Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-37589 | ||
Entity Registrant Name | ARMSTRONG FLOORING, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-4303305 | ||
Entity Address, Address Line One | 1770 Hempstead Road, | ||
Entity Address, City or Town | Lancaster, | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 17605 | ||
City Area Code | (717) | ||
Local Phone Number | 672-9611 | ||
Title of 12(b) Security | Common Stock, $0.0001 par value | ||
Trading Symbol | AFI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 94 | ||
Entity Common Stock, Shares Outstanding | 21,779,575 | ||
Documents Incorporated by Reference | Certain sections of Armstrong Flooring, Inc.’s definitive Proxy Statement for use in connection with its 2022 annual meeting of stockholders, to be filed no later than April 30, 2022 (120 days after the last day of our 2021 fiscal year), are incorporated by reference into Part III of this Form 10-K Report where indicated. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Entity Central Index Key | 0001655075 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Philadelphia, PA |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | $ 9.7 | $ 13.7 | |
Accounts and notes receivable, net | 53 | 43 | |
Inventories | 146.3 | 128.1 | |
Prepaid expenses and other current assets | 15.6 | 12.9 | |
Assets held-for-sale | 0 | 17.8 | |
Total current assets | 224.6 | 215.5 | |
Property, plant and equipment, net | 230.5 | 246.9 | |
Operating lease assets | 18.5 | 8.5 | |
Intangible assets, net | 12.4 | 19 | |
Prepaid pension asset | 23 | 1.1 | |
Deferred income taxes | 4.2 | 4.4 | |
Other noncurrent assets | 3.8 | 3.3 | |
Total assets | 517 | 498.7 | |
Current liabilities: | |||
Short-term debt | 5.1 | 5.5 | |
Current installments of long-term debt | [1] | 105.8 | 2.9 |
Trade accounts payable | 85.7 | 78.5 | |
Accrued payroll and employee costs | 20.6 | 14.8 | |
Operating lease liabilities | 2.8 | 2.7 | |
Other accrued expenses | 22.6 | 17.7 | |
Total current liabilities | 242.6 | 122.1 | |
Long-term debt | [1] | 0.7 | 71.4 |
Noncurrent operating lease liabilities | 16.7 | 5.8 | |
Postretirement benefit liabilities | 48.2 | 55.6 | |
Pension benefit liabilities | 3.2 | 4.6 | |
Other long-term liabilities | 5.3 | 9 | |
Deferred income taxes | 1.1 | 2.4 | |
Total liabilities | 317.8 | 270.9 | |
Stockholders' equity: | |||
Common stock with par value $0.0001 per share: 100,000,000 shares authorized; 28,376,662 issued and 21,779,575 outstanding shares as of December 31, 2021 and 28,376,662 issued and 21,638,141 outstanding shares as of December 31, 2020 | $ 0 | $ 0 | |
Preferred stock, issued (in shares) | 0 | 0 | |
Preferred stock with par value $0.0001 per share: 15,000,000 shares authorized; none issued | $ 0 | $ 0 | |
Treasury stock, at cost, 6,597,087 shares as of December 31, 2021 and 6,738,521 shares as of December 31, 2020 | (84.5) | (87.1) | |
Additional paid-in capital | 677.6 | 677.4 | |
Accumulated deficit | (356.2) | (303.2) | |
Accumulated other comprehensive (loss) | (37.7) | (59.3) | |
Total stockholders' equity | 199.2 | 227.8 | |
Total liabilities and stockholders' equity | $ 517 | $ 498.7 | |
[1] | (a) Net of unamortized debt issuance costs. See Note 1 - Business and Basis of Presentation, for additional details. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 28,376,662 | 28,376,662 |
Common stock, outstanding (in shares) | 21,779,575 | 21,638,141 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Treasury stock (in shares) | 6,597,087 | 6,738,521 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 649.9 | $ 584.8 | $ 626.3 |
Cost of goods sold | 575.8 | 500.8 | 539.3 |
Gross profit | 74.1 | 84 | 87 |
Selling, general and administrative expenses | 160.9 | 145.2 | 146.4 |
Gain on sale of property | (46) | 0 | 0 |
Operating income (loss) | (40.8) | (61.2) | (59.4) |
Interest expense | 12 | 7.5 | 4.4 |
Write-off of unamortized debt issuance costs and amendment fees | 9.6 | 0 | 0 |
Other expense (income), net | (8.9) | (4.8) | 1.8 |
Income (loss) from continuing operations before income taxes | (53.5) | (63.9) | (65.6) |
Income tax expense (benefit) | (0.5) | (0.8) | 1.6 |
Income (loss) from continuing operations | (53) | (63.1) | (67.2) |
Gain (loss) on disposal of discontinued operations, net of tax | 0 | 0 | 10.4 |
Net earnings (loss) from discontinued operations | 0 | 0 | 10.4 |
Net (loss) | $ (53) | $ (63.1) | $ (56.8) |
Basic (loss) per share of common stock: | |||
Basic (loss) per share of common stock from continuing operations (in dollars per share) | $ (2.41) | $ (2.88) | $ (2.78) |
Basic (loss) earnings per share of common stock from discontinued operations (in dollars per share) | 0 | 0 | 0.43 |
Basic (loss) earnings per share of common stock (in dollars per share) | (2.41) | (2.88) | (2.35) |
Diluted (loss) per share of common stock: | |||
Diluted (loss) per share of common stock from continuing operations (in dollars per share) | (2.41) | (2.88) | (2.78) |
Diluted (loss) earnings per share of common stock from discontinued operations (in dollars per share) | 0 | 0 | 0.43 |
Diluted (loss) earnings per share of common stock (in dollars per share) | $ (2.41) | $ (2.88) | $ (2.35) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) | $ (53) | $ (63.1) | $ (56.8) |
Changes in other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 1 | 7.2 | (2.2) |
Cash flow hedge adjustments | 0.8 | (0.4) | (1.4) |
Pension and postretirement adjustments | 19.8 | 8.6 | (9.5) |
Other comprehensive income (loss) | 21.6 | 15.4 | (13.1) |
Total comprehensive income (loss) | $ (31.4) | $ (47.7) | $ (69.9) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net (loss) | $ (53) | $ (63.1) | $ (56.8) |
Adjustments to reconcile net (loss) to net cash (used for) provided by operating activities: | |||
Depreciation and amortization | 43.3 | 47.8 | 50.7 |
Gain on disposal of discontinued operations | 0 | 0 | (10.4) |
Inventory write down | 1.2 | 0 | 13.6 |
Deferred income taxes | (0.8) | (1.6) | 1.1 |
Stock-based compensation | 3 | 2.7 | 1.2 |
Gain on sale of property | (46) | 0 | 0 |
Gains from long-term disability plan changes | 0 | (2.9) | 0 |
U.S. pension expense (income) | (7.1) | 3.8 | 5.6 |
Write off of unamortized debt issuance costs | 5.9 | 0 | 0.8 |
Other non-cash adjustments, net | 1.6 | 0.3 | 0.2 |
Changes in operating assets and liabilities: | |||
Receivables | (15.5) | (2.7) | 2.9 |
Insurance receivable | 3.8 | 0 | 0 |
Inventories | (19.8) | (10.2) | 12.4 |
Accounts payable and accrued expenses | 25.8 | 5 | (26) |
Insurance liability | (3.8) | 0 | 0 |
Income taxes payable and receivable | 0.4 | 0.9 | (0.5) |
Other assets and liabilities | (9.3) | (8.2) | (0.8) |
Net cash provided by (used for) operating activities | (70.3) | (28.2) | (6) |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (20.6) | (22.8) | (28.9) |
Proceeds from the sale of assets | 65.4 | 1.7 | 1.4 |
Net (payments) proceeds related to sale of discontinued operations | 0 | 0 | (1.9) |
Net cash provided by (used for) investing activities | 44.8 | (21.1) | (29.4) |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility and other short-term debt | 114.6 | 58.2 | 47.2 |
Payments on revolving credit facility and other short-term debt | (105.1) | (85.1) | (30) |
Issuance of long-term debt | 38.2 | 70 | 0 |
Payments of long-term debt | (22.2) | (0.3) | (75.3) |
Financing costs | (3.7) | (7.7) | (0.8) |
Purchases of treasury stock | 0 | 0 | (51.4) |
Proceeds from exercised stock options | 0 | 0 | 0.1 |
Value of shares withheld related to employee tax withholding | (0.3) | (0.1) | (0.9) |
Net cash provided by financing activities | 21.5 | 35 | (111.1) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0.9 | (0.2) |
Net (decrease) increase in cash and cash equivalents | (4) | (13.4) | (146.7) |
Cash and cash equivalents at beginning of year | 13.7 | 27.1 | 173.8 |
Cash and cash equivalents at end of year | 9.7 | 13.7 | 27.1 |
Supplemental Cash Flow Disclosure: | |||
Amounts in accounts payable for capital expenditures | 3.4 | 5.9 | 5.6 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 9.3 | 6.2 | 3.1 |
Income taxes (refunded) paid, net | $ 0.9 | $ 0.1 | $ 1 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment |
Beginning balance at Dec. 31, 2018 | $ 391 | $ 3 | $ 0 | $ (39.7) | $ 678.6 | $ (61.6) | $ (186.3) | $ 3 |
Beginning balance (in shares) at Dec. 31, 2018 | 25,832,193 | 2,452,165 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) | (56.8) | (56.8) | ||||||
Repurchase of common stock | (51.4) | $ (51.4) | ||||||
Repurchase of common stock (in shares) | (4,504,504) | (4,504,504) | ||||||
Stock-based employee compensation, net | 0.3 | $ 2.2 | (1.9) | |||||
Stock-based employee compensation, net (in shares) | 192,072 | (118,772) | ||||||
Other comprehensive income | (13.1) | (13.1) | ||||||
Ending balance at Dec. 31, 2019 | 273 | $ 0 | $ (88.9) | 676.7 | (74.7) | (240.1) | ||
Ending balance (in shares) at Dec. 31, 2019 | 21,519,761 | 6,837,897 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) | (63.1) | (63.1) | ||||||
Stock-based employee compensation, net | 2.5 | $ 1.8 | 0.7 | |||||
Stock-based employee compensation, net (in shares) | 118,380 | (99,376) | ||||||
Other comprehensive income | 15.4 | 15.4 | ||||||
Ending balance at Dec. 31, 2020 | 227.8 | $ 0 | $ (87.1) | 677.4 | (59.3) | (303.2) | ||
Ending balance (in shares) at Dec. 31, 2020 | 21,638,141 | 6,738,521 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) | (53) | (53) | ||||||
Stock-based employee compensation, net | 2.8 | $ 2.6 | 0.2 | |||||
Stock-based employee compensation, net (in shares) | 141,434 | (141,434) | ||||||
Other comprehensive income | 21.6 | 21.6 | ||||||
Ending balance at Dec. 31, 2021 | $ 199.2 | $ 0 | $ (84.5) | $ 677.6 | $ (37.7) | $ (356.2) | ||
Ending balance (in shares) at Dec. 31, 2021 | 21,779,575 | 6,597,087 |
Business And Basis of Presentat
Business And Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS AND BASIS OF PRESENTATION | BUSINESS AND BASIS OF PRESENTATION Business Armstrong Flooring, Inc. is a leading global producer of resilient flooring products for use primarily in the construction and renovation of residential, commercial and institutional buildings. AFI designs, manufactures, sources and sells resilient flooring products in North America and the Pacific Rim. On December 31, 2021, following our Board's determination that a sale of the Company or other strategic transaction, if completed, would be in the best interests of the Company and the best means to maximize value for the Company's stockholders and other stakeholders, we announced that we had initiated a process for the potential sale of the Company and consideration of other strategic alternatives. Separation On April 1, 2016, we became an independent company as a result of the Separation which was effected by the Distribution. The Spin-off resulted in AFI and AWI becoming two independent, publicly traded companies, with AFI owning and operating the Resilient Flooring and Wood Flooring segments and AWI continuing to own and operate a ceilings business. In connection with the completion of the Spin-off, we entered into several agreements with AWI that provided for the separation and allocation between AFI and AWI of the assets, employees, liabilities and obligations of AWI and its subsidiaries attributable to periods prior to, at and after the Spin-off. These agreements also govern the relationship between AFI and AWI subsequent to the completion of the Spin-off. On June 30, 2021, we terminated the Campus Lease Agreement with AWI. Discontinued Operations On November 14, 2018, AFI entered into a Stock Purchase Agreement with TZI, a Delaware corporation and an affiliate of AIP, to sell its North American wood flooring business. On December 31, 2018, AIP completed the purchase of all of the issued and outstanding shares of Armstrong Wood Products, Inc., a Delaware corporation, including its direct and indirect wholly owned subsidiaries. For the year ended December 31, 2019, a $10.4 million gain on disposal of discontinued operations was realized primarily due to the resolution of our anti-dumping case. There was no discontinued operations activity for the years ended December 31, 2021 and 2020. COVID As the COVID-19 pandemic continues, the Company has seen the overall impact on its business decline. However, we remain committed to safeguarding our employees and the communities in which we operate, while continuing to deliver our products to customers. The Company has experienced the impact of the imbalance of global shipping capacity and demand which has led to delays in the receipt of goods from China and Vietnam at U.S. ports. Additionally, while overall economic activity has improved, some of the Company's customers' commercial projects in the retail, office, medical and educational sectors continue to be postponed. These factors have led to a softer demand environment in certain states and channels. The ultimate duration and impact of the pandemic on our future results is unknown. Reclassifications Certain reclassifications have been made to prior year amounts to conform with current year classifications. Going Concern These financial statements have been prepared assuming that the Company will continue as a going concern. For the year ended December 31, 2021, the Company had a net loss of $53.0 million. As of December 31, 2021, the Company had an accumulated deficit of $356.2 million. The ability of the Company to continue as a going concern is dependent on the Company maintaining adequate capital and liquidity to fund operating losses until it returns to profitability. On December 31, 2021, AFI announced that it entered into the 2021 ABL Amendments and the 2021 Term Loan Amendments, that became effective as of December 30, 2021. In connection with the Term Loan Amendment, the Company's current term loan lender, loaned AFI an aggregate principal of $35 million to provide additional liquidity to the Company. Also on December 31, 2021, following our Board's determination that a sale of the Company or other strategic transaction, if completed, would be in the best interests of the Company and the best means to maximize value for the Company's stockholders and other stakeholders, we announced that we had initiated a process for the potential sale of the Company and consideration of other strategic alternatives. The 2021 ABL Amendments and the 2021 Term Loan Amendments contain provisions that require the Company to adhere to various covenants, including meeting certain milestones relating to the sale of the Company and there can be no assurance that the Company will be able to comply with these covenants. The Company is required to refinance the Credit Agreements no later than June 30, 2022, even if a sale of the Company or other strategic transaction has not been consummated prior to such date. The failure to comply with any of these covenants would constitute a default under the terms of the Credit Agreements which could have an adverse effect on the Company, including affecting its access to liquidity. The Company continues to face certain risks and uncertainties that have been affecting its business and operations. While the Company has implemented substantial pricing actions and evaluates other initiatives that could enhance its liquidity, including the potential sale of the Company, there can be no assurances that these actions will be successful. Substantial doubt about the Company's ability to continue as a going concern exists because the sale of the Company being completed or the Credit Agreements being extended beyond the June 30, 2022 refinancing requirement cannot be considered probable as they are not under our sole control. Additionally, based on current projections, as a result of continuing supply chain disruptions and continued inflationary pressures related to transportation, labor and raw materials, which are expected to continue through 2022, the forecasts do not provide the Company with reasonable certainty it will have the necessary liquidity to fund operations beyond June 30, 2022. As a result, the Company has classified amounts outstanding under the Credit Agreements as Current installments of long-term debt at December 31, 2021 on the Consolidated Balance Sheets. See Note 8, Debt, for additional details. Asset Impairment Review |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy The Consolidated Financial Statements and accompanying data in this Form 10-K include the accounts of AFI and its subsidiaries. Intercompany accounts and transactions have been eliminated from the Consolidated Financial Statements. Change in Accounting Principle During the fourth quarter of 2021, the Company changed its method of accounting for U.S. based inventories from the LIFO method to the FIFO method. We believe that this change in accounting method is preferable as it results in a better matching of revenue and expense, it more closely resembles the physical flow of inventory, is a more consistent method to value inventory across our businesses, and results in improved comparability with industry peers. The effects of this change have been retroactively applied to all periods presented. This change resulted in a decrease to accumulated deficit of $3.0 million as of January 1, 2019. In addition, certain financial statement line items in our Consolidated Balance Sheet for December 31, 2020, as well as our Consolidated Statement of Operations and Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019 were adjusted as follows: Consolidated Balance Sheet as of December 31, 2020 Originally Reported Effect of Change As Adjusted Inventories $ 122.9 $ 5.2 $ 128.1 Accumulated deficit (308.4) 5.2 (303.2) Consolidated Statement of Operations for the Year Ended December 31, 2020 Originally Reported Effect of Change As Adjusted Cost of goods sold $ 501.3 $ (0.5) $ 500.8 Income (loss) from continuing operations (63.6) 0.5 (63.1) Basic and diluted (loss) per share of common stock (2.90) 0.02 (2.88) Consolidated Statement of Operations for the Year Ended December 31, 2019 Originally Reported Effect of Change As Adjusted Cost of goods sold $ 541.0 $ (1.7) $ 539.3 Income (loss) from continuing operations (68.9) 1.7 (67.2) Basic and diluted (loss) per share of common stock (2.42) 0.07 (2.35) Consolidated Statement of Cash Flows for the Year Ended December 31, 2020 Originally Reported Effect of Change As Adjusted Net (loss) $ (63.6) $ 0.5 $ (63.1) Inventories (9.7) (0.5) (10.2) Consolidated Statement of Cash Flows for the Year Ended December 31, 2019 Originally Reported Effect of Change As Adjusted Net (loss) $ (58.5) $ 1.7 $ (56.8) Inventories 14.1 (1.7) 12.4 Had the Company not made the above change in accounting principle, the Consolidated Balance Sheet for the year ended December 31, 2021 would have reflected Inventories of $128.9 million and Accumulated deficit of $373.8 million and the Company's Consolidated Statement of Operations for the year ended December 31, 2021 would have reflected Costs of goods sold of $588.1 million, Loss from continuing operations of $65.3 million and Loss per common share of $2.97 per share. Use of Estimates We prepare our financial statements in conformity with U.S. GAAP, which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. When preparing an estimate, management determines the amount based upon the consideration of relevant internal and external information. Actual results may differ from these estimates. Revenue Recognition We recognize revenue when control of the promised goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. Our primary performance obligation to our customers is the delivery of flooring products pursuant to purchase orders. Control of the products we sell generally transfers to our customers at the point in time when the goods are shipped. Our standard sales terms are primarily free-on-board shipping point. Our typical payment terms are 30 days and our sales arrangements do not contain any significant financing component for our customers. Our customer arrangements do not generate contract assets or liabilities that are material to the Consolidated Financial Statements. Each purchase order sets forth the transaction price for the products purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon our customers meeting specified performance criteria, such as a purchasing level over a period of time. We use judgment to estimate the most likely amount of variable consideration at each reporting date. Costs to obtain a contract are capitalized and amortized over the life of the related contract when the incremental costs directly relate to a specific contract, generates or enhances resources of the company that will be used to satisfy performance of the terms of the contract and the cost are expected to be recovered from the customer. During the fourth quarter of 2020 we capitalized $1.1 million of costs to obtain a contract, related to a single new arrangement, which will be amortized over the three We disaggregate revenue based on customer geography as this category represents the most appropriate depiction of how the nature, timing and uncertainty of revenues and cash flows are impacted by economic factors. See Note 12, Revenue, to the Consolidated Financial Statements for our revenues disaggregated by geography. Warranties - We provide our customers with a product warranty that provides assurance that the products we sell meet standard specifications and are free of defects. We maintain a reserve for claims and related costs based on historical experience and periodically adjusts these provisions to reflect actual experience. See Note 3, Accounts and Notes Receivable, to the Consolidated Financial Statements for additional information. Sales Incentives - Sales incentives to customers are reflected as a reduction of net sales. Shipping and Handling Costs - We treat shipping and handling that occurs after customers obtain control of the products as a fulfillment activity and not as a promised service. Shipping and handling costs are reflected as a component of Cost of goods sold. Taxes - Taxes collected from customers and remitted to governmental authorities are reported on a net basis. Advertising Costs We recognize advertising expenses as they are incurred. Pension and Postretirement Benefits We have benefit plans that provide for pension, medical and life insurance benefits to certain eligible employees when they retire from active service. The cost of plan amendments that provide for benefits already earned by plan participants is amortized over the expected future working lifetime or the life expectancy of plan participants. A market-related value of plan assets methodology is utilized in the calculation of expected return on assets. The methodology recognizes gains and losses on long duration bonds immediately, while gains and losses on other assets are recognized in the calculation over a five-year period. We use a December 31 measurement date for our pension and postretirement benefit plans. See Note 9, Pension and Other Postretirement Benefit Programs, to the Consolidated Financial Statements for additional information. Taxes The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the Consolidated Financial Statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date which result from differences in the timing of reported taxable income between tax and financial reporting. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. We recognize the tax benefits of an uncertain tax position only if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. We account for all interest and penalties on uncertain income tax positions as income tax expense. See Note 14, Income Taxes, to the Consolidated Financial Statements for additional information. Earnings Per Share Basic earnings or loss per share is computed by dividing the earnings or loss attributable to common shares by the sum of the weighted average number of shares of common stock outstanding during the period and the weighted average number of stock-based awards that have vested but not yet been issued during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings. Diluted loss per share would be calculated using basic common shares outstanding, as inclusion of potentially dilutive common shares would be anti-dilutive. See Note 15, Earnings Per Share of Common Stock, to the Consolidated Financial Statements for additional information. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term investments that have maturities of three months or less when purchased. The Company has no restricted cash. Receivables We sell the vast majority of our products to select, pre-approved customers using customary trade terms that allow for payment in the future. Customer trade receivables and miscellaneous receivables, net of allowances for current expected credit losses, customer credits and warranties are reported in accounts and notes receivable on a net basis. Cash flows from the collection of receivables are classified as operating cash flows on the Consolidated Statements of Cash Flows. We establish credit-worthiness prior to extending credit. We estimate the net of allowances for current expected credit losses of receivables each period. This estimate is based upon the current and forecasted economic conditions as well as an analysis of prior credit losses by receivable type. Account balances are charged off against the allowance when the potential for recovery is considered remote. We do not have any off-balance-sheet credit exposure related to our customers. See Note 3, Accounts and Notes Receivable, to the Consolidated Financial Statements for additional information. Inventories Inventories are valued at the lower of cost or net realizable value and cost is determined using the FIFO method of accounting. Additionally, inventory balances are adjusted for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and its net realizable value. During the fourth quarter of 2021, the Company changed its method of accounting for U.S. based inventories from the LIFO method to the FIFO method. We believe that this change in accounting method is preferable as it results in a better matching of revenue and expense, it more closely resembles the physical flow of inventory, is a more consistent method to value inventory across our businesses, and results in improved comparability with industry peers. See Note 4, Inventories, to the Consolidated Financial Statements for additional information. Property Plant and Equipment Property, plant and equipment is recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized on a straight-line basis over assets’ estimated useful lives. Machinery and equipment includes manufacturing equipment (depreciated over 3 to 15 years), computer equipment (depreciated over 3 to 5 years) and office furniture and equipment (depreciated over 5 to 7 years). Within manufacturing equipment, assets that are subject to accelerated obsolescence or wear, such as tooling and engraving equipment, are depreciated over shorter periods (3 to 7 years). Heavy production equipment, such as conveyors, are depreciated over longer periods (10 to 15 years). Buildings are depreciated over 15 to 30 years, depending on factors such as type of construction and use. Computer software is amortized over 3 to 7 years. Property, plant and equipment is tested for impairment when indicators of impairment exist, such as operating losses and/or negative cash flows. If an evaluation of the undiscounted future cash flows generated by an asset group indicates impairment, the asset group is written down to its estimated fair value, which is based on its discounted future cash flows. The principal assumption used in these impairment tests is future cash flows, which are derived from those used in our operating plan and strategic planning processes. See Note 5, Property, Plant and Equipment, to the Consolidated Financial Statements for additional information. Intangible Assets Our indefinite-lived intangible assets are primarily trademarks which are integral to our corporate identity and expected to contribute indefinitely to our corporate cash flows. We conduct our annual impairment test for indefinite-lived intangible assets during the fourth quarter and we conduct interim impairment tests if indicators of potential impairment exist. An impairment is recognized if the carrying amount of the asset exceeds its fair value. We first perform a qualitative assessment to determine if it is necessary to perform a quantitative impairment test. If a quantitative impairment test is deemed necessary, the method used to determine the fair value of our indefinite-lived intangible assets is the relief-from-royalty method. The principal assumptions used in our application of this method are revenue growth rate, discount rate and royalty rate. Revenue growth rates are derived from those used in our operating plan and strategic planning processes. The discount rate assumption is calculated based upon an estimated weighted average cost of capital, which we believe reflects the overall level of inherent risk and the rate of return a market participant would expect to achieve. The royalty rate assumption represents the estimated contribution of the intangible asset to overall profits. The method used for valuing our indefinite-lived intangible assets did not change from prior periods. Our long-lived intangible assets are primarily contractual arrangements (amortized over 5 years), wh ich includes non-compete agreements, and intellectual property (amortized over 2 to 15 years), which includes developed technology and patents. We review long-lived intangible assets for impairment if indicators of potential impairment exist, such as operating losses and/or negative cash flows. If an evaluation of the undiscounted future cash flows generated by the asset group indicates impairment, the asset group is written down to its estimated fair value, which is based on its discounted future cash flows. The principal assumption used in these impairment tests is future cash flows, which are derived from those used in our operating plan and strategic planning processes. See Note 7, Intangible Assets, to the Consolidated Financial Statements for additional information. Foreign Currency Transactions For our subsidiaries with non-U.S. dollar functional currency, assets and liabilities are translated at period-end exchange rates. Revenues and expenses are translated at exchange rates effective during each month. Foreign currency translation gains or losses are included as a component of AOCI within equity. Gains or losses on foreign currency transactions are recognized through net income (loss). Stock-Based Employee Compensation We issue stock-based compensation to certain employees and non-employee directors in different forms, including various types of performance-based share compensation including PSAs, PSUs, PBRSUs and RSUs. We record stock-based compensation expense based on an estimated grant-date fair value. The expense is reflected as a component of SG&A expenses on our Consolidated Statements of Operations. Stock-based compensation expense includes an estimate for forfeitures and anticipated achievement levels and is generally recognized on a straight-line basis over the vesting period for the entire award. See Note 13, Stock-based Compensation, to the Consolidated Financial Statements for additional information. Leases We lease certain real estate (warehouse and office space), vehicles and equipment. For leases with an initial term of one year or less we recognize lease expense for these leases on a straight-line basis over the lease term. Leases with an initial term of one year or more are recorded on the Consolidated Balance Sheet. We consider all payments fixed unless there is a material impact to the balance sheet at any given time during the lease period. We determine if a contract is a lease at inception. Operating leases are included in operating lease assets, accounts payable and accrued expenses and noncurrent operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, current installments of long-term debt and long-term debt in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. We update these rates annually. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain with a compelling economic reason that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have elected to combine lease and non-lease components as a single component and account for it as a lease for all asset classes with the exception of land and non-operating buildings. Lease and non-lease components of land and non-operating buildings are generally accounted for separately. We have elected to use a portfolio approach to determine the discount rate and defined portfolio based on the geographic location of the asset by country and duration of the lease. See Note 6, Leases, to the Consolidated Financial Statements for additional information. Recently Adopted Accounting Standards On January 1, 2021, we adopted ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" This new standard eliminates certain exceptions in the ASC, Section 740, related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, guidance on accounting for franchise taxes and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The adoption of the standard did not have a significant impact on our consolidated financial statements. |
Accounts And Notes Receivable
Accounts And Notes Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Receivables and Warranty Accruals [Abstract] | |
Accounts And Notes Receivable | ACCOUNTS AND NOTES RECEIVABLE The following table presents accounts and notes receivables, net: December 31, 2021 December 31, 2020 Customer trade accounts receivable $ 70.7 $ 52.4 Miscellaneous receivables (a) 4.0 9.0 Less: allowance for product warranties, discounts and losses (21.7) (18.4) Total $ 53.0 $ 43.0 (a) Miscellaneous receivables primarily relate to the current portion of a distributor note receivable, tax claim receivables and medical insurance rebate receivables not included in Customer trade account receivables. The decrease in Miscellaneous receivables is primarily due to receipt of an insurance receivable associated with a shareholder lawsuit that was included in the balance at December 31, 2020. See Note 11, Litigation and Related Matters, for additional details. Allowance for product claims, which is a portion of the allowance for product claims, discounts, returns and losses, represents expected reimbursements for cost associated with warranty repairs and customer accommodation claims, the majority of which is provided to our independent distributors through credits against customer trade accounts receivable from the independent distributor to AFI. The following table summarizes the activity for the allowance for product claims: Year Ended December 31, 2021 2020 Balance as of January 1 $ (10.3) $ (9.0) Reductions for payments 9.5 7.5 Current year claim accruals (11.3) (8.8) Balance as of December 31 $ (12.1) $ (10.3) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES The following table presents details related to inventories: December 31, 2021 December 31, 2020 Finished goods $ 100.3 $ 96.3 Goods in process 6.7 6.7 Raw materials and supplies 39.3 25.1 Total $ 146.3 $ 128.1 During the fourth quarter of 2021, the Company changed its method of accounting for U.S. based inventories from the LIFO method to the FIFO method. See Note 2, Summary of Significant accounting policies - Change in Accounting Principle for additional information. As of December 31, 2021, all inventories are now stated on a FIFO basis. Inventory was decreased by $5.3 million and $7.0 million as of December 31, 2021 and 2020, respectively, to reduce inventory to net realizable value as a result of obsolescence. The decrease from 2020 was attributable to the continued implementation of several initiatives aimed at improving the overall composition and age of the Company's inventory. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT The following table presents details related to our property, plant and equipment, net: December 31, 2021 December 31, 2020 Land $ 10.3 $ 10.6 Buildings 84.2 81.8 Machinery and equipment 451.2 458.9 Computer software 18.5 15.9 Construction in progress 9.2 16.4 Less accumulated depreciation and amortization (342.9) (336.7) Total $ 230.5 $ 246.9 The long-lived assets in the table below include property, plant and equipment, net. Long-lived assets by geographic area are reported by location of the operations to which the asset is attributed. December 31, 2021 December 31, 2020 United States $ 147.7 $ 160.4 China 70.5 73.5 Australia 12.3 13.0 Total $ 230.5 $ 246.9 Year Ended December 31, 2021 2020 Depreciation expense $ 36.3 $ 40.8 On March 10, 2021 the Company sold its South Gate Facility, previously classified as assets held-for-sale, for a purchase price of $76.7 million. The Company received proceeds of $65.3 million, net of fees, expenses and certain amounts held in an environmental-related escrow account. The Company realized a gain of $46.0 million during the three months ended March 31, 2021 on the sale. At December 31, 2020, the Company had classified as Assets held-for-sale, $17.8 million of primarily land and buildings related to the South Gate Facility that met all related criteria under U.S. GAAP. During the second quarter of 2021, the Company accelerated $3.3 million of depreciation expense for property, plant and equipment for which no future alternative use was identified as part of the Company's business transformation initiatives. The following table presents details related to our Assets held-for-sale: December 31, 2020 Land held for sale $ 16.9 Buildings held for sale 0.8 Other tangible assets 0.1 Total $ 17.8 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company's leases, excluding short-term leases, have remaining terms of less than one year to ten years, some of which include options to extend for up to ten years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table summarizes components of lease expense: Year Ended December 31, 2021 December 31, 2020 Finance lease cost $ 0.4 $ 0.3 Operating lease cost 5.4 4.4 Short-term lease cost 2.2 1.0 Sublease income (0.1) (0.1) Total lease cost $ 7.9 $ 5.6 The following table summarizes supplemental balance sheet information related to leases: Lease Category Balance Sheet Classification December 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease assets $ 18.5 $ 8.5 Finance lease assets Property, plant and equipment, net 1.2 1.0 Total lease assets $ 19.7 $ 9.5 Liabilities Current Operating lease liabilities Accounts payable and accrued expenses $ 2.8 $ 2.7 Finance lease liabilities Current installments of long-term debt 0.4 0.3 Noncurrent Operating lease liabilities Noncurrent operating lease liabilities 16.7 5.8 Finance lease liabilities Long-term debt, net of unamortized debt issuance costs 0.7 0.7 Total lease liabilities $ 20.6 $ 9.5 The following table summarizes supplemental cash flow information related to leases: Year Ended December 31, 2021 December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4.2 $ 4.4 Financing cash flows from finance leases 0.5 0.3 Non-cash lease liability activity: Lease assets obtained in exchange for new operating lease liabilities 13.4 6.9 Lease assets obtained in exchange for new finance lease liabilities 0.5 0.7 During 2021, the Company added $11.6 million of additional ROU assets related to the commencement of the Technical Center and Headquarters leases. The following table summarized weighted average remaining lease term and weighted average discount rate: December 31, 2021 December 31, 2020 Weighted average remaining lease term - Operating leases (in years) 7.5 4.1 Weighted average remaining lease term - Finance leases (in years) 2.5 3 Weighted average discount rate - Operating leases (%) 11.0 % 9.5 % Weighted average discount rate - Finances leases (%) 8.4 % 7.1 % The following table provides future minimum payments at December 31, 2021, by year and in the aggregate, for leases having non-cancelable lease terms in excess of one year: Operating Leases Finance Leases 2022 $ 4.7 $ 0.5 2023 4.3 0.4 2024 3.9 0.2 2025 3.3 0.1 2026 2.3 — Thereafter 11.2 — Total lease payments 29.7 1.2 Less: Unamortized interest (10.2) (0.1) Total $ 19.5 $ 1.1 |
LEASES | LEASES The Company's leases, excluding short-term leases, have remaining terms of less than one year to ten years, some of which include options to extend for up to ten years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table summarizes components of lease expense: Year Ended December 31, 2021 December 31, 2020 Finance lease cost $ 0.4 $ 0.3 Operating lease cost 5.4 4.4 Short-term lease cost 2.2 1.0 Sublease income (0.1) (0.1) Total lease cost $ 7.9 $ 5.6 The following table summarizes supplemental balance sheet information related to leases: Lease Category Balance Sheet Classification December 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease assets $ 18.5 $ 8.5 Finance lease assets Property, plant and equipment, net 1.2 1.0 Total lease assets $ 19.7 $ 9.5 Liabilities Current Operating lease liabilities Accounts payable and accrued expenses $ 2.8 $ 2.7 Finance lease liabilities Current installments of long-term debt 0.4 0.3 Noncurrent Operating lease liabilities Noncurrent operating lease liabilities 16.7 5.8 Finance lease liabilities Long-term debt, net of unamortized debt issuance costs 0.7 0.7 Total lease liabilities $ 20.6 $ 9.5 The following table summarizes supplemental cash flow information related to leases: Year Ended December 31, 2021 December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4.2 $ 4.4 Financing cash flows from finance leases 0.5 0.3 Non-cash lease liability activity: Lease assets obtained in exchange for new operating lease liabilities 13.4 6.9 Lease assets obtained in exchange for new finance lease liabilities 0.5 0.7 During 2021, the Company added $11.6 million of additional ROU assets related to the commencement of the Technical Center and Headquarters leases. The following table summarized weighted average remaining lease term and weighted average discount rate: December 31, 2021 December 31, 2020 Weighted average remaining lease term - Operating leases (in years) 7.5 4.1 Weighted average remaining lease term - Finance leases (in years) 2.5 3 Weighted average discount rate - Operating leases (%) 11.0 % 9.5 % Weighted average discount rate - Finances leases (%) 8.4 % 7.1 % The following table provides future minimum payments at December 31, 2021, by year and in the aggregate, for leases having non-cancelable lease terms in excess of one year: Operating Leases Finance Leases 2022 $ 4.7 $ 0.5 2023 4.3 0.4 2024 3.9 0.2 2025 3.3 0.1 2026 2.3 — Thereafter 11.2 — Total lease payments 29.7 1.2 Less: Unamortized interest (10.2) (0.1) Total $ 19.5 $ 1.1 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS The following table details amounts related to our intangible assets: December 31, 2021 December 31, 2020 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Long-lived intangible assets: Contractual arrangements 5 years $ 33.4 $ 30.1 $ 33.4 $ 23.6 Land Use Rights 50 years 3.3 0.6 3.2 0.5 Intellectual property 2-15 years 5.8 2.4 5.6 2.0 Subtotal 42.5 33.1 42.2 26.1 Indefinite-lived intangible assets: Trademarks and brand names Indefinite 3.0 2.9 Total $ 45.5 $ 33.1 $ 45.1 $ 26.1 Year Ended December 31, 2021 2020 2019 Amortization expense $ 7.0 $ 7.0 $ 7.0 2022 2023 2024 2025 Thereafter Estimated annual amortization expense $ 3.7 $ 0.4 $ 0.4 $ 0.4 $ 4.5 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following table presents details related to our debt: December 31, 2021 December 31, 2020 Credit lines (international) $ 4.6 $ 4.5 Insurance premiums financing 0.5 1.0 Short-term debt 5.1 5.5 Current installment of Amended Term Loan Agreement (a) 86.2 2.6 Amended ABL Credit Facility (a) 20.6 — Current installment of finance leases 0.4 0.3 Less: Deferred financing costs (a) (1.4) — Current installments of long-term debt 105.8 2.9 Noncurrent portion of Term Loan Agreement (a) — 67.4 Amended ABL Credit Facility (a) — 10.0 Other financing payable (including finance leases) 0.7 0.7 Total principal balance outstanding, long-term debt 0.7 78.1 Less: Deferred financing costs (a) — (6.7) Long-term debt, net of unamortized debt issuance costs 0.7 71.4 Total $ 111.6 $ 79.8 The maturities of debt for the five years following December 31, 2021 are as follows: Year of Maturity 2022 (a) $ 110.9 2023 0.4 2024 0.2 2025 0.1 (a) Substantial doubt about the Company’s ability to continue as a going concern has been raised. As a result, the Company has classified amounts outstanding under the Amended ABL Credit Facility and the Amended Term Loan Agreement as Current installments of long-term debt at December 31, 2021 on the Consolidated Balance Sheets. See Note 1, Business and Basis of Presentation, for additional details. During the fourth quarter of 2021, the Company entered into multiple amendments to its Credit Agreements, which further amended the ABL Credit Facility and the Term Loan Agreement. These amendments are described in more detail below. As part of these transactions, the Company recorded a charge of $9.6 million related to the write-off of unamortized debt issuance costs, and debt amendment fees and capitalized $3.7 million in incremental debt issuance costs in accordance with U.S. GAAP. During March 2021, we entered into a new line of credit in China. The new credit limit is $9.3 million with a one-year maturity date and a variable interest rate of 3.85% to 4.35%. The loan is secured by the land and building of our Chinese facility. Amended ABL Credit Facility On June 23, 2020, we entered into an amendment to the ABL Credit Facility, which reduced commitments from $100.0 million to $90.0 million, amended the interest rates applicable to the borrowings, modified certain financial maintenance and other covenants as well as permitted indebtedness under the Term Loan Agreement. This amendment to the ABL Credit Facility provided for a borrowing base that is derived from our accounts receivable and inventory, collectively, with the equity interests in the guarantors, the ABL Priority Collateral, subject to certain reserves and other limitations. On November 1, 2021, the Company entered into the Fourth Amendment to the ABL Credit Facility and on December 31, 2021, the Company entered into the Fifth Amendment to the ABL Credit Facility. These 2021 ABL Amendments amended the interest rates applicable to the Amended ABL Credit Facility, modified certain financial maintenance and other covenants as well as included the consent of the lenders to incur incremental borrowings under the Amended Term Loan Agreement. The Amended ABL Credit Facility permits us to grant a first priority security interest in real estate, machinery and equipment and intellectual property collateral to Term Loan Agent, collectively the Term Loan Priority Collateral. Bank of America, N.A., as administrative agent and collateral agent, will not have a security interest in the real property securing the Amended Term Loan Agreement but will have a second priority security interest in machinery and equipment and intellectual property constituting Term Loan Priority Collateral. In addition, as a result of the 2021 ABL Amendments, the Company has also granted a 100% security in the equity interest of certain foreign subsidiaries. Borrowings under the Amended ABL Credit Facility bear interest at a rate per annum equal to, at our option, a base rate or a Eurodollar rate equal to LIBOR for the relevant interest period, plus, in each case, an applicable margin determined in accordance with the provisions of the 2021 ABL Amendments. The base rate will be the highest of (a) the federal funds rate plus 0.50%; (b) the prime rate of Bank of America, N.A.; and (c) LIBOR plus 1.00%. The applicable margin for borrowings under the Amended ABL Credit Facility will be determined based on the Company’s Consolidated Leverage Ratio (as defined in the 2021 ABL Amendments) and will range from 2.25% to 3.50% with respect to base rate borrowings and 3.25% to 4.50% with respect to Eurodollar rate borrowings. In addition to paying interest on outstanding principal under the Amended ABL Credit Facility, we will pay a commitment fee to the lenders with respect to the unutilized revolving commitments thereunder at a rate ranging from 0.375% to 0.50% depending on the Company’s Consolidated Leverage Ratio (as defined in the 2021 ABL Amendments). The weighted average interest rate for the Amended ABL Credit Facility was 5.74% during 2021. The Amended ABL Credit Facility contains financial covenants applicable to the Company and its subsidiaries. These financial covenants require that the Company and its subsidiaries (i) maintain minimum Availability (as defined in the Amended ABL Credit Facility) of $40 million during the months ending December 31, 2021 and January 31, 2022, $37.5 million during the month ending February 28, 2022, and $25 million thereafter; (ii) maintain minimum Consolidated Cash Flow (as defined in the Amended ABL Credit Facility) for each month, commencing with the month ending December 31, 2021, and calculated on a cumulative basis, ranging from negative $21 million as of December 31, 2021, to negative $40 million as of June 30, 2022; and (iii) maintain a minimum Formula Availability (as defined in the Amended ABL Credit Facility) in an amount ranging from $86.4 million during the month ending December 31, 2021 to $106.4 million during the month ending June 30, 2022. The Company was in compliance with these covenants at December 31, 2021. In addition, the Amended ABL Credit Facility includes certain milestones related to the Company’s consideration of a sale of the Company or other strategic alternatives. These milestones include: (i) a requirement that the Company deliver a confidential information memorandum regarding the sale process to potential buyers, investors and/or refinancing sources by January 14, 2022; (ii) a requirement that the Company provide a summary by February 18, 2022 of all written indications of interest regarding the acquisition of the Company or an alternative transaction that are received on or before that date,; (iii) a requirement that the Company notify by February 28, 2022 whether any binding letter of intent for the acquisition of the Company has been entered into prior to such date and, thereafter, providing copies of any such letter of intent entered into after such date (subject to any necessary redaction); (iv) a requirement that the Company enter into a definitive agreement for the acquisition of the Company by March 31, 2022 which provides for a purchase price in an amount sufficient to repay in full the outstanding loans under the Amended ABL Credit Facility and the Amended Term Loan Agreement and otherwise be in form and substance reasonably satisfactory,; and (v) a requirement that the Company consummate the sale of the Company or a similar transaction by no later than May 15, 2022. As of December 31, 2021, outstanding letters of credit issued under the Amended ABL Credit Facility were $6.8 million and are subject to fees which will be due quarterly in arrears based on the applicable margin described above plus a fronting fee. The total rate for letters of credit was 4.125% as of December 31, 2021. Prior to the 2021 ABL Amendments, the Company had $0.5 million of unamortized deferred financing costs associated with the ABL Credit Facility. In accordance with U.S. GAAP, as a result of the 2021 ABL Amendments, the Company recorded a charge of $0.4 million related to the write-off of unamortized debt issuance costs and capitalized an additional $2.0 million of incremental new debt issuance costs. Amended Term Loan Agreement On June 23, 2020, we entered into the Term Loan Agreement with Pathlight Capital L.P. as the administrative agent. The Term Loan Agreement provided us with secured borrowings of $70.0 million. The borrowing base was derived from the Company’s machinery and equipment, intellectual property and real property, subject to certain reserves and other limitations. The Term Loan Agreement is scheduled to mature on June 23, 2025. During 2021, upon the sale of our South Gate Facility, we made a mandatory prepayment of $20.0 million to Pathlight Capital L.P. towards the principal balance on our Term Loan Agreement as required by the Term Loan Agreement. As part of the mandatory payment, we paid an additional $0.4 million in prepayment premium fees. On November 1, 2021, the Company entered into the First Amendment to the Term Loan Agreement and on December 31, 2021, the Company entered into the Second Amendment to the Term Facility. These 2021 Term Loan Amendments amended the interest rates applicable to the Amended Term Loan Agreement, modified certain financial maintenance and other covenants as well as eliminated scheduled amortization payments. Additionally, the 2021 Term Loan Amendments provided incremental borrowings of $35.0 million. After completion of the 2021 Term Loan Amendments the outstanding aggregate principal under the Amended Term Loan Agreement was $83.3 million. In connection with the 2021 Term Loan Amendments, the Company paid the Term Loan Agent an amendment fee equal to 2.5% of the outstanding principal balance of the original Term Loan Agreement and 5.0% of the incremental borrowings under the Amended Term Loan Agreement. These amendment fees were added to the outstanding principal of the Amended Term Loan Agreement. As a result, total borrowings under the Amended Term Loan Agreement were $86.2 million at December 31, 2021. Under the Amended Term Loan Agreement, borrowings bear interest at LIBOR plus the applicable margin, which was reduced from 12.0% per annum to 11.0% per annum by the 2021 Term Loan Amendments. Interest on amounts outstanding under the original Term Loan Agreement is required to be paid in cash. Interest on the incremental $35.0 million of term loan borrowings under the 2021 Term Loan Amendments will be paid-in-kind and added to the principal balance of Amended Term Loan Agreement. We must use cash proceeds from certain dispositions, including sales of real estate, equity and debt issuances and extraordinary events, to prepay outstanding loans under the Amended Term Loan Agreement, subject to specified exceptions, including the prepayment requirements with respect to the Amended ABL Credit Facility. Additionally, if prepaid within one year amounts outstanding are subject to a prepayment fee equal as defined in the Amended Term Loan Agreement. All obligations under the Amended Term Loan Agreement are guaranteed by each of our wholly owned domestic subsidiaries that individually, or together with its subsidiaries, has assets of more than $1.0 million and are secured by a first priority lien on the Term Priority Collateral and a second priority lien on the ABL Priority Collateral. Also under the terms of the 2021 Term Loan Amendments, the Company’s Australian subsidiary granted a security interest in its real and personal property to the Term Loan Agent, which is included in the term loan borrowing base. The Amended Term Loan Agreement contains a number of covenants that, among other things, and subject to certain exceptions, restrict our ability to create liens, to undertake fundamental changes, to incur debt, to sell or dispose of assets, to make investments, to make restricted payments such as dividends, distributions or equity repurchases, to change the nature of our businesses, to enter into transactions with affiliates and to enter into certain burdensome agreements. At December 31, 2021, we were in compliance with these debt covenants. In addition, the Amended Term Loan Agreement requires us to comply with the Amended ABL Credit Facility financial covenants. The Amended Term Loan Agreement also contains customary affirmative covenants and events of default, including a cross-default provision in respect of certain material indebtedness and a change of control provision. If an event of default occurs, the lenders may choose to accelerate the maturity of the Amended Term Loan Agreement and require repayment of all obligations thereunder. Prior to the 2021 Term Loan Amendments, the Company had $5.5 million of unamortized deferred financing costs associated with the Term Loan Agreement. In accordance with U.S. GAAP, as a result of the 2021 Term Loan Amendments, the Company recorded a charge of $5.5 million related to the write-off of unamortized debt issuance costs and capitalized an additional $1.7 million of incremental new debt issuance costs. The Company also incurred $3.7 million of debt amendment fees which were not capitalized. |
Pension And Other Postretiremen
Pension And Other Postretirement Benefit Programs | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Programs | PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS We have defined-benefit pension and other postretirement benefit plans covering eligible employees in North America. Benefits from defined-benefit pension plans are based primarily on years of service. We fund our pension plans when appropriate. We fund postretirement benefits on a pay-as-you-go basis, with the retiree paying a portion of the cost for health care benefits by means of deductibles and contributions. During 2020, the Company approved two plan changes. One of our U.S. defined-benefit pension plans, the RIP, was amended as of December 31, 2020, to freeze the accrual of additional benefits for the Company's non-union production employees and Lancaster International Association of Machinists and Aerospace Workers participants. Also, our U.S. postretirement plan’s life insurance benefit is no longer being offered for hourly participants at various locations (Beech Creek, Kankakee, and Stillwater) and for traditional salaried participants who retire on or after January 1, 2021. We also have defined contribution plans providing for the Company to contribute a specified matching amount for participating employees’ contributions to the plan. The matching amount is dependent upon employee classification, but is generally either a 50% match on the first 6% of pay contributed with a maximum company matching contribution of 3% or a 100% match on the first 4% of pay contributed plus 50% match on the next 4% of pay contributed with a maximum company matching contribution of 6%. Participants become vested in the Company’s matching amount when they have completed three calendar years of company service and worked at least 1,000 hours in each year. Costs for defined-contribution plans were $6.6 million and $3.6 million in 2021 and 2020, respectively. Costs during 2020 were lower due to the temporary suspension of Company contribution from May 2020 through September 2020 as a countermeasure to the impact of the COVID-19 pandemic. Defined-Benefit Pension Plans The following tables summarize the balance sheet impact of the pension benefit plans, as well as the related benefit obligations, assets, funded status and rate assumptions. The pension benefits disclosures include both the qualified, funded RIP and the Retirement Benefit Equity Plan, which is a non-qualified, unfunded plan designed to provide pension benefits in excess of the limits defined under Sections 415 and 401(a)(17) of the Internal Revenue Code. The disclosures also include our two Canadian pension plans. U.S. Pension Plans Canadian Pension Plans 2021 2020 2021 2020 Change in benefit obligation: Projected benefit obligations as of January 1 $ 418.4 $ 394.6 $ 17.1 $ 16.3 Service cost 1.0 2.6 — — Interest cost 10.2 12.5 0.4 0.5 Foreign currency translation adjustment — — 0.1 0.4 Effect of plan curtailment — (0.9) (0.6) — Actuarial (gain) loss (13.6) 30.4 (1.1) 1.2 Benefits paid (21.6) (20.8) (1.3) (1.3) Projected benefit obligations as of December 31 394.4 418.4 14.6 17.1 Change in plan assets: Fair value of plan assets as of January 1 417.2 380.7 14.8 14.2 Actual return on plan assets 19.5 57.2 0.6 1.4 Employer contribution 0.1 0.1 0.1 0.1 Foreign currency translation adjustment — — 0.1 0.4 Effect of plan settlements — — (0.6) — Benefits paid (21.6) (20.8) (1.4) (1.3) Fair value of plan assets as of December 31 415.2 417.2 13.6 14.8 Funded status of the plans $ 20.8 $ (1.2) $ (1.0) $ (2.3) Accumulated benefit obligation as of December 31 $ 394.4 $ 418.4 $ 14.6 $ 17.1 Actuarial gains related to the change in the benefit obligation for the U.S. and Canadian pension plans for the year ended December 31, 2021 was primarily due to an increase in discount rate, and an experience gain due to plan experience for the Canadian pension plans. A ctuarial losses related to the change in benefit obligation for U.S. and Canadian pension plans for the year ended December 31, 2020 were primarily due to the decrease in the discount rate each period. The table below presents the weighted-average assumptions used in computing the benefit obligations and net periodic benefit cost for the defined-benefit pension plans: U.S. Pension Plans Canadian Pension Plans 2021 2020 2021 2020 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 2.85 % 2.50 % 2.80 % 2.30 % Rate of compensation increase 3.25 % 3.25 % n/a n/a Weighted average assumptions used to determine net periodic benefit cost for the period: Discount rate 2.50 % 3.25 % 2.30 % 3.00 % Expected return on plan assets 5.25 % 5.70 % 3.60 % 4.00 % Rate of compensation increase 3.25 % 3.25 % n/a n/a Basis of Rate-of-Return Assumption Long-term asset class return assumptions are determined based on the expected performance of the asset classes over 20 years. For the U.S. plans, these forecasted gross returns were reduced by estimated management fees and expenses, yielding a long-term return forecast of 5.25% and 5.70% for the years ended December 31, 2021 and 2020, respectively. For our Canadian plans, these forecasted gross returns were reduced by estimated management fees and expenses, yielding a long-term return forecast of 3.60% and 4.00% for the years ended December 31, 2021 and 2020, respectively. Defined-benefit pension plans with benefit obligations in excess of plan assets were as follows: U.S. Pension Plans Canadian Pension Plans 2021 2020 2021 2020 Projected benefit obligation, December 31 $ 2.2 $ 2.3 $ 14.6 $ 16.7 Accumulated benefit obligation, December 31 2.2 2.3 14.6 16.7 Fair value of plan assets, December 31 — — 13.5 14.4 The U.S. pension plans had a prepaid asset balance of $23.0 million and $1.1 million at December 31, 2021 and 2020, respectively. The components of net periodic pension cost for the U.S. and Canadian defined-benefit pension plans were as follows: Year Ended December 31, U.S. Pension Plans Canadian Pension Plans 2021 2020 2019 2021 2020 2019 Service cost of benefits earned during the period $ 1.0 $ 2.6 $ 2.7 $ — $ — $ — Interest cost on projected benefit obligation 10.2 12.5 15.0 0.4 0.5 0.6 Expected return on plan assets (21.2) (21.3) (21.7) (0.5) (0.5) (0.7) Recognized net actuarial loss 3.0 10.1 9.7 0.2 0.3 0.4 Net periodic pension cost $ (7.0) $ 3.9 $ 5.7 $ 0.1 $ 0.3 $ 0.3 Excluded from net periodic pensions costs in the Canadian pension plans table above were $0.6 million of settlement gains recorded in 2021. Investment Policies Our primary investment objective is to maintain the funded status of the plans such that the likelihood that we will be required to make significant contributions to the plan is limited. This objective is expected to be achieved by: • Investing a substantial portion of the plan assets in high quality corporate and treasury bonds whose duration is at least equal to that of the plan’s liabilities such that there is a relatively high correlation between the movements of the plan’s liability and asset values. • Investing in publicly traded equities in order to increase the ratio of plan assets to liabilities over time. • Limiting investment return volatility by diversifying among additional asset classes with differing expected rates of return and return correlations. Each asset class used has a defined asset allocation target and allowable range. The tables below show the asset allocation targets and the December 31, 2021 and 2020 positions for each asset class: Target Weight at Position at December 31, December 31, 2021 2021 2020 U.S. Asset Class Fixed income securities 65 % 62 % 54 % Equities 35 % 38 % 46 % Canadian Asset Class Fixed income securities 50 % 50 % 50 % Equities 48 % 48 % 48 % Other 2 % 2 % 2 % The change in the U.S. defined benefit pension plan asset allocation for the year ended December 31, 2021 is due to a reduction in return seeking assets to minimize risk for the portfolio and further protect the overall funded status. Pension plan assets are required to be reported and disclosed at fair value in the financial statements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Three levels of inputs may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following tables set forth by level within the fair value hierarchy a summary of the U.S. and Canadian defined-benefit pension plan assets, net of payables for administrative expenses, measured at fair value on a recurring basis: Value at December 31, 2021 Level 1 Level 2 Level 3 Total U.S. Plans Fixed income securities $ — $ 258.5 $ — $ 258.5 Equities — 156.8 — 156.8 Other (0.1) — — (0.1) Net assets measured at fair value $ (0.1) $ 415.3 $ — $ 415.2 Value at December 31, 2020 Level 1 Level 2 Level 3 Total U.S. Plans Fixed income securities $ — $ 226.5 $ — $ 226.5 Equities — 191.0 — 191.0 Other (0.3) — — (0.3) Net assets measured at fair value $ (0.3) $ 417.5 $ — 417.2 Value at December 31, 2021 Level 1 Level 2 Level 3 Total Canadian Plans Fixed income securities $ — $ 6.7 $ — $ 6.7 Equities — 6.6 — 6.6 Other 0.3 — — 0.3 Net assets measured at fair value $ 0.3 $ 13.3 $ — $ 13.6 Value at December 31, 2020 Level 1 Level 2 Level 3 Total Canadian Plans Fixed income securities $ — $ 7.5 $ — $ 7.5 Equities — 7.1 — 7.1 Other 0.2 — — 0.2 Net assets measured at fair value $ 0.2 $ 14.6 $ — $ 14.8 Following is a description of the valuation methodologies used for assets. Fixed income securities - Consists of registered investment funds, common trust funds, collective trust funds and segregated funds investing in fixed income securities tailored to institutional investors. The fair values of the investments in this class are based on the underlying securities in each fund’s portfolio, which is the amount the fund would receive for the security upon a current sale. Equities - Consists of investments in funds investing in equities tailored to institutional investors. The fair value of each fund is based on the underlying securities in each fund’s portfolio, which is the amount the fund would receive for the security upon a current sale. Other - Consists of cash and cash equivalents and other payables and receivables (net). The carrying amounts of cash and cash equivalents approximate fair value due to the short-term maturity of these instruments. The carrying amounts of payables and receivables approximate fair value due to the short-term nature of these instruments. Defined-Benefit Postretirement Benefit Plans The following tables summarize the balance sheet impact of the postretirement benefit plans, as well as the related benefit obligations, assets, funded status and rate assumptions. 2021 2020 Change in benefit obligation: Projected benefit obligations as January 1 $ 59.6 $ 65.3 Service cost — — Interest cost 1.3 1.9 Plan participants' contributions 0.7 1.2 Plan amendments — (6.4) Actuarial (gain) loss (6.2) 4.5 Benefits paid (3.7) (6.9) Projected benefit obligation as of December 31 51.7 59.6 Change in plan assets: Fair value of plan assets as January 1 — — Employer contribution 3.0 5.7 Plan participants' contribution 0.7 1.2 Benefits paid (3.7) (6.9) Fair value of plan assets as of December 31 — — Funded status of the plans $ (51.7) $ (59.6) The actuarial gains related to the change in benefit obligation for the obligation for the postretirement benefit plans for the year ended December 31, 2021 was primarily due to the increase in the discount rate and an experience gain due to plan experience. The actuarial loss related to the change in benefit obligation for the postretirement plans for the year ended December 31, 2020 was primarily due to the decrease in the discount rate and new claim costs being higher than assumed, partially offset by a gain from the census data updates. The table below presents the weighted-average assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. defined-benefit postretirement benefit plans: 2021 2020 Weighted average discount rate used to determine benefit obligations as of December 31 2.80 % 2.45 % Weighted average discount rate used to determine net periodic benefit cost 2.45 % 3.20 % The components of net periodic postretirement (benefit) cost were as follows: Year Ended December 31, 2021 2020 2019 Service cost of benefits earned during the period $ — $ — $ 0.2 Interest cost on accumulated postretirement benefit obligations 1.3 1.9 2.5 Amortization of prior service (credit) (1.1) (0.2) — Amortization of net actuarial (gain) (1.3) (4.8) (3.1) Net periodic postretirement (benefit) cost $ (1.1) $ (3.1) $ (0.4) As a result of the elimination of future life insurance benefits for certain employees, we recorded a curtailment gain of $1.8 million in 2020 in other income. This gain is not reflected in the above table. For measurement purposes, an average rate of annual increase in the per capita cost of covered health care benefits of 6.5% for pre-65 retirees was assumed for 2022, decreasing ratably to an ultimate rate of 4.5% by 2029. Financial Statement Impacts Amounts recognized in assets and (liabilities) on the Consolidated Balance Sheets at year end consist of: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2021 2020 2021 2020 2021 2020 Prepaid pension asset $ 23.0 $ 1.1 $ — $ — $ — $ — Accrued payroll and employee costs — — — — (3.5) (4.0) Postretirement benefit liabilities — — — — (48.2) (55.6) Pension benefit liabilities (2.2) (2.3) (1.0) (2.3) — — Net amount recognized $ 20.8 $ (1.2) $ (1.0) $ (2.3) $ (51.7) $ (59.6) Pre-tax amounts recognized in AOCI at year end for our pension and postretirement benefit plans consist of: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2021 2020 2021 2020 2021 2020 Net actuarial gain (loss) $ (91.7) $ (106.7) $ (3.4) $ (4.9) $ 29.5 $ 25.6 We expect to contribute $0.1 million and $0.3 million to our U.S. and Canadian defined-benefit pension plans, respectively, and $3.5 million to our U.S. postretirement benefit plans in 2022. Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years for our U.S. and Canadian plans: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2022 $ 21.4 $ 1.3 $ 3.5 2023 21.9 1.2 3.4 2024 22.0 1.2 3.2 2025 22.1 1.1 3.1 2026 23.1 1.1 3.0 2027-2031 114.2 4.8 14.3 These estimated benefit payments are based on assumptions about future events. Actual benefit payments may vary significantly from these estimates. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS The fair value of cash, accounts and notes receivable and accounts payable and accrued expenses approximate their carrying amounts due to the short-term maturities of these assets and liabilities. Fair Value at December 31, 2021 Carrying amount Level 1 Level 2 Level 3 Total Financial liabilities Foreign exchange contracts $ 0.3 $ 0.3 $ — $ — $ 0.3 Amended ABL Credit Facility 20.6 — 20.6 — 20.6 Total foreign credit facilities 4.6 — 4.6 — 4.6 Amended Term Loan Agreement 86.2 — 86.7 — 86.7 Total financial liabilities $ 111.7 $ 0.3 $ 111.9 $ — $ 112.2 Fair Value at December 31, 2020 Carrying amount Level 1 Level 2 Level 3 Total Financial liabilities Foreign exchange contracts $ 1.1 $ 1.1 $ — $ — $ 1.1 Amended ABL Credit Facility 10.0 — 10.0 — 10.0 Total foreign credit facilities 4.5 — 4.5 — $ 4.5 Term Loan Agreement 70.0 — 73.8 — $ 73.8 Total financial liabilities $ 85.6 $ 1.1 $ 88.3 $ — $ 89.4 The fair values of our net foreign currency contracts were estimated from market quotes, which are considered to be Level 1 inputs. Borrowings under the Amended ABL Credit Facility, foreign credit facilities and the Amended Term Loan Agreement are quoted in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the liability (Level 2 inputs). We do not have any assets or liabilities that are valued using Level 3 unobservable inputs. |
Litigation And Related Matters
Litigation And Related Matters | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation And Related Matters | LITIGATION AND RELATED MATTERS Environmental Matters Environmental Compliance Our manufacturing and research facilities are affected by various federal, state and local requirements relating to the discharge of materials and the protection of the environment. We make expenditures necessary for compliance with applicable environmental requirements at each of our operating facilities. These regulatory requirements continually change, therefore we cannot predict with certainty future expenditures associated with compliance with environmental requirements. Environmental Sites In connection with our current or legacy manufacturing operations, or those of former owners, we may from time to time become involved in the investigation, closure and/or remediation of existing or potential environmental contamination under the Comprehensive Environmental Response, Compensation and Liability Act as well as state or international Superfund and similar type environmental laws. For those matters, we may have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies; however, we cannot predict with certainty the future identification of or expenditure for any investigation, closure or remediation of any environmental site. Summary of Financial Position There were no material liabilities recorded as of December 31, 2021 and December 31, 2020 for potential environmental liabilities that we consider probable and for which a reasonable estimate of the probable liability could be made. Other Claims We are involved in various lawsuits, claims, investigations and other legal matters from time to time that arise in the ordinary course of conducting business, including matters involving our products, intellectual property, relationships with suppliers, relationships with distributors and relationships with competitors, employees and other matters. For example, we are currently a party to various litigation matters that involve product liability, tort liability and other claims under a wide range of allegations, including illness due to exposure to certain chemicals used in the workplace, or medical conditions arising from exposure to product ingredients or the presence of trace contaminants. In some cases, these allegations involve multiple defendants and relate to legacy products that we and other defendants purportedly manufactured or sold. We believe these claims and allegations to be without merit and intend to defend them vigorously. For these matters, we also may have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. While complete assurance cannot be given to the outcome of these proceedings, we do not believe that any of these matters, individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or cash flows. On November 15, 2019, a shareholder filed a putative class action complaint in the United States District Court for the Central District of California alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder, based on alleged false and/or misleading statements or omissions made between March 6, 2018 and November 4, 2019. On November 30, 2020, the Company reached a settlement in principle to fully resolve this matter. The settlement agreement provided, in part, for a settlement payment of $3.75 million in exchange for the dismissal and a release of all claims against the defendants. Neither the Company nor any individual defendant admits any wrongdoing through the settlement agreement. In September 2021, the $3.75 million settlement payment was paid by our insurance provider under our relevant insurance policy and placed into escrow for distribution. The Company had previously recorded the settlement in the caption Accounts and notes receivable, net and Other accrued expenses on the Consolidated Balance Sheets. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Geographic Areas The net sales in the table below are allocated to geographic areas based upon the location of the customer. Year Ended December 31, 2021 2020 2019 Net sales United States $ 478.3 $ 451.6 $ 474.4 China 88.7 66.5 68.4 Canada 34.9 30.1 37.9 Australia 33.7 24.9 28.0 Other 14.3 11.7 17.6 Total $ 649.9 $ 584.8 $ 626.3 Information about Major Customers In 2021, 2020, and 2019, net sales to one customer exceeded 10% of our total net sales. Total net sales to this customer were $76.3 million, $111.6 million, and $124.4 million in 2021, 2020, and 2019, respectively. We monitor the creditworthiness of our customers and generally do not require collateral. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION In April 2016, AFI adopted the Armstrong Flooring, Inc. 2016 LTI Plan and the Armstrong Flooring, Inc. 2016 Directors' Plan, which collectively comprised a new compensation program that allows for the grant of stock-based compensation awards to certain employees and non-employee directors of AFI different forms of benefits, including performance-based awards and RSUs. On June 2, 2017, our stockholders approved an amendment and restatement of the 2016 LTI Plan. On June 4, 2021, our stockholders approved an amendment and restatement of the 2016 Directors' Plan. Under the 2016 LTI Plan, as amended, our Board has authorized up to 7,600,000 shares of common stock for issuance. Our Board authorized up to 900,000 shares of common stock that may be issued pursuant to the 2016 Directors' Plan, as amended. As of December 31, 2021, 964,475 shares and 198,179 shares were available for future grants under the 2016 LTI Plan and the 2016 Directors' Plan as amended, respectively. Prior to the Spin-off, AWI issued stock-based compensation awards to employees and directors that became employees or directors of AFI. In connection with the Spin-off, these awards were converted into new AFI equity awards using a formula designed to preserve the intrinsic value of the awards immediately prior to the Spin-off. The modification did not result in a change to the value of the awards. The terms and conditions of the AWI awards were replicated and, as necessary, adjusted to ensure that the vesting schedule and economic value of the awards was unchanged by the conversion. At December 31, 2021 only stock option awards remained outstanding related to AWI issued stock-based compensation awards. Stock-based compensation expense Stock-based compensation expense is generally recognized on a straight-line basis over the vesting period and is recorded as a component of SG&A. Total stock-based compensation expense included in the Consolidated Statements of Operations and the related tax effects are presented in the table below: Year Ended December 31, 2021 2020 2019 Stock-based compensation expense $ 3.0 $ 2.7 $ 1.2 Income tax benefit — — — To the extent that the vesting-date fair value of an award is greater than the grant-date fair value, the excess tax benefit is recorded as an income tax benefit in the Consolidated Statements of Operations. For the year ended December 31, 2021 there was no income tax expense related to vested stock-based compensation awards. For the years ended December 31, 2020 and 2019 the income tax expense was $0.3 million and $0.1 million, respectively, related to vested stock-based compensation awards. As of December 31, 2021, $4.5 million of total unrecognized compensation expense related to non-vested stock-based compensation arrangements is expected to be recognized over a weighted-average period of 2.2 years. Performance-based stock compensation The Company grants PSAs, PSUs and PBRSUs to key executive employees and certain management employees of AFI under the 2016 LTI Plan. These awards represent units of restricted Company common stock that vest based on the achievement of certain performance or market conditions. PSAs and PSUs - The performance condition for 75% of the awards is based on earnings before interest, taxes, depreciation and amortization. The performance condition for the remaining 25% of the awards is based on cumulative free cash flow, defined as cash flow from operations, less cash used in investing activities. PSAs issued to key executive employees are also indexed to the achievement of specified levels of absolute total shareholder return and the fair value was measured using a Monte-Carlo simulation on the date of grant. For PSUs that are not indexed to the achievement of specified levels of absolute total shareholder return, the fair value was measured using our stock price on the date of grant. If the performance conditions are met, the awards vest at the conclusion of the performance period, which is generally at the end of the third fiscal year following the date of grant. We did not issue any PSAs during 2021, 2020 or 2019 and did not issue any PSUs during 2021 or 2020. Details of PSUs issued during 2019 are as follows: 2019 Issued (in thousands) 200.9 Weighted-average grant date fair value $ 13.25 PBRSUs - The Company issued 592,213 PBRSUs to key executive employees and certain management employees on April 1, 2021. The market condition is based on price targets for the Company's common stock at a future date. Price targets are achieved if the average closing sale stock price of one share of Company Stock, over the 20 trading days following the date of the 2023 year-end earnings release, equals or surpasses the price targets. The number of shares earned is based upon the achievement of four stock price hurdles: $7.25, $8.75, $10.25 and $11.75. Following the first price target achievement, 50% of the overall performance units are earned. With each of the next three Price Target Achievements, an additional 25% of the overall performance units are earned. Payout percentages will be linearly interpolated for stock price performance between the hurdles. The Monte-Carlo valuation provided a weighted average fair value of $4.37 per share for the grant-date fair value. The Company issued 691,130 PBRSUs to key executive employees and certain management employees on March 24, 2020. The market condition is based on price targets for the Company's common stock at a future date. Price targets are achieved if the average closing sale stock price of one share of Company Stock, over the 20 trading days following the date of the 2022 year-end earnings release, equals or surpasses the price targets. The number of shares earned is based upon the achievement of four stock price hurdles: $6.00, $7.50, $9.00 and $10.50. Following the first price target achievement, 50% of the overall performance units are earned. With each of the next three Price Target Achievements, an additional 25% of the overall performance units are earned. Payout percentages will be linearly interpolated for stock price performance between the hurdles. The Monte-Carlo valuation provided a weighted average fair value of $0.90 per share for the grant-date fair value. The Company issued 371,430 PBRSUs to the CEO on September 11, 2019. The market condition is based on price targets for the Company's common stock at a future date. The number of shares earned is based upon the achievement of five stock price hurdles over the period from September 11, 2019 through September 11, 2024. The five per share stock price hurdles are $10.50, $12.25, $14.00, $15.75 and $17.50. A Monte-Carlo valuation was performed to simulate possible future stock prices for AFI over the time remaining period of the award. The Monte-Carlo valuation provided a fair value for each of the five per share stock price hurdles discussed above, respectively: $5.93, $5.28, $4.70, $4.20 and $3.75 (weighted average value of $4.77); and provided derived service periods of 3 years for the first two hurdles and 4 years for the remaining three hurdles. The following table summarizes the Monte-Carlo inputs and grant-date fair value price used for PBRSU issuances. April 1, March 24, September 11, Grant-date stock price (AFI closing stock price on date of grant) $ 5.20 $ 2.18 $ 7.43 Assumptions Risk-free rate of return 0.35 % 0.44 % 1.59 % Expected volatility 88.53 % 66.29 % 41.45 % Expected dividend yield — — — The risk-free rate of return was determined based on the implied yield available on zero-coupon U.S. Treasury bills at the time of grant with a remaining term equal the expected term of the award. The expected volatility was based on a weighted average of the volatility of AFI and (or) the average volatility of our compensation peer group's volatility. The expected dividend yield was assumed to be zero because, at the time of the grant, we had no plans to declare a dividend. The table below summarizes activity related to the PSUs and PBRSUs. PSUs and PBRSUs Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Non-vested as of December 31, 2020 1,257.4 $ 4.69 Granted 592.2 4.37 Vested — — Cancelled (193.5) 13.94 Forfeited (34.8) 2.68 Non-vested as of December 31, 2021 1,621.3 3.54 Restricted Stock Awards RSUs - RSUs were granted to key executive employees and certain management employees of AFI. The RSUs are units representing shares of Company common stock which are converted to shares of Company common stock at the end of the service period. There are no performance or market conditions associated with these awards. For awards issued prior to 2020, vesting generally occurs with one third of the awards vesting at the end of one, two and three years from the date of grant. In 2020, most newly issued RSUs cliff vest three years from the date of grant. The fair value of RSUs was measured using our stock price on the date of grant. Details of RSUs issued during 2021, 2020 and 2019 are as follows: 2021 2020 2019 Issued (in thousands) 137.3 165.0 622.8 Weighted-average grant date fair value 5.2 4.36 7.39 The table below summarizes activity related to RSUs. The non-employee director activity is not reflected in the RSU activity below: RSUs Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Non-vested as of December 31, 2020 638.3 $ 6.71 Granted 137.3 5.20 Vested (222.0) 8.85 Forfeited (10.6) 5.03 Non-vested as of December 31, 2021 543.0 5.50 The table above contains 2,772 and 8,334 RSUs as of December 31, 2021 and 2020, respectively, which are accounted for as liability awards as they may be settled in cash. These relate to employees in certain international jurisdictions which have prohibitions related to stock settled awards. Director Awards - RSUs were granted to our non-employee directors under the 2016 Directors' Plan, as amended. These awards generally have a vesting period of one year and any dividends paid prior to vesting are forfeitable if the award does not vest. The awards are generally payable six months following the director’s separation from service on the Board. The fair value of non-employee director RSUs was measured using our stock price on the date of grant. Details of Director awarded RSUs issued during 2021, 2020 and 2019 are as follows: 2021 2020 2019 Issued (in thousands) 118.9 171.2 57.0 Weighted-average grant date fair value 5.76 $ 3.83 $ 11.05 The following table summarizes activity related to the non-employee director RSUs. Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Vested and not yet delivered as of December 31, 2020 412.5 $ 9.32 Granted 118.9 5.76 Distributed — — Outstanding as of December 31, 2021 531.4 8.53 Stock Options The following table summarizes activity related to stock options: Number of Shares (in thousands) Weighted-Average Exercise Price (per share) Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding (and exercisable) as of December 31, 2020 442.1 $ 12.85 1.7 $ — Forfeited / cancelled 94.0 10.65 Outstanding (and exercisable) as of December 31, 2021 348.1 13.45 1.1 — Remaining stock options expire between 2022 and 2024. When stock options are exercised, we may issue new shares, use treasury shares (if available), acquire shares held by investors, or a combination of these alternatives. The following table presents information related to stock option exercises: Year Ended December 31, 2021 2020 Total intrinsic value of stock options exercised $ — $ — Cash proceeds received from stock options exercised — — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following table presents income (loss) from continuing operations before income taxes for U.S. and international operations based on the location of the entity to which such earnings or losses are attributable: Year Ended December 31, 2021 2020 2019 Domestic $ (56.0) $ (65.0) $ (63.9) Foreign 2.5 1.1 (1.7) Total $ (53.5) $ (63.9) $ (65.6) The following table presents the components of the income tax expense (benefit): Year Ended December 31, 2021 2020 2019 Current Federal $ 0.3 $ 0.2 $ 0.3 Foreign 0.7 0.7 0.4 State and local 0.1 0.1 0.1 Subtotal 1.1 1.0 0.8 Deferred Federal (0.6) (2.5) 0.1 Foreign (0.5) 1.1 0.6 State and local (0.5) (0.4) 0.1 Subtotal (1.6) (1.8) 0.8 Total $ (0.5) $ (0.8) $ 1.6 As of December 31, 2021, we reviewed our position with regard to foreign unremitted earnings and determined that unremitted earnings would continue to be permanently reinvested. Accordingly, we have not recorded income taxes on approximately $18 million of undistributed earnings of foreign subsidiaries that could be subject to taxation if remitted to the U.S. because we currently plan to keep these amounts permanently invested overseas. It is not practicable to calculate the residual income tax that would result if these basis differences reversed due to the complexities of the tax law and the hypothetical nature of the calculations. The following table presents the differences between our income tax benefit at the U.S. federal statutory income tax rate and our effective income tax rate: Year Ended December 31, 2021 2020 2019 Continuing operations tax at statutory rate $ (11.2) $ (13.4) $ (13.7) Increase in valuation allowances on deferred federal income tax assets 10.2 10.3 13.9 Increase in valuation allowances on deferred state income tax assets 1.4 2.6 2.1 State income tax benefit, net of federal benefit (1.7) (2.7) (1.8) Tax on foreign and foreign-source income 3.0 0.5 1.2 Permanent book/tax differences 0.5 0.6 1.1 Increase (decrease) in valuation allowances on deferred foreign income tax assets (2.5) 1.3 0.1 Other (0.2) — (1.3) Total $ (0.5) $ (0.8) $ 1.6 The tax effects of principal temporary differences between the carrying amounts of assets and liabilities and their tax bases are summarized in the following table. Management believes it is more likely than not that the results of future operations will generate sufficient taxable income in the appropriate jurisdiction and foreign source income to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion, we considered the profit or loss before tax generated for the years 2019 through 2021, as well as future reversals of existing taxable temporary differences and projections of future profit before tax. December 31, 2021 December 31, 2020 Deferred income tax assets (liabilities) Postretirement and postemployment benefits $ 13.4 $ 15.8 Net operating losses 36.6 38.1 Accrued expenses 4.4 5.0 Deferred compensation 3.9 3.2 Customer claims reserves 5.1 4.3 Goodwill 1.9 2.1 Pension benefit liabilities — 0.3 Tax credit carryforwards 2.6 2.5 Intangibles 4.9 3.8 163(j) Disqualified Interest 6.2 2.3 Other 5.0 2.4 Total deferred income tax assets 84.0 79.8 Valuation allowances (51.6) (47.2) Net deferred income tax assets 32.4 32.6 Accumulated depreciation (16.1) (20.7) Inventories (3.3) (7.4) Pension benefit asset (5.3) — Other (4.6) (2.5) Total deferred income tax liabilities (29.3) (30.6) Net deferred income tax assets $ 3.1 $ 2.0 Deferred income taxes have been classified in the Consolidated Balance Sheet as: Deferred income tax assets—noncurrent $ 4.2 $ 4.4 Deferred income tax liabilities—noncurrent (1.1) (2.4) Net deferred income tax assets $ 3.1 $ 2.0 We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. The following table presents the components of our valuation allowance against deferred income tax assets: Year Ended December 31, 2021 2020 Federal $ 38.3 $ 32.0 State 8.4 7.8 Foreign 4.9 7.4 Total $ 51.6 $ 47.2 The valuation allowances offset federal, state and foreign deferred tax assets, credits and operating loss carryforwards. The following is a summary of our NOL carryforwards: Year Ended December 31, 2021 2020 Federal $ 124.4 $ 124.1 State 104.7 103.0 Foreign 19.1 28.1 As of December 31, 2021, $75.0 million of state NOL carryforwards expire between 2022 and 2041; and $19.1 million foreign NOL carryforwards expire between 2022 and 2026. The remainder are available for carryforward indefinitely. We estimate we will need to generate future taxable income of approximately $192.2 million for state income tax purposes during the respective realization periods (ranging from 2022 to 2041) in order to fully realize the net deferred income tax assets discussed above. We have $1.3 million of UTBs as of December 31, 2021. None of this amount, if recognized in future periods, would impact the reported effective tax rate. It is reasonably possible that certain UTBs may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities. Over the next twelve months, we estimate no UTBs decreases related to state statutes expiring. The following table presents a reconciliation of the total amounts of UTBs, excluding interest and penalties: 2021 2020 2019 Unrecognized tax benefits as of January 1 $ 1.3 $ 0.7 $ 1.6 Increase for prior period positions — 0.7 — Decreases for prior period positions — — (0.9) Decrease due to statute expirations — (0.1) — Unrecognized tax benefits balance as of December 31 $ 1.3 $ 1.3 $ 0.7 We conduct business globally, and as a result, we file income tax returns in the U.S., various states and international jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world in such major jurisdictions as Australia, Canada, China and the U.S. Generally, we have open tax years subject to tax audit on average of between three years and six years. With few exceptions, the statute of limitations is no longer open for state or non-U.S. income tax examinations for the years before 2014. We have not significantly extended any open statutes of limitation for any major jurisdiction and have reviewed and accrued for, where necessary, tax liabilities for open periods. The tax years 2014 through 2020 are subject to future potential tax adjustments. The following table details amounts related to certain other taxes: Year Ended December 31, 2021 2020 2019 Payroll taxes $ 11.3 $ 9.8 $ 10.0 Property and franchise taxes 3.2 3.0 3.2 |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Of Common Stock | EARNINGS PER SHARE OF COMMON STOCK The table below shows a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated. Year Ended December 31, 2021 2020 2019 Income (loss) from continuing operations $ (53.0) $ (63.1) $ (67.2) Earnings (loss) from discontinued operations, net of tax — — 10.4 Net (loss) $ (53.0) $ (63.1) $ (56.8) Weighted average number of common shares outstanding 21,698,681 21,583,041 23,597,877 Weighted average number of vested shares not yet issued 338,389 345,513 518,460 Weighted average number of common shares outstanding - Basic 22,037,070 21,928,554 24,116,337 Dilutive stock-based compensation awards outstanding — — — Weighted average number of common shares outstanding - Diluted 22,037,070 21,928,554 24,116,337 (Loss) per share of common stock from continuing operations: Basic (loss) per share of common stock from continuing operations $ (2.41) $ (2.88) $ (2.78) Diluted (loss) per share of common stock from continuing operations $ (2.41) $ (2.88) $ (2.78) The diluted loss per share was calculated using basic common shares outstanding, as inclusion of potentially dilutive common shares would be anti-dilutive for those calculations. Performance-based employee compensation awards are considered potentially dilutive in the periods in which the performance conditions are met. The following awards were excluded from the computation of diluted (loss) earnings per share: Year Ended December 31, 2021 2020 2019 Potentially dilutive common shares excluded from diluted computation, as inclusion would be anti-dilutive or because performance conditions were not met 2,338,829 1,124,950 954,904 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | STOCKHOLDERS' EQUITY Common Stock Repurchase Plan On March 6, 2017, we announced that our Board had approved a share repurchase program pursuant to which we were authorized to repurchase up to $50.0 million of our outstanding shares of common stock. From inception of the share repurchase program through May 3, 2019, we repurchased approximately 2.5 million shares for a total cost of $41.0 million, with an average price of $16.23 per share. On May 3, 2019, we announced that our Board had authorized an increased share repurchase program for an additional $50.0 million beyond the $41.0 million already repurchased under the prior share repurchase program, effective immediately. Repurchases under the new program could be made through open market, block and privately negotiated transactions, including Rule 10b5-1 plans, at times and in such amounts as management deemed appropriate, subject to market and business conditions, regulatory requirements and other factors. On May 17, 2019, we announced the commencement of a modified "Dutch auction" self-tender offer to repurchase up to $50.0 million in cash of shares of our common stock. As a result of the auction, on June 21, 2019 we purchased 4,504,504 shares of common stock at a purchase price of $11.42 per share, for a total cost of $51.4 million , including fees and expenses. After the completion of the tender offer, we have no remaining authorization to purchase further shares. Accumulated Other Comprehensive Income (Loss) The amounts and related tax effects allocated to each component of AOCI in 2021, 2020 and 2019 are presented in the table below: Pre-tax Amount Tax Impact After-tax Amount 2021 Foreign currency translation adjustments $ 1.0 $ — $ 1.0 Derivative adjustments 0.7 — 0.7 Pension and postretirement adjustments 20.3 (0.4) 19.9 Total other comprehensive income (loss) $ 22.0 $ (0.4) $ 21.6 2020 Foreign currency translation adjustments $ 7.2 $ — $ 7.2 Derivative adjustments (0.6) 0.2 (0.4) Pension and postretirement adjustments 11.5 (2.9) 8.6 Total other comprehensive income (loss) $ 18.1 $ (2.7) $ 15.4 2019 Foreign currency translation adjustments $ (2.2) $ — $ (2.2) Derivative adjustments (1.5) 0.1 (1.4) Pension and postretirement adjustments (9.5) — (9.5) Total other comprehensive income (loss) $ (13.2) $ 0.1 $ (13.1) The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2021 and 2020: Foreign Currency Translation Adjustments Derivative Adjustments Pension and Postretirement Adjustments Total Accumulated Other Comprehensive (Loss) Balance, December 31, 2019 $ (0.5) $ (0.6) $ (73.6) $ (74.7) Other comprehensive (loss) income before reclassifications, net of tax impact of $— , $0.2, $(2.0) and $(1.8) 7.2 (0.2) 5.9 12.9 Amounts reclassified from accumulated other comprehensive (loss) income — (0.2) 2.7 2.5 Net current period other comprehensive (loss) income 7.2 (0.4) 8.6 15.4 Balance, December 31, 2020 $ 6.7 $ (1.0) $ (65.0) $ (59.3) Other comprehensive income (loss) before reclassifications, net of tax impact of $—, $—, $(0.4) and $(0.4) 1.0 — 18.9 19.9 Amounts reclassified from accumulated other comprehensive (loss) income — 0.7 1.0 1.7 Net current period other comprehensive income (loss) income 1.0 0.7 19.9 21.6 Balance, December 31, 2021 $ 7.7 $ (0.3) $ (45.1) $ (37.7) The amounts reclassified from AOCI and the affected line item of the Consolidated Statements of Operations are presented in the table below. Year Ended December 31, 2021 2020 2019 Affected Line Item Derivative adjustments Foreign exchange contracts - purchases $ 0.4 $ (0.1) $ (0.4) Cost of goods sold Foreign exchange contracts - sales 0.3 (0.1) (0.3) Net sales Total reclassifications before tax 0.7 (0.2) (0.7) Tax impact — — — Income tax expense (benefit) Total reclassifications, net of tax 0.7 (0.2) (0.7) Pension and postretirement adjustments Prior service credit amortization (1.1) (2.0) — Other (income) expense, net Amortization of net actuarial loss 2.1 5.6 7.0 Other (income) expense, net Total reclassifications before tax 1.0 3.6 7.0 Tax impact — (0.9) — Income tax expense (benefit) Total reclassifications, net of tax 1.0 2.7 7.0 Total reclassifications for the period $ 1.7 $ 2.5 $ 6.3 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSXXX |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) 2021 Quarter Ended March 31 June 30 September 30 December 31 Net sales $ 148.9 $ 168.1 $ 168.5 $ 164.4 Gross profit 20.6 22.1 18.0 13.4 Net income (loss) 27.9 (18.6) (24.6) (37.7) Per share of common stock: Basic $ 1.27 $ (0.85) $ (1.11) $ (1.70) Diluted 1.26 (0.85) (1.11) (1.70) 2020 Quarter Ended March 31 June 30 September 30 December 31 Net sales $ 138.7 $ 145.6 $ 156.6 $ 143.9 Gross profit 23.8 25.9 28.8 5.5 Net income (loss) (12.7) (5.1) (10.5) (34.8) Per share of common stock: Basic $ (0.58) $ (0.23) $ (0.48) $ (1.59) Diluted (0.58) $ (0.23) (0.48) (1.59) During the fourth quarter of 2021, the Company changed its method of accounting for U.S. based inventories from the LIFO method to the FIFO method. The effects of this change have been retroactively applied to all periods presented. See Note 2, Summary of Significant Accounting Policies, Change in Accounting Principle, for additional information. The amounts above are reported on a continuing operations basis. The sum of the quarterly earnings per share data may not equal the total year amounts due to changes in the average shares outstanding or rounding and, for diluted data, the exclusion of the anti-dilutive effect in certain quarters. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Reserves | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Reserves | SCHEDULE II Armstrong Flooring, Inc. Valuation and Qualifying Reserves ( Dollars in millions ) Balance at beginning of year Additions charged to earnings Deductions Balance at end of year 2021 Provision for current expected credit losses (a) $ 0.6 $ 1.6 $ — $ 2.2 Provision for discounts 7.5 47.7 (47.9) 7.3 Provision for warranties 10.3 11.3 (9.5) 12.1 Valuation allowance for deferred tax assets (b) 47.2 9.2 (4.8) 51.6 2020 Provision for current expected credit losses (a) $ 0.8 $ 0.0 $ (0.2) $ 0.6 Provision for discounts 8.4 51.8 (52.7) 7.5 Provision for warranties 9.0 8.8 (7.5) 10.3 Valuation allowance for deferred tax assets (b) 34.6 12.6 — 47.2 2019 Provision for doubtful accounts (a) $ 0.6 $ 0.3 $ (0.1) $ 0.8 Provision for discounts 5.6 72.1 (69.3) 8.4 Provision for warranties 6.4 9.4 (6.8) 9.0 Valuation allowance for deferred tax assets (b) 29.0 5.6 — 34.6 (a) On January 1, 2020 we adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." As a result the historic provision for doubtful accounts has been replaced by the provision for current expected credit losses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation Policy | Consolidation Policy The Consolidated Financial Statements and accompanying data in this Form 10-K include the accounts of AFI and its subsidiaries. Intercompany accounts and transactions have been eliminated from the Consolidated Financial Statements. |
Changes in Accounting Principle | Change in Accounting PrincipleDuring the fourth quarter of 2021, the Company changed its method of accounting for U.S. based inventories from the LIFO method to the FIFO method. We believe that this change in accounting method is preferable as it results in a better matching of revenue and expense, it more closely resembles the physical flow of inventory, is a more consistent method to value inventory across our businesses, and results in improved comparability with industry peers. The effects of this change have been retroactively applied to all periods presented. This change resulted in a decrease to accumulated deficit of $3.0 million as of January 1, 2019. |
Use of Estimates | Use of Estimates We prepare our financial statements in conformity with U.S. GAAP, which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. When preparing an estimate, management determines the amount based upon the consideration of relevant internal and external information. Actual results may differ from these estimates. |
Revenue Recognition | Revenue Recognition We recognize revenue when control of the promised goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. Our primary performance obligation to our customers is the delivery of flooring products pursuant to purchase orders. Control of the products we sell generally transfers to our customers at the point in time when the goods are shipped. Our standard sales terms are primarily free-on-board shipping point. Our typical payment terms are 30 days and our sales arrangements do not contain any significant financing component for our customers. Our customer arrangements do not generate contract assets or liabilities that are material to the Consolidated Financial Statements. Each purchase order sets forth the transaction price for the products purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon our customers meeting specified performance criteria, such as a purchasing level over a period of time. We use judgment to estimate the most likely amount of variable consideration at each reporting date. Costs to obtain a contract are capitalized and amortized over the life of the related contract when the incremental costs directly relate to a specific contract, generates or enhances resources of the company that will be used to satisfy performance of the terms of the contract and the cost are expected to be recovered from the customer. During the fourth quarter of 2020 we capitalized $1.1 million of costs to obtain a contract, related to a single new arrangement, which will be amortized over the three We disaggregate revenue based on customer geography as this category represents the most appropriate depiction of how the nature, timing and uncertainty of revenues and cash flows are impacted by economic factors. See Note 12, Revenue, to the Consolidated Financial Statements for our revenues disaggregated by geography. Warranties - We provide our customers with a product warranty that provides assurance that the products we sell meet standard specifications and are free of defects. We maintain a reserve for claims and related costs based on historical experience and periodically adjusts these provisions to reflect actual experience. See Note 3, Accounts and Notes Receivable, to the Consolidated Financial Statements for additional information. Sales Incentives - Sales incentives to customers are reflected as a reduction of net sales. Shipping and Handling Costs - We treat shipping and handling that occurs after customers obtain control of the products as a fulfillment activity and not as a promised service. Shipping and handling costs are reflected as a component of Cost of goods sold. Taxes - Taxes collected from customers and remitted to governmental authorities are reported on a net basis. |
Advertising Costs | Advertising Costs |
Pension and Postretirement Benefits | Pension and Postretirement Benefits We have benefit plans that provide for pension, medical and life insurance benefits to certain eligible employees when they retire from active service. The cost of plan amendments that provide for benefits already earned by plan participants is amortized over the expected future working lifetime or the life expectancy of plan participants. A market-related value of plan assets methodology is utilized in the calculation of expected return on assets. The methodology recognizes gains and losses on long duration bonds immediately, while gains and losses on other assets are recognized in the calculation over a five-year period. We use a December 31 measurement date for our pension and postretirement benefit plans. See Note 9, Pension and Other Postretirement Benefit Programs, to the Consolidated Financial Statements for additional information. |
Taxes | Taxes The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the Consolidated Financial Statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date which result from differences in the timing of reported taxable income between tax and financial reporting. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. We recognize the tax benefits of an uncertain tax position only if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. We account for all interest and penalties on uncertain income tax positions as income tax expense. See Note 14, Income Taxes, to the Consolidated Financial Statements for additional information. |
Earnings per Share | Earnings Per ShareBasic earnings or loss per share is computed by dividing the earnings or loss attributable to common shares by the sum of the weighted average number of shares of common stock outstanding during the period and the weighted average number of stock-based awards that have vested but not yet been issued during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings. Diluted loss per share would be calculated using basic common shares outstanding, as inclusion of potentially dilutive common shares would be anti-dilutive. See Note 15, Earnings Per Share of Common Stock, to the Consolidated Financial Statements for additional information. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term investments that have maturities of three months or less when purchased. The Company has no restricted cash. |
Receivables | Receivables We sell the vast majority of our products to select, pre-approved customers using customary trade terms that allow for payment in the future. Customer trade receivables and miscellaneous receivables, net of allowances for current expected credit losses, customer credits and warranties are reported in accounts and notes receivable on a net basis. Cash flows from the collection of receivables are classified as operating cash flows on the Consolidated Statements of Cash Flows. We establish credit-worthiness prior to extending credit. We estimate the net of allowances for current expected credit losses of receivables each period. This estimate is based upon the current and forecasted economic conditions as well as an analysis of prior credit losses by receivable type. Account balances are charged off against the allowance when the potential for recovery is considered remote. We do not have any off-balance-sheet credit exposure related to our customers. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value and cost is determined using the FIFO method of accounting. Additionally, inventory balances are adjusted for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and its net realizable value. During the fourth quarter of 2021, the Company changed its method of accounting for U.S. based inventories from the LIFO method to the FIFO method. We believe that this change in accounting method is preferable as it results in a better matching of revenue and expense, it more closely resembles the physical flow of inventory, is a more consistent method to value inventory across our businesses, and results in improved comparability with industry peers. See Note 4, Inventories, to the Consolidated Financial Statements for additional information. |
Property Plant and Equipment | Property Plant and Equipment Property, plant and equipment is recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized on a straight-line basis over assets’ estimated useful lives. Machinery and equipment includes manufacturing equipment (depreciated over 3 to 15 years), computer equipment (depreciated over 3 to 5 years) and office furniture and equipment (depreciated over 5 to 7 years). Within manufacturing equipment, assets that are subject to accelerated obsolescence or wear, such as tooling and engraving equipment, are depreciated over shorter periods (3 to 7 years). Heavy production equipment, such as conveyors, are depreciated over longer periods (10 to 15 years). Buildings are depreciated over 15 to 30 years, depending on factors such as type of construction and use. Computer software is amortized over 3 to 7 years. Property, plant and equipment is tested for impairment when indicators of impairment exist, such as operating losses and/or negative cash flows. If an evaluation of the undiscounted future cash flows generated by an asset group indicates impairment, the asset group is written down to its estimated fair value, which is based on its discounted future cash flows. The principal assumption used in these impairment tests is future cash flows, which are derived from those used in our operating plan and strategic planning processes. |
Intangible Assets | Intangible Assets Our indefinite-lived intangible assets are primarily trademarks which are integral to our corporate identity and expected to contribute indefinitely to our corporate cash flows. We conduct our annual impairment test for indefinite-lived intangible assets during the fourth quarter and we conduct interim impairment tests if indicators of potential impairment exist. An impairment is recognized if the carrying amount of the asset exceeds its fair value. We first perform a qualitative assessment to determine if it is necessary to perform a quantitative impairment test. If a quantitative impairment test is deemed necessary, the method used to determine the fair value of our indefinite-lived intangible assets is the relief-from-royalty method. The principal assumptions used in our application of this method are revenue growth rate, discount rate and royalty rate. Revenue growth rates are derived from those used in our operating plan and strategic planning processes. The discount rate assumption is calculated based upon an estimated weighted average cost of capital, which we believe reflects the overall level of inherent risk and the rate of return a market participant would expect to achieve. The royalty rate assumption represents the estimated contribution of the intangible asset to overall profits. The method used for valuing our indefinite-lived intangible assets did not change from prior periods. Our long-lived intangible assets are primarily contractual arrangements (amortized over 5 years), wh ich includes non-compete agreements, and |
Foreign Currency Transactions | Foreign Currency Transactions For our subsidiaries with non-U.S. dollar functional currency, assets and liabilities are translated at period-end exchange rates. Revenues and expenses are translated at exchange rates effective during each month. Foreign currency translation gains or losses are included as a component of AOCI within equity. Gains or losses on foreign currency transactions are recognized through net income (loss). |
Stock-Based Employee Compensation | Stock-Based Employee CompensationWe issue stock-based compensation to certain employees and non-employee directors in different forms, including various types of performance-based share compensation including PSAs, PSUs, PBRSUs and RSUs. We record stock-based compensation expense based on an estimated grant-date fair value. The expense is reflected as a component of SG&A expenses on our Consolidated Statements of Operations. Stock-based compensation expense includes an estimate for forfeitures and anticipated achievement levels and is generally recognized on a straight-line basis over the vesting period for the entire award. See Note 13, Stock-based Compensation, to the Consolidated Financial Statements for additional information. |
Lessee, Leases | Leases We lease certain real estate (warehouse and office space), vehicles and equipment. For leases with an initial term of one year or less we recognize lease expense for these leases on a straight-line basis over the lease term. Leases with an initial term of one year or more are recorded on the Consolidated Balance Sheet. We consider all payments fixed unless there is a material impact to the balance sheet at any given time during the lease period. We determine if a contract is a lease at inception. Operating leases are included in operating lease assets, accounts payable and accrued expenses and noncurrent operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, current installments of long-term debt and long-term debt in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. We update these rates annually. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain with a compelling economic reason that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have elected to combine lease and non-lease components as a single component and account for it as a lease for all asset classes with the exception of land and non-operating buildings. Lease and non-lease components of land and non-operating buildings are generally accounted for separately. We have elected to use a portfolio approach to determine the discount rate and defined portfolio based on the geographic location of the asset by country and duration of the lease. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards | Recently Adopted Accounting Standards On January 1, 2021, we adopted ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" This new standard eliminates certain exceptions in the ASC, Section 740, related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, guidance on accounting for franchise taxes and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The adoption of the standard did not have a significant impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Change in Accounting Principle | In addition, certain financial statement line items in our Consolidated Balance Sheet for December 31, 2020, as well as our Consolidated Statement of Operations and Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019 were adjusted as follows: Consolidated Balance Sheet as of December 31, 2020 Originally Reported Effect of Change As Adjusted Inventories $ 122.9 $ 5.2 $ 128.1 Accumulated deficit (308.4) 5.2 (303.2) Consolidated Statement of Operations for the Year Ended December 31, 2020 Originally Reported Effect of Change As Adjusted Cost of goods sold $ 501.3 $ (0.5) $ 500.8 Income (loss) from continuing operations (63.6) 0.5 (63.1) Basic and diluted (loss) per share of common stock (2.90) 0.02 (2.88) Consolidated Statement of Operations for the Year Ended December 31, 2019 Originally Reported Effect of Change As Adjusted Cost of goods sold $ 541.0 $ (1.7) $ 539.3 Income (loss) from continuing operations (68.9) 1.7 (67.2) Basic and diluted (loss) per share of common stock (2.42) 0.07 (2.35) Consolidated Statement of Cash Flows for the Year Ended December 31, 2020 Originally Reported Effect of Change As Adjusted Net (loss) $ (63.6) $ 0.5 $ (63.1) Inventories (9.7) (0.5) (10.2) Consolidated Statement of Cash Flows for the Year Ended December 31, 2019 Originally Reported Effect of Change As Adjusted Net (loss) $ (58.5) $ 1.7 $ (56.8) Inventories 14.1 (1.7) 12.4 |
Accounts And Notes Receivable (
Accounts And Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables and Warranty Accruals [Abstract] | |
Schedule of Accounts and Notes Receivable, Net | The following table presents accounts and notes receivables, net: December 31, 2021 December 31, 2020 Customer trade accounts receivable $ 70.7 $ 52.4 Miscellaneous receivables (a) 4.0 9.0 Less: allowance for product warranties, discounts and losses (21.7) (18.4) Total $ 53.0 $ 43.0 |
Summary of Activity For the allowance for Product Claims | he following table summarizes the activity for the allowance for product claims: Year Ended December 31, 2021 2020 Balance as of January 1 $ (10.3) $ (9.0) Reductions for payments 9.5 7.5 Current year claim accruals (11.3) (8.8) Balance as of December 31 $ (12.1) $ (10.3) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The following table presents details related to inventories: December 31, 2021 December 31, 2020 Finished goods $ 100.3 $ 96.3 Goods in process 6.7 6.7 Raw materials and supplies 39.3 25.1 Total $ 146.3 $ 128.1 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following table presents details related to our property, plant and equipment, net: December 31, 2021 December 31, 2020 Land $ 10.3 $ 10.6 Buildings 84.2 81.8 Machinery and equipment 451.2 458.9 Computer software 18.5 15.9 Construction in progress 9.2 16.4 Less accumulated depreciation and amortization (342.9) (336.7) Total $ 230.5 $ 246.9 The long-lived assets in the table below include property, plant and equipment, net. Long-lived assets by geographic area are reported by location of the operations to which the asset is attributed. December 31, 2021 December 31, 2020 United States $ 147.7 $ 160.4 China 70.5 73.5 Australia 12.3 13.0 Total $ 230.5 $ 246.9 Year Ended December 31, 2021 2020 Depreciation expense $ 36.3 $ 40.8 |
Schedule of Assets Held-for-sale | December 31, 2020 Land held for sale $ 16.9 Buildings held for sale 0.8 Other tangible assets 0.1 Total $ 17.8 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Cost | The following table summarizes components of lease expense: Year Ended December 31, 2021 December 31, 2020 Finance lease cost $ 0.4 $ 0.3 Operating lease cost 5.4 4.4 Short-term lease cost 2.2 1.0 Sublease income (0.1) (0.1) Total lease cost $ 7.9 $ 5.6 |
Other Balance Sheet Information | The following table summarizes supplemental balance sheet information related to leases: Lease Category Balance Sheet Classification December 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease assets $ 18.5 $ 8.5 Finance lease assets Property, plant and equipment, net 1.2 1.0 Total lease assets $ 19.7 $ 9.5 Liabilities Current Operating lease liabilities Accounts payable and accrued expenses $ 2.8 $ 2.7 Finance lease liabilities Current installments of long-term debt 0.4 0.3 Noncurrent Operating lease liabilities Noncurrent operating lease liabilities 16.7 5.8 Finance lease liabilities Long-term debt, net of unamortized debt issuance costs 0.7 0.7 Total lease liabilities $ 20.6 $ 9.5 |
Supplemental Cash Flow Information | The following table summarizes supplemental cash flow information related to leases: Year Ended December 31, 2021 December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4.2 $ 4.4 Financing cash flows from finance leases 0.5 0.3 Non-cash lease liability activity: Lease assets obtained in exchange for new operating lease liabilities 13.4 6.9 Lease assets obtained in exchange for new finance lease liabilities 0.5 0.7 |
Weighed Average Remaining Lease Term And Weighted Average Discount Rate | The following table summarized weighted average remaining lease term and weighted average discount rate: December 31, 2021 December 31, 2020 Weighted average remaining lease term - Operating leases (in years) 7.5 4.1 Weighted average remaining lease term - Finance leases (in years) 2.5 3 Weighted average discount rate - Operating leases (%) 11.0 % 9.5 % Weighted average discount rate - Finances leases (%) 8.4 % 7.1 % |
Lessee, Operating Lease, Liability, Maturity | The following table provides future minimum payments at December 31, 2021, by year and in the aggregate, for leases having non-cancelable lease terms in excess of one year: Operating Leases Finance Leases 2022 $ 4.7 $ 0.5 2023 4.3 0.4 2024 3.9 0.2 2025 3.3 0.1 2026 2.3 — Thereafter 11.2 — Total lease payments 29.7 1.2 Less: Unamortized interest (10.2) (0.1) Total $ 19.5 $ 1.1 |
Finance Lease, Liability, Fiscal Year Maturity | The following table provides future minimum payments at December 31, 2021, by year and in the aggregate, for leases having non-cancelable lease terms in excess of one year: Operating Leases Finance Leases 2022 $ 4.7 $ 0.5 2023 4.3 0.4 2024 3.9 0.2 2025 3.3 0.1 2026 2.3 — Thereafter 11.2 — Total lease payments 29.7 1.2 Less: Unamortized interest (10.2) (0.1) Total $ 19.5 $ 1.1 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The following table details amounts related to our intangible assets: December 31, 2021 December 31, 2020 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Long-lived intangible assets: Contractual arrangements 5 years $ 33.4 $ 30.1 $ 33.4 $ 23.6 Land Use Rights 50 years 3.3 0.6 3.2 0.5 Intellectual property 2-15 years 5.8 2.4 5.6 2.0 Subtotal 42.5 33.1 42.2 26.1 Indefinite-lived intangible assets: Trademarks and brand names Indefinite 3.0 2.9 Total $ 45.5 $ 33.1 $ 45.1 $ 26.1 |
Schedule of Finite-Lived Intangible Assets | The following table details amounts related to our intangible assets: December 31, 2021 December 31, 2020 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Long-lived intangible assets: Contractual arrangements 5 years $ 33.4 $ 30.1 $ 33.4 $ 23.6 Land Use Rights 50 years 3.3 0.6 3.2 0.5 Intellectual property 2-15 years 5.8 2.4 5.6 2.0 Subtotal 42.5 33.1 42.2 26.1 Indefinite-lived intangible assets: Trademarks and brand names Indefinite 3.0 2.9 Total $ 45.5 $ 33.1 $ 45.1 $ 26.1 |
Finite-lived Intangible Assets Amortization Expense | Year Ended December 31, 2021 2020 2019 Amortization expense $ 7.0 $ 7.0 $ 7.0 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | 2022 2023 2024 2025 Thereafter Estimated annual amortization expense $ 3.7 $ 0.4 $ 0.4 $ 0.4 $ 4.5 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | December 31, 2021 December 31, 2020 Credit lines (international) $ 4.6 $ 4.5 Insurance premiums financing 0.5 1.0 Short-term debt 5.1 5.5 Current installment of Amended Term Loan Agreement (a) 86.2 2.6 Amended ABL Credit Facility (a) 20.6 — Current installment of finance leases 0.4 0.3 Less: Deferred financing costs (a) (1.4) — Current installments of long-term debt 105.8 2.9 Noncurrent portion of Term Loan Agreement (a) — 67.4 Amended ABL Credit Facility (a) — 10.0 Other financing payable (including finance leases) 0.7 0.7 Total principal balance outstanding, long-term debt 0.7 78.1 Less: Deferred financing costs (a) — (6.7) Long-term debt, net of unamortized debt issuance costs 0.7 71.4 Total $ 111.6 $ 79.8 |
Schedule of Maturities of Long-term Debt | The maturities of debt for the five years following December 31, 2021 are as follows: Year of Maturity 2022 (a) $ 110.9 2023 0.4 2024 0.2 2025 0.1 |
Pension And Other Postretirem_2
Pension And Other Postretirement Benefit Programs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations | The following tables summarize the balance sheet impact of the pension benefit plans, as well as the related benefit obligations, assets, funded status and rate assumptions. The pension benefits disclosures include both the qualified, funded RIP and the Retirement Benefit Equity Plan, which is a non-qualified, unfunded plan designed to provide pension benefits in excess of the limits defined under Sections 415 and 401(a)(17) of the Internal Revenue Code. The disclosures also include our two Canadian pension plans. U.S. Pension Plans Canadian Pension Plans 2021 2020 2021 2020 Change in benefit obligation: Projected benefit obligations as of January 1 $ 418.4 $ 394.6 $ 17.1 $ 16.3 Service cost 1.0 2.6 — — Interest cost 10.2 12.5 0.4 0.5 Foreign currency translation adjustment — — 0.1 0.4 Effect of plan curtailment — (0.9) (0.6) — Actuarial (gain) loss (13.6) 30.4 (1.1) 1.2 Benefits paid (21.6) (20.8) (1.3) (1.3) Projected benefit obligations as of December 31 394.4 418.4 14.6 17.1 Change in plan assets: Fair value of plan assets as of January 1 417.2 380.7 14.8 14.2 Actual return on plan assets 19.5 57.2 0.6 1.4 Employer contribution 0.1 0.1 0.1 0.1 Foreign currency translation adjustment — — 0.1 0.4 Effect of plan settlements — — (0.6) — Benefits paid (21.6) (20.8) (1.4) (1.3) Fair value of plan assets as of December 31 415.2 417.2 13.6 14.8 Funded status of the plans $ 20.8 $ (1.2) $ (1.0) $ (2.3) Accumulated benefit obligation as of December 31 $ 394.4 $ 418.4 $ 14.6 $ 17.1 2021 2020 Change in benefit obligation: Projected benefit obligations as January 1 $ 59.6 $ 65.3 Service cost — — Interest cost 1.3 1.9 Plan participants' contributions 0.7 1.2 Plan amendments — (6.4) Actuarial (gain) loss (6.2) 4.5 Benefits paid (3.7) (6.9) Projected benefit obligation as of December 31 51.7 59.6 Change in plan assets: Fair value of plan assets as January 1 — — Employer contribution 3.0 5.7 Plan participants' contribution 0.7 1.2 Benefits paid (3.7) (6.9) Fair value of plan assets as of December 31 — — Funded status of the plans $ (51.7) $ (59.6) |
Schedule of Assumptions Used | The table below presents the weighted-average assumptions used in computing the benefit obligations and net periodic benefit cost for the defined-benefit pension plans: U.S. Pension Plans Canadian Pension Plans 2021 2020 2021 2020 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 2.85 % 2.50 % 2.80 % 2.30 % Rate of compensation increase 3.25 % 3.25 % n/a n/a Weighted average assumptions used to determine net periodic benefit cost for the period: Discount rate 2.50 % 3.25 % 2.30 % 3.00 % Expected return on plan assets 5.25 % 5.70 % 3.60 % 4.00 % Rate of compensation increase 3.25 % 3.25 % n/a n/a The table below presents the weighted-average assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. defined-benefit postretirement benefit plans: 2021 2020 Weighted average discount rate used to determine benefit obligations as of December 31 2.80 % 2.45 % Weighted average discount rate used to determine net periodic benefit cost 2.45 % 3.20 % |
Schedule of Net Periodic Pension Cost | The components of net periodic pension cost for the U.S. and Canadian defined-benefit pension plans were as follows: Year Ended December 31, U.S. Pension Plans Canadian Pension Plans 2021 2020 2019 2021 2020 2019 Service cost of benefits earned during the period $ 1.0 $ 2.6 $ 2.7 $ — $ — $ — Interest cost on projected benefit obligation 10.2 12.5 15.0 0.4 0.5 0.6 Expected return on plan assets (21.2) (21.3) (21.7) (0.5) (0.5) (0.7) Recognized net actuarial loss 3.0 10.1 9.7 0.2 0.3 0.4 Net periodic pension cost $ (7.0) $ 3.9 $ 5.7 $ 0.1 $ 0.3 $ 0.3 The components of net periodic postretirement (benefit) cost were as follows: Year Ended December 31, 2021 2020 2019 Service cost of benefits earned during the period $ — $ — $ 0.2 Interest cost on accumulated postretirement benefit obligations 1.3 1.9 2.5 Amortization of prior service (credit) (1.1) (0.2) — Amortization of net actuarial (gain) (1.3) (4.8) (3.1) Net periodic postretirement (benefit) cost $ (1.1) $ (3.1) $ (0.4) |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Defined-benefit pension plans with benefit obligations in excess of plan assets were as follows: U.S. Pension Plans Canadian Pension Plans 2021 2020 2021 2020 Projected benefit obligation, December 31 $ 2.2 $ 2.3 $ 14.6 $ 16.7 Accumulated benefit obligation, December 31 2.2 2.3 14.6 16.7 Fair value of plan assets, December 31 — — 13.5 14.4 |
Schedule of Allocation of Plan Assets | Each asset class used has a defined asset allocation target and allowable range. The tables below show the asset allocation targets and the December 31, 2021 and 2020 positions for each asset class: Target Weight at Position at December 31, December 31, 2021 2021 2020 U.S. Asset Class Fixed income securities 65 % 62 % 54 % Equities 35 % 38 % 46 % Canadian Asset Class Fixed income securities 50 % 50 % 50 % Equities 48 % 48 % 48 % Other 2 % 2 % 2 % The following tables set forth by level within the fair value hierarchy a summary of the U.S. and Canadian defined-benefit pension plan assets, net of payables for administrative expenses, measured at fair value on a recurring basis: Value at December 31, 2021 Level 1 Level 2 Level 3 Total U.S. Plans Fixed income securities $ — $ 258.5 $ — $ 258.5 Equities — 156.8 — 156.8 Other (0.1) — — (0.1) Net assets measured at fair value $ (0.1) $ 415.3 $ — $ 415.2 Value at December 31, 2020 Level 1 Level 2 Level 3 Total U.S. Plans Fixed income securities $ — $ 226.5 $ — $ 226.5 Equities — 191.0 — 191.0 Other (0.3) — — (0.3) Net assets measured at fair value $ (0.3) $ 417.5 $ — 417.2 Value at December 31, 2021 Level 1 Level 2 Level 3 Total Canadian Plans Fixed income securities $ — $ 6.7 $ — $ 6.7 Equities — 6.6 — 6.6 Other 0.3 — — 0.3 Net assets measured at fair value $ 0.3 $ 13.3 $ — $ 13.6 Value at December 31, 2020 Level 1 Level 2 Level 3 Total Canadian Plans Fixed income securities $ — $ 7.5 $ — $ 7.5 Equities — 7.1 — 7.1 Other 0.2 — — 0.2 Net assets measured at fair value $ 0.2 $ 14.6 $ — $ 14.8 |
Schedule of Assets and (Liabilities) Recognized in Balance Sheet | Amounts recognized in assets and (liabilities) on the Consolidated Balance Sheets at year end consist of: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2021 2020 2021 2020 2021 2020 Prepaid pension asset $ 23.0 $ 1.1 $ — $ — $ — $ — Accrued payroll and employee costs — — — — (3.5) (4.0) Postretirement benefit liabilities — — — — (48.2) (55.6) Pension benefit liabilities (2.2) (2.3) (1.0) (2.3) — — Net amount recognized $ 20.8 $ (1.2) $ (1.0) $ (2.3) $ (51.7) $ (59.6) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Pre-tax amounts recognized in AOCI at year end for our pension and postretirement benefit plans consist of: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2021 2020 2021 2020 2021 2020 Net actuarial gain (loss) $ (91.7) $ (106.7) $ (3.4) $ (4.9) $ 29.5 $ 25.6 |
Schedule of Expected Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years for our U.S. and Canadian plans: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2022 $ 21.4 $ 1.3 $ 3.5 2023 21.9 1.2 3.4 2024 22.0 1.2 3.2 2025 22.1 1.1 3.1 2026 23.1 1.1 3.0 2027-2031 114.2 4.8 14.3 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Values of Financial Instruments | The fair value of cash, accounts and notes receivable and accounts payable and accrued expenses approximate their carrying amounts due to the short-term maturities of these assets and liabilities. Fair Value at December 31, 2021 Carrying amount Level 1 Level 2 Level 3 Total Financial liabilities Foreign exchange contracts $ 0.3 $ 0.3 $ — $ — $ 0.3 Amended ABL Credit Facility 20.6 — 20.6 — 20.6 Total foreign credit facilities 4.6 — 4.6 — 4.6 Amended Term Loan Agreement 86.2 — 86.7 — 86.7 Total financial liabilities $ 111.7 $ 0.3 $ 111.9 $ — $ 112.2 Fair Value at December 31, 2020 Carrying amount Level 1 Level 2 Level 3 Total Financial liabilities Foreign exchange contracts $ 1.1 $ 1.1 $ — $ — $ 1.1 Amended ABL Credit Facility 10.0 — 10.0 — 10.0 Total foreign credit facilities 4.5 — 4.5 — $ 4.5 Term Loan Agreement 70.0 — 73.8 — $ 73.8 Total financial liabilities $ 85.6 $ 1.1 $ 88.3 $ — $ 89.4 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The net sales in the table below are allocated to geographic areas based upon the location of the customer. Year Ended December 31, 2021 2020 2019 Net sales United States $ 478.3 $ 451.6 $ 474.4 China 88.7 66.5 68.4 Canada 34.9 30.1 37.9 Australia 33.7 24.9 28.0 Other 14.3 11.7 17.6 Total $ 649.9 $ 584.8 $ 626.3 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense included in the Consolidated Statements of Operations and the related tax effects are presented in the table below: Year Ended December 31, 2021 2020 2019 Stock-based compensation expense $ 3.0 $ 2.7 $ 1.2 Income tax benefit — — — |
Summary of Performance Share Activity | Details of PSUs issued during 2019 are as follows: 2019 Issued (in thousands) 200.9 Weighted-average grant date fair value $ 13.25 |
Summary of Valuation Assumptions | The following table summarizes the Monte-Carlo inputs and grant-date fair value price used for PBRSU issuances. April 1, March 24, September 11, Grant-date stock price (AFI closing stock price on date of grant) $ 5.20 $ 2.18 $ 7.43 Assumptions Risk-free rate of return 0.35 % 0.44 % 1.59 % Expected volatility 88.53 % 66.29 % 41.45 % Expected dividend yield — — — |
Summary of Activity Related to PSAs, PSUs and PBRSUs | The table below summarizes activity related to the PSUs and PBRSUs. PSUs and PBRSUs Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Non-vested as of December 31, 2020 1,257.4 $ 4.69 Granted 592.2 4.37 Vested — — Cancelled (193.5) 13.94 Forfeited (34.8) 2.68 Non-vested as of December 31, 2021 1,621.3 3.54 |
Schedule of Restricted Stock Unit Award Activity | The fair value of RSUs was measured using our stock price on the date of grant. Details of RSUs issued during 2021, 2020 and 2019 are as follows: 2021 2020 2019 Issued (in thousands) 137.3 165.0 622.8 Weighted-average grant date fair value 5.2 4.36 7.39 The table below summarizes activity related to RSUs. The non-employee director activity is not reflected in the RSU activity below: RSUs Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Non-vested as of December 31, 2020 638.3 $ 6.71 Granted 137.3 5.20 Vested (222.0) 8.85 Forfeited (10.6) 5.03 Non-vested as of December 31, 2021 543.0 5.50 2021 2020 2019 Issued (in thousands) 118.9 171.2 57.0 Weighted-average grant date fair value 5.76 $ 3.83 $ 11.05 The following table summarizes activity related to the non-employee director RSUs. Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Vested and not yet delivered as of December 31, 2020 412.5 $ 9.32 Granted 118.9 5.76 Distributed — — Outstanding as of December 31, 2021 531.4 8.53 |
Summary of Information about AFI's Stock Options and Options Exercised | The following table summarizes activity related to stock options: Number of Shares (in thousands) Weighted-Average Exercise Price (per share) Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding (and exercisable) as of December 31, 2020 442.1 $ 12.85 1.7 $ — Forfeited / cancelled 94.0 10.65 Outstanding (and exercisable) as of December 31, 2021 348.1 13.45 1.1 — The following table presents information related to stock option exercises: Year Ended December 31, 2021 2020 Total intrinsic value of stock options exercised $ — $ — Cash proceeds received from stock options exercised — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents income (loss) from continuing operations before income taxes for U.S. and international operations based on the location of the entity to which such earnings or losses are attributable: Year Ended December 31, 2021 2020 2019 Domestic $ (56.0) $ (65.0) $ (63.9) Foreign 2.5 1.1 (1.7) Total $ (53.5) $ (63.9) $ (65.6) |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of the income tax expense (benefit): Year Ended December 31, 2021 2020 2019 Current Federal $ 0.3 $ 0.2 $ 0.3 Foreign 0.7 0.7 0.4 State and local 0.1 0.1 0.1 Subtotal 1.1 1.0 0.8 Deferred Federal (0.6) (2.5) 0.1 Foreign (0.5) 1.1 0.6 State and local (0.5) (0.4) 0.1 Subtotal (1.6) (1.8) 0.8 Total $ (0.5) $ (0.8) $ 1.6 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents the differences between our income tax benefit at the U.S. federal statutory income tax rate and our effective income tax rate: Year Ended December 31, 2021 2020 2019 Continuing operations tax at statutory rate $ (11.2) $ (13.4) $ (13.7) Increase in valuation allowances on deferred federal income tax assets 10.2 10.3 13.9 Increase in valuation allowances on deferred state income tax assets 1.4 2.6 2.1 State income tax benefit, net of federal benefit (1.7) (2.7) (1.8) Tax on foreign and foreign-source income 3.0 0.5 1.2 Permanent book/tax differences 0.5 0.6 1.1 Increase (decrease) in valuation allowances on deferred foreign income tax assets (2.5) 1.3 0.1 Other (0.2) — (1.3) Total $ (0.5) $ (0.8) $ 1.6 |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2021 December 31, 2020 Deferred income tax assets (liabilities) Postretirement and postemployment benefits $ 13.4 $ 15.8 Net operating losses 36.6 38.1 Accrued expenses 4.4 5.0 Deferred compensation 3.9 3.2 Customer claims reserves 5.1 4.3 Goodwill 1.9 2.1 Pension benefit liabilities — 0.3 Tax credit carryforwards 2.6 2.5 Intangibles 4.9 3.8 163(j) Disqualified Interest 6.2 2.3 Other 5.0 2.4 Total deferred income tax assets 84.0 79.8 Valuation allowances (51.6) (47.2) Net deferred income tax assets 32.4 32.6 Accumulated depreciation (16.1) (20.7) Inventories (3.3) (7.4) Pension benefit asset (5.3) — Other (4.6) (2.5) Total deferred income tax liabilities (29.3) (30.6) Net deferred income tax assets $ 3.1 $ 2.0 Deferred income taxes have been classified in the Consolidated Balance Sheet as: Deferred income tax assets—noncurrent $ 4.2 $ 4.4 Deferred income tax liabilities—noncurrent (1.1) (2.4) Net deferred income tax assets $ 3.1 $ 2.0 |
Summary of Valuation Allowance | The following table presents the components of our valuation allowance against deferred income tax assets: Year Ended December 31, 2021 2020 Federal $ 38.3 $ 32.0 State 8.4 7.8 Foreign 4.9 7.4 Total $ 51.6 $ 47.2 |
Summary of Operating Loss Carryforwards | The following is a summary of our NOL carryforwards: Year Ended December 31, 2021 2020 Federal $ 124.4 $ 124.1 State 104.7 103.0 Foreign 19.1 28.1 |
Schedule of Unrecognized Tax Benefits | The following table presents a reconciliation of the total amounts of UTBs, excluding interest and penalties: 2021 2020 2019 Unrecognized tax benefits as of January 1 $ 1.3 $ 0.7 $ 1.6 Increase for prior period positions — 0.7 — Decreases for prior period positions — — (0.9) Decrease due to statute expirations — (0.1) — Unrecognized tax benefits balance as of December 31 $ 1.3 $ 1.3 $ 0.7 |
Schedule of Other Income Tax Amounts | The following table details amounts related to certain other taxes: Year Ended December 31, 2021 2020 2019 Payroll taxes $ 11.3 $ 9.8 $ 10.0 Property and franchise taxes 3.2 3.0 3.2 |
Earnings Per Share Of Common _2
Earnings Per Share Of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The table below shows a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated. Year Ended December 31, 2021 2020 2019 Income (loss) from continuing operations $ (53.0) $ (63.1) $ (67.2) Earnings (loss) from discontinued operations, net of tax — — 10.4 Net (loss) $ (53.0) $ (63.1) $ (56.8) Weighted average number of common shares outstanding 21,698,681 21,583,041 23,597,877 Weighted average number of vested shares not yet issued 338,389 345,513 518,460 Weighted average number of common shares outstanding - Basic 22,037,070 21,928,554 24,116,337 Dilutive stock-based compensation awards outstanding — — — Weighted average number of common shares outstanding - Diluted 22,037,070 21,928,554 24,116,337 (Loss) per share of common stock from continuing operations: Basic (loss) per share of common stock from continuing operations $ (2.41) $ (2.88) $ (2.78) Diluted (loss) per share of common stock from continuing operations $ (2.41) $ (2.88) $ (2.78) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following awards were excluded from the computation of diluted (loss) earnings per share: Year Ended December 31, 2021 2020 2019 Potentially dilutive common shares excluded from diluted computation, as inclusion would be anti-dilutive or because performance conditions were not met 2,338,829 1,124,950 954,904 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The amounts and related tax effects allocated to each component of AOCI in 2021, 2020 and 2019 are presented in the table below: Pre-tax Amount Tax Impact After-tax Amount 2021 Foreign currency translation adjustments $ 1.0 $ — $ 1.0 Derivative adjustments 0.7 — 0.7 Pension and postretirement adjustments 20.3 (0.4) 19.9 Total other comprehensive income (loss) $ 22.0 $ (0.4) $ 21.6 2020 Foreign currency translation adjustments $ 7.2 $ — $ 7.2 Derivative adjustments (0.6) 0.2 (0.4) Pension and postretirement adjustments 11.5 (2.9) 8.6 Total other comprehensive income (loss) $ 18.1 $ (2.7) $ 15.4 2019 Foreign currency translation adjustments $ (2.2) $ — $ (2.2) Derivative adjustments (1.5) 0.1 (1.4) Pension and postretirement adjustments (9.5) — (9.5) Total other comprehensive income (loss) $ (13.2) $ 0.1 $ (13.1) The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2021 and 2020: Foreign Currency Translation Adjustments Derivative Adjustments Pension and Postretirement Adjustments Total Accumulated Other Comprehensive (Loss) Balance, December 31, 2019 $ (0.5) $ (0.6) $ (73.6) $ (74.7) Other comprehensive (loss) income before reclassifications, net of tax impact of $— , $0.2, $(2.0) and $(1.8) 7.2 (0.2) 5.9 12.9 Amounts reclassified from accumulated other comprehensive (loss) income — (0.2) 2.7 2.5 Net current period other comprehensive (loss) income 7.2 (0.4) 8.6 15.4 Balance, December 31, 2020 $ 6.7 $ (1.0) $ (65.0) $ (59.3) Other comprehensive income (loss) before reclassifications, net of tax impact of $—, $—, $(0.4) and $(0.4) 1.0 — 18.9 19.9 Amounts reclassified from accumulated other comprehensive (loss) income — 0.7 1.0 1.7 Net current period other comprehensive income (loss) income 1.0 0.7 19.9 21.6 Balance, December 31, 2021 $ 7.7 $ (0.3) $ (45.1) $ (37.7) |
Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified from AOCI and the affected line item of the Consolidated Statements of Operations are presented in the table below. Year Ended December 31, 2021 2020 2019 Affected Line Item Derivative adjustments Foreign exchange contracts - purchases $ 0.4 $ (0.1) $ (0.4) Cost of goods sold Foreign exchange contracts - sales 0.3 (0.1) (0.3) Net sales Total reclassifications before tax 0.7 (0.2) (0.7) Tax impact — — — Income tax expense (benefit) Total reclassifications, net of tax 0.7 (0.2) (0.7) Pension and postretirement adjustments Prior service credit amortization (1.1) (2.0) — Other (income) expense, net Amortization of net actuarial loss 2.1 5.6 7.0 Other (income) expense, net Total reclassifications before tax 1.0 3.6 7.0 Tax impact — (0.9) — Income tax expense (benefit) Total reclassifications, net of tax 1.0 2.7 7.0 Total reclassifications for the period $ 1.7 $ 2.5 $ 6.3 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2021 Quarter Ended March 31 June 30 September 30 December 31 Net sales $ 148.9 $ 168.1 $ 168.5 $ 164.4 Gross profit 20.6 22.1 18.0 13.4 Net income (loss) 27.9 (18.6) (24.6) (37.7) Per share of common stock: Basic $ 1.27 $ (0.85) $ (1.11) $ (1.70) Diluted 1.26 (0.85) (1.11) (1.70) 2020 Quarter Ended March 31 June 30 September 30 December 31 Net sales $ 138.7 $ 145.6 $ 156.6 $ 143.9 Gross profit 23.8 25.9 28.8 5.5 Net income (loss) (12.7) (5.1) (10.5) (34.8) Per share of common stock: Basic $ (0.58) $ (0.23) $ (0.48) $ (1.59) Diluted (0.58) $ (0.23) (0.48) (1.59) |
Business and Basis of Present_2
Business and Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 01, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||||
Gain on disposal of discontinued operations | $ 0 | $ 0 | $ 10.4 | |||||||||
Net (loss) | $ (37.7) | $ (24.6) | $ (18.6) | $ 27.9 | $ (34.8) | $ (10.5) | $ (5.1) | $ (12.7) | (53) | (63.1) | $ (56.8) | |
Accumulated deficit | (356.2) | (303.2) | (356.2) | (303.2) | ||||||||
Long-term debt, net of unamortized debt issuance costs | 0.7 | $ 71.4 | 0.7 | $ 71.4 | ||||||||
Term Loan Facility | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||||
Long-term debt, net of unamortized debt issuance costs | 86.2 | 86.2 | ||||||||||
Term Loan Facility | Loans | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||||
Long-term debt, net of unamortized debt issuance costs | $ 83.3 | $ 83.3 | $ 35 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Change in Accounting Principle (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Accumulated deficit | $ 356.2 | $ 303.2 | $ 356.2 | $ 303.2 | ||||||||
Inventories | $ 146.3 | $ 128.1 | 146.3 | 128.1 | ||||||||
Cost of goods sold | 575.8 | 500.8 | $ 539.3 | |||||||||
Income (loss) from continuing operations | $ 53 | $ 63.1 | $ 67.2 | |||||||||
Basic (loss) per share of common stock (in dollars per share) | $ (1.70) | $ (1.11) | $ (0.85) | $ 1.27 | $ (1.59) | $ (0.48) | $ (0.23) | $ (0.58) | $ (2.41) | $ (2.88) | $ (2.35) | |
Net (loss) | $ (37.7) | $ (24.6) | $ (18.6) | $ 27.9 | $ (34.8) | $ (10.5) | $ (5.1) | $ (12.7) | $ (53) | $ (63.1) | $ (56.8) | |
Inventories | (19.8) | (10.2) | 12.4 | |||||||||
Pro Forma | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Accumulated deficit | 373.8 | 373.8 | ||||||||||
Inventories | $ 128.9 | 128.9 | ||||||||||
Cost of goods sold | 588.1 | |||||||||||
Income (loss) from continuing operations | $ 65.3 | |||||||||||
Basic (loss) per share of common stock (in dollars per share) | $ 2.97 | |||||||||||
Originally Reported | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Accumulated deficit | 308.4 | 308.4 | ||||||||||
Inventories | 122.9 | 122.9 | ||||||||||
Cost of goods sold | 501.3 | 541 | ||||||||||
Income (loss) from continuing operations | $ 63.6 | $ 68.9 | ||||||||||
Basic (loss) per share of common stock (in dollars per share) | $ (2.90) | $ (2.42) | ||||||||||
Net (loss) | $ (63.6) | $ (58.5) | ||||||||||
Inventories | (9.7) | 14.1 | ||||||||||
Effect of Change | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Accumulated deficit | (5.2) | (5.2) | $ (3) | |||||||||
Inventories | $ 5.2 | 5.2 | ||||||||||
Cost of goods sold | (0.5) | (1.7) | ||||||||||
Income (loss) from continuing operations | $ (0.5) | $ (1.7) | ||||||||||
Basic (loss) per share of common stock (in dollars per share) | $ 0.02 | $ 0.07 | ||||||||||
Net (loss) | $ 0.5 | $ 1.7 | ||||||||||
Inventories | $ (0.5) | $ (1.7) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized contract cost | $ 1.1 | |
Amortization period of capitalized contract cost | 3 years | |
Minimum | Manufacturing equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 3 years | |
Minimum | Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 3 years | |
Minimum | Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 5 years | |
Minimum | Tooling and engraving equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 3 years | |
Minimum | Heavy production equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 10 years | |
Minimum | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 15 years | |
Minimum | Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 3 years | |
Maximum | Manufacturing equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 15 years | |
Maximum | Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 5 years | |
Maximum | Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 7 years | |
Maximum | Tooling and engraving equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 7 years | |
Maximum | Heavy production equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 15 years | |
Maximum | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 30 years | |
Maximum | Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of property, plant, and equipment | 7 years | |
Contractual arrangements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of finite-lived intangible assets | 5 years | |
Contractual arrangements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of finite-lived intangible assets | 5 years | |
Intellectual Property | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of finite-lived intangible assets | 2 years | |
Intellectual Property | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of finite-lived intangible assets | 15 years |
Accounts And Notes Receivable -
Accounts And Notes Receivable - Receivables Net of Allowances (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables and Warranty Accruals [Abstract] | ||
Customer trade accounts receivable | $ 70.7 | $ 52.4 |
Miscellaneous receivables | 4 | 9 |
Less: allowance for product warranties, discounts and losses | (21.7) | (18.4) |
Total | $ 53 | $ 43 |
Accounts And Notes Receivable_2
Accounts And Notes Receivable - Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Beginning Balance | $ (10.3) | $ (9) |
Reductions for payments | 9.5 | 7.5 |
Current year claim accruals | (11.3) | (8.8) |
Ending Balance | $ (12.1) | $ (10.3) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 100.3 | $ 96.3 |
Goods in process | 6.7 | 6.7 |
Raw materials and supplies | 39.3 | 25.1 |
Total | $ 146.3 | $ 128.1 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory Valuation Reserves | $ 5.3 | $ 7 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation and amortization | $ (342.9) | $ (336.7) |
Total | 230.5 | 246.9 |
Depreciation | 36.3 | 40.8 |
United States | ||
Property, Plant and Equipment [Line Items] | ||
Total | 147.7 | 160.4 |
China | ||
Property, Plant and Equipment [Line Items] | ||
Total | 70.5 | 73.5 |
Australia | ||
Property, Plant and Equipment [Line Items] | ||
Total | 12.3 | 13 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10.3 | 10.6 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 84.2 | 81.8 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 451.2 | 458.9 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 18.5 | 15.9 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 9.2 | $ 16.4 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 10, 2021 | |
Property, Plant and Equipment [Abstract] | ||||||
Purchase price received from assets sold | $ 76.7 | |||||
Proceeds from Sale of Property Held-for-sale | $ 65.3 | |||||
Gain on sale of properties | $ 46 | $ 46 | $ 0 | $ 0 | ||
Disposal group, including discontinued operation, assets | $ 17.8 | |||||
Write-down of merchandising materials | $ 3.3 |
Property, Plant and Equipment -
Property, Plant and Equipment - Assets Held for Sale (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Assets held-for-sale | $ 0 | $ 17.8 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Assets held-for-sale | 16.9 | |
Buildings held for sale | ||
Property, Plant and Equipment [Line Items] | ||
Assets held-for-sale | 0.8 | |
Other tangible assets | ||
Property, Plant and Equipment [Line Items] | ||
Assets held-for-sale | $ 0.1 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset | $ 18.5 | $ 8.5 |
Lease assets obtained in exchange for new operating lease liabilities | 13.4 | $ 6.9 |
Technical Center and Headquarters | ||
Lessee, Lease, Description [Line Items] | ||
Lease assets obtained in exchange for new operating lease liabilities | $ 11.6 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease, remaining lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease, remaining lease term | 10 years | |
Lease renewal term | 10 years |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Finance lease cost | $ 0.4 | $ 0.3 |
Operating lease cost | 5.4 | 4.4 |
Short-term lease cost | 2.2 | 1 |
Sublease income | (0.1) | (0.1) |
Total lease cost | $ 7.9 | $ 5.6 |
Leases - Balance Sheet Location
Leases - Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Operating lease assets | $ 18.5 | $ 8.5 |
Finance lease assets | $ 1.2 | $ 1 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
Total lease assets | $ 19.7 | $ 9.5 |
Current | ||
Operating lease liabilities | 2.8 | 2.7 |
Finance lease liabilities | $ 0.4 | $ 0.3 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-term Debt, Current Maturities | Long-term Debt, Current Maturities |
Noncurrent | ||
Noncurrent operating lease liabilities | $ 16.7 | $ 5.8 |
Finance lease liabilities | 0.7 | 0.7 |
Total lease liabilities | $ 20.6 | $ 9.5 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 4.2 | $ 4.4 |
Financing cash flows from finance leases | 0.5 | 0.3 |
Non-cash lease liability activity: | ||
Lease assets obtained in exchange for new operating lease liabilities | 13.4 | 6.9 |
Lease assets obtained in exchange for new finance lease liabilities | $ 0.5 | $ 0.7 |
Leases- Weighted Average Lease
Leases- Weighted Average Lease Terms and Discount Rates (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted average remaining lease term - Operating leases (in years) | 7 years 6 months | 4 years 1 month 6 days |
Weighted average remaining lease term - Finance leases (in years) | 2 years 6 months | 3 years |
Weighted average discount rate - Operating leases (%) | 11.00% | 9.50% |
Weighted average discount rate - Finances leases (%) | 8.40% | 7.10% |
Leases - Lease Liability Maturi
Leases - Lease Liability Maturity (Details) $ in Millions | Dec. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 4.7 |
2023 | 4.3 |
2024 | 3.9 |
2025 | 3.3 |
2026 | 2.3 |
Thereafter | 11.2 |
Total lease payments | 29.7 |
Less: Unamortized interest | (10.2) |
Total | 19.5 |
Finance Leases | |
2022 | 0.5 |
2023 | 0.4 |
2024 | 0.2 |
2025 | 0.1 |
2026 | 0 |
Thereafter | 0 |
Total lease payments | 1.2 |
Less: Unamortized interest | (0.1) |
Total | $ 1.1 |
Intangible Assets - Finite and
Intangible Assets - Finite and Indefinite (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Long-lived intangible assets: | ||
Gross Carrying Amount | $ 42.5 | $ 42.2 |
Accumulated Amortization | 33.1 | 26.1 |
Indefinite-lived intangible assets: | ||
Total | 45.5 | 45.1 |
Trademarks and brand names | ||
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | 3 | 2.9 |
Contractual arrangements | ||
Long-lived intangible assets: | ||
Gross Carrying Amount | 33.4 | 33.4 |
Accumulated Amortization | $ 30.1 | 23.6 |
Indefinite-lived intangible assets: | ||
Estimated Useful Life | 5 years | |
Contractual arrangements | Minimum | ||
Indefinite-lived intangible assets: | ||
Estimated Useful Life | 5 years | |
Land Use Rights | ||
Long-lived intangible assets: | ||
Gross Carrying Amount | $ 3.3 | 3.2 |
Accumulated Amortization | $ 0.6 | 0.5 |
Indefinite-lived intangible assets: | ||
Estimated Useful Life | 50 years | |
Intellectual property | ||
Long-lived intangible assets: | ||
Gross Carrying Amount | $ 5.8 | 5.6 |
Accumulated Amortization | $ 2.4 | $ 2 |
Intellectual property | Minimum | ||
Indefinite-lived intangible assets: | ||
Estimated Useful Life | 2 years | |
Intellectual property | Maximum | ||
Indefinite-lived intangible assets: | ||
Estimated Useful Life | 15 years |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 7 | $ 7 | $ 7 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Expected Future Annual Amortization Expense (Details) $ in Millions | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 3.7 |
2023 | 0.4 |
2024 | 0.4 |
2025 | 0.4 |
Thereafter | $ 4.5 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Nov. 01, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Short-term debt | $ 5.1 | $ 5.5 | |
Current installment of finance leases | 0.4 | 0.3 | |
Deferred financing cost | (1.4) | 0 | |
Current installments of long-term debt | 105.8 | 2.9 | |
Total principal balance outstanding, long-term debt | 0.7 | 78.1 | |
Deferred financing cost | 0 | (6.7) | |
Long-term debt, net of unamortized debt issuance costs | 0.7 | 71.4 | |
Total | 111.6 | 79.8 | |
Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Current debt | 86.2 | 2.6 | |
Noncurrent debt | 0 | 67.4 | |
Long-term debt, net of unamortized debt issuance costs | 86.2 | ||
Term Loan Facility | Loans | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of unamortized debt issuance costs | 83.3 | $ 35 | |
ABL Facility | |||
Debt Instrument [Line Items] | |||
Current debt | 20.6 | 0 | |
Noncurrent debt | 0 | 10 | |
Other financing payable | |||
Debt Instrument [Line Items] | |||
Noncurrent debt | 0.7 | 0.7 | |
Credit lines (international) | |||
Debt Instrument [Line Items] | |||
Short-term debt | 4.6 | 4.5 | |
Insurance premiums financing | |||
Debt Instrument [Line Items] | |||
Short-term debt | $ 0.5 | $ 1 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-term Debt (Details) $ in Millions | Dec. 31, 2021USD ($) |
Maturities of Long-term Debt [Abstract] | |
2022 | $ 110.9 |
2023 | 0.4 |
2024 | 0.2 |
2025 | $ 0.1 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Thousands | Nov. 01, 2021USD ($) | Oct. 31, 2021USD ($) | Jun. 23, 2020USD ($) | Jun. 30, 2022USD ($) | Feb. 28, 2022USD ($) | Jan. 31, 2022USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||
Write-off of unamortized debt issuance costs and amendment fees | $ 9,600 | $ 0 | $ 0 | |||||||
Repayments of long-term debt | 22,200 | 300 | $ 75,300 | |||||||
Long-term debt, net of unamortized debt issuance costs | 700 | $ 71,400 | ||||||||
Assets of wholly owned domestic subsidiaries individually or together (more than) | $ 1,000 | |||||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 3.85% | |||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.35% | |||||||||
Amended ABL Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate (in percent) | 5.74% | |||||||||
Letters of credit outstanding | $ 6,800 | |||||||||
Fees for outstanding letters of credit, percentage | 4.125% | |||||||||
Total foreign credit facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 9,300 | |||||||||
Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, net of unamortized debt issuance costs | 86,200 | |||||||||
Term Loan Facility | Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized deferred financing costs | 5,500 | |||||||||
Debt issuance cost | 1,700 | |||||||||
Basis spread on variable rate (in percent) | 11.00% | |||||||||
Long-term debt, net of unamortized debt issuance costs | $ 35,000 | 83,300 | ||||||||
Fees related to facility | 3,700 | |||||||||
Term Loan Facility, 2020 | Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate (in percent) | 12.00% | |||||||||
Proceeds from issuance of debt | $ 70,000 | |||||||||
Repayments of long-term debt | 20,000 | |||||||||
Prepayment premium fees | $ 400 | |||||||||
Paid amendment fee, percent of incremental borrowings | 5.00% | |||||||||
Term Loan Facility, 2021 | Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, net of unamortized debt issuance costs | 35,000 | |||||||||
paid amendment fee, percent of outstanding principal balance | 2.50% | |||||||||
ABL Facility | Amended ABL Credit Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Sale process fee | $ 500 | |||||||||
ABL Facility | Amended ABL Credit Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Sale process fee | 750 | |||||||||
ABL Facility | Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Write-off of unamortized debt issuance costs and amendment fees | 9,600 | |||||||||
Gross debt issuance cost | 3,700 | |||||||||
ABL Facility | Credit lines (international) | Amended ABL Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Write-off of unamortized debt issuance costs and amendment fees | 400 | |||||||||
Gross debt issuance cost | $ 2,000 | |||||||||
Unamortized deferred financing costs | $ 500 | |||||||||
Maximum borrowing capacity | $ 100,000 | 90,000 | ||||||||
Debt instrument, covenant compliance, minimum consolidated cash flow | 21,000 | |||||||||
Debt instrument, covenant compliance, minimum formula availability | $ 86,400 | |||||||||
ABL Facility | Credit lines (international) | Amended ABL Credit Facility | Forecast | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, covenant compliance, minimum availability | $ 37,500 | $ 40,000 | $ 25,000 | |||||||
Debt instrument, covenant compliance, minimum consolidated cash flow | $ 40,000 | |||||||||
Debt instrument, covenant compliance, minimum formula availability | $ 106,400 | |||||||||
ABL Facility | Credit lines (international) | Amended ABL Credit Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Consolidated leverage ratio (in percent) | 0.0225 | |||||||||
Unused capacity commitment fee (in percent) | 0.375% | |||||||||
ABL Facility | Credit lines (international) | Amended ABL Credit Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Consolidated leverage ratio (in percent) | 0.0350 | |||||||||
Unused capacity commitment fee (in percent) | 0.50% | |||||||||
ABL Facility | Credit lines (international) | Amended ABL Credit Facility | Fed Funds Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate (in percent) | 0.50% | |||||||||
ABL Facility | Credit lines (international) | Amended ABL Credit Facility | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate (in percent) | 1.00% | |||||||||
ABL Facility | Credit lines (international) | Amended ABL Credit Facility | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate (in percent) | 3.25% | |||||||||
ABL Facility | Credit lines (international) | Amended ABL Credit Facility | Eurodollar | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate (in percent) | 4.50% |
Pension And Other Postretirem_3
Pension And Other Postretirement Benefit Programs - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in benefit obligation: | ||
Defined contribution plan costs | $ 6,600,000 | $ 3,600,000 |
Defined Contribution Plan, Plan A | ||
Change in benefit obligation: | ||
Defined contribution plan, employer matching contribution (in percentage) | 3.00% | |
defined contribution plan, employer matching contribution, level 1 percent of employees' gross pay | 6.00% | |
Defined Contribution Plan, Plan B | ||
Change in benefit obligation: | ||
Defined contribution plan, employer matching contribution (in percentage) | 6.00% | |
defined contribution plan, employer matching contribution, level 1 percent of employees' gross pay | 4.00% | |
Minimum | ||
Change in benefit obligation: | ||
Defined contribution plan, employer matching contribution (in percentage) | 50.00% | |
Maximum | ||
Change in benefit obligation: | ||
Defined contribution plan, employer matching contribution (in percentage) | 100.00% | |
Retiree Health and Life Insurance Plans | ||
Change in benefit obligation: | ||
Curtailment gain | $ 1,800,000 | |
Health care cost trend rate assumed for next fiscal year, pre-65 retiree (in percentage) | 6.50% | |
Health care cost rate assumed by 2026 (in percentage) | 4.50% | |
Expected employer contributions in 2022 | $ 3,500,000 | |
United States | Pension Plan | ||
Change in benefit obligation: | ||
Expected return on plan assets (in percentage) | 5.25% | 5.70% |
Prepaid asset balance | $ 23,000,000 | $ 1,100,000 |
Expected employer contributions in 2022 | $ 100,000 | |
Canada | Pension Plan | ||
Change in benefit obligation: | ||
Expected return on plan assets (in percentage) | 3.60% | 4.00% |
Expected employer contributions in 2022 | $ 300,000 | |
Settlement gains | $ 600,000 |
Pension And Other Postretirem_4
Pension And Other Postretirement Benefit Programs - Schedule of Change in Benefit Obligation and Change in Plan Assets (Details) - Pension Plan $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)numberOfLeaseRenewals | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
United States | |||
Change in benefit obligation: | |||
Benefit obligations as of beginning of period | $ 418.4 | $ 394.6 | |
Service cost | 1 | 2.6 | $ 2.7 |
Interest cost | 10.2 | 12.5 | 15 |
Foreign currency translation adjustment | 0 | 0 | |
Effect of plan curtailment | 0 | (0.9) | |
Actuarial (gain) loss | (13.6) | 30.4 | |
Benefits paid | (21.6) | (20.8) | |
Benefit obligation as of end of period | 394.4 | 418.4 | 394.6 |
Change in plan assets: | |||
Fair value of plan assets as of beginning of period | 417.2 | 380.7 | |
Actual return on plan assets | 19.5 | 57.2 | |
Employer contribution | 0.1 | 0.1 | |
Foreign currency translation adjustment | 0 | 0 | |
Effect of plan settlements | 0 | 0 | |
Benefits paid | (21.6) | (20.8) | |
Fair value of plan assets as of end of period | 415.2 | 417.2 | 380.7 |
Funded status of the plans | 20.8 | (1.2) | |
Accumulated benefit obligation as of December 31 | $ 394.4 | 418.4 | |
Canada | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension plans | numberOfLeaseRenewals | 2 | ||
Change in benefit obligation: | |||
Benefit obligations as of beginning of period | $ 17.1 | 16.3 | |
Service cost | 0 | 0 | 0 |
Interest cost | 0.4 | 0.5 | 0.6 |
Foreign currency translation adjustment | 0.1 | 0.4 | |
Effect of plan curtailment | (0.6) | 0 | |
Actuarial (gain) loss | (1.1) | 1.2 | |
Benefits paid | (1.3) | (1.3) | |
Benefit obligation as of end of period | 14.6 | 17.1 | 16.3 |
Change in plan assets: | |||
Fair value of plan assets as of beginning of period | 14.8 | 14.2 | |
Actual return on plan assets | 0.6 | 1.4 | |
Employer contribution | 0.1 | 0.1 | |
Foreign currency translation adjustment | 0.1 | 0.4 | |
Effect of plan settlements | (0.6) | 0 | |
Benefits paid | (1.4) | (1.3) | |
Fair value of plan assets as of end of period | 13.6 | 14.8 | $ 14.2 |
Funded status of the plans | (1) | (2.3) | |
Accumulated benefit obligation as of December 31 | $ 14.6 | $ 17.1 |
Pension And Other Postretirem_5
Pension And Other Postretirement Benefit Programs - Weighted Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retiree Health and Life Insurance Plans | ||
Weighted average assumptions used to determine benefit obligations as of December 31: | ||
Discount rate (in percentage) | 2.80% | 2.45% |
Weighted average assumptions used to determine net periodic benefit cost for the period: | ||
Discount rate (in percentage) | 2.45% | 3.20% |
United States | Pension Plan | ||
Weighted average assumptions used to determine benefit obligations as of December 31: | ||
Discount rate (in percentage) | 2.85% | 2.50% |
Rate of compensation increase (in percentage) | 3.25% | 3.25% |
Weighted average assumptions used to determine net periodic benefit cost for the period: | ||
Discount rate (in percentage) | 2.50% | 3.25% |
Expected return on plan assets (in percentage) | 5.25% | 5.70% |
Rate of compensation increase (in percentage) | 3.25% | 3.25% |
Canada | Pension Plan | ||
Weighted average assumptions used to determine benefit obligations as of December 31: | ||
Discount rate (in percentage) | 2.80% | 2.30% |
Weighted average assumptions used to determine net periodic benefit cost for the period: | ||
Discount rate (in percentage) | 2.30% | 3.00% |
Expected return on plan assets (in percentage) | 3.60% | 4.00% |
Pension And Other Postretirem_6
Pension And Other Postretirement Benefit Programs - Benefit Obligations in Excess of Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
United States | ||
Defined-benefit pension plans with benefit obligations in excess of assets | ||
Projected benefit obligation, December 31 | $ 2.2 | $ 2.3 |
Accumulated benefit obligation, December 31 | 2.2 | 2.3 |
Fair value of plan assets, December 31 | 0 | 0 |
Canada | ||
Defined-benefit pension plans with benefit obligations in excess of assets | ||
Projected benefit obligation, December 31 | 14.6 | 16.7 |
Accumulated benefit obligation, December 31 | 14.6 | 16.7 |
Fair value of plan assets, December 31 | $ 13.5 | $ 14.4 |
Pension And Other Postretirem_7
Pension And Other Postretirement Benefit Programs - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retiree Health and Life Insurance Plans | |||
Change in benefit obligation: | |||
Service cost | $ 0 | $ 0 | $ 0.2 |
Interest cost | 1.3 | 1.9 | 2.5 |
Amortization of prior service (credit) | (1.1) | (0.2) | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | (1.3) | (4.8) | (3.1) |
Net periodic pension cost | (1.1) | (3.1) | (0.4) |
United States | Pension Plan | |||
Change in benefit obligation: | |||
Service cost | 1 | 2.6 | 2.7 |
Interest cost | 10.2 | 12.5 | 15 |
Expected return on plan assets | (21.2) | (21.3) | (21.7) |
Defined Benefit Plan, Amortization of Gain (Loss) | 3 | 10.1 | 9.7 |
Net periodic pension cost | (7) | 3.9 | 5.7 |
Canada | Pension Plan | |||
Change in benefit obligation: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0.4 | 0.5 | 0.6 |
Expected return on plan assets | (0.5) | (0.5) | (0.7) |
Defined Benefit Plan, Amortization of Gain (Loss) | 0.2 | 0.3 | 0.4 |
Net periodic pension cost | $ 0.1 | $ 0.3 | $ 0.3 |
Pension And Other Postretirem_8
Pension And Other Postretirement Benefit Programs - Asset Allocation (Details) - Pension Plan | Dec. 31, 2021 | Dec. 31, 2020 |
United States | Fixed income securities | ||
Change in benefit obligation: | ||
Target weight end of period | 65.00% | |
Position at end of period | 62.00% | 54.00% |
United States | Equities | ||
Change in benefit obligation: | ||
Target weight end of period | 35.00% | |
Position at end of period | 38.00% | 46.00% |
Canada | Fixed income securities | ||
Change in benefit obligation: | ||
Target weight end of period | 50.00% | |
Position at end of period | 50.00% | 50.00% |
Canada | Equities | ||
Change in benefit obligation: | ||
Target weight end of period | 48.00% | |
Position at end of period | 48.00% | 48.00% |
Canada | Other | ||
Change in benefit obligation: | ||
Target weight end of period | 2.00% | |
Position at end of period | 2.00% | 2.00% |
Pension And Other Postretirem_9
Pension And Other Postretirement Benefit Programs - Fair Value Measurement (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
United States | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | $ 415.2 | $ 417.2 | $ 380.7 |
United States | Level 1 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | (0.1) | (0.3) | |
United States | Level 2 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 415.3 | 417.5 | |
United States | Level 3 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Fixed income securities | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 258.5 | 226.5 | |
United States | Fixed income securities | Level 1 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Fixed income securities | Level 2 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 258.5 | 226.5 | |
United States | Fixed income securities | Level 3 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Equities | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 156.8 | 191 | |
United States | Equities | Level 1 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Equities | Level 2 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 156.8 | 191 | |
United States | Equities | Level 3 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Other | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | (0.1) | (0.3) | |
United States | Other | Level 1 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | (0.1) | (0.3) | |
United States | Other | Level 2 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Other | Level 3 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
Canada | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 13.6 | 14.8 | $ 14.2 |
Canada | Level 1 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0.3 | 0.2 | |
Canada | Level 2 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 13.3 | 14.6 | |
Canada | Level 3 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
Canada | Fixed income securities | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 6.7 | 7.5 | |
Canada | Fixed income securities | Level 1 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
Canada | Fixed income securities | Level 2 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 6.7 | 7.5 | |
Canada | Fixed income securities | Level 3 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
Canada | Equities | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 6.6 | 7.1 | |
Canada | Equities | Level 1 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
Canada | Equities | Level 2 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 6.6 | 7.1 | |
Canada | Equities | Level 3 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
Canada | Other | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0.3 | 0.2 | |
Canada | Other | Level 1 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0.3 | 0.2 | |
Canada | Other | Level 2 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | 0 | 0 | |
Canada | Other | Level 3 | |||
Change in benefit obligation: | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Pension And Other Postretire_10
Pension And Other Postretirement Benefit Programs Summary of Balance Sheet Impact of Postretirement Benefit Plans, Related Benefit Obligations, Assets, Funded Status Rate Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Postretirement Benefits Plan | |||
Change in benefit obligation: | |||
Service cost | $ 0 | $ 0 | $ 0.2 |
Interest cost | 1.3 | 1.9 | 2.5 |
Plan participants' contributions | 0.7 | 1.2 | |
Plan amendments | 0 | (6.4) | |
Actuarial (gain) loss | (6.2) | 4.5 | |
Benefits paid | (3.7) | (6.9) | |
Benefit obligation as of end of period | 51.7 | 59.6 | 65.3 |
Fair value of plan assets as of beginning of period | 0 | 0 | |
Employer contribution | 3 | 5.7 | |
Plan participants' contribution | 0.7 | 1.2 | |
Benefits paid | (3.7) | (6.9) | |
Fair value of plan assets as of end of period | 0 | 0 | 0 |
Funded status of the plans | (51.7) | (59.6) | |
Pension Plan | United States | |||
Change in benefit obligation: | |||
Service cost | 1 | 2.6 | 2.7 |
Interest cost | 10.2 | 12.5 | 15 |
Actuarial (gain) loss | (13.6) | 30.4 | |
Benefits paid | (21.6) | (20.8) | |
Benefit obligation as of end of period | 394.4 | 418.4 | 394.6 |
Fair value of plan assets as of beginning of period | 417.2 | 380.7 | |
Employer contribution | 0.1 | 0.1 | |
Benefits paid | (21.6) | (20.8) | |
Fair value of plan assets as of end of period | 415.2 | 417.2 | 380.7 |
Funded status of the plans | 20.8 | (1.2) | |
Pension Plan | Canada | |||
Change in benefit obligation: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0.4 | 0.5 | 0.6 |
Actuarial (gain) loss | (1.1) | 1.2 | |
Benefits paid | (1.3) | (1.3) | |
Benefit obligation as of end of period | 14.6 | 17.1 | 16.3 |
Fair value of plan assets as of beginning of period | 14.8 | 14.2 | |
Employer contribution | 0.1 | 0.1 | |
Benefits paid | (1.4) | (1.3) | |
Fair value of plan assets as of end of period | 13.6 | 14.8 | $ 14.2 |
Funded status of the plans | $ (1) | $ (2.3) |
Pension And Other Postretire_11
Pension And Other Postretirement Benefit Programs - Amounts Recognized on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Change in benefit obligation: | ||
Prepaid pension asset | $ 23 | $ 1.1 |
Postretirement benefit liabilities | (48.2) | (55.6) |
Pension benefit liabilities | (3.2) | (4.6) |
Retiree Health and Life Insurance Plans | ||
Change in benefit obligation: | ||
Prepaid pension asset | 0 | 0 |
Accounts payable and accrued expenses | (3.5) | (4) |
Postretirement benefit liabilities | (48.2) | (55.6) |
Pension benefit liabilities | 0 | 0 |
Prepaid pension asset | (51.7) | (59.6) |
United States | Pension Plan | ||
Change in benefit obligation: | ||
Prepaid pension asset | 23 | 1.1 |
Accounts payable and accrued expenses | 0 | 0 |
Postretirement benefit liabilities | 0 | 0 |
Pension benefit liabilities | (2.2) | (2.3) |
Prepaid pension asset | 20.8 | (1.2) |
Canada | Pension Plan | ||
Change in benefit obligation: | ||
Prepaid pension asset | 0 | 0 |
Accounts payable and accrued expenses | 0 | 0 |
Postretirement benefit liabilities | 0 | 0 |
Pension benefit liabilities | (1) | (2.3) |
Prepaid pension asset | $ (1) | $ (2.3) |
Pension And Other Postretire_12
Pension And Other Postretirement Benefit Programs - Amounts Recognized in AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Retiree Health and Life Insurance Plans | ||
Change in benefit obligation: | ||
Net actuarial gain (loss) | $ 29.5 | $ 25.6 |
United States | Pension Plan | ||
Change in benefit obligation: | ||
Net actuarial gain (loss) | (91.7) | (106.7) |
Canada | Pension Plan | ||
Change in benefit obligation: | ||
Net actuarial gain (loss) | $ (3.4) | $ (4.9) |
Pension And Other Postretire_13
Pension And Other Postretirement Benefit Programs - Expected Future Benefit Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Retiree Health and Life Insurance Plans | |
U.S. Pension Benefits, Canadian Pension Benefits, and Retiree Health and Life Insurance Benefits, Gross | |
2022 | $ 3.5 |
2023 | 3.4 |
2024 | 3.2 |
2025 | 3.1 |
2026 | 3 |
2027-2031 | 14.3 |
United States | Pension Plan | |
U.S. Pension Benefits, Canadian Pension Benefits, and Retiree Health and Life Insurance Benefits, Gross | |
2022 | 21.4 |
2023 | 21.9 |
2024 | 22 |
2025 | 22.1 |
2026 | 23.1 |
2027-2031 | 114.2 |
Canada | Pension Plan | |
U.S. Pension Benefits, Canadian Pension Benefits, and Retiree Health and Life Insurance Benefits, Gross | |
2022 | 1.3 |
2023 | 1.2 |
2024 | 1.2 |
2025 | 1.1 |
2026 | 1.1 |
2027-2031 | $ 4.8 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Estimated Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Measurement [Domain] | Amended Term Loan Agreement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | $ 86.7 | $ 73.8 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0.3 | 1.1 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 111.9 | 88.3 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | 0 |
Foreign exchange contracts | Not Designated as Hedging Instrument | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0.3 | 1.1 |
Foreign exchange contracts | Not Designated as Hedging Instrument | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | 0 |
Foreign exchange contracts | Not Designated as Hedging Instrument | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | 0 |
Amended ABL Credit Facility | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | |
Amended ABL Credit Facility | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 20.6 | |
Amended ABL Credit Facility | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | |
Amended ABL Credit Facility | Not Designated as Hedging Instrument | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | |
Amended ABL Credit Facility | Not Designated as Hedging Instrument | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 10 | |
Amended ABL Credit Facility | Not Designated as Hedging Instrument | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | |
Total foreign credit facilities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | 0 |
Total foreign credit facilities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 4.6 | 4.5 |
Total foreign credit facilities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | 0 |
Amended Term Loan Agreement | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | 0 |
Amended Term Loan Agreement | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 86.7 | 73.8 |
Amended Term Loan Agreement | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0 | 0 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 111.7 | 85.6 |
Carrying amount | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 0.3 | 1.1 |
Carrying amount | Amended ABL Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 20.6 | 10 |
Carrying amount | Total foreign credit facilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 4.6 | 4.5 |
Carrying amount | Amended Term Loan Agreement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | 86.2 | 70 |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial liabilities | $ 112.2 | $ 89.4 |
Litigation and Related Matters
Litigation and Related Matters (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Environmental liabilities | $ 0 | $ 0 |
Class action complaint filed in United States District Court for the Central District of California | ||
Loss Contingencies [Line Items] | ||
Litigation settlement, amount awarded to other party | $ 3,750 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 164.4 | $ 168.5 | $ 168.1 | $ 148.9 | $ 143.9 | $ 156.6 | $ 145.6 | $ 138.7 | $ 649.9 | $ 584.8 | $ 626.3 |
United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 478.3 | 451.6 | 474.4 | ||||||||
China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 88.7 | 66.5 | 68.4 | ||||||||
Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 34.9 | 30.1 | 37.9 | ||||||||
Australia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 33.7 | 24.9 | 28 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 14.3 | $ 11.7 | $ 17.6 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 164.4 | $ 168.5 | $ 168.1 | $ 148.9 | $ 143.9 | $ 156.6 | $ 145.6 | $ 138.7 | $ 649.9 | $ 584.8 | $ 626.3 |
Customer A | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 76.3 | $ 111.6 | $ 124.4 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation expense | $ 3 | $ 2.7 | $ 1.2 |
Income tax benefit | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Share Activity (Details) - Performance Shares - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issued (in thousands) | 200,900 | |
Weighted-average grant date fair value | $ 13.25 |
Stock-Based Compensation - Valu
Stock-Based Compensation - Valuation Assumptions (Details) - Performance Shares - USD ($) | Apr. 01, 2021 | Mar. 24, 2020 | Sep. 11, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant-date stock price (AFI closing stock price on date of grant) (in dollars per share) | $ 5.20 | $ 2.18 | $ 7.43 |
Risk-free rate of return (in percent) | 0.35% | 0.44% | 1.59% |
Expected volatility (in percent) | 88.53% | 66.29% | 41.45% |
Expected dividend yield | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Activity Related to PSAs, PSUs, and PBRSUs (Details) - $ / shares | Apr. 01, 2021 | Mar. 24, 2020 | Sep. 11, 2019 | Dec. 31, 2021 | Dec. 31, 2019 |
Performance Shares, Performance Share Units and Restricted Stock Units | |||||
Number of Shares (in thousands) | |||||
Non-vested at beginning of period (in shares) | 1,257,400 | ||||
Activity RSUs Granted (in shares) | 592,200 | ||||
Vested (in shares) | 0 | ||||
Cancelled (in shares) | (193,500) | ||||
Forfeited (in shares) | (34,800) | ||||
Non-vested at end of period (in shares) | 1,621,300 | ||||
Weighted-Average Grant-Date Fair Value (per share) | |||||
Non-vested at beginning of period (in dollars per share) | $ 4.69 | ||||
Granted (in dollars per share) | 4.37 | ||||
Vested (in dollars per share) | 0 | ||||
Cancelled (in dollars per share) | 13.94 | ||||
Forfeited (in dollars per share) | 2.68 | ||||
Non-vested at end of period (in dollars per share) | 3.54 | ||||
Issued (in thousands) | 592,213 | 691,130 | 371,430 | ||
Performance Shares | |||||
Weighted-Average Grant-Date Fair Value (per share) | |||||
Non-vested at beginning of period (in dollars per share) | $ 13.25 | ||||
Non-vested at end of period (in dollars per share) | |||||
Issued (in thousands) | 200,900 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issues (in dollars per share) | 137,300 | 165,000 | 622,800 |
Granted (in dollars per share) | $ 5.2 | $ 4.36 | $ 7.39 |
Number of Shares (in thousands) | |||
Non-vested at beginning of period (in shares) | 638,300 | ||
Activity RSUs Granted (in shares) | 137,300 | 165,000 | 622,800 |
Vested (in shares) | (222,000) | ||
Forfeited (in shares) | (10,600) | ||
Non-vested at end of period (in shares) | 543,000 | 638,300 | |
Weighted-Average Grant-Date Fair Value (per share) | |||
Non-vested at beginning of period (in dollars per share) | $ 6.71 | ||
Granted (in dollars per share) | 5.2 | $ 4.36 | $ 7.39 |
Vested (in dollars per share) | 8.85 | ||
Forfeited (in dollars per share) | 5.03 | ||
Non-vested at end of period (in dollars per share) | $ 5.50 | $ 6.71 | |
2016 Directors' Plan | |||
Number of Shares (in thousands) | |||
Distributed (in shares) | 0 | ||
Vested (in shares) | (412,500) | ||
Non-vested at end of period (in shares) | 531,400 | ||
Weighted-Average Grant-Date Fair Value (per share) | |||
Vested and not yet delivered, beginning of period (in dollars per share) | $ 9.32 | ||
Exercised (in dollars per share) | 0 | ||
Vested, end of period (in dollars per share) | $ 8.53 | $ 9.32 | |
Issued (in shares) | 118,900 | 171,200 | 57,000 |
Weighted-average grant date fair value (in dollars per share) | $ 5.76 | $ 3.83 | $ 11.05 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options and Stock Options Exercised (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares (in thousands) | |||
Outstanding (and exercisable), beginning of period (in shares) | 348,100 | 442,100 | |
forfeited/cancelled (in shares) | 94,000 | ||
Outstanding (and exercisable), end of period (in shares) | 348,100 | 442,100 | |
Weighted Average Exercise Price (per share) | |||
Outstanding (and exercisable), beginning of period (in dollars per share) | $ 13.45 | $ 12.85 | |
Forfeited/cancelled (in dollars per share) | 10.65 | ||
Outstanding (and exercisable), end of period (in dollars per share) | $ 13.45 | $ 12.85 | |
Additional Stock Option Activity Disclosures | |||
Weighted Average Remaining Contractual Term, beginning of the period (years) | 1 year 1 month 6 days | 1 year 8 months 12 days | |
Weighted Average Remaining Contractual Term, end of the period (years) | 1 year 1 month 6 days | 1 year 8 months 12 days | |
Aggregate Intrinsic Value, beginning of the period (in dollars) | $ 0 | $ 0 | |
Aggregate Intrinsic Value, end of the period (in dollars) | 0 | 0 | |
Total intrinsic value of stock options exercised | 0 | 0 | |
Proceeds from exercised stock options | $ 0 | $ 0 | $ 0.1 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 01, 2021 | Mar. 24, 2020 | Sep. 11, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Excess tax benefit | $ 0.3 | $ 0.1 | |||||
Stock based comp percent of award earned after first hurdle | 50.00% | ||||||
Stock based comp percent of award earned after subsequent hurdle | 25.00% | ||||||
Monte-Carlo Model | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average fair value (in dollars per share) | $ 4.37 | $ 0.90 | $ 4.77 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total unrecognized compensation expense | $ 4.5 | ||||||
Weighted average period | 2 years 2 months 12 days | ||||||
Issued (in thousands) | 592,213 | 691,130 | 371,430 | ||||
Number of shares accounted for as liability awards (in shares) | 1,621,300 | 1,257,400 | |||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price One | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock price hurdles (in dollars per share) | $ 7.25 | $ 6 | $ 10.50 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price One | Monte-Carlo Model | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value of stock price hurdles (in dollars per share) | 5.93 | ||||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Two | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock price hurdles (in dollars per share) | 8.75 | 7.50 | 12.25 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Two | Monte-Carlo Model | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value of stock price hurdles (in dollars per share) | 5.28 | ||||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Three | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock price hurdles (in dollars per share) | 10.25 | 9 | 14 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Three | Monte-Carlo Model | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value of stock price hurdles (in dollars per share) | 4.70 | ||||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Four | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock price hurdles (in dollars per share) | $ 11.75 | $ 10.50 | 15.75 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Four | Monte-Carlo Model | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value of stock price hurdles (in dollars per share) | 4.20 | ||||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Five | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock price hurdles (in dollars per share) | 17.50 | ||||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Five | Monte-Carlo Model | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value of stock price hurdles (in dollars per share) | $ 3.75 | ||||||
Performance Share Awards (PSAs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance condition based on earnings before interest, taxes, depreciation and amortization | 75.00% | ||||||
Performance condition based on cumulative free cash flow | 25.00% | ||||||
Restricted Stock Units that may be settled in cash | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares accounted for as liability awards (in shares) | 2,772 | 8,334 | |||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares accounted for as liability awards (in shares) | 543,000 | 638,300 | |||||
2016 LTIP Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for grant (in shares) | 964,475 | ||||||
2016 LTIP Plan | Common Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized (in shares) | 7,600,000 | ||||||
2016 Directors' Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for grant (in shares) | 198,179 | ||||||
2016 Directors' Plan | Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares accounted for as liability awards (in shares) | 531,400 | ||||||
Award vesting period | 1 year | ||||||
2016 Directors' Plan | Common Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized (in shares) | 900,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Undistributed earnings of foreign subsidiaries | $ 18 | |||
Future annual required taxable income for state tax purposes | 192.2 | |||
Unrecognized tax benefits | 1.3 | $ 1.3 | $ 0.7 | $ 1.6 |
Unrecognized tax benefit that would impact effective tax rate, net of federal tax benefits | 0 | |||
Decrease resulting from prior period tax positions | 0 | $ 0 | $ 0.9 | |
Foreign | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 19.1 | |||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 0 | |||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 75 |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (56) | $ (65) | $ (63.9) |
Foreign | 2.5 | 1.1 | (1.7) |
Results of Operations, Income before Income Taxes | (63.9) | ||
Income (loss) from continuing operations before income taxes | $ (53.5) | $ (63.9) | $ (65.6) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
Federal | $ 0.3 | $ 0.2 | $ 0.3 |
Foreign | 0.7 | 0.7 | 0.4 |
State and local | 0.1 | 0.1 | 0.1 |
Subtotal | 1.1 | 1 | 0.8 |
Deferred | |||
Federal | (0.6) | (2.5) | 0.1 |
Foreign | (0.5) | 1.1 | 0.6 |
State and local | (0.5) | (0.4) | 0.1 |
Subtotal | (1.6) | (1.8) | 0.8 |
Total income tax expense (benefit) | $ (0.5) | $ (0.8) | $ 1.6 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance [Line Items] | |||
Continuing operations tax at statutory rate | $ (11.2) | $ (13.4) | $ (13.7) |
State income tax benefit, net of federal benefit | (1.7) | (2.7) | (1.8) |
Tax on foreign and foreign-source income | 3 | 0.5 | 1.2 |
Permanent book/tax differences | 0.5 | 0.6 | 1.1 |
Other | (0.2) | 0 | (1.3) |
Total income tax expense (benefit) | (0.5) | (0.8) | 1.6 |
State | |||
Valuation Allowance [Line Items] | |||
(Decrease)/increase in valuation allowances on deferred foreign income tax assets | 1.4 | 2.6 | 2.1 |
Federal | |||
Valuation Allowance [Line Items] | |||
(Decrease)/increase in valuation allowances on deferred foreign income tax assets | 10.2 | 10.3 | 13.9 |
Foreign | |||
Valuation Allowance [Line Items] | |||
(Decrease)/increase in valuation allowances on deferred foreign income tax assets | $ (2.5) | $ 1.3 | $ 0.1 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax assets (liabilities) | ||
Postretirement and postemployment benefits | $ 13.4 | $ 15.8 |
Net operating losses | 36.6 | 38.1 |
Accrued expenses | 4.4 | 5 |
Deferred compensation | 3.9 | 3.2 |
Customer claims reserves | 5.1 | 4.3 |
Goodwill | 1.9 | 2.1 |
Pension benefit liabilities | 0 | (0.3) |
Tax credit carryforwards | 2.6 | 2.5 |
Intangibles | 4.9 | 3.8 |
163(j) Disqualified Interest | 6.2 | 2.3 |
Other | 5 | 2.4 |
Total deferred income tax assets | 84 | 79.8 |
Valuation allowances | (51.6) | (47.2) |
Net deferred income tax assets | 32.4 | 32.6 |
Accumulated depreciation | (16.1) | (20.7) |
Inventories | (3.3) | (7.4) |
Pension benefit asset | 5.3 | 0 |
Other | (4.6) | (2.5) |
Total deferred income tax liabilities | (29.3) | (30.6) |
Net deferred income tax assets | 3.1 | 2 |
Deferred income taxes have been classified in the Consolidated Balance Sheet as: | ||
Deferred income tax assets—noncurrent | 4.2 | 4.4 |
Deferred income tax liabilities—noncurrent | $ (1.1) | $ (2.4) |
Income Taxes Income Taxes - Sch
Income Taxes Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||
Valuation allowance | $ 51.6 | $ 47.2 |
Federal | ||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||
Valuation allowance | 38.3 | 32 |
State | ||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||
Valuation allowance | 8.4 | 7.8 |
Foreign | ||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||
Valuation allowance | $ 4.9 | $ 7.4 |
Income Taxes Income Taxes - S_2
Income Taxes Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 104.7 | $ 103 |
Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 19.1 | 28.1 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 124.4 | $ 124.1 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 1.3 | $ 0.7 | $ 1.6 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 0.7 | 0 |
Decreases for prior period positions | 0 | 0 | (0.9) |
Decrease due to statute expirations | 0 | (0.1) | 0 |
Unrecognized tax benefits, ending balance | $ 1.3 | $ 1.3 | $ 0.7 |
Income Taxes - Schedule of Othe
Income Taxes - Schedule of Other Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Payroll taxes | $ 11.3 | $ 9.8 | $ 10 |
Property and franchise taxes | $ 3.2 | $ 3 | $ 3.2 |
Earnings Per Share Of Common _3
Earnings Per Share Of Common Stock - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator | |||||||||||
Income (loss) from continuing operations | $ (53) | $ (63.1) | $ (67.2) | ||||||||
Earnings (loss) from discontinued operations, net of tax | 0 | 0 | 10.4 | ||||||||
Net (loss) | $ (37.7) | $ (24.6) | $ (18.6) | $ 27.9 | $ (34.8) | $ (10.5) | $ (5.1) | $ (12.7) | $ (53) | $ (63.1) | $ (56.8) |
Denominator | |||||||||||
Weighted average number of vested shares not yet issued (in shares) | 21,698,681 | 21,583,041 | 23,597,877 | ||||||||
Weighted average number of vested shares not yet issued (in shares) | 338,389 | 345,513 | 518,460 | ||||||||
Weighted average number of common shares outstanding - Basic (in shares) | 22,037,070 | 21,928,554 | 24,116,337 | ||||||||
Dilutive stock-based compensation awards outstanding (in shares) | 0 | 0 | 0 | ||||||||
Weighted average number of common shares outstanding - Diluted (in shares) | 22,037,070 | 21,928,554 | 24,116,337 | ||||||||
Basic (loss) per share of common stock from continuing operations (in dollars per share) | $ (2.41) | $ (2.88) | $ (2.78) | ||||||||
Diluted (loss) per share of common stock from continuing operations (in dollars per share) | $ (2.41) | $ (2.88) | $ (2.78) |
Earnings Per Share Of Common _4
Earnings Per Share Of Common Stock - Awards Excluded From Computation of Diluted (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from computation of earnings per share (in shares) | 2,338,829 | 1,124,950 | 954,904 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 21, 2019 | Dec. 31, 2019 | May 03, 2019 | May 17, 2019 | Mar. 06, 2017 |
Equity [Abstract] | |||||
Shares authorized to repurchase | $ 50 | $ 50 | |||
Repurchase of common stock (in shares) | 4,504,504 | 2,500,000 | |||
Repurchase of common stock | $ 51.4 | $ 41 | |||
Average cost (in dollars per share) | $ 11.42 | $ 16.23 | |||
Share Repurchase Program additional authorized amount | $ 50 | ||||
Shares repurchased amount | $ 51.4 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of AOCI and Related Tax Effect (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) | $ 21.6 | $ 15.4 | $ (13.1) |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax Amount | 1 | 7.2 | (2.2) |
Tax Impact | 0 | 0 | 0 |
Other comprehensive income (loss) | 1 | 7.2 | (2.2) |
Derivative adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax Amount | 0.7 | (0.6) | (1.5) |
Tax Impact | 0 | 0.2 | 0.1 |
Other comprehensive income (loss) | 0.7 | (0.4) | (1.4) |
Pension and postretirement adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax Amount | 20.3 | 11.5 | (9.5) |
Tax Impact | (0.4) | (2.9) | 0 |
Other comprehensive income (loss) | 19.9 | 8.6 | (9.5) |
Total other comprehensive income (loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax Amount | 22 | 18.1 | (13.2) |
Tax Impact | (0.4) | (2.7) | 0.1 |
Other comprehensive income (loss) | $ 21.6 | $ 15.4 | $ (13.1) |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of AOCI Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 227.8 | $ 273 | $ 391 |
Other comprehensive income (loss) | 21.6 | 15.4 | (13.1) |
Ending balance | 199.2 | 227.8 | 273 |
Foreign currency translation adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 6.7 | (0.5) | |
Other comprehensive (loss) before reclassifications, net of tax impact | 1 | 7.2 | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 | |
Other comprehensive income (loss) | 1 | 7.2 | (2.2) |
Ending balance | 7.7 | 6.7 | (0.5) |
AOCI tax (expense) benefit | 0 | 0 | |
Derivative Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1) | (0.6) | |
Other comprehensive (loss) before reclassifications, net of tax impact | 0 | (0.2) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0.7 | (0.2) | |
Other comprehensive income (loss) | 0.7 | (0.4) | (1.4) |
Ending balance | (0.3) | (1) | (0.6) |
AOCI tax (expense) benefit | 0 | 0.2 | |
Pension and postretirement adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (65) | (73.6) | |
Other comprehensive (loss) before reclassifications, net of tax impact | 18.9 | 5.9 | |
Amounts reclassified from accumulated other comprehensive (loss) income | 1 | 2.7 | |
Other comprehensive income (loss) | 19.9 | 8.6 | (9.5) |
Ending balance | (45.1) | (65) | (73.6) |
AOCI tax (expense) benefit | (0.4) | (2) | |
Total other comprehensive income (loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (59.3) | (74.7) | (61.6) |
Other comprehensive (loss) before reclassifications, net of tax impact | 19.9 | 12.9 | |
Amounts reclassified from accumulated other comprehensive (loss) income | 1.7 | 2.5 | |
Other comprehensive income (loss) | 21.6 | 15.4 | (13.1) |
Ending balance | (37.7) | (59.3) | $ (74.7) |
AOCI tax (expense) benefit | $ (0.4) | $ (1.8) |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Amounts Reclassified from AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of goods sold | $ 575.8 | $ 500.8 | $ 539.3 | ||||||||
Net sales | $ 164.4 | $ 168.5 | $ 168.1 | $ 148.9 | $ 143.9 | $ 156.6 | $ 145.6 | $ 138.7 | 649.9 | 584.8 | 626.3 |
(Loss) income from continuing operations before income taxes | 53.5 | 63.9 | 65.6 | ||||||||
Income tax expense (benefit) | (0.5) | (0.8) | 1.6 | ||||||||
Net (loss) income | $ 37.7 | $ 24.6 | $ 18.6 | $ (27.9) | $ 34.8 | $ 10.5 | $ 5.1 | $ 12.7 | 53 | 63.1 | 56.8 |
Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | 1.7 | 2.5 | 6.3 | ||||||||
Derivative Adjustments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | (0.7) | 0.2 | |||||||||
Derivative Adjustments | Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
(Loss) income from continuing operations before income taxes | 0.7 | (0.2) | (0.7) | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Net (loss) income | 0.7 | (0.2) | (0.7) | ||||||||
Derivative Adjustments | Reclassification out of accumulated other comprehensive income | Purchases | Foreign exchange contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of goods sold | 0.4 | (0.1) | (0.4) | ||||||||
Derivative Adjustments | Reclassification out of accumulated other comprehensive income | Sales | Foreign exchange contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales | 0.3 | (0.1) | (0.3) | ||||||||
Prior service cost amortization | Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other expense, net | (1.1) | (2) | 0 | ||||||||
Amortization of net actuarial loss | Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other expense, net | 2.1 | 5.6 | 7 | ||||||||
Pension and Postretirement Adjustments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | (1) | (2.7) | |||||||||
Pension and Postretirement Adjustments | Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications before tax | 1 | 3.6 | 7 | ||||||||
Tax impact | 0 | (0.9) | 0 | ||||||||
Total reclassifications for the period | $ 1 | $ 2.7 | $ 7 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 164.4 | $ 168.5 | $ 168.1 | $ 148.9 | $ 143.9 | $ 156.6 | $ 145.6 | $ 138.7 | $ 649.9 | $ 584.8 | $ 626.3 |
Gross profit | 13.4 | 18 | 22.1 | 20.6 | 5.5 | 28.8 | 25.9 | 23.8 | 74.1 | 84 | 87 |
Net (loss) | $ (37.7) | $ (24.6) | $ (18.6) | $ 27.9 | $ (34.8) | $ (10.5) | $ (5.1) | $ (12.7) | $ (53) | $ (63.1) | $ (56.8) |
Per share of common stock: | |||||||||||
Basic (loss) per share of common stock (in dollars per share) | $ (1.70) | $ (1.11) | $ (0.85) | $ 1.27 | $ (1.59) | $ (0.48) | $ (0.23) | $ (0.58) | $ (2.41) | $ (2.88) | $ (2.35) |
Diluted (in dollars per share) | $ (1.70) | $ (1.11) | $ (0.85) | $ 1.26 | $ (1.59) | $ (0.48) | $ (0.23) | $ (0.58) | $ (2.41) | $ (2.88) | $ (2.35) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Provision for doubtful accounts (a) | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 0.6 | $ 0.8 | $ 0.6 |
Additions charged to earnings | 1.6 | 0 | 0.3 |
Deductions | 0 | (0.2) | (0.1) |
Balance at end of year | 2.2 | 0.6 | 0.8 |
Provision for discounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 7.5 | 8.4 | 5.6 |
Additions charged to earnings | 47.7 | 51.8 | 72.1 |
Deductions | (47.9) | (52.7) | (69.3) |
Balance at end of year | 7.3 | 7.5 | 8.4 |
Provision for warranties | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 10.3 | 9 | 6.4 |
Additions charged to earnings | 11.3 | 8.8 | 9.4 |
Deductions | (9.5) | (7.5) | (6.8) |
Balance at end of year | 12.1 | 10.3 | 9 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 47.2 | 34.6 | 29 |
Additions charged to earnings | 9.2 | 12.6 | 5.6 |
Deductions | (4.8) | 0 | 0 |
Balance at end of year | $ 51.6 | $ 47.2 | $ 34.6 |