10-K Filing

ACME UNITED CORP CIK: 2098 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001564590-23-003422`
Period End Date	20221231
Filing Date	20230310
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	acu-10k_20221231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 31 Cash Flow Statement 68 Stockholders Equity 25 Comprehensive Income 6

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$2.50	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$2.50	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.10M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.07M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.84M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.08M	shares	Point-in-time
Accounts receivable, less allowance	`AccountsReceivableNetCurrent`	$34.22M	USD	Point-in-time
Common stock, shares, Outstanding	`CommonStockSharesOutstanding`	3.52M	shares	Point-in-time
Common stock, shares, Outstanding	`CommonStockSharesOutstanding`	3.54M	shares	Point-in-time
Accounts receivable, less allowance	`AccountsReceivableNetCurrent`	$32.60M	USD	Point-in-time
Inventories	`InventoryNet`	$53.55M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1.54M	shares	Point-in-time
Inventories	`InventoryNet`	$63.33M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1.54M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.63M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.82M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$750.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$95.25M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$105.60M	USD	Point-in-time
Land	`Land`	$1.76M	USD	Point-in-time
Land	`Land`	$1.98M	USD	Point-in-time
Buildings and building improvements	`BuildingsAndImprovementsGross`	$16.61M	USD	Point-in-time
Buildings and building improvements	`BuildingsAndImprovementsGross`	$13.46M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$29.76M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$31.49M	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentGross`	$50.09M	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentGross`	$44.98M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.95M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$23.67M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$26.42M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$24.03M	USD	Point-in-time
Intangible assets, less accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$20.79M	USD	Point-in-time
Intangible assets, less accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$17.23M	USD	Point-in-time
Goodwill	`Goodwill`	$4.80M	USD	Point-in-time
Goodwill	`Goodwill`	$8.19M	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$3.13M	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$2.63M	USD	Point-in-time
Other assets - restricted cash	`OtherRestrictedAssetsNoncurrent`	$750.00K	USD	Point-in-time
Total assets	`Assets`	$164.38M	USD	Point-in-time
Total assets	`Assets`	$144.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.98M	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$1.13M	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$1.00M	USD	Point-in-time
Current portion of mortgage payable	`SecuredDebtCurrent`	$404.59K	USD	Point-in-time
Current portion of mortgage payable	`SecuredDebtCurrent`	$388.54K	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$10.08M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$9.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.28M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.13M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$33.04M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$49.92M	USD	Point-in-time
Mortgage payable, net of current portion	`MortgagePayableNonCurrent`	$10.69M	USD	Point-in-time
Mortgage payable, net of current portion	`MortgagePayableNonCurrent`	$11.08M	USD	Point-in-time
Operating lease liability - non-current portion	`OperatingLeaseLiabilityNoncurrent`	$2.36M	USD	Point-in-time
Operating lease liability - non-current portion	`OperatingLeaseLiabilityNoncurrent`	$1.68M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$305.29K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$599.28K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$622.44K	USD	Point-in-time
Total liabilities	`Liabilities`	$85.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$67.36M	USD	Point-in-time
Common stock, par value $2.50: - 5,083,051 shares issued and 3,538,179 shares outstanding in 2022; 5,065,518 shares issued and 3,520,646 shares outstanding in 2021	`CommonStockValue`	$12.65M	USD	Point-in-time
Common stock, par value $2.50: - 5,083,051 shares issued and 3,538,179 shares outstanding in 2022; 5,065,518 shares issued and 3,520,646 shares outstanding in 2021	`CommonStockValue`	$12.70M	USD	Point-in-time
Treasury stock, at cost, 1,544,872 shares in 2022 and 2021	`TreasuryStockValue`	$16.00M	USD	Point-in-time
Treasury stock, at cost, 1,544,872 shares in 2022 and 2021	`TreasuryStockValue`	$16.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$13.45M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.93M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.09M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-825.97K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.38M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$70.97M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$69.87M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$79.03M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$77.08M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$62.72M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$144.44M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$164.38M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$182.09M	USD	Annual
Net sales	`Revenues`	$193.96M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$130.40M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$117.29M	USD	Annual
Gross profit	`GrossProfit`	$63.56M	USD	Annual
Gross profit	`GrossProfit`	$64.80M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$52.03M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$57.29M	USD	Annual
Operating income	`OperatingIncomeLoss`	$12.77M	USD	Annual
Operating income	`OperatingIncomeLoss`	$6.27M	USD	Annual
Interest expense	`InterestExpenseDebt`	$921.97K	USD	Annual
Interest expense	`InterestExpenseDebt`	$2.40M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$31.97K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$13.74K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-908.22K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-2.36M	USD	Annual
PPP loan forgiveness	`PPPLoanForgiveness`	$3.51M	USD	Annual
Other expense	`OtherNonoperatingIncomeExpense`	$-246.40K	USD	Annual
Other expense	`OtherNonoperatingIncomeExpense`	$-194.88K	USD	Annual
Total other (expense) income, net	`NonoperatingIncomeExpense`	$-246.40K	USD	Annual
Total other (expense) income, net	`NonoperatingIncomeExpense`	$3.31M	USD	Annual
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.66M	USD	Annual
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$15.17M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$627.68K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$1.52M	USD	Annual
Net income	`NetIncomeLoss`	$13.66M	USD	Annual
Net income	`NetIncomeLoss`	$3.03M	USD	Annual
Basic earnings per share	`EarningsPerShareBasic`	$3.93	USD	Annual
Basic earnings per share	`EarningsPerShareBasic`	$0.86	USD	Annual
Diluted earnings per share	`EarningsPerShareDiluted`	$0.82	USD	Annual
Diluted earnings per share	`EarningsPerShareDiluted`	$3.45	USD	Annual

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$13.66M	USD	Annual
Net income	`NetIncomeLoss`	$3.03M	USD	Annual
Depreciation	`Depreciation`	$2.76M	USD	Annual
Depreciation	`Depreciation`	$2.56M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.49M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.82M	USD	Annual
Stock compensation expense	`ShareBasedCompensation`	$1.80M	USD	Annual
Stock compensation expense	`ShareBasedCompensation`	$1.81M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-294.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$489.06K	USD	Annual
Non-cash lease adjustment	`NonCashLeaseAdjustment`	$158.25K	USD	Annual
Non-cash lease adjustment	`NonCashLeaseAdjustment`	$-42.57K	USD	Annual
Provision for excess and obsolete inventory	`InventoryWriteDown`	$189.87K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$200.00K	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$30.15K	USD	Annual
PPP loan forgiveness	`PPPLoanForgiveness`	$3.51M	USD	Annual
Accounts receivable	`IncreaseDecreaseInReceivables`	$-1.84M	USD	Annual
Accounts receivable	`IncreaseDecreaseInReceivables`	$7.23M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$9.61M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$3.21M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.04M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$173.34K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.91M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.50M	USD	Annual
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-1.53M	USD	Annual
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-581.45K	USD	Annual
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-8.52M	USD	Annual
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-143.03K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.14M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.89M	USD	Annual
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.30M	USD	Annual
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.37M	USD	Annual
Purchase of intellectual property	`PaymentsToAcquireIntangibleAssets`	$300.00K	USD	Annual
Acquisition of Safety Made	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$9.62M	USD	Annual
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.37M	USD	Annual
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.23M	USD	Annual
Net borrowings (repayments) of long-term debt	`ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities`	$16.85M	USD	Annual
Net borrowings (repayments) of long-term debt	`ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities`	$-5.73M	USD	Annual
Repayments on mortgage	`RepaymentsOnMortgage`	$3.18M	USD	Annual
Repayments on mortgage	`RepaymentsOnMortgage`	$401.41K	USD	Annual
Borrowing on mortgage	`BorrowingOnMortgage`	$11.47M	USD	Annual
Distributions to stockholders	`PaymentsOfDividends`	$1.79M	USD	Annual
Distributions to stockholders	`PaymentsOfDividends`	$1.90M	USD	Annual
Cash settlement of stock options	`PaymentsRelatedToCashSettlementOfShareBasedCompensation`	$108.16K	USD	Annual
Cash settlement of stock options	`PaymentsRelatedToCashSettlementOfShareBasedCompensation`	$342.29K	USD	Annual
Tax paid on net share settlement of stock options	`PaymentsOfTaxOnNetShareSettlementOfStockOptions`	$243.46K	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfEquity`	$1.47M	USD	Annual
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.09M	USD	Annual
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$84.72K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.04M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.28M	USD	Annual
Effect of exchange rate changes	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-134.64K	USD	Annual
Effect of exchange rate changes	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-184.69K	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$675.97K	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.76M	USD	Annual
Cash, cash equivalents and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.17M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.84M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.60M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.17M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.84M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.60M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$978.38K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$875.00K	USD	Annual
Cash paid for interest expense	`InterestPaidNet`	$2.12M	USD	Annual
Cash paid for interest expense	`InterestPaidNet`	$908.78K	USD	Annual
Safety Made acquisition contingent consideration	`BusinessAcquisitionContingentConsideration`	$1.33M	USD	Annual
Dividends accrued not paid	`NonCashOrPartNonCashDividendsAccruedNotPaid`	$495.41K	USD	Annual
Dividends accrued not paid	`NonCashOrPartNonCashDividendsAccruedNotPaid`	$457.75K	USD	Annual

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$79.03M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$77.08M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$62.72M	USD	Point-in-time
Beginning Balance, shares	`CommonStockSharesOutstanding`	3.52M	shares	Point-in-time
Beginning Balance, shares	`CommonStockSharesOutstanding`	3.54M	shares	Point-in-time
Net income	`NetIncomeLoss`	$13.66M	USD	Annual
Net income	`NetIncomeLoss`	$3.03M	USD	Annual
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-554.68K	USD	Annual
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-707.25K	USD	Annual
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.81M	USD	Annual
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.80M	USD	Annual
Distribution to shareholders	`DividendsCommonStockCash`	$1.94M	USD	Annual
Distribution to shareholders	`DividendsCommonStockCash`	$1.82M	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$84.72K	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$3.09M	USD	Annual
Cash settlement of stock options	`AdjustmentsToAdditionalPaidInCapitalCashSettlementOfStockOptions`	$108.16K	USD	Annual
Cash settlement of stock options	`AdjustmentsToAdditionalPaidInCapitalCashSettlementOfStockOptions`	$342.29K	USD	Annual
Purchase of treasury stock	`StockRepurchasedDuringPeriodValue`	$1.47M	USD	Annual
Purchase of treasury stock(shares)	`StockRepurchasedDuringPeriodShares`	0.00	shares	Annual
Net share settlement of stock options	`NetShareSettlementOfStockOptions`	$218.29K	USD	Annual
Ending Balance	`StockholdersEquity`	$79.03M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$77.08M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$62.72M	USD	Point-in-time
Ending Balance, shares	`CommonStockSharesOutstanding`	3.52M	shares	Point-in-time
Ending Balance, shares	`CommonStockSharesOutstanding`	3.54M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$13.66M	USD	Annual
Net income	`NetIncomeLoss`	$3.03M	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-707.25K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-554.68K	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.33M	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.10M	USD	Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.