Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 27, 2024 | Jun. 30, 2023 | |
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 | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | 200 Central Avenue, Suite 2000 | ||
Entity Address, City or Town | St. Petersburg | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33701 | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 107,200,000 | ||
Entity Common Stock, Shares Outstanding | 16,709,591 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Tampa, Florida |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net sales | $ 543,302 | $ 578,831 |
Costs and expenses: | ||
Cost of goods sold | 339,755 | 385,472 |
Selling and administrative expenses | 183,205 | 176,320 |
Goodwill impairment charge | 0 | 45,918 |
Intangible assets impairment charge | 0 | 5,581 |
Other periodic pension costs | 855 | 2,116 |
Interest expense | 9,718 | 4,894 |
Costs and Expenses, Excluding Gain on Sale of Property Plant and Equipment | 533,533 | 620,301 |
Gain on sale of property, plant and equipment | 0 | 3,435 |
Income (loss) before income tax expense | 9,769 | (38,035) |
Income tax expense (benefit) | 997 | (6,065) |
Net income (loss) | $ 8,772 | $ (31,970) |
Net income (loss) per share: | ||
Basic (in dollars per share) | $ 0.55 | $ (2.03) |
Diluted (in dollars per share) | $ 0.54 | $ (2.03) |
Weighted average shares outstanding during the period: | ||
Weighted average number of shares outstanding during the period, basic (in shares) | 15,968,199 | 15,764,859 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 16,159,308 | 15,764,859 |
Other comprehensive income (loss), net of tax: | ||
Recognition of net losses included in net periodic pension costs | $ 163 | $ 1,276 |
Current period gain (loss) | (172) | 2,188 |
Loss on cash flow hedging activities | 0 | (47) |
Foreign currency translation adjustment | 735 | (215) |
Other comprehensive income | 726 | 3,202 |
Comprehensive income (loss) | $ 9,498 | $ (28,768) |
Cash dividends per common share (in dollars per share) | $ 0.56 | $ 0.54 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 19,896 | $ 17,722 |
Accounts receivable, less allowance for doubtful accounts of $4,237 and $7,622, respectively | 103,494 | 104,813 |
Accounts receivable - other | 307 | 3,326 |
Inventories | 98,067 | 124,976 |
Contract assets | 48,715 | 52,980 |
Prepaid expenses and other current assets | 8,881 | 14,166 |
Total current assets | 279,360 | 317,983 |
Property, plant and equipment, net | 46,890 | 51,392 |
Operating lease right-of-use assets | 17,909 | 9,113 |
Deferred tax asset | 12,356 | 10,718 |
Intangible assets, net | 51,160 | 55,753 |
Other assets | 14,775 | 11,982 |
Total assets | 422,450 | 456,941 |
Current liabilities: | ||
Accounts payable | 50,520 | 42,060 |
Other current liabilities | 43,978 | 38,646 |
Current portion of long-term debt | 4,688 | 3,750 |
Current portion of acquisition-related contingent liabilities | 1,403 | 736 |
Total current liabilities | 100,589 | 85,192 |
Long-term debt | 88,789 | 151,567 |
Long-term pension liability | 13,284 | 12,864 |
Long-term acquisition-related contingent liabilities | 557 | 2,245 |
Long-term operating lease liabilities | 12,809 | 3,936 |
Other long-term liabilities | 8,784 | 8,538 |
Total liabilities | 224,812 | 264,342 |
Commitments and contingencies (Note 12) | ||
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 - 16,564,712 and 16,376,683 shares, respectively | 16 | 16 |
Additional paid-in capital | 77,443 | 72,615 |
Retained earnings | 122,464 | 122,979 |
Accumulated other comprehensive income (loss), net of tax: | ||
Pensions | (1,122) | (1,113) |
Foreign currency translation adjustment | (1,163) | (1,898) |
Total shareholders’ equity | 197,638 | 192,599 |
Total liabilities and shareholders’ equity | $ 422,450 | $ 456,941 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance for doubtful accounts | $ 4,237 | $ 7,622 |
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) | 16,564,712 | 16,376,683 |
Common stock, shares outstanding (in shares) | 16,564,712 | 16,376,683 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [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] | 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] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 16,127,505 | |||||||||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 0 | $ (76) | $ 0 | $ (76) | $ 16 | $ 69,351 | $ 163,836 | $ (6,213) | $ 226,990 | ||||||||||
Common shares issued upon exercise of options and SARs, net (in shares) | 80,434 | |||||||||||||||||||
Common shares issued upon exercise of options and SARs, net | $ 0 | 886 | (158) | 0 | 728 | |||||||||||||||
Performance based shares issued (in shares) | 11,707 | 48,044 | ||||||||||||||||||
Performance based shares issued | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
Restricted shares issued, net of forfeitures (in shares) | 11,707 | 48,044 | ||||||||||||||||||
Restricted shares issued, net of forfeitures | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
Restricted shares issued in conjunction with acquisition of business (in shares) | 116,550 | |||||||||||||||||||
Restricted shares issued in conjunction with acquisition of business | $ 0 | 2,000 | 0 | 0 | 2,000 | |||||||||||||||
Share-based compensation expense | $ 0 | 4,289 | 0 | 0 | 4,289 | |||||||||||||||
Tax withheld on vesting of restricted shares and performance based shares (in shares) | (7,557) | |||||||||||||||||||
Tax withheld on vesting of restricted shares and performance based shares | $ 0 | (314) | 0 | 0 | (314) | |||||||||||||||
Written put options | 0 | (3,597) | 0 | 0 | (3,597) | |||||||||||||||
Cash dividends declared | 0 | 0 | (8,653) | 0 | (8,653) | |||||||||||||||
Net income (loss) | 0 | 0 | (31,970) | 0 | (31,970) | |||||||||||||||
Cash flow hedges, net of taxes | 0 | 0 | 0 | (47) | (47) | |||||||||||||||
Pensions, net of taxes | 0 | 0 | 0 | 3,464 | 3,464 | |||||||||||||||
Change in currency translation adjustment, net of taxes | $ 0 | 0 | 0 | (215) | $ (215) | |||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 16,376,683 | 16,376,683 | ||||||||||||||||||
Balance at Dec. 31, 2022 | $ 16 | 72,615 | 122,979 | (3,011) | $ 192,599 | |||||||||||||||
Common shares issued upon exercise of options and SARs, net | 0 | 274 | (99) | 0 | 175 | |||||||||||||||
Performance based shares issued (in shares) | 2,981 | 155,213 | ||||||||||||||||||
Performance based shares issued | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
Restricted shares issued, net of forfeitures (in shares) | 2,981 | 155,213 | ||||||||||||||||||
Restricted shares issued, net of forfeitures | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
Share-based compensation expense | 0 | 3,787 | 0 | 0 | 3,787 | |||||||||||||||
Written put options | 0 | 767 | 0 | 0 | 767 | |||||||||||||||
Cash dividends declared | 0 | 0 | (9,188) | 0 | (9,188) | |||||||||||||||
Net income (loss) | 0 | 0 | 8,772 | 0 | 8,772 | |||||||||||||||
Pensions, net of taxes | 0 | 0 | 0 | (9) | (9) | |||||||||||||||
Change in currency translation adjustment, net of taxes | $ 0 | 0 | 0 | 735 | $ 735 | |||||||||||||||
Common shares issued upon exercise of options and SARs, net (in shares) | 29,835 | 28,728 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 16,564,712 | 16,564,712 | ||||||||||||||||||
Balance at Dec. 31, 2023 | $ 16 | $ 77,443 | $ 122,464 | $ (2,285) | $ 197,638 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash dividends declared, per share (in dollars per share) | $ 0.56 | $ 0.54 |
Cash flow hedges, tax | $ 6 | |
Pensions, tax | $ 3 | 1,281 |
Change in currency translation adjustment, tax | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 8,772 | $ (31,970) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 13,995 | 13,004 |
Goodwill impairment charge | 0 | 45,918 |
Intangible assets impairment charge | 0 | 5,581 |
Inventory write-downs | 2,346 | 13,569 |
Provision for bad debts - accounts receivable | 539 | 2,891 |
Share-based compensation expense | 3,787 | 4,289 |
Deferred income tax benefit | (1,635) | (12,352) |
Gain on sale of property, plant and equipment | 0 | (3,435) |
Change in fair value of acquisition-related contingent liabilities | (189) | (450) |
Change in fair value of written put options | 489 | (1,565) |
Changes in assets and liabilities, net of acquisition of businesses: | ||
Accounts receivable | 1,051 | 680 |
Accounts receivable - other | 3,019 | 1,347 |
Contract assets | 4,310 | (15,092) |
Inventories | 24,672 | (15,898) |
Prepaid expenses and other current assets | 5,496 | 5,225 |
Other assets | (2,012) | 1,858 |
Accounts payable and other current liabilities | 13,310 | (14,614) |
Payment of acquisition-related contingent liabilities | (279) | (3,346) |
Long-term pension liability | 407 | 2,190 |
Other long-term liabilities | 851 | (434) |
Net cash provided by (used in) operating activities | 78,929 | (2,604) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (4,963) | (11,018) |
Proceeds from disposals of property, plant and equipment | 0 | 4,795 |
Acquisition of businesses | 0 | (11,202) |
Other investments | (545) | 0 |
Net cash used in investing activities | (5,508) | (17,425) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings of debt | 6,000 | 332,143 |
Repayment of debt | (67,750) | (292,773) |
Debt issuance costs | (300) | (869) |
Payment of cash dividends | (9,188) | (8,653) |
Payment of acquisition-related contingent liabilities | (553) | (1,416) |
Proceeds received on exercise of stock options | 175 | 728 |
Tax withholdings on vesting of restricted shares and performance based shares and on exercise of stock rights | 0 | (314) |
Net cash provided by (used in) financing activities | (71,616) | 28,846 |
Effect of currency exchange rates on cash | 369 | (30) |
Net increase in cash and cash equivalents | 2,174 | 8,787 |
Cash and cash equivalents balance, beginning of year | 17,722 | 8,935 |
Cash and cash equivalents balance, end of year | 19,896 | 17,722 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid (refunded), net | (978) | |
Income taxes paid (refunded), net | 1,348 | |
Interest paid | $ 9,588 | $ 4,767 |
Note 1 - Description of Busines
Note 1 - Description of Business, Basis of Presentation and Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 Branded Products segment, primarily through its signature marketing brands BAMKO® and HPI®, produces and sells customized merchandising solutions, promotional products and branded uniform programs. Branded products are manufactured through third Superior’s Healthcare Apparel segment, primarily through its signature marketing brands Fashion Seal Healthcare®, Wink™ and CID Resources, manufactures (through third Superior’s Contact Centers segment, through multiple The Office Gurus® entities, including subsidiaries in El Salvador, Belize, Jamaica, Dominican Republic and the United States (collectively, “TOG”), provides outsourced, nearshore business process outsourcing, contact and call-center support services to North American customers. 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 (loss),” “balance sheets,” “statements of shareholders’ equity,” and “statements of cash flows” herein. Reportable Segments Beginning in the second 2022, not no Note 6 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 15 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 Cost of goods sold and shipping and handling fees and costs Cost of goods sold for our Branded Products segment and our Healthcare Apparel 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 Contact Centers 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 recorded in cost of goods sold. The cost of occupancy and operating the Company’s distribution centers are included in selling and administrative expenses. 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. Major renewals and improvements are capitalized, while replacements, maintenance and repairs which do not 31, 2022, 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 Leasehold improvements are depreciated over the terms of the leases to the extent that such improvements have useful lives of at least the terms of the respective leases. 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 no December 31, 2023 2022 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. An entity has the option to first not 50% not not three In conjunction with the re-segmentation during the second 2022, third 2022, December 31, 2022. December 31, 2022, no In conjunction with the Company’s realignment of its reportable segments during the second 2022, no December 31, 2022. For the year ended December 31, 2023, December 31, 2023 2022 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. Recognition of any changes in fair value are included in selling and administrative expenses in our statements of comprehensive income (loss). SERP The Company is the sponsor of an unfunded supplemental executive retirement plan (“SERP”) which includes one 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 asset and 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 9 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 (loss) Comprehensive income (loss) includes net income (loss) and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income (loss) consists of defined benefit pension plans activities, cash flow hedging activities and foreign currency translation adjustment. The related tax effects of these items are recorded in income tax expense (benefit) within the statements of comprehensive income (loss), upon reclassification from accumulated other comprehensive income (loss), net of tax. Foreign Currency Translations and Transactions Assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current rate of exchange on the last day of the reporting period. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in net foreign currency translation adjustment, a component of accumulated other comprehensive income (loss), net of tax. Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency are remeasured from the applicable currency to the reporting entity’s functional currency. Gains or losses resulting from transactions denominated in other currencies are recognized in net income (loss) each period. The majority of the Company’s transactions are settled in U.S. dollars. 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, 2023 2022 no 10 December 31, 2023 2022 five none 10% 2023 no 10% 2023 Principal raw materials used to manufacture the Company’s finished goods include cotton, polyester, spandex, cotton-synthetic, poly-synthetic blends, textiles, plastic, glass, fabric and metal. The majority of such fabrics are sourced in China, either directly by us or our 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 Written Put Options During the second 2022, twenty-four December 31, 2023 480, December 31, 2023 2022 31, 2023 2022 December 31, 2023 Fair value of financial instruments The carrying amounts of cash and cash equivalents, receivables and accounts payable approximated fair value as of December 31, 2023 2022 Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Issued Accounting Pronouncements Not In November 2023, 2023 07, "Segment Reporting (Topic 280 December 15, 2023, December 15, 2024. not In December 2023, 2023 09, "Income Taxes (Topic 740 December 15, 2024. not not |
Note 2 - Allowance for Doubtful
Note 2 - Allowance for Doubtful Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Balance at the beginning of year $ 7,622 $ 6,393 Provision for bad debts 539 2,891 Charge-offs (3,924 ) (1,686 ) Recoveries - 24 Balance at the end of year $ 4,237 $ 7,622 |
Note 3 - Reserve for Sales Retu
Note 3 - Reserve for Sales Returns and Allowances | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Balance at the beginning of year $ 2,090 $ 2,636 Provision for returns and allowances 4,678 4,512 Actual returns and allowances paid to customers (5,360 ) (5,058 ) Balance at the end of year $ 1,408 $ 2,090 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 Inventories consisted of the following amounts (in thousands): December 31, 2023 2022 Finished goods $ 72,370 $ 94,228 Work in process 671 401 Raw materials 25,026 30,347 Inventories $ 98,067 $ 124,976 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Land $ 2,494 $ 2,494 Buildings, improvements and leaseholds 16,929 18,652 Machinery, equipment and fixtures 98,590 101,419 118,013 122,565 Accumulated depreciation (71,123 ) (71,173 ) Property, plant and equipment, net $ 46,890 $ 51,392 Depreciation expense was $9.4 million and $7.9 million in 2023 2022 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 6 Goodwill Beginning in the second 2022, Note 17 350, During the third 2022, The fair value of goodwill in each impairment test was determined using a combination of an income approach, which estimates fair value based upon projections of future revenues, expenses, and cash flows discounted to their respective present values, and a market approach. The valuation methodology and underlying financial information included in the Company’s determination of fair value required significant judgments by management. The principal assumptions used in the Company’s discounted cash flow analysis consisted of (a) long-term projections of financial performance and (b) the weighted-average cost of capital of market participants, adjusted for the risk attributable to the Company and the industry in which it operates. Under the market approach, the principal assumption included an estimate of a control premium. Based on the goodwill impairment analysis performed, the Company determined that the estimated fair values of the previous Uniforms and Related Products segment and current Branded Products segment were lower than their carrying value primarily as the result of current market conditions, decline in expected cash flows and/or decrease in the Company’s stock price. Consequently, the Company recorded a non-cash goodwill impairment charge of $45.9 million during the year ended December 31, 2022. The following table presents the carrying amounts of goodwill attributable to each of the Company’s reportable segments (dollars in thousands): Branded Products Healthcare Apparel Total As of January 1, 2022: Gross goodwill $ 19,111 $ 20,323 $ 39,434 Accumulated impairment losses - - - Net goodwill $ 19,111 $ - $ 39,434 Additions $ 6,463 $ - $ 6,463 Impairment charge (25,595 ) (20,323 ) (45,918 ) Foreign currency translation 21 - 21 Net goodwill, December 31, 2022 $ - $ - $ - As of December 31, 2022: Gross goodwill $ 25,595 $ 20,323 $ 45,918 Accumulated impairment losses (25,595 ) (20,323 ) (45,918 ) Net goodwill $ - $ - $ - Intangible Assets In conjunction with the Company’s realignment of its reportable segments during the second 2022, no December 31, 2022. Indefinite-lived Intangible Assets Segment Carrying Amount, December 31, 2021 Impairment Charges Carrying Amount, December 31, 2022 Carrying Amount, December 31, 2023 Trade names: HPI Branded Products $ 4,700 $ - $ 4,700 $ 4,700 BAMKO Branded Products 8,900 - 8,900 8,900 Public Identity Branded Products 470 (470 ) - - Tangerine Branded Products 3,200 (3,200 ) - - Gifts By Design Branded Products 1,170 (1,170 ) - - Sutter’s Mill Branded Products 741 (741 ) - - CID Resources(1) Healthcare Apparel 14,160 - 14,160 14,160 Total $ 33,341 $ (5,581 ) $ 27,760 $ 27,760 ( 1 Includes trade names and trademarks associated with CID Resources, Wink™ and Zoey and Chloe. Intangible assets as of December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Item Weighted Average Life (In years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer relationships (7-15 year life) 11.7 $ 50,198 $ (27,417 ) $ 50,198 $ (23,330 ) Non-compete agreements (3-7 year life) 5.4 1,712 (1,507 ) 1,712 (1,367 ) Trademarks 10.0 414 (118 ) 379 (72 ) Trade names 2.0 710 (592 ) 710 (237 ) Total $ 53,034 $ (29,634 ) $ 52,999 $ (25,006 ) Indefinite-lived intangible assets: Trade names $ 27,760 $ 27,760 Total intangible assets $ 80,794 $ (29,634 ) $ 80,759 $ (25,006 ) Amortization expense for intangible assets for the years ended December 31, 2023 2022 Estimated future intangible amortization expense is as follows (in thousands): 2024 $ 3,719 2025 3,069 2026 3,061 2027 3,020 2028 2,671 Thereafter 7,860 Total $ 23,400 |
Note 7 - Other Current Liabilit
Note 7 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 7 Other current liabilities consisted of the following (in thousands) December 31, 2023 2022 Salaries, wages, commissions and other compensation $ 14,599 $ 14,316 Contract liabilities 5,346 2,213 Accrued rebates 1,409 2,090 Current operating lease liabilities 4,231 3,135 Written put options 1,754 2,032 Other accrued expenses 16,639 14,860 Other current liabilities $ 43,978 $ 38,646 |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 8 Debt consisted of the following (in thousands): December 31, 2023 2022 Credit Facilities: Revolving credit facility due August 2027 $ 25,000 $ 83,000 Term loan due August 2027 69,375 73,125 $ 94,375 $ 156,125 Less: Payments due within one year included in current liabilities 4,688 3,750 Debt issuance costs 898 808 Long-term debt less current maturities $ 88,789 $ 151,567 On August 23, 2022, August 2027 Obligations outstanding under the Credit Facilities accrue interest at a variable rate equal to the secured overnight financing rate (“SOFR”) plus an adjustment between 0.10% and 0.25% (depending on the applicable interest period) plus a margin between 1.0% and 2.0% (depending on the Company’s net leverage ratio). The weighted average interest rate on our outstanding borrowings under the Credit Facilities was 6.7% at December 31, 2023 December 31, 2023 Contractual principal payments for the term loan are as follows: 2024 2025 2026 2027 not The Credit Facilities are secured by substantially all of the operating assets of the Company, and the Company’s obligations under the Credit Facilities are guaranteed by all of its domestic subsidiaries. The Company’s obligations under the Credit Facilities are subject to acceleration upon the occurrence of an event of default as defined in the Credit Agreement. The Credit Agreement contains customary events of default and negative covenants, including but not 1.0 not 1.0. four December 31, 2023 Debt Maturity Schedule Contractual maturities of debt (excluding interest to be accrued thereon) at December 31, 2023 2024 $ 4,688 2025 5,625 2026 6,562 2027 77,500 2028 - Thereafter - Total debt $ 94,375 |
Note 9 - Income Tax Expense (Be
Note 9 - Income Tax Expense (Benefit) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9 The components of income (loss) before income tax expense are as follows (in thousands): Years Ended December 31, 2023 2022 Domestic $ (6,585 ) $ (59,407 ) Foreign 16,354 21,372 Income (loss) before income tax expense $ 9,769 $ (38,035 ) In 2022, 2023. Aggregate income tax provisions consists of the following (in thousands): Years Ended December 31, 2023 2022 Current: Federal $ 455 $ 3,580 State and local 401 1,314 Foreign 1,776 1,399 2,632 6,293 Deferred Taxes: Deferred tax benefit (1,635 ) (12,358 ) Income tax expense (benefit) $ 997 $ (6,065 ) The significant components of the deferred income tax asset (liability) are as follows (in thousands): December 31, 2023 2022 Deferred income tax assets: Pension accruals $ 3,578 $ 3,513 Operating reserves and other accruals 6,613 7,962 Book carrying value in excess of tax basis of intangibles 1,831 2,321 Capitalized research expenses 2,547 1,704 Disallowed interest 2,167 - Deferred income tax liabilities: Book carrying value in excess of tax basis of property (3,950 ) (4,183 ) Deferred expenses (430 ) (599 ) Net deferred income tax asset (liability) $ 12,356 $ 10,718 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, 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 2.5 % 3.4 % Rate impacts due to foreign operations (12.8 %) 4.3 % Compensation related 2.1 % (0.8 %) Pension termination - (0.3 %) R&D tax credits (2.7 %) 0.7 % Impairment charge - (11.7 %) Other 0.1 % (0.7 %) Effective income tax rate 10.2 % 15.9 % The effective tax rate is the result of a variety of factors, and is primarily dependent on our jurisdictional mix of earnings across the Company’s domestic and foreign operations as well as applicable statutory tax rates, the impact of goodwill and indefinite lived intangible impairments, and unrealized gains and losses associated with share-based compensation. The Tax Cuts and Jobs Act of 2017 The 2023 not not no The TCJA imposed a U.S. tax on GILTI that is earned by certain foreign affiliates owned by a U.S. shareholder. The computation of GILTI is generally intended to impose tax on the earnings of a foreign corporation that are deemed to exceed a certain threshold return relative to the underlying business investment. In accordance with guidance issued by FASB, the Company made a policy election to treat future taxes related to GILTI as a current period expense in the reporting period in which the tax is incurred. Deferred income taxes are provided on undistributed earnings of foreign subsidiaries in the period in which the Company determines it no not December 31, 2023 Only tax positions that meet the more-likely-than- not December 31, 2023 2022 not twelve $0.8 December 31, 2023 Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, are as follows (in thousands): December 31, 2023 2022 Balance at the beginning of year $ 807 $ 801 Additions for tax positions of prior years 105 129 Reductions due to lapse of statute of limitations (116 ) (123 ) Balance at the end of year $ 796 $ 807 We accrue interest and penalties related to unrecognized tax benefits in income tax expense, and the related liability is included in other long-term liabilities in our balance sheet. During the years ended December 31, 2023 2022 no December 31, 2023 2022 We anticipate that it is reasonably possible that the total amount of unrecognized tax benefits could decrease by approximately $0.1 twelve As a global organization, we file a U.S. federal income tax return as well as income tax returns in various states, and in non U.S. jurisdictions. As of December 31, 2023 2020 2022 2017 2022 2017 2022. |
Note 10 - Benefit Plans
Note 10 - Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10 Defined Benefit Plans The Company is the sponsor of an unfunded supplemental executive retirement plan (“SERP”) which includes one December 31, 2023 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, 2023 2022 December 31, 2023 2022 Changes in benefit obligation: Benefit obligation at beginning of year $ 12,993 $ 15,523 Service cost 21 203 Interest cost 637 401 Actuarial (gain) loss 229 (3,031 ) Benefits paid (280 ) (103 ) Benefit obligation at end of year 13,600 12,993 Changes in plan assets: Employer contributions 280 103 Benefits paid (280 ) (103 ) Fair value of plan assets at end of year - - Funded status at end of year $ (13,600 ) $ (12,993 ) Amounts recognized in balance sheets: Other current liabilities $ (316 ) $ (129 ) Long-term pension liability (13,284 ) (12,864 ) Net amount recognized $ (13,600 ) $ (12,993 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 1,964 $ 1,953 Information for benefit plans with projected benefit obligation in excess of plan assets depicted as follows (in thousands): December 31, 2023 2022 Projected benefit obligation $ 13,600 $ 12,993 Fair value of plan assets - - Underfunded $ 13,600 $ 12,993 Components of net periodic benefit cost related to the SERP were as follows (in thousands): Years Ended December 31, 2023 2022 Service cost on benefits earned during the period $ 21 $ 203 Interest cost on projected benefit obligation 637 401 Recognized actuarial loss 218 1,715 Net periodic pension cost after settlements $ 876 $ 2,319 The service cost component is included in selling and administrative expenses in our statements of comprehensive income (loss) and the other components of net periodic pension cost are included in other periodic pension costs in our statements of comprehensive income (loss). The estimated net actuarial loss for the SERP that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year is $0.1 million. The following table presents the weighted-average assumptions used to determine benefit obligations as of December 31, 2023 2022 Discount Rate Long Term Rate of Return Salary Scale 2022 4.93 % N/A 3.00 % 2023 4.73 % N/A 3.00 % The following table presents the weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, 2023 2022 Discount Rate Long Term Rate of Return Salary Scale 2022 2.59 % N/A 3.00 % 2023 4.93 % N/A 3.00 % The following table includes projected benefit payments for the years indicated (in thousands): Year Projected Benefit Payments 2024 $ 324 2025 1,537 2026 977 2027 985 2028 975 2029-2033 4,733 Rabbi Trust December 31, 2023 2022 December 31, 2023 2022 In 2013, December 31, 2023 2022 December 31, 2023 2022 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, 2023 2022 |
Note 11 - Leases
Note 11 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 11 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, 2023 December 31, 2022 not The components of lease cost were as follows (in thousands): Years Ended December 31, 2023 2022 Operating lease costs $ 4,495 $ 4,027 Short-term lease costs 609 889 Total lease costs $ 5,104 $ 4,916 Cash flow and noncash information related to our operating leases were as follows (in thousands): Years Ended December 31, 2023 2022 Operating cash flows – cash paid for operating lease liabilities $ 3,368 $ 2,996 Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 13,908 $ 4,089 Other supplemental information related to our operating leases was as follows: Years Ended December 31, 2023 2022 Weighted-average remaining lease term (in years) 4.6 2.5 Weighted average discount rate 6.57 % 5.66 % Maturities of operating lease liabilities as of December 31, 2023 Operating Leases 2024 $ 4,315 2025 4,243 2026 3,994 2027 3,187 2028 2,811 Thereafter 1,680 Total lease payments 20,230 Less imputed interest 3,190 Present value of lease liabilities $ 17,040 |
Note 12 - Contingencies
Note 12 - Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 The purchase price to acquire substantially all of the assets of Sutter’s Mill Specialties, Inc. (“Sutter’s Mill”) in December 2021 2022 2024. July 2023, first 2024. May 2022 April 2025. December 31, 2023 third 2024. December 31, 2023 2022 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 13 - Share-based Compensat
Note 13 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 13 In May 2013, 2013 “2013 May 2022, 2022 “2022 2022 December 31, 2023 2022 2022 2013 No 2013 2013 Share-based compensation is recorded in selling and administrative expense in the statements of comprehensive income (loss). 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, 2023 2022 Stock options and SARs $ 1,279 $ 1,472 Restricted stock 2,560 2,598 Performance shares (52 ) 219 Total share-based compensation expense $ 3,787 $ 4,289 Related income tax benefit $ 767 $ 804 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, 2023 2022 Stock Options: Risk free interest rate 3.5% 4.9% 1.6% 3.8% Expected award life (years) 3-10 3-10 Expected volatility 46.9% 67.8% 46.8% 65.0% Expected dividend yield 4.7% 7.1% 2.4% 5.6% Weighted average fair value per share at grant date $ 4.14 $ 5.39 SARs: Risk free interest rate 4.0 % 1.6% - 3.8% Expected award life (years) 3 3-4 Expected volatility 67.8 % 61.6% - 64.8% Expected dividend yield 4.7 % 2.4% - 5.6% Weighted average fair value per share at grant date $ 4.58 $ 6.34 All stock options and SARs granted prior to August 3, 2018 one three five ten 2013 2022 A summary of stock option transactions during the year ended December 31, 2023 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2023 962,775 $ 15.89 3.26 $ 301 Granted 200,091 11.37 Exercised (28,728 ) 9.55 Lapsed or cancelled (180,962) 17.99 Outstanding, December 31, 2023 953,176 14.73 2.80 1,718 Exercisable, December 31, 2023 501,610 16.18 1.63 813 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, 2023 2022 December 31, 2023 2022 No December 31, 2023 2022 December 31, 2023 2022 December 31, 2023 A summary of stock-settled SARs transactions during the year ended December 31, 2023 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2023 320,385 $ 15.23 2.23 $ 69 Granted 51,209 12.04 Exercised (41,226 ) 9.83 Lapsed or cancelled (37,860 ) 23.62 Outstanding, December 31, 2023 292,508 14.35 2.07 506 Exercisable, December 31, 2023 184,245 14.29 1.10 361 SARs exercised during the years ended December 31, 2023 2022 No December 31, 2023 2022 December 31, 2023 one Restricted Stock three five 2013 2022 A summary of restricted stock transactions during the year ended December 31, 2023 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2023 372,470 $ 20.45 Granted 155,213 11.53 Vested (99,317 ) 16.46 Forfeited - - Outstanding, December 31, 2023 428,366 18.14 As of December 31, 2023 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 2022 A summary of performance share transactions during the year ended December 31, 2023 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2023 199,451 $ 20.57 Granted 94,028 12.56 Vested (4,558 ) 20.54 Forfeited (5,400 ) 9.48 Outstanding, December 31, 2023 283,521 18.13 As of December 31, 2023 |
Note 14 - Net Income (Loss) Per
Note 14 - Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14 The Company’s basic net income (loss) per share is computed based on the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) 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 (loss) per share for the years ended December 31, 2023 2022 Years Ended December 31, 2023 2022 Net income (loss) used in the computation of basic and diluted net income per share (in thousands) $ 8,772 $ (31,970 ) Weighted average shares outstanding - basic 15,968,199 15,764,859 Dilutive common stock equivalents 191,109 - Weighted average shares outstanding - diluted 16,159,308 15,764,859 Net income (loss) per share: Basic $ 0.55 $ (2.03 ) Diluted $ 0.54 $ (2.03 ) Diluted weighted average shares outstanding excludes shares of common stock of 400,381 for the year ended December 31, 2022 Awards to purchase 1,113,935 and 687,117 shares of common stock with weighted average exercise prices of $15.95 and $21.06, were outstanding during the years ended December 31, 2023 2022 not |
Note 15 - Net Sales
Note 15 - Net Sales | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 15 For our Branded Products and Healthcare Apparel segments, revenue is primarily generated from the sale of finished products to customers. Revenues for our Branded Products and Healthcare Apparel segments are 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 Contact Centers segment, revenue is generated from providing our customers with contact center services. Revenue for our Contact Centers 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 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, 2023 2022 Branded Products Segment: Branded products $ 342,456 $ 381,363 Personal protective equipment 224 6,568 Total Branded Products Segment $ 342,680 $ 387,931 Healthcare Apparel Segment: Healthcare apparel $ 110,871 $ 110,505 Personal protective equipment 3,007 2,816 Total Healthcare Apparel Segment $ 113,878 $ 113,321 Contact Centers Segment: Contact centers services $ 91,500 $ 84,218 Net intersegment eliminations (4,756 ) (6,639 ) Total Contact Centers Segment $ 86,744 $ 77,579 Consolidated Net Sales $ 543,302 $ 578,831 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, 2023 2022 Accounts receivable $ 103,494 $ 104,813 Current contract assets 48,715 52,980 Current contract liabilities 5,346 2,213 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, 2022 December 31, 2023 December 31, 2023 December 31, 2022 |
Note 16 - Stock Repurchase Plan
Note 16 - Stock Repurchase Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 16 – Stock Repurchase Plan: On May 2, 2019, no not December 31, 2023 2022 December 31, 2023 |
Note 17 - Operating Segment Inf
Note 17 - Operating Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17 The Company manages and reports the following segments: Branded Products segment: Healthcare Apparel segment: third Contact Centers: Intersegment eliminations include the elimination of revenues and costs from services provided by the Contact Centers segment to the Company’s two not No 10% 2023 2022 During the fourth 2023, not The following tables set forth financial information related to the Company’s operating segments (in thousands): Branded Products Healthcare Apparel Contact Centers Intersegment Eliminations Other Total As of and For the Year Ended December 31, 2023: Net sales $ 342,680 $ 113,878 $ 91,500 $ (4,756 ) $ - $ 543,302 Segment Adjusted EBITDA 33,146 7,997 12,408 - (20,069 ) $ 33,482 Supplemental information: Depreciation and amortization $ 6,744 $ 3,925 $ 2,942 $ - $ 384 $ 13,995 Capital expenditures $ 2,550 $ 960 $ 1,392 $ - $ 61 $ 4,963 Total assets $ 218,018 $ 131,168 $ 40,941 $ - $ 32,323 $ 422,450 Branded Products Healthcare Apparel Contact Centers Intersegment Eliminations Other Total As of and For the Year Ended December 31, 2022: Net sales $ 387,931 $ 113,321 $ 84,218 $ (6,639 ) $ - $ 578,831 Segment Adjusted EBITDA 31,144 (2,747 ) 18,521 - (18,991 ) 27,927 Supplemental information: Depreciation and amortization $ 6,465 $ 3,946 $ 2,373 $ - $ 220 $ 13,004 Capital expenditures $ 4,643 $ 1,169 $ 4,876 $ - $ 330 $ 11,018 Total assets $ 224,116 $ 150,335 $ 43,368 $ - $ 39,122 $ 456,941 The following table reconciles total Segment Adjusted EBITDA to income (loss) before income tax expense: Years Ended December 31, 2023 2022 Income (loss) before income tax expense $ 9,769 $ (38,035 ) Interest expense 9,718 4,894 Depreciation and amortization 13,995 13,004 Goodwill impairment charge - 45,918 Intangible assets impairment charge - 5,581 Gain on sale of property, plant and equipment - (3,435 ) Segment Adjusted EBITDA $ 33,482 $ 27,927 |
Note 18 - Acquisition of Busine
Note 18 - Acquisition of Businesses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 18 : Guardian Products, Inc. On May 1, 2022, one three April 2025. three Fair Value of Consideration Transferred A summary of the purchase price is as follows (in thousands): Cash consideration $ 11,077 Restricted shares of Superior common stock issued 2,000 Contingent consideration 1,119 Total Consideration $ 14,196 Assets Acquired and Liabilities Assumed The following table presents the allocation of the total fair value of consideration transferred, as shown above, to the acquired tangible and intangible assets and liabilities of Guardian based on their estimated fair values as of the effective date of the transaction (in thousands): Accounts receivable $ 1,656 Inventories 621 Prepaid expenses and other current assets 272 Property, plant and equipment 15 Intangible assets 5,886 Goodwill 6,463 Total assets $ 14,913 Accounts payable 533 Other current liabilities 184 Total liabilities $ 717 The Company recorded $5.9 million in identifiable intangibles at fair value, consisting of $5.0 million in acquired customer relationships, $0.2 million for a non-compete agreement and $0.7 million for the Guardian Products trade name. The intangible assets associated with the customer relationships are being amortized for seven five two 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 Guardian was treated as an asset purchase for income tax purpose, and therefore, the resulting goodwill from this acquisition is deductible for U.S. income tax purposes. The goodwill associated with the Guardian acquisition was fully impaired during the year ended December 31, 2022 third 2022, Note 6 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information During the quarter ended December 31, 2023 no 408 |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 (loss),” “balance sheets,” “statements of shareholders’ equity,” and “statements of cash flows” herein. |
Segment Reporting, Policy [Policy Text Block] | Reportable Segments Beginning in the second 2022, not no Note 6 |
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 15 |
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 |
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 Branded Products segment and our Healthcare Apparel 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 Contact Centers 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 recorded in cost of goods sold. The cost of occupancy and operating the Company’s distribution centers are included in selling and administrative expenses. |
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. Major renewals and improvements are capitalized, while replacements, maintenance and repairs which do not 31, 2022, 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 Leasehold improvements are depreciated over the terms of the leases to the extent that such improvements have useful lives of at least the terms of the respective leases. |
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 no December 31, 2023 2022 |
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. An entity has the option to first not 50% not not three In conjunction with the re-segmentation during the second 2022, third 2022, December 31, 2022. December 31, 2022, no In conjunction with the Company’s realignment of its reportable segments during the second 2022, no December 31, 2022. For the year ended December 31, 2023, December 31, 2023 2022 |
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. Recognition of any changes in fair value are included in selling and administrative expenses in our statements of comprehensive income (loss). |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | SERP The Company is the sponsor of an unfunded supplemental executive retirement plan (“SERP”) which includes one |
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 asset and 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 9 |
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 (loss) Comprehensive income (loss) includes net income (loss) and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income (loss) consists of defined benefit pension plans activities, cash flow hedging activities and foreign currency translation adjustment. The related tax effects of these items are recorded in income tax expense (benefit) within the statements of comprehensive income (loss), upon reclassification from accumulated other comprehensive income (loss), net of tax. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translations and Transactions Assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current rate of exchange on the last day of the reporting period. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in net foreign currency translation adjustment, a component of accumulated other comprehensive income (loss), net of tax. Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency are remeasured from the applicable currency to the reporting entity’s functional currency. Gains or losses resulting from transactions denominated in other currencies are recognized in net income (loss) each period. The majority of the Company’s transactions are settled in U.S. dollars. |
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, 2023 2022 no 10 December 31, 2023 2022 five none 10% 2023 no 10% 2023 Principal raw materials used to manufacture the Company’s finished goods include cotton, polyester, spandex, cotton-synthetic, poly-synthetic blends, textiles, plastic, glass, fabric and metal. The majority of such fabrics are sourced in China, either directly by us or our 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 |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | Written Put Options During the second 2022, twenty-four December 31, 2023 480, December 31, 2023 2022 31, 2023 2022 December 31, 2023 |
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, 2023 2022 |
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 Issued Accounting Pronouncements Not In November 2023, 2023 07, "Segment Reporting (Topic 280 December 15, 2023, December 15, 2024. not In December 2023, 2023 09, "Income Taxes (Topic 740 December 15, 2024. not not |
Note 1 - Description of Busin_2
Note 1 - Description of Business, Basis of Presentation and Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 |
Note 2 - Allowance for Doubtf_2
Note 2 - Allowance for Doubtful Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Years Ended December 31, 2023 2022 Balance at the beginning of year $ 7,622 $ 6,393 Provision for bad debts 539 2,891 Charge-offs (3,924 ) (1,686 ) Recoveries - 24 Balance at the end of year $ 4,237 $ 7,622 |
Note 3 - Reserve for Sales Re_2
Note 3 - Reserve for Sales Returns and Allowances (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Reserve for Sales Returns and Allowances [Table Text Block] | Years Ended December 31, 2023 2022 Balance at the beginning of year $ 2,090 $ 2,636 Provision for returns and allowances 4,678 4,512 Actual returns and allowances paid to customers (5,360 ) (5,058 ) Balance at the end of year $ 1,408 $ 2,090 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2023 2022 Finished goods $ 72,370 $ 94,228 Work in process 671 401 Raw materials 25,026 30,347 Inventories $ 98,067 $ 124,976 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 Land $ 2,494 $ 2,494 Buildings, improvements and leaseholds 16,929 18,652 Machinery, equipment and fixtures 98,590 101,419 118,013 122,565 Accumulated depreciation (71,123 ) (71,173 ) Property, plant and equipment, net $ 46,890 $ 51,392 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Branded Products Healthcare Apparel Total As of January 1, 2022: Gross goodwill $ 19,111 $ 20,323 $ 39,434 Accumulated impairment losses - - - Net goodwill $ 19,111 $ - $ 39,434 Additions $ 6,463 $ - $ 6,463 Impairment charge (25,595 ) (20,323 ) (45,918 ) Foreign currency translation 21 - 21 Net goodwill, December 31, 2022 $ - $ - $ - As of December 31, 2022: Gross goodwill $ 25,595 $ 20,323 $ 45,918 Accumulated impairment losses (25,595 ) (20,323 ) (45,918 ) Net goodwill $ - $ - $ - |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Indefinite-lived Intangible Assets Segment Carrying Amount, December 31, 2021 Impairment Charges Carrying Amount, December 31, 2022 Carrying Amount, December 31, 2023 Trade names: HPI Branded Products $ 4,700 $ - $ 4,700 $ 4,700 BAMKO Branded Products 8,900 - 8,900 8,900 Public Identity Branded Products 470 (470 ) - - Tangerine Branded Products 3,200 (3,200 ) - - Gifts By Design Branded Products 1,170 (1,170 ) - - Sutter’s Mill Branded Products 741 (741 ) - - CID Resources(1) Healthcare Apparel 14,160 - 14,160 14,160 Total $ 33,341 $ (5,581 ) $ 27,760 $ 27,760 |
Schedule of Finite-lived and Indefinite-Lived Intangible Assets [Table Text Block] | December 31, 2023 December 31, 2022 Item Weighted Average Life (In years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer relationships (7-15 year life) 11.7 $ 50,198 $ (27,417 ) $ 50,198 $ (23,330 ) Non-compete agreements (3-7 year life) 5.4 1,712 (1,507 ) 1,712 (1,367 ) Trademarks 10.0 414 (118 ) 379 (72 ) Trade names 2.0 710 (592 ) 710 (237 ) Total $ 53,034 $ (29,634 ) $ 52,999 $ (25,006 ) Indefinite-lived intangible assets: Trade names $ 27,760 $ 27,760 Total intangible assets $ 80,794 $ (29,634 ) $ 80,759 $ (25,006 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 $ 3,719 2025 3,069 2026 3,061 2027 3,020 2028 2,671 Thereafter 7,860 Total $ 23,400 |
Note 7 - Other Current Liabil_2
Note 7 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2023 2022 Salaries, wages, commissions and other compensation $ 14,599 $ 14,316 Contract liabilities 5,346 2,213 Accrued rebates 1,409 2,090 Current operating lease liabilities 4,231 3,135 Written put options 1,754 2,032 Other accrued expenses 16,639 14,860 Other current liabilities $ 43,978 $ 38,646 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2023 2022 Credit Facilities: Revolving credit facility due August 2027 $ 25,000 $ 83,000 Term loan due August 2027 69,375 73,125 $ 94,375 $ 156,125 Less: Payments due within one year included in current liabilities 4,688 3,750 Debt issuance costs 898 808 Long-term debt less current maturities $ 88,789 $ 151,567 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2024 $ 4,688 2025 5,625 2026 6,562 2027 77,500 2028 - Thereafter - Total debt $ 94,375 |
Note 9 - Income Tax Expense (_2
Note 9 - Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2023 2022 Domestic $ (6,585 ) $ (59,407 ) Foreign 16,354 21,372 Income (loss) before income tax expense $ 9,769 $ (38,035 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2023 2022 Current: Federal $ 455 $ 3,580 State and local 401 1,314 Foreign 1,776 1,399 2,632 6,293 Deferred Taxes: Deferred tax benefit (1,635 ) (12,358 ) Income tax expense (benefit) $ 997 $ (6,065 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred income tax assets: Pension accruals $ 3,578 $ 3,513 Operating reserves and other accruals 6,613 7,962 Book carrying value in excess of tax basis of intangibles 1,831 2,321 Capitalized research expenses 2,547 1,704 Disallowed interest 2,167 - Deferred income tax liabilities: Book carrying value in excess of tax basis of property (3,950 ) (4,183 ) Deferred expenses (430 ) (599 ) Net deferred income tax asset (liability) $ 12,356 $ 10,718 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 2.5 % 3.4 % Rate impacts due to foreign operations (12.8 %) 4.3 % Compensation related 2.1 % (0.8 %) Pension termination - (0.3 %) R&D tax credits (2.7 %) 0.7 % Impairment charge - (11.7 %) Other 0.1 % (0.7 %) Effective income tax rate 10.2 % 15.9 % |
Summary of Income Tax Contingencies [Table Text Block] | December 31, 2023 2022 Balance at the beginning of year $ 807 $ 801 Additions for tax positions of prior years 105 129 Reductions due to lapse of statute of limitations (116 ) (123 ) Balance at the end of year $ 796 $ 807 |
Note 10 - Benefit Plans (Tables
Note 10 - Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | December 31, 2023 2022 Changes in benefit obligation: Benefit obligation at beginning of year $ 12,993 $ 15,523 Service cost 21 203 Interest cost 637 401 Actuarial (gain) loss 229 (3,031 ) Benefits paid (280 ) (103 ) Benefit obligation at end of year 13,600 12,993 Changes in plan assets: Employer contributions 280 103 Benefits paid (280 ) (103 ) Fair value of plan assets at end of year - - Funded status at end of year $ (13,600 ) $ (12,993 ) Amounts recognized in balance sheets: Other current liabilities $ (316 ) $ (129 ) Long-term pension liability (13,284 ) (12,864 ) Net amount recognized $ (13,600 ) $ (12,993 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 1,964 $ 1,953 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | December 31, 2023 2022 Projected benefit obligation $ 13,600 $ 12,993 Fair value of plan assets - - Underfunded $ 13,600 $ 12,993 |
Schedule of Net Benefit Costs [Table Text Block] | Years Ended December 31, 2023 2022 Service cost on benefits earned during the period $ 21 $ 203 Interest cost on projected benefit obligation 637 401 Recognized actuarial loss 218 1,715 Net periodic pension cost after settlements $ 876 $ 2,319 |
Defined Benefit Plan, Assumptions [Table Text Block] | Discount Rate Long Term Rate of Return Salary Scale 2022 4.93 % N/A 3.00 % 2023 4.73 % N/A 3.00 % Discount Rate Long Term Rate of Return Salary Scale 2022 2.59 % N/A 3.00 % 2023 4.93 % N/A 3.00 % |
Schedule of Expected Benefit Payments [Table Text Block] | Year Projected Benefit Payments 2024 $ 324 2025 1,537 2026 977 2027 985 2028 975 2029-2033 4,733 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years Ended December 31, 2023 2022 Operating lease costs $ 4,495 $ 4,027 Short-term lease costs 609 889 Total lease costs $ 5,104 $ 4,916 Years Ended December 31, 2023 2022 Operating cash flows – cash paid for operating lease liabilities $ 3,368 $ 2,996 Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 13,908 $ 4,089 Years Ended December 31, 2023 2022 Weighted-average remaining lease term (in years) 4.6 2.5 Weighted average discount rate 6.57 % 5.66 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Leases 2024 $ 4,315 2025 4,243 2026 3,994 2027 3,187 2028 2,811 Thereafter 1,680 Total lease payments 20,230 Less imputed interest 3,190 Present value of lease liabilities $ 17,040 |
Note 13 - Share-based Compens_2
Note 13 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended December 31, 2023 2022 Stock options and SARs $ 1,279 $ 1,472 Restricted stock 2,560 2,598 Performance shares (52 ) 219 Total share-based compensation expense $ 3,787 $ 4,289 Related income tax benefit $ 767 $ 804 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2023 2022 Stock Options: Risk free interest rate 3.5% 4.9% 1.6% 3.8% Expected award life (years) 3-10 3-10 Expected volatility 46.9% 67.8% 46.8% 65.0% Expected dividend yield 4.7% 7.1% 2.4% 5.6% Weighted average fair value per share at grant date $ 4.14 $ 5.39 SARs: Risk free interest rate 4.0 % 1.6% - 3.8% Expected award life (years) 3 3-4 Expected volatility 67.8 % 61.6% - 64.8% Expected dividend yield 4.7 % 2.4% - 5.6% Weighted average fair value per share at grant date $ 4.58 $ 6.34 |
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, 2023 962,775 $ 15.89 3.26 $ 301 Granted 200,091 11.37 Exercised (28,728 ) 9.55 Lapsed or cancelled (180,962) 17.99 Outstanding, December 31, 2023 953,176 14.73 2.80 1,718 Exercisable, December 31, 2023 501,610 16.18 1.63 813 |
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, 2023 320,385 $ 15.23 2.23 $ 69 Granted 51,209 12.04 Exercised (41,226 ) 9.83 Lapsed or cancelled (37,860 ) 23.62 Outstanding, December 31, 2023 292,508 14.35 2.07 506 Exercisable, December 31, 2023 184,245 14.29 1.10 361 |
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, 2023 372,470 $ 20.45 Granted 155,213 11.53 Vested (99,317 ) 16.46 Forfeited - - Outstanding, December 31, 2023 428,366 18.14 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2023 199,451 $ 20.57 Granted 94,028 12.56 Vested (4,558 ) 20.54 Forfeited (5,400 ) 9.48 Outstanding, December 31, 2023 283,521 18.13 |
Note 14 - Net Income (Loss) P_2
Note 14 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2023 2022 Net income (loss) used in the computation of basic and diluted net income per share (in thousands) $ 8,772 $ (31,970 ) Weighted average shares outstanding - basic 15,968,199 15,764,859 Dilutive common stock equivalents 191,109 - Weighted average shares outstanding - diluted 16,159,308 15,764,859 Net income (loss) per share: Basic $ 0.55 $ (2.03 ) Diluted $ 0.54 $ (2.03 ) |
Note 15 - Net Sales (Tables)
Note 15 - Net Sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years Ended December 31, 2023 2022 Branded Products Segment: Branded products $ 342,456 $ 381,363 Personal protective equipment 224 6,568 Total Branded Products Segment $ 342,680 $ 387,931 Healthcare Apparel Segment: Healthcare apparel $ 110,871 $ 110,505 Personal protective equipment 3,007 2,816 Total Healthcare Apparel Segment $ 113,878 $ 113,321 Contact Centers Segment: Contact centers services $ 91,500 $ 84,218 Net intersegment eliminations (4,756 ) (6,639 ) Total Contact Centers Segment $ 86,744 $ 77,579 Consolidated Net Sales $ 543,302 $ 578,831 |
Schedule of Accounts Receivables and Contract Assets [Table Text Block] | December 31, 2023 2022 Accounts receivable $ 103,494 $ 104,813 Current contract assets 48,715 52,980 Current contract liabilities 5,346 2,213 |
Note 17 - Operating Segment I_2
Note 17 - Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Branded Products Healthcare Apparel Contact Centers Intersegment Eliminations Other Total As of and For the Year Ended December 31, 2023: Net sales $ 342,680 $ 113,878 $ 91,500 $ (4,756 ) $ - $ 543,302 Segment Adjusted EBITDA 33,146 7,997 12,408 - (20,069 ) $ 33,482 Supplemental information: Depreciation and amortization $ 6,744 $ 3,925 $ 2,942 $ - $ 384 $ 13,995 Capital expenditures $ 2,550 $ 960 $ 1,392 $ - $ 61 $ 4,963 Total assets $ 218,018 $ 131,168 $ 40,941 $ - $ 32,323 $ 422,450 Branded Products Healthcare Apparel Contact Centers Intersegment Eliminations Other Total As of and For the Year Ended December 31, 2022: Net sales $ 387,931 $ 113,321 $ 84,218 $ (6,639 ) $ - $ 578,831 Segment Adjusted EBITDA 31,144 (2,747 ) 18,521 - (18,991 ) 27,927 Supplemental information: Depreciation and amortization $ 6,465 $ 3,946 $ 2,373 $ - $ 220 $ 13,004 Capital expenditures $ 4,643 $ 1,169 $ 4,876 $ - $ 330 $ 11,018 Total assets $ 224,116 $ 150,335 $ 43,368 $ - $ 39,122 $ 456,941 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Years Ended December 31, 2023 2022 Income (loss) before income tax expense $ 9,769 $ (38,035 ) Interest expense 9,718 4,894 Depreciation and amortization 13,995 13,004 Goodwill impairment charge - 45,918 Intangible assets impairment charge - 5,581 Gain on sale of property, plant and equipment - (3,435 ) Segment Adjusted EBITDA $ 33,482 $ 27,927 |
Note 18 - Acquisition of Busi_2
Note 18 - Acquisition of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration $ 11,077 Restricted shares of Superior common stock issued 2,000 Contingent consideration 1,119 Total Consideration $ 14,196 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 1,656 Inventories 621 Prepaid expenses and other current assets 272 Property, plant and equipment 15 Intangible assets 5,886 Goodwill 6,463 Total assets $ 14,913 Accounts payable 533 Other current liabilities 184 Total liabilities $ 717 |
Note 1 - Description of Busin_3
Note 1 - Description of Business, Basis of Presentation and Summary of Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 0 | $ 4,795 | ||
Gain (Loss) on Disposition of Assets | 3,400 | |||
Goodwill, Impairment Loss | 0 | 45,918 | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 0 | 5,581 | ||
Unrealized Gain (Loss) on Derivatives | $ (489) | 1,565 | ||
Options Held [Member] | ||||
Derivative, Underlying Investment, Shares (in shares) | 132,924 | 207,970 | ||
Derivative, Underlying Investment, Fair Value | $ 1,800 | 2,000 | $ 3,600 | |
Open Option Contracts, Expiration Period (Month) | 24 months | |||
Derivative, Underlying Investment, Shares, Expirations in Period (in shares) | 75,046 | |||
Increase (Decrease) in Derivative Liabilities | $ 800 | |||
Unrealized Gain (Loss) on Derivatives | (500) | 1,600 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Largest [Member] | ||||
Accounts Receivable, after Allowance for Credit Loss | $ 17,900 | $ 21,400 | ||
Concentration Risk, Percentage | 17% | 20% | ||
Branded Products Segment [Member] | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 13,600 | |||
Healthcare Apparel Segment [Member] | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 14,200 | |||
Trade Names 1 [Member] | ||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 5,581 | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 27,760 | $ 27,760 | $ 33,341 |
Note 1 - Description of Busin_4
Note 1 - Description of Business, Basis of Presentation and Summary of Accounting Policies - Property, Plant and Equipment (Details) | Dec. 31, 2023 |
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 |
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, 2023 | Dec. 31, 2022 | |
Balance at the beginning of year | $ 7,622 | $ 6,393 |
Provision for bad debts - accounts receivable | 539 | 2,891 |
Charge-offs | (3,924) | (1,686) |
Recoveries | 0 | 24 |
Balance at the end of year | $ 4,237 | $ 7,622 |
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, 2023 | Dec. 31, 2022 | |
Balance at the beginning of year | $ 2,090 | $ 2,636 |
Provision for returns and allowances | 4,678 | 4,512 |
Actual returns and allowances paid to customers | (5,360) | (5,058) |
Balance at the end of year | $ 1,408 | $ 2,090 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finished goods | $ 72,370 | $ 94,228 |
Work in process | 671 | 401 |
Raw materials | 25,026 | 30,347 |
Inventories | $ 98,067 | $ 124,976 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation, Depletion and Amortization, Nonproduction | $ 13,995 | $ 13,004 |
Property, Plant and Equipment [Member] | ||
Depreciation, Depletion and Amortization, Nonproduction | $ 9,400 | $ 7,900 |
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, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 118,013 | $ 122,565 |
Accumulated depreciation | (71,123) | (71,173) |
Property, plant and equipment, net | 46,890 | 51,392 |
Land [Member] | ||
Property, plant and equipment, gross | 2,494 | 2,494 |
Buildings Improvements and Leaseholds [Member] | ||
Property, plant and equipment, gross | 16,929 | 18,652 |
Machinery, Equipment and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 98,590 | $ 101,419 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill, Impairment Loss | $ 0 | $ 45,918 |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 0 | 5,581 |
Amortization of Intangible Assets | 4,600 | 5,100 |
Uniforms and Related Products [Member] | ||
Goodwill, Impairment Loss | $ 45,900 | |
Branded Products [Member] | ||
Goodwill, Impairment Loss | 25,595 | |
Branded Products [Member] | Trade Names [Member] | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 5,600 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Summary of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Gross goodwill | $ 45,918 | $ 39,434 | |
Accumulated impairment losses | (45,918) | 0 | |
Net goodwill | $ 0 | 39,434 | |
Additions | 6,463 | ||
Impairment charge | 0 | (45,918) | |
Foreign currency translation | 21 | ||
Net goodwill | 0 | ||
Branded Products [Member] | |||
Gross goodwill | 25,595 | 19,111 | |
Accumulated impairment losses | (25,595) | 0 | |
Net goodwill | 0 | 19,111 | |
Additions | 6,463 | ||
Impairment charge | (25,595) | ||
Foreign currency translation | 21 | ||
Net goodwill | 0 | ||
Healthcare Apparel [Member] | |||
Gross goodwill | 20,323 | 20,323 | |
Accumulated impairment losses | (20,323) | $ 0 | |
Net goodwill | $ 0 | 0 | |
Additions | 0 | ||
Impairment charge | (20,323) | ||
Foreign currency translation | 0 | ||
Net goodwill | $ 0 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Summary of Indefinite-lived Trade Names (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Indefinite-lived Intangible Assets, impairment charges | $ 0 | $ (5,581) | |
HPI Trade Name [Member] | Branded Products [Member] | |||
Indefinite-lived Intangible Assets, carrying amount | 4,700 | 4,700 | |
Indefinite-lived Intangible Assets, impairment charges | 0 | ||
Indefinite-lived Intangible Assets, carrying amount | 4,700 | 4,700 | |
BAMKO Trade Name [Member] | Branded Products [Member] | |||
Indefinite-lived Intangible Assets, carrying amount | 8,900 | 8,900 | |
Indefinite-lived Intangible Assets, impairment charges | 0 | ||
Indefinite-lived Intangible Assets, carrying amount | 8,900 | 8,900 | |
Public Identity Trade Name [Member] | Branded Products [Member] | |||
Indefinite-lived Intangible Assets, carrying amount | 0 | 470 | |
Indefinite-lived Intangible Assets, impairment charges | (470) | ||
Indefinite-lived Intangible Assets, carrying amount | 0 | 0 | |
Tangerine Trade Name [Member] | Branded Products [Member] | |||
Indefinite-lived Intangible Assets, carrying amount | 0 | 3,200 | |
Indefinite-lived Intangible Assets, impairment charges | (3,200) | ||
Indefinite-lived Intangible Assets, carrying amount | 0 | 0 | |
Gifts By Design Trade Name [Member] | Branded Products [Member] | |||
Indefinite-lived Intangible Assets, carrying amount | 0 | 1,170 | |
Indefinite-lived Intangible Assets, impairment charges | (1,170) | ||
Indefinite-lived Intangible Assets, carrying amount | 0 | 0 | |
Sutter's Mill Trade Name [Member] | Branded Products [Member] | |||
Indefinite-lived Intangible Assets, carrying amount | 0 | 741 | |
Indefinite-lived Intangible Assets, impairment charges | (741) | ||
Indefinite-lived Intangible Assets, carrying amount | 0 | 0 | |
CID Resources Trade Name [Member] | Healthcare Apparel [Member] | |||
Indefinite-lived Intangible Assets, carrying amount | [1] | 14,160 | 14,160 |
Indefinite-lived Intangible Assets, impairment charges | [1] | 0 | |
Indefinite-lived Intangible Assets, carrying amount | [1] | 14,160 | 14,160 |
Trade Names 1 [Member] | |||
Indefinite-lived Intangible Assets, carrying amount | 27,760 | 33,341 | |
Indefinite-lived Intangible Assets, impairment charges | (5,581) | ||
Indefinite-lived Intangible Assets, carrying amount | $ 27,760 | $ 27,760 | |
[1]Includes trade names and trademarks associated with CID Resources, Wink™ and Zoey and Chloe. |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Definite-lived intangible assets, gross | $ 53,034 | $ 52,999 | |
Definite-lived intangible assets, accumulated amortization | (29,634) | (25,006) | |
Total intangible assets, gross | 80,794 | 80,759 | |
Trade Names 1 [Member] | |||
Trade names | $ 27,760 | 27,760 | $ 33,341 |
Customer Relationships [Member] | |||
Weighted average life (Year) | 11 years 8 months 12 days | ||
Definite-lived intangible assets, gross | $ 50,198 | 50,198 | |
Definite-lived intangible assets, accumulated amortization | $ (27,417) | (23,330) | |
Noncompete Agreements [Member] | |||
Weighted average life (Year) | 5 years 4 months 24 days | ||
Definite-lived intangible assets, gross | $ 1,712 | 1,712 | |
Definite-lived intangible assets, accumulated amortization | $ (1,507) | (1,367) | |
Trademarks [Member] | |||
Weighted average life (Year) | 10 years | ||
Definite-lived intangible assets, gross | $ 414 | 379 | |
Definite-lived intangible assets, accumulated amortization | $ (118) | (72) | |
Trade Names [Member] | |||
Weighted average life (Year) | 2 years | ||
Definite-lived intangible assets, gross | $ 710 | 710 | |
Definite-lived intangible assets, accumulated amortization | $ (592) | $ (237) |
Note 6 - Goodwill and Intangi_7
Note 6 - Goodwill and Intangible Assets - Schedule of Estimated Future Intangible Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 3,719 |
2025 | 3,069 |
2026 | 3,061 |
2027 | 3,020 |
2028 | 2,671 |
Thereafter | 7,860 |
Total | $ 23,400 |
Note 7 - Other Current Liabil_3
Note 7 - Other Current Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Salaries, wages, commissions and other compensation | $ 14,599 | $ 14,316 |
Contract liabilities | 5,346 | 2,213 |
Accrued rebates | 1,409 | 2,090 |
Other accrued expenses | 16,639 | 14,860 |
Other current liabilities | 43,978 | 38,646 |
Options Held [Member] | ||
Written put options | 1,754 | 2,032 |
Other Current Liabilities [Member] | ||
Current operating lease liabilities | $ 4,231 | $ 3,135 |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) $ in Thousands | Aug. 23, 2022 USD ($) | Dec. 31, 2023 USD ($) |
Long-Term Debt, Maturity, Year One | $ 4,688 | |
Long-Term Debt, Maturity, Year Two | 5,625 | |
Long-Term Debt, Maturity, Year Three | 6,562 | |
Long-Term Debt, Maturity, Year Four | $ 77,500 | |
Credit Agreement [Member] | ||
Debt Instrument Covenant Fixed Charge Coverage Ratio | 1.25 | |
Debt Instrument Covenant, Net Leverage Ratio | 4 | |
Credit Agreement [Member] | PNC Bank [Member] | ||
Line of Credit Facility, Additional Capacity Available | $ 75,000 | |
Debt, Weighted Average Interest Rate | 6.70% | |
Credit Agreement [Member] | PNC Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |
Credit Agreement [Member] | PNC Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
Credit Agreement [Member] | PNC Bank [Member] | Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1% | |
Credit Agreement [Member] | PNC Bank [Member] | Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2% | |
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||
Letters of Credit Outstanding, Amount | $ 0 | |
Credit Agreement [Member] | Revolving Credit Facility [Member] | PNC Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | |
Long-Term Debt, Maturity, Year One | 4,600 | |
Long-Term Debt, Maturity, Year Two | 5,600 | |
Long-Term Debt, Maturity, Year Three | 6,600 | |
Long-Term Debt, Maturity, Year Four | $ 52,500 | |
Credit Agreement [Member] | Revolving Credit Facility [Member] | PNC Bank [Member] | Minimum [Member] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | |
Credit Agreement [Member] | Revolving Credit Facility [Member] | PNC Bank [Member] | Maximum [Member] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Credit Agreement [Member] | Term Loan [Member] | PNC Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 |
Note 8 - Long-term Debt - Long-
Note 8 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term debt, gross | $ 94,375 | $ 156,125 |
Payments due within one year included in current liabilities | 4,688 | 3,750 |
Debt issuance costs | 898 | 808 |
Long-term debt less current maturities | 88,789 | 151,567 |
PNC Bank [Member] | Revolving Credit Facility [Member] | ||
Long-term debt, gross | 25,000 | 83,000 |
BB&T [Member] | Term Loan Maturing May 2020 [Member] | ||
Long-term debt, gross | $ 69,375 | $ 73,125 |
Note 8 - Long-term Debt - Contr
Note 8 - Long-term Debt - Contractual Maturities of Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Long-Term Debt, Maturity, Year One | $ 4,688 |
Long-Term Debt, Maturity, Year Two | 5,625 |
Long-Term Debt, Maturity, Year Three | 6,562 |
Long-Term Debt, Maturity, Year Four | 77,500 |
2028 | 0 |
Thereafter | 0 |
Total debt | $ 94,375 |
Note 9 - Income Tax Expense (_3
Note 9 - Income Tax Expense (Benefit) (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 9,769 | $ (38,035) |
Goodwill and Intangible Asset Impairment | 51,500 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 300 | 200 |
Other Noncurrent Liabilities [Member] | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 800 | $ 800 |
Note 9 - Income Tax Expense (_4
Note 9 - Income Tax Expense (Benefit) - Schedule of Components of Income (Loss) Before Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Domestic | $ (6,585) | $ (59,407) |
Foreign | 16,354 | 21,372 |
Income (loss) before income tax expense | $ 9,769 | $ (38,035) |
Note 9 - Income Tax Expense (_5
Note 9 - Income Tax Expense (Benefit)- Income Tax Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal | $ 455 | $ 3,580 |
State and local | 401 | 1,314 |
Foreign | 1,776 | 1,399 |
Current Income Tax Expense (Benefit) | 2,632 | 6,293 |
Deferred tax benefit | (1,635) | (12,358) |
Income tax expense (benefit) | $ 997 | $ (6,065) |
Note 9 - Income Tax Expense (_6
Note 9 - Income Tax Expense (Benefit) - Deferred Income Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension accruals | $ 3,578 | $ 3,513 |
Operating reserves and other accruals | 6,613 | 7,962 |
Book carrying value in excess of tax basis of intangibles | 1,831 | 2,321 |
Capitalized research expenses | (2,547) | (1,704) |
Disallowed interest | 2,167 | 0 |
Book carrying value in excess of tax basis of property | (3,950) | (4,183) |
Deferred expenses | (430) | (599) |
Net deferred income tax asset | $ 12,356 | $ 10,718 |
Note 9 - Income Tax Expense (_7
Note 9 - Income Tax Expense (Benefit) - Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statutory federal income tax rate | 21% | 21% |
State and local income taxes, net of federal income tax benefit | 2.50% | 3.40% |
Rate impacts due to foreign operations | (12.80%) | 4.30% |
Compensation related | 2.10% | (0.80%) |
Pension termination | 0% | (0.30%) |
R&D tax credits | (2.70%) | 0.70% |
Impairment charge | 0% | (11.70%) |
Other | 0.10% | (0.70%) |
Effective income tax rate | 10.20% | 15.90% |
Note 9 - Income Tax Expense (_8
Note 9 - Income Tax Expense (Benefit) - Unrecognized Tax Benefits (Details) - Excluding Interest and Penalties [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at the beginning of year | $ 807 | $ 801 |
Additions for tax positions of prior years | 105 | 129 |
Reductions due to lapse of statute of limitations | (116) | (123) |
Balance at the end of year | $ 796 | $ 807 |
Note 10 - Benefit Plans (Detail
Note 10 - Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Assets [Member] | ||
Cash Surrender Value of Life Insurance | $ 9.2 | $ 7.7 |
Other Noncurrent Liabilities [Member] | ||
Deferred Compensation Liability, Classified, Noncurrent | 7.9 | 7.7 |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (13.6) | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | 0.1 | |
Postretirement Life Insurance [Member] | ||
Cash Surrender Value of Life Insurance | 4.5 | 3.9 |
Gain (Loss) on Investments | $ 0.6 | (0.8) |
401(K) Plan [Member} | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.5 | $ 0.6 |
Note 10 - Benefit Plans - Defin
Note 10 - Benefit Plans - Defined Benefit Plans Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Supplemental Employee Retirement Plan [Member] | ||
Benefit obligation at beginning of year | $ 12,993 | |
Service cost on benefits earned during the period | 21 | $ 203 |
Interest cost on projected benefit obligation | 637 | 401 |
Actuarial (gain) loss | 229 | |
Benefits paid | (280) | |
Benefit obligation at end of year | 13,600 | 12,993 |
Employer contributions | 280 | |
Benefits paid | (280) | |
Fair value of plan assets at end of year | 0 | |
Funded status at end of year | (13,600) | |
Other current liabilities | (316) | |
Long-term pension liability | (13,284) | |
Net amount recognized | (13,600) | |
Net actuarial loss | 1,964 | |
Pension Plan [Member] | ||
Benefit obligation at beginning of year | $ 12,993 | 15,523 |
Service cost on benefits earned during the period | 203 | |
Interest cost on projected benefit obligation | 401 | |
Actuarial (gain) loss | (3,031) | |
Benefits paid | (103) | |
Benefit obligation at end of year | 12,993 | |
Employer contributions | 103 | |
Benefits paid | (103) | |
Fair value of plan assets at end of year | 0 | |
Funded status at end of year | (12,993) | |
Other current liabilities | (129) | |
Long-term pension liability | (12,864) | |
Net amount recognized | (12,993) | |
Net actuarial loss | $ 1,953 |
Note 10 - Benefit Plans - Pensi
Note 10 - Benefit Plans - Pension Plans With Projected Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Plan [Member] | ||
Projected benefit obligation | $ 13,600 | |
Fair value of plan assets | 0 | |
Underfunded | $ 13,600 | |
Supplemental Employee Retirement Plan [Member] | ||
Projected benefit obligation | $ 12,993 | |
Fair value of plan assets | 0 | |
Underfunded | $ 12,993 |
Note 10 - Benefit Plans - Net P
Note 10 - Benefit Plans - Net Periodic Benefit Cost (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Service cost on benefits earned during the period | $ 21 | $ 203 |
Interest cost on projected benefit obligation | 637 | 401 |
Recognized actuarial loss | 218 | 1,715 |
Net periodic pension cost after settlements | $ 876 | $ 2,319 |
Note 10 - Benefit Plans - Assum
Note 10 - Benefit Plans - Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
2022 | 4.73% | 4.93% |
2022 | 3% | 3% |
2022 | 4.93% | 2.59% |
2022 | 3% | 3% |
Note 10 - Benefit Plans - Proje
Note 10 - Benefit Plans - Projected Benefit Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 4,733 |
2027 | 985 |
2028 | 975 |
Pension Plan [Member] | |
2024 | 324 |
2025 | 1,537 |
2026 | $ 977 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Lease, Liability | $ 17,040 | $ 7,000 |
Operating Lease, Liability, Noncurrent | 12,809 | 3,936 |
Operating Lease, Right-of-Use Asset | 17,909 | 9,113 |
Prepaid Rent | 1,600 | 2,000 |
Other Current Liabilities [Member] | ||
Operating Lease, Liability, Current | $ 4,231 | $ 3,135 |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 8 years |
Note 11 - Leases - Lease Cost (
Note 11 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease costs | $ 4,495 | $ 4,027 |
Short-term lease costs | 609 | 889 |
Total lease costs | 5,104 | 4,916 |
Operating cash flows – cash paid for operating lease liabilities | 3,368 | 2,996 |
Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities | $ 13,908 | $ 4,089 |
Weighted-average remaining lease term (in years) (Year) | 4 years 7 months 6 days | 2 years 6 months |
Weighted average discount rate | 6.57% | 5.66% |
Note 11 - Leases - Maturities o
Note 11 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 4,315 | |
2025 | 4,243 | |
2026 | 3,994 | |
2027 | 3,187 | |
2028 | 2,811 | |
Thereafter | 1,680 | |
Total lease payments | 20,230 | |
Less imputed interest | 3,190 | |
Present value of lease liabilities | $ 17,040 | $ 7,000 |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2022 | |
Business Combination, Contingent Consideration, Liability, Current | $ 1,403 | $ 736 | ||
Sutter's Mill [Member] | Forecast [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | $ 500 | |||
Guardian Products, Inc [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | 1,400 | |||
Payment for Contingent Consideration Liability, Financing Activities | 800 | |||
Guardian Products, Inc [Member] | Minimum [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | 1,900 | |||
Guardian Products, Inc [Member] | Maximum [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | $ 2,200 | |||
Guardian Products, Inc [Member] | Forecast [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | $ 900 |
Note 13 - Share-based Compens_3
Note 13 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,262,209 | |
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 | $ 100 | $ 500 |
Proceeds from Stock Options Exercised | 175 | 728 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 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 | $ 200 | 100 |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Equity Instruments Other than Options | 0 | $ 0 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 200 | |
Restricted Stock [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 3,800 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
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) | 2 years 3 months 18 days | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,100 | |
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) | 7,627 | 9,738 |
Stock Issued During Period, Shares, New Issues (in shares) | 9,115 | 11,784 |
Outside Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 13 - Share-based Compens_4
Note 13 - Share-based Compensation - Shared-based Compensation Expense and the Related Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based compensation expense | $ 3,787 | $ 4,289 |
Related income tax benefit | 767 | 804 |
Stock Options and SARs [Member] | ||
Share-based compensation expense | 1,279 | 1,472 |
Restricted Stock [Member] | ||
Share-based compensation expense | 2,560 | 2,598 |
Performance Shares [Member] | ||
Share-based compensation expense | $ (52) | $ 219 |
Note 13 - Share-based Compens_5
Note 13 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||
Weighted average fair value per share at grant date (in dollars per share) | $ 4.14 | $ 5.39 |
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||
Risk free interest rate | 3.50% | 1.60% |
Expected award life (years) (Year) | 3 years | 3 years |
Expected volatility | 46.90% | 46.80% |
Expected dividend yield | 4.70% | 2.40% |
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||
Risk free interest rate | 4.90% | 3.80% |
Expected award life (years) (Year) | 10 years | 10 years |
Expected volatility | 67.80% | 65% |
Expected dividend yield | 7.10% | 5.60% |
Stock Appreciation Rights (SARs) [Member] | ||
Risk free interest rate | 4% | |
Expected award life (years) (Year) | 3 years | |
Expected volatility | 67.80% | |
Expected dividend yield | 4.70% | |
Weighted average fair value per share at grant date (in dollars per share) | $ 4.58 | $ 6.34 |
Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | ||
Risk free interest rate | 1.60% | |
Expected award life (years) (Year) | 3 years | |
Expected volatility | 61.60% | |
Expected dividend yield | 2.40% | |
Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | ||
Risk free interest rate | 3.80% | |
Expected award life (years) (Year) | 4 years | |
Expected volatility | 64.80% | |
Expected dividend yield | 5.60% |
Note 13 - Share-based Compens_6
Note 13 - Share-based Compensation - Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Outstanding, options (in shares) | 962,775 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 15.89 | |
Outstanding, weighted average remaining life (Year) | 2 years 9 months 18 days | 3 years 3 months 3 days |
Outstanding, aggregate intrinsic value | $ 1,718 | $ 301 |
Granted (in shares) | 200,091 | |
Granted, weighted average exercise price (in dollars per share) | $ 11.37 | |
Exercised (in shares) | (28,728) | |
Exercised, weighted average exercise price (in dollars per share) | $ 9.55 | |
Lapsed or cancelled (in shares) | (180,962) | |
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 17.99 | |
Outstanding, options (in shares) | 953,176 | 962,775 |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.73 | $ 15.89 |
Exercisable, options (in shares) | 501,610 | |
Exercisable, weighted average exercise price, options (in dollars per share) | $ 16.18 | |
Exercisable, weighted average remaining life (Year) | 1 year 7 months 17 days | |
Exercisable, aggregate intrinsic value, options | $ 813 |
Note 13 - Share-based Compens_7
Note 13 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lapsed or cancelled (in shares) | (180,962) | |
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 17.99 | |
Stock Appreciation Rights (SARs) [Member] | ||
Outstanding SARS (in shares) | 320,385 | |
Outstanding (in dollars per share) | $ 15.23 | |
Outstanding SARS, weighted average remaining life (Year) | 2 years 25 days | 2 years 2 months 23 days |
Outstanding SARS, aggregate intrinsic value | $ 506 | $ 69 |
Granted SARs (in shares) | 51,209 | |
Granted SARS, weighted average exercise price (in dollars per share) | $ 12.04 | |
Exercised SARs (in shares) | (41,226) | |
Exercised SARS, weighted average exercise price (in dollars per share) | $ 9.83 | |
Lapsed or cancelled (in shares) | (37,860) | |
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 23.62 | |
Outstanding SARS (in shares) | 292,508 | 320,385 |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 14.35 | $ 15.23 |
Exercisable (in shares) | 184,245 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 14.29 | |
Exercisable SARS, weighted average remaining life (Year) | 1 year 1 month 6 days | |
Exercisable, aggregate intrinsic value | $ 361 |
Note 13 - Share-based Compens_8
Note 13 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Outstanding (in shares) | shares | 372,470 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.45 |
Granted (in shares) | shares | 155,213 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.53 |
Vested (in shares) | shares | (99,317) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.46 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 428,366 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.14 |
Note 13 - Share-based Compens_9
Note 13 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Outstanding (in shares) | shares | 199,451 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.57 |
Granted (in shares) | shares | 94,028 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 12.56 |
Vested (in shares) | shares | (4,558) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.54 |
Forfeited (in shares) | shares | (5,400) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.48 |
Outstanding (in shares) | shares | 283,521 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.13 |
Note 14 - Net Income (Loss) P_3
Note 14 - Net Income (Loss) Per Share (Details Textual) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Weighted Average Shares Outstanding (in shares) | 400,381 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,113,935 | 687,117 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price (in dollars per share) | $ 15.95 | $ 21.06 |
Note 14 - Net Income (Loss) P_4
Note 14 - Net Income (Loss) Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income (loss) | $ 8,772 | $ (31,970) |
Weighted average shares outstanding - basic (in shares) | 15,968,199 | 15,764,859 |
Dilutive common stock equivalents (in shares) | 191,109 | 0 |
Weighted average shares outstanding - diluted (in shares) | 16,159,308 | 15,764,859 |
Basic (in dollars per share) | $ 0.55 | $ (2.03) |
Diluted (in dollars per share) | $ 0.54 | $ (2.03) |
Note 15 - Net Sales (Details Te
Note 15 - Net Sales (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 2.2 |
Note 15 - Net Sales - Disaggreg
Note 15 - Net Sales - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net sales | $ 543,302 | $ 578,831 |
Intersegment Eliminations [Member] | ||
Net sales | (4,756) | (6,639) |
Branded Products Segment [Member] | ||
Net sales | 342,680 | 387,931 |
Branded Products Segment [Member] | Branded Products [Member] | ||
Net sales | 342,456 | 381,363 |
Branded Products Segment [Member] | Protective Equipment [Member] | ||
Net sales | 224 | 6,568 |
Healthcare Apparel Segment [Member] | ||
Net sales | 113,878 | 113,321 |
Healthcare Apparel Segment [Member] | Protective Equipment [Member] | ||
Net sales | 3,007 | 2,816 |
Healthcare Apparel Segment [Member] | Healthcare Apparel [Member] | ||
Net sales | 110,871 | 110,505 |
Contact Centers Segment [Member] | ||
Net sales | 86,744 | 77,579 |
Contact Centers Segment [Member] | Intersegment Eliminations [Member] | ||
Net sales | (4,756) | (6,639) |
Contact Centers Segment [Member] | Contact Centers [Member] | ||
Net sales | $ 91,500 | $ 84,218 |
Note 15 - Net Sales - Accounts
Note 15 - Net Sales - Accounts Receivable and Contract Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable | $ 103,494 | $ 104,813 |
Current contract assets | 48,715 | 52,980 |
Current contract liabilities | $ 5,346 | $ 2,213 |
Note 16 - Stock Repurchase Pl_2
Note 16 - Stock Repurchase Plan (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | 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 | 0 |
Note 17 - Operating Segment I_3
Note 17 - Operating Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net sales | $ 543,302 | $ 578,831 |
Segment Adjusted EBITDA | 33,482 | 27,927 |
Depreciation and amortization | 13,995 | 13,004 |
Capital expenditures | 4,963 | 11,018 |
Total assets | 422,450 | 456,941 |
Depreciation, Depletion and Amortization, Nonproduction | 13,995 | 13,004 |
Operating Segments [Member] | Branded Products [Member] | ||
Net sales | 342,680 | 387,931 |
Segment Adjusted EBITDA | 33,146 | 31,144 |
Depreciation and amortization | 6,744 | 6,465 |
Capital expenditures | 2,550 | 4,643 |
Total assets | 218,018 | 224,116 |
Depreciation, Depletion and Amortization, Nonproduction | 6,744 | 6,465 |
Operating Segments [Member] | Healthcare Apparel [Member] | ||
Net sales | 113,878 | 113,321 |
Segment Adjusted EBITDA | 7,997 | (2,747) |
Depreciation and amortization | 3,925 | 3,946 |
Capital expenditures | 960 | 1,169 |
Total assets | 131,168 | 150,335 |
Depreciation, Depletion and Amortization, Nonproduction | 3,925 | 3,946 |
Operating Segments [Member] | Contact Centers [Member] | ||
Net sales | 91,500 | 84,218 |
Segment Adjusted EBITDA | 12,408 | 18,521 |
Depreciation and amortization | 2,942 | 2,373 |
Capital expenditures | 1,392 | 4,876 |
Total assets | 40,941 | 43,368 |
Depreciation, Depletion and Amortization, Nonproduction | 2,942 | 2,373 |
Intersegment Eliminations [Member] | ||
Net sales | (4,756) | (6,639) |
Segment Adjusted EBITDA | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Capital expenditures | 0 | 0 |
Total assets | 0 | 0 |
Depreciation, Depletion and Amortization, Nonproduction | 0 | 0 |
Segment Reconciling Items [Member] | ||
Net sales | 0 | 0 |
Segment Adjusted EBITDA | (20,069) | (18,991) |
Depreciation and amortization | 384 | 220 |
Capital expenditures | 61 | 330 |
Total assets | 32,323 | 39,122 |
Depreciation, Depletion and Amortization, Nonproduction | $ 384 | $ 220 |
Note 17 - Operating Segment I_4
Note 17 - Operating Segment Information - Segment Adjusted EBITDA Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income (loss) before income tax expense | $ 9,769 | $ (38,035) |
Interest expense | 9,718 | 4,894 |
Depreciation and amortization | 13,995 | 13,004 |
Goodwill impairment charge | 0 | 45,918 |
Intangible assets impairment charge | 0 | 5,581 |
Gain on sale of property, plant and equipment | 0 | (3,435) |
Segment Adjusted EBITDA | $ 33,482 | $ 27,927 |
Note 18 - Acquisition of Busi_3
Note 18 - Acquisition of Businesses (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
May 01, 2022 | Dec. 31, 2023 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 11 years 8 months 12 days | |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years 4 months 24 days | |
Trade Names [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
Guardian Products, Inc [Member] | ||
Payments to Acquire Businesses, Gross | $ 11,077 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 2,300 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 5,886 | |
Guardian Products, Inc [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 5,000 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |
Guardian Products, Inc [Member] | Noncompete Agreements [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 200 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |
Guardian Products, Inc [Member] | Trade Names [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 700 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |
Guardian Products, Inc [Member] | Restricted Stock [Member] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 116,550 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Note 18 - Acquisition of Busi_4
Note 18 - Acquisition of Businesses - Purchase Price (Details) - Guardian Products, Inc [Member] $ in Thousands | May 01, 2022 USD ($) |
Cash consideration | $ 11,077 |
Restricted shares of Superior common stock issued | 2,000 |
Contingent consideration | 1,119 |
Total Consideration | $ 14,196 |
Note 18 - Acquisition of Busi_5
Note 18 - Acquisition of Businesses - Aggregate Consideration (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | May 01, 2022 | Dec. 31, 2021 |
Goodwill | $ 0 | $ 39,434 | |
Guardian Products, Inc [Member] | |||
Accounts receivable | $ 1,656 | ||
Inventories | 621 | ||
Prepaid expenses and other current assets | 272 | ||
Property, plant and equipment | 15 | ||
Intangible assets | 5,886 | ||
Goodwill | 6,463 | ||
Total assets | 14,913 | ||
Accounts payable | 533 | ||
Other current liabilities | 184 | ||
Total liabilities | $ 717 |