Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from ____________ to

Commission File Number 001-12505

CORE MOLDING TECHNOLOGIES, INC.

_______________________________________________________________

(Exact name of registrant as specified in its charter)

Delaware

31-1481870

(State or other jurisdiction

incorporation or organization)

(I.R.S. Employer Identification No.)

800 Manor Park Drive, Columbus, Ohio

43228-0183

(Address of principal executive office)

(Zip Code)

Registrant’s telephone number, including area code (614) 870-5000

N/A

__________________________________________________________

Former name, former address and former fiscal year, if changed since last report.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “accelerated filer,” “large accelerated filer,” and “smaller reporting company,” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨

Accelerated Filer ☒

Non-accelerated Filer ¨

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Name of each exchange on which registered

Trading Symbol

Common Stock, par value $0.01

NYSE American LLC

CMT

As of May 6, 2024, the latest practicable date, 9,144,640 shares of the registrant’s common stock were issued, which includes 446,999 shares of unvested restricted common stock.

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Part I — Financial Information

Item 1. Financial Statements (Unaudited)

Consolidated Statements of Operations			3

Consolidated Statements of Comprehensive Income			4

Consolidated Balance Sheets			5

Consolidated Statement of Stockholders’ Equity			6

Consolidated Statements of Cash Flows			7

Notes to Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			21

Item 3. Quantitative and Qualitative Disclosures About Market Risk			26

Item 4. Controls and Procedures			26

Part II — Other Information

Item 1. Legal Proceedings			27

Item 1A. Risk Factors			27

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			27

Item 3. Defaults Upon Senior Securities			27

Item 4. Mine Safety Disclosures			27

Item 5. Other Information			27

Item 6. Exhibits			27

Signatures			28

Index to Exhibits			33

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Part I — Financial Information

Item 1. Financial Statements

Core Molding Technologies, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except for per share data)

(Unaudited)


	Three months ended March 31,
	2024		2023
Net sales	$	78,145	$	99,507

Cost of sales	64,840		81,764

Gross margin	13,305		17,743

Selling, general and administrative expense	8,573		9,668

Operating income	4,732		8,075

Other income and expense

Net interest expense	82		356
Net periodic post-retirement benefit	(138)		(52)
Total other (income) and expense	(56)		304

Income before taxes	4,788		7,771

Income tax expense	1,029		1,919

Net income	$	3,759	$	5,852

Net income per common share:
Basic	$	0.43	$	0.69
Diluted	$	0.43	$	0.66

See notes to unaudited consolidated financial statements.

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Core Molding Technologies, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)


	Three months ended March 31,
	2024		2023
Net income	$	3,759	$	5,852

Other comprehensive income:

Foreign currency hedging derivatives:
Unrealized hedge gain (loss)	(487)		488
Net of tax benefit (expense)	105		(105)

Interest rate swaps:
Unrealized hedge gain (loss)	272		(306)
Net of tax benefit (expense)	(57)		64

Post-retirement benefit plan adjustments:
Amortization of net actuarial (gain) loss	(37)		6
Amortization of prior service credits	(124)		(124)
Net of tax benefit	34		25

Comprehensive income	$	3,465	$	5,900

See notes to unaudited consolidated financial statements.

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Core Molding Technologies, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except for share data)


	March 31, 2024		December 31, 2023
	(Unaudited)
Assets:
Current assets:
Cash and cash equivalents	$	26,618	$	24,104
Accounts receivable, net	40,082		41,711
Inventories, net	23,861		22,063
Foreign tax receivable	5,937		6,380
Prepaid expenses and other current assets	6,739		8,621
Total current assets	103,237		102,879

Right of use asset	3,302		3,802
Property, plant and equipment, net	80,398		81,185

Goodwill	17,376		17,376
Intangibles, net	5,617		6,017
Other non-current assets	2,337		2,118
Total Assets	$	212,267	$	213,377

Liabilities and Stockholders’ Equity:
Current liabilities:
Current portion of long-term debt	$	1,624	$	1,468
Accounts payable	24,260		23,958

Contract liability	4,222		5,204

Compensation and related benefits	6,711		10,498
Accrued other liabilities	5,406		5,058
Total current liabilities	42,223		46,186

Other non-current liabilities	3,316		3,759
Long-term debt	21,061		21,519
Post-retirement benefits liability	2,852		2,960
Total Liabilities	69,452		74,424
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock — $0.01 par value, authorized shares — 10,000,000; no shares outstanding at March 31, 2024 and December 31, 2023	—		—
Common stock — $0.01 par value, authorized shares – 20,000,000; outstanding shares: 8,697,641 at March 31, 2024 and 8,655,384 at December 31, 2023	87		86
Paid-in capital	44,004		43,265
Accumulated other comprehensive income, net of income taxes	5,007		5,301
Treasury stock - at cost, 4,009,925 shares at March 31, 2024 and 3,992,152 shares at December 31, 2023	(32,111)		(31,768)
Retained earnings	125,828		122,069
Total Stockholders’ Equity	142,815		138,953
Total Liabilities and Stockholders’ Equity	$	212,267	$	213,377

See notes to unaudited consolidated financial statements.

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Core Molding Technologies, Inc. and Subsidiaries

Consolidated Statement of Stockholders’ Equity

(In thousands, except for share data)

(Unaudited)

For the three months ended March 31, 2023:


	Common Stock Outstanding			Paid-In Capital		Accumulated Other Comprehensive Income		Treasury Stock		Retained Earnings		Total Stockholders' Equity
	Shares	Amount
Balance at December 31, 2022	8,417,656	$	84	$	40,342	$	3,053	$	(29,099)	$	101,745	$	116,125
Net income										5,852		5,852
Change in post-retirement benefits, net of tax $25						(93)						(93)
Change in foreign currency hedge, net of tax of $105						383						383
Change in interest rate swaps, net of tax of $64						(242)						(242)
Restricted stock vested	4,002	—		—								—
Purchase of treasury stock	(1,318)							(23)				(23)
Share-based compensation				731								731
Balance at March 31, 2023	8,420,340	$	84	$	41,073	$	3,101	$	(29,122)	$	107,597	$	122,733

For the three months ended March 31, 2024:


	Common Stock Outstanding			Paid-In Capital		Accumulated Other Comprehensive Income		Treasury Stock		Retained Earnings		Total Stockholders' Equity
	Shares	Amount
Balance at December 31, 2023	8,655,384	$	86	$	43,265	$	5,301	$	(31,768)	$	122,069	$	138,953
Net income										3,759		3,759
Change in post-retirement benefits, net of tax of $34						(127)						(127)
Change in foreign currency hedge, net of tax of $105						(382)						(382)
Change in interest rate swaps, net of tax of $57						215						215
Restricted stock vested	60,030	1										1
Purchase of treasury stock	(17,773)	—						(343)				(343)

Share-based compensation				739								739
Balance at March 31, 2024	8,697,641	$	87	$	44,004	$	5,007	$	(32,111)	$	125,828	$	142,815

See notes to unaudited consolidated financial statements.

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Core Molding Technologies, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Three months ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	3,759	$	5,852
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,292		3,410
Loss on disposal of property, plant and equipment	—		80


Share-based compensation	739		731

Losses (Gain) on foreign currency remeasurement	(214)		81
Change in operating assets and liabilities:
Accounts receivable	1,629		(8,240)
Inventories	(1,798)		(1,139)
Prepaid and other assets	1,908		(450)
Accounts payable	280		4,209
Accrued and other liabilities	(4,254)		324
Post-retirement benefits liability	(269)		(211)
Net cash provided by operating activities	5,072		4,647

Cash flows from investing activities:
Purchase of property, plant and equipment	(1,893)		(2,127)
Net cash used in investing activities	(1,893)		(2,127)

Cash flows from financing activities:
Gross repayments on revolving line of credit	—		(35,369)
Gross borrowings on revolving line of credit	—		33,505
Payments for taxes related to net share settlement of equity awards	(343)		(23)


Payment of principal on term loans	(322)		(324)
Net cash used in financing activities	(665)		(2,211)

Net change in cash and cash equivalents	2,514		309

Cash and cash equivalents at beginning of period	24,104		4,183

Cash and cash equivalents at end of period	$	26,618	$	4,492

Cash paid for:
Interest	$	291	$	345
Income taxes	$	326	$	1,931
Non-cash investing activities:
Fixed asset purchases in accounts payable	$	489	$	262

See notes to unaudited consolidated financial statements.

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Core Molding Technologies, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(Unaudited)

1. BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States of America for interim reporting, which are less than those required for annual reporting. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (all of which are normal and recurring in nature) necessary to present fairly the financial position of Core Molding Technologies, Inc. and its subsidiaries (“Core Molding Technologies” or the “Company”) at March 31, 2024, and the results of operations and cash flows for the three months ended March 31, 2024. The “Notes to Consolidated Financial Statements” contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, should be read in conjunction with these consolidated financial statements.

Core Molding Technologies and its subsidiaries operate in the engineered materials market as one operating segment as a molder of thermoplastic and thermoset structural products. The Company produces and sells molded products for varied markets, including medium and heavy-duty trucks, power sports, building products, industrial and utilities and other commercial markets. Core Molding Technologies has its headquarters in Columbus, Ohio, and operates six production facilities in the United States, Canada and Mexico.

2. CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Principles of Consolidation: Management believes the following critical accounting policies, among others, affect its more significant judgments and estimates used in the preparation of its consolidated financial statements.

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions.

Revenue Recognition: The Company historically has recognized revenue from two streams, product revenue and tooling revenue. Product revenue is earned from the manufacture and sale of sheet molding compounds and thermoset and thermoplastic products. Revenue from product sales is generally recognized when products are shipped, as the Company transfers control to the customer and is entitled to payment upon shipment. In certain circumstances, the Company recognizes revenue from product sales when products are produced and the customer takes control at our production facility.

Tooling revenue is earned from manufacturing multiple tools, molds and assembly equipment as part of a tooling program for a customer. Given that the Company is providing a significant service of producing highly interdependent component parts of the tooling program, each tooling program consists of a single performance obligation to provide the customer the capability to produce a single product. Based on the arrangement with the customer, the Company recognizes revenue either at a point in time or over a given period. When the Company does not have an enforceable right to payment, the Company recognizes tooling revenue at a point in time. In such cases, the Company recognizes revenue upon customer acceptance, which is when the customer has legal title to the tools.

Certain tooling programs include an enforceable right to payment. In those cases, the Company recognizes revenue over time based on the extent of progress towards completion of its performance obligation. The Company uses a cost-to-cost measure of progress for such contracts because it best depicts the transfer of value to the customer and also correlates with the amount of consideration to which the entity expects to be titled in exchange for transferring the promised goods or services to the customer. Under the cost-to-cost measure of progress, progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred.

Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash is held primarily in three banks in three separate jurisdictions. The Company had $26,618,000 cash on hand at March 31, 2024 and had $24,104,000 cash on hand at December 31, 2023.

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Accounts Receivable Allowances: Management maintains allowances for credit losses resulting from the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company has determined that a $90,000 allowance for credit losses is needed at March 31, 2024 and none is needed at December 31, 2023. Management also records estimates for customer returns and deductions, discounts offered to customers, and for price adjustments. Should customer returns and deductions, discounts, and price adjustments fluctuate from the estimated amounts, additional allowances may be required. The Company had an allowance for estimated chargebacks of $123,000 at March 31, 2024 and $138,000 at December 31, 2023. There have been no material changes in the methodology of these calculations.

Inventories: Inventories, which include material, labor and manufacturing overhead, are valued at the lower of cost or net realizable value. The inventories are accounted for using the first-in, first-out (FIFO) method of determining inventory costs. Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based on historical and anticipated usage. The Company has recorded an allowance for slow moving and obsolete inventory of $730,000 at March 31, 2024 and $671,000 at December 31, 2023.

Contract Assets/Liabilities: Contract assets and liabilities represent the net cumulative customer billings, vendor payments and revenue recognized for tooling programs. For tooling programs where net revenue recognized and vendor payments exceed customer billings, the Company recognizes a contract asset. For tooling programs where net customer billings exceed revenue recognized and vendor payments, the Company recognizes a contract liability. Customer payment terms vary by contract and can range from progress payments based on work performed or one single payment once the contract is completed. The Company has recorded contract assets of $80,000 at March 31, 2024, and $77,000 at December 31, 2023. Contract assets are generally classified as current within prepaid expenses and other current assets on the Consolidated Balance Sheets. For the three months ended March 31, 2024 and March 31, 2023 the Company recognized no impairments on contract assets. For the three months ended March 31, 2024, the Company recognized $1,841,000 of revenue from contract liabilities related to open jobs outstanding as of December 31, 2023.

Income Taxes: The Company evaluates the balance of deferred tax assets that will be realized based on the premise that the Company is more-likely-than-not to realize deferred tax benefits through the generation of future taxable income.

Long-Lived Assets: Long-lived assets consist primarily of property, plant and equipment and definite-lived intangibles. The recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the business environment. The Company evaluates whether impairment exists for property, plant and equipment on the basis of undiscounted expected future cash flows from operations before interest. There were no impairment charges of the Company’s long-lived assets for the three months ended March 31, 2024 and March 31, 2023, respectively.

Goodwill: The purchase consideration of acquired businesses has been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill in accordance with FASB ASC Topic 350, Intangibles - Goodwill and Other. FASB ASC Topic 350 prohibits the amortization of goodwill and requires these assets be reviewed for impairment.

The annual impairment tests of goodwill may be completed through qualitative assessments; however, the Company may elect to bypass the qualitative assessment and proceed directly to a quantitative impairment test for any period. The Company may resume the qualitative assessment in any subsequent period.

Under a qualitative and quantitative approach, the impairment test for goodwill consists of an assessment of whether it is more-likely-than-not that the fair value is less than its carrying amount. As part of the qualitative assessment, the Company considers relevant events and circumstances that affect the fair value or carrying amount of the Company. Such events and circumstances could include changes in economic conditions, industry and market conditions, cost factors, overall financial performance, and capital markets pricing. The Company places more weight on the events and circumstances that most affect the Company's fair value or carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform step one of the impairment test. If the Company elects to bypass the qualitative assessment, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value exceeds its fair value, the Company proceeds to a quantitative approach. There were no impairment charges of the Company's goodwill for the three months ended March 31, 2024 and March 31, 2023, respectively.

Self-Insurance: The Company is self-insured with respect to its facilities in Columbus, Ohio; Gaffney, South Carolina; Winona, Minnesota; and Brownsville, Texas for medical, dental and vision claims and Columbus, Ohio for workers’ compensation claims, all of which are subject to stop-loss insurance thresholds. The Company is also self-insured for dental and

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vision with respect to its Cobourg, Canada location. The Company has recorded an estimated liability for self-insured medical, dental and vision claims incurred but not reported and worker’s compensation claims incurred but not reported at March 31, 2024 and December 31, 2023 of $997,000 and $988,000, respectively. Estimated liabilities for self-insurance are classified as current within accrued other liabilities on the Consolidated Balance Sheets.

Post-Retirement Benefits: Management records an accrual for post-retirement costs associated with the health care plan sponsored by Core Molding Technologies. Should actual results differ from the assumptions used to determine the reserves, additional provisions may be required. In particular, increases in future healthcare costs above the assumptions could have an adverse effect on Core Molding Technologies’ operations. The effect of a change in healthcare costs is described in Note 12, "Post Retirement Benefits", of the Notes to Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Core Molding Technologies had a liability for post-retirement healthcare benefits based on actuarial computed estimates of $3,008,000 at March 31, 2024 and $3,116,000 at December 31, 2023.

3. NET INCOME PER COMMON SHARE

Net income per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed similarly but includes the effect of the assumed exercise of dilutive stock appreciation rights and restricted stock under the treasury stock method.

On May 13, 2021, the Company's stockholders approved the 2021 Long Term Equity Incentive Plan (the “2021 Plan”) that replaced the 2006 Long Term Equity Incentive Plan (the “2006 Plan”) approved in May 2006 and amended in May 2015. The 2021 Plan provides restricted stock award recipients voting rights equivalent to the Company's common stock and accrual of dividends but not receipt of dividends until all conditions or restrictions related to such award have been satisfied. Accordingly, the restricted shares are not considered participating shares. The 2006 Plan provides restricted stock award recipients voting rights equivalent to the Company’s common stock and accrual and receipt of dividends irrespective of any conditions or restrictions related to such award being satisfied. Accordingly, the restricted shares granted from the 2006 Plan are considered a participating security and the Company is required to apply the two-class method to consider the impact of the restricted shares on the calculation of basic and diluted earnings per share.

The computation of basic and diluted net income per common share (in thousands, except for per share data) is as follows:


	Three months ended March 31,
	2024		2023
Net income	$	3,759	$	5,852
Less: net income allocated to participating securities	—		54
Net income available to common stockholders	$	3,759	$	5,798

Weighted average common shares outstanding — basic	8,666,000		8,418,000
Effect of weighted average dilutive securities	166,000		334,000
Weighted average common and potentially issuable common shares outstanding — diluted	8,832,000		8,752,000

Basic net income per common share	$	0.43	$	0.69
Diluted net income per common share	$	0.43	$	0.66

The computation of basic and diluted net income per participating share is as follows (in thousands, except for per share data):


	Three months ended March 31,
	2024		2023
Net income allocated to participating securities	$	—	$	54

Weighted average participating shares outstanding — basic	—		78,000
Effect of dilutive securities	—		—
Weighted average common and potentially issuable common shares outstanding — diluted	—		78,000

Basic net income per participating share	$	—	$	0.69
Diluted net income per participating share	$	—	$	0.69

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4. MAJOR CUSTOMERS

The Company had six major customers during the three months ended March 31, 2024, BRP, Inc. ("BRP"), Navistar, Inc. ("Navistar"), PACCAR, Inc. ("PACCAR"), Universal Forest Products, Inc. ("UFP"), Volvo Group North America, LLC ("Volvo") and Yamaha Motor Corporation ("Yamaha"). Major customers are defined as customers whose sales individually consist of more than ten percent of the Company's total sales during any annual or interim reporting period presented. The loss of a significant portion of sales to these customers could have a material adverse effect on the Company.

The following table presents sales revenue for the above-mentioned customers for the three months ended March 31, 2024 and 2023 (in thousands):


	Three months ended March 31,
	2024		2023
BRP product sales	$	7,557	$	12,144
BRP tooling sales	114		581
Total BRP sales	7,671		12,725

Navistar product sales	14,429		19,262
Navistar tooling sales	161		185
Total Navistar sales	14,590		19,447

PACCAR product sales	9,949		10,200
PACCAR tooling sales	246		67
Total PACCAR sales	10,195		10,267

UFP product sales	6,276		10,774
UFP tooling sales	—		—
Total UFP sales	6,276		10,774

Volvo product sales	12,720		15,609
Volvo tooling sales	—		45
Total Volvo sales	12,720		15,654

Yamaha product sales	8,582		7,888
Yamaha tooling sales	—		—
Total Yamaha sales	8,582		7,888

Other product sales	16,318		22,460
Other tooling sales	1,793		292
Total other sales	26,693		30,640

Total product sales	75,831		98,337
Total tooling sales	2,314		1,170
Total sales	$	78,145	$	99,507

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5. INVENTORY

Inventories, net consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Raw materials	$	15,089	$	13,068
Work in process	2,817		2,649
Finished goods	5,955		6,346
Total	$	23,861	$	22,063

Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based on historical and anticipated usage.

6. LEASES

The Company has operating leases with fixed payment terms for certain buildings and warehouses. The Company's leases have remaining lease terms of less than one year to four years, some of which include options to extend the lease for five years. Operating leases are included in operating lease right-of-use ("ROU") assets, accrued other liabilities and other non-current liabilities in the Consolidated Balance Sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease.

The Company used the applicable incremental borrowing rate at implementation date to measure lease liabilities and ROU assets. The incremental borrowing rate used by the Company was based on baseline rates and adjusted by the credit spreads commensurate with the Company’s secured borrowing rate. At each reporting period when there is a new lease initiated, the Company will utilize its incremental borrowing rate to perform lease classification tests on lease components and to measure ROU assets and lease liabilities.

The components of lease expense were as follows (in thousands):


	Three months ended March 31,
	2024		2023
Operating lease cost	$	538	$	427
Short-term lease cost	$	458	$	470
Total net lease cost	$	996	$	897

Other supplemental balance sheet information related to leases was as follows (in thousands):


	March 31, 2024		December 31, 2023
Operating lease right of use assets	$	3,302	$	3,802

Current operating lease liabilities(A)	$	1,785	$	1,981
Noncurrent operating lease liabilities(B)	1,529		1,828
Total operating lease liabilities	$	3,314	$	3,809

(A)Current operating lease liabilities are included in accrued other liabilities in the Consolidated Balance Sheets.

(B)Noncurrent operating lease liabilities are included in other non-current liabilities in the Consolidated Balance Sheets.

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7. PROPERTY, PLANT & EQUIPMENT

Property, plant and equipment, net consisted of the following for the periods specified (in thousands):


	March 31, 2024		December 31, 2023
Property, plant and equipment	$	211,419	$	209,333
Accumulated depreciation	(131,021)		(128,148)
Property, plant and equipment — net	$	80,398	$	81,185

Property, plant, and equipment are recorded at cost, unless obtained through acquisition, then assets are recorded at estimated fair value at the date of acquisition. Depreciation is provided on a straight-line method over the estimated useful lives of the assets. The carrying amount of long-lived assets is evaluated annually to determine if an adjustment to the depreciation period or to the unamortized balance is warranted. Depreciation expense for the three months ended March 31, 2024 and 2023 was $2,873,000 and $2,978,000, respectively. Amounts invested in capital additions in progress were $3,421,000 and $2,264,000 at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, purchase commitments for capital expenditures in progress were $2,939,000 and $1,100,000, respectively.

8. GOODWILL AND INTANGIBLES

Goodwill activity for the three months ended March 31, 2024 consisted of the following (in thousands):


Balance at December 31, 2023	$	17,376
Additions	—
Impairment	—
Balance at March 31, 2024	$	17,376

Intangibles, net at March 31, 2024 were comprised of the following (in thousands):


Definite-lived Intangible Assets	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	25 Years	$	250	$	(93)	$	157
Trademarks	10 Years	1,610		(1,000)		610
Non-competition agreement	5 Years	1,810		(1,810)		—
Developed technology	7 Years	4,420		(3,920)		500
Customer relationships	10-12 Years	9,330		(4,980)		4,350
Total		$	17,420	$	(11,803)	$	5,617

Intangibles, net at December 31, 2023 were comprised of the following (in thousands):


Definite-lived Intangible Assets	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	25 Years	$	250	$	(88)	$	162
Trademarks	10 Years	1,610		(959)		651
Non-competition agreement	5 Years	1,810		(1,810)		—
Developed technology	7 Years	4,420		(3,762)		658
Customer relationships	10-12 Years	9,330		(4,784)		4,546
Total		$	17,420	$	(11,403)	$	6,017

The aggregate intangible asset amortization expense was $400,000 and $412,000 for the three months ended March 31, 2024 and 2023, respectively.

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9. POST-RETIREMENT BENEFITS

The components of expense for the Company’s post-retirement benefit plans are as follows (in thousands):


	Three months ended March 31,
	2024		2023
Pension expense:
Multi-employer plan	$	214	$	238
Defined contribution plan	506		528
Total pension expense	720		766
Health and life insurance:
Interest cost	23		66
Amortization of prior service credits	(124)		(124)
Amortization of net loss	(37)		6
Net periodic benefit credit	(138)		(52)
Total post-retirement benefits expense	$	582	$	714

The Company made payments of $550,000 to pension plans and $131,000 for post-retirement healthcare and life insurance during the three months ended March 31, 2024. For the remainder of 2024, the Company expects to make approximately $1,803,000 of pension plan payments, of which $920,000 was accrued at March 31, 2024. The Company also expects to make approximately $167,000 of post-retirement healthcare and life insurance payments for the remainder of 2024, all of which were accrued at March 31, 2024.

10. DEBT

Debt consists of the following (in thousands):


	March 31, 2024		December 31, 2023

Huntington term loans payable	22,917		23,230
Leaf Capital term loan payable	39		48
Total	22,956		23,278
Less deferred loan costs	(271)		(291)
Less current portion	(1,624)		(1,468)
Long-term debt	$	21,061	$	21,519

Huntington Credit Agreement

On July 22, 2022, the Company entered into a credit agreement (the “Huntington Credit Agreement”) with The Huntington National Bank (“Huntington”), as the sole lender, administrative agent, lead arranger and book runner, and the lenders from time to time thereto. Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company secured loans (the “Huntington Loans”) in the maximum aggregate principal amount of $75,000,000, comprised of three $25,000,000 commitments: a term loan commitment, a CapEx loan commitment and a revolving loan commitment.

At the option of the Company, the Huntington Loans shall be comprised of Alternative Base Rate (ABR) Loans or Secure Overnight Financing Rate (SOFR) Loans.

ABR Loans bear interest at a per annum rate equal to ABR plus a margin of 280 to 330 basis points determined based on the Company’s leverage ratio. ABR is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50% per annum and (c) Daily Simple SOFR for such day (taking into account any floor set forth in the definition of “Daily Simple SOFR”) plus 1.00% per annum; provided, that if the ABR shall be less than 0.00%, then ABR shall be deemed to be 0.00%.

SOFR Loans bear interest at a per annum rate equal to Daily Simple SOFR plus a margin of 180 to 230 basis points determined based on the Company’s leverage ratio. Daily Simple SOFR means, for any day (a “SOFR Rate Day”), a rate per annum equal to the greater of (a) SOFR for the day (such day, the “SOFR Determination Date”) that is five (5) U.S. Government Securities

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Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website, and (b) 0.00%.

The Company’s obligations under the Huntington Credit Agreement are secured by all of the U.S. and Canadian assets of the Company, including all of its equity interests in each of the Company’s U.S. and Canadian subsidiaries and 65% of the Company’s equity interest in its Mexican subsidiaries, and are unconditionally guaranteed by certain subsidiaries of the Company.

The Huntington Credit Agreement contains certain customary representations and warranties, conditions, affirmative and negative covenants and events of default. The Company is in compliance with such covenants as of March 31, 2024.

Voluntary prepayments of amounts outstanding under the Huntington Loans are permitted at any time without premium or penalty.

The Company incurred debt origination fees of $402,000 related to the Huntington Credit Agreement, which is being amortized over the life of the agreement.

Huntington Capex Loan

Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company secured Capex loan (the “Huntington Capex Loan”) in the maximum aggregate principal amount of $25,000,000. Proceeds of the Huntington Capex Loan will be used to finance the ongoing capital expenditure needs of the Company.

Any borrowings from the Huntington Capex Loan will be converted to new term loans annually each February, beginning February 2025, and will have monthly principal repayments based on a sixty-month amortization period with all amounts outstanding on the Huntington Capex Loan being fully due on July 22, 2027.

Huntington Revolving Loan

Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company a revolving loan commitment (the “Huntington Revolving Loan”) of $25,000,000. The Company has $25,000,000 of available revolving loans of which none was outstanding as of March 31, 2024 and December 31, 2023, respectively.

The Huntington Credit Agreement makes available to the Company a revolving commitment in the maximum amount of $25,000,000 at the Company’s option at any time during the five-year period following the closing. The revolving loan commitment terminates, and all outstanding borrowings thereunder must be repaid on July 22, 2027.

The interest rate for the Huntington Revolving Loan was 7.11% and 7.11% as of March 31, 2024 and December 31, 2023, respectively.

Huntington Term Loan

Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company a Term Loan commitment (the “Huntington Term Loan”) of $25,000,000 ($25,000,000 of which was advanced to the Company on July 22, 2022). The Huntington Term Loan is to be repaid in monthly installments beginning August 2022 of $104,000 per month for the first 24 months, $156,000 per month for the next 24 months, $208,000 for the next 12 months and the remaining balance to be paid on July 22, 2027. The interest rate for the Huntington Term Loan was 7.11% and 7.11% as of March 31, 2024 and December 31, 2023, respectively.

Interest Rate Swap Agreement

The Company entered into an interest rate swap agreement that became effective July 22, 2022 and continues through July 2027, which was designed as a cash flow hedge for $25,000,000 of the Huntington Term Loan. Under this agreement, the Company will pay a fixed rate of 2.95% to the swap counterparty in exchange for the Term Loans daily variable SOFR. As a result the interest rate paid on the Huntington Term Loan was 4.75% as of March 31, 2024 and December 31, 2023. The fair value of the interest rate swap was an asset of $797,000 and $524,000 at March 31, 2024 and December 31, 2023, respectively.

Leaf Capital Funding

On April 24, 2020 the Company entered into a finance agreement with Leaf Capital Funding of $175,000 for equipment. The parties agreed to a fixed interest rate of 5.50% and a term of 60 months.

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11. INCOME TAXES

The Company evaluates the balance of deferred tax assets that will be realized based on the premise that the Company is more-likely-than-not to realize deferred tax benefits through the generation of future taxable income. Management makes assumptions, judgments, and estimates to determine the deferred tax assets and liabilities. The Company evaluates provisions and deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available evidence.

At March 31, 2024, the Company had a net deferred tax asset of $1,595,000 related to tax positions in Mexico and deferred tax liabilities of $1,182,000 and $43,000 related to tax positions in the United States and Canada. Deferred tax assets are included in "Other non-current assets" on the Consolidated Balance Sheets and deferred tax liabilities are included in "Other non-current liabilities" on the Consolidated Balance Sheets. As of March 31, 2024, the Company had a valuation allowance of $1,530,000, against the deferred tax asset related to local tax positions in the Unites States, due to cumulative losses over the last three years and uncertainty related to the Company's ability to realize the deferred assets. The Company believes that the deferred tax assets associated with the Canadian, Mexican, and federal United States tax jurisdictions are more-likely-than-not to be realizable based on estimates of future taxable income.

Income tax expense for the three months ended March 31, 2024 is estimated to be $1,029,000, approximately 21.5% of income before income taxes. Income tax expense for the three months ended March 31, 2023 was estimated to be $1,919,000, approximately 24.7% of income before income taxes.

The Company files income tax returns in the United States, Mexico, Canada and various state and local jurisdictions. The Company is subject to federal income tax examinations for tax years 2014 through 2017 but the scope of examination is limited to adjustments resulting from Net Operating Loss carry back claims from the 2019, and 2020 tax years. The Company is subject to federal income tax examinations for years 2020 through 2023 with unlimited scope. The Company is not subject to state examinations for years before 2020. The Company is not subject to Mexican income tax examinations by Mexican authorities for the years before 2018 and is not subject to Canadian income tax examinations by Canadian authorities for the years before 2019.

12. STOCK BASED COMPENSATION

On May 13, 2021, The Company's stockholders approved the 2021 Long Term Equity Incentive Plan (the “2021 Plan”) that replaced the 2006 Long Term Equity Incentive Plan (the “2006 Plan”) approved in May 2006 and amended in May 2015. The 2021 Plan allows for grants to employees, officers, non-employee directors, consultants, independent contractors and advisors of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards (“stock awards”) up to an aggregate of 152,501 awards. Awards can be granted under the 2021 Plan through the earlier of May 13, 2031, or the date the maximum number of available awards under the 2021 Plan have been granted. No new awards may be granted from the 2006 Plan.

Awards under the 2021 Plan vest over one to three years and shares previously awarded and currently unvested under the 2006 Plan vest over three years. Shares granted under both the 2006 and 2021 Plans vest immediately upon the date of a participant’s death, disability or change in control.

The Company follows the provisions of FASB ASC 718 requiring that compensation cost relating to share-based payment transactions be recognized in the financial statements. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee's requisite service period (generally the vesting period of the equity award).

Restricted Stock

The Company grants shares of its common stock to certain directors, officers, key managers and employees in the form of unvested stock and units (“Restricted Stock”). These awards are measured at the fair value of the Company's common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period, which is typically three years. The Company adjusts compensation expense for actual forfeitures, as they occur.

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The following summarizes the status of Restricted Stock and changes during the three months ended March 31, 2024:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	373,583	$	12.81
Granted	94,704	19.18
Vested	(61,508)	15.98
Forfeited	—	—
Unvested balance at March 31, 2024	406,779	$	14.31

At March 31, 2024 and 2023, there was $4,113,000 and $5,702,000, respectively, of total unrecognized compensation expense, related to Restricted Stock grants. The unrecognized compensation expense at March 31, 2024 is expected to be recognized over the weighted-average period of 2.3 years. Total compensation cost related to Restricted Stock grants for the three months ended March 31, 2024 and 2023 was $711,000 and $725,000, respectively, all of which was recorded to selling, general and administrative expense.

During the three months ended March 31, 2024 , employees withheld 17,773 shares of the Company's common stock to satisfy income tax withholding obligations in connection with the vesting of restricted awards, and in March 31, 2023 no shares of the Company's common stock was withheld. During the three months ended March 31, 2023, employees withheld 1,318 shares of common stock to satisfy income tax withholding obligations in connection with the exercise of stock appreciation rights.

Performance Restricted Stock Awards

The Company grants shares of its common stock to certain officers and key managers in the form of shares of performance-based restricted stock ("Performance Restricted Stock Awards"). These awards are measured at the fair value of the Company's common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period to the extent that the performance measures have been satisfied as of the last day of the performance period of the award. The total amount payable as of the award's vesting date is determined by the three year average Operational Income and Return on Capital Employed performance measure achievement. The Company adjusts compensation expense for actual forfeitures as they occur, and for estimated performance measure achievement.

The following summarizes the status of Performance Restricted Stock Awards and changes during the three months ended March 31, 2024:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	11,737	$	15.98
Granted	28,483	19.18
Vested	—	—
Forfeited	—	—
Unvested balance at March 31, 2024	40,220	$	18.24

At March 31, 2024 and 2023, there was $651,000 and $207,000 of total unrecognized compensation expense related to Performance Restricted Stock Awards. The unrecognized compensation expense at March 31, 2024 is expected to be recognized over the weighted-average period of 2.6 years. Total compensation cost related to Performance Restricted Stock Awards for the three months ended March 31, 2024 and March 31, 2023 was $28,000 and 6,000, all of which was recorded to selling, general and administrative expense.

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13. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants as of the measurement date. Fair value is measured using the fair value hierarchy and related valuation methodologies as defined in the authoritative literature. This hierarchical valuation methodology provides a fair value framework that describes the categorization of assets and liabilities in three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.

The three levels are defined as follows:

Level 1 - Quoted prices in active markets for identical assets and liabilities.

Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets.

Level 3 -Significant unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability.

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, debt, interest rate swaps and foreign currency derivatives. Cash and cash equivalents, accounts receivable and accounts payable carrying values as of March 31, 2024 and December 31, 2023 approximate fair value due to the short-term maturities of these financial instruments. As of March 31, 2024 and December 31, 2023, the carrying amounts of the Huntington Term Loan and Huntington Revolving Loan approximated fair value due to the short-term nature of the underlying variable rate SOFR used to determine interest charged on the loans. The Company had Level 2 fair value measurements at March 31, 2024 relating to the Company’s interest rate swaps and foreign currency derivatives.

Derivative and hedging activities

Foreign Currency Derivatives

The Company conducted business in foreign countries and paid certain expenses in foreign currencies; therefore, the Company was exposed to foreign currency exchange risk between the U.S. Dollar and foreign currencies, which could impact the Company’s operating income and cash flows. To mitigate risk associated with foreign currency exchange, the Company entered into forward contracts to exchange a fixed amount of U.S. Dollars for a fixed amount of foreign currency, which will be used to fund future foreign currency cash flows. At inception, all forward contracts are formally documented as cash flow hedges and are measured at fair value each reporting period.

Derivatives are formally assessed both at inception and at least quarterly thereafter, to ensure that derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, hedge accounting is discontinued, and any future mark-to-market adjustments are recognized in earnings. The effective portion of gain or loss is reported in other comprehensive income and the ineffective portion is reported in earnings. The impacts of these contracts were largely offset by gains and losses resulting from the impact of changes in exchange rates on transactions denominated in the foreign currency. As of March 31, 2024, the Company had no ineffective portion related to the cash flow hedges. The notional contract value of foreign currency derivatives was $5,063,000 and $28,592,000 as of March 31, 2024 and 2023, respectively.

Interest Rate Swap

The Company entered into an interest rate swap contract to fix the interest rate on an initial aggregate amount of $25,000,000 thereby reducing exposure to interest rate changes. The interest rate swap pays a fixed rate of 2.95% to the swap counterparty in exchange for daily SOFR. At inception, all interest rate swaps were formally documented as cash flow hedges and are measured at fair value each reporting period. See Note 10, "Debt", for additional information. The notional contract value of the interest rate swap was $22,917,000 and $24,167,000 as of March 31, 2024 and 2023, respectively.

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Financial statement impacts

The following table detail amounts related to our derivatives designated as hedging instruments (in thousands):


	Fair Value of Derivative Instruments March 31, 2024
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Prepaid expenses other current assets	$	133	Accrued other liabilities	$	—
	Other non-current assets	$	—	Other non-current liabilities	$	—

Interest rate swaps	Prepaid expenses other current assets	$	542	Accrued other liabilities	$	—
	Other non-current assets	$	255	Other non-current liabilities	$	—


	Fair Value of Derivative Instruments December 31, 2023
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Prepaid expenses other current assets	$	620	Accrued other liabilities	$	—
	Other non-current assets	$	—	Other non-current liabilities	$	—

Interest rate swaps	Prepaid expenses other current assets	$	419	Accrued other liabilities	$	—
	Other non-current assets	$	105	Other non-current liabilities	$	—

The following tables summarize the amount of unrealized and realized gain (loss) recognized in Accumulated Other Comprehensive Income ("AOCI") for the three months ended March 31, 2024 and 2023 (in thousands):


Derivatives in subtopic 815-20 Cash Flow Hedging Relationship:	Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative				Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income(A)	Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income
	2024		2023			2024		2023
Foreign exchange contracts	$	(63)	$	620	Cost of goods sold	$	424	$	119
					Selling, general and administrative expense	$	—	$	13
Interest rate swaps	$	410	$	(212)	Interest expense	$	138	$	94

(A) The foreign currency derivative activity reclassified from Accumulated Other Comprehensive Income is allocated to cost of goods sold and selling, general and administrative expense based on the percentage of foreign currency spend.

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14. ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table presents changes in Accumulated Other Comprehensive Income, net of tax, for the three months ended March 31, 2024 and 2023 (in thousands):


2023:	Derivative Hedging Activities		Post Retirement Benefit Plan Items(A)		Accumulated Other Comprehensive Income (Loss)
2023:
Balance at December 31, 2022	$	546	$	2,507	$	3,053

Other comprehensive income before reclassifications	408		—		408
Amounts reclassified from accumulated other comprehensive income	(226)		(118)		(344)
Income tax benefit	(41)		25		(16)
Balance at March 31, 2023	$	687	$	2,414	$	3,101

2024:
Balance at December 31, 2023	$	901	$	4,400	$	5,301
Other comprehensive income before reclassifications	347		(37)		310
Amounts reclassified from accumulated other comprehensive income	(562)		(124)		(686)
Income tax benefit (expense)	48		34		82
Balance at March 31, 2024	$	734	$	4,273	$	5,007

(A)The effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in other income and expense on the Consolidated Statements of Operations. These Accumulated Other Comprehensive Income components are included in the computation of net periodic benefit cost (see Note 9, "Post-Retirement Benefits" for additional details). The tax effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Operations.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements within the meaning of the federal securities laws, which are subject to the "safe harbor" created by Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exhcange Act"). As a general matter, forward-looking statements are those focused upon future plans, objectives or performance as opposed to historical items and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Such forward-looking statements involve known and unknown risks and are subject to uncertainties and factors relating to Core Molding Technologies' operations and business environment, all of which are difficult to predict and many of which are beyond Core Molding Technologies' control. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plans,” “projects,” “believes,” “estimates,” “encouraged,” “confident” and similar expressions are used to identify these forward-looking statements. These uncertainties and factors could cause Core Molding Technologies' actual results to differ materially from those matters expressed in or implied by such forward-looking statements.

Core Molding Technologies believes that the following factors, among others, could affect its future performance and cause actual results to differ materially from those expressed or implied by forward-looking statements made in this Annual Report on Form 10-Q:

•dependence upon certain major customers as the primary source of Core Molding Technologies’ sales revenues and the potential loss of any major customers due to the completion of existing production programs with those customers or otherwise;

•business conditions in the plastics, transportation, power sports, utilities and commercial product industries (including changes in demand for production);

•the availability and price increases of raw materials;

•general economic, social, regulatory (including foreign trade policy) and political environments in the countries in which Core Molding Technologies operates;

•safety and security conditions in Mexico;

•fluctuations in foreign currency exchange rates;

•efforts of Core Molding Technologies to expand its customer base; the ability to develop new and innovative products and to diversify markets, materials and processes and increase operational enhancements;

•ability to accurately quote and execute manufacturing processes for new business; the actions of competitors, customers, and suppliers;

•failure of Core Molding Technologies’ suppliers to perform their obligations;

•inflationary pressures; new technologies; regulatory matters;

•labor relations and labor availability as well as possible work stoppages or labor disruptions at one or more of our union locations or one of our customer or supplier locations;

•the loss or inability of Core Molding Technologies to attract and retain key personnel;

•the ability to successfully identify, evaluate and manage potential acquisitions and to benefit from and properly integrate any completed acquisitions;

•federal, state and local environmental laws and regulations (including engine emission regulations);

•the availability of sufficient capital; the ability of Core Molding Technologies to provide on-time delivery to customers, which may require additional shipping expenses to ensure on-time delivery or otherwise result in late fees and other customer charges; risk of cancellation or rescheduling of orders;

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•management’s decision to pursue new products or businesses which involve additional costs, risks or capital expenditures;

•inadequate insurance coverage to protect against potential hazards; equipment and machinery failure; product liability and warranty claims;

•cybersecurity incidents or other similar disruptions impacting Core Molding Technologies or significant customers and/or suppliers; and

•other risks identified from time to time in Core Molding Technologies’ other public documents on file with the Securities and Exchange Commission, including those described in Item 1A of this Annual Report on Form 10-K.

Description of the Company

Business Overview

General

The Company’s business and operating results are directly affected by changes in overall customer demand, operational costs and performance and leverage of our fixed cost and selling, general and administrative ("SG&A") infrastructure.

Product sales fluctuate in response to several factors, including many that are beyond the Company’s control, such as general economic conditions, interest rates, government regulations, consumer spending, raw material cost inflation, labor availability, and our customers’ production rates and inventory levels. The Company's customers operate in many different markets with different cyclicality and seasonality.

Operating performance is dependent on the Company’s ability to manage changes in input costs for items such as raw materials, labor, and overhead operating costs. The Company has certain contractual commitments that restrict its ability to pass through changes in input costs to certain customers. As a result, during periods of significant increases or decreases in input costs operating results may be impacted.

Performance is also affected by manufacturing efficiencies, including items such as on time delivery, quality, scrap, and productivity. Market factors of supply and demand can impact operating costs. In periods of rapid increases or decreases in customer demand, the Company is required to ramp operational activity up or down quickly, which may impact manufacturing efficiencies more than in periods of steady demand.

Operating performance is also dependent on the Company’s ability to effectively launch new customer programs, which are extremely complex in nature. The start of production of a new program is the result of a process of developing new molds and assembly equipment, validation testing, manufacturing process design, development and testing, along with training and often hiring employees. Meeting the targeted levels of manufacturing efficiency for new programs usually occurs over time as the Company gains experience with new tools and processes. Therefore, during a new program launch period, start-up costs and inefficiencies can affect operating results.

Business Outlook

Looking forward, based on industry analyst projections, customer forecasts, anticipated price changes, as well as anticipated new program launches, offset by current programs that we expect to begin to ramp down in the second half of 2024 as further described below, the Company expects revenues for calendar year 2024 to decrease by approximately 10 to 15 percent as compared to 2023. Additional factors contributing to our anticipated 2024 revenue outlook include an expected cyclical demand slowdown, decreased customer inventory builds due to stabilizing inventory levels as well as a consumer demand environment that is more consistent with pre-pandemic levels. The Company anticipates the revenue decrease to be more significant in the first half of 2024 and a lesser decrease in the second half of 2024 compared to the same periods in 2023.

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Beginning in the second half of 2024 and continuing through 2026, the Company’s business with Volvo will begin transitioning from existing programs that the Company currently supplies to new programs that the Company does not support. Notwithstanding this transition and the completion of existing programs with Volvo, the Company continues to actively bid for new Volvo business, which we believe we will continue to secure outside of the current programs. Going forward we remain focused on continuing to replace phased out business from existing programs with new programs from Volvo or other customers.

The Company’s raw material supply chains remain stable, and the Company anticipates raw material pricing in 2024 to remain flat or slightly higher as compared to 2023. Labor markets have also stabilized, although at higher cost levels over the past several years. The Company does not anticipate challenges in hiring hourly labor, although management believes wage pressure will continue, especially in Mexico.

Results of Operations

Three Months Ended March 31, 2024, as Compared to Three Months Ended March 31, 2023

Net sales for the three months ended March 31, 2024 and 2023 totaled $78,145,000 and $99,507,000, respectively. Included in net sales were tooling project sales of $2,314,000 and $1,170,000 for the three months ended March 31, 2024 and 2023, respectively. Tooling sales are sporadic in nature and fluctuate in regard to scope and related revenue on a period-to-period basis. Product sales, excluding tooling project sales, for the three months ended March 31, 2024 were $75,831,000 compared to $98,337,000 for the same period in 2023. The decrease in sales is primarily the result of lower demand across all industries. The Company's product sales for the three months ended March 31, 2024 compared to the same period in 2023 by market are as follows (in thousands):


	Three months ended March 31,
	2024		2023
Medium and heavy-duty truck	$	41,509	$	49,516
Power sports	18,859		22,036
Building products	6,545		11,787
Industrial and utilities	3,346		6,430
All other	5,572		8,568
Net product revenue	$	75,831	$	98,337

Gross margin was 17.0% and 17.8% of sales for the three months ended March 31, 2024 and 2023, respectively. Gross margin compared to last year was impacted by increased net changes in selling price and raw material costs of 1.7%, offset by lower fixed cost leverage of 1.7% and operational inefficiencies and product mix of 0.8%.

Selling general and administrative expense ("SG&A") was $8,573,000 for the three months ended March 31, 2024, compared to $9,668,000 for the three months ended March 31, 2023. Decreased SG&A expenses resulted primarily from lower bonus of $512,000, favorable foreign currency translation of $210,000 and lower labor and benefits costs of $117,000 .

Net interest expense totaled $82,000 for the three months ended March 31, 2024, compared to $356,000 for the three months ended March 31, 2023. Lower interest expense was primarily due to higher interest income from cash accumulation of $252,000.

The Company recorded net income for the three months ended March 31, 2024 of $3,759,000 or $0.43 per basic and diluted share compared with net income of $5,852,000, or $0.69 per basic and $0.66 diluted share, for the three months ended March 31, 2023.

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Comprehensive income totaled $3,465,000 for the three months ended March 31, 2024, compared to comprehensive income of $5,900,000 for the same period ended March 31, 2023. The decrease was primarily related to the decrease in net income of $2,093,000.

Liquidity and Capital Resources

Historically, the Company’s primary sources of funds have been cash generated from operating activities and borrowings from third parties. Primary cash requirements are for operating expenses, capital expenditures, repayments of debt, and acquisitions. The Company from time to time will enter into foreign exchange contracts and interest rate swaps to mitigate risk of foreign exchange and interest rate volatility. As of March 31, 2024, the Company had outstanding foreign exchange contracts with notional amounts totaling $5,063,000. As of March 31, 2024, the Company had outstanding interest rate swaps with notional amounts totaling $22,917,000.

Cash provided by operating activities for the three months ended March 31, 2024 totaled $5,072,000. Net income of $3,759,000 positively impacted operating cash flows. Non-cash deductions of depreciation and amortization, and share-based compensation included in net income amounted to $3,292,000 and $739,000, respectively. Increased working capital decreased cash provided by operating activities by $2,504,000. Higher working capital was primarily related to changes in accrued liabilities and inventory offset by changes in in prepaid assets, accounts receivable and accounts payable.

Cash used in investing activities for the three months ended March 31, 2024 was $1,893,000, which related to purchases of property, plant and equipment. The Company anticipates spending approximately $13,000,000 during 2024 on property, plant and equipment purchases for all of the Company's operations. At March 31, 2024, purchase commitments for capital expenditures in progress were $2,939,000. The Company anticipates using cash from operations, its available revolving line of credit or its capex line to fund capital investments.

Cash used for financing activities for the three months ended March 31, 2024 totaled $665,000, which consisted of the purchase of treasury stock of $343,000 in exchange for payment of taxes related to net shares settlements of equity awards and repayments of long-term debt of $322,000.

At March 31, 2024, the Company had $26,618,000 cash on hand, a $25,000,000 revolving loan facility of which none is outstanding, and a $25,000,000 Capex loan facility with no outstanding balance.

The Company is required to meet certain financial covenants included in the Huntington Credit Agreement (defined below), which covenants include a net debt leverage and a fixed charge coverage ratio. As of March 31, 2024, the Company was in compliance with its financial covenants associated with the loans made under the Huntington Credit Agreement as described below.

Management believes cash on hand, cash flow from operating activities and available borrowings under the Company's credit agreement will be sufficient to meet the Company's current liquidity needs.

Huntington Credit Agreement

At the option of the Company, the Huntington Loans shall be comprised of Alternative Base Rate (ABR) Loans or Secure Overnight Financing Rate (SOFR) Loans.

Table of Contents

such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website, and (b) 0.00%.

Voluntary prepayments of amounts outstanding under the Huntington Loans are permitted at any time without premium or penalty.

The Company incurred debt origination fees of $402,000 related to the Huntington Credit Agreement, which is being amortized over the life of the agreement.

Huntington Capex Loan

Huntington Revolving Loan

The interest rate for the Huntington Revolving Loan was 7.11% and 7.11% as of March 31, 2024 and December 31, 2023, respectively.

Huntington Term Loan

Interest Rate Swap Agreement

Leaf Capital Funding

On April 24, 2020 the Company entered into a finance agreement with Leaf Capital Funding of $175,000 for equipment. The parties agreed to a fixed interest rate of 5.50% and a term of 60 months.

Off-Balance Sheet Arrangements

The Company did not have any significant off-balance sheet arrangements as of March 31, 2024 or December 31, 2023.

Table of Contents

The Company did not have or experience any material changes outside the ordinary course of business as to contractual obligations, including long-term debt obligations, capital lease obligations, operating lease obligations, purchase obligations or other long-term liabilities reflected in the Company’s Consolidated Balance Sheet under GAAP, as of March 31, 2024 and December 31, 2023.

Critical Accounting Policies and Estimates

For information on critical accounting policies and estimates, see Note 2, "Critical Accounting Policies and Estimates," to the consolidated financial statements included herein.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Core Molding Technologies’ primary market risk results from changes in the price of commodities used in its manufacturing operations. Core Molding Technologies is also exposed to fluctuations in interest rates and foreign currency fluctuations associated with the Mexican Peso and Canadian Dollar. Core Molding Technologies does not hold any material market risk sensitive instruments for trading purposes. The Company uses derivative financial instruments to hedge exposure to fluctuations in foreign exchange rates and interest rates.

Core Molding Technologies has the following three items that are sensitive to market risks: (1) non-hedged loans under the Huntington Credit Agreement, all of which bear a variable interest rate; (2) non-hedged foreign currency purchases in which the Company purchases Mexican Pesos and Canadian Dollars with United States Dollars to meet certain obligations; and (3) raw material purchases in which Core Molding Technologies purchases various resins, fiberglass, and metal components for use in production. The prices and availability of these materials are affected by the prices of crude oil, natural gas and other feedstocks, tariffs, as well as processing capacity versus demand.

Assuming a hypothetical 10% change in short-term interest rates, interest paid on the Term Loan would be impacted, as the interest rate on these loans is based upon SOFR. It would not, however, have a material effect on earnings before tax as the Company has entered into a hedge to offset changes in SOFR.

Assuming a hypothetical 10% decrease in the United States Dollar to Mexican Peso and Canadian Dollar exchange rate, the Company would be impacted by an increase in operating costs, which would have an adverse effect on operating margins.

Assuming a hypothetical 10% increase in commodity prices, Core Molding Technologies would be impacted by an increase in raw material costs, which would have an adverse effect on operating margins.

Item 4. Controls and Procedures

As of the end of the period covered by this report, the Company has carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and its Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based upon this evaluation, the Company’s management, including its Chief Executive Officer and its Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were (i) effective to ensure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act was accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure, and (ii) effective to ensure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There were no changes in internal controls over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) that occurred in the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Table of Contents

Part II — Other Information

Item 1. Legal Proceedings

From time to time, the Company is involved in litigation incidental to the conduct of its business. The Company is presently not involved in any legal proceedings which in the opinion of management are likely to have a material adverse effect on the Company's consolidated financial position or results of operations.

Item 1A. Risk Factors

There have been no material changes in Core Molding Technologies' risk factors from those previously disclosed in Core Molding Technologies' Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The Company repurchased 17,773 shares of our common stock during the three months ended March 31, 2024. All stock was purchased to satisfy tax withholding obligations upon exercise of stock appreciation rights. Details of the repurchases of our common stock during the three months ended March 31, 2024 are included in the following table:


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number that May Yet be Purchased Under the Plans or Programs
January 1 to 31, 2024	—	—		—	—
February 1 to 29, 2024	—	—		—	—
March 1 to 31, 2024	17,773	$	19.31	—	—

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

See Index to Exhibits.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CORE MOLDING TECHNOLOGIES, INC.

Date:

May 7, 2024

By:

/s/ David L. Duvall

David L. Duvall

President, Chief Executive Officer, and Director

Date:

May 7, 2024

By:

/s/ John P. Zimmer

John P. Zimmer

Executive Vice President, Secretary, Treasurer and Chief Financial Officer

Table of Contents

INDEX TO EXHIBIT

Exhibit No.

Description

Location

3(a)(1)

Certificate of Incorporation of Core Molding Technologies, Inc. as filed with the Secretary of State of Delaware on October 8, 1996

Incorporated by reference to Exhibit 4(a) to Registration Statement on Form S-8 (Registration No. 333-29203)

3(a)(2)

Certificate of Amendment of Certificate of Incorporation of Core Molding Technologies, Inc. as filed with the Secretary of State of Delaware on November 6, 1996

Incorporated by reference to Exhibit 4(b) to Registration Statement on Form S-8 (Registration No. 333-29203)

3(a)(3)

Certificate of Amendment of Certificate of Incorporation as filed with the Secretary of State of Delaware on August 28, 2002

Incorporated by reference to Exhibit 3(a)(4) to Quarterly Report on Form 10-Q for the quarter ended September 30, 2002

3(a)(4)

Certificate of Designation, Preferences and Rights of Series B Junior Participating Preferred Stock as filed with the Secretary of State of Delaware on April 21, 2020

Incorporated by reference to Exhibit 3.1 to Form 8-K filed April 22, 2020

3(a)(5)

Certificate of Elimination of the Series A Junior Participant Preferred Stock as filed with the Delaware Sec. of State on April 1, 2021

Incorporated by reference to Exhibit 3(a)(5) to Form 8-K filed April 6, 2021

3(b)(1)

Amended and Restated By-Laws of Core Molding Technologies, Inc.

Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed January 4, 2008

3(b)(2)

Amendment No. 1 to the Amended and Restated By-Laws of Core Molding Technologies, Inc.

Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed December 17, 2013

10(a)

Form Performance Restricted Stock Award Agreement

Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed March 14, 2023

31(a)

Section 302 Certification by David L. Duvall, President, Chief Executive Officer, and Director

Filed Herein

31(b)

Section 302 Certification by John P. Zimmer, Executive Vice President, Secretary, Treasurer, and Chief Financial Officer

Filed Herein

32(a)

Certification of David L. Duvall, Chief Executive Officer of Core Molding Technologies, Inc., dated May 7, 2024, pursuant to 18 U.S.C. Section 1350

Filed Herein

32(b)

Certification of John P. Zimmer, Executive Vice President, Secretary, Treasurer and Chief Financial Officer of Core Molding Technologies, Inc., dated May 7, 2024, pursuant to 18 U.S.C. Section 1350

Filed Herein

101.INS

XBRL Instance Document

Filed Herein

101.SCH

XBRL Taxonomy Extension Schema Document

Filed Herein

101.CAL

XBRL Taxonomy Extension Calculation Linkbase

Filed Herein

101.LAB

XBRL Taxonomy Extension Label Linkbase

Filed Herein

101.PRE

XBRL Taxonomy Extension Presentation Linkbase

Filed Herein

101.DEF

XBRL Taxonomy Extension Definition Linkbase

Filed Herein

104

Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

Filed Herein

Exhibit 31(a)

SECTION 302 CERTIFICATION

I, David L. Duvall, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Core Molding Technologies, Inc.;

2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2024


			/s/ David L. Duvall
			David L. Duvall
			President, Chief Executive Officer, and Director

Exhibit 31(b)

SECTION 302 CERTIFICATION

I, John P. Zimmer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Core Molding Technologies, Inc.;

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2024


			/s/ John P. Zimmer
			John P. Zimmer
			Vice President, Secretary, Treasurer and Chief Financial Officer

Exhibit 32(a)

CORE MOLDING TECHNOLOGIES, INC.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Core Molding Technologies, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David L. Duvall, President, Chief Executive Officer, and Director of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


			/s/ David L. Duvall
			David L. Duvall
			President, Chief Executive Officer, and Director
			May 7, 2024

Exhibit 32(b)

CORE MOLDING TECHNOLOGIES, INC.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Core Molding Technologies, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John P. Zimmer, Vice President, Secretary, Treasurer, and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


			/s/ John P. Zimmer
			John P. Zimmer
			Vice President, Secretary, Treasurer and Chief Financial Officer
			May 7, 2024

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-12505
Entity Registrant Name	CORE MOLDING TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1481870
Entity Address, Address Line One	800 Manor Park Drive
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43228-0183
City Area Code	614
Local Phone Number	870-5000
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
Title of 12(b) Security	Common Stock, par value $0.01
Security Exchange Name	NYSEAMER
Trading Symbol	CMT
Entity Common Stock, Shares Outstanding (in shares)		9,144,640
Entity Central Index Key	0001026655
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Information [Line Items]
Entity Filer Category	Accelerated Filer

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 78,145	$ 99,507
Cost of sales	64,840	81,764
Gross margin	13,305	17,743
Selling, general and administrative expense	8,573	9,668
Operating income	4,732	8,075
Other income and expense
Net interest expense	82	356
Net periodic post-retirement benefit	(138)	(52)
Total other (income) and expense	(56)	304
Income before taxes	4,788	7,771
Income tax expense	1,029	1,919
Net income	$ 3,759	$ 5,852
Net income per common share:
Basic (in USD per share)	$ 0.43	$ 0.69
Diluted (in USD per share)	$ 0.43	$ 0.66

Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 3,759,000	$ 5,852,000
Post-retirement benefit plan adjustments:
Amortization of net actuarial (gain) loss	(37,000)	6,000
Amortization of prior service credits	(124,000)	(124,000)
Net of tax benefit	34,000	25,000
Comprehensive income	3,465,000	5,900,000
Foreign currency hedging derivatives:
Other comprehensive income:
Unrealized hedge gain (loss)	(487,000)	488,000
Income tax benefit	105,000	(105,000)
Interest rate swaps:
Other comprehensive income:
Unrealized hedge gain (loss)	272,000	(306,000)
Income tax benefit	$ (57,000)	$ 64,000

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 26,618,000	$ 24,104,000
Accounts receivable, net	40,082,000	41,711,000
Inventories, net	23,861,000	22,063,000
Foreign tax receivable	5,937,000	6,380,000
Prepaid expenses and other current assets	6,739,000	8,621,000
Total current assets	103,237,000	102,879,000
Right of use asset	3,302,000	3,802,000
Property, plant and equipment, net	80,398,000	81,185,000
Goodwill	17,376,000	17,376,000
Intangibles, net	5,617,000	6,017,000
Other non-current assets	2,337,000	2,118,000
Total Assets	212,267,000	213,377,000
Current liabilities:
Current portion of long-term debt	1,624,000	1,468,000
Accounts payable	24,260,000	23,958,000
Contract liability	4,222,000	5,204,000
Compensation and related benefits	6,711,000	10,498,000
Accrued other liabilities	5,406,000	5,058,000
Total current liabilities	42,223,000	46,186,000
Other non-current liabilities	3,316,000	3,759,000
Long-term debt	21,061,000	21,519,000
Post-retirement benefits liability	2,852,000	2,960,000
Total Liabilities	69,452,000	74,424,000
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock — $0.01 par value, authorized shares — 10,000,000; no shares outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock — $0.01 par value, authorized shares – 20,000,000; outstanding shares: 8,697,641 at March 31, 2024 and 8,655,384 at December 31, 2023	87,000	86,000
Paid-in capital	44,004,000	43,265,000
Accumulated other comprehensive income, net of income taxes	$ 5,007,000	$ 5,301,000
Treasury stock (in shares)	4,009,925	3,992,152
Treasury stock - at cost, 4,009,925 shares at March 31, 2024 and 3,992,152 shares at December 31, 2023	$ (32,111,000)	$ (31,768,000)
Retained earnings	125,828,000	122,069,000
Total Stockholders’ Equity	142,815,000	138,953,000
Total Liabilities and Stockholders’ Equity	$ 212,267,000	$ 213,377,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares outstanding (in shares)	8,697,641	8,655,384
Treasury stock (in shares)	4,009,925	3,992,152

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Foreign currency hedging derivatives:	Interest rate swaps:	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	AOCI Attributable to Parent [Member] Foreign currency hedging derivatives:	AOCI Attributable to Parent [Member] Interest rate swaps:	Treasury Stock, Common	Retained Earnings [Member]
Beginning Balance (in shares) at Dec. 31, 2022				8,417,656
Beginning Balance at Dec. 31, 2022	$ 116,125			$ 84	$ 40,342	$ 3,053			$ (29,099)	$ 101,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,852									5,852
Change in post retirement benefits, net of tax	(93)					(93)
Gain (loss) on derivatives		$ 383	$ (242)				$ 383	$ (242)
Purchase of treasury stock (in shares)									(1,318)
Treasury Stock, Value, Acquired, Cost Method	23								$ (23)
Restricted stock vested (in shares)				4,002
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0			$ 0
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	731				731
Ending Balance (in shares) at Mar. 31, 2023				8,420,340
Ending Balance at Mar. 31, 2023	$ 122,733			$ 84	41,073	3,101			(29,122)	107,597
Beginning Balance (in shares) at Dec. 31, 2023	8,655,384			8,655,384
Beginning Balance at Dec. 31, 2023	$ 138,953			$ 86	43,265	5,301			$ (31,768)	122,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,759									3,759
Change in post retirement benefits, net of tax	(127)					(127)
Gain (loss) on derivatives	215	$ (382)					$ (382)	$ 215
Purchase of treasury stock (in shares)									(17,773)
Treasury Stock, Value, Acquired, Cost Method	343								$ (343)
Restricted stock vested (in shares)				60,030
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	1			$ 1
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	$ 739				739
Ending Balance (in shares) at Mar. 31, 2024	8,697,641			8,697,641
Ending Balance at Mar. 31, 2024	$ 142,815			$ 87	$ 44,004	$ 5,007			$ (32,111)	$ 125,828

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in post-retirement benefits, tax	$ 34,000	$ 25,000
Foreign currency hedging derivatives:
Income tax benefit	(105,000)	105,000
Interest rate swaps:
Income tax benefit	$ 57,000	$ (64,000)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent	$ 3,759	$ 5,852
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,292	3,410
Loss on disposal of property, plant and equipment	0	80
Share-based compensation	739	731
Losses (Gain) on foreign currency remeasurement	(214)	81
Change in operating assets and liabilities:
Accounts receivable	1,629	(8,240)
Inventories	(1,798)	(1,139)
Prepaid and other assets	1,908	(450)
Accounts payable	280	4,209
Accrued and other liabilities	(4,254)	324
Post-retirement benefits liability	(269)	(211)
Net cash provided by operating activities	5,072	4,647
Cash flows from investing activities:
Purchase of property, plant and equipment	(1,893)	(2,127)
Net cash used in investing activities	(1,893)	(2,127)
Cash flows from financing activities:
Gross repayments on revolving line of credit	0	(35,369)
Gross borrowings on revolving line of credit	0	33,505
Payments for taxes related to net share settlement of equity awards	(343)	(23)
Payment of principal on term loans	(322)	(324)
Net cash used in financing activities	(665)	(2,211)
Net change in cash and cash equivalents	2,514	309
Cash and cash equivalents at beginning of period	24,104	4,183
Cash and cash equivalents at end of period	26,618	4,492
Cash paid for:
Interest	291	345
Income taxes	326	1,931
Non-cash investing activities:
Fixed asset purchases in accounts payable	$ 489	$ 262

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States of America for interim reporting, which are less than those required for annual reporting. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (all of which are normal and recurring in nature) necessary to present fairly the financial position of Core Molding Technologies, Inc. and its subsidiaries (“Core Molding Technologies” or the “Company”) at March 31, 2024, and the results of operations and cash flows for the three months ended March 31, 2024. The “Notes to Consolidated Financial Statements” contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, should be read in conjunction with these consolidated financial statements. Core Molding Technologies and its subsidiaries operate in the engineered materials market as one operating segment as a molder of thermoplastic and thermoset structural products. The Company produces and sells molded products for varied markets, including medium and heavy-duty trucks, power sports, building products, industrial and utilities and other commercial markets. Core Molding Technologies has its headquarters in Columbus, Ohio, and operates six production facilities in the United States, Canada and Mexico.

Critical Accounting Policies and Estimates	3 Months Ended
Critical Accounting Policies and Estimates	Mar. 31, 2024
Accounting Policies [Abstract]
Critical Accounting Policies and Estimates	CRITICAL ACCOUNTING POLICIES AND ESTIMATES Principles of Consolidation: Management believes the following critical accounting policies, among others, affect its more significant judgments and estimates used in the preparation of its consolidated financial statements. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. Revenue Recognition: The Company historically has recognized revenue from two streams, product revenue and tooling revenue. Product revenue is earned from the manufacture and sale of sheet molding compounds and thermoset and thermoplastic products. Revenue from product sales is generally recognized when products are shipped, as the Company transfers control to the customer and is entitled to payment upon shipment. In certain circumstances, the Company recognizes revenue from product sales when products are produced and the customer takes control at our production facility. Tooling revenue is earned from manufacturing multiple tools, molds and assembly equipment as part of a tooling program for a customer. Given that the Company is providing a significant service of producing highly interdependent component parts of the tooling program, each tooling program consists of a single performance obligation to provide the customer the capability to produce a single product. Based on the arrangement with the customer, the Company recognizes revenue either at a point in time or over a given period. When the Company does not have an enforceable right to payment, the Company recognizes tooling revenue at a point in time. In such cases, the Company recognizes revenue upon customer acceptance, which is when the customer has legal title to the tools. Certain tooling programs include an enforceable right to payment. In those cases, the Company recognizes revenue over time based on the extent of progress towards completion of its performance obligation. The Company uses a cost-to-cost measure of progress for such contracts because it best depicts the transfer of value to the customer and also correlates with the amount of consideration to which the entity expects to be titled in exchange for transferring the promised goods or services to the customer. Under the cost-to-cost measure of progress, progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash is held primarily in three banks in three separate jurisdictions. The Company had $26,618,000 cash on hand at March 31, 2024 and had $24,104,000 cash on hand at December 31, 2023. Accounts Receivable Allowances: Management maintains allowances for credit losses resulting from the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company has determined that a $90,000 allowance for credit losses is needed at March 31, 2024 and none is needed at December 31, 2023. Management also records estimates for customer returns and deductions, discounts offered to customers, and for price adjustments. Should customer returns and deductions, discounts, and price adjustments fluctuate from the estimated amounts, additional allowances may be required. The Company had an allowance for estimated chargebacks of $123,000 at March 31, 2024 and $138,000 at December 31, 2023. There have been no material changes in the methodology of these calculations. Inventories: Inventories, which include material, labor and manufacturing overhead, are valued at the lower of cost or net realizable value. The inventories are accounted for using the first-in, first-out (FIFO) method of determining inventory costs. Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based on historical and anticipated usage. The Company has recorded an allowance for slow moving and obsolete inventory of $730,000 at March 31, 2024 and $671,000 at December 31, 2023. Contract Assets/Liabilities: Contract assets and liabilities represent the net cumulative customer billings, vendor payments and revenue recognized for tooling programs. For tooling programs where net revenue recognized and vendor payments exceed customer billings, the Company recognizes a contract asset. For tooling programs where net customer billings exceed revenue recognized and vendor payments, the Company recognizes a contract liability. Customer payment terms vary by contract and can range from progress payments based on work performed or one single payment once the contract is completed. The Company has recorded contract assets of $80,000 at March 31, 2024, and $77,000 at December 31, 2023. Contract assets are generally classified as current within prepaid expenses and other current assets on the Consolidated Balance Sheets. For the three months ended March 31, 2024 and March 31, 2023 the Company recognized no impairments on contract assets. For the three months ended March 31, 2024, the Company recognized $1,841,000 of revenue from contract liabilities related to open jobs outstanding as of December 31, 2023. Income Taxes: The Company evaluates the balance of deferred tax assets that will be realized based on the premise that the Company is more-likely-than-not to realize deferred tax benefits through the generation of future taxable income. Long-Lived Assets: Long-lived assets consist primarily of property, plant and equipment and definite-lived intangibles. The recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the business environment. The Company evaluates whether impairment exists for property, plant and equipment on the basis of undiscounted expected future cash flows from operations before interest. There were no impairment charges of the Company’s long-lived assets for the three months ended March 31, 2024 and March 31, 2023, respectively. Goodwill: The purchase consideration of acquired businesses has been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill in accordance with FASB ASC Topic 350, Intangibles - Goodwill and Other. FASB ASC Topic 350 prohibits the amortization of goodwill and requires these assets be reviewed for impairment. The annual impairment tests of goodwill may be completed through qualitative assessments; however, the Company may elect to bypass the qualitative assessment and proceed directly to a quantitative impairment test for any period. The Company may resume the qualitative assessment in any subsequent period. Under a qualitative and quantitative approach, the impairment test for goodwill consists of an assessment of whether it is more-likely-than-not that the fair value is less than its carrying amount. As part of the qualitative assessment, the Company considers relevant events and circumstances that affect the fair value or carrying amount of the Company. Such events and circumstances could include changes in economic conditions, industry and market conditions, cost factors, overall financial performance, and capital markets pricing. The Company places more weight on the events and circumstances that most affect the Company's fair value or carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform step one of the impairment test. If the Company elects to bypass the qualitative assessment, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value exceeds its fair value, the Company proceeds to a quantitative approach. There were no impairment charges of the Company's goodwill for the three months ended March 31, 2024 and March 31, 2023, respectively. Self-Insurance: The Company is self-insured with respect to its facilities in Columbus, Ohio; Gaffney, South Carolina; Winona, Minnesota; and Brownsville, Texas for medical, dental and vision claims and Columbus, Ohio for workers’ compensation claims, all of which are subject to stop-loss insurance thresholds. The Company is also self-insured for dental and vision with respect to its Cobourg, Canada location. The Company has recorded an estimated liability for self-insured medical, dental and vision claims incurred but not reported and worker’s compensation claims incurred but not reported at March 31, 2024 and December 31, 2023 of $997,000 and $988,000, respectively. Estimated liabilities for self-insurance are classified as current within accrued other liabilities on the Consolidated Balance Sheets. Post-Retirement Benefits: Management records an accrual for post-retirement costs associated with the health care plan sponsored by Core Molding Technologies. Should actual results differ from the assumptions used to determine the reserves, additional provisions may be required. In particular, increases in future healthcare costs above the assumptions could have an adverse effect on Core Molding Technologies’ operations. The effect of a change in healthcare costs is described in Note 12, "Post Retirement Benefits", of the Notes to Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Core Molding Technologies had a liability for post-retirement healthcare benefits based on actuarial computed estimates of $3,008,000 at March 31, 2024 and $3,116,000 at December 31, 2023.

Net Income Per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Common Share

NET INCOME PER COMMON SHARE

The computation of basic and diluted net income per common share (in thousands, except for per share data) is as follows:


	Three months ended March 31,
	2024		2023
Net income	$	3,759	$	5,852
Less: net income allocated to participating securities	—		54
Net income available to common stockholders	$	3,759	$	5,798

Weighted average common shares outstanding — basic	8,666,000		8,418,000
Effect of weighted average dilutive securities	166,000		334,000
Weighted average common and potentially issuable common shares outstanding — diluted	8,832,000		8,752,000

Basic net income per common share	$	0.43	$	0.69
Diluted net income per common share	$	0.43	$	0.66

Major Customers

3 Months Ended

Mar. 31, 2024

Concentration Risks, Types, No Concentration Percentage [Abstract]

Major Customers

MAJOR CUSTOMERS

The following table presents sales revenue for the above-mentioned customers for the three months ended March 31, 2024 and 2023 (in thousands):


	Three months ended March 31,
	2024		2023
BRP product sales	$	7,557	$	12,144
BRP tooling sales	114		581
Total BRP sales	7,671		12,725

Navistar product sales	14,429		19,262
Navistar tooling sales	161		185
Total Navistar sales	14,590		19,447

PACCAR product sales	9,949		10,200
PACCAR tooling sales	246		67
Total PACCAR sales	10,195		10,267

UFP product sales	6,276		10,774
UFP tooling sales	—		—
Total UFP sales	6,276		10,774

Volvo product sales	12,720		15,609
Volvo tooling sales	—		45
Total Volvo sales	12,720		15,654

Yamaha product sales	8,582		7,888
Yamaha tooling sales	—		—
Total Yamaha sales	8,582		7,888

Other product sales	16,318		22,460
Other tooling sales	1,793		292
Total other sales	26,693		30,640

Total product sales	75,831		98,337
Total tooling sales	2,314		1,170
Total sales	$	78,145	$	99,507

Inventory

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventory

INVENTORY

Inventories, net consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Raw materials	$	15,089	$	13,068
Work in process	2,817		2,649
Finished goods	5,955		6,346
Total	$	23,861	$	22,063

Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based on historical and anticipated usage.

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

LEASES

The components of lease expense were as follows (in thousands):


	Three months ended March 31,
	2024		2023
Operating lease cost	$	538	$	427
Short-term lease cost	$	458	$	470
Total net lease cost	$	996	$	897

Other supplemental balance sheet information related to leases was as follows (in thousands):


	March 31, 2024		December 31, 2023
Operating lease right of use assets	$	3,302	$	3,802

Current operating lease liabilities(A)	$	1,785	$	1,981
Noncurrent operating lease liabilities(B)	1,529		1,828
Total operating lease liabilities	$	3,314	$	3,809

(A)Current operating lease liabilities are included in accrued other liabilities in the Consolidated Balance Sheets.

(B)Noncurrent operating lease liabilities are included in other non-current liabilities in the Consolidated Balance Sheets.

Property, Plant & Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant & Equipment

PROPERTY, PLANT & EQUIPMENT

Property, plant and equipment, net consisted of the following for the periods specified (in thousands):


	March 31, 2024		December 31, 2023
Property, plant and equipment	$	211,419	$	209,333
Accumulated depreciation	(131,021)		(128,148)
Property, plant and equipment — net	$	80,398	$	81,185

Goodwill and Intangibles

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

GOODWILL AND INTANGIBLES

Goodwill activity for the three months ended March 31, 2024 consisted of the following (in thousands):


Balance at December 31, 2023	$	17,376
Additions	—
Impairment	—
Balance at March 31, 2024	$	17,376

Intangibles, net at March 31, 2024 were comprised of the following (in thousands):


Definite-lived Intangible Assets	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	25 Years	$	250	$	(93)	$	157
Trademarks	10 Years	1,610		(1,000)		610
Non-competition agreement	5 Years	1,810		(1,810)		—
Developed technology	7 Years	4,420		(3,920)		500
Customer relationships	10-12 Years	9,330		(4,980)		4,350
Total		$	17,420	$	(11,803)	$	5,617

Intangibles, net at December 31, 2023 were comprised of the following (in thousands):


Definite-lived Intangible Assets	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	25 Years	$	250	$	(88)	$	162
Trademarks	10 Years	1,610		(959)		651
Non-competition agreement	5 Years	1,810		(1,810)		—
Developed technology	7 Years	4,420		(3,762)		658
Customer relationships	10-12 Years	9,330		(4,784)		4,546
Total		$	17,420	$	(11,403)	$	6,017

The aggregate intangible asset amortization expense was $400,000 and $412,000 for the three months ended March 31, 2024 and 2023, respectively

Post Retirement Benefits

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Post Retirement Benefits

POST-RETIREMENT BENEFITS

The components of expense for the Company’s post-retirement benefit plans are as follows (in thousands):


	Three months ended March 31,
	2024		2023
Pension expense:
Multi-employer plan	$	214	$	238
Defined contribution plan	506		528
Total pension expense	720		766
Health and life insurance:
Interest cost	23		66
Amortization of prior service credits	(124)		(124)
Amortization of net loss	(37)		6
Net periodic benefit credit	(138)		(52)
Total post-retirement benefits expense	$	582	$	714

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

DEBT

Debt consists of the following (in thousands):


	March 31, 2024		December 31, 2023

Huntington term loans payable	22,917		23,230
Leaf Capital term loan payable	39		48
Total	22,956		23,278
Less deferred loan costs	(271)		(291)
Less current portion	(1,624)		(1,468)
Long-term debt	$	21,061	$	21,519

Huntington Credit Agreement

At the option of the Company, the Huntington Loans shall be comprised of Alternative Base Rate (ABR) Loans or Secure Overnight Financing Rate (SOFR) Loans.

Voluntary prepayments of amounts outstanding under the Huntington Loans are permitted at any time without premium or penalty.

The Company incurred debt origination fees of $402,000 related to the Huntington Credit Agreement, which is being amortized over the life of the agreement.

Huntington Capex Loan

Huntington Revolving Loan

The interest rate for the Huntington Revolving Loan was 7.11% and 7.11% as of March 31, 2024 and December 31, 2023, respectively.

Huntington Term Loan

Interest Rate Swap Agreement

Leaf Capital Funding

On April 24, 2020 the Company entered into a finance agreement with Leaf Capital Funding of $175,000 for equipment. The parties agreed to a fixed interest rate of 5.50% and a term of 60 months.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company evaluates the balance of deferred tax assets that will be realized based on the premise that the Company is more-likely-than-not to realize deferred tax benefits through the generation of future taxable income. Management makes assumptions, judgments, and estimates to determine the deferred tax assets and liabilities. The Company evaluates provisions and deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available evidence. At March 31, 2024, the Company had a net deferred tax asset of $1,595,000 related to tax positions in Mexico and deferred tax liabilities of $1,182,000 and $43,000 related to tax positions in the United States and Canada. Deferred tax assets are included in "Other non-current assets" on the Consolidated Balance Sheets and deferred tax liabilities are included in "Other non-current liabilities" on the Consolidated Balance Sheets. As of March 31, 2024, the Company had a valuation allowance of $1,530,000, against the deferred tax asset related to local tax positions in the Unites States, due to cumulative losses over the last three years and uncertainty related to the Company's ability to realize the deferred assets. The Company believes that the deferred tax assets associated with the Canadian, Mexican, and federal United States tax jurisdictions are more-likely-than-not to be realizable based on estimates of future taxable income. Income tax expense for the three months ended March 31, 2024 is estimated to be $1,029,000, approximately 21.5% of income before income taxes. Income tax expense for the three months ended March 31, 2023 was estimated to be $1,919,000, approximately 24.7% of income before income taxes. The Company files income tax returns in the United States, Mexico, Canada and various state and local jurisdictions. The Company is subject to federal income tax examinations for tax years 2014 through 2017 but the scope of examination is limited to adjustments resulting from Net Operating Loss carry back claims from the 2019, and 2020 tax years. The Company is subject to federal income tax examinations for years 2020 through 2023 with unlimited scope. The Company is not subject to state examinations for years before 2020. The Company is not subject to Mexican income tax examinations by Mexican authorities for the years before 2018 and is not subject to Canadian income tax examinations by Canadian authorities for the years before 2019.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

The three levels are defined as follows:

Level 1 - Quoted prices in active markets for identical assets and liabilities.

Level 3 -Significant unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability.

Derivative and hedging activities

Foreign Currency Derivatives

Interest Rate Swap

Financial statement impacts

The following table detail amounts related to our derivatives designated as hedging instruments (in thousands):


	Fair Value of Derivative Instruments March 31, 2024
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Prepaid expenses other current assets	$	133	Accrued other liabilities	$	—
	Other non-current assets	$	—	Other non-current liabilities	$	—

Interest rate swaps	Prepaid expenses other current assets	$	542	Accrued other liabilities	$	—
	Other non-current assets	$	255	Other non-current liabilities	$	—


	Fair Value of Derivative Instruments December 31, 2023
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Prepaid expenses other current assets	$	620	Accrued other liabilities	$	—
	Other non-current assets	$	—	Other non-current liabilities	$	—

Interest rate swaps	Prepaid expenses other current assets	$	419	Accrued other liabilities	$	—
	Other non-current assets	$	105	Other non-current liabilities	$	—


Derivatives in subtopic 815-20 Cash Flow Hedging Relationship:	Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative				Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income(A)	Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income
	2024		2023			2024		2023
Foreign exchange contracts	$	(63)	$	620	Cost of goods sold	$	424	$	119
					Selling, general and administrative expense	$	—	$	13
Interest rate swaps	$	410	$	(212)	Interest expense	$	138	$	94

Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2024

Text Block [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table presents changes in Accumulated Other Comprehensive Income, net of tax, for the three months ended March 31, 2024 and 2023 (in thousands):


2023:	Derivative Hedging Activities		Post Retirement Benefit Plan Items(A)		Accumulated Other Comprehensive Income (Loss)
2023:
Balance at December 31, 2022	$	546	$	2,507	$	3,053

Other comprehensive income before reclassifications	408		—		408
Amounts reclassified from accumulated other comprehensive income	(226)		(118)		(344)
Income tax benefit	(41)		25		(16)
Balance at March 31, 2023	$	687	$	2,414	$	3,101

2024:
Balance at December 31, 2023	$	901	$	4,400	$	5,301
Other comprehensive income before reclassifications	347		(37)		310
Amounts reclassified from accumulated other comprehensive income	(562)		(124)		(686)
Income tax benefit (expense)	48		34		82
Balance at March 31, 2024	$	734	$	4,273	$	5,007

Critical Accounting Policies and Estimates (Policies)	3 Months Ended
Critical Accounting Policies and Estimates (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation: Management believes the following critical accounting policies, among others, affect its more significant judgments and estimates used in the preparation of its consolidated financial statements.
Use of Estimates	Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions.
Revenue Recognition	Revenue Recognition: The Company historically has recognized revenue from two streams, product revenue and tooling revenue. Product revenue is earned from the manufacture and sale of sheet molding compounds and thermoset and thermoplastic products. Revenue from product sales is generally recognized when products are shipped, as the Company transfers control to the customer and is entitled to payment upon shipment. In certain circumstances, the Company recognizes revenue from product sales when products are produced and the customer takes control at our production facility. Tooling revenue is earned from manufacturing multiple tools, molds and assembly equipment as part of a tooling program for a customer. Given that the Company is providing a significant service of producing highly interdependent component parts of the tooling program, each tooling program consists of a single performance obligation to provide the customer the capability to produce a single product. Based on the arrangement with the customer, the Company recognizes revenue either at a point in time or over a given period. When the Company does not have an enforceable right to payment, the Company recognizes tooling revenue at a point in time. In such cases, the Company recognizes revenue upon customer acceptance, which is when the customer has legal title to the tools. Certain tooling programs include an enforceable right to payment. In those cases, the Company recognizes revenue over time based on the extent of progress towards completion of its performance obligation. The Company uses a cost-to-cost measure of progress for such contracts because it best depicts the transfer of value to the customer and also correlates with the amount of consideration to which the entity expects to be titled in exchange for transferring the promised goods or services to the customer. Under the cost-to-cost measure of progress, progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash is held primarily in three banks in three separate jurisdictions. The Company had $26,618,000 cash on hand at March 31, 2024 and had $24,104,000 cash on hand at December 31, 2023.
Accounts Receivable Allowances	Accounts Receivable Allowances: Management maintains allowances for credit losses resulting from the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company has determined that a $90,000 allowance for credit losses is needed at March 31, 2024 and none is needed at December 31, 2023. Management also records estimates for customer returns and deductions, discounts offered to customers, and for price adjustments. Should customer returns and deductions, discounts, and price adjustments fluctuate from the estimated amounts, additional allowances may be required. The Company had an allowance for estimated chargebacks of $123,000 at March 31, 2024 and $138,000 at December 31, 2023. There have been no material changes in the methodology of these calculations.
Inventories	Inventories: Inventories, which include material, labor and manufacturing overhead, are valued at the lower of cost or net realizable value. The inventories are accounted for using the first-in, first-out (FIFO) method of determining inventory costs. Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based on historical and anticipated usage. The Company has recorded an allowance for slow moving and obsolete inventory of $730,000 at March 31, 2024 and $671,000 at December 31, 2023.
Contract Assets/Liabilities	Contract Assets/Liabilities: Contract assets and liabilities represent the net cumulative customer billings, vendor payments and revenue recognized for tooling programs. For tooling programs where net revenue recognized and vendor payments exceed customer billings, the Company recognizes a contract asset. For tooling programs where net customer billings exceed revenue recognized and vendor payments, the Company recognizes a contract liability. Customer payment terms vary by contract and can range from progress payments based on work performed or one single payment once the contract is completed. The Company has recorded contract assets of $80,000 at March 31, 2024, and $77,000 at December 31, 2023. Contract assets are generally classified as current within prepaid expenses and other current assets on the Consolidated Balance Sheets. For the three months ended March 31, 2024 and March 31, 2023 the Company recognized no impairments on contract assets. For the three months ended March 31, 2024, the Company recognized $1,841,000 of revenue from contract liabilities related to open jobs outstanding as of December 31, 2023.
Income Taxes	Income Taxes: The Company evaluates the balance of deferred tax assets that will be realized based on the premise that the Company is more-likely-than-not to realize deferred tax benefits through the generation of future taxable income.
Long-Lived Assets	Long-Lived Assets: Long-lived assets consist primarily of property, plant and equipment and definite-lived intangibles. The recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the business environment. The Company evaluates whether impairment exists for property, plant and equipment on the basis of undiscounted expected future cash flows from operations before interest. There were no impairment charges of the Company’s long-lived assets for the three months ended March 31, 2024 and March 31, 2023, respectively.
Goodwill	Goodwill: The purchase consideration of acquired businesses has been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill in accordance with FASB ASC Topic 350, Intangibles - Goodwill and Other. FASB ASC Topic 350 prohibits the amortization of goodwill and requires these assets be reviewed for impairment. The annual impairment tests of goodwill may be completed through qualitative assessments; however, the Company may elect to bypass the qualitative assessment and proceed directly to a quantitative impairment test for any period. The Company may resume the qualitative assessment in any subsequent period. Under a qualitative and quantitative approach, the impairment test for goodwill consists of an assessment of whether it is more-likely-than-not that the fair value is less than its carrying amount. As part of the qualitative assessment, the Company considers relevant events and circumstances that affect the fair value or carrying amount of the Company. Such events and circumstances could include changes in economic conditions, industry and market conditions, cost factors, overall financial performance, and capital markets pricing. The Company places more weight on the events and circumstances that most affect the Company's fair value or carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform step one of the impairment test. If the Company elects to bypass the qualitative assessment, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value exceeds its fair value, the Company proceeds to a quantitative approach. There were no impairment charges of the Company's goodwill for the three months ended March 31, 2024 and March 31, 2023, respectively.
Self-Insurance	Self-Insurance: The Company is self-insured with respect to its facilities in Columbus, Ohio; Gaffney, South Carolina; Winona, Minnesota; and Brownsville, Texas for medical, dental and vision claims and Columbus, Ohio for workers’ compensation claims, all of which are subject to stop-loss insurance thresholds. The Company is also self-insured for dental and vision with respect to its Cobourg, Canada location. The Company has recorded an estimated liability for self-insured medical, dental and vision claims incurred but not reported and worker’s compensation claims incurred but not reported at March 31, 2024 and December 31, 2023 of $997,000 and $988,000, respectively. Estimated liabilities for self-insurance are classified as current within accrued other liabilities on the Consolidated Balance Sheets.
Post-retirement Benefits	Post-Retirement Benefits: Management records an accrual for post-retirement costs associated with the health care plan sponsored by Core Molding Technologies. Should actual results differ from the assumptions used to determine the reserves, additional provisions may be required. In particular, increases in future healthcare costs above the assumptions could have an adverse effect on Core Molding Technologies’ operations. The effect of a change in healthcare costs is described in Note 12, "Post Retirement Benefits", of the Notes to Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Core Molding Technologies had a liability for post-retirement healthcare benefits based on actuarial computed estimates of $3,008,000 at March 31, 2024 and $3,116,000 at December 31, 2023.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants as of the measurement date. Fair value is measured using the fair value hierarchy and related valuation methodologies as defined in the authoritative literature. This hierarchical valuation methodology provides a fair value framework that describes the categorization of assets and liabilities in three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 - Quoted prices in active markets for identical assets and liabilities. Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. Level 3 -Significant unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, debt, interest rate swaps and foreign currency derivatives. Cash and cash equivalents, accounts receivable and accounts payable carrying values as of March 31, 2024 and December 31, 2023 approximate fair value due to the short-term maturities of these financial instruments. As of March 31, 2024 and December 31, 2023, the carrying amounts of the Huntington Term Loan and Huntington Revolving Loan approximated fair value due to the short-term nature of the underlying variable rate SOFR used to determine interest charged on the loans. The Company had Level 2 fair value measurements at March 31, 2024 relating to the Company’s interest rate swaps and foreign currency derivatives. Derivative and hedging activities Foreign Currency Derivatives The Company conducted business in foreign countries and paid certain expenses in foreign currencies; therefore, the Company was exposed to foreign currency exchange risk between the U.S. Dollar and foreign currencies, which could impact the Company’s operating income and cash flows. To mitigate risk associated with foreign currency exchange, the Company entered into forward contracts to exchange a fixed amount of U.S. Dollars for a fixed amount of foreign currency, which will be used to fund future foreign currency cash flows. At inception, all forward contracts are formally documented as cash flow hedges and are measured at fair value each reporting period. Derivatives are formally assessed both at inception and at least quarterly thereafter, to ensure that derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, hedge accounting is discontinued, and any future mark-to-market adjustments are recognized in earnings. The effective portion of gain or loss is reported in other comprehensive income and the ineffective portion is reported in earnings. The impacts of these contracts were largely offset by gains and losses resulting from the impact of changes in exchange rates on transactions denominated in the foreign currency. As of March 31, 2024, the Company had no ineffective portion related to the cash flow hedges. The notional contract value of foreign currency derivatives was $5,063,000 and $28,592,000 as of March 31, 2024 and 2023, respectively.

Net Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Computation of basic and diluted net income per common share:

The computation of basic and diluted net income per common share (in thousands, except for per share data) is as follows:


	Three months ended March 31,
	2024		2023
Net income	$	3,759	$	5,852
Less: net income allocated to participating securities	—		54
Net income available to common stockholders	$	3,759	$	5,798

Weighted average common shares outstanding — basic	8,666,000		8,418,000
Effect of weighted average dilutive securities	166,000		334,000
Weighted average common and potentially issuable common shares outstanding — diluted	8,832,000		8,752,000

Basic net income per common share	$	0.43	$	0.69
Diluted net income per common share	$	0.43	$	0.66

The computation of basic and diluted net income per participating share is as follows (in thousands, except for per share data):


	Three months ended March 31,
	2024		2023
Net income allocated to participating securities	$	—	$	54

Weighted average participating shares outstanding — basic	—		78,000
Effect of dilutive securities	—		—
Weighted average common and potentially issuable common shares outstanding — diluted	—		78,000

Basic net income per participating share	$	—	$	0.69
Diluted net income per participating share	$	—	$	0.69

Major Customers (Tables)

3 Months Ended

Mar. 31, 2024

Concentration Risks, Types, No Concentration Percentage [Abstract]

Schedule of Major Customers

The following table presents sales revenue for the above-mentioned customers for the three months ended March 31, 2024 and 2023 (in thousands):


	Three months ended March 31,
	2024		2023
BRP product sales	$	7,557	$	12,144
BRP tooling sales	114		581
Total BRP sales	7,671		12,725

Navistar product sales	14,429		19,262
Navistar tooling sales	161		185
Total Navistar sales	14,590		19,447

PACCAR product sales	9,949		10,200
PACCAR tooling sales	246		67
Total PACCAR sales	10,195		10,267

UFP product sales	6,276		10,774
UFP tooling sales	—		—
Total UFP sales	6,276		10,774

Volvo product sales	12,720		15,609
Volvo tooling sales	—		45
Total Volvo sales	12,720		15,654

Yamaha product sales	8,582		7,888
Yamaha tooling sales	—		—
Total Yamaha sales	8,582		7,888

Other product sales	16,318		22,460
Other tooling sales	1,793		292
Total other sales	26,693		30,640

Total product sales	75,831		98,337
Total tooling sales	2,314		1,170
Total sales	$	78,145	$	99,507

Inventory (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories, net consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Raw materials	$	15,089	$	13,068
Work in process	2,817		2,649
Finished goods	5,955		6,346
Total	$	23,861	$	22,063

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Components of lease expense

The components of lease expense were as follows (in thousands):


	Three months ended March 31,
	2024		2023
Operating lease cost	$	538	$	427
Short-term lease cost	$	458	$	470
Total net lease cost	$	996	$	897

Supplemental Balance Sheet Information

Other supplemental balance sheet information related to leases was as follows (in thousands):


	March 31, 2024		December 31, 2023
Operating lease right of use assets	$	3,302	$	3,802

Current operating lease liabilities(A)	$	1,785	$	1,981
Noncurrent operating lease liabilities(B)	1,529		1,828
Total operating lease liabilities	$	3,314	$	3,809

(A)Current operating lease liabilities are included in accrued other liabilities in the Consolidated Balance Sheets.

(B)Noncurrent operating lease liabilities are included in other non-current liabilities in the Consolidated Balance Sheets.

Property, Plant & Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment, net consisted of the following for the periods specified (in thousands):


	March 31, 2024		December 31, 2023
Property, plant and equipment	$	211,419	$	209,333
Accumulated depreciation	(131,021)		(128,148)
Property, plant and equipment — net	$	80,398	$	81,185

Goodwill and Intangibles (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill activity

Goodwill activity for the three months ended March 31, 2024 consisted of the following (in thousands):


Balance at December 31, 2023	$	17,376
Additions	—
Impairment	—
Balance at March 31, 2024	$	17,376

Schedule of Intangible assets

Intangibles, net at March 31, 2024 were comprised of the following (in thousands):


Definite-lived Intangible Assets	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	25 Years	$	250	$	(93)	$	157
Trademarks	10 Years	1,610		(1,000)		610
Non-competition agreement	5 Years	1,810		(1,810)		—
Developed technology	7 Years	4,420		(3,920)		500
Customer relationships	10-12 Years	9,330		(4,980)		4,350
Total		$	17,420	$	(11,803)	$	5,617

Intangibles, net at December 31, 2023 were comprised of the following (in thousands):


Definite-lived Intangible Assets	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	25 Years	$	250	$	(88)	$	162
Trademarks	10 Years	1,610		(959)		651
Non-competition agreement	5 Years	1,810		(1,810)		—
Developed technology	7 Years	4,420		(3,762)		658
Customer relationships	10-12 Years	9,330		(4,784)		4,546
Total		$	17,420	$	(11,403)	$	6,017

Post Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of Post Retirement Benefit Plans

The components of expense for the Company’s post-retirement benefit plans are as follows (in thousands):


	Three months ended March 31,
	2024		2023
Pension expense:
Multi-employer plan	$	214	$	238
Defined contribution plan	506		528
Total pension expense	720		766
Health and life insurance:
Interest cost	23		66
Amortization of prior service credits	(124)		(124)
Amortization of net loss	(37)		6
Net periodic benefit credit	(138)		(52)
Total post-retirement benefits expense	$	582	$	714

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule Of Long-term debt

Debt consists of the following (in thousands):


	March 31, 2024		December 31, 2023

Huntington term loans payable	22,917		23,230
Leaf Capital term loan payable	39		48
Total	22,956		23,278
Less deferred loan costs	(271)		(291)
Less current portion	(1,624)		(1,468)
Long-term debt	$	21,061	$	21,519

Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

The status of Restricted Stock and Performance Restricted Stock Awards

The following summarizes the status of Restricted Stock and changes during the three months ended March 31, 2024:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	373,583	$	12.81
Granted	94,704	19.18
Vested	(61,508)	15.98
Forfeited	—	—
Unvested balance at March 31, 2024	406,779	$	14.31

The following summarizes the status of Performance Restricted Stock Awards and changes during the three months ended March 31, 2024:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	11,737	$	15.98
Granted	28,483	19.18
Vested	—	—
Forfeited	—	—
Unvested balance at March 31, 2024	40,220	$	18.24

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Derivative Assets at Fair Value

The following table detail amounts related to our derivatives designated as hedging instruments (in thousands):


	Fair Value of Derivative Instruments March 31, 2024
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Prepaid expenses other current assets	$	133	Accrued other liabilities	$	—
	Other non-current assets	$	—	Other non-current liabilities	$	—

Interest rate swaps	Prepaid expenses other current assets	$	542	Accrued other liabilities	$	—
	Other non-current assets	$	255	Other non-current liabilities	$	—

Schedule of unrealized and realized gain (loss) recognized in Accumulated Other Comprehensive Income (Loss)


Derivatives in subtopic 815-20 Cash Flow Hedging Relationship:	Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative				Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income(A)	Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income
	2024		2023			2024		2023
Foreign exchange contracts	$	(63)	$	620	Cost of goods sold	$	424	$	119
					Selling, general and administrative expense	$	—	$	13
Interest rate swaps	$	410	$	(212)	Interest expense	$	138	$	94

Comprehensive Text Block List (Tables)

3 Months Ended

Mar. 31, 2024

Text Block [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents changes in Accumulated Other Comprehensive Income, net of tax, for the three months ended March 31, 2024 and 2023 (in thousands):


2023:	Derivative Hedging Activities		Post Retirement Benefit Plan Items(A)		Accumulated Other Comprehensive Income (Loss)
2023:
Balance at December 31, 2022	$	546	$	2,507	$	3,053

Other comprehensive income before reclassifications	408		—		408
Amounts reclassified from accumulated other comprehensive income	(226)		(118)		(344)
Income tax benefit	(41)		25		(16)
Balance at March 31, 2023	$	687	$	2,414	$	3,101

2024:
Balance at December 31, 2023	$	901	$	4,400	$	5,301
Other comprehensive income before reclassifications	347		(37)		310
Amounts reclassified from accumulated other comprehensive income	(562)		(124)		(686)
Income tax benefit (expense)	48		34		82
Balance at March 31, 2024	$	734	$	4,273	$	5,007

Basis of Presentation (Details)	3 Months Ended
Basis of Presentation (Details)	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Critical Accounting Policies and Estimates (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 90,000
Accounts receivable for chargebacks	123,000	$ 138,000
Allowance for slow moving and obsolete inventory	730,000	671,000
Amount of revenue from contract liabilities related to open jobs outstanding	1,841,000
Estimated liability for compensation claims	997,000	988,000
Liability for post retirement healthcare benefits	3,008,000	3,116,000
Contract with Customer, Asset, after Allowance for Credit Loss, Current	80,000	77,000
Cash and cash equivalents	$ 26,618,000	$ 24,104,000

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income (Loss) Available to Common Stockholders
Net Income (Loss) Attributable to Parent	$ 3,759	$ 5,852
Less: net income allocated to participating securities	0	54
Net income available to common stockholders	$ 3,759	$ 5,798
Weighted average common shares outstanding - basic (in shares)	8,666,000	8,418,000
Effect of dilutive securities (in shares)	166,000	334,000
Weighted average common and potentially issuable common shares outstanding - diluted (in shares)	8,832,000	8,752,000
Basic net income per share (in dollars per share)	$ 0.43	$ 0.69
Diluted net income per share (in dollars per share)	$ 0.43	$ 0.66
Participating Securities
Net Income (Loss) Available to Common Stockholders
Less: net income allocated to participating securities	$ 0	$ 54
Weighted average common shares outstanding - basic (in shares)	0	78,000
Effect of dilutive securities (in shares)	0	0
Weighted average common and potentially issuable common shares outstanding - diluted (in shares)	0	78,000
Basic net income per share (in dollars per share)	$ 0	$ 0.69
Diluted net income per share (in dollars per share)	$ 0	$ 0.69

Major Customers (Details) $ in Thousands	3 Months Ended
Major Customers (Details) $ in Thousands	Mar. 31, 2024 USD ($) customer	Mar. 31, 2023 USD ($)
Revenue, Major Customer [Line Items]
Number of major customers \| customer	6
Net sales	$ 78,145	$ 99,507
Product
Revenue, Major Customer [Line Items]
Net sales	75,831	98,337
Tooling
Revenue, Major Customer [Line Items]
Net sales	2,314	1,170
UFP
Revenue, Major Customer [Line Items]
Net sales	6,276	10,774
UFP \| Product
Revenue, Major Customer [Line Items]
Net sales	6,276	10,774
UFP \| Tooling
Revenue, Major Customer [Line Items]
Net sales	0	0
Navistar
Revenue, Major Customer [Line Items]
Net sales	14,590	19,447
Navistar \| Product
Revenue, Major Customer [Line Items]
Net sales	14,429	19,262
Navistar \| Tooling
Revenue, Major Customer [Line Items]
Net sales	161	185
Volvo
Revenue, Major Customer [Line Items]
Net sales	12,720	15,654
Volvo \| Product
Revenue, Major Customer [Line Items]
Net sales	12,720	15,609
Volvo \| Tooling
Revenue, Major Customer [Line Items]
Net sales	0	45
Yamaha
Revenue, Major Customer [Line Items]
Net sales	8,582	7,888
Yamaha \| Product
Revenue, Major Customer [Line Items]
Net sales	8,582	7,888
Yamaha \| Tooling
Revenue, Major Customer [Line Items]
Net sales	0	0
PACCAR
Revenue, Major Customer [Line Items]
Net sales	10,195	10,267
PACCAR \| Product
Revenue, Major Customer [Line Items]
Net sales	9,949	10,200
PACCAR \| Tooling
Revenue, Major Customer [Line Items]
Net sales	246	67
BRP
Revenue, Major Customer [Line Items]
Net sales	7,671	12,725
BRP \| Product
Revenue, Major Customer [Line Items]
Net sales	7,557	12,144
BRP \| Tooling
Revenue, Major Customer [Line Items]
Net sales	114	581
Other Customers
Revenue, Major Customer [Line Items]
Net sales	26,693	30,640
Other Customers \| Product
Revenue, Major Customer [Line Items]
Net sales	16,318	22,460
Other Customers \| Tooling
Revenue, Major Customer [Line Items]
Net sales	$ 1,793	$ 292

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 15,089	$ 13,068
Work in process	2,817	2,649
Finished goods	5,955	6,346
Total	$ 23,861	$ 22,063

Leases - Narrative (Details)	3 Months Ended
Leases - Narrative (Details)	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Options to extend the lease, period	5 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	4 years

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 538	$ 427
Short-term lease cost	458	470
Total net lease cost	$ 996	$ 897

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Right of use asset	$ 3,302	$ 3,802
Current operating lease liabilities	1,785	1,981
Noncurrent operating lease liabilities	1,529	1,828
Operating Lease, Liability	$ 3,314	$ 3,809
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities	Other non-current liabilities

Property, Plant & Equipment (Details) - USD ($)	3 Months Ended
Property, Plant & Equipment (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 211,419,000		$ 209,333,000
Accumulated depreciation	(131,021,000)		(128,148,000)
Property, plant and equipment — net	80,398,000		81,185,000
Depreciation expense	2,873,000	$ 2,978,000
Capital additions in progress	3,421,000		$ 2,264,000
Purchase commitments for capital expenditures in progress	$ 2,939,000	$ 1,100,000

Goodwill and Intangibles - Goodwill activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 17,376
Additions	0
Impairment	0
Ending balance	$ 17,376

Goodwill and Intangibles - Definite-lived Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 17,420		$ 17,420
Accumulated Amortization	(11,803)		(11,403)
Net Carrying Amount	5,617		$ 6,017
Intangible asset amortization expense	$ 400	$ 412
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Period	25 years		25 years
Gross Carrying Amount	$ 250		$ 250
Accumulated Amortization	(93)		(88)
Net Carrying Amount	$ 157		$ 162
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Period	10 years		10 years
Gross Carrying Amount	$ 1,610		$ 1,610
Accumulated Amortization	(1,000)		(959)
Net Carrying Amount	$ 610		$ 651
Non-competition agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Period	5 years		5 years
Gross Carrying Amount	$ 1,810		$ 1,810
Accumulated Amortization	(1,810)		(1,810)
Net Carrying Amount	$ 0		$ 0
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Period	7 years		7 years
Gross Carrying Amount	$ 4,420		$ 4,420
Accumulated Amortization	(3,920)		(3,762)
Net Carrying Amount	500		658
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,330		9,330
Accumulated Amortization	(4,980)		(4,784)
Net Carrying Amount	$ 4,350		$ 4,546
Customer relationships \| Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Period	10 years		10 years
Customer relationships \| Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Period	12 years		12 years

Post Retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
Post Retirement Benefits (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pension, health and life insurance expense:
Multi-employer plan	$ 214	$ 238
Defined contribution plan	506	528
Total pension expense	720	766
Interest cost	23	66
Amortization of prior service credits	(124)	(124)
Amortization of net loss	(37)	6
Net periodic benefit credit	(138)	(52)
Total post-retirement benefits expense	582	$ 714
Pension Plan
Pension, health and life insurance expense:
Payments made to pension plans	550
Pension plan payments expected to be made in fiscal year	1,803
Pension plan payments accrued	920
Other Postretirement Benefits Plan
Pension, health and life insurance expense:
Payments for post retirement healthcare and life insurance	131
Pension plan payments expected to be made in fiscal year	167
Pension plan payments accrued	$ 167

Debt - Schedule of Debt Instruments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 22,956,000	$ 23,278,000
Less deferred loan costs	(271,000)	(291,000)
Less current portion	(1,624,000)	(1,468,000)
Long-term debt	21,061,000	21,519,000
Leaf Capital term loan payable
Debt Instrument [Line Items]
Total	39,000	48,000
Huntington Term Loans
Debt Instrument [Line Items]
Total	22,917,000	$ 23,230,000
Less deferred loan costs	$ (402,000)

Debt - Term Loans (Narrative) (Details) - USD ($)			3 Months Ended
Debt - Term Loans (Narrative) (Details) - USD ($)	Jul. 22, 2022	Apr. 24, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount advanced			$ 322,000	$ 324,000
Long-term debt			21,061,000		$ 21,519,000
Debt Issuance Costs, Gross			271,000		$ 291,000
Interest rate swaps:
Debt Instrument [Line Items]
Interest rate swap initial aggregate amount			$ 25,000,000
Fixed interest rate (as a percent)			2.95%
Fair value of interest rate swap			$ 797,000
Huntington Term Loans
Debt Instrument [Line Items]
Debt Issuance Costs, Gross			402,000
Huntington Term Loans \| Period One
Debt Instrument [Line Items]
Periodic payment	$ 104,000
Huntington Term Loans \| Period Two
Debt Instrument [Line Items]
Periodic payment	156,000
Huntington Capex Loan
Debt Instrument [Line Items]
Principal amount			$ 25,000,000
Loans Payable \| Huntington Term Loans
Debt Instrument [Line Items]
Principal amount	75,000,000
Debt instrument, commitments	$ 25,000,000
Stated interest rate	0.00%
Percentage of equity interests			65.00%
Loans Payable \| Huntington Term Loans \| Federal Funds Rate
Debt Instrument [Line Items]
Basis points	50.00%
Loans Payable \| Huntington Term Loans \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis points	1.00%
Loans Payable \| Huntington Term Loans \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis points	2.80%
Loans Payable \| Huntington Term Loans \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Basis points	3.30%
Loans Payable \| Leaf Capital term loan payable
Debt Instrument [Line Items]
Principal amount		$ 175,000
Stated interest rate		550.00%
Debt term		60 months
Loans Payable \| Huntington Loans
Debt Instrument [Line Items]
Stated interest rate			7.11%
Revolving Credit Facility \| Huntington Revolving Loan
Debt Instrument [Line Items]
Principal amount			$ 25,000,000
Debt instrument, amount available			$ 25,000,000
SOFR Loans \| Huntington Term Loans
Debt Instrument [Line Items]
Stated interest rate	0.00%
SOFR Loans \| Huntington Term Loans \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis points	1.80%
SOFR Loans \| Huntington Term Loans \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Basis points	2.30%
Term Loan \| Huntington Term Loans
Debt Instrument [Line Items]
Principal amount	$ 25,000,000
Principal amount advanced	25,000,000
Term Loan \| Huntington Term Loans \| Period Three
Debt Instrument [Line Items]
Periodic payment	$ 208,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,029	$ 1,919
Effective tax rate	21.50%	24.70%
Valuation Allowance [Line Items]
Effective tax rate	21.50%	24.70%
Income tax expense	$ 1,029	$ 1,919
Wells Fargo Term Loans [Member] \| Revolving Credit Facility
Valuation Allowance [Line Items]
Available rate revolving loans		$ 1,919

Stock Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	152,501
Shares surrendered (in shares)	17,773
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Applicable vesting period	3 years
Unrecognized compensation expense	$ 4,113	$ 5,702
Expected weighted-average term	2 years 3 months 18 days
Restricted Stock \| General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs	$ 711	725
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 651	207
Expected weighted-average term	2 years 7 months 6 days
Performance Shares \| General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs	$ 28	$ 6

Stock Based Compensation - Restricted Stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Number of Shares, Restricted Stock
Unvested beginning balance (in shares)	373,583
Granted (in shares)	94,704
Vested (in shares)	(61,508)
Forfeited (in shares)	0
Unvested ending balance (in shares)	406,779
Weighted Average Grant Date Fair Value, Restricted Stock
Unvested beginning balance (in dollars per share)	$ 14.31		$ 12.81
Granted (in dollars per share)	19.18
Vested (in dollars per share)	15.98
Forfeited (in dollars per share)	0
Unvested beginning balance (in dollars per share)	$ 14.31
General and Administrative Expense
Weighted Average Grant Date Fair Value, Restricted Stock
Compensation costs	$ 711	$ 725

Stock Based Compensation - Performance Restricted Stock Awards (Details) - Performance Shares - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Shares, Restricted Stock
Unvested beginning balance (in shares)	11,737
Granted (in shares)	28,483
Vested (in shares)	0
Forfeited (in shares)	0
Unvested ending balance (in shares)	40,220
Weighted Average Grant Date Fair Value, Restricted Stock
Unvested beginning balance (in dollars per share)	$ 18.24	$ 15.98
Granted (in dollars per share)	19.18
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Unvested beginning balance (in dollars per share)	$ 18.24

Fair Value of Financial Instruments - Narrative (Details) - Interest rate swaps:	Mar. 31, 2024 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap initial aggregate amount	$ 25,000,000
Fixed interest rate (as a percent)	2.95%

Fair Value of Financial Instruments - Schedule of Derivative Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Foreign Exchange \| Prepaid expenses other current assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset Derivatives	$ 133	$ 620
Foreign Exchange \| Other non-current assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset Derivatives	0	0
Foreign Exchange \| Accrued other liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability Derivatives	0	0
Foreign Exchange \| Other non-current liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability Derivatives	0	0
Interest rate swaps: \| Prepaid expenses other current assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset Derivatives	542	419
Interest rate swaps: \| Other non-current assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset Derivatives	255	105
Interest rate swaps: \| Accrued other liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability Derivatives	0	0
Interest rate swaps: \| Other non-current liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability Derivatives	$ 0	$ 0

Fair Value of Financial Instruments - Schedule of Unrealized Gain (Loss) Recognized in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign Exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative	$ (63)	$ 620
Interest rate swaps:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative	410	(212)
Cost of goods sold
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income	424	119
Selling, general and administrative expense
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income	0	13
Interest expense
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income	$ 138	$ 94

Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unusual or Infrequent Item, or Both [Line Items]
Stockholders' Equity Attributable to Parent	$ 142,815,000	$ 122,733,000		$ 138,953,000	$ 116,125,000
Other comprehensive loss before reclassifications	310,000
Amounts reclassified from accumulated other comprehensive income	686,000	344,000
Income tax benefit	82,000	(16,000)
Post Retirement Benefit Plan Items
Unusual or Infrequent Item, or Both [Line Items]
Stockholders' Equity Attributable to Parent	4,273,000	2,414,000		4,400,000	2,507,000
Other comprehensive loss before reclassifications	(37,000)	0
Amounts reclassified from accumulated other comprehensive income	(124,000)	(118,000)
Income tax benefit	34,000	25,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Unusual or Infrequent Item, or Both [Line Items]
Stockholders' Equity Attributable to Parent		734,000	$ 687,000		901,000	$ 546,000
Other comprehensive loss before reclassifications	347,000
Amounts reclassified from accumulated other comprehensive income		(562,000)	(226,000)
Income tax benefit		(48,000)	$ 41,000
AOCI Attributable to Parent [Member]
Unusual or Infrequent Item, or Both [Line Items]
Stockholders' Equity Attributable to Parent	$ 5,007,000	$ 3,101,000		$ 5,301,000	$ 3,053,000

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