Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

The following table represents a rollforward of the allowance for credit losses for the years ended December 31, 2022, 2021 and 2020:


	Years Ended December 31,
(in millions)	2022		2021		2020
Allowance balance, beginning of year	$	2.3	$	1.7	$	1.4
Provision	1.2		0.7		0.9
Write offs	(1.2)		(0.4)		(0.6)
Recoveries and other	—		0.3		—
Allowance balance, end of year	$	2.3	$	2.3	$	1.7

Property and equipment are primarily depreciated over the following useful lives:


			Years
Buildings and improvements			5 - 40
Airplanes and aviation equipment			5 - 20
Machinery, equipment and tooling			3 - 10
Furniture and fixtures			5 - 10
Computer hardware and software			3 - 5

Property and equipment at cost, less accumulated depreciation, is as follows:


	December 31,
(in millions)	2022		2021
Land	$	12.4	$	13.9
Building and land improvements	140.8		154.3
Construction in progress	19.7		7.6
Manufacturing and office equipment	230.0		239.2
Aviation equipment	4.5		4.7
Less accumulated depreciation	(233.8)		(248.0)
Total	$	173.6	$	171.7

Intangible assets with definite lives are amortized on a straight-line basis over the following estimated useful lives:


			Years
Dealer network and customer relationships			8 - 18
Trade names			3
Other			3 - 19

Intangible assets consisted of the following at December 31, 2022 and 2021:


	2022						2021
(in millions)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Dealer network and customer relationships	$	41.7	$	26.0	$	15.7	$	37.1	$	22.9	$	14.2
Trade names	10.2		10.0		0.2		10.2		7.8		2.4
Other	15.7		9.1		6.6		13.5		7.4		6.1
Total	$	67.6	$	45.1	$	22.5	$	60.8	$	38.1	$	22.7

The following table sets forth a reconciliation of the number of shares used in the computation of basic and diluted earnings per share:


	Years Ended December 31,
	2022	2021	2020
Denominator:
Denominator for basic earnings per share	22,790,717	22,726,767	22,585,515
Effect of dilutive securities:
Restricted stock units	—	150,754	185,965
Unvested performance share units	—	35,747	65,404
Deferred compensation programs	—	35,364	40,859
Denominator for diluted earnings per share	22,790,717	22,948,632	22,877,743

Antidilutive securities excluded from the calculation of diluted earnings per share	255,738	75,451	6,184

Balance Sheet


	December 31, 2021
(in millions)	As Previously Reported		Adjustment		Reclassification		As Revised / Reclassified
Trade receivables and contract assets, net	$	144.1	$	(2.4)	$	—	$	141.7
Inventories	303.0		(4.3)		—		298.7
Prepaid and refundable income taxes	19.5		1.0		—		20.5
Total current assets	641.7		(5.7)		—		636.0
Deferred income tax assets	16.0		0.2		—		16.2
Total assets	911.3		(5.5)		—		905.8
Accounts payable	83.5		(1.3)		—		82.2
Accrued employee related liabilities	23.6		—		7.0		30.6
Other current liabilities	42.9		(0.7)		(7.0)		35.2
Total current liabilities	225.3		(2.0)		—		223.3
Total liabilities	256.5		(2.0)		—		254.5

Retained earnings	552.8		(3.5)		—		549.3
Shareholders' equity	654.3		(3.5)		—		650.8
Total equity	654.8		(3.5)		—		651.3
Total liabilities and equity	911.3		(5.5)		—		905.8

Statement of Operations


	Year Ended December 31, 2021
(in millions, except per share data)	As Previously Reported		Adjustment		Reclassification		As Revised / Reclassified
Net sales	$	1,097.2	$	(1.7)	$	—	$	1,095.5
Cost of sales	845.5		1.0		(0.5)		846.0
Gross profit	251.7		(2.7)		0.5		249.5
Income (loss) from operations	22.1		(2.7)		0.5		19.9
Other income (expenses), net	(5.0)		—		(0.5)		(5.5)
Income (loss) before income taxes	16.5		(2.7)		—		13.8
Income tax provision (benefit)	(1.4)		(0.7)		—		(2.1)
Net (loss) income	17.9		(2.0)		—		15.9
Net (loss) income attributable to controlling interest	17.8		(2.0)		—		15.8
Per share data:
(Loss) earnings per common share - Basic	0.78		(0.08)		—		0.70
(Loss) earnings per common share - Diluted	0.78		(0.09)		—		0.69

	Year Ended December 31, 2020
	As Previously Reported		Adjustment		Reclassification		As Revised / Reclassified

Cost of sales	$	784.3	$	1.2	$	1.3	$	786.8
Gross profit	240.1		(1.2)		(1.3)		237.6
Income (loss) from operations	43.0		(1.2)		(1.3)		40.5
Other income (expenses), net	2.6		—		1.3		3.9
Income (loss) before income taxes	45.7		(1.2)		—		44.5
Income tax provision (benefit)	(1.2)		(0.3)		—		(1.5)
Net (loss) income	46.9		(0.9)		—		46.0
Net (loss) income attributable to controlling interest	46.9		(0.9)		—		46.0
Per share data:
(Loss) earnings per common share - Basic	2.08		(0.04)		—		2.04
(Loss) earnings per common share - Diluted	2.05		(0.04)		—		2.01

Statements of Comprehensive Income


	Year Ended December 31, 2021
(in millions)	As Previously Reported		Adjustment		As Revised / Reclassified
Net (loss) income	$	17.9	$	(2.0)	$	15.9



Comprehensive income (loss) attributable to controlling interest	18.9		(2.0)		16.9

	Year Ended December 31, 2020
	As Previously Reported		Adjustment		As Revised / Reclassified
Net (loss) income	$	46.9	$	(0.9)	$	46.0



Comprehensive income (loss) attributable to controlling interest	45.2		(0.9)		44.3

Statement of Cash Flows


	Year Ended December 31, 2021
(in millions)	As Previously Reported		Adjustment		Reclassification		As Revised / Reclassified
Net (loss) income	$	17.9	$	(2.0)	$	—	$	15.9

Receivables and other contract assets	(30.8)		2.4		—		(28.4)
Inventories	(53.8)		2.3		—		(51.5)
Accounts payable	30.8		(1.3)		—		29.5
Accrued employee related liabilities	3.0		—		7.0		10.0
Other accrued liabilities	(0.7)		(0.7)		(7.0)		(8.4)
Income taxes payable/prepaid	(13.6)		(0.7)		—		(14.3)


	Year Ended December 31, 2020
	As Previously Reported		Adjustment		Reclassification		As Revised / Reclassified
Net (loss) income	$	46.9	$	(0.9)	$	—	$	46.0


Inventories	44.7		1.2		—		45.9

Accrued employee related liabilities	(5.1)		—		6.7		1.6
Other accrued liabilities	9.8		—		(6.7)		3.1
Income taxes payable/prepaid	16.0		(0.3)		—		15.7

Statement of Equity