STOCKHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

STOCKHOLDERS’ EQUITY

STOCKHOLDERS’ EQUITY

Shareholder’s Equity and Preferred Stock

On December 21, 2022, we completed a reverse stock split of our outstanding common stock at a ratio of one-for-ten. The Reverse Stock Split effected a proportionate reduction in our authorized shares of common stock from 120,000,000 shares to 12,000,000 shares and reduced the number of shares of common stock outstanding from approximately 43,429,089 shares to approximately 4,342,909 shares. We have made proportionate adjustments to the number of common shares issuable upon exercise or conversion of our outstanding warrants, equity awards and convertible securities, as well as the applicable exercise prices and weighted average fair value of the equity awards. No fractional shares were issued in connection with the Reverse Stock Split.

As of December 31, 2022 there were 4,342,909 shares of our Company common stock outstanding and 12,000,000 shares authorized at $0.30 par value per share.

As of December 31, 2022 we had 500,000 authorized shares of preferred stock, none of which had been issued.

Warrants

In connection with the Amended Term Loan Credit Agreement and the Subordinated Term Loan Credit Agreement, we entered into Warrant Agreements and Waivers related to our common stock. A detailed discussion of these transactions can be found in Note 12 - Debt.

Issuance of PIPE Shares

In connection with the 2022 ABL Credit Agreement and the Subscription Agreement, PIPE shares were issued and sold, subject to certain terms and conditions. A detailed discussion of these transactions can be found in Note 12 - Debt.

Accumulated Other Comprehensive Income (loss)

A summary of changes in accumulated other comprehensive loss included within shareholders’ equity is as follows (in thousands):

	Twelve Months Ended December 31, 2022										Twelve Months Ended December 31, 2021
	Foreign Currency Translation Adjustments		Foreign Currency Hedge		Defined benefit pension plans		Tax Provision		Total		Foreign Currency Translation Adjustments		Foreign Currency Hedge		Defined benefit pension plans		Tax Provision		Total
Balance at beginning of year	$	(25,258)	$	2,988	$	(3,873)	$	(589)	$	(26,732)	$	(23,045)	$	2,988	$	(8,021)	$	400	$	(27,678)
Other comprehensive income (loss)	(6,589)		—		(6,601)		925		(12,265)		(2,213)		—		4,148		(989)		946
Balance at end of year	$	(31,847)	$	2,988	$	(10,474)	$	336	$	(38,997)	$	(25,258)	$	2,988	$	(3,873)	$	(589)	$	(26,732)

The following table represents the related tax effects allocated to each component of other comprehensive income (loss) (in thousands):

	Twelve Months Ended December 31,
	2022						2021
	Gross Amount		Tax Effect		Net Amount		Gross Amount		Tax Effect		Net Amount
Foreign currency translation adjustments	$	(6,589)	$	—	$	(6,589)	$	(2,213)	$	(1)	$	(2,214)
Defined benefit pension plans	(6,601)		925		(5,676)		4,148		(988)		3,160
Total	$	(13,190)	$	925	$	(12,265)	$	1,935	$	(989)	$	946