0001628280-24-010568 | 10-K | XBRL Viewer

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OTHER - Long term liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Retirement benefit obligations	$ 5,063	$ 5,178
Wallace facility remediation	0	5,140
Other non-income tax liabilities	3,156	3,037
Unearned revenue	797	890
Contingent consideration Non current	0	650
Other long-term obligations	110	100
OTHER LONG-TERM LIABILITIES	$ 9,126	$ 14,995

LOSS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Calculations of Basic and Diluted Income per Common Share

The calculations of basic and diluted (loss) income per common share for the years ended December 31, 2023, 2022 and 2021, are as follows:


	2023		2022		2021
	(in thousands - except per share amounts)
Net (loss) income – Basic and Diluted	$	(8,412)	$	(6,166)	$	20,801
Weighted-average shares outstanding – Basic	21,195		21,558		21,397
Effect of dilutive securities:
Stock options and other stock awards	—		—		640
Weighted-average shares outstanding – Diluted	21,195		21,558		22,037
Basic (loss) income per common share	$	(0.40)	$	(0.29)	$	0.97
Diluted (loss) income per common share	$	(0.40)	$	(0.29)	$	0.94
Antidilutive shares (1)	1,633		1,681		380

(1) Stock options and other stock awards that have been excluded from the denominator as their inclusion would have been anti-dilutive.

INCOME TAXES - Significant Components of Net Deferred Income Tax Asset (Liability) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Operating lease liabilities	$ 20,571	$ 22,814
Stock options	1,454	1,679
Inventory	3,323	3,134
Operating loss carryforwards	21,036	17,450
Accounts receivable allowances	2,343	1,906
Accrued compensation	913	1,137
Deferred compensation	668	721
Deferred Tax Assets, Environmental remediation accrual	1,379	1,432
Deferred Tax Assets, Capitalized research and experimental expenditures	3,109	2,525
Other	2,440	755
Total deferred income tax assets	57,236	53,553
Deferred income tax liabilities:
Operating lease right-of-use assets	(17,060)	(18,872)
Fixed assets	(1,248)	(1,735)
Intangibles	(26,207)	(26,230)
Total deferred income tax liabilities	(44,515)	(46,837)
Net deferred income tax asset	12,721	6,716
Valuation allowance	(20,159)	(16,323)
Net deferred income tax liability	$ (7,438)	$ (9,607)

DERIVATIVES - Gains and Losses Related to Derivative Financial Instruments Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net change in cash flow hedges	$ (1,057)	$ 845	$ 1,203
Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Net change in cash flow hedges	(1,057)	845	1,203
Derivatives designated as hedging instruments \| Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net change in cash flow hedges	(93)	523	718
Derivatives designated as hedging instruments \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net change in cash flow hedges	$ (964)	$ 322	$ 485

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 686,683	$ 727,662	$ 862,924
Cost of sales	432,044	467,346	559,605
Gross margin	254,639	260,316	303,319
Distribution expenses	69,194	74,948	80,772
Selling, general and administrative expenses	152,648	154,545	156,445
Intangible asset impairments	0	0	14,760
Restructuring expenses	856	1,420	0
Wallace facility remediation expense	0	5,140	500
Income from operations	31,941	24,263	50,842
Interest expense	(21,728)	(17,205)	(15,524)
Mark to market (loss) gain on interest rate derivatives	(499)	1,971	1,062
Income before income taxes and equity in (losses) earnings	10,475	9,029	36,380
Income tax provision	(6,222)	(5,728)	(16,541)
Equity in (losses) earnings, net of taxes	(12,665)	(9,467)	962
NET (LOSS) INCOME	$ (8,412)	$ (6,166)	$ 20,801
BASIC LOSS PER COMMON SHARE (usd per share)	$ (0.40)	$ (0.29)	$ 0.97
DILUTED LOSS PER COMMON SHARE (usd per share)	$ (0.40)	$ (0.29)	$ 0.94
Term Loan
Income Statement [Abstract]
Gain on extinguishments of debt, net	$ 761	$ 0	$ 0
Gain on extinguishments of debt, net	$ 761	$ 0	$ 0

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

The Company has operating leases for corporate offices, distribution facilities, manufacturing plants, and certain vehicles. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets. The Company has elected the practical expedient to account for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments that do not depend on changes in index rates or payments based on usage, are not included in the ROU assets or liabilities. These are expensed as incurred and recorded as variable lease expense.

ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. ROU assets also include any advance lease payments. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The components of lease costs for the year ended December 31, 2023, 2022 and 2021 were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Operating lease costs (1):
Fixed lease expense	$	16,911	$	17,855	$	17,860
Variable lease expense	5,432		$	4,698	$	5,833
Total	$	22,343	$	22,553	$	23,693

(1) Expenses are recorded within distribution expenses and selling, general and administrative expenses.

Supplemental cash flow information for the year ended December 31, 2023, 2022 and 2021 were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	18,800	$	19,338	$	19,154
Total	$	18,800	$	19,338	$	19,154


	Year Ended December 31,
	2023		2022		2021
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	5,718	$	2,540	$	1,299
Total	$	5,718	$	2,540	$	1,299

Included in machinery, furniture and equipment as of December 31, 2023 and 2022 is $0.2 million and $0.3 million, respectively, related to assets recorded under finance leases. Included in accumulated depreciation and amortization at December 31, 2023 and December 31, 2022 is $0.1 million and $0.2 million, respectively, related to assets recorded under finance leases.

The aggregate future lease payments for operating leases as of December 31, 2023 were as follows (in thousands):


	Operating
2024	$	18,971
2025	18,740
2026	18,367
2027	14,236
2028	12,842
Thereafter	18,522
Total lease payments	101,678
Less: Interest	(17,594)
Present value of lease payments	$	84,084

Average lease terms and discount rates were as follows:


	December 31, 2023		December 31, 2022
Weighted-average remaining lease term (years)
Operating leases	5.9		6.3
Weighted-average discount rate
Operating leases	6.4	%	6.1	%

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Tax Examination [Line Items]
Income tax examination net of federal and state tax benefit, accrued interest	$ 0.4	$ 0.4
Reduction in income tax liability if tax positions sustained	1.5
Foreign
Income Tax Examination [Line Items]
Net operating loss carryforward	75.9
Foreign \| Capital Loss Carryforward
Income Tax Examination [Line Items]
Net operating loss carryforward	7.2
State Jurisdiction
Income Tax Examination [Line Items]
Net operating loss carryforward	12.1
US \| Capital Loss Carryforward
Income Tax Examination [Line Items]
Net operating loss carryforward	$ 0.9

BUSINESS SEGMENTS - Segment Reporting Information Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Restructuring expenses	$ 856	$ 1,420	$ 0
Goodwill and intangible asset impairment	0	0	14,760
Wallace facility remediation expense	$ 0	5,140	500
International
Segment Reporting Information [Line Items]
Restructuring expenses		$ 400
Goodwill and intangible asset impairment			$ 14,800

RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Retirement benefit obligations discount rate	4.66%	4.89%
Expected actuarial losses included in accumulated other comprehensive loss in net periodic benefit cost in 2020	$ 0.1
Former Executives
Defined Benefit Plan Disclosure [Line Items]
Retirement benefit obligations	$ 5.6	$ 5.7

INCOME TAXES - Components of Income Before Income Taxes. Equity in Earnings and Extra Ordinary Items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 22,134	$ 20,796	$ 61,045
Foreign	(11,659)	(11,767)	(24,665)
Income before income taxes and equity in (losses) earnings	$ 10,475	$ 9,029	$ 36,380

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The purchase price was comprised of the following (in thousands):


Cash paid(1)	$	17,956
Value of contingent consideration	650
Total purchase price	$	18,606

(1) Reflects final working capital adjustment of $21k pursuant to the terms of the Asset Purchase Agreement.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Purchase Price Allocation
Accounts receivable	$	2,280
Inventory	4,005
Fixed assets	40

Intangible assets	13,000
Goodwill	2,966
Accounts payable and accrued expenses	(3,685)
Total allocated value	$	18,606

BUSINESS SEGMENTS - Net Sales and Long-Lived Assets by Major Geographic Locations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 91,654	$ 111,745
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	66,341	75,308
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	1,826	12,516
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	22,692	22,845
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 795	$ 1,076

EQUITY INVESTMENTS - Summarized Balance Sheet Information for Vasconia in USD and MXN (Details) $ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 MXN ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 MXN ($)
Balance Sheet
Current assets	$ 376,355		$ 400,256
Current liabilities	151,968		129,906
Grupo Vasconia S.A.B.
Balance Sheet
Current assets	117,382	$ 1,991,347	129,449	$ 2,519,905
Non-current assets	152,708	2,590,649	144,356	2,810,082
Current liabilities	186,134	3,157,716	93,112	1,812,546
Non-current liabilities	$ 13,927	$ 236,269	$ 95,065	$ 1,850,568

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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- Definition

Amount of obligation due after one year or beyond the normal operating cycle, if longer.

+ References

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+ Details

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Significant Accounting Policies [Line Items]
Foreign currency gain (loss)		$ (100)	$ (1,500)	$ (1,300)
Freight-out expenses		17,000	17,400	19,200
Advertising expenses		7,500	6,800	4,400
Restructuring expenses		856	1,420	$ 0
U.S. \| Reorganization of management structure
Schedule Of Significant Accounting Policies [Line Items]
Restructuring expenses			400
International
Schedule Of Significant Accounting Policies [Line Items]
Restructuring expenses			400
Unallocated [Member]
Schedule Of Significant Accounting Policies [Line Items]
Employment Termination Costs	$ 1,400
Unallocated [Member] \| Employee severance
Schedule Of Significant Accounting Policies [Line Items]
Restructuring expenses		800	$ 600
Unallocated [Member] \| Remaining One-time Payment
Schedule Of Significant Accounting Policies [Line Items]
Employment Termination Costs		$ 800
Performance Shares
Schedule Of Significant Accounting Policies [Line Items]
Number of shares range percentage		150.00%
Vesting period		3 years
Cash Settled Performance Based Awards
Schedule Of Significant Accounting Policies [Line Items]
Number of shares range percentage		150.00%
Wal-Mart Stores Inc \| Net sales \| Customer Concentration Risk
Schedule Of Significant Accounting Policies [Line Items]
Percentage of net sales		21.00%	19.00%	18.00%
Costco Wholesale Corporation \| Net sales \| Customer Concentration Risk
Schedule Of Significant Accounting Policies [Line Items]
Percentage of net sales		11.00%	13.00%	12.00%
Employee severance \| Net sales \| Customer Concentration Risk
Schedule Of Significant Accounting Policies [Line Items]
Percentage of net sales		11.00%	11.00%	12.00%
Building and improvements
Schedule Of Significant Accounting Policies [Line Items]
Property and equipment depreciated over estimated useful lives		30 years
Machinery, Furniture and Equipment \| Minimum
Schedule Of Significant Accounting Policies [Line Items]
Property and equipment depreciated over estimated useful lives		3 years
Machinery, Furniture and Equipment \| Maximum
Schedule Of Significant Accounting Policies [Line Items]
Property and equipment depreciated over estimated useful lives		10 years

LEASES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Accumulated depreciation and amortization	$ 142,169	$ 137,993
Assets Held under Capital Leases
Lessee, Lease, Description [Line Items]
Machinery, furniture and equipment	200	300
Accumulated depreciation and amortization	$ 100	$ 200

BUSINESS SEGMENTS - Additional Information (Details)	12 Months Ended
BUSINESS SEGMENTS - Additional Information (Details)	Dec. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reportable business segment	2

Valuation and Qualifying Accounts [Schedule] Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 14,606	$ 16,544	$ 17,013
Charged to costs and expenses	9,016	6,623	9,083
Deductions	7,670	8,561	9,552
Balance at end of period	15,952	14,606	16,544
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	5,195	4,656	4,624
Charged to costs and expenses	2,116	662	367
Deductions	0	123	335
Balance at end of period	7,311	5,195	4,656
Reserve for sales returns and allowances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	9,411	11,888	12,389
Charged to costs and expenses	6,900	5,961	8,716
Deductions	7,670	8,438	9,217
Balance at end of period	$ 8,641	$ 9,411	$ 11,888

INVESTMENTS - Summarized Equity in Earnings, Net of Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses), net of taxes	$ (12,665)	$ (9,467)	$ 962
Grupo Vasconia S.A.B.
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses), net of taxes	(5,831)	(3,300)	1,769
Equity Investment Impairment Charge	$ (6,834)	$ (6,167)	$ 0

COMMITMENTS AND CONTINGENCIES - Future Minimum Royalties Payable (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 8,116
2025	150
Total	$ 8,266

DERIVATIVES - Gains and Losses Related to Derivative Financial Instruments Not Designated as Hedging Instruments (Details) - Interest rate swaps - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain or (loss) recognized in income on derivative	$ 303	$ 1,916	$ 604
Mark to market gain (loss) on interest rate derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain or (loss) recognized in income on derivative	(499)	1,971	1,062
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain or (loss) recognized in income on derivative	$ 802	$ (55)	$ (458)

OTHER - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Customer allowances and rebates	$ 29,162	$ 31,281
Compensation and benefits	12,434	9,789
Vendor invoices	10,504	6,930
Freight	5,627	6,869
Wallace facility remediation	5,640	500
Royalties	5,104	2,408
Professional fees	2,284	2,743
Interest	1,740	136
Commissions	622	656
Other non-income tax liabilities	555	10,054
Restructuring	0	986
Other	4,684	5,250
Total	$ 78,356	$ 77,602

RETIREMENT PLANS - Future Retirement Benefit Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Postemployment Benefits [Abstract]
2024	$ 491
2025	466
2026	442
2027	420
2028	399
2029 through 2033	$ 1,745

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Financial Instruments Included in Unaudited Condensed Consolidated Balance Sheets

The fair values of the Company’s derivative financial instruments included in the consolidated balance sheets are presented as follows (in thousands):


		December 31,
Derivatives designated as hedging instruments	Balance Sheet Location	2023		2022
Interest rate swaps	Prepaid expenses and other current assets	$	—	$	122



Foreign exchange contracts	Prepaid expenses and other current assets	56		—

	Accrued expenses	144		260


		December 31,
Derivatives not designated as hedging instruments	Balance Sheet Location	2023		2022

Interest rate swaps	Other assets	$	793	$	1,292

Gains and Losses Related to Derivative Financial Instruments Not Designated as Hedging Instruments

The amounts of the (losses) and gains, realized and unrealized, net of taxes, related to the Company’s derivative financial instruments designated as hedging instruments are recognized in other comprehensive income (loss) as follows (in thousands):


	Year ended December 31,
Derivatives designated as hedging instruments	2023		2022		2021
Interest rate swaps	$	(93)	$	523	$	718
Foreign exchange contracts	(964)		322		485
Total	$	(1,057)	$	845	$	1,203

Derivatives Not Designated as Hedging Instruments

The amounts of the gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments are recognized in earnings as follows (in thousands):


		Year Ended December 31,
Derivatives not designated as hedging instruments	Location of Gain or (Loss)	2023		2022		2021
Interest rate swaps	Mark to market gain (loss) on interest rate derivatives	$	(499)	$	1,971	$	1,062
	Interest expense	802		(55)		(458)
		$	303	$	1,916	$	604

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets
Intangible Assets, Beginning Balance	$ 180,650	$ 182,407	$ 213,754
Foreign currency translation adjustment	81	(227)	(364)
Amortization of Intangible Assets	(14,835)	(14,530)	(16,223)
Goodwill and intangible asset impairment	0	0	(14,760)
Intangible Assets, Ending Balance	165,896	180,650	182,407
Goodwill
Beginning balance	33,237	30,271	30,271
Foreign currency translation adjustment	0	0	0
Acquisition of goodwill		2,966
Ending balance	33,237	33,237	30,271
Goodwill and Intangible Assets
Goodwill and intangible assets, Beginning Balance	213,887	212,678	244,025
Foreign currency translation adjustment	81	(227)	(364)
Amortization of Intangible Assets	(14,835)	(14,530)	(16,223)
Goodwill and Intangible Assets, Ending Balance	$ 199,133	213,887	$ 212,678
Trade Names
Intangible Assets
Acquisition of customer relationships		$ 13,000

EQUITY INVESTMENTS - Summarized Statement of Income Information for Vasconia in USD and MXN (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 MXN ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 MXN ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 MXN ($)
Schedule of Equity Method Investments [Line Items]
Net sales	$ 686,683		$ 727,662		$ 862,924
Gross profit	254,639		260,316		303,319
Loss (income) from operations	31,941		24,263		50,842
Net (loss) income	(8,412)		(6,166)		20,801
Grupo Vasconia S.A.B.
Schedule of Equity Method Investments [Line Items]
Net sales	173,104	$ 3,069,162	240,910	$ 4,846,328	240,186	$ 4,871,845
Gross profit	35,158	622,451	39,874	802,496	52,574	1,064,557
Loss (income) from operations	(10,944)	(192,551)	(1,596)	(30,323)	15,536	313,156
Net (loss) income	$ (23,591)	$ (416,505)	$ (13,207)	$ (262,251)	$ 7,017	$ 141,972

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

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+ Details

SALE OF ACCOUNTS RECEIVABLE - Additional Information (Details) - Receivables purchase agreement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables purchase agreement - maximum borrowing	$ 30.0
Agreement period	364 days
Agreement termination, written notice period	60 days
Sale of receivables		$ 141.3
Receivables available for sale	$ 28.3
Transfer of Financial Assets Accounted for as Sales, Outstanding	$ 0.0	20.2
Selling, general & administrative expense
Accounts, Notes, Loans and Financing Receivable [Line Items]
Charge related to sale of receivables		$ 0.8

SALE OF ACCOUNTS RECEIVABLE	12 Months Ended
SALE OF ACCOUNTS RECEIVABLE	Dec. 31, 2023
Transfers and Servicing [Abstract]
SALE OF ACCOUNTS RECEIVABLE	SALE OF ACCOUNTS RECEIVABLE To improve its liquidity during seasonally high working capital periods, the Company has an uncommitted Receivables Purchase Agreement with HSBC Bank USA, as Purchaser (the “Receivables Purchase Agreement”). Under the Receivables Purchase Agreement, the Company may offer to sell certain eligible accounts receivables (the “Receivables”) to HSBC Bank USA, which may accept such offer, and purchase the offered Receivables. Under the Receivables Purchase Agreement, following each purchase of Receivables, the outstanding aggregate purchased Receivables shall not exceed $30.0 million. HSBC Bank USA will assume the credit risk of the Receivables purchased; and, the Company will continue to be responsible for all non-credit risk matters. The Company will service the Receivables, and as such servicer, collect and otherwise enforce the Receivables on behalf of HSBC Bank USA. The term of the agreement is for 364 days and automatically extends for annual successive terms unless terminated. Either party may terminate the agreement at any time upon 60 days prior written notice to the other party. The Company did not sell receivables to HSBC during the year ended December 31, 2023. Pursuant to this agreement, the Company sold $141.3 million of Receivables during the year ended December 31, 2022. A charge of $0.8 million related to the sale of the Receivables was included in selling, general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2022. At December 31, 2023 and 2022, zero and $20.2 million, respectively, of receivables sold were outstanding and due to HSBC from customers. At December 31, 2023, $28.3 million of accounts receivables were available for sale to HSBC, net of applicable charges.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

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+ Details

OTHER (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Inventory

The components of inventory are as follows:


	December 31,
	2023		2022
	(in thousands)
Finished goods	$	180,860	$	213,450
Work in process	106		70
Raw materials	7,681		8,689
Total	$	188,647	$	222,209

Property and Equipment

Property and equipment (including finance leases) consist of:


	December 31,
	2023		2022
	(in thousands)
Machinery, furniture and equipment	$	80,140	$	77,948
Leasehold improvements	38,962		37,834
Computer hardware and software	38,408		38,120
Building and improvements	960		764
Construction in progress	569		1,249
Land	100		100
Total	159,139		156,015
Less: accumulated depreciation and amortization	(142,169)		(137,993)
Total	$	16,970	$	18,022

Accrued Expenses

Accrued expenses consist of:


	December 31,
	2023		2022
	(in thousands)
Customer allowances and rebates	$	29,162	$	31,281
Compensation and benefits	12,434		9,789
Vendor invoices	10,504		6,930
Freight	5,627		6,869
Wallace facility remediation	5,640		500
Royalties	5,104		2,408
Professional fees	2,284		2,743
Interest	1,740		136
Commissions	622		656
Other non-income tax liabilities	555		10,054
Restructuring	—		986

Other	4,684		5,250
Total	$	78,356	$	77,602

Long term liabilities

Other long-term liabilities consist of:


	December 31,
	2023		2022
	(in thousands)
Retirement benefit obligations	$	5,063	$	5,178
Wallace facility remediation	—		5,140
Other non-income tax liabilities	3,156		3,037
Unearned revenue	797		890
Contingent consideration	—		650


Other long-term obligations	110		100

Total	$	9,126	$	14,995

Supplemental Cash Flow Information


	Year Ended December 31,
	2023		2022		2021
			(in thousands)

Cash paid for interest	$	18,626	$	15,421	$	13,702
Cash paid for taxes, net of refunds	8,054		9,757		19,012
Non-cash investing and financing activities:

Translation loss recognized on change in Vasconia ownership	—		—		3,404
Non-cash gain on dilution of Vasconia ownership	—		—		(1,732)

Components of Accumulated Other Comprehensive Loss, Net

Components of accumulated other comprehensive loss, net


	Year Ended December 31,
	2023		2022		2021
			(in thousands)
Accumulated translation adjustment:
Balance at beginning of year	$	(36,072)	$	(31,752)	$	(35,846)
Translation adjustment during period	3,458		(4,320)		690

Amount reclassified from accumulated other comprehensive loss (1)	—		—		3,404
Translation Adjustment	$	3,458	$	(4,320)	$	4,094
Balance at end of year	$	(32,614)	$	(36,072)	$	(31,752)
Accumulated deferred (losses) gains on cash flow hedges:
Balance at beginning of year	$	923	$	78	$	(1,125)
Change in unrealized (losses) gains	(527)		2,126		(311)
Amounts reclassified from accumulated other comprehensive loss: (2)
Settlement of cash flow hedges	(530)		(1,281)		1,514
Net change in cash flow hedges, net of taxes of $(30), $(190) and $(246)	$	(1,057)	$	845	$	1,203
Balance at end of year	$	(134)	$	923	$	78
Accumulated effect of retirement benefit obligations:
Balance at beginning of year	$	(705)	$	(1,875)	$	(2,201)
Net (loss) income arising from retirement benefit obligations, net of tax of $31, $(359) and $(64)	(93)		1,054		191
Amount reclassified from accumulated other comprehensive loss:(3)
Amortization of loss, net of tax of $(16), $(39) and $(45)	47		116		135
Net effects of retirement benefit obligations	$	(46)	$	1,170	$	326
Balance at end of year	$	(751)	$	(705)	$	(1,875)
Total accumulated other comprehensive loss at end of period	$	(33,499)	$	(35,854)	$	(33,549)

(1)Amount is recorded in equity in (losses) earnings on the consolidated statements of operations.

(2)Amounts are recorded in interest expense and cost of goods sold on the consolidated statements of operations.

(3)Amount is recorded in selling, general and administrative expenses on the consolidated statements of operations.

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of income before income taxes and equity in (losses) earnings are as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Domestic	$	22,134	$	20,796	$	61,045
Foreign	(11,659)		(11,767)		(24,665)
Total income before income taxes and equity in earnings	$	10,475	$	9,029	$	36,380

The provision for income taxes (before equity in (losses) earnings) consists of:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Current:
Federal	$	6,326	$	6,890	$	10,361
State and local	1,447		1,888		3,558
Foreign	579		775		823
Deferred	(2,130)		(3,825)		1,799
Income tax provision	$	6,222	$	5,728	$	16,541

Under the Tax Cuts and Jobs Act of 2017, research and development costs are no longer fully deductible and are required to be capitalized and amortized for U.S. tax purposes effective for tax years beginning after December 31, 2021. The mandatory capitalization requirement increases the Company’s deferred tax assets and income tax payable.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred

income tax assets and (liabilities) are as follows:


	December 31,
	2023		2022
	(in thousands)
Deferred income tax assets:
Operating lease liabilities	$	20,571	$	22,814

Stock options	1,454		1,679
Inventory	3,323		3,134
Operating loss carryforwards	21,036		17,450
Accounts receivable allowances	2,343		1,906
Accrued compensation	913		1,137

Deferred compensation	668		721

Environmental remediation accrual	1,379		1,432
Capitalized research and experimental expenditures	3,109		2,525
Other	2,440		755
Total deferred income tax assets	$	57,236	$	53,553
Deferred income tax liabilities:
Operating lease right-of-use assets	$	(17,060)	$	(18,872)
Fixed assets	(1,248)		(1,735)
Intangibles	(26,207)		(26,230)

Total deferred income tax liabilities	(44,515)		(46,837)
Net deferred income tax asset	12,721		6,716
Valuation allowance	(20,159)		(16,323)
Net deferred income tax liability	$	(7,438)	$	(9,607)

The Company has capital loss carryforwards of $7.2 million in foreign jurisdictions and $0.9 million in the U.S. federal jurisdiction at December 31, 2023 that are offset entirely by a valuation allowance.

The Company has net operating losses in foreign jurisdictions of $75.9 million and $12.1 million in state jurisdictions at December 31, 2023 that are offset entirely by a valuation allowance. The foreign net operating losses can be carried forward indefinitely. The state net operating losses begin to expire in 2026.

The provision for income taxes (before equity in (losses) earnings) differs from the amounts computed by applying the applicable federal statutory rates as follows:


	Year Ended December 31,
	2023		2022		2021
Federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
Increases (decreases):
State and local income taxes, net of Federal income tax benefit	5.7		13.9		8.8
Foreign rate differences	(19.7)		6.9		(9.2)
Foreign withholding tax	5.0		6.1		1.2

Non-deductible expenses	7.9		7.1		3.3


Uncertain tax positions	(0.9)		1.2		0.1
Research and development credit	(2.5)		(5.4)		(1.1)
Federal return to provision	0.7		(3.4)		(0.4)

Equity-based compensation	5.0		0.1		(0.6)
Valuation Allowance	37.2		15.9		22.4

Provision for income taxes	59.4	%	63.4	%	45.5	%

The estimated values of the Company’s gross uncertain tax positions at December 31, 2023, 2022 and 2021 consist of the following:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Balance at January 1	$	(1,130)	$	(1,071)	$	(1,648)
Additions based on tax positions related to the current year	(27)		(79)		(49)

Reductions for tax position of prior years	167		20		626

Balance at December 31	$	(990)	$	(1,130)	$	(1,071)

The Company had approximately $0.4 million, net of federal and state tax benefit, accrued at December 31, 2023 and 2022, for the payment of interest and penalties. The Company’s policy for recording interest and penalties is to record such items as a component of the provision for income taxes.

If the Company’s tax positions are ultimately sustained, the Company’s liability, including interest, would be reduced by $1.5 million, all of which would impact the Company’s tax provision. On a quarterly basis, the Company evaluates its tax positions and revises its estimates accordingly. The Company believes that it is reasonably possible that an immaterial amount of its tax positions will be resolved within the next 12 months.

The Company is no longer subject to U.S. Federal income tax examinations for the years prior to 2020, except for examination in tax year 2017 related to Transition Tax. The Company has identified the following jurisdictions as “major” tax jurisdictions: U.S. Federal, California, Massachusetts, New Jersey, New York, and the United Kingdom. At December 31, 2023, the periods subject to examination by the Company’s major state jurisdictions, except for New York State (which has been audited through 2019), are generally for the years ended 2019 through 2022. In certain jurisdictions, Filament may have additional periods subject to examination. As of December 31, 2023, there are no material assessments in any given year.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands

Total

Common stock

Employee

Paid-in capital

Employee

Retained earnings (accumulated deficit)

Accumulated other comprehensive loss

Balance at beginning of year (in shares) at Dec. 31, 2020

21,755,000

Balance at beginning of year at Dec. 31, 2020

$ 230,136

$ 218

$ 268,666

$ 424

$ (39,172)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

20,801

Other Comprehensive Income (Loss), Net of Tax

5,623

Net issuance of restricted shares granted to employees (in shares)

221,000

Net issuance of restricted shares granted to employees and directors

$ 2

$ (2)

Performance shares issued to employees (in shares)

150,000

Performance shares issued to employees

$ 1

(1)

Stock compensation expense

$ 5,204

5,204

Net exercise of stock options (in shares)

236,325

106,000

Net exercise of stock options

$ 877

$ 1

876

Shares effectively repurchased for required employee withholding taxes (in shares)

(214,000)

Shares effectively repurchased for required employee withholding taxes

$ (3,189)

$ (2)

(3,187)

Stock Repurchased During Period, Shares

Dividends

^[1]

$ (3,806)

(3,806)

Balance at end of year (in shares) at Dec. 31, 2021

22,018,000

Balance at end of year at Dec. 31, 2021

255,646

$ 220

271,556

17,419

(33,549)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(6,166)

Other Comprehensive Income (Loss), Net of Tax

(2,305)

Net issuance of restricted shares granted to employees (in shares)

260,000

Net issuance of restricted shares granted to employees and directors

$ 3

(3)

Performance shares issued to employees (in shares)

167,000

Performance shares issued to employees

$ 2

(2)

Stock compensation expense

$ 3,861

3,861

Net exercise of stock options (in shares)

60,000

25,000

Net exercise of stock options

$ 233

$ 0

233

Shares effectively repurchased for required employee withholding taxes (in shares)

(93,000)

Shares effectively repurchased for required employee withholding taxes

$ (1,067)

$ (1)

(1,066)

Stock Repurchased During Period, Shares

(597,195)

(597,000)

Stock Repurchased During Period, Value

$ (6,320)

$ (6)

(6,314)

Dividends

^[1]

(3,794)

Balance at end of year (in shares) at Dec. 31, 2022

21,780,000

Balance at end of year at Dec. 31, 2022

240,088

$ 218

274,579

1,145

(35,854)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(8,412)

Other Comprehensive Income (Loss), Net of Tax

2,355

Net issuance of restricted shares granted to employees (in shares)

325,000

Net issuance of restricted shares granted to employees and directors

$ 3

(3)

Performance shares issued to employees (in shares)

120,000

Performance shares issued to employees

$ 1

$ (1)

Stock compensation expense

3,690

Shares effectively repurchased for required employee withholding taxes (in shares)

(92,000)

Shares effectively repurchased for required employee withholding taxes

$ (538)

$ (1)

(537)

Stock Repurchased During Period, Shares

(320,204)

(320,000)

Stock Repurchased During Period, Value

$ (2,539)

$ (3)

(2,536)

Dividends

(3,765)

Balance at end of year (in shares) at Dec. 31, 2023

21,813,000

Balance at end of year at Dec. 31, 2023

$ 230,879

$ 218

$ 277,728

$ (13,568)

$ (33,499)

[1]	Cash dividend declared per share of common stock, were $0.17, $0.17 and $0.17 in 2021, 2022 and 2023, respectively.

LEASES - Aggregate Future Lease Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 18,971
2025	18,740
2026	18,367
2027	14,236
2028	12,842
Thereafter	18,522
Total lease payments	101,678
Less: Interest	(17,594)
Present value of lease payments	$ 84,084

EQUITY INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summarized Equity in Earnings, Net of Taxes [Table Text Block]

The Company’s equity in earnings, net of tax, for 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)

Vasconia equity in earnings, net of taxes	$	(5,831)	$	(3,300)	$	1,769
Net loss on dilution in Vasconia ownership	—		—		(297)
Net loss on partial sale of Vasconia ownership, net of taxes	—		—		(510)
Impairment on investment in Vasconia	(6,834)		(6,167)		—
Equity in (losses) earnings, net of taxes	$	(12,665)	$	(9,467)	$	962

Equity Method Investments Summary of Exchange Rate Translation

The Company’s proportionate share of Vasconia's net income (loss) has been translated from MXN to USD using the following exchange rates:


	Year Ended December 31,
	2023	2022	2021
Average exchange rate (MXN to USD)	17.06 - 18.66	19.67 - 20.50	20.01 - 20.74

Summarized Income Statement Information for Vasconia in USD and MXN

Summarized income statement information for the years ended December 31, 2023, 2022 and 2021, as well as summarized balance sheet information as of December 31, 2023 and 2022, for Vasconia, calculated in accordance with U.S. GAAP, in USD and MXN is as follows:


	Year Ended December 31,
	2023				2022				2021
	(in thousands)
	USD		MXN		USD		MXN		USD		MXN
Income Statement
Net sales	$	173,104	$	3,069,162	$	240,910	$	4,846,328	$	240,186	$	4,871,845
Gross profit	35,158		622,451		39,874		802,496		52,574		1,064,557
Loss (income) from operations	(10,944)		(192,551)		(1,596)		(30,323)		15,536		313,156
Net income	(23,591)		(416,505)		(13,207)		(262,251)		7,017		141,972

Summarized Balance Sheet Information for Vasconia in USD and MXN


	December 31,
	2023				2022
	(in thousands)
	USD		MXN		USD		MXN
Balance Sheet
Current assets	$	117,382	$	1,991,347	$	129,449	$	2,519,905
Non-current assets	152,708		2,590,649		144,356		2,810,082
Current liabilities	186,134		3,157,716		93,112		1,812,546
Non-current liabilities	13,927		236,269		95,065		1,850,568

CAPITAL STOCK - Cash Dividends Declared (Details) - $ / shares	Feb. 15, 2024	Nov. 15, 2023	Aug. 15, 2023	May 15, 2023	Feb. 15, 2023	Nov. 15, 2022	May 16, 2022
Dividends Payable [Line Items]
Dividend per share (usd per share)		$ 0.0425	$ 0.0425	$ 0.0425	$ 0.0425	$ 0.0425	$ 0.0425
Subsequent Event
Dividends Payable [Line Items]
Dividend per share (usd per share)	$ 0.0425

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividend per share (in usd per share)	$ 0.17	$ 0.17	$ 0.17

OTHER - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 159,139	$ 156,015
Less: accumulated depreciation and amortization	(142,169)	(137,993)
Total	16,970	18,022
Machinery, furniture and equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	80,140	77,948
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	38,962	37,834
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	38,408	38,120
Building and improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	960	764
Construction in progress
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	569	1,249
Land
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 100	$ 100

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Organization and business The Company designs, sources and sells branded kitchenware, tableware and other products used in the home and markets its products under a number of widely-recognized brand names and trademarks, which are either owned or licensed by the Company or through retailers’ private labels and their licensed brands. The Company’s products, which are targeted primarily towards consumers purchasing moderately priced kitchenware, tableware and housewares, are sold through virtually every major level of trade. The Company generally markets several lines within each of its product categories under more than one brand. The Company sells its products directly to retailers (who may resell the Company’s products through their websites) and, to a lesser extent, to distributors. The Company also sells a limited selection of its products directly to consumers through its own websites. Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial information and with the instructions to Form 10-K. The accompanying consolidated financial statements include estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with U.S. GAAP. The most significant of these estimates and assumptions relate to revenue recognition, allowances for doubtful accounts, reserves for sales returns and allowances and customer chargebacks, inventory mark-down provisions, impairment of goodwill, tangible and intangible assets, stock-based compensation expense, estimates for unpaid healthcare claims, derivative valuations, accruals related to the Company’s tax positions and tax valuation allowances. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. Principles of consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Risk and uncertainties The Company’s current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from expectations, which could materially affect the Company’s results of operations and financial position. Foreign currency Foreign currency denominated assets and liabilities are translated into U.S. dollars at exchange rates prevailing at the balance sheet dates. Revenues, costs and expenses are translated into U.S. dollars at average exchange rates for the relevant period. Income and losses resulting from translation are recorded as a component of accumulated other comprehensive income (loss). The Company may enter into foreign exchange derivative contracts to hedge the volatility of exchange rates related to a portion of its international inventory purchases. Realized gains and losses from designated foreign currency derivative contracts are recognized in cost of sales as the hedged inventory purchases are sold. Unrealized gains and losses from foreign currency transactions on the fair value of foreign exchange contracts designated as hedges are recorded as a component of accumulated other comprehensive income (loss). Realized and unrealized gains and losses from non-designated foreign currency hedges are recognized in selling, general and administrative expenses in the consolidated statements of operations. Foreign currency gains and losses included within selling, general and administrative expenses were a $0.1 million loss in 2023, a $1.5 million loss in 2022, and a $1.3 million loss in 2021. Revenue recognition The Company sells products wholesale, to retailers and distributors, and retail, directly to the consumer. Wholesale sales and retail sales are primarily recognized at the point in time the customer obtains control of the products, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. The Company offers various sales incentives and promotional programs to its customers in the normal course of business. These incentives and promotions typically include arrangements such as cooperative advertising, buydowns, volume rebates and discounts. These arrangements and an estimate for products expected to be returned are reflected as reductions of revenue at the time of sale. See NOTE 2 — REVENUE for additional information. Cost of sales Cost of sales consist primarily of costs associated with the production and procurement of product, inbound freight costs, purchasing costs, royalties and other product procurement related charges. Distribution expenses Distribution expenses consist primarily of warehousing expenses and freight-out expenses. Freight-out expenses were $17.0 million, $17.4 million and $19.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Handling costs of products sold are included in cost of sales. Advertising expenses Advertising expenses are expensed as incurred and are included in selling, general and administrative expenses. Advertising expenses were $7.5 million, $6.8 million and $4.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Accounts receivable The Company periodically reviews the collectability of its accounts receivable and establishes allowances for estimated losses that could result from the inability of its customers to make required payments, taking into consideration customer credit history and financial condition, industry and market segment information, credit reports, and economic trends and conditions such as the impact of the COVID-19 pandemic. A considerable amount of judgment is required to assess the ultimate realization of these receivables including assessing the initial and on-going creditworthiness of the Company’s customers. The Company also maintains an allowance for anticipated customer deductions. The allowances for deductions are primarily based on contracts with customers. However, in certain cases the Company does not have a formal contract and, therefore, customer deductions are non-contractual. To evaluate the reasonableness of non-contractual customer deductions, the Company analyzes currently available information and historical trends of deductions. The sales of accounts receivable, under the Company’s Receivable Purchase Agreement with HSBC, are reflected as a reduction of accounts receivable in the Company’s consolidated balance sheet at the time of sale and any related expense is included in selling, general and administrative expenses in the Company’s consolidated statements of operations. Inventory Inventory consists principally of finished goods sourced from third-party suppliers. Inventory also includes finished goods, work in process and raw materials related to the Company’s manufacture of sterling silver products. Inventory is priced using the lower of cost (first-in, first-out basis) or net realizable value. The Company estimates the selling price of its inventory on a product by product basis based on the current selling environment. If the estimated selling price is lower than the inventory’s cost, the Company reduces the value of the inventory to its net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. Property and equipment Property and equipment is stated at cost. Equipment under finance leases is recorded at the present value of the total minimum lease payments. Property and equipment, other than leasehold improvements and equipment under finance leases, are depreciated using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 30 years, machinery and equipment and computer hardware and software are depreciated over periods ranging from 3 years to 10 years. Leasehold improvements are amortized over the term of the lease or the estimated useful lives of the improvements, whichever is shorter. Equipment under finance leases are amortized over the shorter of the lease term or the assets’ useful lives. Advances paid towards the acquisition of property and equipment and the cost of property and equipment not ready for use before the end of the period are classified as construction in progress. Cash equivalents The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. Concentration of credit risk The Company’s cash and cash equivalents are potentially subject to concentration of credit risk. The Company maintains cash with several financial institutions that, in some cases, is in excess of Federal Deposit Insurance Corporation insurance limits. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities comprising the Company’s customer base. During the years ended December 31, 2023, 2022 and 2021, Wal-Mart Stores, Inc., including Sam’s Club, (“Walmart”), accounted for 21%, 19% and 18% of consolidated net sales, respectively. During the years ended December 31, 2023, 2022 and 2021, sales to Costco Wholesale Corporation (“Costco”) accounted for 11%, 13%, and 12% of consolidated net sales. During the year ended December 31, 2023, 2022 and 2021, Amazon.com Inc., (“Amazon”), accounted for 11%, 11% and 12% of consolidated net sales. Sales to Costco and Amazon are included in the Company’s U.S. and International segments. No other customers accounted for 10% or more of the Company’s sales during these periods. Fair value measurements Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, provides enhanced guidance for using fair value to measure assets and liabilities and establishes a common definition of fair value, provides a framework for measuring fair value under U.S. GAAP and expands disclosure requirements about fair value measurements. Fair value measurements included in the Company’s consolidated financial statements relate to the Company’s annual goodwill and other intangible asset impairment tests that use Level 3 unobservable inputs as described in NOTE 7 — GOODWILL AND INTANGIBLE ASSETS and derivatives that use Level 2 observable inputs as described in NOTE 9 — DERIVATIVES. Fair value of financial instruments The Company determined that the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair values because of their short-term nature. The Company determined that the carrying amounts of borrowings outstanding under its ABL Agreement and Term Loan approximate fair value since such borrowings bear interest at variable market rates. Derivatives The Company accounts for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging. ASC 815 requires that all derivative instruments be recognized on the balance sheet at fair value as either an asset or liability. Changes in the fair value of derivatives that qualify as hedges and have been designated as part of a hedging relationship for accounting purposes have no net impact on earnings until the hedged item is recognized in earnings. The change in the fair value of hedges is included in accumulated other comprehensive loss and is subsequently recognized in the Company’s consolidated statements of operations to mirror the location of the hedged items impacting earnings. Changes in fair value of derivatives that do not qualify as hedging instruments for accounting purposes are recorded in the consolidated statements of operations. Goodwill, intangible assets and long-lived assets Goodwill and intangible assets deemed to have indefinite lives are not amortized but, instead, are subject to an annual impairment assessment. Additionally, if events or conditions were to indicate the carrying value of a reporting unit may not be recoverable, the Company would evaluate goodwill and other intangible assets for impairment at that time. As it relates to the goodwill assessment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment testing described in the FASB’s ASU Topic 350, Intangibles – Goodwill and Other. If, after assessing qualitative factors, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative test is unnecessary and the Company’s goodwill is not considered to be impaired. However, if based on the Company’s qualitative assessment it concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if the Company elects to bypass the qualitative assessment, the Company will proceed with performing the quantitative impairment test. See NOTE 7 — GOODWILL AND INTANGIBLE ASSETS for further discussion regarding goodwill impairment. The Company also evaluates qualitative factors to determine whether impairment indicators exist for its indefinite lived intangibles and performs quantitative tests if required. These tests can include the relief from royalty model or other valuation models. See NOTE 7 — GOODWILL AND INTANGIBLE ASSETS for further discussion regarding impairment of indefinite lived intangibles. Long-lived assets, including intangible assets deemed to have finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment indicators include, among other conditions, cash flow deficits, historic or anticipated declines in revenue or operating profit or material adverse changes in the business climate that indicate that the carrying amount of an asset may be impaired. When impairment indicators are present, the recoverability of the asset is measured by comparing the carrying value of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset is not recoverable, the impairment to be recognized is measured by the amount by which the carrying amount of each long-lived asset exceeds the fair value of the asset. See NOTE 7 — GOODWILL AND INTANGIBLE ASSETS for further discussion regarding impairment of long-lived assets. Income taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company accounts for foreign income taxes based upon anticipated reinvestment of profits into respective foreign tax jurisdictions. The Company applies the authoritative guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the Company’s financial statements. In accordance with this guidance, tax positions must meet a more-likely-than-not recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position. A valuation allowance is required to be established or maintained when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. Share-based compensation The Company accounts for its share-based compensation arrangements in accordance with ASC Topic 718, Compensation: Stock-based Compensation, which requires the measurement of compensation expense for all share-based compensation granted to employees and non-employee directors at fair value on the date of grant and recognition of compensation expense over the related service period. Forfeitures are accounted for as they occur. The Company uses the Black-Scholes option valuation model to estimate the fair value of its stock options. The Black-Scholes option valuation model requires the input of subjective assumptions including the expected stock price volatility of the Company’s common stock and the risk-free interest rate. Changes in these subjective input assumptions can materially affect the fair value estimate of the Company’s stock options on the date of the option grant. Performance share awards are initially valued at the Company’s closing stock price on the date of grant. Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals, as determined by the Compensation Committee of the Board of Directors, by the end of the performance period. Compensation expense for performance awards is recognized over the vesting period and will vary based on remeasurement during the performance period. If achievement of the performance metrics is not probable of achievement during the performance period, compensation expense is reversed. The awards are forfeited if the performance metrics are not achieved as of the end of the performance period. The performance share awards vest at the end of a three year period, as determined by the Compensation Committee. The Company bases the estimated fair value of restricted stock awards on the date of grant. The estimated fair value is determined based on the closing price of the Company’s common stock on the date of grant multiplied by the number of shares awarded. Compensation expense is recognized on a straight-line basis over the vesting period. Cash-settled performance-based awards represent the right to receive up to 150% of the target number of deferred stock units with payment in cash equivalent to the value of one share of the Company’s common stock. The number of deferred stock units earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board of Directors. The cash-settled performance-based awards are subject to the terms and conditions of the Company’s Plan. Compensation expense for cash-settled performance-based awards is recognized over the vesting period and will vary based on remeasurement during the performance period. If achievement of the performance metrics is not probable of achievement during the performance period, compensation expense is reversed. The awards are forfeited if the performance metrics are not achieved as of the end of the performance period. The cash-settled performance-based awards are liability-classified awards and are recorded within accrued expenses and other long-term liabilities in the Company’s consolidated balance sheet. These awards are remeasured to fair value at the end of each reporting period until settlement. The cash-settled performance-based awards vest at the end of a three year period, as determined by the Compensation Committee. Leases The Company determines if an arrangement is a lease at the inception of a contract. Operating lease right-of-use (“ROU”) assets are included in operating lease right-of-use assets on the consolidated balance sheets. The current and long-term components of operating lease liabilities are included in the current portion of operating lease liability and operating lease liabilities, respectively, on the consolidated balance sheets. Finance leases are included in property and equipment, net, accrued expenses and other long-term liabilities. The Company’s finance leases are not material to the Company’s consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The operating lease ROU asset may also include any lease payments made, adjusted for any prepaid or accrued rent payments, lease incentives, and initial direct costs incurred. Certain leases may include options to extend or terminate the lease. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For certain equipment leases, the Company applies a portfolio approach to effectively account for any ROU assets and lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company has elected the practical expedient to account for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Employee healthcare The Company self-insures certain portions of its health insurance plan. The Company maintains an accrual for estimated unpaid claims and claims incurred but not yet reported (“IBNR”). Although management believes that it uses the best information available to estimate IBNR claims, actual claims may vary significantly from estimated claims. Restructuring expenses Costs associated with restructuring activities are recorded at fair value when a liability has been incurred. A liability has been incurred at the communication date for severance. Charges associated with lease terminations, related to restructuring activities, are recognized at the effective date of the lease modification. During the year ended December 31, 2023, the Company incurred $0.8 million of restructuring expense in connection with the termination of the Company’s Executive Chairman as described below. In 2022, the Company’s international segment incurred $0.4 million of restructuring expenses related to severance associated with the reorganization of the International segment’s workforce. The reorganization was the result of the Company’s efforts to realign the management and operating structure of the European business in response to changing market conditions. In 2022, the Company’s U.S. segment incurred $0.4 million of restructuring expense in connection with the reorganization of the U.S. segment’s sales management structure. The payment was made in 2023. In 2022, the Company incurred $0.6 million of unallocated expense related to the termination payment with its Executive Chairman, Jeffrey Siegel. On November 1, 2022, the Company entered into a transition agreement with Jeffrey Siegel, which terminated his employment with the Company, effective March 31, 2023. The transition agreement amended Mr. Siegel’s employment agreement which was to expire on December 31, 2022. The employment agreement provided for a one-time payment, which was paid on April 7, 2023. The one-time payment of $1.4 million, was recognized over the remaining employment period with $0.6 million recognized in the fourth quarter of 2022 and the remaining $0.8 million recognized in 2023. Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, certain taxes and environmental matters, as well as commitments under contractual and other commercial obligations. The Company recognizes liabilities for contingencies and commitments when a loss is probable and estimable. Adopted accounting pronouncements Effective January 1, 2023, the Company adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses, to include historical experience, current conditions and reasonable and supportable forecasts. The Company adopted this guidance on a modified retrospective basis and the adoption did not have a material impact on the Company’s consolidated financial statements. New accounting pronouncements Updates not listed below were assessed and either determined to not be applicable or are expected to have a minimal effect on the Company’s financial position, results of operations, and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: which enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. Management is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures: This guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. The new guidance is effective for public business entities for annual periods beginning after December 15, 2024 on a prospective basis. Retrospective application is permitted. Management is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

OTHER - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$ 18,626	$ 15,421	$ 13,702
Cash paid for taxes, net of refunds	$ 8,054	$ 9,757	$ 19,012

OTHER

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER

Inventory

The components of inventory are as follows:


	December 31,
	2023		2022
	(in thousands)
Finished goods	$	180,860	$	213,450
Work in process	106		70
Raw materials	7,681		8,689
Total	$	188,647	$	222,209

Property and equipment

Property and equipment (including finance leases) consist of:


	December 31,
	2023		2022
	(in thousands)
Machinery, furniture and equipment	$	80,140	$	77,948
Leasehold improvements	38,962		37,834
Computer hardware and software	38,408		38,120
Building and improvements	960		764
Construction in progress	569		1,249
Land	100		100
Total	159,139		156,015
Less: accumulated depreciation and amortization	(142,169)		(137,993)
Total	$	16,970	$	18,022

Depreciation and amortization expense of property and equipment for the years ended December 31, 2023, 2022 and 2021 was $4.7 million, $5.0 million and $6.0 million, respectively.

Accrued expenses

Accrued expenses consist of:


	December 31,
	2023		2022
	(in thousands)
Customer allowances and rebates	$	29,162	$	31,281
Compensation and benefits	12,434		9,789
Vendor invoices	10,504		6,930
Freight	5,627		6,869
Wallace facility remediation	5,640		500
Royalties	5,104		2,408
Professional fees	2,284		2,743
Interest	1,740		136
Commissions	622		656
Other non-income tax liabilities	555		10,054
Restructuring	—		986

Other	4,684		5,250
Total	$	78,356	$	77,602

Other long-term liabilities

Other long-term liabilities consist of:


	December 31,
	2023		2022
	(in thousands)
Retirement benefit obligations	$	5,063	$	5,178
Wallace facility remediation	—		5,140
Other non-income tax liabilities	3,156		3,037
Unearned revenue	797		890
Contingent consideration	—		650


Other long-term obligations	110		100

Total	$	9,126	$	14,995

Supplemental disclosure of cash flow information


	Year Ended December 31,
	2023		2022		2021
			(in thousands)

Cash paid for interest	$	18,626	$	15,421	$	13,702
Cash paid for taxes, net of refunds	8,054		9,757		19,012
Non-cash investing and financing activities:

Translation loss recognized on change in Vasconia ownership	—		—		3,404
Non-cash gain on dilution of Vasconia ownership	—		—		(1,732)

Components of accumulated other comprehensive loss, net


	Year Ended December 31,
	2023		2022		2021
			(in thousands)
Accumulated translation adjustment:
Balance at beginning of year	$	(36,072)	$	(31,752)	$	(35,846)
Translation adjustment during period	3,458		(4,320)		690

Amount reclassified from accumulated other comprehensive loss (1)	—		—		3,404
Translation Adjustment	$	3,458	$	(4,320)	$	4,094
Balance at end of year	$	(32,614)	$	(36,072)	$	(31,752)
Accumulated deferred (losses) gains on cash flow hedges:
Balance at beginning of year	$	923	$	78	$	(1,125)
Change in unrealized (losses) gains	(527)		2,126		(311)
Amounts reclassified from accumulated other comprehensive loss: (2)
Settlement of cash flow hedges	(530)		(1,281)		1,514
Net change in cash flow hedges, net of taxes of $(30), $(190) and $(246)	$	(1,057)	$	845	$	1,203
Balance at end of year	$	(134)	$	923	$	78
Accumulated effect of retirement benefit obligations:
Balance at beginning of year	$	(705)	$	(1,875)	$	(2,201)
Net (loss) income arising from retirement benefit obligations, net of tax of $31, $(359) and $(64)	(93)		1,054		191
Amount reclassified from accumulated other comprehensive loss:(3)
Amortization of loss, net of tax of $(16), $(39) and $(45)	47		116		135
Net effects of retirement benefit obligations	$	(46)	$	1,170	$	326
Balance at end of year	$	(751)	$	(705)	$	(1,875)
Total accumulated other comprehensive loss at end of period	$	(33,499)	$	(35,854)	$	(33,549)

(1)Amount is recorded in equity in (losses) earnings on the consolidated statements of operations.

(2)Amounts are recorded in interest expense and cost of goods sold on the consolidated statements of operations.

(3)Amount is recorded in selling, general and administrative expenses on the consolidated statements of operations.

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease, Cost

The components of lease costs for the year ended December 31, 2023, 2022 and 2021 were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Operating lease costs (1):
Fixed lease expense	$	16,911	$	17,855	$	17,860
Variable lease expense	5,432		$	4,698	$	5,833
Total	$	22,343	$	22,553	$	23,693

(1) Expenses are recorded within distribution expenses and selling, general and administrative expenses.

Schedule Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information for the year ended December 31, 2023, 2022 and 2021 were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	18,800	$	19,338	$	19,154
Total	$	18,800	$	19,338	$	19,154


	Year Ended December 31,
	2023		2022		2021
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	5,718	$	2,540	$	1,299
Total	$	5,718	$	2,540	$	1,299

Lessee, Operating Lease, Liability, Maturity

The aggregate future lease payments for operating leases as of December 31, 2023 were as follows (in thousands):


	Operating
2024	$	18,971
2025	18,740
2026	18,367
2027	14,236
2028	12,842
Thereafter	18,522
Total lease payments	101,678
Less: Interest	(17,594)
Present value of lease payments	$	84,084

Schedule Of Average Lease Terms And Discount Rates

Average lease terms and discount rates were as follows:


	December 31, 2023		December 31, 2022
Weighted-average remaining lease term (years)
Operating leases	5.9		6.3
Weighted-average discount rate
Operating leases	6.4	%	6.1	%

OTHER - Components of Accumulated Other Comprehensive Loss, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	$ 240,088	$ 255,646	$ 230,136
Net change in cash flow hedges	(1,057)	845	1,203
Net (loss) income arising from retirement benefit obligations, net of tax of $31, $(359) and $(64)	46	(1,170)	(326)
Balance at end of year	230,879	240,088	255,646
Accumulated translation adjustment:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	(36,072)	(31,752)	(35,846)
Translation adjustment during period	3,458	(4,320)	690
Amount reclassified from accumulated other comprehensive loss (1)	0	0	3,404
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	3,458	(4,320)	4,094
Balance at end of year	(32,614)	(36,072)	(31,752)
Accumulated deferred (losses) gains on cash flow hedges:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	923	78	(1,125)
Net change in cash flow hedges	(527)	2,126	(311)
Amounts reclassified from accumulated other comprehensive loss	(530)	(1,281)	1,514
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,057)	845	1,203
Balance at end of year	(134)	923	78
Accumulated effect of retirement benefit obligations:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	(705)	(1,875)	(2,201)
Amounts reclassified from accumulated other comprehensive loss	47	116	135
Net (loss) income arising from retirement benefit obligations, net of tax of $31, $(359) and $(64)	(93)	1,054	191
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(46)	1,170	326
Balance at end of year	(751)	(705)	(1,875)
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	(35,854)	(33,549)	(39,172)
Balance at end of year	$ (33,499)	$ (35,854)	$ (33,549)

CAPITAL STOCK - Summary of Restricted Stock Activity (Details) - Restricted Shares - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Shares
Beginning balance (in shares)	484,143	429,601	795,587
Grants (in shares)	333,300	266,713	220,658
Vested (in shares)	(212,162)	(205,290)	(586,244)
Cancellations (in shares)	(7,753)	(6,881)	(400)
Ending balance (in shares)	597,528	484,143	429,601
Weighted- average grant date fair value
Beginning balance (usd per share)	$ 11.79	$ 11.47	$ 7.54
Grants (usd per share)	5.37	12.03	14.27
Vested (usd per share)	11.20	11.46	7.19
Cancellations (usd per share)	10.86	10.92	11.42
Ending balance (usd per share)	$ 8.44	$ 11.79	$ 11.47
Total unrecognized compensation expense remaining (in thousands)	$ 3,375
Weighted-average years expected to be recognized over	1 year 6 months

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions		12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Site Contingency, Environmental Remediation Costs Recognized	5.6 million
Period of Investigation		5 years
Estimated Duties That Could Be Owed
Commitments and Contingencies Disclosure [Line Items]
Reasonable possible loss	$ 0.5	$ 0.5
Negligence
Commitments and Contingencies Disclosure [Line Items]
Reasonable possible loss	0.9	0.9
Gross Negligence
Commitments and Contingencies Disclosure [Line Items]
Reasonable possible loss	$ 1.8	1.8
Capital cost
Commitments and Contingencies Disclosure [Line Items]
Remedial alternative, EPA preferred remedy		17.3
Capital cost \| San German Ground Water Contamination Site Initial Operable Unit
Commitments and Contingencies Disclosure [Line Items]
Remedial alternative, EPA preferred remedy		$ 7.3

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Postemployment Benefits [Abstract]

Future Benefit Payments

Expected benefit payments for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in thousands):


Year ending December 31,
2024	$	491
2025	466
2026	442
2027	420
2028	399
2029 through 2033	1,745

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The Company’s intangible assets consist of the following (in thousands):


	Year Ended December 31,
	2023				2022
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill(1)	$	33,237	$	—	$	33,237	$	33,237	$	—	$	33,237
Indefinite -lived intangible assets:
Trade names(1)(2)	42,000		—		42,000		49,600		—		49,600
Finite -lived intangible assets:
Licenses	15,847		(12,110)		3,737		15,847		(11,654)		4,193
Trade names (2)(3)	62,493		(23,862)		38,631		54,785		(20,030)		34,755
Customer relationships (3)	143,158		(63,630)		79,528		143,157		(53,586)		89,571
Other (3)	5,872		(3,872)		2,000		5,856		(3,325)		2,531
Total	$	302,607	$	(103,474)	$	199,133	$	302,482	$	(88,595)	$	213,887

(1) The gross and net value at December 31, 2023 and 2022 reflect a reduction of $91.7 million impairment charges on goodwill and $1.0 million charges on indefinite-lived intangible assets.

(2)During 2023, in connection with an interim impairment test completed as of September 30, 2023, the Company determined that one trade name, that was previously estimated to contribute to cash flows indefinitely, has a definite life. Accordingly, the trade name was reclassified from indefinite-lived intangible asset to a finite-lived intangible asset as of October 1, 2023. The trade name is being amortized over an estimated useful life of 15 years.

(3)The gross value and accumulated amortization at December 31, 2023 and 2022 reflect a reduction of $44.1 million and $(29.3) million, respectively, for the net $14.8 million impairment charge on finite-lived intangible assets within the international segment during the period ended December 31, 2021 and a $6.5 million reduction in gross value for previous impairment charges on finite-lived intangible assets within the U.S. segment.

A summary of the activities related to the Company’s intangible assets for the years ended December 31, 2023, 2022 and 2021 consists of the following (in thousands):


	Intangible Assets		Goodwill		Total Intangible Assets and Goodwill
Goodwill and Intangible Assets, December 31, 2020	$	213,754	$	30,271	$	244,025
Foreign currency translation adjustment	(364)		—		(364)
Amortization	(16,223)		—		(16,223)
Impairment of finite-lived intangible assets	(14,760)		—		(14,760)

Goodwill and Intangible Assets, December 31, 2021	182,407		30,271		212,678
Acquisition of goodwill	—		2,966		2,966
Acquisition of trade name	13,000		—		13,000
Foreign currency translation adjustment	(227)		—		(227)
Amortization	(14,530)		—		(14,530)

Goodwill and Intangible Assets, December 31, 2022	180,650		33,237		213,887




Foreign currency translation adjustment	81		—		81
Amortization	(14,835)		—		(14,835)


Goodwill and Intangible Assets, December 31, 2023	$	165,896	$	33,237	$	199,133

The weighted-average amortization periods for the Company’s finite-lived intangible assets as of December 31, 2023 are as follows:


			Years
Trade names			15
Licenses			33
Customer relationships			14
Other			10

Estimated amortization expense for each of the five succeeding fiscal years is as follows (in thousands):


	Year ending December 31,
2024	$	14,888
2025	14,637
2026	14,288
2027	13,578
2028	13,119

Goodwill impairment test

The Company reviews goodwill and other intangibles that have indefinite lives for impairment annually as of October 1st or when events or changes in circumstances indicate the carrying value of these assets might exceed their current fair values. For goodwill, impairment testing is based upon the best information available using a combination of the discounted cash flow method, a form of the income approach, and the guideline public company method, a form of the market approach.

The significant assumptions used under the income approach, or discounted cash flow method, are projected net sales, projected earnings before interest, tax, depreciation and amortization (“EBITDA”) and the cost of capital. Projected net sales and projected EBITDA were determined to be significant assumptions because they are the primary drivers of the projected cash flows in the discounted cash flow fair value model. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected cash flows.

Although the Company believes the assumptions and estimates made are reasonable and appropriate, different assumptions and estimates could materially impact its reported financial results. In addition, sustained declines in the Company’s stock price and related market capitalization could impact key assumptions in the overall estimated fair values of its reporting units and could result in non-cash impairment charges that could be material to the Company’s consolidated balance sheet or results of operations. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, an impairment charge will be recorded to reduce the reporting unit to fair value.

The Company also evaluates qualitative factors to determine whether or not its indefinite lived intangibles have been impaired and then performs quantitative tests if required. These tests can include the relief from royalty model or other valuation models. The significant assumptions used in the relief from royalty model are future net sales for the related brands, royalty rates and the cost of capital to determine the fair value of the indefinite lived intangibles. Projected net sales for the related brands and royalty rates were determined to be significant assumptions because they are the primary drivers of the projected cash flows in the relief from royalty model. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected cash flows.

International Reporting Unit

The carrying value of the goodwill for the International reporting unit was zero as of December 31, 2023 and 2022.

U.S. Reporting Unit

The Company performed an interim impairment test of the goodwill in the U.S. reporting unit as of September 30, 2023, by comparing its fair value with its carrying value. The analysis was performed by using a discounted cash flow and market multiple method. Based upon the analysis performed, the Company determined that the fair value of the Company's U.S. reporting unit exceeded its carrying value, and therefore goodwill was not impaired. As of September 30, 2023, the fair value of the U.S. reporting unit exceeded the carrying value of goodwill by 4%.

The Company performed its annual impairment assessment of its U.S. reporting unit as of October 1, 2023 by comparing the fair value of the reporting unit with its carrying value. The Company performed the analysis using a discounted cash flow and market multiple method. As of October 1, 2023, the fair value of the U.S. reporting unit exceeded the carrying value of goodwill by 4%.

Management’s projections used to estimate the cash flows included organic net sales growth and net sales growth through new customer channels as well as continued operating efficiencies in future periods. Changes in any of the significant assumptions used in the valuation of the reporting unit, including projected net sales, projected EBITDA and cost of capital could materially affect the expected cash flows, and such impacts could potentially result in a material non-cash impairment charge.

As of December 31, 2023, the Company assessed the carrying value of goodwill and determined, based on qualitative factors, that no impairment indicators existed for goodwill.

Annual indefinite-lived trade name impairment test

The Company values its indefinite-lived trade name using a relief-from-royalty approach, which assumes the value of the trade name is the discounted cash flows of the amount that would be paid by a hypothetical market participant had they not owned the trade name and instead licensed the trade name from another company.

The Company performed an interim quantitative impairment analysis as of September 30, 2023, of its indefinite-lived trade names by comparing the fair value of the indefinite-lived trade names to their respective carrying values. The Company values its indefinite-lived trade names using a relief-from-royalty approach, which assumes the value of the trade name is the discounted cash flows of the amount that would be paid by a hypothetical market participant had they not owned the trade name and instead licensed the trade name from another company. The Company determined that the fair value of all its indefinite-lived trade names were above their respective carrying values, and therefore its indefinite-lived intangible assets were not impaired. In connection with the interim impairment analysis, the Company determined that one trade name, previously estimated to contribute to cash flows indefinitely, has a definite life. Accordingly, the trade name will be reclassified from indefinite-lived to finite-lived or amortizable intangible assets as of October 1, 2023. The trade name will be amortized over an estimated useful life of 15 years. As of September 30, 2023, the fair value of the Company’s indefinite-lived trade name exceeded the respective carrying value by 7%.

The Company bypassed the optional qualitative impairment analysis for its indefinite-lived trade name asset annual October 1, 2023 impairment test. The Company completed the quantitative impairment analysis by comparing the fair value of the indefinite-lived trade name to its carrying value using a relief from royalty method. As of October 1, 2023, the fair value of the Company’s indefinite-lived trade name exceeded its carrying value by 7%. While the indefinite-lived trade name was not determined to be impaired, if the indefinite-lived trade name does not perform as projected or if market factors utilized in the impairment analysis deteriorate, including an unfavorable change in the weighted average cost of capital, could materially affect the expected cash flows, and such impacts could potentially result in a material non-cash impairment charge.

As of December 31, 2023, the Company assessed the carrying value of its indefinite-lived trade name and determined based on qualitative factors that no impairment existed.

Long-lived assets impairment test

In the fourth quarter of 2023, due to the lower than expected operating results for the International segment as a result of low consumer confidence in the region, impairment indicators were identified for the International asset group. The Company tested the recoverability of the asset group, concluding it was not recoverable and performed an analysis of the fair value of the international long-lived assets. The Company tested the International segment’s long-lived assets for impairment and concluded that the fair value exceeded the carrying value of the long-lived assets, concluding no impairment as of December 31, 2023.

In the fourth quarter of 2022, the Company tested the International segment’s long-lived assets for impairment and concluded that the fair value exceeded the carrying value of the long-lived assets, concluding no impairment as of December 31, 2022.

In the fourth quarter of 2021, due to lower than expected operating results for the International segment caused by continuing impacts of COVID-19 and the exit of the U.K. from the European Union, impairment indicators were identified for the International asset group. The Company tested the recoverability of the asset group, concluding it was not recoverable and performed an analysis of the fair value of the international long-lived assets. For the finite-lived intangible assets, the Company performed discounted cash flow analysis and recorded an impairment of $14.8 million within the International segment.

INCOME TAXES - Difference between Provision for Income Taxes and Amount Computed by Applying Federal Statutory Rates (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income taxes at the statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of Federal income tax benefit	5.70%	13.90%	8.80%
Foreign rate differences	(19.70%)	6.90%	(9.20%)
Effective Income Tax Rate Reconciliation, Foreign withholding tax	5.00%	6.10%		1.20%
Non-deductible expenses	7.90%	7.10%	3.30%
Uncertain tax positions	(0.90%)	1.20%	0.10%
Research and development credit	(2.50%)	(5.40%)	(1.10%)
Federal return to provision	0.70%	(3.40%)	(0.40%)
Equity-based compensation	5.00%	0.10%	(0.60%)
Valuation Allowance	37.20%	15.90%	22.40%
Provision for income taxes	59.40%	63.40%	45.50%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Royalties Payable

The estimated future minimum royalties payable under the noncancellable term of these agreements are as follows (in thousands):


Year ending December 31,
2024	$	8,116
2025	150




Total	$	8,266

GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Intangible Assets Disclosure [Line Items]
Goodwill, Gross	$ 33,237	$ 33,237
Goodwill, Total	33,237	33,237	$ 30,271	$ 30,271
Accumulated Amortization	(103,474)	(88,595)
Total	302,607	302,482
INTANGIBLE ASSETS, net	199,133	213,887	$ 212,678	$ 244,025
Goodwill, Impaired, Accumulated Impairment Loss	(91,700)
Indefinite-lived Intangible Assets, impaired, accumulated impairment loss,	1,000
Finite-lived Intangible Assets Reduction for Impairment, Gross	44,100
Finite-lived Intangible Assets Reduction for Impairment, Accumulated Amortization	29,300
Accumulated Impairment Of Intangible Assets, Finite Lived	14,800
Finite-lived Intangible Assets Reduction for Impairment of U.S. Segment, Gross	6,500
Trade Names
Schedule of Intangible Assets Disclosure [Line Items]
Indefinite Lived Trade Names Gross	42,000	49,600
Indefinite Lived Intangible Assets, Net	42,000	49,600
Licenses
Schedule of Intangible Assets Disclosure [Line Items]
Finite-Lived Intangible Assets, Gross	15,847	15,847
Accumulated Amortization	(12,110)	(11,654)
Net	3,737	4,193
Trade Names
Schedule of Intangible Assets Disclosure [Line Items]
Finite-Lived Intangible Assets, Gross	62,493	54,785
Accumulated Amortization	(23,862)	(20,030)
Net	$ 38,631	34,755
Intangible assets acquired, estimated useful life	12 years
Trade Names \| Rabbit [Member]
Schedule of Intangible Assets Disclosure [Line Items]
Intangible assets acquired, estimated useful life	15 years
Customer relationships (3)
Schedule of Intangible Assets Disclosure [Line Items]
Finite-Lived Intangible Assets, Gross	$ 143,158	143,157
Accumulated Amortization	(63,630)	(53,586)
Net	79,528	89,571
Other (3)
Schedule of Intangible Assets Disclosure [Line Items]
Finite-Lived Intangible Assets, Gross	5,872	5,856
Accumulated Amortization	(3,872)	(3,325)
Net	$ 2,000	$ 2,531

CAPITAL STOCK - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 08, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 14, 2022	Apr. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Quarterly dividend declared (in usd per share)		$ 0.17	$ 0.17	$ 0.17
Stock repurchase program, authorized amount					$ 20,000	$ 10,000
Treasury stock repurchase (in shares)		320,204	597,195	0
Stock Repurchased During Period, Value		$ 2,539	$ 6,320
Stock Repurchase Program, Remaining Authorized Repurchase Amount		11,100
Total intrinsic value of stock options exercised		0	$ 100	$ 800
Unrecognized stock option compensation cost		$ 400
Weighted-average per share grant date fair value of stock options granted		$ 2.61	$ 5.44	$ 6.31
Preferred stock Series A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)		100	100
Preferred stock, issued (in shares)		0	0
Preferred stock, outstanding (in shares)		0	0
Preferred stock Series B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)		2,000,000	2,000,000
Preferred stock, issued (in shares)		0	0
Preferred stock, outstanding (in shares)		0	0
Long Term Incentive Plan 2000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)		624,907
Long Term Incentive Plan 2000 \| After Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)		8,217,500
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average recognition period		1 year 7 months 6 days
Stock Option \| Minimum \| Long Term Incentive Plan 2000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period		5 years
Stock Option \| Maximum \| Long Term Incentive Plan 2000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period		10 years
Vesting period		4 years
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average recognition period		1 year 6 months
Total fair value of restricted stock vested		$ 1,200
Number of shares vested		212,162	205,290	586,244
Restricted Shares \| Maximum \| Long Term Incentive Plan 2000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Weighted-average recognition period		2 years
Total fair value of restricted stock vested		$ 700
Number of shares range percentage		150.00%
Number of shares vested		119,739	166,935	150,273
Performance-based awards \| Long Term Incentive Plan 2000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Performance-based awards \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested	152,188
Cash Settled Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average recognition period		0 years
Number of shares range percentage		150.00%
Dividend Declared \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Quarterly dividend declared (in usd per share)	$ 0.0425

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Location	Jericho, New York
Auditor Name	Ernst & Young LLP

DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT

On August 26, 2022, the Company entered into Amendment No. 2 (the “Amendment”) to the ABL Agreement among the Company, as a Borrower, certain subsidiaries of the Company, as Borrowers and/or Loan Parties, JPMorgan Chase Bank, N.A., as Administrative Agent and a Lender. The ABL Agreement provides for a senior secured asset-based revolving credit facility in the maximum aggregate principal amount of $200.0 million, which will mature on August 26, 2027.

On November 14, 2023, the Company entered into Amendment No. 2 (the “Term Loan Amendment”) to amend the Loan Agreement, dated as of March 2, 2018, among the Company, as borrower, the other loan parties from time to time party thereto, the lenders from

time to time party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended, the “Term Loan”). The Term Loan has a principal amount of $150.0 million, and matures on August 26, 2027.

The Term Loan requires the Company to make quarterly payments of principal each equal to 1.25% of the aggregate principal amount of the Term Loan, commencing on March 31, 2024, with the remaining balance payable on the maturity date. The Term Loan requires the Company to make an annual prepayment of principal, beginning with those for the fiscal year ending December 31, 2024, based upon a percentage of the Company’s excess cash flow, (“Excess Cash Flow”), if any. The percentage applied to the Company’s excess cash flow is based on the Company’s Total Net Leverage Ratio (as defined in the Debt Agreements). When an Excess Cash Flow payment is required, each lender has the option to decline a portion or all of the prepayment amount payable to it. Per the Term Loan, when the Company makes an Excess Cash Flow prepayment, the payment is first applied to satisfy the next eight (8) scheduled future quarterly required payments of the Term Loan in order of maturity and then to the remaining scheduled installments on a pro rata basis.

The maximum borrowing amount under the ABL Agreement may be increased to up to $250.0 million if certain conditions are met. One or more tranches of additional term loans (the “Incremental Term Facilities”) may be added under the Term Loan if certain conditions are met. The Incremental Facilities may not exceed the sum of (i) $50.0 million plus (ii) an unlimited amount so long as, in the case of (ii) only, the Company’s secured net leverage ratio, as defined in and computed on a pro forma basis pursuant to the Term Loan, after giving effect to such increase, is no greater than 3.25 to 1.00, subject to certain limitations and for the period defined pursuant to the Term Loan but not to mature earlier than the maturity date of the then existing term loans.

As of December 31, 2023 and 2022, the total availability under the ABL Agreement were as follows (in thousands):


	December 31, 2023		December 31, 2022
Maximum aggregate principal allowed	$	181,919	$	189,411
Outstanding borrowings under the ABL Agreement	(60,395)		(10,424)
Standby letters of credit	(2,894)		(2,765)
Total availability under the ABL Agreement	$	118,630	$	176,222

Availability under the ABL Agreement is limited to the lesser of the $200.0 million commitment thereunder and the borrowing base and therefore depends on the valuation of certain current assets comprising the borrowing base. The borrowing capacity under the ABL Agreement will depend, in part, on eligible levels of accounts receivable and inventory that fluctuate regularly. Due to the seasonality of the Company’s business, this mean that it may have greater borrowing availability during the third and fourth quarters of each year. Consequently, the $200.0 million commitment thereunder may not represent actual borrowing capacity. The Company’s borrowing capacity may be further limited by the Term Loan financial covenant of 5.00 to 1.00 maximum Total Net Leverage Ratio. As of December 31, 2023, the availability under the ABL Agreement, limited by the Term Loan financial covenant, was $89.4 million.

The current and non-current portions of the Company’s Term Loan facility included in the consolidated balance sheets are presented as follows (in thousands):


	December 31, 2023		December 31, 2022
Current portion of Term Loan facility:
Term Loan facility payment	$	7,500	$	—

Estimated unamortized debt issuance costs	(2,758)		—
Total Current portion of Term Loan facility	$	4,742	$	—

Non-current portion of Term Loan facility:
Term Loan facility, net of current portion	$	142,500	$	245,911
Estimated unamortized debt issuance costs	(6,666)		(3,054)
Total Non-current portion of Term Loan facility	$	135,834	$	242,857

As of December 31, 2023, there is no Excess Cash Flow Payment due for 2024.

The Company’s Term Loan facility was reduced to $150.0 million at December 31, 2023 from $245.9 million at December 31, 2022 through the following transactions:

•On June 8, 2023, the Company completed the repurchase of $47.2 million in principal amount of the Term Loan, for $95 per $100 of principal. The repurchase was executed by way of a reverse Dutch auction, pursuant to and in accordance with the terms and conditions provided for in the Term Loan. In connection therewith, debt issuance costs of $0.5 million were written off and fees of $0.4 million were incurred. The gain on the early retirement of the Term Loan was $1.5 million, net of fees and expenses.

•In connection with the Term Loan Amendment, the Company reduced its outstanding principal by a net amount of $48.7 million through a voluntary prepayment of principal (in accordance with the terms of the original Term Loan Agreement), net of the issuance of new proceeds and an extension of a portion of existing Term Loan. In connection with the Term Loan Amendment that Company incurred fees of $9.1 million, which will be amortized over the life of the debt using the effective interest method. The Company recognized a loss of of $0.7 million of unamortized debt issuance costs on the partial extinguishment for the portion of the Term Loan that was repaid.

As of December 31, 2023, the future principal payments of the Term Loan are as follows (in thousands):


2024	$	7,500
2025	7,500
2026	7,500
2027	127,500
Total	$	150,000

The Company’s payment obligations under its Debt Agreements are unconditionally guaranteed by its existing and future U.S. subsidiaries, with certain minor exceptions. Certain payment obligations under the ABL Agreement are also direct obligations of its foreign subsidiary borrowers designated as such under the ABL Agreement and, subject to limitations on such guaranty, are guaranteed by the foreign subsidiary borrowers, as well as by the Company. The obligations of the foreign subsidiary borrowers under the ABL Agreement are secured by security interests in substantially all of the assets of, and stock in, such foreign subsidiary borrowers, subject to certain limitations. The obligations of the Company under the Debt Agreements and any hedging arrangements and cash management services and the guarantees by its domestic subsidiaries in respect of those obligations are secured by security interests in substantially all of the assets and stock (but in the case of foreign subsidiaries, limited to 65% of the capital stock in first-tier foreign subsidiaries and not including the stock of subsidiaries of such first-tier foreign subsidiaries) owned by the Company and the U.S. subsidiary guarantors, subject to certain exceptions. Such security interests consists of (1) a first-priority lien, subject to certain permitted liens, with respect to certain assets of the Company and certain of its subsidiaries (the “ABL Collateral”) pledged as collateral in favor of lenders under the ABL Agreement and a second-priority lien in the ABL Collateral in favor of the lenders under the Term Loan and (2) a first-priority lien, subject to certain permitted liens, with respect to certain assets of the Company and certain of its subsidiaries (the “Term Loan Collateral”) pledged as collateral in favor of lenders under the Term Loan and a second-priority lien in the Term Loan Collateral in favor of the lenders under the ABL Agreement.

Borrowings under the revolving credit facility bear interest, at the Company’s option, at one of the following rates: (i) an alternate base rate, defined, for any day, as the greater of the prime rate, a federal funds and overnight bank funding based rate plus 0.5% or one-month Adjusted Term SOFR plus 1.0% as of a specified date in advance of the determination, but in each case not less than 1.0%, plus a margin of 0.25% to 0.5%, or (ii) Adjusted Term SOFR, which is the Term SOFR Rate for the selected 1, 3 or 6 month interest period plus 0.10% (or Euro Interbank Offered Rate “EURIBOR” for borrowings denominated in Euro; or Sterling Overnight Index Average “SONIA” for borrowings denominated in Pounds Sterling), but in each case not less than zero, plus a margin of 1.25% to 1.5%. The respective margins are based upon average quarterly availability, as defined in and computed pursuant to the ABL Agreement. In addition, the Company pays a commitment fee of 0.20% to 0.25% per annum based on the average daily unused portion of the aggregate commitment under the ABL Agreement. The interest rate on outstanding borrowings under the ABL Agreement at December 31, 2023 was between 6.47% and 6.72%. In addition, the Company paid a commitment fee of 0.25% on the unused portion of the ABL Agreement during the year ended December 31, 2023.

The Term Loan facility bears interest, at the Company’s option, at one of the following rates: (i) alternate base rate, defined, for any day, as the greater of (x) the prime rate, (y) a federal funds and overnight bank funding based rate plus 0.50% or (z) one-month Adjusted Term SOFR, but not less than 1.0%, plus 1.0%, plus a margin of 4.5% or (ii) Adjusted Term SOFR (Term SOFR plus the Term SOFR Adjustment) for the applicable interest period, but not less than 1.0%, plus a margin of 5.5%. The interest rate on outstanding borrowings under the Term Loan at December 31, 2023 was 11.0%.

The Debt Agreements provide for customary restrictions and events of default. Restrictions include limitations on additional indebtedness, liens, acquisitions, investments and payment of dividends, among other things. Under the Term Loan, the Total Net Leverage Ratio is not permitted to be greater than 5.00 to 1.00 determined as of the end of each fiscal quarters. Further, the ABL Agreement provides that during any period (a) commencing on the last day of the most recently ended four consecutive fiscal quarters on or prior to the date availability under the ABL Agreement is less than the greater of $20.0 million and 10% of the aggregate commitment under the ABL Agreement at any time and (b) ending on the day after such availability has exceeded the greater of $20.0 million and 10% of the aggregate commitment under the ABL Agreement for 45 consecutive days, the Company is required to maintain a minimum fixed charge coverage ratio of 1.10 to 1.00 as of the last day of any period of four consecutive fiscal quarters.

The Company was in compliance with the covenants of the Debt Agreements at December 31, 2023.

Other Credit Agreements

A subsidiary of the Company holds a credit facility (“HSBC Facility”) with HSBC Bank (China) Company Limited, Shanghai Branch (“HSBC”) for up to $10.0 million Chinese renminbi ($1.4 million). The HSBC Facility is subject to annual renewal and may be used to fund general working capital needs of the Company’s subsidiary, which is a trading company in China. Borrowings under the HSBC Facility were guaranteed by the Company and were granted at the sole discretion of HSBC. No borrowings were outstanding under the HSBC Facility at December 31, 2023 and 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

STOCK COMPENSATION (Details) - Cash Settled Performance Based Awards - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award, Liability Instruments Other than Options, Nonvested, Number	83,611	85,776	0
Grants (in shares)		87,825
Cancellations (in shares)	(2,165)	(2,049)
Weighted- average grant date fair value
Share-based Compensation Arrangement by Share-based Payment Award, Liability Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 6.71	$ 7.59	$ 0
Grants (usd per share)		7.66
Share-based Compensation Arrangement by Share-based Payment Award, Liability Instruments Other than Options, Forfeiteds in Period, Weighted Average Grant Date Fair Value	$ 6.52	$ 10.61
Total unrecognized compensation expense remaining (in thousands)	$ 0
Weighted-average recognition period	0 years

DEBT - Total Availability Under ABL Agreement (Details) - ABL Credit Agreement - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum aggregate principal allowed	$ 181,919	$ 189,411
Outstanding borrowings under the ABL Agreement	(60,395)	(10,424)
Standby letters of credit	(2,894)	(2,765)
Total availability under the ABL Agreement	$ 118,630	$ 176,222

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

OTHER - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation charge	$ 4.7	$ 5.0	$ 6.0

INCOME TAXES - Estimated Values of Gross Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ (1,130)	$ (1,071)	$ (1,648)
Additions based on tax positions related to the current year	(27)	(79)	(49)
Reductions for tax position of prior years	167	20	626
Balance at December 31	$ (990)	$ (1,130)	$ (1,071)

RETIREMENT PLANS

12 Months Ended

Dec. 31, 2023

Postemployment Benefits [Abstract]

RETIREMENT PLANS

401(k) plan and other defined contribution plans

The Company maintains a defined contribution retirement plan for eligible employees under Section 401(k) of the Internal Revenue Code. Participants can make voluntary contributions up to the Internal Revenue Service limit of $22,500 ($30,000 for employees 50 years old or over) for 2023. The Company suspended its matching contribution in 2009 as an expense savings measure. The Company’s United Kingdom-based subsidiary, Lifetime Brands Europe Limited, maintains a defined contribution pension plan.

Retirement benefit obligations

The Company assumed retirement benefit obligations, which are paid to certain former executives of a business acquired in 2006. The obligations under the agreements with these former executives are unfunded and amounted to $5.6 million at December 31, 2023 and $5.7 million at December 31, 2022.

The discount rate used to calculate the retirement benefit obligations was 4.66% at December 31, 2023 and 4.89% at December 31, 2022. The retirement benefit obligations are included in accrued expenses and other long-term liabilities.

The Company expects to recognize $0.1 million of actuarial losses included in accumulated other comprehensive loss in net periodic benefit cost in 2024.

Expected benefit payments for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in thousands):


Year ending December 31,
2024	$	491
2025	466
2026	442
2027	420
2028	399
2029 through 2033	1,745

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (8,412)	$ (6,166)	$ 20,801
Other comprehensive income (loss), net of tax:
Translation adjustment	3,458	(4,320)	4,094
Net change in cash flow hedges	(1,057)	845	1,203
Effect of retirement benefit obligations	(46)	1,170	326
Other comprehensive income (loss), net of taxes	2,355	(2,305)	5,623
Comprehensive (loss) income	$ (6,057)	$ (8,471)	$ 26,424

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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+ Details

DEBT - Current and Non Current Portions of Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current portion of Term Loan facility:
Total Non-current portion of Term Loan facility	$ 150,000
Term Loan
Current portion of Term Loan facility:
Estimated unamortized debt issuance costs	(2,758)	$ 0
Total Current portion of Term Loan facility	4,742	0
Non-current portion of Term Loan facility:
Term Loan facility, net of current portion	142,500	245,911
Estimated unamortized debt issuance costs	(6,666)	(3,054)
Total Non-current portion of Term Loan facility	135,834	242,857
Long Term Debt, Payment Terms, Current	$ 7,500	$ 0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, allowances	$ 15,952	$ 14,606
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	21,813,266	21,779,799
Common stock, shares issued (in shares)	21,813,266	21,779,799
Preferred stock Series A
Preferred stock, outstanding (in shares)	0	0
Preferred stock, issued (in shares)	0	0
Preferred stock, par value (usd per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	100	100
Preferred stock Series B
Preferred stock, outstanding (in shares)	0	0
Preferred stock, issued (in shares)	0	0
Preferred stock, par value (usd per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Intangible Assets Included in Wholesale Segment

The Company’s intangible assets consist of the following (in thousands):


	Year Ended December 31,
	2023				2022
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill(1)	$	33,237	$	—	$	33,237	$	33,237	$	—	$	33,237
Indefinite -lived intangible assets:
Trade names(1)(2)	42,000		—		42,000		49,600		—		49,600
Finite -lived intangible assets:
Licenses	15,847		(12,110)		3,737		15,847		(11,654)		4,193
Trade names (2)(3)	62,493		(23,862)		38,631		54,785		(20,030)		34,755
Customer relationships (3)	143,158		(63,630)		79,528		143,157		(53,586)		89,571
Other (3)	5,872		(3,872)		2,000		5,856		(3,325)		2,531
Total	$	302,607	$	(103,474)	$	199,133	$	302,482	$	(88,595)	$	213,887

(1) The gross and net value at December 31, 2023 and 2022 reflect a reduction of $91.7 million impairment charges on goodwill and $1.0 million charges on indefinite-lived intangible assets.

Summary of Activities Relating to Intangible Assets

A summary of the activities related to the Company’s intangible assets for the years ended December 31, 2023, 2022 and 2021 consists of the following (in thousands):


	Intangible Assets		Goodwill		Total Intangible Assets and Goodwill
Goodwill and Intangible Assets, December 31, 2020	$	213,754	$	30,271	$	244,025
Foreign currency translation adjustment	(364)		—		(364)
Amortization	(16,223)		—		(16,223)
Impairment of finite-lived intangible assets	(14,760)		—		(14,760)

Goodwill and Intangible Assets, December 31, 2021	182,407		30,271		212,678
Acquisition of goodwill	—		2,966		2,966
Acquisition of trade name	13,000		—		13,000
Foreign currency translation adjustment	(227)		—		(227)
Amortization	(14,530)		—		(14,530)

Goodwill and Intangible Assets, December 31, 2022	180,650		33,237		213,887




Foreign currency translation adjustment	81		—		81
Amortization	(14,835)		—		(14,835)


Goodwill and Intangible Assets, December 31, 2023	$	165,896	$	33,237	$	199,133

Weighted Average Amortization Periods for Finite Lived Intangible Assets

The weighted-average amortization periods for the Company’s finite-lived intangible assets as of December 31, 2023 are as follows:


			Years
Trade names			15
Licenses			33
Customer relationships			14
Other			10

Estimated Amortization Expense

Estimated amortization expense for each of the five succeeding fiscal years is as follows (in thousands):


	Year ending December 31,
2024	$	14,888
2025	14,637
2026	14,288
2027	13,578
2028	13,119

LOSS PER COMMON SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

LOSS PER COMMON SHARE

(LOSS) INCOME PER COMMON SHARE

Basic (loss) income per common share has been computed by dividing net (loss) income by the weighted-average number of shares of the Company’s common stock outstanding. Diluted (loss) income per common share adjusts net (loss) income and basic (loss) income per common share for the effect of all potentially dilutive shares of the Company’s common stock. Anti-dilutive securities are not included in the computation of diluted earnings per share under the treasury stock method.

The calculations of basic and diluted (loss) income per common share for the years ended December 31, 2023, 2022 and 2021, are as follows:


	2023		2022		2021
	(in thousands - except per share amounts)
Net (loss) income – Basic and Diluted	$	(8,412)	$	(6,166)	$	20,801
Weighted-average shares outstanding – Basic	21,195		21,558		21,397
Effect of dilutive securities:
Stock options and other stock awards	—		—		640
Weighted-average shares outstanding – Diluted	21,195		21,558		22,037
Basic (loss) income per common share	$	(0.40)	$	(0.29)	$	0.97
Diluted (loss) income per common share	$	(0.40)	$	(0.29)	$	0.94
Antidilutive shares (1)	1,633		1,681		380

(1) Stock options and other stock awards that have been excluded from the denominator as their inclusion would have been anti-dilutive.

DEBT - Schedule of Future Principle Payments of Term Loan (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Long-term debt, maturity, year One	$ 7,500
Long-Term Debt, Maturity, Year Two	7,500
Long-Term Debt, Maturity, Year Three	7,500
Long-Term Debt, Maturity, Year Four	127,500
Long-term Debt	$ 150,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net (loss) income	$ (8,412)	$ (6,166)	$ 20,801
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	19,571	19,536	22,520
Intangible asset impairments	0	0	14,760
Amortization of financing costs	1,968	1,809	1,739
Mark to market (loss) gain on interest rate derivatives	499	(1,971)	(1,062)
Non-cash lease adjustment	(1,889)	(1,483)	(1,294)
Provision (recovery) for doubtful accounts	2,116	662	(5)
Deferred income taxes	(2,130)	(3,825)	1,799
Stock compensation expense	3,687	3,846	5,217
Undistributed losses (earnings) from equity investment, net of taxes	12,665	9,467	(807)
Contingent consideration fair value adjustment	(650)	0	0
Wallace facility remediation expense	0	5,140	500
Changes in operating assets and liabilities (excluding the effects of business acquisitions)
Accounts receivable	(14,972)	33,889	(5,531)
Inventory	35,428	47,443	(67,501)
Prepaid expenses, other current assets and other assets	(1,833)	(2,447)	2,043
Accounts payable, accrued expenses and other liabilities	10,846	(81,365)	48,079
Income taxes payable	298	(216)	(4,270)
NET CASH PROVIDED BY OPERATING ACTIVITIES	56,431	24,319	36,988
INVESTING ACTIVITIES
Purchases of property and equipment	(2,801)	(2,975)	(3,986)
Acquisition			(178)
NET CASH USED IN INVESTING ACTIVITIES	(2,801)	(20,931)	(1,103)
FINANCING ACTIVITIES
Payments of Financing Costs	9,537	1,021	0
Payments for finance lease obligations	(27)	(32)	(117)
Payments of tax withholding for stock based compensation	(537)	(1,067)	(3,189)
Proceeds from the exercise of stock options	0	233	877
Payments for stock repurchase	(2,539)	(6,320)	0
Cash dividends paid	(3,734)	(3,820)	(3,843)
NET CASH USED IN FINANCING ACTIVITIES	(61,062)	(7,617)	(44,027)
Effect of foreign exchange on cash	23	(155)	161
DECREASE IN CASH AND CASH EQUIVALENTS	(7,409)	(4,384)	(7,981)
Cash and cash equivalents at beginning of year	23,598	27,982	35,963
CASH AND CASH EQUIVALENTS AT END OF YEAR	16,189	23,598	27,982
S'well
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Contingent consideration fair value adjustment	(700)
INVESTING ACTIVITIES
Acquisition	0	(17,956)
Grupo Vasconia S.A.B.
INVESTING ACTIVITIES
Proceeds from sale of shares of equity method investment	0	0	3,061
Revolving Credit Facility
FINANCING ACTIVITIES
Proceeds from long term lines of credit	162,391	276,288	103,385
Repayments of long term lines of credit	(113,530)	(265,662)	(130,662)
Term Loan
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Gain on extinguishments of debt, net	(761)	0	0
FINANCING ACTIVITIES
Proceeds from Issuance of Long-Term Debt	55,991
Repayments of Long-Term Debt	$ 149,540	6,216	10,478
Credit Agreement Term Loan
FINANCING ACTIVITIES
Proceeds from Issuance of Long-Term Debt		$ 0	$ 0

CAPITAL STOCK - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock Compensation Expense	$ 3,687	$ 3,846	$ 5,217
Equity based stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock Compensation Expense	270	275	417
Restricted and performance-based stock awards expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock Compensation Expense	3,420	3,586	4,787
Stock compensation expense for equity based awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock Compensation Expense	3,690	3,861	5,204
Liability based stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock Compensation Expense	$ (3)	$ (15)	$ 13

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 01, 2023	Sep. 30, 2023	Dec. 31, 2020
Schedule of Intangible Assets Disclosure [Line Items]
Goodwill	$ 33,237,000	$ 33,237,000	$ 30,271,000			$ 30,271,000
Goodwill and intangible asset impairment	0	0	14,760,000
International
Schedule of Intangible Assets Disclosure [Line Items]
Goodwill and intangible asset impairment			14,800,000
U.S.
Schedule of Intangible Assets Disclosure [Line Items]
Goodwill		$ 33,237,000	$ 30,271,000
Goodwill, percentage of fair value in excess of the carrying value				4.00%
U.S. \| Trade Names
Schedule of Intangible Assets Disclosure [Line Items]
Goodwill, percentage of fair value in excess of the carrying value				7.00%	7.00%
European Kitchenware
Schedule of Intangible Assets Disclosure [Line Items]
Goodwill	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

DERIVATIVES

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

Interest Rate Swap Agreements

The Company’s net total outstanding notional value of interest rate swaps was $25.0 million at December 31, 2023. These non-designated interest rate swaps were entered into in June 2019 and serve as cash flow hedges of the Company’s exposure to the variability of the payment of interest on a portion of its Term Loan borrowings and expire in February 2025.

The Company’s interest rate swaps that were designated as cash flow hedges of the Company’s exposure to the variability of the payment of interest on a portion of its Term Loan borrowings expired in March 2023. The Company has no designated interest rate swaps at December 31, 2023.

Foreign Exchange Contracts

The Company is a party from time to time to certain foreign exchange contracts, primarily to offset the earnings impact related to fluctuations in foreign currency exchange rates associated with inventory purchases denominated in foreign currencies. Fluctuations in the value of certain foreign currencies as compared to the USD may positively or negatively affect the Company’s revenues, gross margins, operating expenses, and retained earnings, all of which are expressed in USD. Where the Company deems it prudent, the Company engages in hedging programs using foreign currency forward contracts aimed at limiting the impact of foreign currency exchange rate fluctuations on earnings. The Company purchases foreign currency forward contracts with terms less than 18 months to protect against currency exchange risks associated with the payment of merchandise purchases to foreign suppliers. The Company does not hedge the translation of foreign currency profits into USD, as the Company regards this as an accounting exposure rather than an economic exposure. The aggregate gross notional values of foreign exchange contracts at December 31, 2023 and 2022 was $9.8 million and $6.3 million, respectively.

The Company is exposed to market risks, as well as changes in foreign currency exchange rates, as measured against the USD and each other, and changes to credit risk of derivative counterparties. The Company attempts to minimize these risks by primarily using foreign currency forward contracts and by maintaining counterparty credit limits. These hedging activities provide only limited protection against currency exchange and credit risk. Factors that could influence the effectiveness of the Company’s hedging programs include currency markets and availability of hedging instruments and liquidity of the credit markets. All foreign currency forward contracts that the Company enters into are components of hedging programs and are entered into for the sole purpose of hedging an existing or anticipated currency exposure. The Company does not enter into such contracts for speculative purposes and, as of December 31, 2023, the Company does not have any foreign currency forward contract derivatives that are not designated as hedges. These foreign exchange contracts have been designated as hedges in to order to apply hedge accounting.

The fair values of the Company’s derivative financial instruments included in the consolidated balance sheets are presented as follows (in thousands):


		December 31,
Derivatives designated as hedging instruments	Balance Sheet Location	2023		2022
Interest rate swaps	Prepaid expenses and other current assets	$	—	$	122



Foreign exchange contracts	Prepaid expenses and other current assets	56		—

	Accrued expenses	144		260


		December 31,
Derivatives not designated as hedging instruments	Balance Sheet Location	2023		2022

Interest rate swaps	Other assets	$	793	$	1,292

The fair value of the interest rate swaps have been obtained from the counterparties to the agreements and were based on Level 2 observable inputs using proprietary models and estimates about relevant future market conditions. The fair value of the foreign exchange contracts were based on Level 2 observable inputs using quoted market prices for similar assets in an active market.

The counterparties to the derivative financial instruments are major international financial institutions. The Company is exposed to credit risk for the net exchanges under these agreements, but not for the notional amounts. The Company does not anticipate non-performance by any of its counterparties.


	Year ended December 31,
Derivatives designated as hedging instruments	2023		2022		2021
Interest rate swaps	$	(93)	$	523	$	718
Foreign exchange contracts	(964)		322		485
Total	$	(1,057)	$	845	$	1,203

Realized gains and losses on the interest rate swaps that are reported in other comprehensive income (loss) are reclassified into earnings as the interest expense on the debt is recognized. The Company’s interest rate swaps that were designated as hedging instruments had an aggregate notional value of $25.0 million and matured during the three months ended March 31, 2023.

Realized gains and losses on foreign exchange contracts that are reported in other comprehensive income (loss) are reclassified into cost of sales as the underlying inventory purchased is sold.

During the year ended December 31, 2023, the Company reclassified $0.5 million of cash flow hedges in accumulated other comprehensive losses to earnings. This comprised of a gain of $0.1 million related to interest rate swaps recognized in interest expense and a gain of $0.4 million related to foreign exchange contracts recognized in cost of sales. At December 31, 2023, the estimated amount of existing net losses expected to be reclassified into earnings within the next 12 months was $0.2 million.

During the year ended December 31, 2022, the Company reclassified $1.3 million of cash flow hedges in accumulated other comprehensive losses to earnings. This comprised of a charge of $0.3 million related to interest rate swaps recognized in interest expense and a gain of $1.6 million related to foreign exchange contracts recognized in cost of sales.

The amounts of the gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments are recognized in earnings as follows (in thousands):


		Year Ended December 31,
Derivatives not designated as hedging instruments	Location of Gain or (Loss)	2023		2022		2021
Interest rate swaps	Mark to market gain (loss) on interest rate derivatives	$	(499)	$	1,971	$	1,062
	Interest expense	802		(55)		(458)
		$	303	$	1,916	$	604

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Royalties

The Company has license agreements that require the payment of minimum royalties on sales of licensed products. The estimated future minimum royalties payable under the noncancellable term of these agreements are as follows (in thousands):


Year ending December 31,
2024	$	8,116
2025	150




Total	$	8,266

Legal proceedings

Wallace EPA Matter

Wallace Silversmiths de Puerto Rico, Ltd. (“WSPR”), a wholly-owned subsidiary of the Company, operates a manufacturing facility in San Germán, Puerto Rico that is leased from the Puerto Rico Industrial Development Company (“PRIDCO”). In March 2008, the U.S. Environmental Protection Agency (the “EPA”) announced that the San Germán Ground Water Contamination site in Puerto Rico (the “Site”) had been added to the Superfund National Priorities List due to contamination present in the local drinking water supply.

In May 2008, WSPR received from the EPA a Notice of Potential Liability and Request for Information pursuant to 42 U.S.C. Sections 9607(a) and 9604(e) of the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”). In July 2011, WSPR received a letter from the EPA requesting access to the property that it leases from PRIDCO to conduct an environmental investigation, and the Company granted such access. In February 2013, the EPA requested access to conduct a further environmental investigation at the property. PRIDCO agreed to such access, and the Company consented. The EPA conducted a further investigation during 2013 and, in April 2015, notified the Company and PRIDCO that the results from vapor intrusion sampling may warrant the implementation of measures to mitigate potential exposure to sub-slab soil gas. The Company reviewed the information provided by the EPA and requested that PRIDCO, as the property owner, find and implement a solution acceptable to the EPA. While WSPR did not cause the sub-surface condition that resulted in the potential for vapor intrusion, in order to protect the health of its employees and continue its business operations, it has nevertheless implemented corrective action measures to prevent vapor intrusion, such as sealing the floors of the building and conducting periodic air monitoring to address potential exposure.

On August 13, 2015, the EPA released its remedial investigation and feasibility study (“RI/FS”) for the Site. On December 11, 2015, the EPA issued the Record of Decision (“ROD”) for an initial operable unit (“OU-1”), electing to implement its preferred remedy, which consists of soil vapor extraction and dual-phase extraction/in-situ treatment. This selected remedy includes soil vapor extraction (“SVE”) to address soil (vadose zone) source areas at the Site, impermeable cover as necessary for the implementation of SVE, dual phase extraction in the shallow saprolite zone, and in-situ treatment as needed to address residual sources. The EPA’s total net present worth estimated cost for its selected remedy is $7.3 million. In February 2017, the EPA indicated that it planned to expand its field investigation for the RI/FS to a second operable unit (“OU-2”) to determine the nature and extent of the groundwater contamination at and from the Site and to determine the nature of the remedial action needed to address the contamination. The EPA requested access to the property occupied by WSPR to install monitoring wells and to undertake groundwater sampling as part of this expanded investigation. WSPR consented to the EPA’s access request, provided that the EPA received PRIDCO’s consent as the property owner. WSPR never used the primary contaminant of concern and did not take up its tenancy at the Site until after the EPA had discovered the contamination in the local water supply. The EPA has also issued notices of potential liability to a number of other entities affiliated with the Site, which used the contaminants of concern.

In December 2018, the Company, WSPR, and other identified potentially responsible parties affiliated with the Site entered into tolling agreements with the U.S. government to extend the statute of limitations for potential claims for the recovery of response costs for the initial operable unit under Section 107 of CERCLA. The tolling agreements have been extended multiple times and currently expire in November 2025. The tolling agreements do not constitute in any way an admission or acknowledgment of any fact, conclusion of law, or liability by the parties to the agreements.

The EPA released its proposed plan for OU-2 in July 2019, and on September 30, 2019, the EPA issued the ROD for OU-2. The EPA elected to implement its preferred remedy consisting of in-situ treatment of groundwater and a monitored natural attenuation program including monitoring of the plume fringe at the Site. The EPA’s estimated total net present worth cost for its selected remedy for OU-2 is $17.3 million, and the EPA is currently leading remediation of OU-2.

In August 2021, WSPR received a Notice of Liability for the Site from the Department of Justice on behalf of the EPA, and in September 2021, WSPR responded with a good faith offer to conduct additional testing and remedial design work for OU-1. WSPR has actively participated in negotiations among the U.S. Government (the Department of Justice and the EPA) and other potentially responsible parties with respect to the remedial work at OU-1, which negotiations culminated in the finalization of a Consent Decree for Remedial Design and Remedial Action at Operable Unit One of the San German Groundwater Contamination Site (“Consent Decree”). On July 26, 2023, the U.S. Government filed a complaint in United States District Court for the District of Puerto Rico for the purpose of seeking judicial approval of the Consent Decree. As required by applicable regulations, the U.S. Government simultaneously lodged the Consent Decree for public comment. No comments were received during the public comment period. On September 6, 2023, at the conclusion of the public comment period, the U.S. Government filed a Motion to Enter the Consent Decree, which the court granted on December 1, 2023, thereby effectuating the Consent Decree.

The Company has reserved $5.6 million to cover probable and estimable liabilities with respect to the above remedial design and remedial action for the initial operable unit. However, it is not possible at this time for the Company to estimate its share of its ultimate liability for the Site. In the event of one or more adverse determinations related to this matter, it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material.

U.S. Customs and Border Protection Matter

By letter dated August 26, 2019, the Company was advised that U.S. Customs and Border Protection ("CBP") had commenced an investigation, pursuant to 19 U.S.C. §1592, regarding the Company’s tariff classification of certain tableware and kitchenware. The issue centers on whether such merchandise meets the criteria for reduced duty rates as specified sets as those terms are defined in Chapter 69, Note 6(b), Harmonized Tariff System of the United States. The period of investigation is stated to be from August 26, 2014 to the present. Since being notified of the investigation, the Company has obtained a significant amount of evidence that, the Company believes, supports that the imported products were properly classified as specified sets. The Company's counsel filed a Lead Protest and Application for Further Review with CBP on February 5, 2020 (the "Lead Protest") relating to a single shipment made during the investigation period.

CBP approved the Company’s Lead Protest on June 8, 2020 stating that the specified set requirement was fulfilled with respect to the protested shipment based on information provided by the Company. Based on this decision, no additional duties will be owed for the seven tableware collections imported in this shipment.

The Company also compiled and submitted to CBP a complete set of supporting documents for three additional protests (for the remaining 29 tableware collections that were imported by the Company under the protested shipments). One of the additional protests was approved on October 15, 2020; the other two remain pending. If the CBP approves these additional claims and accepts the evidence presented, then no additional duties will be owed for the remaining protested shipments.

Because the period of investigation covers a five-year period, the Company is compiling supporting documentation packages for all tableware collections imported during this period.

In the event CBP accepts the evidence presented, then no additional duties or penalties will be owed. If CBP rejects the Company’s

position, then the estimated amount of duties that could be owed is $0.5 million. In such event, it is reasonably possible that additional

penalties could be assessed, depending upon the level of culpability found, of up to $0.9 million for negligence and up to $1.8 million for gross negligence. In the event penalties are assessed, the Company will have the opportunity to further contest CBP’s findings and

seek cancellation or mitigation of such assessments.

Accordingly, based on the above uncertainties and variables, the Company considers the potential losses related to this matter to be reasonably possible, but not probable. However, in the event of one or more adverse determinations related to this matter, it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material.

Other

The Company is, from time to time, involved in other legal proceedings. The Company believes that other current litigation is routine in nature and incidental to the conduct of the Company’s business and that none of this litigation, individually or collectively, would have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

REVENUE - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 686,683	$ 727,662	$ 862,924
Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	30 days
Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	90 days
Shipping and Handling
Disaggregation of Revenue [Line Items]
Net sales	$ 2,700	$ 4,600	$ 3,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

GOODWILL AND INTANGIBLE ASSETS - Weighted Average Amortization Period for Finite Lived Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2023
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, weighted-average amortization periods	15 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, weighted-average amortization periods	33 years
Customer relationships (3)
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, weighted-average amortization periods	14 years
Other (3)
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, weighted-average amortization periods	10 years

EQUITY INVESTMENTS

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

EQUITY INVESTMENTS

The Company owns 24.7% of the outstanding capital stock of Vasconia, an integrated manufacturer of aluminum products and a housewares company in Mexico. Shares of Vasconia’s capital stock are traded on the Bolsa Mexicana de Valores, the Mexican Stock Exchange. The Quotation Key is VASCONI. The Company accounts for its investment in Vasconia using the equity method of accounting and records its proportionate share of Vasconia’s net income in the Company’s statement of operations. Accordingly, the Company has recorded its proportionate share of Vasconia’s net income (reduced for amortization expense related to the customer relationships acquired) for the years ended December 31, 2023, 2022 and 2021 in the accompanying consolidated statements of operations.

On June 30, 2021, Vasconia issued additional shares of its stock, which diluted the Company’s investment ownership from approximately 30% to approximately 27%. The Company recorded a non-cash gain of $1.7 million, increasing the Company’s investment balance. Additionally, a loss of $2.0 million was recognized for the proportionate share of the diluted ownership for amounts previously recognized in accumulated other comprehensive loss. The net loss of $0.3 million was included in equity in earnings, net of taxes, in the accompanying consolidated statements of operations for the year ended December 31, 2021.

On July 29, 2021, the Company sold 2.2 million shares further reducing its ownership from approximately 27% to 24.7% in Vasconia for net cash proceeds of approximately $3.1 million, as a result the Company recorded a gain of $1.0 million, after decreasing the Company’s investment balance. The gain on the sale resulted in a tax expense of $0.1 million. Additionally, a loss of $1.4 million was recognized for the proportionate share of the reduced ownership for amounts previously recognized in accumulated other comprehensive loss. The net loss, including taxes, of $0.5 million was included in equity in earnings, net of taxes, in the accompanying consolidated statements of operations for the year ended December 31, 2021. The Company continues to apply the equity method of accounting.

The Company’s equity in earnings, net of tax, for 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)

Vasconia equity in earnings, net of taxes	$	(5,831)	$	(3,300)	$	1,769
Net loss on dilution in Vasconia ownership	—		—		(297)
Net loss on partial sale of Vasconia ownership, net of taxes	—		—		(510)
Impairment on investment in Vasconia	(6,834)		(6,167)		—
Equity in (losses) earnings, net of taxes	$	(12,665)	$	(9,467)	$	962

The value of the Company’s investment balance has been translated from Mexican pesos (“MXN”) to U.S. dollars (“USD”) using the spot rate of MXN 16.96 and MXN 19.47 at December 31, 2023 and 2022, respectively.

The Company’s proportionate share of Vasconia's net income (loss) has been translated from MXN to USD using the following exchange rates:


	Year Ended December 31,
	2023	2022	2021
Average exchange rate (MXN to USD)	17.06 - 18.66	19.67 - 20.50	20.01 - 20.74

The effect of the translation of the Company’s investment, as well as the translation of Vasconia’s balance sheet, resulted in an increase of the investment of $2.0 million during the year ended December 31, 2023 and a decrease of the investment of $0.3 million during the year ended December 31, 2022. These translation effects are recorded in accumulated other comprehensive loss. The Company received cash dividends of $0.2 million, from Vasconia during the years ended December 31, 2021. There was no cash dividend received during the years ended December 31, 2023 and 2022.

Amounts due to and from Vasconia are recorded in the Company’s consolidated balance sheet within prepaid expenses, other current assets, accrued expenses and accounts payable. As of December 31, 2023 and 2022, these amounts were not material individually or in the aggregate.


	Year Ended December 31,
	2023				2022				2021
	(in thousands)
	USD		MXN		USD		MXN		USD		MXN
Income Statement
Net sales	$	173,104	$	3,069,162	$	240,910	$	4,846,328	$	240,186	$	4,871,845
Gross profit	35,158		622,451		39,874		802,496		52,574		1,064,557
Loss (income) from operations	(10,944)		(192,551)		(1,596)		(30,323)		15,536		313,156
Net income	(23,591)		(416,505)		(13,207)		(262,251)		7,017		141,972


	December 31,
	2023				2022
	(in thousands)
	USD		MXN		USD		MXN
Balance Sheet
Current assets	$	117,382	$	1,991,347	$	129,449	$	2,519,905
Non-current assets	152,708		2,590,649		144,356		2,810,082
Current liabilities	186,134		3,157,716		93,112		1,812,546
Non-current liabilities	13,927		236,269		95,065		1,850,568

The fair value (based on Level 1 inputs using the quoted stock price) of the Company’s investment in Vasconia declined in 2023. As a result of the decline in the quoted stock price, the downgrade in Vasconia’s debt rating, and the continued decline in the operating results of Vasconia, the Company determined the decline in fair value was other than temporary. The Company reduced its investment by $6.8 million as of September 30, 2023 to its fair value, and recognized the non-cash impairment charge within Equity in (losses) earnings, net of taxes, in the consolidated statement of operations. As of December 31, 2023, the fair value of the Company’s investment in Vasconia was $4.3 million. The carrying value of the Company’s investment in Vasconia, after the recorded impairment, was $1.8 million. As of December 31, 2023, there is substantial doubt about Vasconia’s ability to continue as a going concern for twelve months beyond the date of the financial statements. In the event Vasconia does not continue, the Company would be required to reduce its investment in Vasconia and recognize a loss for amounts previously recognized in accumulated other comprehensive loss.

CAPITAL STOCK - Fair Value Stock Options at Grant Date using Weighted-Average Assumption (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Historical volatility	55.00%	53.00%	52.00%
Expected term (years)	6 years 3 months 18 days	6 years 3 months 18 days	6 years 3 months 18 days
Risk-free interest rate	4.25%	3.15%	1.08%
Expected dividend yield	2.87%	1.48%	1.20%

EQUITY INVESTMENTS - Summary of Proportionate Share of Vasconia's Net Income Translated from MXN to USD (Details) - Grupo Vasconia S.A.B. - $ / $	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum
Schedule of Equity Method Investments [Line Items]
Average exchange rate (MXN to USD)	17.06	19.67	20.01
Maximum
Schedule of Equity Method Investments [Line Items]
Average exchange rate (MXN to USD)	18.66	20.50	20.74

DERIVATIVES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ (200,000)
Interest rate swaps
Derivative [Line Items]
Notional amount	25,000,000
Interest expense \| Interest rate swaps
Derivative [Line Items]
Gain (loss) reclassified into earnings	100,000	$ (300,000)
Cost of Sales \| Interest rate swaps
Derivative [Line Items]
Gain (loss) reclassified into earnings	400,000
Cost of Sales \| Foreign exchange contracts
Derivative [Line Items]
Gain (loss) reclassified into earnings		1,600,000
Derivatives designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Notional amount	9,800,000	6,300,000
Derivatives designated as hedging instruments \| Cash Flow Hedging
Derivative [Line Items]
Gain (loss) reclassified into earnings	500,000	$ 1,300,000
Derivatives designated as hedging instruments \| Cash Flow Hedging \| Interest rate swaps
Derivative [Line Items]
Notional amount	0
Derivatives not designated as hedging instruments \| Interest rate swaps
Derivative [Line Items]
Notional amount	$ 25,000,000

CAPITAL STOCK - Summary of Performance-based Award Activity (Details) - Performance-based awards - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Shares
Beginning balance (in shares)	400,302	436,330	431,046
Grants (in shares)	191,075	123,000	176,915
Vested (in shares)	(119,739)	(166,935)	(150,273)
Cancellations (in shares)	(1,608)	(4,128)	(21,358)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options	16,942	12,035
Ending balance (in shares)	486,972	400,302	436,330
Total unrecognized compensation expense remaining (in thousands)	$ 764
Weighted-average grant date fair value
Beginning balance (usd per share)	$ 11.56	$ 10.54	$ 9.94
Grants (usd per share)	5.92	12.19	14.18
Vested (usd per share)	6.36	9.20	12.79
Cancellations (usd per share)	12.25	10.64	12.76
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants over target in Period, Weighted Average Grant Date Fair Value	6.36	9.20
Ending balance (usd per share)	$ 10.44	$ 11.56	$ 10.54
Weighted-average years expected to be recognized over	2 years

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

As of December 31, 2023 and 2022, the total availability under the ABL Agreement were as follows (in thousands):


	December 31, 2023		December 31, 2022
Maximum aggregate principal allowed	$	181,919	$	189,411
Outstanding borrowings under the ABL Agreement	(60,395)		(10,424)
Standby letters of credit	(2,894)		(2,765)
Total availability under the ABL Agreement	$	118,630	$	176,222

Schedule of Long-term Debt Instruments

The current and non-current portions of the Company’s Term Loan facility included in the consolidated balance sheets are presented as follows (in thousands):


	December 31, 2023		December 31, 2022
Current portion of Term Loan facility:
Term Loan facility payment	$	7,500	$	—

Estimated unamortized debt issuance costs	(2,758)		—
Total Current portion of Term Loan facility	$	4,742	$	—

Non-current portion of Term Loan facility:
Term Loan facility, net of current portion	$	142,500	$	245,911
Estimated unamortized debt issuance costs	(6,666)		(3,054)
Total Non-current portion of Term Loan facility	$	135,834	$	242,857

As of December 31, 2023, there is no Excess Cash Flow Payment due for 2024.

Schedule of Future Principle Payments of Term Loan

As of December 31, 2023, the future principal payments of the Term Loan are as follows (in thousands):


2024	$	7,500
2025	7,500
2026	7,500
2027	127,500
Total	$	150,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

EQUITY INVESTMENTS - Additional Information (Details) $ in Thousands, shares in Millions		3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Jul. 29, 2021 shares	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) $ / $	Dec. 31, 2022 USD ($) $ / $	Dec. 31, 2021 USD ($)	Jun. 29, 2021
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses), net of taxes					$ (12,665)	$ (9,467)	$ 962
Income Tax Expense (Benefit)					6,222	5,728	16,541
Accumulated translation adjustment:
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses), net of taxes					$ 0
Grupo Vasconia S.A.B.
Schedule of Equity Method Investments [Line Items]
Percentage of ownership in equity method investment	24.70%		27.00%		24.70%			30.00%
Equity in earnings (losses), net of taxes					$ (5,831)	(3,300)	1,769
Sale of Stock, Number of Shares Issued in Transaction \| shares	2.2
Proceeds from sale of shares of equity method investment				$ 3,100	$ 0	$ 0	3,061
Exchange rate at period end - MXN to USD \| $ / $					16.96	19.47
Increase (Decrease) in equity method investment					$ 2,000	$ (300)
Cash dividend received							200
Equity Investment Impairment Charge					(6,834)	(6,167)	0
Fair value of investment					4,300
Carrying value of investment					1,800
Grupo Vasconia S.A.B. \| Accumulated translation adjustment:
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses), net of taxes			$ 1,700	1,000		0	(1,732)
Equity Method Investment, Realized Gain (Loss) on Disposal		$ (510)	(297)
Translation loss recognized on change in Vasconia ownership			$ 2,000	1,400	$ 0	$ 0	$ 3,404
Income Tax Expense (Benefit)				$ 100

BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENTS

Segment information

The Company has two reportable segments, U.S. and International. The Company has segmented its operations to reflect the manner in which management reviews and evaluates the results of its operations. The U.S. segment includes the Company’s primary domestic business that designs, markets and distributes its products to retailers, distributors and directly to consumers through its own websites. The International segment consists of certain business operations conducted outside the U.S. Management evaluates the performance of the U.S. and International segments based on net sales and income from operations. Such measures give recognition to specifically identifiable operating costs such as cost of sales, distribution expenses and selling, general and administrative expenses. Certain general and administrative expenses, such as senior executive salaries and benefits, stock compensation, director fees and accounting, legal fees and consulting fees, are not allocated to the specific segments and are reflected as unallocated corporate expenses.


	Year Ended December 31,
	2023		2022		2021
			(in thousands)
Net sales:
U.S.	$	633,079	$	669,179	$	770,633
International	53,604		58,483		92,291
Total net sales	$	686,683	$	727,662	$	862,924
Income from operations:
U.S. (1)	$	63,341	$	61,479	$	100,336
International (1)(2)	(11,064)		(12,153)		(25,051)
Unallocated corporate expenses (3)	(20,336)		(25,063)		(24,443)
Total income from operations	$	31,941	$	24,263	$	50,842
Depreciation and amortization:
U.S.	$	18,489	$	18,279	$	18,504
International	1,082		1,257		4,016
Total depreciation and amortization	$	19,571	$	19,536	$	22,520
Capital expenditures:
U.S.	$	2,427	$	2,088	$	3,838
International	374		887		148
Total capital expenditures	$	2,801	$	2,975	$	3,986

(1)In 2022, income from operations includes restructuring expenses of $0.4 million for the U.S. segment and $0.4 million for the International segment, as described in NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES.

(2)In 2021, the Company recognized non-cash impairment charges of $14.8 million related to the international segment as described in NOTE 7 — GOODWILL AND INTANGIBLE ASSETS.

(3)The Company recognized expenses of $5.1 million and $0.5 million in 2022 and 2021, respectively, for estimated remediation costs related to the Wallace EPA Matter, as described in NOTE 14 — COMMITMENTS AND CONTINGENCIES. In 2023 and 2022, the Company recognized $0.8 million and $0.6 million, respectively, of restructuring expenses within unallocated corporate expenses, as described in NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES.


	December 31,
	2023		2022
	(in thousands)
Assets:
U.S.	$	560,716	$	608,496
International	90,237		93,794
Unallocated corporate	16,189		23,598
Total assets	$	667,142	$	725,888


	Year Ended December 31,
	2023		2022
	(in thousands)
Goodwill:
U.S.
Beginning balance	$	33,237	$	30,271
Acquisition activity	—		2,966









Total goodwill	$	33,237	$	33,237

Geographical information

The following table sets forth long-lived assets by the major geographic locations:


	December,
	2023		2022
	(in thousands)
Long-lived assets, excluding intangible assets, at period-end:
United States	$	66,341	$	75,308
Mexico	1,826		12,516
United Kingdom	22,692		22,845
Rest of World	795		1,076
Total	$	91,654	$	111,745

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

BUSINESS SEGMENTS - Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 686,683	$ 727,662	$ 862,924
Income from operations:	31,941	24,263	50,842
Depreciation and amortization	19,571	19,536	22,520
Segment, Expenditure, Addition to Long-Lived Assets	2,801	2,975	3,986
Assets:	667,142	725,888
Goodwill
Beginning balance	33,237	30,271	30,271
Acquisition of goodwill		2,966
Ending balance	33,237	33,237	30,271
Unallocated corporate expenses
Segment Reporting Information [Line Items]
Income from operations:	(20,336)	(25,063)	(24,443)
Assets:	16,189	23,598
U.S.
Segment Reporting Information [Line Items]
Net sales	633,079	669,179	770,633
Goodwill
Beginning balance	33,237	30,271
Acquisition of goodwill	0	2,966
Ending balance		33,237	30,271
U.S. \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	633,079	669,179	770,633
Income from operations:	63,341	61,479	100,336
Depreciation and amortization	18,489	18,279	18,504
Segment, Expenditure, Addition to Long-Lived Assets	2,427	2,088	3,838
Assets:	560,716	608,496
International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	53,604	58,483	92,291
Income from operations:	(11,064)	(12,153)	(25,051)
Depreciation and amortization	1,082	1,257	4,016
Segment, Expenditure, Addition to Long-Lived Assets	374	887	$ 148
Assets:	$ 90,237	$ 93,794

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 16,189	$ 23,598
Accounts receivable, less allowances of $15,952 at December 31, 2023 and $14,606 at December 31, 2022	155,180	141,195
Inventory	188,647	222,209
Prepaid expenses and other current assets	16,339	13,254
TOTAL CURRENT ASSETS	376,355	400,256
PROPERTY AND EQUIPMENT, net	16,970	18,022
OPERATING LEASE RIGHT-OF-USE ASSETS	69,756	74,869
INVESTMENTS	1,826	12,516
INTANGIBLE ASSETS, net	199,133	213,887
OTHER ASSETS	3,102	6,338
TOTAL ASSETS	667,142	725,888
CURRENT LIABILITIES
Current maturity of term loan	4,742	0
Accounts payable	54,154	38,052
Accrued expenses	78,356	77,602
Income taxes payable	641	224
Current portion of operating lease liabilities	14,075	14,028
TOTAL CURRENT LIABILITIES	151,968	129,906
OTHER LONG-TERM LIABILITIES	9,126	14,995
INCOME TAXES PAYABLE, LONG-TERM	1,493	1,591
OPERATING LEASE LIABILITIES	70,009	76,420
DEFERRED INCOME TAXES	7,438	9,607
REVOLVING CREDIT FACILITY	60,395	10,424
TERM LOAN	135,834	242,857
STOCKHOLDERS’ EQUITY
Preferred stock, $1.00 par value, shares authorized: 100 shares of Series A and 2,000,000 shares of Series B; none issued and outstanding	0	0
Common stock, $0.01 par value, shares authorized: 50,000,000 at December 31, 2023 and 2022; shares issued and outstanding: 21,813,266 at December 31, 2023 and 21,779,799 at December 31, 2022	218	218
Paid-in capital	277,728	274,579
(Accumulated deficit) retained earnings	(13,568)	1,145
Accumulated other comprehensive loss	(33,499)	(35,854)
TOTAL STOCKHOLDERS’ EQUITY	230,879	240,088
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 667,142	$ 725,888

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	0-19254
Entity Registrant Name	LIFETIME BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-2682486
Entity Address, Address Line One	1000 Stewart Avenue
Entity Address, City or Town	Garden City
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11530
City Area Code	516
Local Phone Number	683-6000
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	LCUT
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			$ 71,875,266
Entity Common Stock, Shares Outstanding		21,808,141
Documents Incorporated by Reference	Parts of the registrant’s definitive proxy statement for the 2024 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A under the Securities Exchange Act of 1934 are incorporated by reference in Part III of this Annual Report.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000874396

CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Cash Dividends Declared

Dividends were declared in 2023 and 2022 as follows:

Dividend per share

Date declared

Date of record

Payment date

$0.0425

March 8, 2022

May 2, 2022

May 16, 2022

$0.0425

June 23, 2022

August 1, 2022

August 15, 2022

$0.0425

August 2, 2022

November 1, 2022

November 15, 2022

$0.0425

November 1, 2022

February 1, 2023

February 15, 2023

$0.0425

March 8, 2023

May 1, 2023

May 15, 2023

$0.0425

June 22, 2023

August 1, 2023

August 15, 2023

$0.0425

August 2, 2023

November 1, 2023

November 15, 2023

$0.0425

November 7, 2023

February 1, 2024

February 15, 2024

Summary of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for the three years ended December 31, 2023, is as follows:


	Options	Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Options outstanding at December 31, 2020	1,286,900	$	13.28
Grants	48,000	14.18
Exercises(1)	(236,325)	11.71

Expirations	(4,000)	19.10
Options outstanding at December 31, 2021	1,094,575	13.64
Grants	56,000	11.45
Exercises	(60,000)	11.64
Cancellations	(11,375)	11.16
Expirations	(13,450)	13.99
Options outstanding at December 31, 2022	1,065,750	13.66
Grants	50,000	5.92

Cancellations	(4,375)	11.27
Expirations	(111,875)	13.38
Options outstanding at December 31, 2023	999,500	13.31		4.1	$	49
Options exercisable at December 31, 2023	883,875	$	13.85	3.5	$	7

(1) Includes the exercise of 2,000 options settled in cash in accordance with the Company’s Amended and Restated 2000 Long-Term Incentive Plan (“the Plan”).

Fair Value Stock Options at Grant Date using Weighted Average Assumption

The fair values for these stock options were estimated at the dates of grant using the following weighted-average assumptions:


	2023		2022		2021
Historical volatility	55	%	53	%	52	%
Expected term (years)	6.3		6.3		6.3
Risk-free interest rate	4.25	%	3.15	%	1.08	%
Expected dividend yield	2.87	%	1.48	%	1.20	%

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity and related information for the three years ended December 31, 2023 is as follows:


	Restricted Shares		Weighted- average grant date fair value
Non-vested restricted shares, December 31, 2020	795,587		$	7.54
Grants	220,658		14.27
Vested	(586,244)		7.19
Cancellations	(400)		11.42
Non-vested restricted shares, December 31, 2021	429,601		11.47
Grants	266,713		12.03
Vested	(205,290)		11.46
Cancellations	(6,881)		10.92
Non-vested restricted shares, December 31, 2022	484,143		11.79
Grants	333,300		5.37
Vested	(212,162)		11.20
Cancellations	(7,753)		10.86
Non-vested restricted shares, December 31, 2023	597,528		$	8.44
Total unrecognized compensation expense remaining (in thousands)	$	3,375
Weighted-average years expected to be recognized over	1.5

Summary of Performance-based Award Activity

A summary of the Company’s performance-based award activity and related information for the three years ended December 31, 2023 is as follows:


	Performance - based awards (1)		Weighted- average grant date fair value
Non-vested performance-based awards, December 31, 2020	431,046		$	9.94
Grants	176,915		14.18
Vested	(150,273)		12.79
Cancellations	(21,358)		12.76
Non-vested performance-based awards, December 31, 2021	436,330		10.54
Grants	123,000		12.19
Achieved performance over target (2)	12,035		9.20
Vested	(166,935)		9.20
Cancellations	(4,128)		10.64
Non-vested performance-based awards, December 31, 2022	400,302		11.56
Grants	191,075		5.92
Achieved performance over target (3)	16,942		6.36
Vested	(119,739)		6.36
Cancellations	(1,608)		12.25
Non-vested performance-based awards, December 31, 2023	486,972		$	10.44
Total unrecognized compensation expense remaining (in thousands)(4)	$	764
Weighted-average years expected to be recognized over	2.0

(1)Represents the target number of shares to be issued for each performance-based award.

(2)Represents the number of shares earned over target for performance-based awards granted in 2019 based on performance goals attained. These awards vested in the three months ended March 31, 2022.

(3)Represents the number of shares earned over target for performance-based awards granted in 2020 based on performance goals attained. These awards vested in the three months ended March 31, 2023.

(4)The performance metrics for the performance-based awards granted in 2022 are not probable of achievement. No compensation expense was recorded in 2022 or in 2023.

Share-based Payment Arrangement, Cash Settled Performance Shares, Activity

A summary of the Company’s cash-settled performance-based awards activity and related information for the year ended December 31, 2023 is as follows:


	Cash-settled performance-based awards (1)		Weighted- average fair value
Non-vested cash-settled performance-based awards, January 1, 2022	—		$	—
Grants	87,825		7.66

Cancellations	(2,049)		10.61
Non-vested cash-settled performance-based awards, December 31, 2022	85,776		7.59


Cancellations	(2,165)		6.52
Non-vested cash-settled performance-based awards, December 31, 2023	83,611		6.71
Total unrecognized compensation expense remaining (in thousands)(2)	$	—
Weighted-average years expected to be recognized over	0.0

(1) Represents the target number of units to be settled in cash.

(2) The performance metric for the cash-settled performance-based awards granted in 2022 is not probable of achievement. No compensation expense was recorded in 2022 or in 2023.

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The Company recorded stock compensation expense as follows (in thousands):


	Year Ended December 31,
Stock Compensation Expense Components	2023		2022		2021
Equity based stock option expense	$	270	$	275	$	417
Restricted and performance-based stock awards expense	3,420		3,586		4,787
Stock compensation expense for equity based awards	$	3,690	$	3,861	$	5,204
Liability based stock option expense	(3)		(15)		13

Total Stock Compensation Expense	$	3,687	$	3,846	$	5,217

INCOME TAXES - Provision for Income Taxes (Before Equity in Earnings) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 6,326	$ 6,890	$ 10,361
State and local	1,447	1,888	3,558
Foreign	579	775	823
Deferred	(2,130)	(3,825)	1,799
Income tax provision	$ 6,222	$ 5,728	$ 16,541

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

ACQUISITIONS

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

ACQUISITIONS

ACQUISITION

S’well

On March 2, 2022, the Company acquired certain assets of Can't Live Without It, LLC. (dba S’well Bottle and which the Company refers to as “S’well”). The Company paid cash consideration of $18.0 million. The transaction also includes up to $5.0 million in contingent consideration, subject to the acquired brand reaching certain milestones.

The purchase price was comprised of the following (in thousands):


Cash paid(1)	$	17,956
Value of contingent consideration	650
Total purchase price	$	18,606

(1) Reflects final working capital adjustment of $21k pursuant to the terms of the Asset Purchase Agreement.

The value of contingent consideration represents the present value of estimated contingent payments of $0.7 million, related to the attainment of certain net sales contribution targets for the year 2024. Acquisition related costs of $0.9 million were recorded within selling, general and administrative expenses in the consolidated statements of operations in 2022.

The purchase price was allocated based on the Company’s final estimate of the fair values of the assets acquired and liabilities assumed at the acquisition date, as follows (in thousands):


	Purchase Price Allocation
Accounts receivable	$	2,280
Inventory	4,005
Fixed assets	40

Intangible assets	13,000
Goodwill	2,966
Accounts payable and accrued expenses	(3,685)
Total allocated value	$	18,606

The acquisition is being accounted for as a business combination using the acquisition method of accounting in accordance with FASB ASC Topic 805, Business Combinations (“ASC Topic 805”), which established a new basis of accounting for all identifiable assets acquired and liabilities assumed at fair value.

The goodwill and intangible assets are included in the U.S. segment. The trade name intangible asset is amortized on a straight-line basis over its estimated useful life of 12 years (see NOTE 7 — GOODWILL AND INTANGIBLE ASSETS). The goodwill recognized results from such factors as assembled workforce and the value of other synergies expected from combining operations with the Company. The associated goodwill is deductible for tax purposes over 15 years.

A credit of $(0.7) million is included in Selling, general and administrative expenses for the year ended December 31, 2023 to reflect the decrease in fair value of a contingent consideration obligation acquired by the Company in connection with its acquisition of S’well.

On February 26, 2021, the Company acquired the business and certain assets of Year & Day, a designer and distributor of ceramic dinnerware, stainless steel flatware and Italian glassware, for cash in the amount of $0.2 million. The assets and operating results of the Year & Day brand are reflected in the Company’s consolidated financial statements in accordance with ASC Topic No. 805, Business Combinations, commencing from the acquisition date. The purchase price was allocated based on the fair values of the assets acquired which consistent of inventory $0.3 million and liabilities assumed of $0.1 million. The Year & Day acquisition did not have a material impact on the Company's consolidated statement of operations for the year ended December 31, 2021

LEASES - Average Lease Terms and Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating leases, weighted average remaining lease term (in years)	5 years 10 months 24 days	6 years 3 months 18 days
Operating leases, weighted average discount rate, percent	6.40%	6.10%

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net (loss) income	$ (8,412)	$ (6,166)	$ 20,801

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

LOSS PER COMMON SHARE - Calculations of Basic and Diluted (Loss) Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net (loss) income – Basic and Diluted	$ (8,412)	$ (6,166)	$ 20,801
Weighted-average shares outstanding - Basic (in shares)	21,195	21,558	21,397
Effect of dilutive securities:
Stock options and other stock awards (in shares)	0	0	640
Weighted-average shares outstanding – Diluted (in shares)	21,195	21,558	22,037
Basic loss per common share (usd per share)	$ (0.40)	$ (0.29)	$ 0.97
Diluted loss per common share (usd per share)	$ (0.40)	$ (0.29)	$ 0.94
Antidilutive shares (in shares)	1,633	1,681	380

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Fair value adjustment, tax	$ (30)	$ (190)	$ (246)
Net (loss) income arising from retirement benefit obligations, tax	31	(359)	(64)
Amortization of loss included in net income, tax	$ (16)	$ (39)	$ (45)

REVENUE

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

The Company sells products wholesale, to retailers and distributors, and sells products retail, directly to consumers. Wholesale sales and retail sales are recognized at the point in time the customer obtains control of the products in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. To indicate the transfer of control, the Company must have a present right to payment, legal title must have passed to the customer, the customer must have the significant risks and rewards of ownership, and where acceptance is not a formality, the customer must have accepted the product or service. The Company’s principal terms of sale are Free on Board ("FOB") Shipping Point, or equivalent, and, as such, the Company primarily transfers control and records revenue for product sales upon shipment. Sales arrangements with delivery terms that are not FOB Shipping Point are not recognized upon shipment and the transfer of control for revenue recognition is evaluated based on the associated shipping terms and customer obligations. Shipping and handling fees that are billed to customers in sales transactions are included in net sales and amounted to $2.7 million, $4.6 million and $3.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. Net sales exclude taxes that are collected from customers and remitted to the taxing authorities.

The Company offers various sales incentives and promotional programs to its wholesale customers from time to time in the normal course of business. These incentives and promotions typically include arrangements such as cooperative advertising, buydowns, volume rebates and discounts. These sales incentives and promotions represent variable consideration and are reflected as reductions in net sales in the Company’s consolidated statements of operations. While many of the sales incentives and promotions are contractually agreed upon with the Company’s customers, certain of the sales incentives and promotions are non-contractual and require the Company to estimate the amount of variable consideration based on historical experience and other known factors or as the most likely amount in a range of possible outcomes. These estimates are based on historical experience and other known factors or as the most likely amount in a range of possible outcomes. On a quarterly basis, variable consideration is assessed on a portfolio approach in estimating the extent to which the components of variable consideration are constrained.

Payment terms vary by customer, but generally range from 30 to 90 days or at the point of sale for the Company’s retail direct sales.

The Company incurs certain direct incremental costs to obtain contracts with customers, such as sales-related commissions, where the recognition period for the related revenue is less than one year. These costs are expensed as incurred and recorded within selling, general and administrative expenses in the consolidated statement of operations. Incidental items that are immaterial in the context of the contract are expensed as incurred.

The following tables present the Company’s net sales disaggregated by segment, product category and geographic region for the years ended December 31, 2023, 2022 and 2021 (in thousands).


	Year Ended December 31,
	2023		2022		2021
			(in thousands)
U.S. segment
Kitchenware	$	386,681	$	402,869	$	487,797
Tableware	138,258		148,775		167,181
Home Solutions	108,140		117,535		115,655
Total U.S. segment	633,079		669,179		770,633



International segment	53,604		58,483		92,291
Total net sales	$	686,683	$	727,662	$	862,924


	Year ended December 31,
	2023		2022		2021
			(in thousands)
United States	$	599,146	$	640,021	$	743,319
United Kingdom	34,959		38,210		54,150
Rest of World	52,578		49,431		65,455
Total net sales	$	686,683	$	727,662	$	862,924

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

LIFETIME BRANDS, INC.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


COL. A	COL. B		COL. C				COL. D			COL. E

Description	Balance at beginning of period			Charged to costs and expenses			Deductions			Balance at end of period
Year ended December 31, 2023
Deducted from asset accounts:
Allowance for doubtful accounts	$	5,195		$	2,116		$	—	(a)	$	7,311
Reserve for sales returns and allowances	9,411			6,900		(c)	(7,670)		(b)	8,641
	$	14,606		$	9,016		$	(7,670)		$	15,952
Year ended December 31, 2022
Deducted from asset accounts:
Allowance for doubtful accounts	$	4,656		$	662		$	(123)	(a)	$	5,195
Reserve for sales returns and allowances	11,888			5,961		(c)	(8,438)		(b)	9,411
	$	16,544		$	6,623		$	(8,561)		$	14,606
Year ended December 31, 2021
Deducted from asset accounts:
Allowance for doubtful accounts	$	4,624		$	367		$	(335)	(a)	$	4,656
Reserve for sales returns and allowances	12,389			8,716		(c)	(9,217)		(b)	11,888
	$	17,013		$	9,083		$	(9,552)		$	16,544

(a)Uncollectible accounts written off, net of recoveries.

(b)Allowances granted.

(c)Charged to net sales.

DERIVATIVES - Fair Values of Derivative Financial Instruments Included in Consolidated Balance Sheets (Details) - Fair Value, Observable inputs, Level 2 - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued expenses \| Foreign exchange contracts \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair Value of Derivative Assets	$ 144	$ 260
Prepaid expenses and other current assets \| Interest rate swaps \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair Value of Derivative Assets	0	122
Prepaid expenses and other current assets \| Foreign exchange contracts \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair Value of Derivative Assets	56	0
Other Noncurrent Assets [Member] \| Interest rate swaps \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair Value of Derivative Assets	$ 793	$ 1,292

GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 14,888
2025	14,637
2026	14,288
2027	13,578
2028	$ 13,119

REVENUE - Summary of Company's Revenue Disaggregated by Geographic Region and Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 686,683	$ 727,662	$ 862,924
United States
Disaggregation of Revenue [Line Items]
Net sales	599,146	640,021	743,319
United Kingdom
Disaggregation of Revenue [Line Items]
Net sales	34,959	38,210	54,150
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	52,578	49,431	65,455
U.S.
Disaggregation of Revenue [Line Items]
Net sales	633,079	669,179	770,633
U.S. \| Kitchenware
Disaggregation of Revenue [Line Items]
Net sales	386,681	402,869	487,797
U.S. \| Tableware
Disaggregation of Revenue [Line Items]
Net sales	138,258	148,775	167,181
U.S. \| Home Solutions
Disaggregation of Revenue [Line Items]
Net sales	108,140	117,535	115,655
International segment
Disaggregation of Revenue [Line Items]
Net sales	$ 53,604	$ 58,483	$ 92,291

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false

CAPITAL STOCK

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

CAPITAL STOCK

Cash dividends

Dividends were declared in 2023 and 2022 as follows:

Dividend per share

Date declared

Date of record

Payment date

$0.0425

March 8, 2022

May 2, 2022

May 16, 2022

$0.0425

June 23, 2022

August 1, 2022

August 15, 2022

$0.0425

August 2, 2022

November 1, 2022

November 15, 2022

$0.0425

November 1, 2022

February 1, 2023

February 15, 2023

$0.0425

March 8, 2023

May 1, 2023

May 15, 2023

$0.0425

June 22, 2023

August 1, 2023

August 15, 2023

$0.0425

August 2, 2023

November 1, 2023

November 15, 2023

$0.0425

November 7, 2023

February 1, 2024

February 15, 2024

On March 8, 2024, the Board of Directors declared a quarterly dividend of $0.0425 per share payable on May 15, 2024 to shareholders of record on May 1, 2024.

Stock repurchase program

On March 14, 2022, the Company announced that its Board of Directors of the Company authorized the repurchase of up to $20.0 million of the Company’s common stock, replacing the Company’s previously-authorized $10.0 million share repurchase program. The repurchase authorization permits the Company to effect repurchases from time to time through open market purchases and privately negotiated transactions. During the year ended December 31, 2023, the Company repurchased 320,204 shares for a total costs of $2.5 million, and thereafter retired the shares. During the year ended December 31, 2022, the Company repurchased 597,195 shares for a total costs of $6.3 million. No shares were repurchased during 2021. As of December 31, 2023, the remaining dollar amount available for repurchases under the Board authorized plan was $11.1 million.

Preferred stock

The Company is authorized to issue 100 shares of Series A Preferred Stock and 2,000,000 shares of Series B Preferred Stock, none of which has been issued or is outstanding at December 31, 2023.

Long-term incentive plan

The Company’s Amended and Restated 2000 Long-Term Incentive Plan (the “Plan”) provides for the granting of awards of up to 8,217,500 shares of common stock. These shares of the Company’s common stock are available for grants to directors, officers, employees, consultants and service providers and affiliates in the form of stock options or other equity-based awards. The Plan authorizes the Board of Directors of the Company, or a duly appointed committee thereof, to issue incentive stock options, non-qualified options, restricted stock, performance-based awards and other stock-based awards. Options that have been granted under the Plan expire over a range of 5 years to 10 years from the date of grant and vest over a range of up to 4 years from the date of grant. Shares of restricted stock that have been granted under the Plan vest over a range of up to 4 years from the date of grant. Performance-based awards that have been granted under the Plan vest after 3 years based upon the attainment of specified performance goals. As of December 31, 2023, there were 624,907 shares available for the grant of awards under the Plan.

Stock options

A summary of the Company’s stock option activity and related information for the three years ended December 31, 2023, is as follows:


	Options	Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Options outstanding at December 31, 2020	1,286,900	$	13.28
Grants	48,000	14.18
Exercises(1)	(236,325)	11.71

Expirations	(4,000)	19.10
Options outstanding at December 31, 2021	1,094,575	13.64
Grants	56,000	11.45
Exercises	(60,000)	11.64
Cancellations	(11,375)	11.16
Expirations	(13,450)	13.99
Options outstanding at December 31, 2022	1,065,750	13.66
Grants	50,000	5.92

Cancellations	(4,375)	11.27
Expirations	(111,875)	13.38
Options outstanding at December 31, 2023	999,500	13.31		4.1	$	49
Options exercisable at December 31, 2023	883,875	$	13.85	3.5	$	7

(1) Includes the exercise of 2,000 options settled in cash in accordance with the Company’s Amended and Restated 2000 Long-Term Incentive Plan (“the Plan”).

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their exercisable in-the-money stock options on December 31, 2023. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on December 31, 2023 and the exercise price.

No stock options were exercised in the year ended December 31, 2023. The total intrinsic values of those stock options that were exercised in the year ended December 31, 2022 was $0.1 million and in the year ended December 31, 2021 was $0.8 million. The intrinsic value of a stock option that is exercised is calculated at the date of exercise.

Total unrecognized stock option compensation expense at December 31, 2023, before the effect of income taxes, was $0.4 million and is expected to be recognized over a weighted-average period of 1.6 years.

The Company values stock options using the Black-Scholes option valuation model. The Black-Scholes option valuation model, as well as other available models, was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. The Black-Scholes option valuation model requires the input of highly subjective assumptions including the expected stock price volatility and risk-free interest rate. Because the Company’s stock options have characteristics significantly different from those of traded options, changes in the subjective input assumptions can materially affect the fair value estimates of the Company’s stock options. The weighted-average per share grant date fair value of stock options granted during the years ended December 31, 2023, 2022 and 2021, was $2.61, $5.44 and $6.31, respectively.

The fair values for these stock options were estimated at the dates of grant using the following weighted-average assumptions:


	2023		2022		2021
Historical volatility	55	%	53	%	52	%
Expected term (years)	6.3		6.3		6.3
Risk-free interest rate	4.25	%	3.15	%	1.08	%
Expected dividend yield	2.87	%	1.48	%	1.20	%

Restricted Stock

A summary of the Company’s restricted stock activity and related information for the three years ended December 31, 2023 is as follows:


	Restricted Shares		Weighted- average grant date fair value
Non-vested restricted shares, December 31, 2020	795,587		$	7.54
Grants	220,658		14.27
Vested	(586,244)		7.19
Cancellations	(400)		11.42
Non-vested restricted shares, December 31, 2021	429,601		11.47
Grants	266,713		12.03
Vested	(205,290)		11.46
Cancellations	(6,881)		10.92
Non-vested restricted shares, December 31, 2022	484,143		11.79
Grants	333,300		5.37
Vested	(212,162)		11.20
Cancellations	(7,753)		10.86
Non-vested restricted shares, December 31, 2023	597,528		$	8.44
Total unrecognized compensation expense remaining (in thousands)	$	3,375
Weighted-average years expected to be recognized over	1.5

The total fair value of restricted stock that vested during the year ended December 31, 2023 was $1.2 million.

Performance shares

Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board of Directors. The shares are subject to the terms and conditions of the Plan.

A summary of the Company’s performance-based award activity and related information for the three years ended December 31, 2023 is as follows:


	Performance - based awards (1)		Weighted- average grant date fair value
Non-vested performance-based awards, December 31, 2020	431,046		$	9.94
Grants	176,915		14.18
Vested	(150,273)		12.79
Cancellations	(21,358)		12.76
Non-vested performance-based awards, December 31, 2021	436,330		10.54
Grants	123,000		12.19
Achieved performance over target (2)	12,035		9.20
Vested	(166,935)		9.20
Cancellations	(4,128)		10.64
Non-vested performance-based awards, December 31, 2022	400,302		11.56
Grants	191,075		5.92
Achieved performance over target (3)	16,942		6.36
Vested	(119,739)		6.36
Cancellations	(1,608)		12.25
Non-vested performance-based awards, December 31, 2023	486,972		$	10.44
Total unrecognized compensation expense remaining (in thousands)(4)	$	764
Weighted-average years expected to be recognized over	2.0

(1)Represents the target number of shares to be issued for each performance-based award.

(2)Represents the number of shares earned over target for performance-based awards granted in 2019 based on performance goals attained. These awards vested in the three months ended March 31, 2022.

(3)Represents the number of shares earned over target for performance-based awards granted in 2020 based on performance goals attained. These awards vested in the three months ended March 31, 2023.

(4)The performance metrics for the performance-based awards granted in 2022 are not probable of achievement. No compensation expense was recorded in 2022 or in 2023.

The total fair value of performance-based awards that vested during the year ended December 31, 2023 was $0.7 million.

On March 8, 2024, the Compensation Committee of the Board of Directors determined the performance goals set forth in the performance-based awards granted in 2021 were attained and 152,188 shares vested.

Cash-settled performance-based awards

Each cash-settled performance-based award represents the right to receive up to 150% of the target number of deferred stock units with payment in cash equivalent to the value of one share of the Company’s common stock. The number of deferred stock units earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board of Directors. The cash-settled performance-based awards are subject to the terms and conditions of the Company’s Plan.

A summary of the Company’s cash-settled performance-based awards activity and related information for the year ended December 31, 2023 is as follows:


	Cash-settled performance-based awards (1)		Weighted- average fair value
Non-vested cash-settled performance-based awards, January 1, 2022	—		$	—
Grants	87,825		7.66

Cancellations	(2,049)		10.61
Non-vested cash-settled performance-based awards, December 31, 2022	85,776		7.59


Cancellations	(2,165)		6.52
Non-vested cash-settled performance-based awards, December 31, 2023	83,611		6.71
Total unrecognized compensation expense remaining (in thousands)(2)	$	—
Weighted-average years expected to be recognized over	0.0

(1) Represents the target number of units to be settled in cash.

(2) The performance metric for the cash-settled performance-based awards granted in 2022 is not probable of achievement. No compensation expense was recorded in 2022 or in 2023.

The Company recorded stock compensation expense as follows (in thousands):


	Year Ended December 31,
Stock Compensation Expense Components	2023		2022		2021
Equity based stock option expense	$	270	$	275	$	417
Restricted and performance-based stock awards expense	3,420		3,586		4,787
Stock compensation expense for equity based awards	$	3,690	$	3,861	$	5,204
Liability based stock option expense	(3)		(15)		13

Total Stock Compensation Expense	$	3,687	$	3,846	$	5,217

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

ACQUISITIONS - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 02, 2022	Feb. 26, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill			$ 33,237	$ 33,237	$ 30,271	$ 30,271
Contingent consideration fair value adjustment			$ (650)	$ 0	$ 0
Trade Names
Business Acquisition [Line Items]
Intangible assets acquired, estimated useful life			12 years
Trade Names \| Trade Names
Business Acquisition [Line Items]
Intangible assets acquired, estimated useful life			15 years
Year and Day [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory		$ 300
Payments to Acquire Businesses, Gross		200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		$ 100
S'well
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 17,956
Business Combination, Contingent Consideration, Liability	5,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low	650
Business Combination , Consideration Transferred, Including Contingent Consideration	18,606
Business Combination, Acquisition Related Costs			$ 900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	2,280
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	4,005
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Fixed Assets	40
Net assets acquired	13,000
Goodwill	2,966
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable and Accrued Expenses	(3,685)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 18,606
Contingent consideration fair value adjustment			$ (700)

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 18,800	$ 19,338	$ 19,154
Total	18,800	19,338	19,154
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	5,718	2,540	1,299
Total	$ 5,718	$ 2,540	$ 1,299

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial information and with the instructions to Form 10-K. The accompanying consolidated financial statements include estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with U.S. GAAP. The most significant of these estimates and assumptions relate to revenue recognition, allowances for doubtful accounts, reserves for sales returns and allowances and customer chargebacks, inventory mark-down provisions, impairment of goodwill, tangible and intangible assets, stock-based compensation expense, estimates for unpaid healthcare claims, derivative valuations, accruals related to the Company’s tax positions and tax valuation allowances. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.
Principles of consolidation	Principles of consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Risk and uncertainties	Risk and uncertainties The Company’s current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from expectations, which could materially affect the Company’s results of operations and financial position.
Foreign currency	Foreign currency Foreign currency denominated assets and liabilities are translated into U.S. dollars at exchange rates prevailing at the balance sheet dates. Revenues, costs and expenses are translated into U.S. dollars at average exchange rates for the relevant period. Income and losses resulting from translation are recorded as a component of accumulated other comprehensive income (loss). The Company may enter into foreign exchange derivative contracts to hedge the volatility of exchange rates related to a portion of its international inventory purchases. Realized gains and losses from designated foreign currency derivative contracts are recognized in cost of sales as the hedged inventory purchases are sold. Unrealized gains and losses from foreign currency transactions on the fair value of foreign exchange contracts designated as hedges are recorded as a component of accumulated other comprehensive income (loss). Realized and unrealized gains and losses from non-designated foreign currency hedges are recognized in selling, general and administrative expenses in the consolidated statements of operations. Foreign currency gains and losses included within selling, general and administrative expenses were a $0.1 million loss in 2023, a $1.5 million loss in 2022, and a $1.3 million loss in 2021.
Revenue recognition and Cost of sales	Revenue recognition The Company sells products wholesale, to retailers and distributors, and retail, directly to the consumer. Wholesale sales and retail sales are primarily recognized at the point in time the customer obtains control of the products, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. The Company offers various sales incentives and promotional programs to its customers in the normal course of business. These incentives and promotions typically include arrangements such as cooperative advertising, buydowns, volume rebates and discounts. These arrangements and an estimate for products expected to be returned are reflected as reductions of revenue at the time of sale. See NOTE 2 — REVENUE for additional information. Cost of sales Cost of sales consist primarily of costs associated with the production and procurement of product, inbound freight costs, purchasing costs, royalties and other product procurement related charges.
Distribution expenses	Distribution expenses Distribution expenses consist primarily of warehousing expenses and freight-out expenses. Freight-out expenses were $17.0 million, $17.4 million and $19.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Handling costs of products sold are included in cost of sales.
Advertising expenses	Advertising expenses Advertising expenses are expensed as incurred and are included in selling, general and administrative expenses. Advertising expenses were $7.5 million, $6.8 million and $4.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Accounts receivable	Accounts receivable The Company periodically reviews the collectability of its accounts receivable and establishes allowances for estimated losses that could result from the inability of its customers to make required payments, taking into consideration customer credit history and financial condition, industry and market segment information, credit reports, and economic trends and conditions such as the impact of the COVID-19 pandemic. A considerable amount of judgment is required to assess the ultimate realization of these receivables including assessing the initial and on-going creditworthiness of the Company’s customers. The Company also maintains an allowance for anticipated customer deductions. The allowances for deductions are primarily based on contracts with customers. However, in certain cases the Company does not have a formal contract and, therefore, customer deductions are non-contractual. To evaluate the reasonableness of non-contractual customer deductions, the Company analyzes currently available information and historical trends of deductions. The sales of accounts receivable, under the Company’s Receivable Purchase Agreement with HSBC, are reflected as a reduction of accounts receivable in the Company’s consolidated balance sheet at the time of sale and any related expense is included in selling, general and administrative expenses in the Company’s consolidated statements of operations.
Inventory	Inventory Inventory consists principally of finished goods sourced from third-party suppliers. Inventory also includes finished goods, work in process and raw materials related to the Company’s manufacture of sterling silver products. Inventory is priced using the lower of cost (first-in, first-out basis) or net realizable value. The Company estimates the selling price of its inventory on a product by product basis based on the current selling environment. If the estimated selling price is lower than the inventory’s cost, the Company reduces the value of the inventory to its net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation.
Property and equipment	Property and equipment Property and equipment is stated at cost. Equipment under finance leases is recorded at the present value of the total minimum lease payments. Property and equipment, other than leasehold improvements and equipment under finance leases, are depreciated using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 30 years, machinery and equipment and computer hardware and software are depreciated over periods ranging from 3 years to 10 years. Leasehold improvements are amortized over the term of the lease or the estimated useful lives of the improvements, whichever is shorter. Equipment under finance leases are amortized over the shorter of the lease term or the assets’ useful lives. Advances paid towards the acquisition of property and equipment and the cost of property and equipment not ready for use before the end of the period are classified as construction in progress.
Cash equivalents	Cash equivalents The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents.
Concentration of credit risk	Concentration of credit risk The Company’s cash and cash equivalents are potentially subject to concentration of credit risk. The Company maintains cash with several financial institutions that, in some cases, is in excess of Federal Deposit Insurance Corporation insurance limits. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities comprising the Company’s customer base. During the years ended December 31, 2023, 2022 and 2021, Wal-Mart Stores, Inc., including Sam’s Club, (“Walmart”), accounted for 21%, 19% and 18% of consolidated net sales, respectively. During the years ended December 31, 2023, 2022 and 2021, sales to Costco Wholesale Corporation (“Costco”) accounted for 11%, 13%, and 12% of consolidated net sales. During the year ended December 31, 2023, 2022 and 2021, Amazon.com Inc., (“Amazon”), accounted for 11%, 11% and 12% of consolidated net sales. Sales to Costco and Amazon are included in the Company’s U.S. and International segments. No other customers accounted for 10% or more of the Company’s sales during these periods.
Fair value measurements	Fair value measurements Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, provides enhanced guidance for using fair value to measure assets and liabilities and establishes a common definition of fair value, provides a framework for measuring fair value under U.S. GAAP and expands disclosure requirements about fair value measurements. Fair value measurements included in the Company’s consolidated financial statements relate to the Company’s annual goodwill and other intangible asset impairment tests that use Level 3 unobservable inputs as described in NOTE 7 — GOODWILL AND INTANGIBLE ASSETS and derivatives that use Level 2 observable inputs as described in NOTE 9 — DERIVATIVES.
Fair value of financial instruments	Fair value of financial instruments The Company determined that the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair values because of their short-term nature. The Company determined that the carrying amounts of borrowings outstanding under its ABL Agreement and Term Loan approximate fair value since such borrowings bear interest at variable market rates.
Derivatives	Derivatives The Company accounts for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging. ASC 815 requires that all derivative instruments be recognized on the balance sheet at fair value as either an asset or liability. Changes in the fair value of derivatives that qualify as hedges and have been designated as part of a hedging relationship for accounting purposes have no net impact on earnings until the hedged item is recognized in earnings. The change in the fair value of hedges is included in accumulated other comprehensive loss and is subsequently recognized in the Company’s consolidated statements of operations to mirror the location of the hedged items impacting earnings. Changes in fair value of derivatives that do not qualify as hedging instruments for accounting purposes are recorded in the consolidated statements of operations.
Goodwill, intangible assets and long-lived assets	Goodwill, intangible assets and long-lived assets Goodwill and intangible assets deemed to have indefinite lives are not amortized but, instead, are subject to an annual impairment assessment. Additionally, if events or conditions were to indicate the carrying value of a reporting unit may not be recoverable, the Company would evaluate goodwill and other intangible assets for impairment at that time. As it relates to the goodwill assessment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment testing described in the FASB’s ASU Topic 350, Intangibles – Goodwill and Other. If, after assessing qualitative factors, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative test is unnecessary and the Company’s goodwill is not considered to be impaired. However, if based on the Company’s qualitative assessment it concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if the Company elects to bypass the qualitative assessment, the Company will proceed with performing the quantitative impairment test. See NOTE 7 — GOODWILL AND INTANGIBLE ASSETS for further discussion regarding goodwill impairment. The Company also evaluates qualitative factors to determine whether impairment indicators exist for its indefinite lived intangibles and performs quantitative tests if required. These tests can include the relief from royalty model or other valuation models. See NOTE 7 — GOODWILL AND INTANGIBLE ASSETS for further discussion regarding impairment of indefinite lived intangibles. Long-lived assets, including intangible assets deemed to have finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment indicators include, among other conditions, cash flow deficits, historic or anticipated declines in revenue or operating profit or material adverse changes in the business climate that indicate that the carrying amount of an asset may be impaired. When impairment indicators are present, the recoverability of the asset is measured by comparing the carrying value of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset is not recoverable, the impairment to be recognized is measured by the amount by which the carrying amount of each long-lived asset exceeds the fair value of the asset. See NOTE 7 — GOODWILL AND INTANGIBLE ASSETS for further discussion regarding impairment of long-lived assets.
Income taxes	Income taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company accounts for foreign income taxes based upon anticipated reinvestment of profits into respective foreign tax jurisdictions. The Company applies the authoritative guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the Company’s financial statements. In accordance with this guidance, tax positions must meet a more-likely-than-not recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position. A valuation allowance is required to be established or maintained when it is “more likely than not” that all or a portion of deferred tax assets will not be realized.
Share-based compensation	Share-based compensation The Company accounts for its share-based compensation arrangements in accordance with ASC Topic 718, Compensation: Stock-based Compensation, which requires the measurement of compensation expense for all share-based compensation granted to employees and non-employee directors at fair value on the date of grant and recognition of compensation expense over the related service period. Forfeitures are accounted for as they occur. The Company uses the Black-Scholes option valuation model to estimate the fair value of its stock options. The Black-Scholes option valuation model requires the input of subjective assumptions including the expected stock price volatility of the Company’s common stock and the risk-free interest rate. Changes in these subjective input assumptions can materially affect the fair value estimate of the Company’s stock options on the date of the option grant. Performance share awards are initially valued at the Company’s closing stock price on the date of grant. Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals, as determined by the Compensation Committee of the Board of Directors, by the end of the performance period. Compensation expense for performance awards is recognized over the vesting period and will vary based on remeasurement during the performance period. If achievement of the performance metrics is not probable of achievement during the performance period, compensation expense is reversed. The awards are forfeited if the performance metrics are not achieved as of the end of the performance period. The performance share awards vest at the end of a three year period, as determined by the Compensation Committee. The Company bases the estimated fair value of restricted stock awards on the date of grant. The estimated fair value is determined based on the closing price of the Company’s common stock on the date of grant multiplied by the number of shares awarded. Compensation expense is recognized on a straight-line basis over the vesting period. Cash-settled performance-based awards represent the right to receive up to 150% of the target number of deferred stock units with payment in cash equivalent to the value of one share of the Company’s common stock. The number of deferred stock units earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board of Directors. The cash-settled performance-based awards are subject to the terms and conditions of the Company’s Plan. Compensation expense for cash-settled performance-based awards is recognized over the vesting period and will vary based on remeasurement during the performance period. If achievement of the performance metrics is not probable of achievement during the performance period, compensation expense is reversed. The awards are forfeited if the performance metrics are not achieved as of the end of the performance period. The cash-settled performance-based awards are liability-classified awards and are recorded within accrued expenses and other long-term liabilities in the Company’s consolidated balance sheet. These awards are remeasured to fair value at the end of each reporting period until settlement. The cash-settled performance-based awards vest at the end of a three year period, as determined by the Compensation Committee.
Leases	Leases The Company determines if an arrangement is a lease at the inception of a contract. Operating lease right-of-use (“ROU”) assets are included in operating lease right-of-use assets on the consolidated balance sheets. The current and long-term components of operating lease liabilities are included in the current portion of operating lease liability and operating lease liabilities, respectively, on the consolidated balance sheets. Finance leases are included in property and equipment, net, accrued expenses and other long-term liabilities. The Company’s finance leases are not material to the Company’s consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The operating lease ROU asset may also include any lease payments made, adjusted for any prepaid or accrued rent payments, lease incentives, and initial direct costs incurred. Certain leases may include options to extend or terminate the lease. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For certain equipment leases, the Company applies a portfolio approach to effectively account for any ROU assets and lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company has elected the practical expedient to account for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized.
Employee healthcare	Employee healthcare The Company self-insures certain portions of its health insurance plan. The Company maintains an accrual for estimated unpaid claims and claims incurred but not yet reported (“IBNR”). Although management believes that it uses the best information available to estimate IBNR claims, actual claims may vary significantly from estimated claims.
Restructuring expenses	Restructuring expenses Costs associated with restructuring activities are recorded at fair value when a liability has been incurred. A liability has been incurred at the communication date for severance. Charges associated with lease terminations, related to restructuring activities, are recognized at the effective date of the lease modification. During the year ended December 31, 2023, the Company incurred $0.8 million of restructuring expense in connection with the termination of the Company’s Executive Chairman as described below. In 2022, the Company’s international segment incurred $0.4 million of restructuring expenses related to severance associated with the reorganization of the International segment’s workforce. The reorganization was the result of the Company’s efforts to realign the management and operating structure of the European business in response to changing market conditions. In 2022, the Company’s U.S. segment incurred $0.4 million of restructuring expense in connection with the reorganization of the U.S. segment’s sales management structure. The payment was made in 2023. In 2022, the Company incurred $0.6 million of unallocated expense related to the termination payment with its Executive Chairman, Jeffrey Siegel. On November 1, 2022, the Company entered into a transition agreement with Jeffrey Siegel, which terminated his employment with the Company, effective March 31, 2023. The transition agreement amended Mr. Siegel’s employment agreement which was to expire on December 31, 2022. The employment agreement provided for a one-time payment, which was paid on April 7, 2023. The one-time payment of $1.4 million, was recognized over the remaining employment period with $0.6 million recognized in the fourth quarter of 2022 and the remaining $0.8 million recognized in 2023.
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, certain taxes and environmental matters, as well as commitments under contractual and other commercial obligations. The Company recognizes liabilities for contingencies and commitments when a loss is probable and estimable.
Adopted Accounting Pronouncements	Adopted accounting pronouncements Effective January 1, 2023, the Company adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses, to include historical experience, current conditions and reasonable and supportable forecasts. The Company adopted this guidance on a modified retrospective basis and the adoption did not have a material impact on the Company’s consolidated financial statements. New accounting pronouncements Updates not listed below were assessed and either determined to not be applicable or are expected to have a minimal effect on the Company’s financial position, results of operations, and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: which enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. Management is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures: This guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. The new guidance is effective for public business entities for annual periods beginning after December 15, 2024 on a prospective basis. Retrospective application is permitted. Management is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting Information


	Year Ended December 31,
	2023		2022		2021
			(in thousands)
Net sales:
U.S.	$	633,079	$	669,179	$	770,633
International	53,604		58,483		92,291
Total net sales	$	686,683	$	727,662	$	862,924
Income from operations:
U.S. (1)	$	63,341	$	61,479	$	100,336
International (1)(2)	(11,064)		(12,153)		(25,051)
Unallocated corporate expenses (3)	(20,336)		(25,063)		(24,443)
Total income from operations	$	31,941	$	24,263	$	50,842
Depreciation and amortization:
U.S.	$	18,489	$	18,279	$	18,504
International	1,082		1,257		4,016
Total depreciation and amortization	$	19,571	$	19,536	$	22,520
Capital expenditures:
U.S.	$	2,427	$	2,088	$	3,838
International	374		887		148
Total capital expenditures	$	2,801	$	2,975	$	3,986

(2)In 2021, the Company recognized non-cash impairment charges of $14.8 million related to the international segment as described in NOTE 7 — GOODWILL AND INTANGIBLE ASSETS.


	December 31,
	2023		2022
	(in thousands)
Assets:
U.S.	$	560,716	$	608,496
International	90,237		93,794
Unallocated corporate	16,189		23,598
Total assets	$	667,142	$	725,888


	Year Ended December 31,
	2023		2022
	(in thousands)
Goodwill:
U.S.
Beginning balance	$	33,237	$	30,271
Acquisition activity	—		2,966









Total goodwill	$	33,237	$	33,237

Net Sales and Long-Lived Assets by Major Geographic Locations

The following table sets forth long-lived assets by the major geographic locations:


	December,
	2023		2022
	(in thousands)
Long-lived assets, excluding intangible assets, at period-end:
United States	$	66,341	$	75,308
Mexico	1,826		12,516
United Kingdom	22,692		22,845
Rest of World	795		1,076
Total	$	91,654	$	111,745

REVENUE (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Company's Revenue Disaggregated by Geographic Region and Revenue

The following tables present the Company’s net sales disaggregated by segment, product category and geographic region for the years ended December 31, 2023, 2022 and 2021 (in thousands).


	Year Ended December 31,
	2023		2022		2021
			(in thousands)
U.S. segment
Kitchenware	$	386,681	$	402,869	$	487,797
Tableware	138,258		148,775		167,181
Home Solutions	108,140		117,535		115,655
Total U.S. segment	633,079		669,179		770,633



International segment	53,604		58,483		92,291
Total net sales	$	686,683	$	727,662	$	862,924


	Year ended December 31,
	2023		2022		2021
			(in thousands)
United States	$	599,146	$	640,021	$	743,319
United Kingdom	34,959		38,210		54,150
Rest of World	52,578		49,431		65,455
Total net sales	$	686,683	$	727,662	$	862,924

LEASES - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Fixed lease expense	$ 16,911	$ 17,855	$ 17,860
Variable lease expense	5,432	4,698	5,833
Total	$ 22,343	$ 22,553	$ 23,693

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income before Income Taxes

The components of income before income taxes and equity in (losses) earnings are as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Domestic	$	22,134	$	20,796	$	61,045
Foreign	(11,659)		(11,767)		(24,665)
Total income before income taxes and equity in earnings	$	10,475	$	9,029	$	36,380

Provision for Income Taxes

The provision for income taxes (before equity in (losses) earnings) consists of:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Current:
Federal	$	6,326	$	6,890	$	10,361
State and local	1,447		1,888		3,558
Foreign	579		775		823
Deferred	(2,130)		(3,825)		1,799
Income tax provision	$	6,222	$	5,728	$	16,541

Significant Components of Net Deferred Income Tax Asset (Liability)

Significant components of the Company’s deferred

income tax assets and (liabilities) are as follows:


	December 31,
	2023		2022
	(in thousands)
Deferred income tax assets:
Operating lease liabilities	$	20,571	$	22,814

Stock options	1,454		1,679
Inventory	3,323		3,134
Operating loss carryforwards	21,036		17,450
Accounts receivable allowances	2,343		1,906
Accrued compensation	913		1,137

Deferred compensation	668		721

Environmental remediation accrual	1,379		1,432
Capitalized research and experimental expenditures	3,109		2,525
Other	2,440		755
Total deferred income tax assets	$	57,236	$	53,553
Deferred income tax liabilities:
Operating lease right-of-use assets	$	(17,060)	$	(18,872)
Fixed assets	(1,248)		(1,735)
Intangibles	(26,207)		(26,230)

Total deferred income tax liabilities	(44,515)		(46,837)
Net deferred income tax asset	12,721		6,716
Valuation allowance	(20,159)		(16,323)
Net deferred income tax liability	$	(7,438)	$	(9,607)

Difference between Provision for Income Taxes and Amount Computed by Applying Federal Statutory Rates

The provision for income taxes (before equity in (losses) earnings) differs from the amounts computed by applying the applicable federal statutory rates as follows:


	Year Ended December 31,
	2023		2022		2021
Federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
Increases (decreases):
State and local income taxes, net of Federal income tax benefit	5.7		13.9		8.8
Foreign rate differences	(19.7)		6.9		(9.2)
Foreign withholding tax	5.0		6.1		1.2

Non-deductible expenses	7.9		7.1		3.3


Uncertain tax positions	(0.9)		1.2		0.1
Research and development credit	(2.5)		(5.4)		(1.1)
Federal return to provision	0.7		(3.4)		(0.4)

Equity-based compensation	5.0		0.1		(0.6)
Valuation Allowance	37.2		15.9		22.4

Provision for income taxes	59.4	%	63.4	%	45.5	%

Estimated Values of Gross Uncertain Tax Positions

The estimated values of the Company’s gross uncertain tax positions at December 31, 2023, 2022 and 2021 consist of the following:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Balance at January 1	$	(1,130)	$	(1,071)	$	(1,648)
Additions based on tax positions related to the current year	(27)		(79)		(49)

Reductions for tax position of prior years	167		20		626

Balance at December 31	$	(990)	$	(1,130)	$	(1,071)

OTHER - Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 180,860	$ 213,450
Work in process	106	70
Raw materials	7,681	8,689
Total	$ 188,647	$ 222,209

DEBT - Additional Information (Details)			12 Months Ended
DEBT - Additional Information (Details)	Nov. 14, 2023 USD ($)	Jun. 08, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 CNY (¥)
Debt Instrument [Line Items]
Debt instrument, quarterly repayment percentage of principal			1.25%
Maximum debt instrument leverage ratio			3.25
Long-term Debt			$ 150,000,000
line of credit facility, maximum borrowing capacity, limited by covenant			$ 89,400,000
Debt Agreements
Debt Instrument [Line Items]
Percentage of capital stock of foreign subsidiaries pledged as collateral			65.00%			65.00%
Minimum Term Under Revolving Credit Facility			45 days
ABL Credit Agreement
Debt Instrument [Line Items]
Maximum aggregate principal allowed			$ 181,919,000	$ 189,411,000
Minimum availability under revolving credit to maintain minimum fixed charge ratio for four consecutive months			$ 20,000,000
Commitment fee percentage			10.00%
Minimum fixed charge coverage ratio			1.10
Term Loan
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount		$ 47,200,000
Price of the Repurchase for Principal		95
Principal		100
Write off of debt issuance cost		500,000
Fees and Expenses		400,000
Debt Instrument, Covenant, Maximum Total Net Leverage Ratio			5.00
Long-term Debt			$ 135,834,000	242,857,000
Long-Term Debt, Gross				245,900,000
Term Loan Tranche B [Member]
Debt Instrument [Line Items]
Write off of debt issuance cost	$ 700,000
Fees and Expenses	9,100,000
Repayments of Debt	$ 48,700,000
Long-term Debt			150,000,000
Term Loan
Debt Instrument [Line Items]
Gain on extinguishments of debt, net		$ (1,500,000)	761,000	0	$ 0
Proceeds from Issuance of Long-Term Debt			$ 55,991,000
Long-Term Debt, Interest Rate at Period End			11.00%			11.00%
Term Loan \| Alternate Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			4.50%
Term Loan \| Prime rate, federal funds and overnight bank funding based rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Term Loan \| SOFR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			5.50%
Term Loan Tranche B [Member]
Debt Instrument [Line Items]
Face amount			$ 150,000,000
Credit Agreement Term Loan
Debt Instrument [Line Items]
Proceeds from Issuance of Long-Term Debt				$ 0	$ 0
Revolving Credit Facility \| ABL Credit Agreement \| Federal Funds And Overnight Bank Funding Based Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Revolving Credit Facility \| ABL Credit Agreement \| One Month Adjusted Term Secured Overnight Financing Rate ("SOFR")
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			1.00%			1.00%
Revolving Credit Facility \| ABL Credit Agreement \| Term SOFR Rate fo the selcted 1, 3 or 6 month interest period
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			0.10%			0.10%
Revolving Credit Facility \| Term Loan \| One Month Adjusted Term Secured Overnight Financing Rate ("SOFR")
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.00%
Revolving Credit Facility \| Minimum \| ABL Credit Agreement
Debt Instrument [Line Items]
Percentage of line of credit facility unused capacity commitment fee			0.20%
line of credit facility, unused capacity, commitmdng fee percentage paid			0.25%
Revolving Credit Facility \| Minimum \| ABL Credit Agreement \| One Month Adjusted Term Secured Overnight Financing Rate ("SOFR")
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			1.00%			1.00%
Revolving Credit Facility \| Minimum \| ABL Credit Agreement \| Alternate Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.25%
Revolving Credit Facility \| Minimum \| ABL Credit Agreement \| Adjusted Term SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.25%
Revolving Credit Facility \| Minimum \| ABL Credit Agreement \| SOFR [Member]
Debt Instrument [Line Items]
Interest rates on outstanding borrowings			6.47%			6.47%
Revolving Credit Facility \| Minimum \| Term Loan \| One Month Adjusted Term Secured Overnight Financing Rate ("SOFR")
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			1.00%			1.00%
Revolving Credit Facility \| Minimum \| Term Loan \| SOFR [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			1.00%			1.00%
Revolving Credit Facility \| Maximum \| ABL Credit Agreement
Debt Instrument [Line Items]
Percentage of line of credit facility unused capacity commitment fee			0.25%
Revolving Credit Facility \| Maximum \| ABL Credit Agreement \| Alternate Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Revolving Credit Facility \| Maximum \| ABL Credit Agreement \| Adjusted Term SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.50%
Revolving Credit Facility \| Maximum \| ABL Credit Agreement \| SOFR [Member]
Debt Instrument [Line Items]
Interest rates on outstanding borrowings			6.72%			6.72%
HSBC Facility
Debt Instrument [Line Items]
Maximum aggregate principal allowed			$ 1,400,000			¥ 10,000,000
Outstanding borrowing under credit facility			0
Senior Secured Asset Based Revolving Credit Facilities \| ABL Credit Agreement
Debt Instrument [Line Items]
Maximum aggregate principal allowed			200,000,000
Line of credit facility maximum borrowing capacity if certain conditions are met			250,000,000
Increase in line of credit facility			$ 50,000,000

CAPITAL STOCK - Summary of Stock Option (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Beginning balance (in shares)	1,065,750	1,094,575	1,286,900
Grants (in shares)	50,000	56,000	48,000
Exercises (in shares)		60,000	236,325
Cancellations (in shares)	(4,375)	(11,375)
Expirations (in shares)	(111,875)	(13,450)	(4,000)
Ending balance (in shares)	999,500	1,065,750	1,094,575
Options exercisable at End of Period (in shares)	883,875
Weighted- average exercise price
Beginning balance (usd per share)	$ 13.66	$ 13.64	$ 13.28
Grants (usd per share)	5.92	11.45	14.18
Exercised (usd per share)		11.64	11.71
Cancellations (usd per share)	11.27	11.16
Expirations (usd per share)	13.38	13.99	19.10
Ending balance (usd per share)	13.31	$ 13.66	$ 13.64
Options exercisable at End of Period (usd per share)	$ 13.85
Weighted- average remaining contractual life (years)
Options outstanding, ending balance	4 years 1 month 6 days
Options exercisable, ending balance	3 years 6 months
Aggregate intrinsic value
Options outstanding, end of period	$ 49
Options exercisable, end of period	$ 7