Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-12648 | ||
Entity Registrant Name | UFP Technologies, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-2314970 | ||
Entity Address, Address Line One | 100 Hale Street | ||
Entity Address, City or Town | Newburyport | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01950-3504 | ||
City Area Code | 978 | ||
Local Phone Number | 352-2200 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | UFPT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,383,892,824 | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,641,883 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Boston, Massachusetts | ||
Entity Central Index Key | 0000914156 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 5,263 | $ 4,451 |
Receivables, net | 64,449 | 55,117 |
Inventories | 70,191 | 53,536 |
Prepaid expenses | 3,433 | 3,242 |
Refundable income taxes | 1,297 | 0 |
Total current assets | 144,633 | 116,346 |
Property, plant and equipment, net | 62,137 | 58,072 |
Goodwill | 113,263 | 113,028 |
Intangible assets, net | 64,116 | 68,361 |
Non-qualified deferred compensation plan | 5,323 | 4,148 |
Right of use assets | 13,588 | 13,153 |
Deferred income taxes | 607 | 1,448 |
Other assets | 469 | 3,636 |
Total assets | 404,136 | 378,192 |
Current liabilities: | ||
Accounts payable | 22,286 | 19,961 |
Accrued expenses | 22,085 | 23,122 |
Deferred revenue | 6,616 | 4,679 |
Lease liabilities | 3,222 | 2,517 |
Income taxes payable | 0 | 1,682 |
Current installments, net of long-term debt | 4,000 | 4,000 |
Total current liabilities | 58,209 | 55,961 |
Long-term debt, excluding current installments | 28,000 | 51,000 |
Deferred income taxes | 428 | 448 |
Non-qualified deferred compensation plan | 5,412 | 4,167 |
Lease liabilities | 10,815 | 10,851 |
Other liabilities | 15,181 | 18,220 |
Total liabilities | 118,045 | 140,647 |
Commitments and Contingencies | ||
Preferred stock, $.01 par value, 1,000,000 shares authorized; no shares issued | 0 | 0 |
Common stock, $.01 par value, 20,000,000 shares authorized; 7,669,339 and 7,639,780 shares issued and outstanding, respectively at December 31, 2023; and 7,611,244 and 7,581,685 shares issued and outstanding, respectively, at December 31, 2022 | 76 | 76 |
Additional paid-in capital | 38,814 | 36,070 |
Retained earnings | 247,520 | 202,596 |
Accumulated other comprehensive income (loss) | 268 | (610) |
Treasury stock at cost, 29,559 shares at December 31, 2023 and 2022 | (587) | (587) |
Total stockholders' equity | 286,091 | 237,545 |
Total liabilities and stockholders' equity | $ 404,136 | $ 378,192 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued (in shares) | 7,669,339 | 7,611,244 |
Common Stock, Shares, Outstanding (in shares) | 7,639,780 | 7,581,685 |
Treasury Stock, Common, Shares (in shares) | 29,559 | 29,559 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 400,072 | $ 353,792 | $ 206,320 |
Cost of sales | 287,847 | 263,532 | 155,206 |
Gross profit | 112,225 | 90,260 | 51,114 |
Selling, general, and administrative expenses | 50,889 | 45,796 | 29,480 |
Acquisition costs | 0 | 1,027 | 430 |
Change in fair value of contingent consideration | (3,527) | (9,837) | 0 |
Gain on sale of Molded Fiber business | 0 | (15,651) | 0 |
Loss (gain) on disposal of property, plant and equipment | 145 | (6,149) | (14) |
Operating income | 57,664 | 55,400 | 21,218 |
Interest expense, net | 3,645 | 2,763 | 39 |
Other (income) expense | 117 | (81) | (26) |
Income before income tax provision | 53,902 | 52,718 | 21,205 |
Income tax expense | 8,978 | 10,929 | 5,319 |
Net income | 44,924 | 41,789 | 15,886 |
Foreign currency translation adjustment | 878 | (610) | 0 |
Other comprehensive loss | 878 | (610) | 0 |
Comprehensive income | $ 45,802 | $ 41,179 | $ 15,886 |
Basic (in dollars per share) | $ 5.89 | $ 5.52 | $ 2.11 |
Diluted (in dollars per share) | $ 5.83 | $ 5.45 | $ 2.09 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 7,624 | 7,564 | 7,524 |
Diluted (in shares) | 7,701 | 7,663 | 7,615 |
Comprehensive Income | |||
Net Income | $ 44,924 | $ 41,789 | $ 15,886 |
Other comprehensive income (loss): | |||
Net Income | $ 44,924 | $ 41,789 | $ 15,886 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 7,500 | 30 | ||||
Balance at Dec. 31, 2020 | $ 75 | $ 32,484 | $ 144,921 | $ 0 | $ (587) | $ 176,893 |
Share-based compensation (in shares) | 45 | 0 | ||||
Share-based compensation | $ 0 | 2,428 | 0 | 0 | $ 0 | 2,428 |
Exercise of stock options (in shares) | 7 | |||||
Exercise of stock options | $ 0 | 162 | 0 | 0 | 0 | 162 |
Net share settlement of restricted stock units (in shares) | (17) | |||||
Net share settlement of restricted stock units | $ 0 | (923) | 0 | 0 | 0 | (923) |
Net Income | $ 0 | 0 | 15,886 | 0 | 0 | 15,886 |
Net share settlement of restricted stock units (in shares) | 17 | |||||
Net share settlement of restricted stock units | $ 0 | 923 | 0 | 0 | $ 0 | 923 |
Other comprehensive loss | 0 | |||||
Balance (in shares) at Dec. 31, 2021 | 7,535 | 30 | ||||
Balance at Dec. 31, 2021 | $ 75 | 34,151 | 160,807 | 0 | $ (587) | 194,446 |
Share-based compensation (in shares) | 53 | |||||
Share-based compensation | $ 1 | 3,207 | 0 | 0 | 0 | 3,208 |
Exercise of stock options (in shares) | 17 | |||||
Exercise of stock options | $ 0 | 390 | 0 | 0 | 0 | 390 |
Net share settlement of restricted stock units (in shares) | (23) | |||||
Net share settlement of restricted stock units | $ 0 | 1,678 | 0 | 0 | 0 | 1,678 |
Net Income | $ 0 | 0 | 41,789 | 0 | 0 | 41,789 |
Net share settlement of restricted stock units (in shares) | 23 | |||||
Net share settlement of restricted stock units | $ 0 | (1,678) | 0 | 0 | 0 | (1,678) |
Other comprehensive loss | $ 0 | 0 | 0 | (610) | $ 0 | (610) |
Balance (in shares) at Dec. 31, 2022 | 7,582 | 30 | ||||
Balance at Dec. 31, 2022 | $ 76 | 36,070 | 202,596 | (610) | $ (587) | 237,545 |
Share-based compensation (in shares) | 55 | |||||
Share-based compensation | $ 0 | 4,641 | 0 | 0 | 0 | 4,641 |
Exercise of stock options (in shares) | 25 | |||||
Exercise of stock options | $ 0 | 680 | 0 | 0 | 0 | 680 |
Net share settlement of restricted stock units (in shares) | (22) | |||||
Net share settlement of restricted stock units | $ 0 | 2,641 | 0 | 0 | 0 | 2,641 |
Net Income | $ 0 | 0 | 44,924 | 0 | 0 | 44,924 |
Net share settlement of restricted stock units (in shares) | 22 | |||||
Net share settlement of restricted stock units | $ 0 | (2,641) | 0 | 0 | 0 | (2,641) |
Other comprehensive loss | $ 0 | 0 | 0 | 878 | $ 0 | 878 |
Issuance of Common Stock (in shares) | 0 | 0 | ||||
Issuance of Common Stock | $ 0 | 64 | 0 | 0 | $ 0 | 64 |
Balance (in shares) at Dec. 31, 2023 | 7,640 | 30 | ||||
Balance at Dec. 31, 2023 | $ 76 | $ 38,814 | $ 247,520 | $ 268 | $ (587) | $ 286,091 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net Income | $ 44,924 | $ 41,789 | $ 15,886 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 11,407 | 11,886 | 8,410 |
Loss (gain) on disposal of property, plant and equipment | 145 | (6,149) | (14) |
Gain on sale of Molded Fiber business | 0 | (15,651) | 0 |
Share-based compensation | 4,641 | 3,208 | 2,428 |
Change in fair value of contingent consideration | 3,527 | 9,837 | 0 |
Deferred income taxes | 816 | (4,710) | (1,794) |
Changes in operating assets and liabilities: | |||
Receivables, net | (9,124) | (16,864) | (7,754) |
Inventories | (16,565) | (19,605) | (4,496) |
Prepaid expenses | (21) | (692) | (557) |
Income taxes | (2,982) | 953 | 893 |
Other assets | 1,557 | (3,545) | (681) |
Accounts payable | 1,553 | 9,131 | 102 |
Accrued expenses | (888) | 10,446 | 1,009 |
Deferred revenue | 1,936 | 1,008 | 2,294 |
Other liabilities | 408 | (3,298) | (1,433) |
Net cash provided by operating activities | 41,334 | 17,744 | 14,293 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (10,490) | (13,780) | (5,395) |
Acquisitions, net of cash acquired | 0 | (20,653) | (96,178) |
Proceeds from sale of Molded Fiber | 0 | 29,007 | 0 |
Proceeds from sale of property, plant and equipment | 2 | 6,717 | 114 |
Net cash provided by (used in) investing activities | (10,488) | 1,291 | (101,459) |
Cash flows from financing activities: | |||
Proceeds from advances on revolving line of credit | 9,000 | 44,000 | 34,839 |
Payments on revolving line of credit | (28,000) | (60,000) | 0 |
Proceeds from the issuance of long-term debt | 0 | 0 | 40,000 |
Principal repayment of long-term debt | (4,000) | (4,000) | 0 |
Payment of contingent consideration | (5,000) | (4,543) | 0 |
Principal payments on finance lease obligations | (63) | (63) | (29) |
Proceeds from the exercise of stock options | 680 | 390 | 162 |
Payment of statutory withholding for restricted stock units vested | (2,641) | (1,678) | (923) |
Net cash (used in) provided by financing activities | (30,024) | (25,894) | 74,049 |
Effect of foreign currency exchange rates on cash and cash equivalents | (10) | 193 | 0 |
Net change in cash and cash equivalents | 812 | (6,666) | (13,117) |
Cash and cash equivalents at beginning of year | 4,451 | 11,117 | 24,234 |
Cash and cash equivalents at end of year | $ 5,263 | $ 4,451 | $ 11,117 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | ITEM 9B. OTHER INFORMATION Insider Trading Arrangements and Policies During the fourth quarter of 2023, none |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (1) Summary of Significant Accounting Policies UFP Technologies, Inc. (“the Company”) is a design, engineering, and custom manufacturer of comprehensive solutions for medical devices, sterile packaging, and other highly engineered custom products. The Company is an important link in the medical device supply chain and a valued outsource partner to many of the top medical device manufacturers in the world. The Company’s single-use and single-patient devices and components are used in a wide range of medical devices and packaging for minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants. The Company is diversified by also providing highly engineered products and components to customers in the automotive, aerospace and defense, consumer, electronics, and industrial markets. Typical applications of its products include military uniform and gear components, automotive interior trim, athletic padding, air filtration, abrasive nail files, and protective cases and inserts. (a) Principles of Consolidation The consolidated financial statements of the Company include the accounts and results of operations of UFP Technologies, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company consists of a single operating and reportable segment. The Company has evaluated all subsequent events through the date of this filing. (b) Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including allowance for doubtful accounts and the net realizable value of inventory, and the fair value of goodwill, and the fair value of intangible assets, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Fair Value Measurement The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. (d) Fair Value of Financial Instruments Cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the Company’s current incremental borrowing rate. (e) Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2023 and 2022, the Company did not The Company maintains its cash in bank deposit accounts that at times exceed federally insured limits. The Company periodically reviews the financial stability of institutions holding its accounts and does not believe it is exposed to any significant custodial credit risk. At December 31, 2023 and 2022, cash held by foreign subsidiaries was approximately $3.7 million and $3.2 million, respectively. (f) Accounts Receivable The Company periodically reviews the collectability of its accounts receivable. Provisions are recorded for accounts that are potentially uncollectable. Determining adequate reserves for accounts receivable requires management’s judgment. Conditions impacting the realizability of the Company’s receivables could cause actual asset write-offs to be materially different than the reserved balances as of December 31, 2023 and 2022. (g) Inventories Inventories include material, labor, and manufacturing overhead and are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out (“FIFO”) method. The Company periodically reviews the realizability of its inventory for potential excess or obsolescence. Determining the net realizable value of inventory requires management’s judgment. Conditions impacting the realizability of the Company’s inventory could cause actual asset write-offs to be materially different than the Company’s current estimates as of December 31, 2023 and 2022. (h) Property, Plant, and Equipment Property, plant, and equipment are stated at cost and are depreciated or amortized using the straight-line method over the estimated useful lives of the assets or the related lease term, if shorter. Estimated useful lives of property, plant, and equipment are as follows: Leasehold improvements Shorter of estimated useful life Buildings and improvements (years) 20 – 30 Machinery and equipment (years) 7 – 10 Furniture, fixtures, computers & software (years) 3 – 7 Property, plant, and equipment amounts are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset’s carrying value over its fair value. No events or changes in circumstances arose during the years ended December 31, 2023, 2022 and 2021 that required management to perform an impairment analysis. (i) Goodwill Goodwill is tested for impairment annually and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Impairment testing for goodwill is done at a reporting unit level. Reporting units are one level below the business segment level but can be combined when reporting units within the same segment have similar economic characteris‐tics. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. The Company consists of a single reporting unit. The Company performed a qualitative assessment (“step 0”) as of October 1, 2023 and determined that it was more likely than not that the fair value of its reporting unit exceeded its’ carrying amount. As a result, the Company is not required to proceed to a “step 1” impairment assessment. Factors considered included the 2022 step 1 analysis and the calculated excess fair value over carrying amount, financial performance, forecasts and trends, market cap, regulatory and environmental issues, macro-economic conditions, industry and market considerations, raw material costs and management stability. The Company last performed “step 1” of the goodwill impairment test as of October 1, 2022. In performing the most recent “step 1” evaluation of goodwill impairment, the Company primarily utilized the guideline public company (“GPC”) method under the market approach and the discounted cash flows method (“DCF”) under the income approach to determine the fair value of the reporting unit for purposes of testing the reporting unit’s carrying value of goodwill for impairment. The GPC method derives a valuation by generating a multiple of EBITDA through the comparison of the Company to similar publicly traded companies. The DCF approach derives a value based on the present value of a series of estimated future cash flows at the valuation date by the application of a discount rate, one that a prudent investor would require before making an investment in our equity securities. Based on calculations under the above noted approach, the fair value of the reporting unit significantly exceeded the carrying value of the reporting unit. In performing these calculations, management used its most reasonable estimates of the key assumptions discussed above. If the Company’s actual operating results and/or the key assumptions utilized in management’s calculations differ from our expectations, it is possible that a future impairment charge may be necessary. (j) Intangible Assets Intangible assets with a definite life are amortized on a straight-line basis, with estimated useful lives ranging from 5 to 20 years. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that their carrying values may not be recoverable. No events or changes in circumstances arose during the year ended December 31, 2023, 2022 and 2021 that required management to perform an impairment analysis. (k) Revenue Recognition The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for promised goods or services. The Company recognizes revenue in accordance with the core principles of ASC 606 which include (1) identifying the contract with a customer, (2) identifying separate performance obligations within the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing revenue. The Company recognizes all but an immaterial portion of its product sales upon shipment. The Company recognizes revenue from the sale of tooling and machinery primarily upon customer acceptance. The Company recognizes revenue from engineering services, which are primarily product development services, as the services are performed or as otherwise determined based on the substance of the agreement. The Company recognizes revenue from bill-and-hold transactions at the time the specified goods are complete and available to the customer. Standard payment terms are net 30 days unless contract terms state otherwise. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. We do not assess whether a significant financing component exists if the period between when we perform our obligations under the contract and when the customer pays is one year or less. In the ordinary course of business, the Company accepts sales returns from customers for defective goods, such amounts being immaterial. Although only applicable to an insignificant number of transactions, the Company has elected to exclude sales taxes from the transaction price. The Company has elected to account for shipping and handling activities for which the Company is responsible under the terms and conditions of the sale not as performance obligations but rather as fulfillment costs. These activities are required to fulfill the Company’s promise to transfer the goods and are expensed when revenue is recognized. Variable consideration to be included in the transaction price is estimated using either the expected value method or the most likely method based on facts and circumstances. Variable consideration is included in the transaction price if it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The Company has elected to not disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations, as the Company’s contracts have an original expected duration of one year or less, or revenue has been recognized at the amount for which the Company has the right to invoice for engineering services performed. (l) Share-Based Compensation When accounting for equity instruments exchanged for employee services, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Forfeitures are expensed as they occur. (m) Shipping and Handling Costs Costs incurred related to shipping and handling are included in cost of sales. Amounts charged to customers pertaining to these costs are included in net sales. (n) Income Taxes The Company’s income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry‐forwards. Deferred tax expense or benefit results from the net change during the year in deferred tax assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the need for a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. The Company has considered future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. Should the Company determine that it would not likely be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to income in the period such determination was made. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense. (o) Segments and Related Information The Company follows the provisions of Accounting Standards Codification (ASC) 280, Segment Reporting (p) Treasury Stock The Company accounts for treasury stock under the cost method, using the first-in, first out cost flow assumption, and includes treasury stock as a component of stockholders’ equity. The Company did not (q) Research and Development On a routine basis, the Company incurs costs related to research and development activity. These costs are expensed as incurred and are included in “Cost of Sales” on the Consolidated Statements of Comprehensive Income. Approximately $7.2 million, $9.3 million, and $8.5 million were expensed in the years ended December 31, 2023, 2022 and 2021, respectively. (r) Foreign Currency Translation The Company translates all assets and liabilities of its foreign subsidiaries, where the U.S. dollar is not the functional currency, at the period-end exchange rate and translates income and expenses at the average exchange rates in effect during the period. The net effect of this translation is recorded in the consolidated financial statements as a component of Accumulated Other Comprehensive Income (Loss) (AOCI). Recent Accounting Pronouncements There are no newly issued accounting pronouncements that the Company expects to have a material effect on the financial statements. |
Note 2 - Acquisitions and Dives
Note 2 - Acquisitions and Divestiture | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | (2) Acquisitions and Divestiture Molded Fiber On July 26, 2022, pursuant to a share purchase agreement and related agreements, the Company sold its former wholly owned subsidiary Moulded Fibre Technology, Inc. (“MFT”) and related real estate in Iowa to CKF USA INCORPORATED (“CKF”) (a Delaware Corporation) for approximately $31.5 million. The net book value of the assets sold was approximately $15.4 million and the Company recorded a net gain on the sale of approximately $15.7 million, which was recorded in the year ended December 31, 2022. $2.6 million of the purchase price was held in escrow to indemnify CKF against certain claims, losses, and liabilities. The full escrow balance was released in January 2024. The Securities Purchase Agreement contains customary representations, warranties, and covenants customary for transactions of this type. Proceeds from the sale were used to pay down debt on the Company’s revolving credit facility, as well as income tax obligations on the related gain. Advant Medical On March 16, 2022, the Company purchased 100% of the outstanding shares of common stock of Advant Medical, Ltd., Advant Medical Inc., and Advant Medical Costa Rica, Limitada, (together Advant), pursuant to a Stock Purchase Agreement and related agreements, for an aggregate purchase price of €19.0 million in cash along with a working capital adjustment at closing. Total consideration in U.S. Dollars amounted to approximately $21.2 million. The Stock Purchase Agreement contains customary representations, warranties, and covenants customary for transactions of this type. Founded in 1993, Advant is headquartered in Galway, Ireland, with operations in Costa Rica and partner manufacturing in Mexico. Advant is a developer and contract manufacturer of medical devices and packaging, primarily for catheters and guide wires. The following table summarizes the allocation of consideration paid to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands): Fair value of considerations transferred Cash paid at closing $ 23,608 Other liability 395 Cash from Advant (2,840 ) Total consideration $ 21,163 Purchase price allocation Accounts receivable $ 2,299 Inventory 2,410 Other current assets 213 Property, plant, and equipment 5,704 Customer contracts & relationships 2,925 Intellectual property 2,127 Non-compete agreement 259 Lease right of use assets 289 Other assets 41 Goodwill 7,140 Total identifiable assets $ 23,407 Accounts payable (772 ) Accrued expenses (668 ) Income taxes (66 ) Deferred taxes (449 ) Lease liabilities (289 ) Net assets acquired $ 21,163 Acquisition costs associated with the transaction were approximately $789 thousand, of which $759 thousand was charged to expense in the year ended December 31, 2022, and $30 thousand was charged to expense in the year ended December 31, 2021. These costs were primarily for legal, investment banking, and valuation services, as well as stamp duty filings and are reflected on the face of the income statement. The amount of revenue and earnings of Advant recognized since the acquisition date, which is included in the condensed consolidated statement of income for the year ended December 31, 2022, was approximately $20.0 million and $2.4 million, respectively. None of the goodwill related to the Advant acquisition is expected to be deductible for tax purposes Pro-forma statements The following table contains an unaudited pro forma condensed consolidated statement of operations for the years ended December 31, 2022, and 2021, as if the Advant acquisition had occurred at the beginning of 2021 (in thousands): Year Ended December 31, 2022 2021 (Unaudited) (Unaudited) Sales $ 358,196 $ 291,403 Operating Income $ 56,321 $ 29,729 Net income $ 42,311 $ 21,805 Earnings per share: Basic $ 5.59 $ 2.90 Diluted $ 5.52 $ 2.86 The above unaudited pro forma information is presented for illustrative purposes only and may not be indicative of the results of operations that would have occurred had the acquisition occurred as presented. In addition, future results may vary significantly from the results reflected in such pro forma information. DAS Medical On December 22, 2021, the Company purchased 100% of the outstanding membership interests of DAS Medical Holdings, LLC, (DAS Medical) pursuant to a Securities Purchase Agreement, for a net purchase price of $66.7 million in cash. The purchase price was subject to adjustment based upon DAS Medical’s final working capital at closing, and the purchase price may be increased by up to $20.0 million in earn-out payments based upon the achievement of certain EBITDA and/or revenue targets of DAS Medical for the years ended December 31, 2022, 2023, 2024 and 2025. A portion of the purchase price is being held in escrow to indemnify the Company against certain claims, losses, and liabilities. The Securities Purchase Agreement contains customary representations, warranties, and covenants customary for transactions of this type. As a result of the final working capital adjustment, the total consideration was reduced by approximately $115 thousand. In connection with its entry into the Purchase Agreement, the Company also entered into an Agreement for the Purchase and Sale of Personal Goodwill (the “Goodwill Agreement”) with the purchase price beneficiaries. Pursuant to the terms of the Goodwill Agreement, on December 22, 2021, the Company purchased from the beneficiaries their personal goodwill, including business relationships, trade secrets and knowledge in connection with DAS Medical’s business, for a purchase price of $20 million in cash. The Company has also entered into Non-Competition Agreements with the beneficiaries and the Company has agreed to pay additional consideration to the parties to the Non-Competition Agreements, including an aggregate of $10.0 million in payments over the ten Founded in 2010, DAS Medical is headquartered in Atlanta, Georgia, with manufacturing in the Dominican Republic. DAS Medical is a medical device contract manufacturer specializing in the design, development and production of single-use surgical equipment covers, robotic draping systems and fluid control pouches. The following table summarizes the allocation of consideration paid to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands): Fair value of considerations transferred Cash paid at closing $ 95,000 Contingent liability (Earn-out) 5,188 Non-compete agreements 8,855 Cash from DAS (8,316 ) Working capital adjustment (115 ) Total consideration $ 100,612 Purchase price allocation Accounts receivable $ 2,351 Inventory 7,570 Other current assets 68 Property, plant, and equipment 3,314 Customer contracts & relationships 36,730 Intellectual property 2,380 Non-compete agreement 4,697 Lease right of use assets 1,221 Goodwill 51,742 Total identifiable assets $ 110,073 Accounts payable (5,238 ) Accrued expenses (2,995 ) Deferred revenue (7 ) Lease liabilities (1,221 ) Net assets acquired $ 100,612 Acquisition costs associated with the transaction were approximately $448 thousand, of which $155 thousand was charged to expense in the year ended December 31, 2022, and $293 thousand was charged to expense in the year ended December 31, 2021. These costs were primarily for legal and valuation services and are reflected on the face of the income statement. The amount of revenue and net income of DAS Medical recognized since the acquisition date, which is included in the condensed consolidated statement of income for the year ended December 31, 2021, was approximately $1.4 million and $0.1 million, respectively. Contech Medical On October 12, 2021, the Company purchased 100% of the outstanding shares of common stock of Contech Medical, Inc., pursuant to a stock purchase agreement and related agreements, for an aggregate purchase price of $9.5 million in cash, the assumption of a contingent liability of $0.5 million plus up to an additional $5 million based upon the achievement of certain EBITDA targets of Contech for the 12-month period ended June 30, 2022. The purchase price was subject to adjustment based upon Contech’s working capital at closing. A portion of the purchase price is being held in escrow to indemnify the Company against certain claims, losses, and liabilities. The Purchase Agreement contains customary representations, warranties, and covenants customary for transactions of this type. Founded in 1987, Contech is based in Providence, Rhode Island with partner manufacturing in Costa Rica. Contech is a global leader in the design, development, and manufacture of Class III medical device packaging primarily for catheters and guide wires. The Company has leased the Providence location from a realty trust owned by the selling shareholders and affiliates. The lease is for five years with one five-year renewal option. The following table summarizes the allocation of consideration paid to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands): Fair value of consideration transferred: Cash paid at closing $ 9,766 Contingent liability (Earn-out) 4,543 Other liability 500 Cash from Contech (266 ) Total consideration $ 14,543 Purchase Price Allocation: Accounts receivable $ 2,851 Inventory 2,320 Other current assets 37 Property, plant and equipment 1,170 Customer Contracts & Relationships 3,043 Intellectual Property 2,247 Non-Compete agreement 86 Lease right of use assets 1,523 Goodwill 4,278 Total identifiable assets $ 17,555 Accounts payable (1,015 ) Accrued expenses (414 ) Deferred revenue (60 ) Lease liabilities (1,523 ) Net assets acquired $ 14,543 Acquisition costs associated with the transaction were approximately $153 thousand, of which $113 thousand was charged to expense in the year ended December 31, 2022, and $40 thousand was charged to expense in the year ended December 31, 2021. These costs were primarily for legal and valuation services and are reflected on the face of the income statement. The amount of revenue and net income of Contech recognized since the acquisition date, which is included in the condensed consolidated statement of income for the year ended December 31, 2021, was approximately $4.5 million and $0.5 million, respectively. 100% of the goodwill related to the DAS Medical and Contech acquisitions is expected to be deductible for tax purposes. Pro-forma statement The following table contains an unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2021, as if both acquisitions had occurred at the beginning of 2021 (in thousands): Year Ended December 31, 2021 (Unaudited) Sales $ 269,932 Operating Income $ 25,878 Net Income $ 20,562 Earnings per share: Basic $ 2.73 Diluted $ 2.70 The above unaudited pro forma information is presented for illustrative purposes only and may not be indicative of the results of operations that would have occurred had both acquisitions occurred as presented. In addition, future results may vary significantly from the results reflected in such pro forma information. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | (3) Revenue Recognition Disaggregated Revenue The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to our customers (in thousands) (See Note 19 for further information regarding net sales by market): Years Ended December 31, 2023 2022 2021 Net sales of: Products $ 391,460 $ 342,742 $ 201,248 Tooling and Machinery 3,468 6,307 1,814 Engineering services 5,144 4,743 3,258 Total net sales $ 400,072 $ 353,792 $ 206,320 Contract balances The timing of revenue recognition may differ from the timing of invoicing to customers. When invoicing occurs prior to revenue recognition, the Company has deferred revenue (contract liabilities) included within “deferred revenue” on the condensed consolidated balance sheet. The following table presents opening and closing balances of contract liabilities for the years ended December 31, 2023, and 2022 (in thousands): Contract Liabilities Years Ended December 31, 2023 2022 Deferred revenue - beginning of period $ 4,679 $ 4,247 Increases due to consideration received from customers 6,572 6,337 Revenue recognized (4,635 ) (5,330 ) Decrease due to sale of Molded Fiber - (575 ) Deferred revenue - end of period $ 6,616 $ 4,679 Revenue recognized during the years ended December 31, 2023 and 2022 from amounts included in deferred revenue at the beginning of the period was approximately $2.7 million and $2.2 million, respectively. When invoicing occurs after revenue recognition, the Company has unbilled receivables (contract assets) included within “receivables” on the condensed consolidated balance sheet. The following table presents opening and closing balances of contract assets for the years ended December 31, 2023 and 2022 (in thousands): Contract Assets Years Ended December 31, 2023 2022 Unbilled Receivables - beginning of period $ 270 $ 74 Increases due to revenue recognized, not invoiced to customers 3,545 3,653 Decreases due to customer invoicing (3,701 ) (3,457 ) Unbilled Receivables - end of period $ 114 $ 270 |
Note 4 - Supplemental Cash Flow
Note 4 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | (4) Supplemental Cash Flow Information Years Ended December 31, 2023 2022 2021 (in thousands) Cash paid for: Interest $ 3,537 $ 2,721 $ 53 Income taxes, net of refunds 10,568 13,200 5,914 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 536 $ 125 $ 135 Accrued contingent consideration 13,096 14,568 9,731 Present value of non-competition payments 8,474 10,043 9,477 |
Note 5 - Receivables and Allowa
Note 5 - Receivables and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (5) Receivables and Allowance for Credit Losses Receivables consist of the following (in thousands): December 31, 2023 2022 Accounts receivable–trade $ 65,176 $ 55,850 Less allowance for credit losses (727 ) (733 ) Receivables, net $ 64,449 $ 55,117 The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on the aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written-off when determined to be uncollectible. Estimates based on an assessment of anticipated payment and all other historical, current, and future information that is reasonably available are used to determine the allowance. The following table provides a roll-forward of the allowance for credit losses that is deducted from accounts receivable to present the net amount expected to be collected for the years ended December 31, 2023 and 2022 (in thousands): Allowance for Credit Losses Year Ended December 31, 2023 2022 Allowance - beginning of period $ 733 $ 519 Provision for expected credit losses 15 293 Amounts written off against the allowance, net of recoveries (31 ) (55 ) Recoveries 10 15 Decrease due to sale of Molded Fiber business - (39 ) Allowance - end of period $ 727 $ 733 |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (6) Inventories Inventories consist of the following (in thousands): December 31, 2023 2022 Raw materials $ 53,539 $ 42,475 Work in process 7,821 4,183 Finished goods 8,831 6,878 Total Inventory $ 70,191 $ 53,536 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | (7) Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Opening balance $ 113,028 $ 107,905 Acquired in business combinations (See Note 2) - 7,140 DAS working capital adjustment - 196 DAS opening balance sheet reclassification - (243 ) Sale of Molded Fiber - (1,778 ) Foreign currency translation 235 (192 ) Ending balance $ 113,263 $ 113,028 The carrying values of the Company’s definite-lived intangible assets as of December 31, 2023 and 2022 are as follows (in thousands): December 31, 2023 Customer Intellectual Property / Tradename & Brand Non- Total Weighted-average useful life 20 years 11.9 years 9.3 years Gross amount $ 65,270 $ 7,134 $ 5,505 $ 77,909 Accumulated amortization (10,932 ) (1,331 ) (1,530 ) $ (13,793 ) Net balance $ 54,338 $ 5,803 $ 3,975 $ 64,116 December 31, 2022 Customer Intellectual Property / Tradename & Brand Non- Total Weighted-average useful life 20 years 11.9 years 9.3 years Gross amount $ 65,174 $ 7,064 $ 5,497 $ 77,735 Accumulated amortization (7,665 ) (727 ) (982 ) $ (9,374 ) Net balance $ 57,509 $ 6,337 $ 4,515 $ 68,361 Amortization expense related to intangible assets was approximately $4.4 million, $4.4 million, and $1.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. The estimated remaining amortization expense as of December 31, 2023 is as follows (in thousands): 2024 $ 4,401 2025 4,401 2026 4,399 2027 4,397 2028 4,350 Thereafter 42,168 Total $ 64,116 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | (8) Property, Plant and Equipment Property, plant, and equipment consist of the following (in thousands): December 31, 2023 2022 Land and improvements $ 4,849 $ 4,811 Buildings and improvements 34,735 34,446 Leasehold improvements 8,226 5,503 Machinery & equipment 58,343 52,233 Furniture, fixtures, computers & software 6,324 6,401 Construction in progress 6,845 7,272 Property, plant and equipment $ 119,322 $ 110,666 Accumulated depreciation and amortization (57,185 ) (52,594 ) Net property, plant and equipment $ 62,137 $ 58,072 Depreciation and amortization expense of Property, Plant and Equipment for the years ended December 31, 2023, 2022, and 2021 was approximately $7.0 million, $7.5 million, and $7.1 million, respectively. |
Note 9 - Debt
Note 9 - Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (9) Debt On December 22, 2021, the Company, as the borrower, entered into a secured $130 million Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”) with certain of the Company’s subsidiaries (the “Subsidiary Guarantors”) and Bank of America, N.A., in its capacity as the initial lender, Administrative Agent, Swingline Lender and L/C Issuer, and certain other lenders from time-to-time party thereto. The Second Amended and Restated Credit Agreement amends and restates the Company’s prior credit agreement, originally dated as of February 1, 2018. The credit facilities under the Second Amended and Restated Credit Agreement consist of a $40 million secured term loan to the Company and a secured revolving credit facility, under which the Company may borrow up to $90 million. The Second Amended and Restated Credit Agreement matures on December 21, 2026. The secured term loan requires quarterly principal payments of $1 million that commenced on March 31, 2022. The proceeds of the Second Amended and Restated Credit Agreement may be used for general corporate purposes, including funding the acquisition of DAS Medical, as well as certain other permitted acquisitions. The Company’s obligations under the Second Amended and Restated Credit Agreement are guaranteed by the Subsidiary Guarantors and secured by substantially all assets of the Company. The Second Amended and Restated Credit Agreement calls for interest determined by the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus a margin that ranges from 1.25% to 2.0% or, at the discretion of the Company, the bank’s prime rate less a margin that ranges from 0.25% to zero At December 31, 2023, the Company had approximately $32 million in borrowings outstanding under the Second Amended and Restated Credit Agreement, which were used as partial consideration for the DAS Medical and Advant acquisitions, and also had approximately $0.7 million in standby letters of credit outstanding, drawable as a financial guarantee on worker’s compensation insurance policies. At December 31, 2023, the applicable interest rate was approximately 6.7% and the Company was in compliance with all covenants under the Second Amended and Restated Credit Agreement. Long-term debt consists of the following (in thousands): December 31, 2023 Term loan $ 32,000 Total long-term debt 32,000 Current portion (4,000 ) Long-term debt, excluding current portion $ 28,000 Future maturities of long-term debt at December 31, 2023 are as follows ( in thousands Year ended December 31, Term Loan 2024 $ 4,000 2025 4,000 2026 24,000 $ 32,000 |
Note 10 - Accrued Expenses
Note 10 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (10) Accrued Expenses Accrued expenses consist of the following (in thousands): December 31, 2023 2022 Compensation $ 8,741 $ 7,949 Current portion of contingent consideration 5,000 5,000 Current portion of present value of non-competition payments 1,888 1,888 Accrued customer rebates 119 3,493 Other 6,337 4,792 $ 22,085 $ 23,122 |
Note 11 - Income Tax
Note 11 - Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (11) Income Tax The Company’s domestic and foreign net income before provision for income taxes for the years ended December 31, 2023, 2022, and 2021 consists of the following (in thousands): Years Ended December 31, 2023 2022 2021 Domestic $ 26,545 $ 34,654 $ 21,205 Foreign 27,357 18,064 - Total $ 53,902 $ 52,718 $ 21,205 The Company’s income tax provision for the years ended December 31, 2023, 2022, and 2021 consists of the following (in thousands): Years Ended December 31, 2023 2022 2021 Current Federal $ 6,099 $ 11,238 $ 5,793 State 1,784 2,309 1,320 Foreign 272 1,863 - Total Current 8,155 15,410 7,113 Deferred Federal 841 (3,856 ) (1,399 ) State 2 (624 ) (395 ) Foreign (20 ) (1 ) - Total Deferred 823 (4,481 ) (1,794 ) Total income tax provision $ 8,978 $ 10,929 $ 5,319 The approximate tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Reserves $ 603 $ 450 Inventory capitalization - 305 Compensation programs 2,040 2,120 Equity-based compensation 685 690 Lease liability 3,596 3,298 Intangible assets 1,774 1,132 Deferred revenue 963 1,115 Other 21 362 Gross deferred tax assets 9,682 9,472 Valuation allowance - - Net deferred tax assets 9,682 9,472 Deferred tax liabilities: Excess of book over tax basis of fixed assets (2,839 ) (2,782 ) Goodwill (3,095 ) (2,445 ) Right of use asset (3,481 ) (3,245 ) Inventory capitalization (88 ) - Total deferred tax liabilities (9,503 ) (8,472 ) Net long-term deferred tax assets (liabilities) $ 179 $ 1,000 The amounts recorded as deferred tax assets as of December 31, 2023 and 2022 represent the amount of tax benefits of existing deductible temporary differences that are more likely than not to be realized through the generation of sufficient future taxable income. The Company had gross deferred tax assets of approximately $9.7 million on December 31, 2023, that it believes are more likely than not to be realized. Management reviews the recoverability of deferred tax assets during each reporting period. The actual tax provision for the years presented differs from that derived from using a U.S federal statutory rate of 21% to income before income tax expense as follows: Years Ended December 31, 2023 2022 2021 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: State taxes, net of federal tax benefit 2.7 3.2 4.0 Tax credits (0.1 ) (0.7 ) (1.7 ) Return to provision adjustments (3.2 ) - 0.7 Foreign rate differential (9.3 ) (3.7 ) - GILTI impact 4.5 0.8 - FDII impact (0.7 ) - - Excess tax benefits on equity awards (1.9 ) (0.6 ) (0.2 ) 162m limitations 1.9 0.8 0.7 Increases in uncertain tax positions 1.3 - - Other 0.5 (0.1 ) 0.8 Change in valuation allowance - - (0.2 ) Effective tax rate 16.7 % 20.7 % 25.1 % The Company’s foreign subsidiary earnings are subject to current U.S. taxation under the Tax Cuts and Jobs Act of 2017, which also repealed U.S. taxation on the subsequent repatriation of those earnings. The Company intends to repatriate substantially all of its future foreign subsidiary earnings. The repatriation of earnings outside of the U.S. generally does not represent a material net tax impact to the Company. The withholding taxes associated with the Company’s earnings in the Dominican Republic are generally fully creditable against the Company US tax liability and therefore do not produce any incremental tax consequences. The earnings of the Company’s other foreign subsidiaries, and therefore the withholding taxes associated with those earnings, are not material as of December 31, 2023. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions, as well as in Ireland and Costa Rica. It currently does not have a local filing obligation with respect to its subsidiary in the Dominican Republic. The Company has not been audited by any state for income taxes with the exception of returns filed in Michigan which have been audited through 2004, income tax returns filed in Massachusetts which have been audited through 2007 and is currently undergoing an audit for the years 2020 and 2021, income tax returns filed in Florida which have been audited through 2019, income tax returns filed in New Jersey which have been audited through 2012, income tax returns in Colorado which have been audited through 2017, income tax returns in Iowa which have been audited through 2019, and income tax returns in Illinois which is currently undergoing an audit for the years 2020 and 2021. The Company’s federal tax return is currently being audited for the years 2019 and 2020. Federal and state tax returns for the years 2019 2019 The Company applies the accounting guidance in ASC 740 to accounting for uncertainty in income taxes. The Company’s reserves related to taxes are based on determination of whether, and how much of, a tax benefit taken by the Company in its tax filings or positions, is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. The following is a roll forward of the Company’s unrecognized tax benefits (“UTB”) (in thousands): December 31, 2023 2022 Gross UTB balance at beginning of fiscal year $ - $ - Gross increases - tax positions of prior years 670 - Gross UTB balance at end of fiscal year $ 670 $ - As a result of an ongoing IRS audit, the Company, for the year ended December 31, 2023, recorded an uncertain tax benefit of $670 thousand related to disputed research credits taken in prior year’s federal tax returns. The Company did not have any uncertain tax benefits as of December 31, 2022. |
Note 12 - Net Income Per Share
Note 12 - Net Income Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (12) Net Income Per Share Basic income per share is based upon the weighted average common shares outstanding during each year. Diluted income per share is based upon the weighted average of common shares and dilutive common stock equivalent shares outstanding during each year. The weighted average number of shares used to compute both basic and diluted income per share consisted of the following (in thousands): Years Ended December 31, 2023 2022 2021 Basic weighted average common shares outstanding during the year 7,624 7,564 7,524 Weighted average common equivalent shares due to stock options and restricted stock units 77 99 91 Diluted weighted average common shares outstanding during the year 7,701 7,663 7,615 The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options, when the average market price of the common stock is lower than the exercise price of the related options during the period. These outstanding stock awards are not included in the computation of diluted earnings per share because the effect would have been antidilutive. For the years ended December 31, 2023, 2022, and 2021, the number of stock awards excluded from the computation was 4,218, 9,876, and 10,716, respectively. |
Note 13 - Share-based Compensat
Note 13 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | (13) Share-Based Compensation The Company issues share-based awards through several plans that are described in detail below. Incentive Plan In June 2003, the Company formally adopted the 2003 Incentive Plan (the “Plan”). As amended and restated to date, the Plan is intended to benefit the Company by offering equity-based and other incentives to certain of the Company’s executives and employees who are in a position to contribute to the long-term success and growth of the Company, thereby encouraging the continuance of their involvement with the Company and/or its subsidiaries. Two types of equity awards may be granted to participants under the Plan: restricted shares or other stock awards. Restricted shares are shares of common stock awarded subject to restrictions and to possible forfeiture upon the occurrence of specified events. Other stock awards are awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of common stock. Such awards may include Restricted Stock Unit Awards (“RSUs”), incentive and non-qualified stock options, performance shares, or stock appreciation rights. The Company determines the form, terms, and conditions, if any, of any awards made under the Plan. Through December 31, 2023, 1,355,430 shares of common stock were issued under the 2003 Incentive Plan, none 7,935 Director Plan Effective July 15, 1998, the Company adopted the 1998 Director Plan, which was amended and renamed on June 3, 2009 as the 2009 Non-Employee Director Stock Incentive Plan (the “Director Plan”). The Director Plan was amended on March 7, 2013, to (i) prohibit the repricing of stock options or other equity awards without the consent of the Company’s shareholders, and (ii) prohibit the Company from buying out underwater stock options. The Director Plan was amended on June 8, 2022, to increase the maximum number of shares issuable under the Director Plan from 975,000 to 1,075,000. The Director Plan, as amended, provides for the issuance of stock options and other equity-based securities to non-employee members of the Company’s board of directors. Through December 31, 2023, 405,022 options were granted, and 70,553 options are outstanding. For the year ended December 31, 2023, 1,788 RSUs are being reserved for outstanding grants of RSUs and 124,025 shares remain available to be issued under the Director Plan. Share-based compensation Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). Share-based compensation is included in selling, general & administrative expenses as follows (in thousands): Years Ended December 31, Share-based compensation related to: 2023 2022 2021 Common stock grants $ 400 $ 400 $ 400 Stock option grants 432 263 210 RSUs 3,809 2,545 1,818 Total share-based compensation $ 4,641 $ 3,208 $ 2,428 The total income tax benefit recognized in the consolidated statements of income for share-based compensa‐tion arrangements was approximately $2.2 million, $1.3 million, and $0.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Common stock grants The compensation expense for common stock granted during the three-year period ended December 31, 2023, was determined based on the market price of the shares on the date of grant. Stock option grants The compensation expense for stock options granted during the three-year period ended Decem‐ber 31, 2023, was determined as the fair value of the options using the Black Scholes valuation model. The range of assumptions are noted as follows: Years Ended December 31, 2023 2022 2021 Expected volatility 36.6% - 40.6% 34.7% 33.7% Expected dividends None None None Risk-free interest rate 3.6% - 3.9% 2.9% 0.8% Exercise price $111.54 - $167.98 $77.28 $57.34 Expected term (years) 6.2 - 6.8 6.2 6.2 Weighted-average grant date fair value $37.81 - $71.17 $30.37 $19.60 The stock volatility for each grant is determined based on a review of the experience of the weighted average of historical daily price changes of the Company’s common stock over the expected option term, and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected term is estimated based on historical option exercise activity. The following is a summary of stock option activity for the year ended December 31, 2023: Shares Under Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding December 31, 2022 92,075 $ 39.98 Granted 12,153 131.13 Exercised (25,740 ) 30.67 Outstanding December 31, 2023 78,488 $ 57.14 5.56 $ 9,018 Exercisable at December 31, 2023 66,335 $ 43.59 5.48 $ 8,521 Vested and expected to vest at December 31, 2023 78,488 $ 57.14 5.56 $ 9,018 During the years ended December 31, 2023, 2022, and 2021, the total intrinsic value of all options exercised (i.e., the difference between the market price and the price paid by the employees to exercise the options) was approximately $3.0 million, $1.2 million, and $0.2 million, respectively, and the total amount of consideration received from the exercise of these options was approximately $0.8 million, $0.4 million, and $0.2 million, respectively. At its discretion, the Company allows option holders to surrender previously owned common stock in lieu of paying the exercise price and withholding taxes. During the years ended December 31, 2023 and 2022, 861 shares and 1,876 shares were redeemed for this purpose at an average market price of $127.05 and $95.82, respectively. During the year ended December 31, 2021, no RSUs The Company grants RSUs to its directors, executive officers and employees. The stock unit awards are subject to various time-based vesting requirements, and certain portions of these awards are subject to performance criteria of the Company. Compensation expense on these awards is recorded based on the fair value of the award at the date of grant, which is equal to the Company’s closing stock price, and is charged, to expense ratably during the service period. No compensation expense is taken on awards that do not become vested, and the amount of compensation expense recorded is adjusted based on management’s determination of the probability that these awards will become vested. The following table summarizes informa‐tion about stock unit award activity during the year ended December 31, 2023: Restricted Stock Units Weighted Average Award Date Fair Value Outstanding at December 31, 2022 102,048 $ 56.02 Awarded 46,050 113.91 Shares vested (52,126 ) 55.17 Forfeitures (279 ) 106.60 Outstanding at December 31, 2023 95,693 $ 64.82 At the Company’s discretion, RSU holders are given the option to net-share settle to cover the required minimum withholding tax, and the remaining amount is converted into the equivalent number of common shares. During the year ended December 31, 2023, 20,457 shares were redeemed for this purpose at an average market price of $117.95. During the years ended December 31, 2022 and 2021, 19,425 and 14,190 shares were redeemed for this purpose at an average market price of $67.05 and $52.55, respectively. The following summarizes the future share-based compensation expense the Company will record as the equity securities granted through December 31, 2023, vest (in thousands): Options Restricted Total 2024 $ 280 $ 3,048 $ 3,328 2025 19 1,787 1,806 2026 - 206 206 Total $ 299 $ 5,041 $ 5,340 |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | (14) Leases The Company has operating and finance leases for offices, manufacturing plants, vehicles and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the right of use (“ROU”) assets or lease liabilities. These are expensed as incurred and recorded as variable lease expense. The Company determines if an arrangement is a lease at the inception of a contract. Operating and finance lease ROU assets and operating and finance lease liabilities are stated separately in the condensed consolidated balance sheet. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company's lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets are also adjusted for any deferred or accrued rent. As the Company's leases do not typically provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets and lease liabilities consist of the following (in thousands): December 31, 2023 2022 Operating lease ROU assets $ 13,437 $ 12,942 Finance lease ROU assets 151 211 Total ROU assets $ 13,588 $ 13,153 Operating lease liabilities - current $ 3,162 $ 2,458 Finance lease liabilities - current 60 59 Total lease liabilities - current $ 3,222 $ 2,517 Operating lease liabilities - long-term $ 10,719 $ 10,695 Finance lease liabilities - long-term 96 156 Total lease liabilities - long-term $ 10,815 $ 10,851 Year Ended December 31, ($ in thousands) 2023 2022 Lease Cost: Finance lease cost: Amortization of right of use assets $ 60 $ 60 Interest on lease liabilities 4 5 Operating lease cost 3,132 2,621 Variable lease cost 324 304 Short-term lease cost 68 57 Total lease cost $ 3,588 $ 3,047 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 2,979 $ 2,452 Financing cash flows from finance leases 63 63 ROU assets obtained in exchange for operating lease obligations 2,492 329 Weighted-average remaining lease term (years): Finance 2.54 3.54 Operating 4.42 5.34 Weighted-average discount rate: Finance 2.11 % 2.10 % Operating 3.42 % 3.00 % The aggregate future lease payments for leases as of December 31, 2023 were as follows (in thousands): December 31, 2023 Operating (a) Finance 2024 $ 2,813 $ 63 2025 3,137 63 2026 2,764 28 2027 2,519 6 2028 1,190 - Thereafter 2,828 - Total lease payments 15,251 160 Less: Interest (1,370 ) (4 ) Present value of lease liabilities $ 13,881 $ 156 (a) Future operating lease payments have not been reduced by minimum sublease rentals of approximately $1.8 million due in the future under non-cancelable subleases. Rent expense amounted to approximately $2.9 million, $2.6 million, and $1.4 million in 2023, 2022, and 2021, respectively. |
Note 15 - Other Long-term Liabi
Note 15 - Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | (15) Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): December 31, 2023 2022 Accrued contingent consideration (earn-out) $ 8,096 $ 9,568 Present value of non-competition payments 6,586 8,155 Other 499 497 $ 15,181 $ 18,220 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (16) Commitments and Contingencies (a) Legal (b) Contingent Consideration |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | (17) Employee Benefit Plans The Company maintains 401(k) and profit-sharing plans for eligible employees. Contributions to the Plans are made in the form of matching contributions to employee 401(k) deferrals. Contributions to the Plan were approxi‐mately $1.3 million, $0.7 million, and $0.6 million for the years 2023, 2022, and 2021, respectively. The Company has a partially self-insured health insurance program that covers all eligible participating employees. The maximum liability is limited by a stop loss of $225 thousand per insured person, along with an aggregate stop loss determined by the number of participants. The Company has an Executive, Non-qualified “Excess” Plan (“the Plan”), which is a deferred compen‐sa‐tion plan available to certain executives. The Plan permits participants to defer receipt of part of their current compensation to a later date as part of their personal retirement or financial planning. Partici‐pants have an unsecured contractual commitment from the Company to pay amounts due under the Plan. The compensation withheld from Plan participants, together with gains or losses determined by the participants’ deferral elections is reflected as a deferred compensation obligation to participants and is classified within the liabilities section in the accompanying balance sheets. At December 31, 2023 and 2022, the balance of the deferred compensation liability totaled approximately $5.4 million and $4.2 million, respectively. The related assets, which are held in the form of a Company-owned, variable life insurance policy that names the Company as the beneficiary, are classified within the other assets section of the accompanying balance sheets and are accounted for based on the underlying cash surrender values of the policies and totaled approximately $5.3 million and $4.1 million as of December 31, 2023 and 2022, respectively. |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (18) Fair Value of Financial Instruments Financial instruments recorded at fair value in the consolidated balance sheets, or disclosed at fair value in the footnotes, are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels defined by ASC 820, Fair Value Measurements and Disclosures Level 1 Valued based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Valued based on either directly or indirectly observable prices for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 Valued based on management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table presents the fair value and hierarchy levels, for financial assets that are measured at fair value on a recurring basis (in thousands): Level 3 December 31, 2023 December 31, 2022 Purchase price contingent consideration (Note 2): Accrued contingent consideration (earn-out) $ 13,096 $ 14,568 Present value of non-competition payments 8,474 10,043 Total contingent consideration $ 21,570 $ 24,611 The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) (in thousands): December 31, 2021 $ 19,208 Advant acquisition - non-competition agreement 350 Fair value measurement adjustments 10,128 Payments (5,075 ) December 31, 2022 $ 24,611 Fair value measurement adjustments 3,765 Payments (6,806 ) December 31, 2023 $ 21,570 Significant unobservable inputs include revenue and EBITDA projections and risk-free discount rates. In connection with the acquisition of DAS Medical in 2021, the Company is required to make contingent payments, subject to the entities achieving certain financial performance thresholds. The contingent consideration payments for the DAS Medical acquisition are up to $20 million. The Company paid $5 million during the second quarter of 2023. The fair value of the liability for the contingent consideration payments recognized upon the acquisition as part of the purchase accounting opening balance sheets totaled approximately $9.7 million and was estimated by discounting to present value the probability-weighted contingent payments expected to be made. Assumptions used in the initial calculation were managements financial forecasts, discount rate and various volatility factors. The ultimate settlement of contingent consideration could deviate from current estimates based on the actual results of these financial measures. This liability is considered to be a Level 3 financial liability that is re-measured each reporting period. The fair value of the liability for the contingent consideration payments recognized at December 31, 2023 totaled approximately $13.1 million. The change in fair value of contingent consideration for the acquisition is included in change in fair value of contingent consideration in the condensed consolidated statements of comprehensive income. Also in connection with the DAS Medical and Advant Medical acquisitions, the Company has entered into Non-Competition Agreements with the beneficiaries (certain previous owners of DAS and Advant) and the Company has agreed to pay additional consideration to the parties to the Non-Competition Agreements, including an aggregate of $10.0 million in payments over the ten The Company has financial instruments, such as accounts receivable, accounts payable, and accrued expenses, that are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the estimated borrowing rate currently available to the Company. |
Note 19 - Segment Data
Note 19 - Segment Data | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (19) Segment Data The Company consists of a single Revenues shipped to customers outside of the United States comprised approximately 20.8%, 17.5% and 13.9% of the Company’s consolidated revenues for the years ended December 31, 2023, 2022 and 2021, respectively. One No two one The Company’s products are primarily sold to customers within the Medical, Aerospace & Defense, Automotive, and Industrial/Other markets. Sales by market for the years ended December 31, 2023, 2022, and 2021 are as follows (in thousands): 2023 2022 2021 Market Net Sales % Net Sales % Net Sales % Medical $ 346,355 86.6 % $ 286,180 80.9 % $ 132,505 67.2 % Aerospace & Defense 16,990 4.2 % 15,328 4.3 % 16,380 7.9 % Automotive 16,700 4.2 % 17,487 4.9 % 15,596 7.6 % Industrial/Other 20,027 5.0 % 34,797 9.8 % 41,839 20.3 % Net Sales $ 400,072 100.0 % $ 353,792 100.0 % $ 206,320 100.0 % Certain amounts for the year ended December 31, 2022 and 2021 were reclassified between markets to conform to the current year presentation. |
Note 20 - Quarterly Financial I
Note 20 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | (20) Quarterly Financial Information (unaudited) Summarized quarterly financial data is as follows (in thousands, except per share data): 2023 Q1 Q2 Q3 Q4 Net sales $ 97,753 $ 100,037 $ 100,784 $ 101,498 Gross profit 28,701 29,645 27,750 26,129 Net income 9,739 11,883 11,694 11,607 Basic net income per share 1.28 1.56 1.53 1.52 Diluted net income per share 1.27 1.55 1.52 1.51 2022 Q1 Q2 Q3 Q4 Net sales $ 71,242 $ 94,343 $ 96,970 $ 91,237 Gross profit 17,134 24,324 25,523 23,279 Net income 4,858 8,929 19,540 8,462 Basic net income per share 0.64 1.18 2.58 1.12 Diluted net income per share 0.64 1.17 2.56 1.10 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | UFP TECHNOLOGIES, INC. Consolidated Financial Statement Schedule Valuation and Qualifying Accounts Years ended December 31, 2023, 2022, and 2021 Accounts receivable, allowance for credit losses: 2023 2022 2021 Balance at beginning of year $ 733 $ 519 $ 484 Provision for bad debt 15 293 179 Write-offs, net of recoveries (21 ) (40 ) (144 ) Sale of Molded Fiber business - (39 ) - Balance at end of year $ 727 $ 733 $ 519 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | (a) Principles of Consolidation The consolidated financial statements of the Company include the accounts and results of operations of UFP Technologies, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company consists of a single operating and reportable segment. The Company has evaluated all subsequent events through the date of this filing. |
Use of Estimates, Policy [Policy Text Block] | (b) Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including allowance for doubtful accounts and the net realizable value of inventory, and the fair value of goodwill, and the fair value of intangible assets, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Measurement, Policy [Policy Text Block] | (c) Fair Value Measurement The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (d) Fair Value of Financial Instruments Cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the Company’s current incremental borrowing rate. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (e) Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2023 and 2022, the Company did not The Company maintains its cash in bank deposit accounts that at times exceed federally insured limits. The Company periodically reviews the financial stability of institutions holding its accounts and does not believe it is exposed to any significant custodial credit risk. At December 31, 2023 and 2022, cash held by foreign subsidiaries was approximately $3.7 million and $3.2 million, respectively. |
Accounts Receivable [Policy Text Block] | (f) Accounts Receivable The Company periodically reviews the collectability of its accounts receivable. Provisions are recorded for accounts that are potentially uncollectable. Determining adequate reserves for accounts receivable requires management’s judgment. Conditions impacting the realizability of the Company’s receivables could cause actual asset write-offs to be materially different than the reserved balances as of December 31, 2023 and 2022. |
Inventory, Policy [Policy Text Block] | (g) Inventories Inventories include material, labor, and manufacturing overhead and are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out (“FIFO”) method. The Company periodically reviews the realizability of its inventory for potential excess or obsolescence. Determining the net realizable value of inventory requires management’s judgment. Conditions impacting the realizability of the Company’s inventory could cause actual asset write-offs to be materially different than the Company’s current estimates as of December 31, 2023 and 2022. |
Property, Plant and Equipment, Policy [Policy Text Block] | (h) Property, Plant, and Equipment Property, plant, and equipment are stated at cost and are depreciated or amortized using the straight-line method over the estimated useful lives of the assets or the related lease term, if shorter. Estimated useful lives of property, plant, and equipment are as follows: Leasehold improvements Shorter of estimated useful life Buildings and improvements (years) 20 – 30 Machinery and equipment (years) 7 – 10 Furniture, fixtures, computers & software (years) 3 – 7 Property, plant, and equipment amounts are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset’s carrying value over its fair value. No events or changes in circumstances arose during the years ended December 31, 2023, 2022 and 2021 that required management to perform an impairment analysis. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | (i) Goodwill Goodwill is tested for impairment annually and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Impairment testing for goodwill is done at a reporting unit level. Reporting units are one level below the business segment level but can be combined when reporting units within the same segment have similar economic characteris‐tics. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. The Company consists of a single reporting unit. The Company performed a qualitative assessment (“step 0”) as of October 1, 2023 and determined that it was more likely than not that the fair value of its reporting unit exceeded its’ carrying amount. As a result, the Company is not required to proceed to a “step 1” impairment assessment. Factors considered included the 2022 step 1 analysis and the calculated excess fair value over carrying amount, financial performance, forecasts and trends, market cap, regulatory and environmental issues, macro-economic conditions, industry and market considerations, raw material costs and management stability. The Company last performed “step 1” of the goodwill impairment test as of October 1, 2022. In performing the most recent “step 1” evaluation of goodwill impairment, the Company primarily utilized the guideline public company (“GPC”) method under the market approach and the discounted cash flows method (“DCF”) under the income approach to determine the fair value of the reporting unit for purposes of testing the reporting unit’s carrying value of goodwill for impairment. The GPC method derives a valuation by generating a multiple of EBITDA through the comparison of the Company to similar publicly traded companies. The DCF approach derives a value based on the present value of a series of estimated future cash flows at the valuation date by the application of a discount rate, one that a prudent investor would require before making an investment in our equity securities. Based on calculations under the above noted approach, the fair value of the reporting unit significantly exceeded the carrying value of the reporting unit. In performing these calculations, management used its most reasonable estimates of the key assumptions discussed above. If the Company’s actual operating results and/or the key assumptions utilized in management’s calculations differ from our expectations, it is possible that a future impairment charge may be necessary. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | (j) Intangible Assets Intangible assets with a definite life are amortized on a straight-line basis, with estimated useful lives ranging from 5 to 20 years. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that their carrying values may not be recoverable. No events or changes in circumstances arose during the year ended December 31, 2023, 2022 and 2021 that required management to perform an impairment analysis. |
Revenue from Contract with Customer [Policy Text Block] | (k) Revenue Recognition The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for promised goods or services. The Company recognizes revenue in accordance with the core principles of ASC 606 which include (1) identifying the contract with a customer, (2) identifying separate performance obligations within the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing revenue. The Company recognizes all but an immaterial portion of its product sales upon shipment. The Company recognizes revenue from the sale of tooling and machinery primarily upon customer acceptance. The Company recognizes revenue from engineering services, which are primarily product development services, as the services are performed or as otherwise determined based on the substance of the agreement. The Company recognizes revenue from bill-and-hold transactions at the time the specified goods are complete and available to the customer. Standard payment terms are net 30 days unless contract terms state otherwise. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. We do not assess whether a significant financing component exists if the period between when we perform our obligations under the contract and when the customer pays is one year or less. In the ordinary course of business, the Company accepts sales returns from customers for defective goods, such amounts being immaterial. Although only applicable to an insignificant number of transactions, the Company has elected to exclude sales taxes from the transaction price. The Company has elected to account for shipping and handling activities for which the Company is responsible under the terms and conditions of the sale not as performance obligations but rather as fulfillment costs. These activities are required to fulfill the Company’s promise to transfer the goods and are expensed when revenue is recognized. Variable consideration to be included in the transaction price is estimated using either the expected value method or the most likely method based on facts and circumstances. Variable consideration is included in the transaction price if it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The Company has elected to not disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations, as the Company’s contracts have an original expected duration of one year or less, or revenue has been recognized at the amount for which the Company has the right to invoice for engineering services performed. |
Share-Based Payment Arrangement [Policy Text Block] | (l) Share-Based Compensation When accounting for equity instruments exchanged for employee services, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Forfeitures are expensed as they occur. |
Shipping and Handling Costs [Policy Text Block] | (m) Shipping and Handling Costs Costs incurred related to shipping and handling are included in cost of sales. Amounts charged to customers pertaining to these costs are included in net sales. |
Income Tax, Policy [Policy Text Block] | (n) Income Taxes The Company’s income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry‐forwards. Deferred tax expense or benefit results from the net change during the year in deferred tax assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the need for a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. The Company has considered future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. Should the Company determine that it would not likely be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to income in the period such determination was made. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense. |
Segment Reporting, Policy [Policy Text Block] | (o) Segments and Related Information The Company follows the provisions of Accounting Standards Codification (ASC) 280, Segment Reporting |
Stockholders Equity, Treasury Stock [Policy Text Block] | (p) Treasury Stock The Company accounts for treasury stock under the cost method, using the first-in, first out cost flow assumption, and includes treasury stock as a component of stockholders’ equity. The Company did not |
Research and Development Expense, Policy [Policy Text Block] | (q) Research and Development On a routine basis, the Company incurs costs related to research and development activity. These costs are expensed as incurred and are included in “Cost of Sales” on the Consolidated Statements of Comprehensive Income. Approximately $7.2 million, $9.3 million, and $8.5 million were expensed in the years ended December 31, 2023, 2022 and 2021, respectively. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (r) Foreign Currency Translation The Company translates all assets and liabilities of its foreign subsidiaries, where the U.S. dollar is not the functional currency, at the period-end exchange rate and translates income and expenses at the average exchange rates in effect during the period. The net effect of this translation is recorded in the consolidated financial statements as a component of Accumulated Other Comprehensive Income (Loss) (AOCI). |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There are no newly issued accounting pronouncements that the Company expects to have a material effect on the financial statements. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Leasehold improvements Shorter of estimated useful life Buildings and improvements (years) 20 – 30 Machinery and equipment (years) 7 – 10 Furniture, fixtures, computers & software (years) 3 – 7 |
Note 2 - Acquisitions and Div_2
Note 2 - Acquisitions and Divestiture (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair value of considerations transferred Cash paid at closing $ 23,608 Other liability 395 Cash from Advant (2,840 ) Total consideration $ 21,163 Purchase price allocation Accounts receivable $ 2,299 Inventory 2,410 Other current assets 213 Property, plant, and equipment 5,704 Customer contracts & relationships 2,925 Intellectual property 2,127 Non-compete agreement 259 Lease right of use assets 289 Other assets 41 Goodwill 7,140 Total identifiable assets $ 23,407 Accounts payable (772 ) Accrued expenses (668 ) Income taxes (66 ) Deferred taxes (449 ) Lease liabilities (289 ) Net assets acquired $ 21,163 Fair value of considerations transferred Cash paid at closing $ 95,000 Contingent liability (Earn-out) 5,188 Non-compete agreements 8,855 Cash from DAS (8,316 ) Working capital adjustment (115 ) Total consideration $ 100,612 Purchase price allocation Accounts receivable $ 2,351 Inventory 7,570 Other current assets 68 Property, plant, and equipment 3,314 Customer contracts & relationships 36,730 Intellectual property 2,380 Non-compete agreement 4,697 Lease right of use assets 1,221 Goodwill 51,742 Total identifiable assets $ 110,073 Accounts payable (5,238 ) Accrued expenses (2,995 ) Deferred revenue (7 ) Lease liabilities (1,221 ) Net assets acquired $ 100,612 Fair value of consideration transferred: Cash paid at closing $ 9,766 Contingent liability (Earn-out) 4,543 Other liability 500 Cash from Contech (266 ) Total consideration $ 14,543 Purchase Price Allocation: Accounts receivable $ 2,851 Inventory 2,320 Other current assets 37 Property, plant and equipment 1,170 Customer Contracts & Relationships 3,043 Intellectual Property 2,247 Non-Compete agreement 86 Lease right of use assets 1,523 Goodwill 4,278 Total identifiable assets $ 17,555 Accounts payable (1,015 ) Accrued expenses (414 ) Deferred revenue (60 ) Lease liabilities (1,523 ) Net assets acquired $ 14,543 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2022 2021 (Unaudited) (Unaudited) Sales $ 358,196 $ 291,403 Operating Income $ 56,321 $ 29,729 Net income $ 42,311 $ 21,805 Earnings per share: Basic $ 5.59 $ 2.90 Diluted $ 5.52 $ 2.86 Year Ended December 31, 2021 (Unaudited) Sales $ 269,932 Operating Income $ 25,878 Net Income $ 20,562 Earnings per share: Basic $ 2.73 Diluted $ 2.70 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years Ended December 31, 2023 2022 2021 Net sales of: Products $ 391,460 $ 342,742 $ 201,248 Tooling and Machinery 3,468 6,307 1,814 Engineering services 5,144 4,743 3,258 Total net sales $ 400,072 $ 353,792 $ 206,320 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities Years Ended December 31, 2023 2022 Deferred revenue - beginning of period $ 4,679 $ 4,247 Increases due to consideration received from customers 6,572 6,337 Revenue recognized (4,635 ) (5,330 ) Decrease due to sale of Molded Fiber - (575 ) Deferred revenue - end of period $ 6,616 $ 4,679 Contract Assets Years Ended December 31, 2023 2022 Unbilled Receivables - beginning of period $ 270 $ 74 Increases due to revenue recognized, not invoiced to customers 3,545 3,653 Decreases due to customer invoicing (3,701 ) (3,457 ) Unbilled Receivables - end of period $ 114 $ 270 |
Note 4 - Supplemental Cash Fl_2
Note 4 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years Ended December 31, 2023 2022 2021 (in thousands) Cash paid for: Interest $ 3,537 $ 2,721 $ 53 Income taxes, net of refunds 10,568 13,200 5,914 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 536 $ 125 $ 135 Accrued contingent consideration 13,096 14,568 9,731 Present value of non-competition payments 8,474 10,043 9,477 |
Note 5 - Receivables and Allo_2
Note 5 - Receivables and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 2022 Accounts receivable–trade $ 65,176 $ 55,850 Less allowance for credit losses (727 ) (733 ) Receivables, net $ 64,449 $ 55,117 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses Year Ended December 31, 2023 2022 Allowance - beginning of period $ 733 $ 519 Provision for expected credit losses 15 293 Amounts written off against the allowance, net of recoveries (31 ) (55 ) Recoveries 10 15 Decrease due to sale of Molded Fiber business - (39 ) Allowance - end of period $ 727 $ 733 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2023 2022 Raw materials $ 53,539 $ 42,475 Work in process 7,821 4,183 Finished goods 8,831 6,878 Total Inventory $ 70,191 $ 53,536 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 2023 2022 Opening balance $ 113,028 $ 107,905 Acquired in business combinations (See Note 2) - 7,140 DAS working capital adjustment - 196 DAS opening balance sheet reclassification - (243 ) Sale of Molded Fiber - (1,778 ) Foreign currency translation 235 (192 ) Ending balance $ 113,263 $ 113,028 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2023 Customer Intellectual Property / Tradename & Brand Non- Total Weighted-average useful life 20 years 11.9 years 9.3 years Gross amount $ 65,270 $ 7,134 $ 5,505 $ 77,909 Accumulated amortization (10,932 ) (1,331 ) (1,530 ) $ (13,793 ) Net balance $ 54,338 $ 5,803 $ 3,975 $ 64,116 December 31, 2022 Customer Intellectual Property / Tradename & Brand Non- Total Weighted-average useful life 20 years 11.9 years 9.3 years Gross amount $ 65,174 $ 7,064 $ 5,497 $ 77,735 Accumulated amortization (7,665 ) (727 ) (982 ) $ (9,374 ) Net balance $ 57,509 $ 6,337 $ 4,515 $ 68,361 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 $ 4,401 2025 4,401 2026 4,399 2027 4,397 2028 4,350 Thereafter 42,168 Total $ 64,116 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 Land and improvements $ 4,849 $ 4,811 Buildings and improvements 34,735 34,446 Leasehold improvements 8,226 5,503 Machinery & equipment 58,343 52,233 Furniture, fixtures, computers & software 6,324 6,401 Construction in progress 6,845 7,272 Property, plant and equipment $ 119,322 $ 110,666 Accumulated depreciation and amortization (57,185 ) (52,594 ) Net property, plant and equipment $ 62,137 $ 58,072 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2023 Term loan $ 32,000 Total long-term debt 32,000 Current portion (4,000 ) Long-term debt, excluding current portion $ 28,000 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year ended December 31, Term Loan 2024 $ 4,000 2025 4,000 2026 24,000 $ 32,000 |
Note 10 - Accrued Expenses (Tab
Note 10 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2023 2022 Compensation $ 8,741 $ 7,949 Current portion of contingent consideration 5,000 5,000 Current portion of present value of non-competition payments 1,888 1,888 Accrued customer rebates 119 3,493 Other 6,337 4,792 $ 22,085 $ 23,122 |
Note 11 - Income Tax (Tables)
Note 11 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2023 2022 2021 Domestic $ 26,545 $ 34,654 $ 21,205 Foreign 27,357 18,064 - Total $ 53,902 $ 52,718 $ 21,205 Years Ended December 31, 2023 2022 2021 Current Federal $ 6,099 $ 11,238 $ 5,793 State 1,784 2,309 1,320 Foreign 272 1,863 - Total Current 8,155 15,410 7,113 Deferred Federal 841 (3,856 ) (1,399 ) State 2 (624 ) (395 ) Foreign (20 ) (1 ) - Total Deferred 823 (4,481 ) (1,794 ) Total income tax provision $ 8,978 $ 10,929 $ 5,319 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred tax assets: Reserves $ 603 $ 450 Inventory capitalization - 305 Compensation programs 2,040 2,120 Equity-based compensation 685 690 Lease liability 3,596 3,298 Intangible assets 1,774 1,132 Deferred revenue 963 1,115 Other 21 362 Gross deferred tax assets 9,682 9,472 Valuation allowance - - Net deferred tax assets 9,682 9,472 Deferred tax liabilities: Excess of book over tax basis of fixed assets (2,839 ) (2,782 ) Goodwill (3,095 ) (2,445 ) Right of use asset (3,481 ) (3,245 ) Inventory capitalization (88 ) - Total deferred tax liabilities (9,503 ) (8,472 ) Net long-term deferred tax assets (liabilities) $ 179 $ 1,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2023 2022 2021 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: State taxes, net of federal tax benefit 2.7 3.2 4.0 Tax credits (0.1 ) (0.7 ) (1.7 ) Return to provision adjustments (3.2 ) - 0.7 Foreign rate differential (9.3 ) (3.7 ) - GILTI impact 4.5 0.8 - FDII impact (0.7 ) - - Excess tax benefits on equity awards (1.9 ) (0.6 ) (0.2 ) 162m limitations 1.9 0.8 0.7 Increases in uncertain tax positions 1.3 - - Other 0.5 (0.1 ) 0.8 Change in valuation allowance - - (0.2 ) Effective tax rate 16.7 % 20.7 % 25.1 % |
Summary of Income Tax Contingencies [Table Text Block] | December 31, 2023 2022 Gross UTB balance at beginning of fiscal year $ - $ - Gross increases - tax positions of prior years 670 - Gross UTB balance at end of fiscal year $ 670 $ - |
Note 12 - Net Income Per Share
Note 12 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2023 2022 2021 Basic weighted average common shares outstanding during the year 7,624 7,564 7,524 Weighted average common equivalent shares due to stock options and restricted stock units 77 99 91 Diluted weighted average common shares outstanding during the year 7,701 7,663 7,615 |
Note 13 - Share-based Compens_2
Note 13 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs, By Award Type [Table Text Block] | Years Ended December 31, Share-based compensation related to: 2023 2022 2021 Common stock grants $ 400 $ 400 $ 400 Stock option grants 432 263 210 RSUs 3,809 2,545 1,818 Total share-based compensation $ 4,641 $ 3,208 $ 2,428 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2023 2022 2021 Expected volatility 36.6% - 40.6% 34.7% 33.7% Expected dividends None None None Risk-free interest rate 3.6% - 3.9% 2.9% 0.8% Exercise price $111.54 - $167.98 $77.28 $57.34 Expected term (years) 6.2 - 6.8 6.2 6.2 Weighted-average grant date fair value $37.81 - $71.17 $30.37 $19.60 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Under Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding December 31, 2022 92,075 $ 39.98 Granted 12,153 131.13 Exercised (25,740 ) 30.67 Outstanding December 31, 2023 78,488 $ 57.14 5.56 $ 9,018 Exercisable at December 31, 2023 66,335 $ 43.59 5.48 $ 8,521 Vested and expected to vest at December 31, 2023 78,488 $ 57.14 5.56 $ 9,018 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Units Weighted Average Award Date Fair Value Outstanding at December 31, 2022 102,048 $ 56.02 Awarded 46,050 113.91 Shares vested (52,126 ) 55.17 Forfeitures (279 ) 106.60 Outstanding at December 31, 2023 95,693 $ 64.82 |
Schedule of Future Share-based Compensation Expense [Table Text Block] | Options Restricted Total 2024 $ 280 $ 3,048 $ 3,328 2025 19 1,787 1,806 2026 - 206 206 Total $ 299 $ 5,041 $ 5,340 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Leases, Right-of-Use Assets and Liabilities [Table Text block] | December 31, 2023 2022 Operating lease ROU assets $ 13,437 $ 12,942 Finance lease ROU assets 151 211 Total ROU assets $ 13,588 $ 13,153 Operating lease liabilities - current $ 3,162 $ 2,458 Finance lease liabilities - current 60 59 Total lease liabilities - current $ 3,222 $ 2,517 Operating lease liabilities - long-term $ 10,719 $ 10,695 Finance lease liabilities - long-term 96 156 Total lease liabilities - long-term $ 10,815 $ 10,851 |
Lease, Cost [Table Text Block] | Year Ended December 31, ($ in thousands) 2023 2022 Lease Cost: Finance lease cost: Amortization of right of use assets $ 60 $ 60 Interest on lease liabilities 4 5 Operating lease cost 3,132 2,621 Variable lease cost 324 304 Short-term lease cost 68 57 Total lease cost $ 3,588 $ 3,047 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 2,979 $ 2,452 Financing cash flows from finance leases 63 63 ROU assets obtained in exchange for operating lease obligations 2,492 329 Weighted-average remaining lease term (years): Finance 2.54 3.54 Operating 4.42 5.34 Weighted-average discount rate: Finance 2.11 % 2.10 % Operating 3.42 % 3.00 % |
Lessee, Operating and Finance Leases, Liability, Maturity [Table Text Block] | December 31, 2023 Operating (a) Finance 2024 $ 2,813 $ 63 2025 3,137 63 2026 2,764 28 2027 2,519 6 2028 1,190 - Thereafter 2,828 - Total lease payments 15,251 160 Less: Interest (1,370 ) (4 ) Present value of lease liabilities $ 13,881 $ 156 |
Note 15 - Other Long-term Lia_2
Note 15 - Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Other Noncurrent Liabilities [Table Text Block] | December 31, 2023 2022 Accrued contingent consideration (earn-out) $ 8,096 $ 9,568 Present value of non-competition payments 6,586 8,155 Other 499 497 $ 15,181 $ 18,220 |
Note 18 - Fair Value of Finan_2
Note 18 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 3 December 31, 2023 December 31, 2022 Purchase price contingent consideration (Note 2): Accrued contingent consideration (earn-out) $ 13,096 $ 14,568 Present value of non-competition payments 8,474 10,043 Total contingent consideration $ 21,570 $ 24,611 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | December 31, 2021 $ 19,208 Advant acquisition - non-competition agreement 350 Fair value measurement adjustments 10,128 Payments (5,075 ) December 31, 2022 $ 24,611 Fair value measurement adjustments 3,765 Payments (6,806 ) December 31, 2023 $ 21,570 |
Note 19 - Segment Data (Tables)
Note 19 - Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2023 2022 2021 Market Net Sales % Net Sales % Net Sales % Medical $ 346,355 86.6 % $ 286,180 80.9 % $ 132,505 67.2 % Aerospace & Defense 16,990 4.2 % 15,328 4.3 % 16,380 7.9 % Automotive 16,700 4.2 % 17,487 4.9 % 15,596 7.6 % Industrial/Other 20,027 5.0 % 34,797 9.8 % 41,839 20.3 % Net Sales $ 400,072 100.0 % $ 353,792 100.0 % $ 206,320 100.0 % |
Note 20 - Quarterly Financial_2
Note 20 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2023 Q1 Q2 Q3 Q4 Net sales $ 97,753 $ 100,037 $ 100,784 $ 101,498 Gross profit 28,701 29,645 27,750 26,129 Net income 9,739 11,883 11,694 11,607 Basic net income per share 1.28 1.56 1.53 1.52 Diluted net income per share 1.27 1.55 1.52 1.51 2022 Q1 Q2 Q3 Q4 Net sales $ 71,242 $ 94,343 $ 96,970 $ 91,237 Gross profit 17,134 24,324 25,523 23,279 Net income 4,858 8,929 19,540 8,462 Basic net income per share 0.64 1.18 2.58 1.12 Diluted net income per share 0.64 1.17 2.56 1.10 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Summary of Allowance for Doubtful Accounts and Revenue Adjustments [Table Text Block] | 2023 2022 2021 Balance at beginning of year $ 733 $ 519 $ 484 Provision for bad debt 15 293 179 Write-offs, net of recoveries (21 ) (40 ) (144 ) Sale of Molded Fiber business - (39 ) - Balance at end of year $ 727 $ 733 $ 519 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Equivalents, at Carrying Value | $ 0 | $ 0 | |
Cash and Cash Equivalents, Held in Foreign Currency | $ 3,700 | $ 3,200 | |
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 | 0 |
Research and Development Expense | $ 7,200 | $ 9,300 | $ 8,500 |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant, and Equipment (Details) | Dec. 31, 2023 |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 30 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 7 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Furniture, Fixtures, and Computers [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture, Fixtures, and Computers [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 7 years |
Note 2 - Acquisitions and Div_3
Note 2 - Acquisitions and Divestiture (Details Textual) $ in Thousands, € in Millions | 12 Months Ended | ||||||||||
Dec. 22, 2022 USD ($) | Mar. 17, 2022 USD ($) | Mar. 16, 2022 USD ($) | Dec. 22, 2021 USD ($) | Dec. 21, 2021 USD ($) | Oct. 12, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Jul. 26, 2022 USD ($) | |
Gain (Loss) on Disposition of Business | $ 0 | $ 15,651 | $ 0 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 20,653 | 96,178 | ||||||||
Business Combination, Acquisition Related Costs | $ 0 | 1,027 | 430 | ||||||||
Advant Medical [Member] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | € | € 19 | ||||||||||
Payments to Acquire Businesses, Gross | $ 23,608 | $ 21,200 | |||||||||
Business Combination, Acquisition Related Costs | $ 789 | 759 | 30 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 20,000 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 2,400 | ||||||||||
DAS Medical [Member] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | 100% | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 66,700 | ||||||||||
Payments to Acquire Businesses, Gross | $ 95,000 | ||||||||||
Business Combination, Acquisition Related Costs | 448 | $ 155 | 293 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,400 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 100 | ||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 20,000 | ||||||||||
Business Combination, Working Capital Adjustment | (115,000) | $ 115 | |||||||||
DAS Medical [Member] | Goodwill Agreement [Member] | |||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 20,000 | ||||||||||
DAS Medical [Member] | Non-Competition Agreements [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 10,000 | $ 10,000 | |||||||||
Business Combination, Agreement Term (Year) | 10 years | 10 years | 10 years | 10 years | |||||||
Contech Medical, Inc [Member] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 9,500 | ||||||||||
Payments to Acquire Businesses, Gross | 9,766 | ||||||||||
Business Combination, Acquisition Related Costs | $ 153 | $ 113 | 40 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 4,500 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 500 | ||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 5,000 | ||||||||||
Business Combination, Contingent Consideration, Liability | $ 500 | ||||||||||
molded fiber business (“MFT”) and related real estate in Iowa [Member] | |||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 31,500 | ||||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 15,400 | ||||||||||
Gain (Loss) on Disposition of Business | $ 15,700 | ||||||||||
Disposal Group, Including Discontinued Operation, Consideration, Held in Escrow | $ 2,600 |
Note 2 - Acquisitions - Assets
Note 2 - Acquisitions - Assets Acquires and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 17, 2022 | Mar. 16, 2022 | Dec. 22, 2021 | Dec. 21, 2021 | Oct. 12, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 113,263 | $ 113,028 | $ 107,905 | |||||
DAS Medical [Member] | ||||||||
Cash paid at closing | $ 95,000 | |||||||
Contingent liability (Earn-out) | 5,188 | |||||||
Cash from Advant | (8,316) | |||||||
Non-compete agreements | 8,855 | |||||||
Total consideration | 100,612 | |||||||
Working capital adjustment | $ 115,000 | (115) | ||||||
Accounts receivable | 2,351 | |||||||
Inventory | 7,570 | |||||||
Other current assets | 68 | |||||||
Property, plant, and equipment | 3,314 | |||||||
Lease right of use assets | 1,221 | |||||||
Goodwill | 51,742 | |||||||
Total identifiable assets | 110,073 | |||||||
Accounts payable | (5,238) | |||||||
Accrued expenses | (2,995) | |||||||
Deferred revenue | (7) | |||||||
Lease liabilities | (1,221) | |||||||
Net assets acquired | 100,612 | |||||||
DAS Medical [Member] | Customer Contracts and Relationships [Member] | ||||||||
Customer contracts & relationships | 36,730 | |||||||
DAS Medical [Member] | Intellectual Property [Member] | ||||||||
Customer contracts & relationships | 2,380 | |||||||
DAS Medical [Member] | Noncompete Agreements [Member] | ||||||||
Customer contracts & relationships | $ 4,697 | |||||||
Contech Medical, Inc [Member] | ||||||||
Cash paid at closing | $ 9,766 | |||||||
Other liability | 500 | |||||||
Contingent liability (Earn-out) | 4,543 | |||||||
Cash from Advant | (266) | |||||||
Total consideration | 14,543 | |||||||
Accounts receivable | 2,851 | |||||||
Inventory | 2,320 | |||||||
Other current assets | 37 | |||||||
Property, plant, and equipment | 1,170 | |||||||
Lease right of use assets | 1,523 | |||||||
Goodwill | 4,278 | |||||||
Total identifiable assets | 17,555 | |||||||
Accounts payable | (1,015) | |||||||
Accrued expenses | (414) | |||||||
Deferred revenue | (60) | |||||||
Lease liabilities | (1,523) | |||||||
Net assets acquired | 14,543 | |||||||
Contech Medical, Inc [Member] | Customer Contracts and Relationships [Member] | ||||||||
Customer contracts & relationships | 3,043 | |||||||
Contech Medical, Inc [Member] | Intellectual Property [Member] | ||||||||
Customer contracts & relationships | 2,247 | |||||||
Contech Medical, Inc [Member] | Noncompete Agreements [Member] | ||||||||
Customer contracts & relationships | $ 86 | |||||||
Advant Medical [Member] | ||||||||
Cash paid at closing | $ 23,608 | $ 21,200 | ||||||
Other liability | 395 | |||||||
Cash from Advant | (2,840) | |||||||
Total consideration | 21,163 | |||||||
Accounts receivable | 2,299 | |||||||
Inventory | 2,410 | |||||||
Other current assets | 213 | |||||||
Property, plant, and equipment | 5,704 | |||||||
Lease right of use assets | 289 | |||||||
Other assets | 41 | |||||||
Goodwill | 7,140 | |||||||
Total identifiable assets | 23,407 | |||||||
Accounts payable | (772) | |||||||
Accrued expenses | (668) | |||||||
Income taxes | (66) | |||||||
Deferred taxes | (449) | |||||||
Lease liabilities | (289) | |||||||
Net assets acquired | 21,163 | |||||||
Advant Medical [Member] | Customer Contracts and Relationships [Member] | ||||||||
Customer contracts & relationships | 2,925 | |||||||
Advant Medical [Member] | Intellectual Property [Member] | ||||||||
Customer contracts & relationships | 2,127 | |||||||
Advant Medical [Member] | Noncompete Agreements [Member] | ||||||||
Customer contracts & relationships | $ 259 |
Note 2 - Acquisition - Pro Form
Note 2 - Acquisition - Pro Forma Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Advant Medical [Member] | ||
Sales | $ 358,196 | $ 291,403 |
Operating Income | 56,321 | 29,729 |
Net Income | $ 42,311 | $ 21,805 |
Basic (in dollars per share) | $ 5.59 | $ 2.9 |
Diluted (in dollars per share) | $ 5.52 | $ 2.86 |
Contech Medical, Inc and DAS Medical [Member] | ||
Sales | $ 269,932 | |
Operating Income | 25,878 | |
Net Income | $ 20,562 | |
Basic (in dollars per share) | $ 2.73 | |
Diluted (in dollars per share) | $ 2.7 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Revenue [Member] | ||
Contract with Customer, Liability, Revenue Recognized | $ 2.7 | $ 2.2 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenue Disaggregated by the Major Types of Goods and Services Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 101,498 | $ 100,784 | $ 100,037 | $ 97,753 | $ 91,237 | $ 96,970 | $ 94,343 | $ 71,242 | $ 400,072 | $ 353,792 | $ 206,320 |
Product [Member] | |||||||||||
Net sales | 391,460 | 342,742 | 201,248 | ||||||||
Tooling and Machinery [Member] | |||||||||||
Net sales | 3,468 | 6,307 | 1,814 | ||||||||
Engineering and Development [Member] | |||||||||||
Net sales | $ 5,144 | $ 4,743 | $ 3,258 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred revenue - beginning of period | $ 4,679 | $ 4,247 |
Unbilled Receivables - beginning of period | 270 | 74 |
Increases due to consideration received from customers | 6,572 | 6,337 |
Increases due to revenue recognized, not invoiced to customers | 3,545 | 3,653 |
Revenue recognized | (4,635) | (5,330) |
Decreases due to customer invoicing | (3,701) | (3,457) |
Decrease due to sale of Molded Fiber | 0 | (575) |
Unbilled Receivables - end of period | 114 | 270 |
Deferred revenue - end of period | $ 6,616 | $ 4,679 |
Note 4 - Supplemental Cash Fl_3
Note 4 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for: | |||
Interest | $ 3,537 | $ 2,721 | $ 53 |
Income taxes, net of refunds | 10,568 | 13,200 | 5,914 |
Non-cash investing and financing activities: | |||
Capital additions accrued but not yet paid | 536 | 125 | 135 |
Accrued contingent consideration | 13,096 | 14,568 | 9,731 |
Present value of non-competition payments | $ 8,474 | $ 10,043 | $ 9,477 |
Note 5 - Receivables and Allo_3
Note 5 - Receivables and Allowance for Credit Losses - Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable–trade | $ 65,176 | $ 55,850 |
Less allowance for credit losses | (727) | (733) |
Receivables, net | $ 64,449 | $ 55,117 |
Note 5 - Receivables and Allo_4
Note 5 - Receivables and Allowance for Credit Losses - Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance - beginning of period | $ 733 | $ 519 |
Provision for expected credit losses | 15 | 293 |
Amounts written off against the allowance, net of recoveries | (31) | (55) |
Recoveries | 10 | 15 |
Decrease due to sale of Molded Fiber business | 0 | (39) |
Allowance - end of period | $ 727 | $ 733 |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 53,539 | $ 42,475 |
Work in process | 7,821 | 4,183 |
Finished goods | 8,831 | 6,878 |
Total Inventory | $ 70,191 | $ 53,536 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of Intangible Assets | $ 4.4 | $ 4.4 | $ 1.3 |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Opening balance | $ 113,028 | $ 107,905 |
Acquired in business combinations (See Note 2) | 0 | 7,140 |
DAS working capital adjustment | 0 | 196 |
DAS opening balance sheet reclassification | 0 | (243) |
Sale of Molded Fiber | 0 | (1,778) |
Foreign currency translation | 235 | (192) |
Ending balance | $ 113,263 | $ 113,028 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gross amount | $ 77,909 | $ 77,735 |
Accumulated amortization | (13,793) | (9,374) |
Net balance | $ 64,116 | $ 68,361 |
Customer Lists [Member] | ||
Weighted-average useful life (Year) | 20 years | 20 years |
Gross amount | $ 65,270 | $ 65,174 |
Accumulated amortization | (10,932) | (7,665) |
Net balance | $ 54,338 | $ 57,509 |
Intellectual Property/ Tradename and Brand [Member] | ||
Weighted-average useful life (Year) | 11 years 10 months 24 days | 11 years 10 months 24 days |
Gross amount | $ 7,134 | $ 7,064 |
Accumulated amortization | (1,331) | (727) |
Net balance | $ 5,803 | $ 6,337 |
Noncompete Agreements [Member] | ||
Weighted-average useful life (Year) | 9 years 3 months 18 days | 9 years 6 months |
Gross amount | $ 5,505 | $ 5,497 |
Accumulated amortization | (1,530) | (982) |
Net balance | $ 3,975 | $ 4,515 |
Note 7 - Goodwill and Other I_6
Note 7 - Goodwill and Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 4,401 |
2025 | 4,401 |
2026 | 4,399 |
2027 | 4,397 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 4,350 |
Thereafter | 42,168 |
Total | $ 64,116 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Depletion and Amortization, Nonproduction | $ 7 | $ 7.5 | $ 7.1 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, plant and equipment | $ 119,322 | $ 110,666 |
Accumulated depreciation and amortization | (57,185) | (52,594) |
Net property, plant and equipment | 62,137 | 58,072 |
Land and Land Improvements [Member] | ||
Property, plant and equipment | 4,849 | 4,811 |
Building and Building Improvements [Member] | ||
Property, plant and equipment | 34,735 | 34,446 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 8,226 | 5,503 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | 58,343 | 52,233 |
Furniture, Fixtures, and Computers [Member] | ||
Property, plant and equipment | 6,324 | 6,401 |
Construction in Progress [Member] | ||
Property, plant and equipment | $ 6,845 | $ 7,272 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Millions | Dec. 22, 2021 | Dec. 31, 2023 |
Long-Term Debt | $ 32 | |
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | ||
Debt Instrument, Face Amount | $ 130 | |
Long-Term Debt | 32 | |
Letters of Credit Outstanding, Amount | $ 0.7 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.70% | |
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Bloomberg Short-term Bank Yield Index Rate [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Bloomberg Short-term Bank Yield Index Rate [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2% | |
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Prime Rate [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Prime Rate [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0% | |
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Secured Term Loan [Member] | ||
Debt Instrument, Face Amount | $ 40 | |
Line of Credit Facility, Maximum Borrowing Capacity | 90 | |
Debt Instrument, Periodic Payment, Principal | $ 1 |
Note 9 - Debt - Long-term Debt
Note 9 - Debt - Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Total long-term debt | $ 32 | |
Current portion | (4) | $ (4) |
Long-term debt, excluding current portion | 28 | $ 51 |
Term Loan [Member] | ||
Total long-term debt | $ 32 |
Note 9 - Debt - Schedule of Mat
Note 9 - Debt - Schedule of Maturity (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Long-Term Debt | $ 32 |
Revolving Credit Facility [Member] | Line of Credit [Member] | |
2024 | 4 |
2025 | 4 |
2026 | $ 24 |
Note 10 - Accrued Expenses - Ac
Note 10 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Compensation | $ 8,741 | $ 7,949 |
Current portion of contingent consideration | 5,000 | 5,000 |
Current portion of present value of non-competition payments | 1,888 | 1,888 |
Accrued customer rebates | 119 | 3,493 |
Other | 6,337 | 4,792 |
Accrued Liabilities, Current | $ 22,085 | $ 23,122 |
Note 11 - Income Tax (Details T
Note 11 - Income Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Tax Assets, Gross | $ 9,682 | $ 9,472 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Domestic Tax Authority [Member] | |||
Open Tax Year | 2019 2020 2021 2022 | ||
Foreign Tax Authority [Member] | |||
Open Tax Year | 2019 2020 2021 2022 |
Note 11 - Income Tax - Income T
Note 11 - Income Tax - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Domestic | $ 26,545 | $ 34,654 | $ 21,205 |
Federal | 6,099 | 11,238 | 5,793 |
Foreign | 27,357 | 18,064 | 0 |
State | 1,784 | 2,309 | 1,320 |
Income before income tax provision | 53,902 | 52,718 | 21,205 |
Foreign | 272 | 1,863 | 0 |
Total Current | 8,155 | 15,410 | 7,113 |
Federal | 841 | (3,856) | (1,399) |
State | 2 | (624) | (395) |
Foreign | (20) | (1) | 0 |
Total Deferred | 823 | (4,481) | (1,794) |
Total income tax provision | $ 8,978 | $ 10,929 | $ 5,319 |
Note 11 - Income Tax - Deferred
Note 11 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Reserves | $ 603 | $ 450 |
Inventory capitalization | 0 | 305 |
Compensation programs | 2,040 | 2,120 |
Equity-based compensation | 685 | 690 |
Lease liability | 3,596 | 3,298 |
Intangible assets | 1,774 | 1,132 |
Deferred revenue | 963 | 1,115 |
Other | 21 | 362 |
Gross deferred tax assets | 9,682 | 9,472 |
Valuation allowance | 0 | 0 |
Net deferred tax assets | 9,682 | 9,472 |
Excess of book over tax basis of fixed assets | (2,839) | (2,782) |
Goodwill | (3,095) | (2,445) |
Right of use asset | (3,481) | (3,245) |
us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedInventoryCosts | 88 | 0 |
Total deferred tax liabilities | (9,503) | (8,472) |
Net long-term deferred tax assets (liabilities) | $ 179 | $ 1,000 |
Note 11 - Income Tax - Income_2
Note 11 - Income Tax - Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
State taxes, net of federal tax benefit | 2.70% | 3.20% | 4% |
Tax credits | (0.10%) | (0.70%) | (1.70%) |
Return to provision adjustments | (3.20%) | 0% | 0.70% |
Foreign rate differential | (9.30%) | (3.70%) | 0% |
GILTI impact | 4.50% | 0.80% | 0% |
FDII impact | (0.70%) | 0% | 0% |
Excess tax benefits on equity awards | (1.90%) | (0.60%) | (0.20%) |
162m limitations | 1.90% | 0.80% | 0.70% |
Increases in uncertain tax positions | 1.30% | 0% | 0% |
Other | 0.50% | (0.10%) | 0.80% |
Change in valuation allowance | 0% | 0% | (0.20%) |
Effective tax rate | 16.70% | 20.70% | 25.10% |
Note 11 - Income Tax - Schedule
Note 11 - Income Tax - Schedule of Uncertain Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Gross UTB balance at beginning of fiscal year | $ 0 | $ 0 |
Gross increases - tax positions of prior years | 670 | 0 |
Gross UTB balance at end of fiscal year | $ 670 | $ 0 |
Note 12 - Net Income Per Shar_2
Note 12 - Net Income Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,218 | 9,876 | 10,716 |
Note 12 - Net Income Per Shar_3
Note 12 - Net Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic (in shares) | 7,624 | 7,564 | 7,524 |
Weighted average common equivalent shares due to stock options and restricted stock units (in shares) | 77 | 99 | 91 |
Diluted weighted average common shares outstanding during the year (in shares) | 7,701 | 7,663 | 7,615 |
Note 13 - Share-based Compens_3
Note 13 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 247 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Jun. 09, 2022 | Jun. 08, 2022 | |
Proceeds from Stock Options Exercised | $ 680 | $ 390 | $ 162 | |||
Shares Paid for Tax Withholding for Share Based Compensation Market Price (in dollars per share) | $ 117.95 | |||||
Employee and Nonemployee Stock Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 12,153 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 78,488 | 92,075 | 78,488 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,000 | $ 1,200 | 200 | |||
Proceeds from Stock Options Exercised | $ 800 | $ 400 | $ 200 | |||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 861 | 1,876 | 0 | |||
Shares Paid For Tax Withholding For Share Based Compensation, Average Market Price | $ 127.05 | $ 95.82 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 20,457 | 19,425 | 14,190 | |||
Shares Paid for Tax Withholding for Share Based Compensation Market Price (in dollars per share) | $ 67.05 | $ 52.55 | ||||
The 2003 Incentive Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 1,355,430 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 192,935 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 707,011 | 707,011 | ||||
The 2003 Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 0 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 93,905 | 93,905 | ||||
Nonemployee Director Stock Incentive Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 405,022 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 70,553 | 70,553 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 1,075,000 | 975,000 | ||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 2,200 | $ 1,300 | $ 800 | |||
Nonemployee Director Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,788 | 1,788 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 124,025 | 124,025 |
Note 13 - Share-based Compens_4
Note 13 - Share-based Compensation - Compensation Cost (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total share-based compensation | $ 4,641 | $ 3,208 | $ 2,428 |
RSUs | 4,641 | 3,208 | 2,428 |
Common Stock [Member] | |||
Total share-based compensation | 400 | 400 | 400 |
RSUs | 400 | 400 | 400 |
Employee and Nonemployee Stock Option [Member] | |||
Total share-based compensation | 432 | 263 | 210 |
RSUs | 432 | 263 | 210 |
Restricted Stock Units (RSUs) [Member] | |||
Total share-based compensation | 3,809 | 2,545 | 1,818 |
RSUs | $ 3,809 | $ 2,545 | $ 1,818 |
Note 13 - Share-based Compens_5
Note 13 - Share-based Compensation - Black-Scholes Option Pricing Model (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 34.70% | 33.70% | ||
Expected volatility | 34.70% | 33.70% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.90% | 0.80% | ||
Risk-free interest rate | 2.90% | 0.80% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price | $ 77.28 | $ 57.34 | ||
Exercise price (in dollars per share) | $ 77.28 | $ 57.34 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 6 years 2 months 12 days | 6 years 2 months 12 days | ||
Expected term (years) (Year) | 6 years 2 months 12 days | 6 years 2 months 12 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 30.37 | $ 19.6 | ||
Weighted-average grant date fair value (in dollars per share) | $ 30.37 | $ 19.6 | ||
Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 36.60% | |||
Expected volatility | 36.60% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.60% | |||
Risk-free interest rate | 3.60% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price | $ 111.54 | |||
Exercise price (in dollars per share) | $ 111.54 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 6 years 2 months 12 days | |||
Expected term (years) (Year) | 6 years 2 months 12 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 37.81 | |||
Weighted-average grant date fair value (in dollars per share) | $ 37.81 | |||
Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 40.60% | |||
Expected volatility | 40.60% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.90% | |||
Risk-free interest rate | 3.90% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price | $ 167.98 | |||
Exercise price (in dollars per share) | $ 167.98 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 6 years 9 months 18 days | |||
Expected term (years) (Year) | 6 years 9 months 18 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 71.17 | |||
Weighted-average grant date fair value (in dollars per share) | $ 71.17 |
Note 13 - Share-based Compens_6
Note 13 - Share-based Compensation - Summary of Stock Option Activity (Details) - Employee and Nonemployee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 | |
Outstanding December 31, 2021 (in shares) | 92,075 |
Outstanding December 31, 2021 (in dollars per share) | $ 39.98 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 12,153 |
Granted (in dollars per share) | $ 131.13 |
Exercised (in shares) | (25,740) |
Exercised (in dollars per share) | $ 30.67 |
Outstanding December 31, 2022 (in shares) | 78,488 |
Outstanding December 31, 2022 (in dollars per share) | $ 57.14 |
Outstanding December 31, 2022 (Year) | 5 years 6 months 21 days |
Outstanding December 31, 2022 | $ 9,018 |
Exercisable at December 31, 2022 (in shares) | 66,335 |
Exercisable at December 31, 2022 (in dollars per share) | $ 43.59 |
Exercisable at December 31, 2022 (Year) | 5 years 5 months 23 days |
Exercisable at December 31, 2022 | $ 8,521 |
Vested and expected to vest at December 31, 2022 (in shares) | 78,488 |
Vested and expected to vest at December 31, 2022 (in dollars per share) | $ 57.14 |
Vested and expected to vest at December 31, 2022 (Year) | 5 years 6 months 21 days |
Vested and expected to vest at December 31, 2022 | $ 9,018 |
Note 13 - Share-based Compens_7
Note 13 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Outstanding at December 31, 2021 (in shares) | shares | 102,048 |
Outstanding at December 31, 2021 (in dollars per share) | $ / shares | $ 56.02 |
Awarded (in shares) | shares | 46,050 |
Awarded (in dollars per share) | $ / shares | $ 113.91 |
Shares vested (in shares) | shares | (52,126) |
Shares vested (in dollars per share) | $ / shares | $ 55.17 |
Forfeitures (in shares) | shares | (279) |
Forfeitures (in dollars per share) | $ / shares | $ 106.6 |
Outstanding at December 31, 2022 (in shares) | shares | 95,693 |
Outstanding at December 31, 2022 (in dollars per share) | $ / shares | $ 64.82 |
Note 13 - Share-based Compens_8
Note 13 - Share-based Compensation - Future Share-based Compensation Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 23, 2023 |
2024 | $ 3,328 | |
2025 | 1,806 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost, Year Three | 206 | |
Total | 5,340 | |
Employee and Nonemployee Stock Option [Member] | ||
2024 | 280 | |
2025 | 19 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost, Year Three | 0 | |
Total | $ 299 | |
Restricted Stock Units (RSUs) [Member] | ||
2024 | $ 3,048 | |
2025 | 1,787 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost, Year Three | 206 | |
Total | $ 5,041 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sublease Income | $ 1.8 | ||
Operating Lease, Expense | $ 2.9 | $ 2.6 | $ 1.4 |
Note 14 - Leases - Right-of-Use
Note 14 - Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total ROU assets | $ 13,588 | $ 13,153 |
Total lease liabilities - current | 3,222 | 2,517 |
Total lease liabilities - long-term | 10,815 | 10,851 |
Right of Use Assets [Member] | ||
Operating lease ROU assets | 13,437 | 12,942 |
Finance lease ROU assets | 151 | 211 |
Total ROU assets | 13,588 | 13,153 |
Lease Liabilities, Current [Member] | ||
Operating lease liabilities - current | 3,162 | 2,458 |
Finance lease liabilities - current | 60 | 59 |
Total lease liabilities - current | 3,222 | 2,517 |
Lease Liabilities, Noncurrent [Member] | ||
Operating lease liabilities - long-term | 10,719 | 10,695 |
Finance lease liabilities - long-term | 96 | 156 |
Total lease liabilities - long-term | $ 10,815 | $ 10,851 |
Note 14 - Leases - Lease Cost (
Note 14 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Cost: | |||
Amortization of right of use assets | $ 60 | $ 60 | |
Interest on lease liabilities | 4 | 5 | |
Operating lease cost | 3,132 | 2,621 | |
Variable lease cost | 324 | 304 | |
Short-term lease cost | 68 | 57 | |
Total lease cost | 3,588 | 3,047 | |
Operating cash flows from operating leases | 2,979 | 2,452 | |
Financing cash flows from finance leases | 63 | 63 | $ 29 |
ROU assets obtained in exchange for finance lease obligations | $ 2,492 | $ 329 | |
Finance (Year) | 2 years 6 months 14 days | 3 years 6 months 14 days | |
Operating (Year) | 4 years 5 months 1 day | 5 years 4 months 2 days | |
Finance | 2.11% | 2.10% | |
Operating | 3.42% | 3% |
Note 14 - Leases - Aggregate Fu
Note 14 - Leases - Aggregate Future Lease Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) | |
2024 | $ 2,813 | [1] |
2024 | 63 | |
2025 | 3,137 | [1] |
2025 | 63 | |
2026 | 2,764 | [1] |
2026 | 28 | |
2027 | 2,519 | [1] |
2027 | 6 | |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 1,190 | [1] |
Finance Lease, Liability, to be Paid, Year Five | 0 | |
Thereafter | 2,828 | [1] |
Thereafter | 0 | |
Total lease payments | 15,251 | [1] |
Total lease payments | 160 | |
Less: Interest | (1,370) | [1] |
Less: Interest | (4) | |
Present value of lease liabilities | 13,881 | [1] |
Present value of lease liabilities | $ 156 | |
[1]Future operating lease payments have not been reduced by minimum sublease rentals of approximately $1.8 million due in the future under non-cancelable subleases. |
Note 15 - Other Long-term Lia_3
Note 15 - Other Long-term Liabilities - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
us-gaap_BusinessCombinationContingentConsiderationLiabilityNoncurrent | $ 8,096 | $ 9,568 |
Present value of non-competition payments | 6,586 | 8,155 |
Other | 499 | 497 |
Other Liabilities, Noncurrent | $ 15,181 | $ 18,220 |
Note 17 - Employee Benefit Pl_2
Note 17 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Cost | $ 1,300 | $ 700 | $ 600 |
Self-insured Health Insurance Program, Stop Loss Amount | 225 | ||
Deferred Compensation Liability, Classified, Noncurrent | 5,412 | 4,167 | |
Assets for Plan Benefits, Defined Benefit Plan | $ 5,300 | $ 4,100 |
Note 18 - Fair Value of Finan_3
Note 18 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 22, 2022 | Dec. 22, 2021 | Dec. 21, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Payment for Contingent Consideration Liability, Financing Activities | $ 5,000 | $ 4,543 | $ 0 | |||
Fair value measurement adjustments | 3,527 | 9,837 | 0 | |||
Present Value of Non-competition Agreement | 8,474 | 10,043 | 9,477 | |||
Contech Medical, Inc and DAS Medical [Member] | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 20,000 | |||||
Payment for Contingent Consideration Liability, Financing Activities | 5,000 | |||||
Business Combination, Contingent Consideration, Liability | 9,700 | |||||
Fair value measurement adjustments | $ 13,100 | |||||
DAS Medical [Member] | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 5,188 | |||||
Payments to Acquire Businesses, Gross | $ 95,000 | |||||
Present Value of Non-competition Agreement | $ 8,500 | |||||
DAS Medical [Member] | Non-Competition Agreements [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 10,000 | $ 10,000 | ||||
Business Combination, Agreement Term (Year) | 10 years | 10 years | 10 years |
Note 18 - Fair Value of Finan_4
Note 18 - Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Present value of non-competition payments | $ 8,474 | $ 10,043 | $ 9,477 |
Fair Value, Inputs, Level 3 [Member] | |||
Accrued contingent consideration (earn-out) | 21,570 | 24,611 | $ 19,208 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Accrued contingent consideration (earn-out) | 13,096 | 14,568 | |
Present value of non-competition payments | 8,474 | 10,043 | |
Total contingent consideration | $ 21,570 | $ 24,611 |
Note 18 - Fair Value of Finan_5
Note 18 - Fair Value of Financial Instruments - Changes in Amount of Contingent Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair value measurement adjustments | $ 3,527 | $ 9,837 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | |||
Business Combination, Contingent Consideration, Liability | 21,570 | 24,611 | $ 19,208 |
Fair value measurement adjustments | 3,765 | 10,128 | |
Payments | $ (6,806) | (5,075) | |
Fair Value, Inputs, Level 3 [Member] | Noncompete Agreements [Member] | |||
Business Combination, Contingent Consideration, Liability | $ 350 |
Note 19 - Segment Data (Details
Note 19 - Segment Data (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Operating Segments | 1 | ||
Number of Reportable Segments | 1 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 1 | 1 | 0 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 28.10% | 21.50% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Geographic Distribution, Foreign [Member] | |||
Concentration Risk, Percentage | 20.80% | 17.50% | 13.90% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Major Customers | 1 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 10% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] | |||
Concentration Risk, Percentage | 16.50% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | |||
Concentration Risk, Percentage | 12.20% | ||
Customer Concentration Risk [Member] | Long-Lived Assets [Member] | Geographic Distribution, Foreign [Member] | |||
Concentration Risk, Percentage | 15.30% |
Note 19 - Segment Data - Net Sa
Note 19 - Segment Data - Net Sales by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 101,498 | $ 100,784 | $ 100,037 | $ 97,753 | $ 91,237 | $ 96,970 | $ 94,343 | $ 71,242 | $ 400,072 | $ 353,792 | $ 206,320 |
Percentage of concentration risk | 100% | 100% | 100% | ||||||||
Medical [Member] | |||||||||||
Net sales | $ 346,355 | $ 286,180 | $ 132,505 | ||||||||
Percentage of concentration risk | 86.60% | 80.90% | 67.20% | ||||||||
Aerospace & Defense [Member] | |||||||||||
Net sales | $ 16,990 | $ 15,328 | $ 16,380 | ||||||||
Percentage of concentration risk | 4.20% | 4.30% | 7.90% | ||||||||
Automotive [Member] | |||||||||||
Net sales | $ 16,700 | $ 17,487 | $ 15,596 | ||||||||
Percentage of concentration risk | 4.20% | 4.90% | 7.60% | ||||||||
Industrial [Member] | |||||||||||
Net sales | $ 20,027 | $ 34,797 | $ 41,839 | ||||||||
Percentage of concentration risk | 5% | 9.80% | 20.30% |
Note 20 - Quarterly Financial_3
Note 20 - Quarterly Financial Information (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 101,498 | $ 100,784 | $ 100,037 | $ 97,753 | $ 91,237 | $ 96,970 | $ 94,343 | $ 71,242 | $ 400,072 | $ 353,792 | $ 206,320 |
Gross profit | 26,129 | 27,750 | 29,645 | 28,701 | 23,279 | 25,523 | 24,324 | 17,134 | $ 112,225 | $ 90,260 | $ 51,114 |
Net income | $ 11,607 | $ 11,694 | $ 11,883 | $ 9,739 | $ 8,462 | $ 19,540 | $ 8,929 | $ 4,858 | |||
Basic net income per share (in dollars per share) | $ 1.52 | $ 1.53 | $ 1.56 | $ 1.28 | $ 1.12 | $ 2.58 | $ 1.18 | $ 0.64 | $ 5.89 | $ 5.52 | $ 2.11 |
Diluted net income per share (in dollars per share) | $ 1.51 | $ 1.52 | $ 1.55 | $ 1.27 | $ 1.1 | $ 2.56 | $ 1.17 | $ 0.64 | $ 5.83 | $ 5.45 | $ 2.09 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance at beginning of year | $ 733 | $ 519 | $ 484 |
Provision for bad debt | 15 | 293 | 179 |
Write-offs, net of recoveries | (21) | (40) | (144) |
Sale of Molded Fiber business | 0 | (39) | 0 |
Balance at end of year | $ 727 | $ 733 | $ 519 |