0000703604-21-000093 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2021	Oct. 15, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	0-10546
Entity Registrant Name	LAWSON PRODUCTS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2229304
Entity Address, Address Line One	8770 W. Bryn Mawr Avenue
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60631
City Area Code	(773)
Local Phone Number	304-5050
Title of 12(b) Security	Common stock, $1.00 par value
Trading Symbol	LAWS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,078,347
Entity Central Index Key	0000703604
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 7,460	$ 28,393
Restricted cash	197	998
Accounts receivable, less allowance for doubtful accounts of $771 and $654, respectively	50,779	44,515
Inventories, net	67,452	61,867
Miscellaneous receivables and prepaid expenses	8,629	7,289
Total current assets	134,517	143,062
Property, plant and equipment, net	17,794	15,800
Goodwill	35,253	35,176
Deferred income taxes	18,877	18,482
Intangible assets, net	16,796	18,503
Cash value of life insurance	18,240	16,185
Right of use assets	12,702	8,764
Other assets	318	332
Total assets	254,497	256,304
Current liabilities:
Accrued acquisition liability	0	32,673
Accounts payable	25,585	22,262
Lease obligation	4,348	4,568
Accrued expenses and other liabilities	39,083	38,492
Total current liabilities	69,016	97,995
Revolving line of credit	10,900	0
Security bonus plan	10,853	11,262
Deferred compensation	11,821	10,461
Lease obligation	9,744	5,738
Deferred tax liability	2,945	2,841
Other liabilities	4,862	5,585
Total liabilities	120,141	133,882
Stockholders’ equity:
Preferred Stock, $1 par value: Authorized - 500,000 shares, Issued and outstanding — None	0	0
Common Stock, $1 par value: Authorized - 35,000,000 shares Issued - 9,305,566 and 9,287,625 shares, respectively Outstanding - 9,078,347 and 9,061,039 shares, respectively	9,306	9,288
Capital in excess of par value	21,546	19,841
Retained earnings	111,796	101,609
Treasury stock – 227,219 and 226,586 shares, respectively	(9,048)	(9,015)
Accumulated other comprehensive income	756	699
Total stockholders’ equity	134,356	122,422
Total liabilities and stockholders’ equity	$ 254,497	$ 256,304

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Allowance for doubtful accounts	$ 771	$ 654
LIABILITIES AND STOCKHOLDERS’ EQUITY
Preferred stock, par value (in USD per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	35,000,000	35,000,000
Common stock, shares issued (in shares)	9,305,566	9,287,625
Common stock, shares outstanding (in shares)	9,078,347	9,061,039
Treasury stock (in shares)	227,219	226,586

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 105,570	$ 90,277	$ 315,666	$ 253,458
Cost of goods sold	49,524	43,052	150,440	118,999
Gross profit	56,046	47,225	165,226	134,459
Operating expenses:
Selling expenses	24,908	19,155	72,945	55,445
General and administrative expenses	26,518	26,069	79,469	57,806
Operating expenses	51,426	45,224	152,414	113,251
Operating income	4,620	2,001	12,812	21,208
Interest expense	(119)	(142)	(710)	(329)
Other income (expense), net	209	(615)	(802)	(15)
Income before income taxes	4,292	2,474	12,904	20,894
Income tax expense	636	736	2,717	6,004
Net income	$ 3,656	$ 1,738	$ 10,187	$ 14,890
Basic income per share of common stock (in USD per share)	$ 0.40	$ 0.19	$ 1.12	$ 1.65
Diluted income per share of common stock (in USD per share)	$ 0.39	$ 0.19	$ 1.09	$ 1.60
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	9,078	9,017	9,073	9,017
Effect of dilutive securities outstanding (in shares)	279	313	273	312
Diluted weighted average shares outstanding (in shares)	9,357	9,330	9,346	9,329
Comprehensive income:
Net income	$ 3,656	$ 1,738	$ 10,187	$ 14,890
Adjustment for foreign currency translation	(928)	398	57	(918)
Net comprehensive income	$ 2,728	$ 2,136	$ 10,244	$ 13,972

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Income
Balance at beginning of year (in shares) at Dec. 31, 2019		9,043,771
Balance at beginning of year at Dec. 31, 2019	$ 108,001	$ 9,190	$ 18,077	$ 86,496	$ (5,761)	$ (1)
Net income	12,533			12,533
Adjustment for foreign currency translation	(2,494)					(2,494)
Stock-based compensation	451		451
Shares repurchased held in treasury (in shares)		(47,504)
Shares repurchased held in treasury	(1,756)				(1,756)
Balance at end of period (in shares) at Mar. 31, 2020		8,996,267
Balance at end of period at Mar. 31, 2020	116,735	$ 9,190	18,528	99,029	(7,517)	(2,495)
Balance at beginning of year (in shares) at Dec. 31, 2019		9,043,771
Balance at beginning of year at Dec. 31, 2019	108,001	$ 9,190	18,077	86,496	(5,761)	(1)
Net income	14,890
Adjustment for foreign currency translation	(918)
Balance at end of period (in shares) at Sep. 30, 2020		9,025,617
Balance at end of period at Sep. 30, 2020	121,254	$ 9,232	19,508	101,386	(7,953)	(919)
Balance at beginning of year (in shares) at Mar. 31, 2020		8,996,267
Balance at beginning of year at Mar. 31, 2020	116,735	$ 9,190	18,528	99,029	(7,517)	(2,495)
Net income	619			619
Adjustment for foreign currency translation	1,178					1,178
Stock-based compensation	498		498
Shares issued (in shares)		11,144
Shares issued	14	$ 11	3
Balance at end of period (in shares) at Jun. 30, 2020		9,007,411
Balance at end of period at Jun. 30, 2020	119,044	$ 9,201	19,029	99,648	(7,517)	(1,317)
Net income	1,738			1,738
Adjustment for foreign currency translation	398						$ 398
Stock-based compensation	510		510
Shares issued (in shares)		30,283
Shares issued	$ 0	$ 31	(31)
Shares repurchased held in treasury (in shares)	(12,077)
Shares repurchased held in treasury	$ (436)
Balance at end of period (in shares) at Sep. 30, 2020		9,025,617
Balance at end of period at Sep. 30, 2020	$ 121,254	$ 9,232	19,508	101,386	(7,953)	(919)
Balance at beginning of year (in shares) at Dec. 31, 2020	9,287,625	9,061,039
Balance at beginning of year at Dec. 31, 2020	$ 122,422	$ 9,288	19,841	101,609	(9,015)	699
Net income	3,596			3,596
Adjustment for foreign currency translation	631					631
Stock-based compensation	422		422
Shares issued (in shares)		5,776
Shares issued	0	$ 5	(5)
Shares repurchased held in treasury (in shares)		(268)
Shares repurchased held in treasury	(13)				(13)
Balance at end of period (in shares) at Mar. 31, 2021		9,066,547
Balance at end of period at Mar. 31, 2021	$ 127,058	$ 9,293	20,258	105,205	(9,028)	1,330
Balance at beginning of year (in shares) at Dec. 31, 2020	9,287,625	9,061,039
Balance at beginning of year at Dec. 31, 2020	$ 122,422	$ 9,288	19,841	101,609	(9,015)	699
Net income	10,187
Adjustment for foreign currency translation	$ 57
Balance at end of period (in shares) at Sep. 30, 2021	9,305,566	9,078,347
Balance at end of period at Sep. 30, 2021	$ 134,356	$ 9,306	21,546	111,796	(9,048)	756
Balance at beginning of year (in shares) at Mar. 31, 2021		9,066,547
Balance at beginning of year at Mar. 31, 2021	127,058	$ 9,293	20,258	105,205	(9,028)	1,330
Net income	2,935			2,935
Adjustment for foreign currency translation	354						354
Stock-based compensation	$ 551		551
Shares issued (in shares)	10,965
Shares issued	$ 0	$ 11	(11)
Balance at end of period (in shares) at Jun. 30, 2021		9,077,512
Balance at end of period at Jun. 30, 2021	130,898	$ 9,304	20,798	108,140	(9,028)	1,684
Net income	3,656			3,656
Adjustment for foreign currency translation	(928)						$ (928)
Stock-based compensation	$ 750		750
Shares issued (in shares)	1,200
Shares issued	$ 0	$ 2	(2)
Shares repurchased held in treasury (in shares)		(365)
Shares repurchased held in treasury	$ (20)				(20)
Balance at end of period (in shares) at Sep. 30, 2021	9,305,566	9,078,347
Balance at end of period at Sep. 30, 2021	$ 134,356	$ 9,306	$ 21,546	$ 111,796	$ (9,048)	$ 756

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net income	$ 10,187	$ 14,890
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	5,990	4,660
Stock-based compensation	1,403	(2,767)
Deferred income taxes	(298)	1,454
Changes in operating assets and liabilities, net of acquisition
Accounts receivable	(6,582)	(2,128)
Inventories	(5,554)	1,101
Miscellaneous receivables, prepaid expenses and other assets	(3,443)	(725)
Accounts payable and other liabilities	3,790	3,097
Other	672	441
Net cash provided by operating activities	6,165	20,023
Investing activities:
Purchases of property, plant and equipment	(5,664)	(1,311)
Business acquisition	(33,000)	(2,300)
Net cash used in investing activities	(38,664)	(3,611)
Financing activities:
Net proceeds from revolving line of credit	10,900	(2,271)
Repurchase treasury shares	(33)	(2,192)
Payment of financing lease principal	(179)	(192)
Proceeds from stock option exercise	0	15
Net cash provided by (used in) financing activities	10,688	(4,640)
Effect of exchange rate changes on cash and cash equivalents	77	(74)
Increase (decrease) in cash, cash equivalents and restricted cash	(21,734)	11,698
Cash, cash equivalents and restricted cash at beginning of period	29,391	6,297
Cash, cash equivalents and restricted cash at end of period	7,657	17,995
Cash and cash equivalents	7,460	17,193
Restricted cash	197	802
Cash, cash equivalents and restricted cash	7,657	17,995
Supplemental disclosure of cash flow information
Net cash paid for income taxes	4,044	3,733
Net cash paid for interest	834	295
Additions of property, plant and equipment included in accounts payable	$ 47	$ 78

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting PoliciesThe accompanying unaudited condensed consolidated financial statements of Lawson Products, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not contain all disclosures required by generally accepted accounting principles. Reference should be made to the Company’s Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of the Company, all normal recurring adjustments have been made that are necessary to present fairly the results of operations for the interim periods. Operating results for the three and nine month periods ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The Company has two operating segments. The Lawson operating segment distributes maintenance, repair and operations ("MRO") products to customers primarily through a network of sales representatives offering vendor managed inventory ("VMI") service to customers throughout the United States and Canada. The Bolt Supply House Ltd. ("Bolt Supply") operating segment distributes MRO products primarily through its branches located in Western Canada. Bolt Supply had 14 branches in operation at the end of the third quarter 2021. See Note 2 of the 2020 Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for further details of the significant accounting policies of the Company.

Acquisition

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisition

On August 31, 2020, the Company acquired Partsmaster from NCH Corporation. Partsmaster is a leading maintenance, MRO solutions provider that serves approximately 16,000 customers with approximately 200 sales representatives. The acquisition was made primarily to expand the Company's sales coverage, expand product lines, add experienced sales representatives, and leverage the Company's infrastructure.

The purchase price was $35.3 million in cash plus the assumption of certain liabilities. The Company paid $2.3 million of the purchase price in cash at closing and paid the remaining $33.0 million in May 2021. The payment obligation was discounted to present value and recognized as an accrued acquisition liability of $32.7 million as of December 31, 2020 in the Company's condensed consolidated balance sheet. Interest expense of $0.3 million was recorded in the nine months ended September 30, 2021. Payment was guaranteed under the Purchase Agreement, and included the issuance of a $33.0 million irrevocable standby letter of credit. The letter of credit was released upon payment of the acquisition liability in May 2021.

The purchase price of the acquisition was allocated to the fair value of Partsmaster’s assets and liabilities on the acquisition date. The fair market value appraisals of the majority of the assets and liabilities was determined by a third party valuation firm using management estimates and assumptions including intangible assets of $5.0 million for customer relationships and $2.8 million for trade names, and their estimated useful lives of 10 and 5 years, respectively. The $15.8 million allocated to goodwill reflects the purchase price less the fair market value of the identifiable net assets. The goodwill is attributable to the workforce of the acquired business and the synergies expected to arise after Lawson's acquisition of Partsmaster. The entire amount of goodwill is expected to be deductible for tax purposes.

The accounting for this acquisition was complete as of June 30, 2021. Partsmaster contributed $13.6 million of revenue and an operating loss of $0.8 million in the third quarter of 2021 and $44.6 million of revenue and $0.4 million of operating income in the first nine months of 2021, compared to $5.4 million of revenue and $0.4 million of operating income in the third quarter 2020 post acquisition.

A summary of the purchase price allocation of the acquisition is as follows (Dollars in thousands):


Cash paid and payable and liabilities assumed
Cash paid	$	34,523
Accounts payable and accrued expenses	4,086
Deferred compensation	2,938
Lease obligation	620
	$	42,167
Fair value of assets acquired
Goodwill	$	15,816
Inventories	7,797
Accounts receivable	7,706
Customer relationships	4,961
Trade names	2,775
Property, plant and equipment	2,121
Right of use asset	620
Other assets	371
	$	42,167

The unaudited pro forma revenue and net income for the Company for the three months ended September 30, 2020, assuming the Partsmaster acquisition closed on January 1, 2019, was $101.2 million and $2.0 million, respectively. The unaudited pro forma revenue and net income for the Company for the nine months ended September 30, 2020, assuming the Partsmaster acquisition closed on January 1, 2019, was $298.5 million and $16.3 million, respectively.

The pro forma disclosures include adjustments for amortization of intangible assets, implied interest expense and acquisition costs to reflect results as if the acquisition of Partsmaster had closed on January 1, 2019 rather than on the actual

acquisition date. This pro forma information utilizes certain estimates, is presented for illustrative purposes only and is not intended to be indicative of the actual results of operation. In addition, future results may vary significantly from the results reflected in the pro forma information. The unaudited pro forma financial information does not reflect the impact of future positive or negative events that may occur after the acquisition, such as anticipated cost savings from operating synergies.

Revenue Recognition

9 Months Ended

Sep. 30, 2021

Deferred Revenue Disclosure [Abstract]

Revenue Recognition

As part of the Company's revenue recognition analysis, it concluded that it has two separate performance obligations, and accordingly, two separate revenue streams: products and services. Under the definition of a contract as defined by Accounting Standards Codification 606, Revenue From Contracts With Customers ("ASC 606"), the Company considers contracts to be created at the time an order to purchase product and services is agreed upon regardless of whether or not there is a written contract.

Performance Obligations

The Company has two operating segments; the Lawson segment and the Bolt Supply segment.

The Lawson segment has two distinct performance obligations from contracts with its customers: a product performance obligation and a service performance obligation. While the Company offers both a product and a service obligation, customers receive one invoice per transaction with no price breakout between these obligations. The Company does not separately price performance obligations.

The Lawson segment generates revenue primarily from the sale of MRO products to its customers. Revenues related to product sales is recognized at the time that control of the product has been transferred to the customer, either at the time the product is shipped or the time the product has been received by the customer. The Company does not commit to long-term contracts to sell customers a certain minimum quantity of products.

The Lawson segment, including the recent Partsmaster acquisition, offers a vendor managed inventory ("VMI") service proposition to its customers. A portion of these services, primarily related to stocking of product and maintenance of the MRO inventory, is provided a short period of time after control of the purchased product has been transferred to the customer. Since some components of VMI service have not been provided at the time the control of the product transfers to the customer, that portion of expected consideration is deferred until the time that those services have been provided.

The Bolt Supply segment provides product sales and does not provide VMI services or other services. Revenue is recognized at the time that control of the product has been transferred to the customer which is either upon delivery or shipment depending on the terms with the customer.

Disaggregated revenue by geographic area follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)	2021		2020		2021		2020

United States	$	85,343	$	72,030	$	256,577	$	202,709
Canada	20,227		18,247		59,089		50,749
Consolidated total	$	105,570	$	90,277	$	315,666	$	253,458

Disaggregated revenue by product type follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Fastening Systems	22.2	%	22.3	%	21.4	%	22.7	%
Cutting Tools and Abrasives	15.0	%	12.2	%	14.8	%	13.1	%
Fluid Power	13.0	%	12.6	%	13.2	%	13.2	%
Specialty Chemicals	10.5	%	13.3	%	10.1	%	11.7	%
Electrical	10.4	%	10.0	%	10.4	%	10.2	%
Aftermarket Automotive Supplies	7.6	%	7.0	%	7.2	%	7.1	%
Safety	5.1	%	7.0	%	5.0	%	6.4	%
Welding and Metal Repair	1.4	%	1.4	%	1.6	%	1.4	%
Other	14.8	%	14.2	%	16.3	%	14.2	%
Consolidated Total	100.0%		100.0%		100.0%		100.0%

Activities as lessor

Prior to acquisition, Partsmaster leased parts washer machines to customers through its Torrents leasing program. The Torrents leasing program comprised a minor portion of the Partsmaster business. The Company will continue the leasing program for the foreseeable future. These leases are classified as operating leases. The leased machines are recognized as fixed assets on the Company's consolidated balance sheet and the leasing revenue is recognized on a straight line basis over the leasing term. The Torrents machine leasing program generated $0.8 million and $2.2 million of revenue in the three and nine months ended September 30, 2021. The carrying value of the Torrents leasing assets as of September 30, 2021 is $1.0 million. The Company has adopted the practical expedient not to separate non-lease components that would be within the scope of ASC 606 from the associated lease components as the relevant criteria under ASC 842 are met.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Restricted Cash	9 Months Ended
Restricted Cash	Sep. 30, 2021
Restricted Cash [Abstract]
Restricted Cash	Restricted CashThe Company has agreed to maintain $0.2 million in a guaranteed investment certificate as collateral for an outside party that is providing certain commercial credit card services for Bolt. The Company is restricted from withdrawing this balance without the prior consent of the outside party during the term of the agreement. The Company previously agreed to maintain $0.8 million in a money market account as collateral for an outside party that provided certain commercial card processing services for the Company, however this agreement ended in the third quarter 2021 and the $0.8 million is now unrestricted.

Inventories, Net

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

InventoriesInventories, net, consisting primarily of purchased goods offered for resale, were as follows:


	(Dollars in thousands)
	September 30, 2021		December 31, 2020
Inventories, gross	$	75,632	$	67,137
Reserve for obsolete and excess inventory	(8,180)		(5,270)
Inventories, net	$	67,452	$	61,867

During the nine months ended September 30, 2021, the Company increased its reserve for obsolete and excess inventory by $0.9 million for which its cost exceeded its estimated selling price and $1.0 million for rationalization of inventory related to Partsmaster.

Goodwill Goodwill

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill activity for the first nine months of 2021 is included in the table below:


	(Dollars in Thousands)
	Goodwill By Reportable Segment
	Lawson		Bolt		Total
Beginning balance December 31, 2020	$	21,352	$	13,824	$	35,176
Impact of foreign exchange rates	18		59		77
Balance at September 30, 2021	$	21,370	$	13,883	$	35,253

Intangible Assets

9 Months Ended

Sep. 30, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible AssetsThe gross carrying amount and accumulated amortization by intangible asset class were as follows:


	(Dollars in thousands)
	September 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	11,364	$	(3,593)	$	7,771	$	11,289	$	(2,733)	$	8,556
Customer relationships	12,410		(3,385)		9,025		12,349		(2,402)		9,947
	$	23,774	$	(6,978)	$	16,796	$	23,638	$	(5,135)	$	18,503

Amortization expense of $0.6 million and $0.4 million related to intangible assets was recorded in General and administrative expense for the three months ended September 30, 2021 and 2020, respectively. Amortization expense of $1.8 million and $1.1 million related to intangible assets was recorded in General and administrative expenses for the nine months ended September 30, 2021 and 2020, respectively.

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

Activities as Lessee

The Company leases equipment, distribution centers, office space, and branch locations throughout the US and Canada.

Expenses related to leasing activities for the three months ended September 30, 2021 and September 30, 2020 are as follows (Dollars in thousands):


		Three Months Ended September 30,
Lease Type	Classification	2021		2020

Operating Lease Expense	Operating expenses	$	1,500	$	1,262

Financing Lease Amortization	Operating expenses	44		$	63

Financing Lease Interest	Interest expense	2		8

Financing Lease Expense		46		71

Net Lease Cost		$	1,546	$	1,333

Expenses related to leasing activities for the nine months ended September 30, 2021 and September 30, 2020 are as follows (Dollars in thousands):


		Nine Months Ended September 30,
Lease Type	Classification	2021		2020

Operating Lease Expense	Operating expenses	$	4,429	$	3,630

Financing Lease Amortization	Operating expenses	179		$	165

Financing Lease Interest	Interest expense	12		22

Financing Lease Expense		191		187

Net Lease Cost		$	4,620	$	3,817

Net assets and liabilities related to leasing activities as of September 30, 2021 and December 31, 2020 are as follows (Dollars in thousands):


Lease Type	September 30, 2021		December 31, 2020

Total Right Of Use ("ROU") operating lease assets (1)	$	12,292	$	8,246
Total ROU financing lease assets (2)	410		518
Total lease assets	$	12,702	$	8,764

Total current operating lease obligation	$	4,187	$	4,360
Total current financing lease obligation	161		208
Total current lease obligations	$	4,348	$	4,568

Total long term operating lease obligation	$	9,587	$	5,498
Total long term financing lease obligation	157		240
Total long term lease obligation	$	9,744	$	5,738

(1) Operating lease assets are recorded net of accumulated amortization of $8.7 million and $5.9 million as of September 30, 2021 and December 31, 2020, respectively

(2) Financing lease assets are recorded net of accumulated amortization of $0.6 million and $0.4 million as of September 30, 2021 and December 31, 2020, respectively

Liabilities generated by leasing activities as of September 30, 2021 were as follows (Dollars in thousands):


Maturity Date of Lease Liabilities	Operating Leases		Financing Leases		Total

Year one	$	4,535	$	166	$	4,701
Year two	3,841		114		3,955
Year three	2,865		39		2,904
Year four	1,870		14		1,884
Year five	345		—		345
Subsequent years	1,265		—		1,265
Total lease payments	14,721		333		15,054
Less: Interest	947		15		962
Present value of lease liabilities	$	13,774	$	318	$	14,092

(1) Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.6 million

The weighted average lease terms and interest rates of the leases held by Lawson as of September 30, 2021 are as follows:


Lease Type	Weighted Average Term in Years	Weighted Average Interest Rate

Operating Leases	4.0	3.53%
Financing Leases	2.2	4.99%

The cash outflows of the leasing activity for the three months ending September 30, 2021 are as follows (Dollars in thousands):

Cash Flow Source

Classification

Amount

Operating cash flows from operating leases

Operating activities

3,549

Operating cash flows from financing leases

Operating activities

Financing cash flows from financing leases

Financing activities

179

In March 2021 the Company signed a three year extension for their lease at the McCook distribution center ("McCook"). The lease extension created a right of use asset of $5.3 million and a lease liability of $5.3 million.

Refer to Note 3 - Revenue Recognition for a discussion on Lawson activities as lessor.

Leases

Activities as Lessee

The Company leases equipment, distribution centers, office space, and branch locations throughout the US and Canada.

Expenses related to leasing activities for the three months ended September 30, 2021 and September 30, 2020 are as follows (Dollars in thousands):


		Three Months Ended September 30,
Lease Type	Classification	2021		2020

Operating Lease Expense	Operating expenses	$	1,500	$	1,262

Financing Lease Amortization	Operating expenses	44		$	63

Financing Lease Interest	Interest expense	2		8

Financing Lease Expense		46		71

Net Lease Cost		$	1,546	$	1,333

Expenses related to leasing activities for the nine months ended September 30, 2021 and September 30, 2020 are as follows (Dollars in thousands):


		Nine Months Ended September 30,
Lease Type	Classification	2021		2020

Operating Lease Expense	Operating expenses	$	4,429	$	3,630

Financing Lease Amortization	Operating expenses	179		$	165

Financing Lease Interest	Interest expense	12		22

Financing Lease Expense		191		187

Net Lease Cost		$	4,620	$	3,817

Net assets and liabilities related to leasing activities as of September 30, 2021 and December 31, 2020 are as follows (Dollars in thousands):


Lease Type	September 30, 2021		December 31, 2020

Total Right Of Use ("ROU") operating lease assets (1)	$	12,292	$	8,246
Total ROU financing lease assets (2)	410		518
Total lease assets	$	12,702	$	8,764

Total current operating lease obligation	$	4,187	$	4,360
Total current financing lease obligation	161		208
Total current lease obligations	$	4,348	$	4,568

Total long term operating lease obligation	$	9,587	$	5,498
Total long term financing lease obligation	157		240
Total long term lease obligation	$	9,744	$	5,738

(1) Operating lease assets are recorded net of accumulated amortization of $8.7 million and $5.9 million as of September 30, 2021 and December 31, 2020, respectively

(2) Financing lease assets are recorded net of accumulated amortization of $0.6 million and $0.4 million as of September 30, 2021 and December 31, 2020, respectively

Liabilities generated by leasing activities as of September 30, 2021 were as follows (Dollars in thousands):


Maturity Date of Lease Liabilities	Operating Leases		Financing Leases		Total

Year one	$	4,535	$	166	$	4,701
Year two	3,841		114		3,955
Year three	2,865		39		2,904
Year four	1,870		14		1,884
Year five	345		—		345
Subsequent years	1,265		—		1,265
Total lease payments	14,721		333		15,054
Less: Interest	947		15		962
Present value of lease liabilities	$	13,774	$	318	$	14,092

(1) Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.6 million

The weighted average lease terms and interest rates of the leases held by Lawson as of September 30, 2021 are as follows:


Lease Type	Weighted Average Term in Years	Weighted Average Interest Rate

Operating Leases	4.0	3.53%
Financing Leases	2.2	4.99%

The cash outflows of the leasing activity for the three months ending September 30, 2021 are as follows (Dollars in thousands):

Cash Flow Source

Classification

Amount

Operating cash flows from operating leases

Operating activities

3,549

Operating cash flows from financing leases

Operating activities

Financing cash flows from financing leases

Financing activities

179

Refer to Note 3 - Revenue Recognition for a discussion on Lawson activities as lessor.

Leases

Activities as Lessee

The Company leases equipment, distribution centers, office space, and branch locations throughout the US and Canada.

Expenses related to leasing activities for the three months ended September 30, 2021 and September 30, 2020 are as follows (Dollars in thousands):


		Three Months Ended September 30,
Lease Type	Classification	2021		2020

Operating Lease Expense	Operating expenses	$	1,500	$	1,262

Financing Lease Amortization	Operating expenses	44		$	63

Financing Lease Interest	Interest expense	2		8

Financing Lease Expense		46		71

Net Lease Cost		$	1,546	$	1,333

Expenses related to leasing activities for the nine months ended September 30, 2021 and September 30, 2020 are as follows (Dollars in thousands):


		Nine Months Ended September 30,
Lease Type	Classification	2021		2020

Operating Lease Expense	Operating expenses	$	4,429	$	3,630

Financing Lease Amortization	Operating expenses	179		$	165

Financing Lease Interest	Interest expense	12		22

Financing Lease Expense		191		187

Net Lease Cost		$	4,620	$	3,817

Net assets and liabilities related to leasing activities as of September 30, 2021 and December 31, 2020 are as follows (Dollars in thousands):


Lease Type	September 30, 2021		December 31, 2020

Total Right Of Use ("ROU") operating lease assets (1)	$	12,292	$	8,246
Total ROU financing lease assets (2)	410		518
Total lease assets	$	12,702	$	8,764

Total current operating lease obligation	$	4,187	$	4,360
Total current financing lease obligation	161		208
Total current lease obligations	$	4,348	$	4,568

Total long term operating lease obligation	$	9,587	$	5,498
Total long term financing lease obligation	157		240
Total long term lease obligation	$	9,744	$	5,738

(1) Operating lease assets are recorded net of accumulated amortization of $8.7 million and $5.9 million as of September 30, 2021 and December 31, 2020, respectively

(2) Financing lease assets are recorded net of accumulated amortization of $0.6 million and $0.4 million as of September 30, 2021 and December 31, 2020, respectively

Liabilities generated by leasing activities as of September 30, 2021 were as follows (Dollars in thousands):


Maturity Date of Lease Liabilities	Operating Leases		Financing Leases		Total

Year one	$	4,535	$	166	$	4,701
Year two	3,841		114		3,955
Year three	2,865		39		2,904
Year four	1,870		14		1,884
Year five	345		—		345
Subsequent years	1,265		—		1,265
Total lease payments	14,721		333		15,054
Less: Interest	947		15		962
Present value of lease liabilities	$	13,774	$	318	$	14,092

(1) Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.6 million

The weighted average lease terms and interest rates of the leases held by Lawson as of September 30, 2021 are as follows:


Lease Type	Weighted Average Term in Years	Weighted Average Interest Rate

Operating Leases	4.0	3.53%
Financing Leases	2.2	4.99%

The cash outflows of the leasing activity for the three months ending September 30, 2021 are as follows (Dollars in thousands):

Cash Flow Source

Classification

Amount

Operating cash flows from operating leases

Operating activities

3,549

Operating cash flows from financing leases

Operating activities

Financing cash flows from financing leases

Financing activities

179

Refer to Note 3 - Revenue Recognition for a discussion on Lawson activities as lessor.

Revolving Credit Facility	9 Months Ended
Revolving Credit Facility	Sep. 30, 2021
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility The Revolving Credit Facility matures on October 11, 2024 and provides $100.0 million of revolving commitments. Net of outstanding letters of credit, the Company had $87.4 million of borrowing availability under the Revolving Credit Facility as of September 30, 2021 and $66.0 million as of December 31, 2020. Weighted average interest rates for the nine months ended September 30, 2021 and September 30, 2020 were 2.88% and 2.64%, respectively. Fees are reported as interest expense and include customary charges relating to letters of credit and an unused commitment fee ranging from 0.15% to 0.30%, depending on the Total Net Leverage Ratio as defined in the Credit Agreement. Fees for both the nine months ended September 30, 2021 and September 30, 2020 were $0.1 million governing the Revolving Credit Facility. In connection with the Revolving Credit Facility originated in 2019, deferred financing costs of $0.6 million were incurred. Deferred financing costs are amortized over the life of the debt instrument and reported as interest expense. As of September 30, 2021 and December 31, 2020 deferred financing costs net of accumulated amortization were $0.3 million and $0.4 million, respectively, and are included in Other assets. Borrowings are designed as alternate base rate loans, Canadian prime rate loans, Eurodollar loans, and Canadian dollar offered rate loans. Interest rates vary by the type of borrowing and Total Net Leverage Ratio as defined in the Credit Agreement of the most recent fiscal quarter. The Revolving Credit Facility includes customary financial covenants representations and warranties. The Company was in compliance with all financial covenants as of September 30, 2021. In the third quarter of 2020, the Company entered into an amendment to the Credit Agreement which among other items temporarily increased the allowed letter of credits from $15.0 million to $40.0 million until August 31, 2021 and authorized indebtedness not to exceed $36.0 million for the acquisition of Partsmaster.

- 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.

+ References

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+ Details

Accrued Acquisition Liability	9 Months Ended
Accrued Acquisition Liability	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Accrued Acquisition Liability	Accrued Acquisition LiabilityOn August 31, 2020, Lawson acquired Partsmaster from NCH Corporation. As part of the purchase price, the Company agreed to pay $33.0 million in May 2021. The payment obligation was discounted to present value using an implied interest rate of 1.8%. A discounted current liability of $32.7 million was recognized as of December 31, 2020 in the Company's consolidated balance sheet. In May 2021, the Company paid the outstanding $33.0 million accrued acquisition liability. Payment was guaranteed under the Purchase Agreement which included the issuance of a $33.0 million irrevocable standby letter of credit. The letter of credit was released in June 2021 subsequent to payment of the liability in May 2021.Interest expense of $0.3 million on the accrued acquisition liability was recorded in the nine months ended September 30, 2021, with all interest expense recorded prior to the payment of the accrued acquisition liability.

Stock Repurchase Program	9 Months Ended
Stock Repurchase Program	Sep. 30, 2021
Disclosure of Repurchase Agreements [Abstract]
Stock Repurchase Program	Stock Repurchase ProgramIn the second quarter of 2019, the Board of Directors authorized a program in which the Company may repurchase up to $7.5 million of the Company's common stock from time to time in open market transactions, privately negotiated transactions or by other methods. The Company had $4.5 million remaining under its repurchase plan as of September 30, 2021. No shares were repurchased in 2021 under the Company stock repurchase plan. The Company purchased 47,504 of common stock at an average price of $36.93 under the repurchase program in the first quarter of 2020.

Severance Reserve

9 Months Ended

Sep. 30, 2021

Severance Reserve [Abstract]

Severance Reserve

Changes in the Company’s reserve for severance included in Accrued expenses and other liabilities, as of September 30, 2021 and 2020 were as follows:


	(Dollars in thousands)
	Nine Months Ended September 30,
	2021		2020
Balance at beginning of period	$	1,251	$	909
Charged to earnings	328		1,520
Payments	(1,085)		(1,239)
Balance at end of period	$	494	$	1,190

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recorded stock-based compensation benefit of $1.2 million and expense of $4.7 million for the three months ending September 30, 2021 and 2020, respectively, and expense of $1.4 million and benefit of $2.8 million for the nine months ending September 30, 2021 and 2020, respectively. A portion of stock-based compensation is related to the change in the market value of the Company's common stock. Stock-based compensation liability of $14.0 million as of September 30, 2021 and $14.4 million as of December 31, 2020 is included in Accrued expenses and other liabilities. A summary of stock-based awards issued during the nine months ended September 30, 2021 follows: Restricted Stock Units ("RSUs") The Company issued 7,862 RSUs to key employees that cliff vest on December 31, 2023. The Company issued 2,000 RSUs to one key employee that vest ratably through June 15, 2023 and 5,000 RSUs to one key employee that cliff vest on April 15, 2024. Additionally the Company issued 28,600 RSUs to various employees that vest ratably through May 16, 2024. The Company issued 6,995 RSUs to certain members of the Company's Board of Directors with a vesting date of May 11, 2022. Each RSU is exchangeable for one share of the Company's common stock at the end of the vesting period. Market Stock Units ("MSUs") The Company issued 19,688 MSUs to key employees that cliff vest on December 31, 2023. MSUs are exchangeable for the Company's common stock at the end of the vesting period. The number of shares of common stock that will be issued upon vesting, ranging from zero to 29,532 shares, will be determined based upon the trailing sixty-day average closing price of the Company's common stock on December 31, 2023. Performance Awards ("PAs") The Company issued 15,723 PAs to key employees that cliff vest on December 31, 2023. PAs are exchangeable for shares of the Company's common stock ranging from zero to 23,585 shares, or the equivalent amount in cash, based upon the achievement of certain financial performance metrics.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of $2.7 million, a 21.1% effective tax rate for the nine months ended September 30, 2021. The effective tax rate approximates the U.S. statutory tax rate as state taxes and other permanent items are offset by the reversal of uncertain tax positions. Income tax expense of $6.0 million, a 28.7% effective tax rate was recorded for the nine months ended September 30, 2020. The effective tax rate is higher than the U.S. statutory rate due primarily to state taxes, recording of reserves for uncertain tax positions, and an inclusion for Global Intangible Low Tax Income. The Company and its subsidiaries are subject to U.S. Federal income tax, as well as income tax of multiple state and foreign jurisdictions. As of September 30, 2021, the Company is subject to U.S. Federal income tax examinations for the years 2017 through 2019 and income tax examinations from various other jurisdictions for the years 2014 through 2019. Earnings from the Company’s foreign subsidiaries are considered to be indefinitely reinvested. A distribution of these non-U.S. earnings in the form of dividends or otherwise may subject the Company to foreign withholding taxes and U.S. federal and state taxes.

- 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

Contingent Liabilities	9 Months Ended
Contingent Liabilities	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities In 2012, it was determined a Company owned site in Decatur, Alabama, contained hazardous substances in the soil and groundwater as a result of historical operations prior to the Company's ownership. The Company retained an environmental consulting firm to further investigate the contamination, prepare a remediation plan, and enroll the site in the Alabama Department of Environmental Management (“ADEM") voluntary cleanup program. The remediation plan, approved by ADEM in 2018, consists of chemical injections throughout the affected area and subsequent monitoring. The injection process was completed in the first quarter of 2019 and monitoring is ongoing pending certification by ADEM. At September 30, 2021 estimated costs for future monitoring are not significant and have been fully accrued. The Company does not expect to capitalize any amounts related to the remediation plan.

Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

The Company's operating segments, Lawson and Bolt, also represent its reportable segments because of differences in the businesses' financial characteristics and the methods they employ to deliver product to customers. The results of the Company's operating segments are reviewed by the Company’s chief operating decision maker responsible for reviewing operating performance and allocating resources. The Lawson segment primarily relies on its large network of sales representatives to visit the customer at the customers' location and produce sales orders for product that is then shipped to the customer and it also provides VMI services. The Bolt segment primarily sells product to customers when the customers visit one of Bolt's 14 branch locations and the product is delivered to the customers at the point of sale. The Bolt segment total assets include the value of the acquired intangibles and the related amortization within its operating income.

Financial information for the Company's reportable segments follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue


Lawson	$	93,686	$	79,806	$	281,877	$	224,511
Bolt Supply	11,884		10,471		33,789		28,947
Consolidated total	$	105,570	$	90,277	$	315,666	$	253,458

Gross profit


Lawson	$	51,127	$	43,038	$	151,436	$	123,031
Bolt Supply	4,919		4,187		13,790		11,428
Consolidated total	$	56,046	$	47,225	$	165,226	$	134,459

Operating income
Lawson	$	3,488	$	1,112	$	10,188	$	19,003
Bolt Supply	1,132		889		2,624		2,205
Consolidated total	4,620		2,001		12,812		21,208
Interest expense	(119)		(142)		(710)		(329)
Other income (expense), net	(209)		615		802		15
Income before income taxes	$	4,292	$	2,474	$	12,904	$	20,894

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

COVID-19 Risks and Uncertainties	9 Months Ended
COVID-19 Risks and Uncertainties	Sep. 30, 2021
Risks and Uncertainties [Abstract]
COVID-19 Risks and Uncertainties	COVID-19 Risks and Uncertainties There is substantial uncertainty as to the effect the COVID-19 pandemic will have on the future results of the Company. Various events related to COVID-19 may impact revenue, product sourcing, sales functions, and customers' ability to pay timely. The government of the State of Illinois defines Lawson Products as an essential business. A change in this status could result in the temporary closure of our business if the COVID-19 pandemic worsens, and government restrictions are reimposed to require business shutdowns. The COVID-19 pandemic could result in a temporary closure of any or all of our office space, distribution facilities, or Bolt branch locations, as well as disruptions to our supply chain and interactions with our suppliers and customers. The pandemic may have a material adverse impact on future financial results, liquidity, and overall performance of the Company. It is reasonably possible that estimates made in the financial statements may be materially and adversely impacted as a result of these conditions, including delay in payment of receivables, impairment losses related to goodwill and other long-lived assets, and inability to utilize deferred tax assets. On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security ("CARES") Act to provide certain relief as a result of the COVID-19 outbreak. The Company has elected to defer the employer side social security payments in accordance with the CARES Act. The total amount deferred is $3.5 million, with $1.7 million expected to be paid in the fourth quarter of 2021 and the remainder in 2022. The Company will continue to evaluate how the provisions of the CARES Act will impact its financial position, results of operations and cash flows. The Company will continue to closely monitor the operating environment and will take appropriate actions to protect the safety for its employees, customers and suppliers.

Related Party Transaction	9 Months Ended
Related Party Transaction	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transaction	Related Party TransactionDuring the nine months ended September 30, 2021, the Company purchased approximately $0.1 million of inventory from a company owned by an immediate relative of a Board member at fair market value. No remaining liabilities exist with respect to this purchase as of September 30, 2021.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Revenue Recognition	As part of the Company's revenue recognition analysis, it concluded that it has two separate performance obligations, and accordingly, two separate revenue streams: products and services. Under the definition of a contract as defined by Accounting Standards Codification 606, Revenue From Contracts With Customers ("ASC 606"), the Company considers contracts to be created at the time an order to purchase product and services is agreed upon regardless of whether or not there is a written contract. Performance Obligations The Company has two operating segments; the Lawson segment and the Bolt Supply segment. The Lawson segment has two distinct performance obligations from contracts with its customers: a product performance obligation and a service performance obligation. While the Company offers both a product and a service obligation, customers receive one invoice per transaction with no price breakout between these obligations. The Company does not separately price performance obligations. The Lawson segment generates revenue primarily from the sale of MRO products to its customers. Revenues related to product sales is recognized at the time that control of the product has been transferred to the customer, either at the time the product is shipped or the time the product has been received by the customer. The Company does not commit to long-term contracts to sell customers a certain minimum quantity of products. The Lawson segment, including the recent Partsmaster acquisition, offers a vendor managed inventory ("VMI") service proposition to its customers. A portion of these services, primarily related to stocking of product and maintenance of the MRO inventory, is provided a short period of time after control of the purchased product has been transferred to the customer. Since some components of VMI service have not been provided at the time the control of the product transfers to the customer, that portion of expected consideration is deferred until the time that those services have been provided. The Bolt Supply segment provides product sales and does not provide VMI services or other services. Revenue is recognized at the time that control of the product has been transferred to the customer which is either upon delivery or shipment depending on the terms with the customer.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

+ Details

Acquisition (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

A summary of the purchase price allocation of the acquisition is as follows (Dollars in thousands):


Cash paid and payable and liabilities assumed
Cash paid	$	34,523
Accounts payable and accrued expenses	4,086
Deferred compensation	2,938
Lease obligation	620
	$	42,167
Fair value of assets acquired
Goodwill	$	15,816
Inventories	7,797
Accounts receivable	7,706
Customer relationships	4,961
Trade names	2,775
Property, plant and equipment	2,121
Right of use asset	620
Other assets	371
	$	42,167

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2021

Deferred Revenue Disclosure [Abstract]

Disaggregation of Revenue

Disaggregated revenue by geographic area follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)	2021		2020		2021		2020

United States	$	85,343	$	72,030	$	256,577	$	202,709
Canada	20,227		18,247		59,089		50,749
Consolidated total	$	105,570	$	90,277	$	315,666	$	253,458

Disaggregated revenue by product type follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Fastening Systems	22.2	%	22.3	%	21.4	%	22.7	%
Cutting Tools and Abrasives	15.0	%	12.2	%	14.8	%	13.1	%
Fluid Power	13.0	%	12.6	%	13.2	%	13.2	%
Specialty Chemicals	10.5	%	13.3	%	10.1	%	11.7	%
Electrical	10.4	%	10.0	%	10.4	%	10.2	%
Aftermarket Automotive Supplies	7.6	%	7.0	%	7.2	%	7.1	%
Safety	5.1	%	7.0	%	5.0	%	6.4	%
Welding and Metal Repair	1.4	%	1.4	%	1.6	%	1.4	%
Other	14.8	%	14.2	%	16.3	%	14.2	%
Consolidated Total	100.0%		100.0%		100.0%		100.0%

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Components of Inventories

Inventories, net, consisting primarily of purchased goods offered for resale, were as follows:


	(Dollars in thousands)
	September 30, 2021		December 31, 2020
Inventories, gross	$	75,632	$	67,137
Reserve for obsolete and excess inventory	(8,180)		(5,270)
Inventories, net	$	67,452	$	61,867

Goodwill (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill activity for the first nine months of 2021 is included in the table below:


	(Dollars in Thousands)
	Goodwill By Reportable Segment
	Lawson		Bolt		Total
Beginning balance December 31, 2020	$	21,352	$	13,824	$	35,176
Impact of foreign exchange rates	18		59		77
Balance at September 30, 2021	$	21,370	$	13,883	$	35,253

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets Disclosure

The gross carrying amount and accumulated amortization by intangible asset class were as follows:


	(Dollars in thousands)
	September 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	11,364	$	(3,593)	$	7,771	$	11,289	$	(2,733)	$	8,556
Customer relationships	12,410		(3,385)		9,025		12,349		(2,402)		9,947
	$	23,774	$	(6,978)	$	16,796	$	23,638	$	(5,135)	$	18,503

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Net Lease Cost

Expenses related to leasing activities for the three months ended September 30, 2021 and September 30, 2020 are as follows (Dollars in thousands):


		Three Months Ended September 30,
Lease Type	Classification	2021		2020

Operating Lease Expense	Operating expenses	$	1,500	$	1,262

Financing Lease Amortization	Operating expenses	44		$	63

Financing Lease Interest	Interest expense	2		8

Financing Lease Expense		46		71

Net Lease Cost		$	1,546	$	1,333

Expenses related to leasing activities for the nine months ended September 30, 2021 and September 30, 2020 are as follows (Dollars in thousands):


		Nine Months Ended September 30,
Lease Type	Classification	2021		2020

Operating Lease Expense	Operating expenses	$	4,429	$	3,630

Financing Lease Amortization	Operating expenses	179		$	165

Financing Lease Interest	Interest expense	12		22

Financing Lease Expense		191		187

Net Lease Cost		$	4,620	$	3,817

The weighted average lease terms and interest rates of the leases held by Lawson as of September 30, 2021 are as follows:


Lease Type	Weighted Average Term in Years	Weighted Average Interest Rate

Operating Leases	4.0	3.53%
Financing Leases	2.2	4.99%

The cash outflows of the leasing activity for the three months ending September 30, 2021 are as follows (Dollars in thousands):

Cash Flow Source

Classification

Amount

Operating cash flows from operating leases

Operating activities

3,549

Operating cash flows from financing leases

Operating activities

Financing cash flows from financing leases

Financing activities

179

Operating Lease Assets and Liabilities

Net assets and liabilities related to leasing activities as of September 30, 2021 and December 31, 2020 are as follows (Dollars in thousands):


Lease Type	September 30, 2021		December 31, 2020

Total Right Of Use ("ROU") operating lease assets (1)	$	12,292	$	8,246
Total ROU financing lease assets (2)	410		518
Total lease assets	$	12,702	$	8,764

Total current operating lease obligation	$	4,187	$	4,360
Total current financing lease obligation	161		208
Total current lease obligations	$	4,348	$	4,568

Total long term operating lease obligation	$	9,587	$	5,498
Total long term financing lease obligation	157		240
Total long term lease obligation	$	9,744	$	5,738

(1) Operating lease assets are recorded net of accumulated amortization of $8.7 million and $5.9 million as of September 30, 2021 and December 31, 2020, respectively

(2) Financing lease assets are recorded net of accumulated amortization of $0.6 million and $0.4 million as of September 30, 2021 and December 31, 2020, respectively

Value of Operating Lease Liabilities Generated by Leasing Activities

Liabilities generated by leasing activities as of September 30, 2021 were as follows (Dollars in thousands):


Maturity Date of Lease Liabilities	Operating Leases		Financing Leases		Total

Year one	$	4,535	$	166	$	4,701
Year two	3,841		114		3,955
Year three	2,865		39		2,904
Year four	1,870		14		1,884
Year five	345		—		345
Subsequent years	1,265		—		1,265
Total lease payments	14,721		333		15,054
Less: Interest	947		15		962
Present value of lease liabilities	$	13,774	$	318	$	14,092

(1) Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.6 million

Value of Finance Lease Liabilities Generated by Leasing Activities

Liabilities generated by leasing activities as of September 30, 2021 were as follows (Dollars in thousands):


Maturity Date of Lease Liabilities	Operating Leases		Financing Leases		Total

Year one	$	4,535	$	166	$	4,701
Year two	3,841		114		3,955
Year three	2,865		39		2,904
Year four	1,870		14		1,884
Year five	345		—		345
Subsequent years	1,265		—		1,265
Total lease payments	14,721		333		15,054
Less: Interest	947		15		962
Present value of lease liabilities	$	13,774	$	318	$	14,092

(1) Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.6 million

Severance Reserve (Tables)

9 Months Ended

Sep. 30, 2021

Severance Reserve [Abstract]

Changes in the Company's Reserve for Severance

Changes in the Company’s reserve for severance included in Accrued expenses and other liabilities, as of September 30, 2021 and 2020 were as follows:


	(Dollars in thousands)
	Nine Months Ended September 30,
	2021		2020
Balance at beginning of period	$	1,251	$	909
Charged to earnings	328		1,520
Payments	(1,085)		(1,239)
Balance at end of period	$	494	$	1,190

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information for the Company's reportable segments follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue


Lawson	$	93,686	$	79,806	$	281,877	$	224,511
Bolt Supply	11,884		10,471		33,789		28,947
Consolidated total	$	105,570	$	90,277	$	315,666	$	253,458

Gross profit


Lawson	$	51,127	$	43,038	$	151,436	$	123,031
Bolt Supply	4,919		4,187		13,790		11,428
Consolidated total	$	56,046	$	47,225	$	165,226	$	134,459

Operating income
Lawson	$	3,488	$	1,112	$	10,188	$	19,003
Bolt Supply	1,132		889		2,624		2,205
Consolidated total	4,620		2,001		12,812		21,208
Interest expense	(119)		(142)		(710)		(329)
Other income (expense), net	(209)		615		802		15
Income before income taxes	$	4,292	$	2,474	$	12,904	$	20,894

Basis of Presentation and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2021 segment branch
Accounting Policies [Abstract]
Number of reportable segments \| segment	2
Number of branches \| branch	14

Acquisition - Narrative (Details) customer in Thousands, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2020 USD ($) customer sale_representative	May 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	May 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Payments for purchase					$ 33,000		$ 2,300
Accrued acquisition liability			$ 0		0			$ 32,673
Interest expense			119	$ 142	710		329
Goodwill			35,253		35,253			35,176
Partsmaster
Business Acquisition [Line Items]
Number of customers \| customer	16
Number of sales representatives \| sale_representative	200
Payments for purchase	$ 2,300	$ 33,000				$ 35,300
Accrued acquisition liability								$ 32,700
Interest expense					300
Letter of credit	33,000
Goodwill	15,816
Revenue			13,600	5,400	44,600
Operating income since acquisition			$ 800	400	$ 400
Pro Forma revenue				101,200			298,500
Pro Forma net income				$ 2,000			$ 16,300
Partsmaster \| Customer relationships
Business Acquisition [Line Items]
Intangibles	$ 4,961
Intangibles weighted average life	10 years
Partsmaster \| Trade names
Business Acquisition [Line Items]
Intangibles	$ 2,775
Intangibles weighted average life	5 years

Acquisition - Initial Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Aug. 31, 2020
Fair value of assets acquired
Goodwill	$ 35,253	$ 35,176
Partsmaster
Cash paid and payable and liabilities assumed
Cash paid			$ 34,523
Accounts payable and accrued expenses			4,086
Deferred compensation			2,938
Lease obligation			620
Cash paid and payable and liabilities assumed			42,167
Fair value of assets acquired
Goodwill			15,816
Inventories			7,797
Accounts receivable			7,706
Property, plant and equipment			2,121
Right of use asset			620
Other assets			371
Fair value of assets acquired			42,167
Partsmaster \| Customer relationships
Fair value of assets acquired
Intangibles			4,961
Partsmaster \| Trade names
Fair value of assets acquired
Intangibles			$ 2,775

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Sep. 30, 2021 USD ($) revenueStream	Sep. 30, 2021 USD ($) segment revenueStream
Revenue from Contract with Customer [Abstract]
Number of revenue streams \| revenueStream	2	2
Number of operating segments \| segment		2
Operating lease revenue	$ 0.8	$ 2.2
Carrying value	$ 1.0	$ 1.0

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 105,570	$ 90,277	$ 315,666	$ 253,458
United States
Disaggregation of Revenue [Line Items]
Revenue	85,343	72,030	256,577	202,709
Canada
Disaggregation of Revenue [Line Items]
Revenue	$ 20,227	$ 18,247	$ 59,089	$ 50,749

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition - Product Type (Details) - Product Concentration Risk - Revenue from Contract with Customer Benchmark	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Fastening Systems
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	22.20%	22.30%	21.40%	22.70%
Cutting Tools and Abrasives
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	15.00%	12.20%	14.80%	13.10%
Fluid Power
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	13.00%	12.60%	13.20%	13.20%
Specialty Chemicals
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10.50%	13.30%	10.10%	11.70%
Electrical
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10.40%	10.00%	10.40%	10.20%
Aftermarket Automotive Supplies
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	7.60%	7.00%	7.20%	7.10%
Safety
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	5.10%	7.00%	5.00%	6.40%
Welding and Metal Repair
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	1.40%	1.40%	1.60%	1.40%
Other
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	14.80%	14.20%	16.30%	14.20%

Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 197	$ 998	$ 802
Guaranteed Investment Certificate
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	200
Money Market Funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 800

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Components of inventories
Inventories, gross	$ 75,632	$ 67,137
Reserve for obsolete and excess inventory	(8,180)	(5,270)
Inventories, net	$ 67,452	$ 61,867

Inventories - Narrative (Details) $ in Millions	9 Months Ended
Inventories - Narrative (Details) $ in Millions	Sep. 30, 2021 USD ($)
Inventory [Line Items]
Rationalization of inventory	$ 0.9
Partsmaster
Inventory [Line Items]
Rationalization of inventory	$ 1.0

Goodwill (Details) $ in Thousands	9 Months Ended
Goodwill (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 35,176
Impact of foreign exchange rates	77
Goodwill, ending balance	35,253
Lawson
Goodwill [Roll Forward]
Goodwill, beginning balance	21,352
Impact of foreign exchange rates	18
Goodwill, ending balance	21,370
Bolt
Goodwill [Roll Forward]
Goodwill, beginning balance	13,824
Impact of foreign exchange rates	59
Goodwill, ending balance	$ 13,883

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 23,774		$ 23,774		$ 23,638
Accumulated Amortization	(6,978)		(6,978)		(5,135)
Net Carrying Value	16,796		16,796		18,503
Amortization of Intangible Assets	600	$ 400	1,800	$ 1,100
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,364		11,364		11,289
Accumulated Amortization	(3,593)		(3,593)		(2,733)
Net Carrying Value	7,771		7,771		8,556
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,410		12,410		12,349
Accumulated Amortization	(3,385)		(3,385)		(2,402)
Net Carrying Value	$ 9,025		$ 9,025		$ 9,947

Leases - Net Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Net Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating Lease Expense	$ 1,500	$ 1,262	$ 4,429	$ 3,630
Financing Lease Amortization	44	63	179	165
Financing Lease Interest	2	8	12	22
Financing Lease Expense	46	71	191	187
Net Lease Cost	$ 1,546	$ 1,333	$ 4,620	$ 3,817

Leases - Net Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Total Right Of Use ("ROU") operating lease assets	$ 12,292	$ 8,246
Total ROU financing lease assets	410	518
Total lease assets	12,702	8,764
Total current operating lease obligation	4,187	4,360
Total current financing lease obligation	161	208
Total current lease obligations	4,348	4,568
Total long term operating lease obligation	9,587	5,498
Total long term financing lease obligation	157	240
Total long term lease obligation	9,744	5,738
Operating lease accumulated depreciation	8,700	5,900
Finance lease accumulated amortization	$ 600	$ 400
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total current lease obligations	Total current lease obligations
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total current lease obligations	Total current lease obligations
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total long term lease obligation	Total long term lease obligation
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total long term lease obligation	Total long term lease obligation

Leases - Value of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
Year one	$ 4,535
Year two	3,841
Year three	2,865
Year four	1,870
Year five	345
Subsequent years	1,265
Total lease payments	14,721
Less: Interest	947
Present value of lease liabilities	13,774
Financing Leases
Year one	166
Year two	114
Year three	39
Year four	14
Year five	0
Subsequent years	0
Total lease payments	333	$ 600
Less: Interest	15
Present value of lease liabilities	318
Total
Year one	4,701
Year two	3,955
Year three	2,904
Year four	1,884
Year five	345
Subsequent years	1,265
Total lease payments	15,054
Less: Interest	962
Present value of lease liabilities	$ 14,092

Leases - Leases Weighted-Average Lease Terms and Interest Rates (Details)	Sep. 30, 2021
Leases [Abstract]
Operating Leases, Weighted Average Term in Years	4 years
Operating Leases, Weighted Average Interest Rate	3.53%
Finance Leases, Weighted Average Term in Years	2 years 2 months 12 days
Finance Leases, Weighted Average Interest Rate	4.99%

Leases - Cash Outflows of the Leasing Activity (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 3,549
Operating cash flows from financing leases	12
Financing cash flows from financing leases	$ 179	$ 179	$ 192

Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Renewal term (in years)		3 years
Right of use asset	$ 12,292		$ 8,246
Lease liability	$ 13,774
McCook
Lessee, Lease, Description [Line Items]
Right of use asset		$ 5,300
Lease liability		$ 5,300

Revolving Credit Facility (Details) - Line of Credit - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Weighted average interest rate	2.88%	2.64%
Allowable indebtedness for acquisition		$ 36,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility, borrowing capacity			$ 100,000,000
Line of credit facility, remaining borrowing capacity	$ 87,400,000		66,000,000
Commitment fee	100,000	100,000
Deferred financing costs incurred					$ 600,000
Deferred financing costs net of accumulated amortization	$ 300,000		$ 400,000
Letter of Credit
Line of Credit Facility [Line Items]
Letter of credit		$ 40,000,000		$ 15,000,000
Letter of Credit \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.15%
Letter of Credit \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.30%

Accrued Acquisition Liability (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2020	May 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	May 31, 2021	Sep. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Payments for purchase					$ 33,000		$ 2,300
Implied interest rate	1.80%
Accrued acquisition liability			$ 0		0			$ 32,673
Interest expense			$ 119	$ 142	710		$ 329
Partsmaster
Business Acquisition [Line Items]
Payments for purchase	$ 2,300	$ 33,000				$ 35,300
Accrued acquisition liability								$ 32,700
Interest expense					$ 300

Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2019
Disclosure of Repurchase Agreements [Abstract]
Stock repurchase program, authorized amount	$ 4.5				$ 7.5
Stock repurchased (in shares)	0	0	0	47,504
Stock repurchased (in USD per share)				$ 36.93

Severance Reserve (Details) - Employee Severance - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Reserve for severance and related payments
Balance at beginning of period	$ 1,251	$ 909
Charged to earnings	328	1,520
Payments	(1,085)	(1,239)
Balance at end of period	$ 494	$ 1,190

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation benefit	$ 1.2
Stock-based compensation expense (income)		$ 4.7	$ 1.4	$ (2.8)
Stock-based compensation liability	$ 14.0		$ 14.0		$ 14.4

Stock-Based Compensation - Restricted Stock Units (Details)	9 Months Ended
	Sep. 30, 2021 shares
Executive
Stock-Based Compensation Details
Stock-based awards issued (in shares)	28,600
Restricted Stock Units (RSUs)
Stock-Based Compensation Details
Stock-based awards issued (in shares)	7,862
Amount of Common stock exchanged for each RSU vested (in shares)	1
Restricted Stock Units (RSUs) \| Executive
Stock-Based Compensation Details
Stock-based awards issued (in shares)	2,000
Restricted Stock Units (RSUs) \| Executive \| Cliff vest on March 9, 2023
Stock-Based Compensation Details
Stock-based awards issued (in shares)	5,000
Restricted Stock Units (RSUs) \| Certain members of the Company's Board of Directors
Stock-Based Compensation Details
Stock-based awards issued (in shares)	6,995

Stock-Based Compensation - Market Stock Units (Details) - MSUs	9 Months Ended
	Sep. 30, 2021 shares
Stock-Based Compensation Details
Stock-based awards issued (in shares)	19,688
Minimum
Stock-Based Compensation Details
Equity share payout range	0
Maximum
Stock-Based Compensation Details
Equity share payout range	29,532
Equity share payout range, trailing period	60 days

Stock-Based Compensation - Performance Awards (Details) - PAs	9 Months Ended
	Sep. 30, 2021 shares
Stock-Based Compensation Details
Stock-based awards issued (in shares)	15,723
Minimum
Stock-Based Compensation Details
Equity share payout range	0
Maximum
Stock-Based Compensation Details
Equity share payout range	23,585

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 636	$ 736	$ 2,717	$ 6,004
Effective income tax rate			21.10%	28.70%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) branch	Sep. 30, 2020 USD ($)
Segment Reporting [Abstract]
Number of branches \| branch			14
Segment Reporting Information [Line Items]
Revenue	$ 105,570	$ 90,277	$ 315,666	$ 253,458
Gross profit	56,046	47,225	165,226	134,459
Operating income	4,620	2,001	12,812	21,208
Interest expense	119	142	710	329
Other income (expense), net	(209)	615	802	15
Income before income taxes	4,292	2,474	12,904	20,894
Lawson
Segment Reporting Information [Line Items]
Revenue	93,686	79,806	281,877	224,511
Gross profit	51,127	43,038	151,436	123,031
Operating income	3,488	1,112	10,188	19,003
Bolt Supply
Segment Reporting Information [Line Items]
Revenue	11,884	10,471	33,789	28,947
Gross profit	4,919	4,187	13,790	11,428
Operating income	$ 1,132	$ 889	$ 2,624	$ 2,205

COVID-19 Risks and Uncertainties (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Mar. 27, 2020
Unusual Risk or Uncertainty [Line Items]
Deferred employer side social security payments		$ 3.5
Forecast
Unusual Risk or Uncertainty [Line Items]
Payments Of deferred employer payroll tax, CARES Act	$ 1.7

Related Party Transaction (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Related Party Transaction (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2021
Related Party Transactions [Abstract]
Related party transaction expense	$ 0.1	$ 0.1