0000950170-23-034777 | 10-Q | XBRL Viewer | Universal Stainless Alloy Products INC

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Revenue Recognition (Summary of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Net sales	$ 69,015	$ 52,156	$ 134,880	$ 99,718
Specialty Alloys [Member]
Disaggregation Of Revenue [Line Items]
Net sales	54,947	42,824	102,496	81,044
Premium Alloys [Member]
Disaggregation Of Revenue [Line Items]
Net sales	12,866	8,788	30,522	17,721
Conversion Services and Other Sales [Member]
Disaggregation Of Revenue [Line Items]
Net sales	$ 1,202	$ 544	$ 1,862	$ 953

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 69,015	$ 52,156	$ 134,880	$ 99,718
Cost of products sold	59,167	47,417	117,308	90,926
Gross margin	9,848	4,739	17,572	8,792
Selling, general and administrative expenses	6,755	5,277	13,030	10,326
Operating income (loss)	3,093	(538)	4,542	(1,534)
Interest expense and other financing costs	2,045	870	4,077	1,579
Other expense (income), net	5	(39)	(37)	(26)
Income (loss) before income taxes	1,043	(1,369)	502	(3,087)
Income taxes	148	68	119	(35)
Net income (loss)	$ 895	$ (1,437)	$ 383	$ (3,052)
Net income (loss) per common share - Basic	$ 0.1	$ (0.16)	$ 0.04	$ (0.34)
Net income (loss) per common share - Diluted	$ 0.1	$ (0.16)	$ 0.04	$ (0.34)
Weighted average shares of common stock outstanding
Basic	9,066,150	8,960,770	9,061,011	8,953,460
Diluted	9,272,660	8,960,770	9,210,841	8,953,460

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 24, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.
Entity Central Index Key	0000931584
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		9,087,370
Entity Shell Company	false
Entity File Number	001-39467
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1724540
Entity Address, Address Line One	600 Mayer Street
Entity Address, City or Town	Bridgeville
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15017
City Area Code	412
Local Phone Number	257-7600
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document Information [Line Items]
Trading Symbol	USAP
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Preferrerd Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Note 2: Net Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share:


	Three months ended					Six months ended
	June 30,					June 30,
(dollars in thousands, except per share amounts)	2023		2022			2023		2022

Numerator:
Net income (loss)	$	895	$	(1,437	)	$	383	$	(3,052	)

Denominator:
Weighted average number of shares of common stock outstanding		9,066,150		8,960,770			9,061,011		8,953,460
Weighted average effect of dilutive share-based compensation		206,510		-			149,830		-
Diluted weighted average number of shares of common stock outstanding		9,272,660		8,960,770			9,210,841		8,953,460

Net income (loss) per common share:
Net income (loss) per common share - Basic	$	0.10	$	(0.16	)	$	0.04	$	(0.34	)
Net income (loss) per common share - Diluted	$	0.10	$	(0.16	)	$	0.04	$	(0.34	)

We had options to purchase 560,650 and 738,225 shares of common stock outstanding at a weighted average price of $19.74 and $18.71 for the three months ended June 30, 2023 and 2022, respectively, which were excluded in the computation of diluted net income (loss) per common share. We had options to purchase 577,150 and 734,725 shares of common stock outstanding at a weighted average price of $19.49 and $18.78 for the six months ended June 30, 2023 and 2022, respectively, which were excluded in the computation of diluted net income (loss) per common share. These options were not included in the computation of diluted net income (loss) per common share because their exercise prices were greater than the average market price of our common stock.

In addition, the calculation of diluted net loss per share for the three and six months ended June 30, 2022, respectively, excluded 17,358 and 22,984 shares for the assumed exercise of stock options as a result of being in a net loss position.

New Markets Tax Credit Financing Transaction

6 Months Ended

Jun. 30, 2023

New Markets Tax Credit Financing Transaction Disclosure [Abstract]

New Markets Tax Credit Financing Transaction

Note 7: New Markets Tax Credit Financing Transaction

On March 9, 2018, the Company entered into a qualified New Markets Tax Credit (“NMTC”) financing program with PNC New Markets Investment Partners, LLC and Boston Community Capital, Inc. related to a new mid-size bar cell capital project at the Company’s Dunkirk, NY facility. PNC New Markets Investment Partners, LLC made a capital contribution and the Company made a loan to Dunkirk Investment Fund, LLC (“Investment Fund”) under the qualified NMTC program. Through this financing transaction, the Company secured low interest financing and the potential for other future benefits related to its mid-size bar cell capital project.

In connection with the NMTC financing program, the Company loaned $6.7 million aggregate principal amount (“Leverage Loan”) due in March 2048, to the Investment Fund. Additionally, PNC New Markets Investment Partners, LLC contributed $3.5 million to the Investment Fund, and as such, PNC New Markets Investment Partners, LLC is entitled to substantially all tax and other benefits derived from the NMTC. The Investment Fund then contributed the proceeds to a community development entity (“CDE”). The CDE then loaned the funds, on similar terms, as the Leverage Loan to Dunkirk Specialty Steel, LLC, a wholly-owned subsidiary of the Company. The CDE loan proceeds are restricted for use on the mid-size bar cell capital project.

The NMTC is subject to 100 percent recapture for a period of seven years as provided in the Internal Revenue Code. The Company is required to comply with various regulations and contractual provisions that apply to the NMTC arrangement. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, require the Company to indemnify PNC New Markets Investment Partners, LLC for any loss or recapture of NMTCs related to the financing until the Company’s obligation to deliver tax benefits is relieved. The Company does not anticipate any credit recaptures will be required in connection with this arrangement.

As of June 30, 2023 and December 31, 2022, the Company recorded $2.8 million within Other long-term liabilities related to this transaction, which represents the funds contributed to the Investment Fund by PNC New Markets Investment Partners, LLC.

This transaction also includes a put/call provision whereby the Company may be obligated or entitled to repurchase PNC New Markets Investment Partners, LLC’s interest in the Investment Fund. The Company believes that PNC New Markets Investment Partners, LLC will exercise the put option in March 2025, at the end of the recapture period, resulting in a gain of $2.8 million at that time. The value attributed to the put/call is negligible.

Direct costs incurred in structuring this financing transaction totaled $0.7 million. These costs were deferred and are amortized over the term of the loans.

The Company has determined that the Investment Fund and CDE are each a VIE, and that it is the primary beneficiary of each VIE. This conclusion was reached based on the following:

•

The ongoing activities of the VIE, collecting and remitting interest and fees, and NMTC compliance were all considered in the initial design and are not expected to significantly affect economic performance throughout the life of the VIE;

•

Contractual arrangements obligate the Company to comply with NMTC rules and regulations and provide various other guarantees to the Investment Fund and CDE;

•

PNC New Markets Investment Partners, LLC lacks a material interest in the underlying economics of the project; and

•

The Company is obligated to absorb losses of the VIE.

Because the Company is the primary beneficiary of each VIE, these entities have been included in the Company’s consolidated financial statements.

Leases (Future Minimum Lease Payments Applicable to Operating and Finance Leases) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating Leases
2023	$ 112
2024	170
2025	36
2026	21
2027	2
Total minimum lease payments	341
Less amounts representing interest	(9)
Present value of minimum lease payments	$ 332
Operating Lease, Liability	us-gaap:OtherLiabilities
Less current obligations	$ (161)
Operating Lease, Liability, Current	Other current liabilities
Total long-term lease obligations, net	$ 171
Operating Lease, Liability, Noncurrent	Other long-term liabilities, net
Weighted-average remaining lease term	1 year 10 months 24 days
Finance Leases
2023	$ 985
2024	1,953
2025	1,841
2026	1,714
2027	1,570
2028	1,114
Total minimum lease payments	9,177
Less amounts representing interest	(2,047)
Present value of minimum lease payments	$ 7,130
Finance Lease, Liability	us-gaap:OtherLiabilities
Less current obligations	$ (1,278)
Finance Lease, Liability, Current	Current portion of long-term debt
Total long-term lease obligations, net	$ 5,852
Finance Lease, Liability, Noncurrent	Long-term debt, net
Weighted-average remaining lease term	4 years 8 months 12 days

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]
Beginning Balance at Dec. 31, 2021		$ 9	$ 95,590	$ 130,682	$ 40
Beginning Balance (shares) at Dec. 31, 2021		8,938,091
Share-based compensation			409
Share-based compensation (shares)		19,362
Net gain (loss) on derivative instruments					135
Net Income (loss)				(1,615)
Ending Balance at Mar. 31, 2022		$ 9	95,999	129,067	175
Ending Balance (shares) at Mar. 31, 2022		8,957,453
Beginning Balance at Dec. 31, 2021		$ 9	95,590	130,682	40
Beginning Balance (shares) at Dec. 31, 2021		8,938,091
Net Income (loss)	$ (3,052)
Ending Balance at Jun. 30, 2022		$ 9	96,347	127,630	296
Ending Balance (shares) at Jun. 30, 2022		8,975,331
Beginning Balance at Mar. 31, 2022		$ 9	95,999	129,067	175
Beginning Balance (shares) at Mar. 31, 2022		8,957,453
Common stock issuance under Employee Stock Purchase Plan			62
Common stock issuance under Employee Stock Purchase Plan (shares)		9,870
Share-based compensation			286
Share-based compensation (shares)		8,008
Net gain (loss) on derivative instruments					121
Net Income (loss)	(1,437)			(1,437)
Ending Balance at Jun. 30, 2022		$ 9	96,347	127,630	296
Ending Balance (shares) at Jun. 30, 2022		8,975,331
Beginning Balance at Dec. 31, 2022	219,753	$ 9	97,002	122,609	133
Beginning Balance (shares) at Dec. 31, 2022		9,049,748
Share-based compensation			361
Share-based compensation (shares)		10,920
Net gain (loss) on derivative instruments					(146)
Net Income (loss)				(512)
Ending Balance at Mar. 31, 2023		$ 9	97,363	122,097	(13)
Ending Balance (shares) at Mar. 31, 2023		9,060,668
Beginning Balance at Dec. 31, 2022	219,753	$ 9	97,002	122,609	133
Beginning Balance (shares) at Dec. 31, 2022		9,049,748
Net Income (loss)	383
Ending Balance at Jun. 30, 2023	220,613	$ 9	97,749	122,992	(137)
Ending Balance (shares) at Jun. 30, 2023		9,087,370
Beginning Balance at Mar. 31, 2023		$ 9	97,363	122,097	(13)
Beginning Balance (shares) at Mar. 31, 2023		9,060,668
Common stock issuance under Employee Stock Purchase Plan			64
Common stock issuance under Employee Stock Purchase Plan (shares)		10,280
Exercise of stock options (Shares)		1,250
Exercise of stock options			11
Share-based compensation			311
Share-based compensation (shares)		15,172
Net gain (loss) on derivative instruments					(124)
Net Income (loss)	895			895
Ending Balance at Jun. 30, 2023	$ 220,613	$ 9	$ 97,749	$ 122,992	$ (137)
Ending Balance (shares) at Jun. 30, 2023		9,087,370

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
ASU 2014-09 [Member]
Revenue Recognition [Line Items]
Revenue practical expedient remaining performance obligation [true/false]	true
Accounts Receivable [Member]
Revenue Recognition [Line Items]
Contract assets	$ 1.7	$ 1.6

Inventory (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Inventory (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Inventory Disclosure [Abstract]
Cost of goods sold, amortization of operating materials		$ 0.9	$ 0.8
Fixed production overhead to cost of inventory	$ 1.3		1.3
Net expense related to the liquid metal spill	3.6		3.6
Insurance recovery received during the period	$ 1.5		$ 1.5

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net income (loss)	$ 383	$ (3,052)
Adjustments for non-cash items:
Depreciation and amortization	9,643	9,694
Deferred income tax	(19)	(52)
Share-based compensation expense	672	695
Changes in assets and liabilities:
Accounts receivable, net	(335)	(8,945)
Inventory, net	1,716	(9,054)
Accounts payable	(1,633)	3,450
Accrued employment costs	819	(1,651)
Income taxes	43	33
Other	(112)	(128)
Net cash provided by (used in) operating activities	11,177	(9,010)
Investing Activity:
Capital expenditures	(6,932)	(5,482)
Net cash used in investing activity	(6,932)	(5,482)
Financing Activities:
Borrowings under revolving credit facility	113,883	64,647
Payments on revolving credit facility	(118,425)	(48,810)
Issuance of common stock under share-based plans	75	62
Payments on term loan facility and finance leases	(1,753)	(1,210)
Net cash (used in) provided by financing activities	(6,220)	14,689
Net (decrease) increase in cash	(1,975)	197
Cash at beginning of period	2,019	118
Cash at end of period	$ 44	$ 315

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Note 5: Leases

The Company periodically enters into leases in its normal course of business. At June 30, 2023 and December 31, 2022, the leases in effect were primarily related to mobile equipment and other production equipment. The term of our leases is generally 72 months or less, and the leases do not have significant restrictions, covenants, or other nonstandard terms.

Right-of-use assets and lease liabilities are recorded at the present value of minimum lease payments. For our operating leases, the assets are included in Other long-term assets on the consolidated balance sheets and are amortized within operating income over the respective lease terms. The long-term component of the lease liability is included in Other long-term liabilities, net, and the current component is included in Other current liabilities. For our finance leases, the assets are included in Property, plant and equipment, net on the consolidated balance sheets and are depreciated over the respective lease terms which range from three to six years. The long-term component of the lease liability is included in Long-term debt and the current component is included in Current portion of long-term debt.

The Company entered into four new finance lease agreements in the first six months of 2023. As of June 30, 2023, future minimum lease payments applicable to operating and finance leases were as follows:


	Operating Leases		Finance Leases
2023	$	112	$	985
2024		170		1,953
2025		36		1,841
2026		21		1,714
2027		2		1,570
2028		-		1,114
Total minimum lease payments		341		9,177
Less amounts representing interest		(9)		(2,047)
Present value of minimum lease payments		332		7,130
Less current obligations		(161)		(1,278)
Total long-term lease obligations, net	$	171	$	5,852
Weighted-average remaining lease term		1.9 years		4.7 years

Right-of-use assets recorded to the consolidated balance sheet at June 30, 2023, net of accumulated amortization, were $0.3 million for operating leases and $7.3 million for finance leases. For the six months ended June 30, 2023, the amortization of finance lease assets was $0.3 million and was included in cost of products sold in the consolidated statements of operations. Right-of-use assets recorded to the consolidated balance sheet at December 31, 2022, net of accumulated amortization, were $0.5 million for operating leases and $6.7 million for finance leases.

The unamortized portion of the $5.2 million lease component of our VAR expansion financing arrangement is included in the right-of-use asset total, while the $1.8 million sale and leaseback component of that agreement is excluded. The sale and leaseback component is accounted for as a loan secured by the related equipment, as it did not meet the criteria for sale accounting under Accounting Standards Codification section 842. This financing agreement was executed in December 2022 and had a $7.0 million total original principal amount, original term of 72 months, and implicit interest rate of approximately 11.2%. The weighted average interest rate on all our financing leases is approximately 10.0%.

The Company applies the practical expedient allowed under Leases (Topic 842) to exclude leases with a term of 12 months or less from the calculation of our lease liabilities and right-of-use assets.

In determining the lease liability and corresponding right-of-use asset for each lease, the Company calculated the present value of future lease payments using the interest rate implicit in the lease, when available, or the Company’s incremental borrowing rate. The incremental borrowing rate was determined with reference to the interest rate applicable under revolving credit facility discussed in Note 6, Long-Term Debt, as this facility is collateralized by a first lien on substantially all of the assets of the Company and its term is similar to the term of our leases.

Net Income (Loss) Per Common Share (Narrative) (Details) - Stock Compensation Plan [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	560,650	738,225	577,150	734,725
Weighted average price of anti-dilutive options outstanding	$ 19.74	$ 18.71	$ 19.49	$ 18.78
Exercise of stock options (shares)		17,358		22,984

Fair Value Measurement

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 8: Fair Value Measurement

The fair value hierarchy has three levels based on the inputs used to determine fair value, which are as follows:

Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date.

Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

The carrying amounts of our cash, accounts receivable and accounts payable approximated fair value at June 30, 2023 and December 31, 2022 due to their short-term maturities (Level 1). The fair value of the Term Loan and Revolving Credit Facility at June 30, 2023 and December 31, 2022 approximated the carrying amount as the interest rate is based upon floating short-term interest rates (Level 2).

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Summary of Revenue

The following summarizes our revenue by melt type:



	Three months ended June 30,				Six months ended June 30,
	2023		2022			2023		2022
Net sales:
Specialty alloys	$	54,947		42,824	$		102,496		81,044
Premium alloys (A)		12,866		8,788			30,522		17,721
Conversion services and other sales		1,202		544			1,862		953

Total net sales	$	69,015		52,156	$		134,880		99,718

(A)

Premium alloys represent all vacuum induction melted (VIM) products.

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 44	$ 2,019
Accounts receivable (less expected credit losses of $201 in each period)	31,295	30,960
Inventory, net	151,607	154,193
Other current assets	10,689	10,392
Total current assets	193,635	197,564
Property, plant and equipment, net	159,759	163,490
Deferred income tax assets	104	143
Other long-term assets	1,526	2,137
Total assets	355,024	363,334
Current liabilities:
Accounts payable	33,503	38,179
Accrued employment costs	3,609	2,790
Current portion of long-term debt	3,665	3,419
Other current liabilities	963	1,112
Total current liabilities	41,740	45,500
Long-term debt, net	89,618	95,015
Other long-term liabilities, net	3,053	3,066
Total liabilities	134,411	143,581
Stockholders’ equity:
Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; zero shares issued and outstanding
Common stock, par value $0.001 per share; 20,000,000 shares authorized; 9,087,370 and 9,049,748 shares issued, respectively	9	9
Additional paid-in capital	97,749	97,002
Accumulated other comprehensive (loss) income	(137)	133
Retained earnings	122,992	122,609
Total stockholders’ equity	220,613	219,753
Total liabilities and stockholders’ equity	$ 355,024	$ 363,334

Nature of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Nature of Business and Basis of Presentation

Note 1: Nature of Business and Basis of Presentation

Universal Stainless & Alloy Products, Inc., and its wholly-owned subsidiaries (collectively, “Universal,” “we,” “us,” “our,” or the “Company”), manufacture and market semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Our manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. Our products are sold to service centers, forgers, rerollers, original equipment manufacturers and wire redrawers. Our customers further process our products for use in a variety of industries, including the aerospace, power generation, oil and gas, heavy equipment, and general industrial manufacturing industries. We also perform conversion services on materials supplied by customers.

The accompanying unaudited consolidated statements include the accounts of Universal Stainless & Alloy Products, Inc. and its subsidiaries and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reports and the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in consolidated financial statements prepared under U.S. GAAP have been condensed or omitted pursuant to such regulations. Although the December 31, 2022 consolidated balance sheet data was derived from the audited consolidated financial statements, it does not include all disclosures required by U.S. GAAP. However, we believe that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our most recently audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In the opinion of management, the accompanying consolidated financial statements include all adjustments necessary to present a fair presentation of the consolidated financial statements for the periods shown. Interim results are not necessarily indicative of the operating results for the full fiscal year or any future period. The preparation of these consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. Actual results may differ from our estimates. The consolidated financial statements include our accounts and the accounts of our wholly–owned subsidiaries. We also consolidate, regardless of our ownership percentage, variable interest entities (each a “VIE”) for which we are deemed to have a controlling financial interest. All intercompany transactions and balances have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if the entity is a VIE, and if we are deemed to be a primary beneficiary. As a part of our evaluation, we are required to qualitatively assess if we are the primary beneficiary of the VIE based on whether we hold the power to direct those matters that most significantly impacted the activities of the VIE and the obligation to absorb losses or the right to receive the benefits of the VIE that could potentially be significant. Refer to Note 7, New Markets Tax Credit Financing Transaction, for a description of the VIEs included in our consolidated financial statements.

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board added a new impairment model that is based on expected losses rather than incurred losses, known as the current expected credit loss (CECL) model. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses applicable to trade receivables, other receivables, contract assets and most debt instruments. The model does not have a minimum threshold for recognition of impairment losses. The Company adopted this guidance as of January 1, 2023. The adoption did not have a material impact on the consolidated financial statements.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) Recently issued ASUs not listed were assessed and were determined not applicable, or are expected to have minimal impact on our consolidated financial statements.

Long-Term Debt (Credit Facility) (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Mar. 17, 2021
Line of Credit Facility [Line Items]
Minimum secured borrowing capacity	$ 11,000,000.0
Minimum fixed charge coverage ratio	110.00%
Net deferred financing fees	$ 1,225,000		$ 1,364,000
Amortization of deferred financing costs	$ 100,000	$ 100,000
PNC Bank [Member] \| Amended And Restated Revolving Credit [Member]
Line of Credit Facility [Line Items]
Debt instrument, expiration date	Mar. 17, 2026
Revolving Credit Facility [Member] \| PNC Bank [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity				$ 105,000,000.0
Commitment fee on the daily unused portion of the Revolver	0.25%
Net deferred financing fees	$ 700,000
Revolving Credit Facility [Member] \| PNC Bank [Member] \| SOFR [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Debt instrument, effective interest rate	7.50%
Revolving Credit Facility [Member] \| PNC Bank [Member] \| SOFR [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Debt instrument, effective interest rate	7.70%
Term Loan [Member] \| PNC Bank [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity				$ 15,000,000.0
Debt Instrument, Frequency of Periodic Payment	quarterly
Quarterly term loan payments	$ 500,000
Debt instrument, effective interest rate	8.20%

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 3: Revenue Recognition

The Company’s revenues are primarily comprised of sales of products. Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product. A performance obligation is a promise in a contract to transfer a distinct product to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales and other taxes are excluded from revenues. Invoiced shipping and handling costs are included in revenue.

The Company’s revenue is primarily from products transferred to customers at a point in time. The Company recognizes revenue at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer upon shipment.

We have determined that there are certain customer agreements involving production of specified product grades and shapes that require revenue to be recognized over time, in advance of shipment, due to there being no alternative use for these grades and shapes without significant economic loss. Also, the Company maintains an enforceable right to payment including a normal profit margin from the customer in the event of contract termination. Contract assets related to services performed and not yet billed of $1.7 million and $1.6 million are included in Accounts Receivable in the Consolidated Balance Sheets at June 30, 2023 and December 31, 2022, respectively.

The Company has elected the following practical expedients allowed under Accounting Standard Codification (“ASC”) 606:

•

Shipping costs are not considered to be separate performance obligations.

•

Performance obligations are satisfied within one year from a given reporting date; consequently, we omit disclosure of the transaction price apportioned to remaining performance obligations on open orders.

The following summarizes our revenue by melt type:



	Three months ended June 30,				Six months ended June 30,
	2023		2022			2023		2022
Net sales:
Specialty alloys	$	54,947		42,824	$		102,496		81,044
Premium alloys (A)		12,866		8,788			30,522		17,721
Conversion services and other sales		1,202		544			1,862		953

Total net sales	$	69,015		52,156	$		134,880		99,718

(A)

Premium alloys represent all vacuum induction melted (VIM) products.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Nature of Business and Basis of Presentation (Narrative) (Details)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate201613Member

- Definition

Indicates amendment to accounting standards.

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+ Details

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

+ Details

- Definition

Date accounting standards update was adopted, in YYYY-MM-DD format.

+ References

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 10: Income Taxes

Management estimates the annual effective income tax rate quarterly based on forecasted full year results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision includes tax on ordinary income provided at the most recent estimated annual effective tax rate (“ETR”), increased or decreased for the tax effect of discrete items.

For the six months ended June 30, 2023 and 2022, our estimated annual effective tax rates applied to ordinary income were 10.4% and 5.4%, respectively. In both periods, the projected annual ETR is less than the federal statutory rate of 21.0% due to the impact of research and development credits.

Discrete items during the six months ended June 30, 2023 and 2022 were related to share-based compensation items and totaled $0.1 million and $0.2 million, respectively. The ETR for each period was 23.7% and 1.1%, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Long-Term Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Note 6: Long-Term Debt

Long-term debt consisted of the following:


	June 30,			December 31,
(in thousands)	2023			2022

Revolving credit facility	$	75,003		$	79,545
Term loan		10,714			11,786
Sale and leaseback financing liability		1,661			1,804
Finance leases		7,130			6,663

Total debt		94,508			99,798
Less: current portion of long-term debt		(3,665	)		(3,419	)
Less: deferred financing costs		(1,225	)		(1,364	)

Long-term debt, net	$	89,618		$	95,015

Credit Facility

On March 17, 2021, we entered into the Second Amended and Restated Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”), with PNC Bank, National Association, as administrative agent and co-collateral agent (the “Agent”), Bank of America, N.A., as co-collateral agent (“Bank of America”), the Lenders (as defined in the Credit Agreement) party thereto from time to time and PNC Capital Markets LLC, as sole lead arranger and sole bookrunner. The Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount not to exceed $105.0 million (“Revolving Credit Facility”) and a senior secured term loan facility (“Term Loan”) in the amount of $15.0 million (together with the Revolving Credit Facility, the “Facilities”).

At June 30, 2023, we had total Credit Agreement related net deferred financing costs of approximately $0.7 million. For the six months ended June 30, 2023 and 2022, we amortized approximately $0.1 million of those deferred financing costs.

The Company was in compliance with all the applicable financial covenants throughout the term of the Credit Agreement and at June 30, 2023.

The Facilities, which expire on March 17, 2026 (the ‘Expiration Date”), are collateralized by a first lien on substantially all of the assets of the Company and its subsidiaries, except that no real property is collateral under the Facilities other than Company’s real property in North Jackson, Ohio.

Availability under the Credit Agreement is based on eligible accounts receivable and inventory. The Company must maintain undrawn availability under the Credit Agreement of at least $11.0 million. That requirement can be overcome if the Company maintains a fixed charge coverage ratio of not less than 1.10 to 1.0 measured on a rolling two-quarter basis and calculated in accordance with the terms of the Credit Agreement.

The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolving Credit Facility.

With respect to the Term Loan, the Company pays quarterly installments of the principal of approximately $0.5 million, plus accrued and unpaid interest, on the first day of each fiscal quarter beginning after June 30, 2021. To the extent not previously paid, the Term Loan will become due and payable in full on the Expiration Date.

Amounts outstanding under the Facilities, at the Company’s option, bear interest at either a base rate or the current LIBOR (prior to September 30, 2022) or SOFR (after September 30, 2022) rate plus a spread, in either case calculated in accordance with the terms of the Credit Agreement. Interest under the Credit Agreement is payable monthly. We elected to use the SOFR based rate for the majority of the debt outstanding under the Facilities for the six months ended June 30, 2023, which approximated 7.5% to 7.7% for commitments under our Revolving Credit Facility and was 8.2% for the Term Loan.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (loss)	$ 895	$ (1,437)	$ 383	$ (3,052)
Other comprehensive (loss) income, net of tax
Unrealized (loss) gain on derivatives	(124)	121	(270)	256
Comprehensive income (loss)	$ 771	$ (1,316)	$ 113	$ (2,796)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Inventory (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Major Classes of Inventory

Inventories consisted of the following:


	June 30,			December 31,
(in thousands)	2023			2022

Raw materials and starting stock	$	15,234		$	14,890
Semi-finished and finished steel products		124,925			129,534
Operating materials		14,771			13,220

Gross inventory		154,930			157,644
Inventory reserves		(3,323	)		(3,451	)

Total inventory, net	$	151,607		$	154,193

Inventory

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventory

Note 4: Inventory

Our raw material and starting stock inventory is primarily comprised of ferrous and non-ferrous scrap metal and alloys such as nickel, chrome, molybdenum, cobalt, vanadium and copper. Our semi-finished and finished steel products are work-in-process in various stages of production or are finished products waiting to be shipped to our customers.

Operating materials are primarily comprised of forge dies and production molds and rolls that are consumed over their useful lives. During the six months ended June 30, 2023 and 2022, we amortized these operating materials in the amount of $0.9 million and $0.8 million, respectively. This expense is recorded as a component of cost of products sold on the consolidated statements of operations and included as a part of our total depreciation and amortization on the consolidated statement of cash flows.

Inventory is stated at the lower of cost or net realizable value with cost principally determined on a weighted average cost method. Such costs include the acquisition cost for raw materials and supplies, direct labor and applied manufacturing overhead. We assess market based upon actual and estimated transactions at or around the balance sheet date. Typically, we reserve for slow-moving inventory and inventory that is being evaluated under our quality control process. The reserves are based upon management’s expected method of disposition.

The company experienced a liquid metal spill at our Bridgeville plant during April 2022. The consolidated statements of operations for the three and six months ended June 30, 2022 include $3.6 million of net expense related to the liquid metal spill, of which $1.3 million represents fixed overhead costs charged directly to expense due to the impact of the spill on our activity levels. The $3.6 million of expense is net of a $1.5 million insurance recovery received during the same period.

Inventories consisted of the following:


	June 30,			December 31,
(in thousands)	2023			2022

Raw materials and starting stock	$	15,234		$	14,890
Semi-finished and finished steel products		124,925			129,534
Operating materials		14,771			13,220

Gross inventory		154,930			157,644
Inventory reserves		(3,323	)		(3,451	)

Total inventory, net	$	151,607		$	154,193

Nature of Business and Basis of Presentation (Policies)	6 Months Ended
Nature of Business and Basis of Presentation (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated statements include the accounts of Universal Stainless & Alloy Products, Inc. and its subsidiaries and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reports and the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in consolidated financial statements prepared under U.S. GAAP have been condensed or omitted pursuant to such regulations. Although the December 31, 2022 consolidated balance sheet data was derived from the audited consolidated financial statements, it does not include all disclosures required by U.S. GAAP. However, we believe that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our most recently audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In the opinion of management, the accompanying consolidated financial statements include all adjustments necessary to present a fair presentation of the consolidated financial statements for the periods shown. Interim results are not necessarily indicative of the operating results for the full fiscal year or any future period. The preparation of these consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. Actual results may differ from our estimates. The consolidated financial statements include our accounts and the accounts of our wholly–owned subsidiaries. We also consolidate, regardless of our ownership percentage, variable interest entities (each a “VIE”) for which we are deemed to have a controlling financial interest. All intercompany transactions and balances have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if the entity is a VIE, and if we are deemed to be a primary beneficiary. As a part of our evaluation, we are required to qualitatively assess if we are the primary beneficiary of the VIE based on whether we hold the power to direct those matters that most significantly impacted the activities of the VIE and the obligation to absorb losses or the right to receive the benefits of the VIE that could potentially be significant. Refer to Note 7, New Markets Tax Credit Financing Transaction, for a description of the VIEs included in our consolidated financial statements.
New Accounting Pronouncement	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board added a new impairment model that is based on expected losses rather than incurred losses, known as the current expected credit loss (CECL) model. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses applicable to trade receivables, other receivables, contract assets and most debt instruments. The model does not have a minimum threshold for recognition of impairment losses. The Company adopted this guidance as of January 1, 2023. The adoption did not have a material impact on the consolidated financial statements. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) Recently issued ASUs not listed were assessed and were determined not applicable, or are expected to have minimal impact on our consolidated financial statements.

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:


	June 30,			December 31,
(in thousands)	2023			2022

Revolving credit facility	$	75,003		$	79,545
Term loan		10,714			11,786
Sale and leaseback financing liability		1,661			1,804
Finance leases		7,130			6,663

Total debt		94,508			99,798
Less: current portion of long-term debt		(3,665	)		(3,419	)
Less: deferred financing costs		(1,225	)		(1,364	)

Long-term debt, net	$	89,618		$	95,015

Net Income (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income (loss) per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share:


	Three months ended					Six months ended
	June 30,					June 30,
(dollars in thousands, except per share amounts)	2023		2022			2023		2022

Numerator:
Net income (loss)	$	895	$	(1,437	)	$	383	$	(3,052	)

Denominator:
Weighted average number of shares of common stock outstanding		9,066,150		8,960,770			9,061,011		8,953,460
Weighted average effect of dilutive share-based compensation		206,510		-			149,830		-
Diluted weighted average number of shares of common stock outstanding		9,272,660		8,960,770			9,210,841		8,953,460

Net income (loss) per common share:
Net income (loss) per common share - Basic	$	0.10	$	(0.16	)	$	0.04	$	(0.34	)
Net income (loss) per common share - Diluted	$	0.10	$	(0.16	)	$	0.04	$	(0.34	)

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Line Items]
Estimated annual effective tax rate	10.40%	5.40%
Effective income tax rate continuing operations	23.70%	1.10%
Expense related to share-based compensation item	$ 0.1	$ 0.2
Research and Development [Member]
Income Taxes [Line Items]
Effective income tax rate, federal statutory rate	21.00%	21.00%

Inventory (Major Classes of Inventory) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and starting stock	$ 15,234	$ 14,890
Semi-finished and finished steel products	124,925	129,534
Operating materials	14,771	13,220
Gross inventory	154,930	157,644
Inventory reserves	(3,323)	(3,451)
Total inventory, net	$ 151,607	$ 154,193

New Markets Tax Credit Financing Transaction (Narrative) (Details) - USD ($) $ in Thousands		6 Months Ended
	Mar. 09, 2018	Jun. 30, 2023	Dec. 31, 2022
New Markets Tax Credit Financing Transaction [Line Items]
New market tax credits recapture percentage	100.00%
New market tax credits period of recapture	7 years
Other long-term liabilities		$ 3,053	$ 3,066
Gain (Loss) on Sale of Derivatives		2,800
Deferred financing costs		1,225	1,364
New Markets Tax Credit (NMTC) Program [Member]
New Markets Tax Credit Financing Transaction [Line Items]
Aggregate principal amount of leverage loan loaned to investment fund	$ 6,700
Leverage loan, due date	2048-03
Other long-term liabilities		$ 2,800	$ 2,800
Deferred financing costs	$ 700
New Markets Tax Credit (NMTC) Program [Member] \| PNC New Markets Investment Partners, LLC [Member]
New Markets Tax Credit Financing Transaction [Line Items]
Capital contributions to investment fund	$ 3,500

Derivatives and Hedging

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

Note 11: Derivatives and Hedging

The Company invoices certain customers in foreign currencies. In order to mitigate the risks associated with fluctuations in exchange rates with the U.S. Dollar, the Company entered into foreign exchange forward contracts to mitigate the foreign currency risk related to a portion of these sales, and has designated these contracts as cash flow hedges.

The notional value of contracts was $4.7 million and $4.3 million at June 30, 2023 and December 31, 2022, respectively.

The Company recorded an unrealized loss in accumulated other comprehensive income (loss) of approximately $0.1 million at June 30, 2023 related to the contracts, compared to an unrealized gain of less than $0.1 million at December 31, 2022.

Additionally, the Company entered into a forward interest rate swap contract during 2020 to fix the interest rate on a portion of its variable-rate debt from January 1, 2021 to June 30, 2023. The interest rate swap was designated as a cash flow hedge. The notional amount of the contract at its inception was $16 million and reduced throughout the term. The notional amount of the contract was $10 million at December 31, 2022 and was $5 million during the first half of 2023 until it matured on June 30, 2023. The Company recorded an unrealized gain in accumulated other comprehensive income of $0.1 million December 31, 2022 related to the contract.

Leases (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Lessee Lease Description [Line Items]
Operating leases, right-of-use assets	$ 0.3	$ 0.5
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Finance leases, right-of-use assets	$ 7.3	$ 6.7
Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List	Property, plant and equipment, net	Property, plant and equipment, net
Sale and leaseback component	$ 1.8
Principal amount of financing instrument	$ 7.0
Financing instrument term	72 months
Financing instrument interest rate	11.20%
Weighted average interest rate on financing leases	10.00%
Amortization of finance lease assets	$ 0.3
Lease practical expedient (true/false)	true
VAR expansion
Lessee Lease Description [Line Items]
Value of the lease agreement	$ 5.2
Maximum [Member]
Lessee Lease Description [Line Items]
Operating and finance lease, lease terms	72 months
Finance lease term applicable to depreciate right-of-use assets and lease liabilities	6 years
Minimum [Member]
Lessee Lease Description [Line Items]
Finance lease term applicable to depreciate right-of-use assets and lease liabilities	3 years

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Future Minimum Lease Payments Applicable to Operating and Finance Leases

As of June 30, 2023, future minimum lease payments applicable to operating and finance leases were as follows:


	Operating Leases		Finance Leases
2023	$	112	$	985
2024		170		1,953
2025		36		1,841
2026		21		1,714
2027		2		1,570
2028		-		1,114
Total minimum lease payments		341		9,177
Less amounts representing interest		(9)		(2,047)
Present value of minimum lease payments		332		7,130
Less current obligations		(161)		(1,278)
Total long-term lease obligations, net	$	171	$	5,852
Weighted-average remaining lease term		1.9 years		4.7 years

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, less expected credit losses	$ 201	$ 201
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,980,000	1,980,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	9,087,370	9,049,748

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9: Commitments and Contingencies

From time to time, various lawsuits and claims have been or may be asserted against us relating to the conduct of our business, including routine litigation relating to commercial and employment matters. The ultimate cost and outcome of any litigation or claim cannot be predicted with certainty. Management believes, based on information presently available, that the likelihood that the ultimate outcome of any such pending matter will have a material adverse effect on our financial condition, or liquidity or a material impact on our results of operations is remote, although the resolution of one or more of these matters may have a material adverse effect on our results of operations for the period in which the resolution occurs.

Revenue Recognition (Policies)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Derivatives and Hedging (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
Derivatives and Hedging (Narrative) (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jan. 01, 2021
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Accumulated unrealized gain (loss) on foreign currency contracts , net of tax	$ (100,000)	$ 100,000
Maximum [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized Gain (Loss) on Derivatives	Unrealized Gain (Loss) on Derivatives
Foreign Exchange Forward Contracts [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedges [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Notional value of derivative contracts	$ 4,700,000	$ 4,300,000
Interest Rate Swap [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Notional value of derivative contracts	5,000,000	10,000,000	$ 16,000,000
Accumulated unrealized gain (loss) on foreign currency contracts , net of tax	$ 100,000	$ 100,000

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 94,508	$ 99,798
Less: current portion of long-term debt	(3,665)	(3,419)
Less: deferred financing costs	(1,225)	(1,364)
Long-term debt, net	89,618	95,015
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	75,003	79,545
Term Loan [Member]
Debt Instrument [Line Items]
Total debt	10,714	11,786
Sale And Leaseback Financing Liability [Member]
Debt Instrument [Line Items]
Total debt	1,661	1,804
Finance Leases [Member]
Debt Instrument [Line Items]
Total debt	$ 7,130	$ 6,663

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Net Income (Loss) Per Common Share (Computation of Basic and Diluted Net Income (loss) per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income (loss)	$ 895	$ (1,437)	$ 383	$ (3,052)
Denominator:
Weighted average number of shares of common stock outstanding	9,066,150	8,960,770	9,061,011	8,953,460
Weighted average effect of dilutive share-based compensation	206,510		149,830
Diluted weighted average number of shares of common stock outstanding	9,272,660	8,960,770	9,210,841	8,953,460
Net income (loss) per common share:
Net income (loss) per common share - Basic	$ 0.1	$ (0.16)	$ 0.04	$ (0.34)
Net income (loss) per common share - Diluted	$ 0.1	$ (0.16)	$ 0.04	$ (0.34)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details