698 | 15,656 | |
Pension Plan [Member] | |||
Benefit obligation at beginning of year | 18,778 | 18,114 | |
Service cost - benefits earned during the period | 0 | 0 | |
Interest cost on projected benefit obligation | 171 | 541 | 721 |
Actuarial loss | 11 | 1,773 | |
Benefits paid | (127) | (1,650) | |
Lump sum benefits paid | (17,430) | 0 | |
Amendments | 711 | 0 | |
Effect of settlement/curtailment | (1,983) | 0 | |
Benefit obligation at end of year | 131 | 18,778 | 18,114 |
Fair value of plan assets at beginning of year | 18,754 | 19,939 | |
Actual return on assets | (637) | 462 | |
Employer contributions | (14) | 0 | |
Employer contributions | 14 | 0 | |
Benefits paid | (127) | (1,647) | |
Lump sum benefits paid | (17,430) | 0 | |
Fair value of plan assets at end of year | 546 | 18,754 | 19,939 |
Funded status at end of year | 415 | (24) | |
Other assets | 415 | 314 | |
Other current liabilities | 0 | 0 | |
Long-term pension liability | 0 | (338) | |
Net amount recognized | 415 | (24) | |
Net actuarial loss | 0 | 8,227 | |
Supplemental Employee Retirement Plan [Member] | |||
Benefit obligation at beginning of year | 14,337 | 10,356 | |
Service cost - benefits earned during the period | 185 | 152 | 117 |
Interest cost on projected benefit obligation | 337 | 322 | 363 |
Actuarial loss | 767 | 3,610 | |
Benefits paid | (103) | (103) | |
Lump sum benefits paid | 0 | 0 | |
Amendments | 0 | 0 | |
Effect of settlement/curtailment | 0 | 0 | |
Benefit obligation at end of year | 15,523 | 14,337 | 10,356 |
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on assets | 0 | 0 | |
Employer contributions | (103) | (103) | |
Employer contributions | 103 | 103 | |
Benefits paid | (103) | (103) | |
Lump sum benefits paid | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | (15,523) | (14,337) | |
Other assets | 0 | 0 | |
Other current liabilities | (103) | (101) | |
Long-term pension liability | (15,420) | (14,236) | |
Net amount recognized | (15,523) | (14,337) | |
Net actuarial loss | $ 6,698 | $ 7,429 |
Note 8 - Benefit Plans - Pensio
Note 8 - Benefit Plans - Pension Plans With Projected Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Projected benefit obligation | $ 15,654 | $ 33,115 |
Fair value of plan assets | (546) | (18,754) |
Underfunded (Overfunded) | 15,108 | 14,361 |
Pension Plan [Member] | ||
Projected benefit obligation | 131 | 18,778 |
Fair value of plan assets | (546) | (18,754) |
Underfunded (Overfunded) | (415) | 24 |
Supplemental Employee Retirement Plan [Member] | ||
Projected benefit obligation | 15,523 | 14,337 |
Fair value of plan assets | 0 | 0 |
Underfunded (Overfunded) | $ 15,523 | $ 14,337 |
Note 8 - Benefit Plans - Net Pe
Note 8 - Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest cost on projected benefit obligation | $ 508 | $ 863 | |
Service cost - benefits earned during the period | 185 | 152 | |
Pension Plan [Member] | |||
Interest cost on projected benefit obligation | 171 | 541 | $ 721 |
Expected return on plan assets | (597) | (1,555) | (1,491) |
Recognized actuarial loss | 376 | 539 | 643 |
Settlement loss | 0 | 413 | 1,110 |
Pension plan termination charge | 7,821 | 0 | 0 |
Net periodic pension cost after settlements | 7,771 | (62) | 983 |
Service cost - benefits earned during the period | 0 | 0 | |
Supplemental Employee Retirement Plan [Member] | |||
Interest cost on projected benefit obligation | 337 | 322 | 363 |
Recognized actuarial loss | 1,499 | 695 | 616 |
Net periodic pension cost after settlements | 2,021 | 1,169 | 1,096 |
Service cost - benefits earned during the period | $ 185 | $ 152 | $ 117 |
Note 8 - Benefit Plans - Assump
Note 8 - Benefit Plans - Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan [Member] | Corporate Segment [Member] | |||
Benefit obligations, discount rate | 2.36% | ||
Benefit obligations, long term rate of return | 8.00% | ||
Benefit cost, discount rate | 2.36% | 3.12% | 4.14% |
Benefit cost, long term rate of return | 8.00% | 8.00% | 8.00% |
Pension Plan [Member] | Plants [Member] | |||
Benefit obligations, discount rate | 2.21% | ||
Benefit obligations, long term rate of return | 8.00% | ||
Benefit cost, discount rate | 2.21% | 3.02% | 4.06% |
Benefit cost, long term rate of return | 8.00% | 8.00% | 8.00% |
Supplemental Employee Retirement Plan [Member] | |||
Benefit obligations, discount rate | 2.59% | 2.36% | |
Benefit obligations, salary scale | 3.00% | 3.00% | |
Benefit cost, discount rate | 2.36% | 3.12% | 4.14% |
Benefit cost, salary scale | 3.00% | 3.00% | 3.00% |
Note 8 - Benefit Plans - Projec
Note 8 - Benefit Plans - Projected Benefit Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 233 |
2023 | 1,214 |
2024 | 606 |
2025 | 598 |
2026 | 598 |
2027-2031 | 4,406 |
Pension Plan [Member] | |
2022 | 131 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027-2031 | 0 |
Supplemental Employee Retirement Plan [Member] | |
2022 | 102 |
2023 | 1,214 |
2024 | 606 |
2025 | 598 |
2026 | 598 |
2027-2031 | $ 4,406 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease, Liability, Total | $ 5,817 | $ 2,700 |
Operating Lease, Liability, Noncurrent | 3,729 | 1,599 |
Operating Lease, Right-of-Use Asset | 8,246 | 3,826 |
Prepaid Rent | 2,400 | 1,500 |
Other Current Liabilities [Member] | ||
Operating Lease, Liability, Current | $ 2,088 | $ 1,124 |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 8 years |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease costs | $ 2,074 | $ 2,000 | $ 1,541 |
Short-term lease costs | 602 | 541 | 302 |
Total lease costs | 2,676 | 2,541 | 1,843 |
Operating cash flows – cash paid for operating lease liabilities | 1,732 | 1,425 | 1,320 |
Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities | $ 4,945 | $ 243 | $ 782 |
Weighted-average remaining lease term (in years) (Year) | 3 years 1 month 6 days | 2 years 9 months 18 days | 3 years 7 months 6 days |
Weighted average discount rate | 4.74% | 5.61% | 5.61% |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 2,153 | |
2023 | 1,925 | |
2024 | 1,033 | |
2025 | 865 | |
2026 | 418 | |
Thereafter | 0 | |
Total lease payments | 6,394 | |
Less imputed interest | 577 | |
Present value of lease liabilities | $ 5,817 | $ 2,700 |
Note 10 - Contingencies (Detail
Note 10 - Contingencies (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Business Combination, Contingent Consideration, Liability, Current | $ 4,507 | $ 5,589 |
BAMKO [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | 3,400 | |
Tangerine [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | 1,400 | |
Sutter's Mill [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 2,600 | |
Sutter's Mill [Member] | Minimum [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | 2,400 | |
Sutter's Mill [Member] | Maximum [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | $ 4,700 |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,125,120 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,500 | $ 1,200 | $ 800 |
Proceeds from Stock Options Exercised | 2,703 | 1,927 | 283 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 900 | 200 | 100 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 900 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 2 months 12 days | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 800 | 300 | $ 0 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | ||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Equity Instruments Other than Options | $ 100 | $ 100 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 200 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 6,100 | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Performance Shares [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 1 month 6 days | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2,600 | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Common Stock [Member] | |||
Shares Received from Stock Options Exercised (in shares) | 17,365 | 13,237 | 12,450 |
Stock Issued During Period, Shares, New Issues (in shares) | 24,591 | 19,232 | 33,172 |
Outside Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Shared-based Compensation Expense and the Related Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based compensation expense | $ 4,010 | $ 2,530 | $ 1,485 |
Related income tax benefit | 760 | 286 | 262 |
Stock Options and SARs [Member] | |||
Share-based compensation expense | 1,420 | 1,321 | 407 |
Restricted Stock [Member] | |||
Share-based compensation expense | 2,241 | 777 | 835 |
Performance Shares [Member] | |||
Share-based compensation expense | $ 349 | $ 432 | $ 243 |
Note 11 - Share-based Compens_5
Note 11 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | |||
Weighted average fair value per share at grant date (in dollars per share) | $ 9.91 | $ 2.36 | $ 3.96 |
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||
Risk free interest rate | 0.20% | 0.10% | 1.70% |
Expected award life (years) (Year) | 3 years | 3 years | 3 years |
Expected volatility | 46.90% | 35.60% | 34.20% |
Expected dividend yield | 1.60% | 1.90% | 2.30% |
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||
Risk free interest rate | 1.60% | 1.40% | 2.50% |
Expected award life (years) (Year) | 10 years | 10 years | 10 years |
Expected volatility | 65.00% | 61.50% | 38.80% |
Expected dividend yield | 2.20% | 5.30% | 2.50% |
Stock Appreciation Rights (SARs) [Member] | |||
Risk free interest rate | 0.20% | 2.40% | |
Expected award life (years) (Year) | 3 years | 3 years | 3 years |
Expected volatility | 64.30% | 34.80% | |
Expected dividend yield | 1.60% | 2.30% | |
Weighted average fair value per share at grant date (in dollars per share) | $ 10.09 | $ 2.18 | $ 3.97 |
Note 11 - Share-based Compens_6
Note 11 - Share-based Compensation - Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, options (in shares) | 970,022 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 12.92 | |
Outstanding, weighted average remaining life (Year) | 3 years 3 months 7 days | 3 years 8 months 26 days |
Outstanding, aggregate intrinsic value | $ 5,097 | $ 11,128 |
Granted (in shares) | 143,712 | |
Granted, weighted average exercise price (in dollars per share) | $ 25 | |
Exercised (in shares) | (305,018) | |
Exercised, weighted average exercise price (in dollars per share) | $ 10.27 | |
Lapsed or cancelled (in shares) | (28,778) | |
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 14.74 | |
Outstanding, options (in shares) | 779,938 | 970,022 |
Outstanding, weighted average exercise price (in dollars per share) | $ 16.12 | $ 12.92 |
Exercisable, options (in shares) | 438,705 | |
Exercisable, weighted average exercise price, options (in dollars per share) | $ 15.03 | |
Exercisable, weighted average remaining life, options (Year) | 2 years 8 months 4 days | |
Exercisable, aggregate intrinsic value, options | $ 3,153 |
Note 11 - Share-based Compens_7
Note 11 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2021 | |
Outstanding SARS (in shares) | 317,128 | ||
Outstanding (in dollars per share) | $ 13.47 | ||
Outstanding SARS, weighted average remaining life (Year) | 2 years 7 months 24 days | 3 years 4 months 9 days | |
Outstanding SARS, aggregate intrinsic value | $ 2,205 | $ 2,031 | |
Granted SARs (in shares) | 31,687 | ||
Granted SARS, weighted average exercise price (in dollars per share) | $ 25.75 | ||
Exercised SARs (in shares) | (57,756) | ||
Exercised SARS, weighted average exercise price (in dollars per share) | $ 12.54 | ||
Outstanding SARS (in shares) | 291,059 | 317,128 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 14.99 | $ 13.47 | |
Exercisable (in shares) | 129,268 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 16.40 | ||
Exercisable, weighted average remaining life (Year) | 1 year 9 months 29 days | ||
Exercisable, aggregate intrinsic value | $ 777 |
Note 11 - Share-based Compens_8
Note 11 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Outstanding (in shares) | shares | 157,244 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.84 |
Granted (in shares) | shares | 345,015 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.99 |
Vested (in shares) | shares | (37,930) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.61 |
Forfeited (in shares) | shares | (6,163) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.64 |
Outstanding (in shares) | shares | 458,166 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.51 |
Note 11 - Share-based Compens_9
Note 11 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Outstanding (in shares) | shares | 186,264 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.28 |
Granted (in shares) | shares | 116,405 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.13 |
Vested (in shares) | shares | (57,255) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.54 |
Forfeited (in shares) | shares | (51,891) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 15.73 |
Outstanding (in shares) | shares | 193,523 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.50 |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 171,522 | 271,507 | 448,298 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price (in dollars per share) | $ 25.42 | $ 19.77 | $ 19.73 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 29,440 | $ 41,026 | $ 12,066 |
Weighted average shares outstanding - basic (in shares) | 15,438,849 | 15,075,134 | 14,945,165 |
Dilutive common stock equivalents (in shares) | 652,221 | 433,286 | 321,243 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 16,091,070 | 15,508,420 | 15,266,408 |
Basic (in dollars per share) | $ 1.91 | $ 2.72 | $ 0.81 |
Diluted (in dollars per share) | $ 1.83 | $ 2.65 | $ 0.79 |
Note 13 - Other Current Liabi_3
Note 13 - Other Current Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Salaries, wages, commissions and compensated absences | $ 17,374 | $ 26,315 |
Contract liabilities | 8,804 | 5,074 |
Accrued rebates | 2,526 | 2,057 |
401K profit sharing accrual | 880 | 592 |
Other accrued expenses | 7,317 | 9,508 |
Other current liabilities | 38,989 | 44,670 |
Other Current Liabilities [Member] | ||
Current operating lease liabilities | $ 2,088 | $ 1,124 |
Note 14 - Net Sales (Details Te
Note 14 - Net Sales (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 4.4 |
Note 14 - Net Sales - Disaggreg
Note 14 - Net Sales - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales | $ 536,986 | $ 526,697 | $ 376,701 |
Intersegment Eliminations [Member] | |||
Net sales | (7,101) | (5,157) | (4,854) |
Uniforms and Related Products [Member] | |||
Net sales | 263,933 | 287,333 | 237,554 |
Uniforms and Related Products [Member] | Uniform and Related Product [Member] | |||
Net sales | 244,370 | 238,869 | 233,657 |
Uniforms and Related Products [Member] | Protective Equipment [Member] | |||
Net sales | 19,563 | 48,464 | 3,897 |
Remote Staffing Solutions [Member] | |||
Net sales | 57,211 | 37,208 | 31,636 |
Remote Staffing Solutions [Member] | Intersegment Eliminations [Member] | |||
Net sales | (7,101) | (5,157) | (4,854) |
Remote Staffing Solutions [Member] | Remote Staffing Solutions Services [Member] | |||
Net sales | 64,312 | 42,365 | 36,490 |
Promotional Products [Member] | |||
Net sales | 215,842 | 202,156 | 107,511 |
Promotional Products [Member] | Protective Equipment [Member] | |||
Net sales | 19,039 | 82,715 | 0 |
Promotional Products [Member] | Promotional Product [Member] | |||
Net sales | $ 196,803 | $ 119,441 | $ 107,511 |
Note 14 - Net Sales - Accounts
Note 14 - Net Sales - Accounts Receivable and Contract Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable | $ 107,053 | $ 101,902 |
Current contract assets | 38,018 | 39,231 |
Current contract liabilities | $ 8,804 | $ 5,074 |
Note 15 - Stock Repurchase Pl_2
Note 15 - Stock Repurchase Plan (Details Textual) - shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 02, 2019 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 657,451 | 750,000 | ||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 43,458 | 49,091 |
Note 16 - Operating Segment I_3
Note 16 - Operating Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Operating Segments | 3 |
Note 16 - Operating Segment I_4
Note 16 - Operating Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales | $ 536,986 | $ 526,697 | $ 376,701 |
Cost of goods sold | 350,972 | 337,932 | 247,772 |
Gross margin | 186,014 | 188,765 | 128,929 |
Selling, General and Administrative Expense, Total | 142,060 | 136,515 | 107,282 |
Other periodic pension cost | 1,786 | 955 | 1,962 |
Defined Benefit Plan, Termination Charge | 7,821 | 0 | 0 |
Interest expense | 1,220 | 2,003 | 4,399 |
Income (loss) before taxes on income | 33,127 | 51,456 | 15,286 |
Depreciation and amortization | 9,291 | 8,132 | 8,272 |
Capital expenditures | 17,696 | 11,857 | 9,672 |
Total assets | 470,245 | 393,924 | 358,933 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 2,164 | 0 |
Intersegment Eliminations [Member] | |||
Net sales | (7,101) | (5,157) | (4,854) |
Cost of goods sold | (3,172) | (1,950) | (1,714) |
Gross margin | (3,929) | (3,207) | (3,140) |
Selling, General and Administrative Expense, Total | (3,929) | (3,207) | (3,140) |
Other periodic pension cost | 0 | 0 | 0 |
Defined Benefit Plan, Termination Charge | 0 | ||
Interest expense | 0 | 0 | 0 |
Income (loss) before taxes on income | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | ||
Uniforms and Related Products [Member] | |||
Net sales | 263,933 | 287,333 | 237,554 |
Uniforms and Related Products [Member] | Operating Segments [Member] | |||
Net sales | 263,933 | 287,333 | 237,554 |
Cost of goods sold | 177,773 | 187,364 | 155,283 |
Gross margin | 86,160 | 99,969 | 82,271 |
Selling, General and Administrative Expense, Total | 76,234 | 83,005 | 73,003 |
Other periodic pension cost | 1,786 | 955 | 1,962 |
Defined Benefit Plan, Termination Charge | 7,821 | ||
Interest expense | 1,147 | 1,699 | 3,178 |
Income (loss) before taxes on income | (828) | 16,474 | 4,128 |
Depreciation and amortization | 5,981 | 5,845 | 5,975 |
Capital expenditures | 13,592 | 9,988 | 8,150 |
Total assets | 295,190 | 283,708 | 258,916 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 2,164 | ||
Remote Staffing Solutions [Member] | |||
Net sales | 57,211 | 37,208 | 31,636 |
Remote Staffing Solutions [Member] | Operating Segments [Member] | |||
Net sales | 64,312 | 42,365 | 36,490 |
Cost of goods sold | 26,671 | 18,032 | 15,066 |
Gross margin | 37,641 | 24,333 | 21,424 |
Selling, General and Administrative Expense, Total | 23,756 | 15,294 | 13,642 |
Other periodic pension cost | 0 | 0 | 0 |
Defined Benefit Plan, Termination Charge | 0 | ||
Interest expense | 0 | 0 | 0 |
Income (loss) before taxes on income | 13,885 | 9,039 | 7,782 |
Depreciation and amortization | 1,483 | 923 | 963 |
Capital expenditures | 3,421 | 1,578 | 1,095 |
Total assets | 29,315 | 21,799 | 23,970 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | ||
Remote Staffing Solutions [Member] | Intersegment Eliminations [Member] | |||
Net sales | (7,101) | (5,157) | (4,854) |
Promotional Products [Member] | |||
Net sales | 215,842 | 202,156 | 107,511 |
Promotional Products [Member] | Operating Segments [Member] | |||
Net sales | 215,842 | 202,156 | 107,511 |
Cost of goods sold | 149,700 | 134,486 | 79,137 |
Gross margin | 66,142 | 67,670 | 28,374 |
Selling, General and Administrative Expense, Total | 45,999 | 41,423 | 23,777 |
Other periodic pension cost | 0 | 0 | 0 |
Defined Benefit Plan, Termination Charge | 0 | ||
Interest expense | 73 | 304 | 1,221 |
Income (loss) before taxes on income | 20,070 | 25,943 | 3,376 |
Depreciation and amortization | 1,827 | 1,364 | 1,334 |
Capital expenditures | 683 | 291 | 427 |
Total assets | $ 145,740 | 88,417 | $ 76,047 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 0 |
Note 17 - Acquisition of Busi_3
Note 17 - Acquisition of Businesses (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 02, 2021 | Jan. 29, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Amortization of Intangible Assets, Total | $ 4,200 | $ 3,800 | $ 3,800 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years 2 months 12 days | |||||
Noncompete Agreements [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years 4 months 24 days | |||||
Gifts By Design [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 6,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,673 | |||||
Amortization of Intangible Assets, Total | $ 300 | |||||
Gifts By Design [Member] | Trade Names [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,200 | |||||
Gifts By Design [Member] | Customer Relationships [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 2,500 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |||||
Sutter's Mill [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 10,408 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 2,031 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 4,500 | |||||
Sutter's Mill [Member] | Restricted Stock [Member] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 45,620 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Sutter's Mill [Member] | Trade Names [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 700 | |||||
Sutter's Mill [Member] | Customer Relationships [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,200 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |||||
Sutter's Mill [Member] | Noncompete Agreements [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 100 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 17 - Acquisition of Busi_4
Note 17 - Acquisition of Businesses - Aggregate Consideration (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 02, 2021 | Jan. 29, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 39,434 | $ 36,116 | ||
Gifts By Design [Member] | ||||
Accounts receivable | $ 251 | |||
Prepaid expenses and other current assets | 196 | |||
Property, plant and equipment | 60 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,673 | |||
Goodwill, Ending Balance | 2,417 | |||
Total assets | 6,597 | |||
Accounts payable | 199 | |||
Other current liabilities | 372 | |||
Total liabilities | $ 571 | |||
Sutter's Mill [Member] | ||||
Accounts receivable | $ 4,701 | |||
Prepaid expenses and other current assets | 135 | |||
Property, plant and equipment | 1,043 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 2,031 | |||
Goodwill, Ending Balance | 894 | |||
Total assets | 18,642 | |||
Accounts payable | 3,209 | |||
Other current liabilities | 389 | |||
Total liabilities | 4,845 | |||
Inventories | 9,149 | |||
Operating lease right-of-use assets | 648 | |||
Other assets | 41 | |||
Long-term debt | 758 | |||
Long-term operating lease liabilities | $ 489 |
Note 17 - Acquisition of Busi_5
Note 17 - Acquisition of Businesses - Purchase Price (Details) - Sutter's Mill [Member] $ in Thousands | Dec. 02, 2021USD ($) |
Payments to Acquire Businesses, Gross | $ 10,408 |
Restricted shares of Superior common stock issued | 869 |
Contingent consideration | 2,520 |
Total Consideration | $ 13,797 |