Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 06, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AVD | ||
Entity Registrant Name | AMERICAN VANGUARD CORPORATION | ||
Entity Central Index Key | 0000005981 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common Stock, $0.10 par value | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-13795 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-2588080 | ||
Entity Address, Address Line One | 4695 MacArthur Court | ||
Entity Address, City or Town | Newport Beach | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92660 | ||
City Area Code | 949 | ||
Local Phone Number | 260-1200 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 28,795,082 | ||
Entity Public Float | $ 503.9 | ||
Documents Incorporated by Reference [Text Block] | Portions of the Registrant’s definitive proxy statement relating to its 2024 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Registrant’s definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Costa Mesa, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 11,416 | $ 20,328 |
Receivables: | ||
Trade, net of allowance for credit losses of $7,107 and $5,136, respectively | 182,613 | 156,492 |
Other | 8,356 | 9,816 |
Total receivables, net | 190,969 | 166,308 |
Inventories, net | 219,551 | 184,190 |
Prepaid expenses | 6,261 | 15,850 |
Income taxes receivable | 3,824 | 1,891 |
Total current assets | 432,021 | 388,567 |
Property, plant and equipment, net | 74,560 | 70,912 |
Operating lease right-of-use assets | 22,417 | 24,250 |
Intangible assets, net of amortization | 172,508 | 184,664 |
Goodwill | 51,199 | 47,010 |
Deferred income tax assets | 2,849 | 141 |
Other assets | 11,994 | 10,769 |
Total assets | 767,548 | 726,313 |
Current liabilities: | ||
Accounts payable | 68,833 | 69,000 |
Customer prepayments | 65,560 | 110,597 |
Accrued program costs | 68,076 | 60,743 |
Accrued expenses and other payables | 16,354 | 20,982 |
Operating lease liabilities, current | 6,081 | 5,279 |
Income taxes payable | 5,591 | 0 |
Total current liabilities | 230,495 | 266,601 |
Long-term debt | 138,900 | 51,477 |
Other liabilities | 3,138 | 4,167 |
Operating lease liabilities, long-term | 17,113 | 19,492 |
Deferred income tax liabilities, net | 7,892 | 14,597 |
Total liabilities | 397,538 | 356,334 |
Commitments and contingent liabilities (Notes 5 and 11) | ||
Stockholders’ equity: | ||
Preferred stock, $.10 par value per share; authorized 400,000 shares; none issued | 0 | 0 |
Common stock, $0.10 par value per share; authorized 40,000,000 shares; issued 34,676,787 shares in 2023 and 34,446,194 shares in 2022 | 3,467 | 3,444 |
Additional paid-in capital | 110,810 | 105,634 |
Accumulated other comprehensive loss | (5,963) | (12,182) |
Retained earnings | 332,897 | 328,745 |
Total stockholders' equity including treasury stock | 441,211 | 425,641 |
Less treasury stock at cost, 5,915,182 shares in 2023 and 5,029,892 in 2022 | (71,201) | (55,662) |
Total stockholders’ equity | 370,010 | 369,979 |
Total liabilities and stockholders’ equity | $ 767,548 | $ 726,313 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 7,107 | $ 5,136 |
Preferred stock, par value per share | $ 0.1 | $ 0.1 |
Preferred stock, shares authorized | 400,000 | 400,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 34,676,787 | 34,446,194 |
Treasury stock, shares | 5,915,182 | 5,029,892 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 579,371 | $ 609,615 | $ 557,676 |
Cost of sales | (400,207) | (417,227) | (386,953) |
Gross profit | 179,164 | 192,388 | 170,723 |
Operating expenses | |||
Selling, general and administrative | (117,844) | (119,921) | (111,093) |
Research, product and regulatory | (38,025) | (31,816) | (28,855) |
Bargain purchase gain on business acquisition | 0 | 0 | 171 |
Operating income | 23,295 | 40,651 | 30,946 |
Change in fair value of equity investments, net | (359) | (732) | (790) |
Other income | 0 | 0 | 672 |
Interest expense, net | (12,639) | (3,954) | (3,687) |
Income before provision for income taxes and loss on equity method investment | 10,297 | 35,965 | 27,141 |
Provision for income taxes | (2,778) | (8,561) | (8,166) |
Income before loss on equity method investment | 7,519 | 27,404 | 18,975 |
Loss from equity method investment | 0 | 0 | (388) |
Net income | $ 7,519 | $ 27,404 | $ 18,587 |
Earnings per common share—basic | $ 0.27 | $ 0.94 | $ 0.62 |
Earnings per common share—assuming dilution | $ 0.26 | $ 0.92 | $ 0.61 |
Weighted average shares outstanding—basic | 28,128,000 | 29,234,000 | 29,811,000 |
Weighted average shares outstanding—assuming dilution | 28,533,000 | 29,872,000 | 30,410,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 7,519 | $ 27,404 | $ 18,587 |
Other comprehensive gain (loss) | |||
Foreign currency translation adjustment, net of tax effects | 6,219 | 1,602 | (4,462) |
Comprehensive income | $ 13,738 | $ 29,006 | $ 14,125 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive loss | Retained Earnings | Treasury Stock | AVD Total |
Balance at Dec. 31, 2020 | $ 3,394 | $ 96,642 | $ (9,322) | $ 288,182 | $ (18,160) | $ 360,736 | |
Balance (in shares) at Dec. 31, 2020 | 33,922,433 | 3,061,040 | |||||
Stocks issued under ESPP | $ 4 | 739 | 743 | ||||
Stocks issued under ESPP, shares | 50,782 | 50,782 | |||||
Cash dividends on common stock | (2,384) | (2,384) | |||||
Foreign currency translation adjustment, net | $ (4,462) | (4,462) | (4,462) | ||||
Foreign currency translation adjustment, net of tax effects | (4,462) | (4,462) | (4,462) | ||||
Stock based compensation | 6,880 | 6,880 | |||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) | $ 28 | (2,811) | (2,783) | ||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) share | 275,003 | ||||||
Shares repurchased | $ (4,579) | (4,579) | |||||
Stock Redeemed or Called During Period, Shares | 300,000 | ||||||
Net income | $ 18,587 | 18,587 | 18,587 | ||||
Balance at Dec. 31, 2021 | $ 3,426 | 101,450 | (13,784) | 304,385 | $ (22,739) | 372,738 | |
Balance (in shares) at Dec. 31, 2021 | 34,248,218 | 3,361,040 | |||||
Stocks issued under ESPP | $ 4 | 833 | 837 | ||||
Stocks issued under ESPP, shares | 51,240 | 51,240 | |||||
Cash dividends on common stock | (3,044) | (3,044) | |||||
Foreign currency translation adjustment, net | $ 1,602 | 1,602 | 1,602 | ||||
Foreign currency translation adjustment, net of tax effects | 1,602 | 1,602 | 1,602 | ||||
Stock based compensation | 5,684 | 5,684 | |||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) | $ 14 | (1,254) | (1,240) | ||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) share | 146,736 | ||||||
Shares repurchased | (1,079) | $ (32,923) | (34,002) | ||||
Stock Redeemed or Called During Period, Shares | 1,668,852 | ||||||
Net income | 27,404 | 27,404 | 27,404 | ||||
Balance at Dec. 31, 2022 | $ 369,979 | $ 3,444 | 105,634 | (12,182) | 328,745 | $ (55,662) | 369,979 |
Balance (in shares) at Dec. 31, 2022 | 34,446,194 | 34,446,194 | 5,029,892 | ||||
Stocks issued under ESPP | $ 5 | 976 | 981 | ||||
Stocks issued under ESPP, shares | 50,025 | 50,025 | |||||
Cash dividends on common stock | (3,367) | (3,367) | |||||
Foreign currency translation adjustment, net | $ 6,219 | 6,219 | 6,219 | ||||
Foreign currency translation adjustment, net of tax effects | 6,219 | 6,219 | 6,219 | ||||
Stock based compensation | 6,138 | 6,138 | |||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) | $ 18 | (1,938) | (1,920) | ||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) share | 180,568 | ||||||
Shares repurchased | $ (15,539) | (15,539) | |||||
Stock Redeemed or Called During Period, Shares | 885,290 | ||||||
Net income | 7,519 | 7,519 | 7,519 | ||||
Balance at Dec. 31, 2023 | $ 370,010 | $ 3,467 | $ 110,810 | $ (5,963) | $ 332,897 | $ (71,201) | $ 370,010 |
Balance (in shares) at Dec. 31, 2023 | 34,676,787 | 34,676,787 | 5,915,182 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends on common stock, per share | $ 0.12 | $ 0.1 | $ 0.08 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 7,519 | $ 27,404 | $ 18,587 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation and amortization of property, plant and equipment and intangible assets | 21,780 | 22,138 | 22,229 |
Amortization of other long-term assets | 1,754 | 3,573 | 3,943 |
Amortization and accretion of deferred loan fees and discounted liabilities | 254 | 289 | 359 |
Loss on disposal of property, plant and equipment | 0 | 268 | 194 |
Provision for bad debts | 1,935 | 1,171 | 649 |
Loan principal and interest forgiveness | 0 | 0 | (672) |
Fair value adjustment of contingent consideration | 0 | 610 | 758 |
Decrease in environmental liability | 0 | 0 | (167) |
Stock-based compensation | 6,138 | 5,684 | 6,880 |
Deferred income taxes | (9,710) | (5,278) | (2,090) |
Changes in liabilities for uncertain tax positions or unrecognized tax benefits | (508) | (1,441) | (1,783) |
Change in equity investment fair value | 359 | 732 | 790 |
Loss from equity method investment | 0 | 0 | 388 |
Bargain purchase gain | 0 | 0 | (171) |
Non-cash lease expense | 256 | 68 | 286 |
Foreign currency transaction gains | (581) | (29) | (225) |
Changes in assets and liabilities associated with operations, net of business combinations: | |||
Increase in receivables | (20,278) | (6,447) | (24,347) |
(Increase) decrease in inventories | (27,315) | (29,220) | 9,357 |
(Increase) decrease in income tax receivable | 3,568 | (4,910) | 6,051 |
(Increase) decrease in prepaid expenses and other assets | 1,269 | (3,082) | (4,581) |
Increase (decrease) in accounts payable | (2,287) | 1,704 | 8,783 |
(Decrease) Increase in customer prepayments | (45,079) | 47,551 | 19,280 |
Increase (decrease) in accrued program costs | 7,244 | (2,449) | 17,877 |
Increase (decrease) in accrued expenses and other payables | (5,066) | 90 | 3,986 |
Decrease in contingent consideration | 0 | (1,321) | 0 |
Net cash (used in) provided by operating activities | (58,748) | 57,105 | 86,361 |
Cash flows from investing activities: | |||
Capital expenditures | (11,878) | (13,261) | (9,518) |
Proceeds from disposal of property, plant and equipment | 242 | 84 | 0 |
Acquisitions of business and product line, net of cash acquired | (5,195) | 0 | (10,000) |
Intangible assets | (186) | (1,293) | (524) |
Net cash used in investing activities | (17,017) | (14,470) | (20,042) |
Cash flows from financing activities: | |||
Payments under line of credit agreement | (172,500) | (254,000) | (186,569) |
Borrowings under line of credit agreement | 259,100 | 253,000 | 131,000 |
Payment of contingent consideration | 0 | (68) | (1,301) |
Net receipt from the issuance of common stock under ESPP | 981 | 837 | 743 |
Net receipt from the exercise of stock options | 46 | 827 | 172 |
Net payment from common stock purchased for tax withholding | (1,967) | (2,067) | (2,955) |
Repurchase of common stock | (15,539) | (34,002) | (4,579) |
Payment of cash dividends | (3,384) | (2,787) | (2,382) |
Net cash provided by (used in) financing activities | 66,737 | (38,260) | (65,871) |
Net (decrease) increase in cash | (9,028) | 4,375 | 448 |
Effect of exchange rate changes on cash | 116 | (332) | (86) |
Cash at beginning of year | 20,328 | 16,285 | 15,923 |
Cash at end of year | $ 11,416 | $ 20,328 | $ 16,285 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II-A—Valuation and Qualifying Accounts Allowance for Current Expected Credit Losses (in thousands) Balance at Foreign Balance at Fiscal Year Ended Beginning of Additions exchange End of December 31, 2023 $ 5,136 1,935 36 $ 7,107 December 31, 2022 $ 3,938 1,171 27 $ 5,136 December 31, 2021 $ 3,297 649 ( 8 ) $ 3,938 Deferred Tax Assets Valuation Allowance (in thousands) Balance at Additions Balance at Fiscal Year Ended Beginning of Net Income (Loss) Other Comprehensive (Gain) Loss End of December 31, 2023 $ 3,853 $ 1,376 $ ( 1,912 ) $ 3,317 December 31, 2022 $ 4,262 $ 379 $ ( 788 ) $ 3,853 December 31, 2021 $ — $ 3,304 $ 958 $ 4,262 See accompanying report of independent registered public accounting firms on page 28 and 31 of this annual report. |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | (1) Description of Business and Summary of Significant Accounting Policies American Vanguard Corporation (the “Company” or “AVD”) is primarily a specialty solutions manufacturer that develops and markets safe synthetic, biological and biorational products for agricultural, commercial and consumer uses. The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company’s Chief Executive Officer is the Chief Operating Decision Maker (CODM), and the Company operates within a single operating and single reporting segment. The Company’s CODM makes strategic decisions based on the Company’s consolidated financial statements, and market opportunities and synergies across the entire organization. Therefore, the Company’s CODM allocates resources and assesses financial performance on a consolidated basis. All U.S. Dollar amounts reflected in the notes to the consolidated financial statements are presented in thousands, except per share data. The Company believes that the combination of its cash flows from future operations, current cash on hand and the availability under the Company’s credit facility will be sufficient to meet its working capital and capital expenditure requirements and will provide the Company with adequate liquidity to meet its anticipated operating needs for at least the next 12 months from the issuance of these consolidated financial statements. Although operating activities are expected to provide cash, to the extent of growth in the future, its operating and investing activities will use cash and, consequently, this growth may require the Company to access some or all of the availability under the credit facility. It is also possible that additional sources of finance may be necessary to support additional growth. Change in Accounting Principle— Historically, the Company included warehousing, handling and outbound freight costs in operating expenses on its consolidated statements of operations. Effective January 1, 2023, the Company elected to include these costs in cost of sales instead of operating expenses on its consolidated statements of operations. The effects of the change in accounting have been retrospectively applied to all periods presented. The Company believes that the change in accounting is preferable as it aligns the Company’s classification of this warehousing, handling and outbound freight costs in such a way as to present operational management with a clearer vision of the operational performance by business unit. This accounting change also increases the comparability of the Company’s financial performance with its peer companies as most peer companies include these warehousing, handling and outbound freight costs in cost of sales rather than operating expenses. As a result, this change is intended to help interested parties better understand the Company’s performance and facilitate comparisons with most of the Company’s peer companies. This change in accounting principle does not impact operating income, net income, and net income per share. The following table compares the Company’s historical classification with the classification after the adoption of the change in accounting for the three years ended December 31, 2023, 2022 and 2021. Classification after adoption Classification prior to adoption 2022 2021 2022 2021 Net sales $ 609,615 $ 557,676 $ 609,615 $ 557,676 Cost of sales ( 417,227 ) ( 386,953 ) ( 368,263 ) ( 343,629 ) Gross profit 192,388 170,723 241,352 214,047 Operating expenses Selling, general and administrative ( 119,921 ) ( 111,093 ) ( 168,885 ) ( 154,417 ) Research, product and regulatory ( 31,816 ) ( 28,855 ) ( 31,816 ) ( 28,855 ) Bargain purchase gain on business acquisition — 171 — 171 Operating income $ 40,651 $ 30,946 $ 40,651 $ 30,946 Reclassifications— Certain prior years’ amounts have been reclassified to conform to the current year’s presentation. Cost of Sales— Cost of sales primarily includes inventory procurement, production, warehousing, handling, and outbound freight. These costs include direct labor, materials, and manufacturing overhead. Depreciation and amortization expense included in cost of sales amounted to $ 6,599 , $ 8,906 , and $ 9,232 f or the years ended December 31, 2023, 2022, and 2021, respectively. Advertising Expense— The Company expenses advertising costs in the period incurred. Advertising expenses are recognized as selling expenses in the consolidated statements of operations and were $ 5,736 , $ 5,836 and $ 5,201 in 2023, 2022 and 2021, respectively. Cash— The Company maintains cash balances that exceed federally insured limits with a number of financial institutions. Inventories— Inventory is stated at the lower of cost or net realizable value. Cost is determined by the average cost method, and includes material, labor, factory overhead and subcontracting services. Inventory reserves are recorded for excess and slow-moving inventory. The Company recorded an inventory reserve of $ 2,756 and $ 3,015 at December 31, 2023 and 2022, respectively. The components of inventories, consist of the following: 2023 2022 Finished products $ 198,935 $ 155,128 Raw materials 20,616 29,062 Total inventories $ 219,551 $ 184,190 Finished products consist of products that are sold to customers in their current form as well as intermediate products that require further formulation to be saleable to customers. Leases — The Company has operating leases for warehouses, manufacturing facilities, offices, cars, railcars and certain equipment for which operating lease right-of-use (“ROU”) assets and corresponding lease liabilities are recorded. The Company measures ROU assets throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus any prepaid lease payments, less the unamortized balance of lease incentives received. The lease liabilities are measured at the present value of the unpaid lease payments at the lease commencement date. Leases that include both lease and non-lease components are accounted for as a single lease component for each asset class, except for real estate leases. The minimum payments under operating leases are recognized on a straight-line basis over the lease term in the consolidated statements of operations. Operating lease expenses related to variable lease payments are recognized in cost of sales or as operating expenses in a manner consistent with the nature of the underlying lease and as the events, activities, or circumstances in the lease agreement occur. Leases with a term of less than 12 months are not recognized on the consolidated balance sheets, and the related lease expenses are recognized in the consolidated statements of operations on a straight-line basis over the lease term. Accounting for leases requires management to exercise judgment and make estimates in determining the applicable discount rate, lease term and payments due under a lease. Most of our leases do not provide an implicit interest rate, nor is it available to us from our lessors. As an alternative, the Company uses our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, including publicly available data, in determining the present value of lease payments. The Company also estimated the fair value of the lease and non-lease components for some of our warehouse leases based on market data and cost data. The lease term includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not terminate) that the Company is reasonably certain to exercise. The Company has leases with a lease term ranging from 1 year to 20 years. The operating leases of the Company do not contain major restrictions or covenants such as those relating to dividends or additional financial obligations. Finance leases are immaterial to the consolidated financial statements. There were no lease transactions with related parties during 2023, 2022 and 2021. The operating lease expense for the years ended December 31, 2023, 2022 and 2021 was $ 7,579 , $ 6,531 and $ 6,053 , respectively. Lease expenses related to variable lease payments and short-term leases were immaterial. Additional information related to operating leases are as follows: Year Ended Year Ended Year Ended Cash paid for amounts included in the measurement of lease liabilities $ 7,333 $ 6,450 $ 5,750 ROU assets obtained in exchange for new lease liabilities $ 4,466 $ 4,468 $ 18,521 The weighted-average remaining lease term and discount rate related to the operating leases as of December 31, 2023 and 2022 were as follows: December 31, 2023 December 31, 2022 Weighted-average remaining lease term (in years) 5.04 5.93 Weighted-average discount rate 4.60 % 4.00 % Future minimum lease payments under non-cancellable operating leases as of December 31, 2023 were as follows: 2024 $ 6,879 2025 5,755 2026 4,275 2027 2,814 2028 1,883 Thereafter 4,338 Total lease payments $ 25,944 Less: imputed interest ( 2,750 ) Total $ 23,194 Amounts recognized in the consolidated balance sheets: Operating lease liabilities, current $ 6,081 Operating lease liabilities, long term $ 17,113 Revenue Recognition — The Company recognizes revenue when control of the ordered goods or services are transferred to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Amounts billed for shipping and handling activities after the transfer of control to the customer are considered fulfillment activities and are recognized as revenue. The costs are accrued when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The Company sells its products mainly to distributors and retailers. In addition, the Company also sells its products direct to end users internationally. The products include insecticides, herbicides, soil fumigants, fungicides and biologicals. In addition, the Company recognizes royalty income related to licensing arrangements which qualify as functional licenses rather than symbolic licenses. Upon signing a new licensing agreement, the Company typically receives up-front fees, which are generally characterized as non-refundable royalties. These fees are recognized as revenue upon the execution of the license agreements. Minimum royalty fees are recognized once the Company has an enforceable right for payment. Sales-based royalty fees are typically recognized when the sales occur. The Company calculates and accrues estimated royalties based on the contractual terms and correspondence with the licensees regarding actual sales. Selective enterprise information of sales disaggregated by category and geographic region is as follows: 2023 2022 2021 Net sales: U.S. crop $ 269,229 $ 288,624 $ 263,632 U.S. non-crop 75,287 76,709 78,605 Total U.S. 344,516 365,333 342,237 International 234,855 244,282 215,439 Total net sales $ 579,371 $ 609,615 $ 557,676 Contract Assets — Contract assets relate to royalties earned on certain functional licenses granted for the use of the Company’s intellectual property. The Com pany did no t have any contract assets as of December 31, 2023. At December 31, 2022, the contract assets amounted to $ 3,100 . The respective short-term and long-term contract assets at December 31, 2022 of $ 2,098 and $ 1,002 are included in other receivables and other assets, respectively, on the consolidated balance sheets. Accrued Program Costs — The Company offers various discounts to customers based on the volume purchased within a defined period, other pricing adjustments, some grower volume incentives or other key performance indicator driven payments made to distributors, retailers or growers, usually at the end of a growing season. The Company describes these payments as “Programs.” Programs are a critical part of doing business in both the U.S. crop and non-crop chemicals marketplaces. These discount Programs represent variable consideration. Revenues from sales are recorded at the net sales price, which is the transaction price, less an estimate of variable consideration. Variable consideration includes amounts expected to be paid to its customers using the expected value method. Each quarter management compares individual sale transactions with Programs to determine what, if any, Program liabilities have been incurred. Once this initial calculation is made for the specific quarter, sales and marketing management, along with executive and financial management, review the accumulated Program balance and, for volume driven payments, make assessments of whether or not customers are tracking in a manner that indicates that they will meet the requirements set out in agreed upon terms and conditions attached to each Program. Following this assessment, management adjusts the accumulated accrual to properly reflect the liability at the balance sheet date. Programs are paid out predominantly on an annual basis, usually in the final quarter of the financial year or the first quarter of the following year. Customer Prepayments — From time to time, the Company receives prepayments from customers which are recorded as customer prepayments on the Company’s consolidated balance sheets. The Company does not recognize revenue on any such payments until the customer places binding purchase orders, the goods are shipped, and control is transferred to the customer. Revenue recognized for the years ended December 31, 2023, 2022, and 2021 that were included in the customer prepayments balance at the beginning of 2023, 2022, and 2021 was $ 88,097 , $ 63,064 , and $ 37,779 , respectively. During 2023, the Company refunded $ 22,500 to customers. Current Expected Credit Losses— The Company maintains an allowance to cover its Current Expected Credit Losses ("CECL") on its trade receivables, other receivables and contract assets arising from the possible failure of customers to make contractual payments. The Company estimates credit losses expected over the life of its trade receivables, other receivables and contract assets based on historical information combined with current conditions that may affect a customer’s ability to pay and reasonable and supportable forecasts. In most instances, the Company’s policy is to write off trade receivables when they are deemed uncollectible regarding likely future payments. The vast majority of the Company's trade receivables, other receivables and contract assets are less than 365 days. Under the CECL impairment model, the Company develops and documents its allowance for credit losses on its trade receivables based on multiple portfolios. The determination of portfolios is based primarily on geographical location, type of customer and accounts receivables aging. Deferred Loan Fees — These fees in connection with the Company’s senior credit facility are capitalized and amortized on a straight-line basis over the life of the borrowing and included in interest expense, net. Property, Plant and Equipment and Depreciation— Property, plant and equipment includes the cost of land, buildings, machinery and equipment, office furniture and fixtures, automobiles, construction projects and improvements to existing plant and equipment. Interest costs related to construction projects are capitalized at the Company’s current weighted average effective interest rate. Expenditures for minor repairs and maintenance are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss realized on disposition is reflected in operations. All plant and equipment are depreciated using the straight-line method, utilizing the estimated useful property lives. Business Combinations — The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill or an adjustment to the gain from a bargain purchase. In addition, when appropriate uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and re-evaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill or an adjustment to the gain from a bargain purchase, provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statement of operations. From time to time, certain of our acquisition agreements include contingent earn-out arrangements, which are generally based on the achievement of future income thresholds. The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, the Company engages third-party valuation specialists to assist it in making estimates of the fair value of contingent earn-out payments, both as part of the initial purchase price and at each subsequent financial statement date until the end of the related performance period. The Company records the estimated fair value of contingent consideration as a liability on the consolidated balance sheets. The Company reviews and re-assesses the estimated fair value of contingent consideration on a quarterly basis, and the updated fair value could be materially different from the initial estimates or prior quarterly amounts. Changes in the estimated fair value of the contingent earn-out liabilities are reported in operating results. Asset Acquisitions — If an acquisition of an asset or group of assets does not meet the definition of a business, the transaction is accounted for as an asset acquisition rather than a business combination. An asset acquisition does not result in the recognition of goodwill and transaction costs are capitalized as part of the cost of the asset or group of assets acquired. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The acquisitions costs are allocated to the assets acquired on a relative fair value basis. Intangible Assets — The primary identifiable intangible assets of the Company relate to assets associated with its product and business acquisitions. All the Company’s intangible assets are amortizing assets with finite lives. The estimated useful life of an identifiable intangible asset is based upon several factors including the effects of demand, competition, and expected changes in the marketability of the Company’s products. Impairment — The carrying values of long-lived assets other than goodwill are reviewed for impairment annually and/or whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company evaluates recoverability of an asset group by comparing the carrying value to the future undiscounted cash flows that it expects to generate from the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, measurement of the impairment loss is based on the fair value of the asset. There were no circumstances that would indicate any impairment of the carrying value of these long-lived assets and no material impairment losses were recorded in 2023, 2022, or 2021. The Company reviews goodwill for impairment utilizing either a qualitative or quantitative assessment. If the Company decides that it is appropriate to perform a qualitative assessment and concludes that the fair value of a reporting unit more likely than not exceeds its carrying value, no further evaluation is necessary. If the Company performs a quantitative assessment, the Company compares the fair value of a reporting unit with its carrying amounts and recognizes an impairment charge for the amount that the carrying amount exceeds the reporting unit’s fair value. The determination of a reporting units’ fair value includes the Company’s use of a discounted cash flows model and a market approach. Key assumptions in the discounted cash flow include, but are not limited to, discount rates, future net sales growth, gross margins, expenses, capital expenditures, and terminal growth rates. The market approach key assumption relates to the earnings before interest, taxes, depreciation, and amortization (EBITDA) multiples. The Company annually tests goodwill for impairment in the beginning of the fourth quarter, or earlier if triggering events occur. The Company did no t record any impairment losses in 2023, 2022, or 2021. Fair Value of Financial Instruments— The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. This accounting standard established a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The Company did not have any significant Level 1 investments as of December 31, 2023 and 2022, except for its equity investment in Clean Seed Capital Group Ltd. (see Note 16 – Equity Investments). The carrying amount of the Company’s financial instruments, which principally include cash, accounts receivable, accounts payable and accrued expenses, approximates fair value because of the relatively short maturity of such instruments. The carrying amount of the Company’s borrowings, which are considered Level 2 liabilities, approximates fair value as they bear interest at a variable rate that represents current market rates. The Company measures its contingent earn-out liabilities in connection with business acquisitions at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The Company may use various valuation techniques depending on the terms and conditions of the contingent consideration including a Monte-Carlo simulation. This simulation uses probability distribution for each significant input to produce thousands of possible outcomes and the results are analyzed to determine probabilities of different outcomes occurring. Refer to Note 10 for the Company’s earn-out liability movements. Foreign Currency Translation— Certain international operations use the respective local currencies as their functional currency, while other international operations use the U.S. Dollar as their functional currency. The Company considers the U.S. Dollar as its reporting currency. Translation adjustments for subsidiaries where the functional currency is its local currency are included in other comprehensive gain (loss). Foreign currency transaction gains (losses) resulting from exchange rate fluctuation on transactions denominated in a currency other than the functional currency are reported in earnings. Assets and liabilities of the foreign operations denominated in local currencies are translated at the rate of exchange at the balance sheet date. Revenues and expenses are translated at the weighted average rate of exchange during the period. Translations of intercompany loans of a long-term investment nature are included as a component of translation adjustment in other comprehensive gain (loss). Income Taxes— The Company utilizes the asset and liability method of accounting for income taxes as set forth in ASC 740. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. In determining the need for valuation allowances, the Company considers projected future taxable income and the availability of tax planning strategies. If in the future the Company determines that it will not be able to realize its recorded deferred tax assets, an increase in the valuation allowance would be recorded, decreasing earnings in the period in which such determination is made. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon the Company’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where there is greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized in the consolidated financial statements. Per Share Information— Basic earnings per share (“EPS”) is computed as net income divided by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects potential dilution to EPS that could occur if securities or other contracts, which, for the Company, consists of restricted stock grants and options to purchase shares of the Company’s common stock, are exercised as calculated using the treasury stock method. The components of basic and diluted earnings per share were as follows: 2023 2022 2021 Numerator: Net income $ 7,519 $ 27,404 $ 18,587 Denominator: Weighted average shares outstanding—basic 28,128 29,234 29,811 Dilutive effect of stock options and grants 405 638 599 Weighted average shares outstanding—diluted 28,533 29,872 30,410 For the years ended December 31, 2023, 2022, and 2021, no options or grants were excluded from the computation. Use of Estimates— The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and revenues, at the date that the consolidated financial statements are prepared. Significant estimates relate to the allowance for expected credit losses, inventory reserves, impairment of long-lived assets, investments and goodwill, assets acquired, and liabilities assumed in connections with business combinations and asset acquisitions, accrued program costs, stock-based compensation and income taxes. Actual results could materially differ from those estimates. Total comprehensive income— In addition to net income, total comprehensive income includes changes in equity that are excluded from the consolidated statements of operations and are recorded directly into a separate section of stockholders’ equity on the consolidated balance sheets. For the years ended December 31, 2023, 2022, and 2021, total comprehensive income consisted of net income and foreign currency translation adjustments. Stock-Based Compensation— The Company estimates the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of operations. Compensation expense on awards subject to performance conditions is based on the quantity of awards that is probable of vesting. Stock-based compensation expense recognized is reduced for estimated forfeitures. Estimated forfeitures recognized in the Company’s consolidated statements of operations reduced compensation expense by $ 322 , $ 370 , and $ 320 for the years ended December 31, 2023, 2022, and 2021, respectively. The Company estimates that 17.4 % of both restricted stock grants and performance-based restricted shares that are currently subject to vesting will be forfeited. These estimates are reviewed quarterly and revised as necessary. The Company values restricted stock grants using the Company’s traded stock price at closing on the date of grant. The weighted average grant-date fair values of restricted stock grants during 2023, 2022, and 2021 were $ 20.31 , $ 23.53 , and $ 20.00 , respectively. Recently Issued Accounting Guidance— In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure.” The ASU updates reportable segment disclosure requirements, primarily through requiring enhanced disclosures about significant segment expenses and information used to assess segment performance. The ASU is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU includes amendments requiring enhanced income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adopting this ASU on its disclosures. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on its consolidated financial statements. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | (2) Property, Pla nt and Equipment Property, plant and equipment at December 31, 2023 and 2022 consist of the following: 2023 2022 Estimated Land $ 2,765 $ 2,757 Buildings and improvements 21,088 20,794 10 to 40 years Machinery and equipment 148,912 142,980 3 to 25 years Office furniture, fixtures and equipment 10,622 13,231 3 to 10 years Automotive equipment 1,247 1,584 5 to 20 years Construction in progress 10,553 5,897 Total gross value 195,187 187,243 Less accumulated depreciation ( 120,627 ) ( 116,331 ) Total net value $ 74,560 $ 70,912 Domestic $ 69,615 $ 66,268 International 4,945 4,644 Total net value $ 74,560 $ 70,912 For the years ended December 31, 2023, 2022, and 2021, the Company’s aggregate depreciation expense related to property, plant and equipment was $ 8,352 , $ 7,974 , and $ 8,530 , respectively. For the years ended December 31, 2023, 2022, and 2021, the Company disposed fully depreciated assets in the mount of $ 4,056 , $ 416 and $ 658 , respectively. Interest capitalized amounted to $ 567 and $ 317 for the years ended December 31, 2023 and 2022, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (3) Long-Term Debt Long-term debt of the Company at December 31, 2023 and 2022 is summarized as follows: 2023 2022 Senior credit facility $ 138,900 $ 52,300 Less deferred loan fees ( 1,218 ) ( 823 ) $ 137,682 $ 51,477 Principal payments on long-term debt at December 31, 2023 of $ 138,900 are due in August 2026. The deferred loan fees are included in other assets on the consolidated balance sheet at December 31, 2023. The Company’s main bank is BMO Bank, N.A. (formerly Bank of the West), a wholly owned subsidiary of BMO Financial Group. BMO is the syndication manager for the Company’s loans. The Company and certain of its affiliates are parties to a revolving line of senior credit facility agreement entitled the “Third Amended and Restated Loan and Security Agreement” dated as of August 5, 2021 (the “Credit Agreement”), which is a senior secured lending facility among AMVAC, the Company’s principal operating subsidiary, as Agent (including the Company and AMVAC BV), as Borrowers, on the one hand, and a group of commercial lenders led by BMO Bank, N.A. as administrative agent, documentation agent, syndication agent, collateral agent and sole lead arranger, on the other hand. The Credit Agreement consists of a line of credit of up to $ 275,000 , an accordion feature of up to $ 150,000 , a letter of credit and swingline sub-facility (each having limits of $ 25,000 ) and has a maturity date of August 5, 2026 . The Credit Agreement amended and restated the previous credit facility, which had a maturity date of June 30, 2022. With respect to key financial covenants, the Credit Agreement contains two: namely, borrowers are required to maintain a Total Leverage (“TL”) Ratio of no more than 3.5 -to-1, during the first three years, stepping down to 3.25 -to-1 as of December 31, 2024, and a Fixed Charge Coverage Ratio ("FCCR") of at least 1.25-to-1. In addition, to the extent that it completes acquisitions totaling $ 15 million or more in any 90-day period, AMVAC may step-up the TL Ratio by 0.5 -to-1, not to exceed 4.00 -to-1, for the next three full consecutive quarters. Acquisitions below $ 50 million do not require Agent consent. The Company’s borrowing capacity varies with its financial performance, measured in terms of Consolidated EBITDA as defined in the Credit Agreement, for the trailing twelve-month period. Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable Margin” which is based upon the Total Leverage (“TL”) Ratio (“LIBOR Revolver Loan”) or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5 %, and (z) the Daily One-Month LIBOR Rate plus 1.00 %, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”). The Company and the Lenders entered into an amendment to the Credit Agreement, effective March 9, 2023, whereby LIBOR was replaced by SOFR with a credit spread adjustment of 10.0 bps for all SOFR periods . The revolving loans now bear interest at a variable rate based at our election with proper notice, on either (i) SOFR plus 0.1 % per annum and the “Applicable Margin” or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5 %, and (z) the Daily One-Month SOFR Rate plus 1.10 %, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”) . Interest payments for SOFR Revolver Loans are payable on the last day of each interest period (either one-, three- or six- month periods, as selected by the Company) and the maturity date, while interest payments for Adjusted Base Rate Revolver Loans are payable on the last business day of each month and the maturity date. On November 7, 2023, the Company entered into Amendment Number Six to the Third Amended Loan and Security Agreement that provided relief in respect of both financial covenants. Specifically, with respect to the Maximum Total Leverage Ratio, the existing ratio of 3.5 through September 30, 2024 and 3.25 through December 31, 2024 and thereafter was changed to 5.5 through September 30, 2023, 4.5 for the periods ending December 31, 2023 and March 31, 2024, 4.0 for the period ending June 30, 2024, 3.5 through September 30, 2024 and returning to 3.25 from December 31, 2024 and thereafter. In addition, the Minimum Fixed Charge Coverage Ratio was changed from 1.25 to 1.0 for the periods ending September 30, 2023, December 31, 2023 and March 31, 2024 and returning to 1.25 for the period ending June 30, 2024 and thereafter. Further, after the delivery of financial statements and a covenant compliance certificate for the period ending December 31, 2023, the Borrowers may elect to terminate the covenant modification period (“CMP”) and revert to the terms of the existing Credit Agreement, if Total Leverage is less than 2.75 . Further, for the duration of the CMP, the Company is restricted from making share repurchases. Finally, the Applicable Margin (SOFR and Adjusted Base Rate) and Letter of Credit fees increase by 0.50 basis points for each tier of interest during CMP. As of December 31, 2023, the Company is in compliance with the terms of the CMP and is considering terminating the related covenant modification. The interest rate on December 31, 2023, was 8.33%. Interest incurred, including amortization of deferred loan fees, was $12,391, $4,238, and $3,781 for the years ended December 31, 2023, 2022 and 2021, respectively. According to the terms of the Credit Agreement, as amended, and based on our performance against the most restrictive covenant listed above, the Company had the capacity to increase its borrowings by up to $ 115,002 and $ 200,372 as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company was deemed to be in compliance with its financial covenants. Furthermore, the Company’s leverage at December 31, 2023, as defined in the Credit Agreement, was 2.46 . Substantially all the Company’s assets are pledged as collateral under the Credit Agreement, as amended. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (4) Income Taxes The provisions for income taxes are: 2023 2022 2021 Current: Federal $ 8,038 $ 7,439 $ 6,684 State 1,211 2,173 2,149 Foreign 3,238 3,943 1,106 12,487 13,555 9,939 Deferred: — Federal ( 6,263 ) ( 2,763 ) ( 2,369 ) State ( 1,029 ) ( 1,243 ) ( 1,039 ) Foreign ( 2,417 ) ( 988 ) 1,635 ( 9,709 ) ( 4,994 ) ( 1,773 ) Total $ 2,778 $ 8,561 $ 8,166 Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 21.0 % to income before income tax expense, as a result of the following: 2023 2022 2021 Computed tax expense at statutory federal rates $ 2,162 $ 7,553 $ 5,619 Increase (decrease) in taxes resulting from: State taxes, net of federal income tax benefit 756 1,493 1,485 Unrecognized tax benefits ( 585 ) ( 1,441 ) ( 1,783 ) Bargain purchase gain on business acquisition — — ( 35 ) Income tax credits ( 720 ) ( 1,342 ) ( 1,206 ) Foreign tax rate differential 1,025 785 262 Stock based compensation 219 55 208 Global intangible low-taxed income 685 — 162 Change in valuation allowance 1,376 379 3,304 Return to provision 158 ( 693 ) ( 651 ) Nondeductible expenses / (tax deductions) ( 327 ) 989 ( 103 ) Gross receipts taxes 425 602 567 IP migration ( 2,455 ) — — Other 59 181 337 Total $ 2,778 $ 8,561 $ 8,166 Income before provision for income taxes and losses on equity investments are: 2023 2022 2021 Domestic $ 6,672 $ 28,739 $ 21,212 International 3,625 7,226 5,929 Total $ 10,297 $ 35,965 $ 27,141 Temporary differences between the consolidated financial statements’ carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax liability at December 31, 2023 and 2022 relate to the following: 2023 2022 Deferred tax assets Inventories $ 2,764 $ 2,401 Program accrual 9,742 8,277 Vacation pay accrual 864 772 Accrued bonuses 37 1,707 Bad debt expense 2,143 1,450 Stock compensation 1,536 1,414 Domestic NOL carryforward 543 609 Foreign NOL carryforward 6,322 2,554 Tax credits 1,582 842 Lease liability 5,812 6,209 Accrued expenses 696 570 Unrealized foreign exchange loss ( 1,182 ) 3,220 Capitalized R&D costs 7,140 4,600 Deferred tax assets 37,999 34,625 Less valuation allowance ( 3,317 ) ( 3,853 ) Deferred tax assets, net $ 34,682 $ 30,772 Deferred tax liabilities Plant and equipment, principally due to differences in depreciation and capitalized interest $ 32,336 $ 36,158 Lease assets 5,617 6,079 Prepaid expenses 1,406 1,685 Deferred revenue — 777 Other 366 529 Deferred tax liabilities $ 39,725 $ 45,228 Total net deferred tax liabilities $ 5,043 $ 14,456 As of December 31, 2023, the Company maintained a full valuation allowance against its net deferred income tax assets related to the Company’s operations in Brazil, Spain, Singapore, and Ukraine totaling $ 3,317 . The valuation allowance decreased by $ 536 for the year ended December 31, 2023, of which $ 1,912 relates to unrealized foreign exchange gains and foreign currency translation included in other comprehensive income for 2023, and $ 1,376 included in the provision for income taxes for 2023. As of December 31, 2022, the Company recorded a full valuation allowance against the net deferred income tax assets related to the Company’s operations in Brazil, Spain, and Ukraine totaling $ 3,853 , of which $ 379 is included in the provision for income taxes for 2022 a nd $ 788 related to unrealized foreign exchange gains included in other comprehensive income for 2022. Gross foreign NOLs related to the Company's foreign operations were $ 19,699 and $ 8,342 , for the years ended December 31, 2023 and 2022, respectively. Substantially all of the Company’s foreign NOLs can be carried forward indefinitely. Gross domestic federal and state NOLs available across all jurisdictions in which we operate were $ 3,598 and $ 3,622 as of December 31, 2023 and 2022, respectively. The Company’s federal and state NOLs expire over varying intervals in the future and are subject to annual limitation in accordance with IRC Section 382. The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the years ended December 31, 2023 and 2022 included in other liabilities on the Company’s consolidated balance sheets: 2023 2022 Balance at beginning of year $ 2,006 $ 2,426 Additions for tax positions related to the current year 230 225 Additions for tax positions related to the prior years 302 5 Reduction for tax positions related to the prior years ( 799 ) ( 745 ) Effect of exchange rate changes 57 95 Balance at end of year $ 1,796 $ 2,006 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company’s consolidated financial statements. As of December 31, 2023, 2022, and 2021 the Company incurred $ 1,342 , $ 2,161 , and $ 2,909 , respectively in interest and penalties related to unrecognized tax benefits on its consolidated balance sheets. It is expected that the amount of unrecognized tax benefits will change and $ 304 of unrecognized tax benefits is expected to be released within the next twelve months due to expiration of the statute of limitations. The Company believes it is more likely than not that the deferred assets detailed in the table above, exclusive of those in Brazil, Spain, Singapore and Ukraine with the previously mentioned full valuation allowances, will be realized in the normal course of business. It is the intent of the Company that undistributed earnings of foreign subsidiaries that amounted t o $ 78,600 a t December 31, 2023, are permanently reinvested. Determination of the unrecognized deferred tax liability is not practical due to the complexities of a hypothetical calculation. The Company is subject to U.S. federal income tax as well as to income tax in multiple state jurisdictions. Federal income tax returns of the Company are subject to Internal Revenue Service (“IRS”) examination for the 2020 through 2022 tax years. State income tax returns are subject to examination for the 2019 through 2022 tax years. The Company has foreign income tax returns subject to examination. Beginning in 2022, The Tax Cuts and Jobs Act of 2017 ("TCJA"), requires taxpayers to capitalize and amortize research and development expenditures pursuant to Internal Revenue Code, or IRC, Section 174, which resulted in increases in the Company’s deferred tax asset balance of $ 7,140 as of December 31, 2023. There was an increase in cash tax payments in the amount of $ 3,344 and $ 6,180 for the years ended December 31, 2023 and December 31, 2022, respectively. |
Litigation and Environmental
Litigation and Environmental | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Environmental | (5) Litigation and Environmental The Company records a liability on its consolidated financial statements for loss contingencies when a loss is known or considered probable, and the amount can be reasonably estimated. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. The Company recognizes legal expenses in connection with loss contingencies as incurred. DBCP Cases Over the course of the past 30 years, AMVAC and/or the Company have been named or otherwise implicated in a number of lawsuits concerning injuries allegedly arising from either contamination of water supplies or personal exposure to 1, 2-dibromo-3-chloropropane (“DBCP”). DBCP was manufactured by several chemical companies, including Dow Chemical Company, Shell Oil Company and AMVAC (which ceased manufacture in about 1980) and was approved by the USEPA to control nematodes. DBCP was also applied on banana farms in Latin America. The USEPA suspended registrations of DBCP in October 1979, except for use on pineapples in Hawaii. That suspension was partially based on 1977 studies by other manufacturers that indicated a possible link between male fertility and exposure to DBCP among their factory production workers involved with producing the product. Four inactive cases (two pending in Nicaragua and two in Hawai’i) remain pending, while one active case is described below. Chavez & Marquinez . Two cases were filed independently in 2012 by the same law firm (HendlerLaw, P.C.) in Louisiana and Delaware involving claims on behalf of banana workers for personal injury allegedly arising from exposure to DBCP. Through several years of law and motion practice, the number of plaintiffs in the actions has been reduced from about 2,750 to 290 banana workers from Costa Rica, Ecuador, Guatemala and Panama, and both cases have been consolidated before the United States District Court for the District of Delaware (USDC DE No. 1:12-CV-00695 & 00697). Discovery commenced in 2018 and has consisted largely of seeking medical examinations from the remaining plaintiffs. In December 2022, defendants in this matter filed a motion for summary judgment against the Ecuadorian plaintiffs under the theory that the statute of limitations for negligence barred the action. The trial court granted the motion. Plaintiffs appealed that ruling. However, in January 2024, the court rejected defendants’ motion for summary judgment on the basis of “the most analogous case” doctrine and remanded the matter to the trial court for further proceedings. At this stage in the proceedings, the Company does not believe that a loss is probable or reasonably estimable and has not recorded a loss contingency for these matters. Other Matters Pitre etc. v. Agrocentre Ladauniere et al. On February 11, 2022, a strawberry grower named Les Enterprises Pitre, Inc. filed a complaint in the Superior Court, District of Labelle, Province of Quebec, Canada, entitled Pitre, etc. v. Agrocentre Ladauniere, Inc. etal, including Amvac Chemical Corporation , seeking damages in the amount of approximately $ 5 million arising from stunted growth of, and reduced yield from, its strawberry crop allegedly from the application of Amvac’s soil fumigant, Vapam, in spring of 2021. Examinations of plaintiff were held in mid-August 2022, during which plaintiff in effect confirmed that he had planted his seedlings before expiration of the full time interval following product application (as per the product label), that he had failed to follow the practice of planting a few test seedlings before planting an entire farm, and that he had placed his blind trust in his application adviser on all manner of timing and rate. An examination of the Company’s most knowledgeable witness is scheduled to take place in 2024. The Company believes that the claims have no merit and intends to defend the matter. At this stage in the proceedings, there is not sufficient information to form a judgment as to either the probability or amount of loss; thus, the company has not set aside a reserve in connection with this matter. Catalano v. AMVAC Chemical Corp. On June 6, 2022, AMVAC was served with a summons and complaint for a matter entitled Andrew Catalano and Ruth Catalano v. AMVAC in the Superior Court of the State of California, County of Orange (30-2022-01263987-CU-PL-CXC) in which plaintiff, who worked as a professional applicator of pesticides, including Orthene (for which AMVAC is registrant) seeks damages for an injury (specifically, cardiomyopathy) allegedly arising from his exposure to this product. AMVAC is unaware of any link between cardiovascular disease and Orthene (which has been commercially available for over 30 years) and believes that this case has no merit and intends to defend it vigorously. The Company filed an answer, including multiple affirmative defenses. Further, the parties are exchanging document requests, and plaintiffs have been unable to supply any data establishing a causal link between use of this product and the heart condition that plaintiff alleges. At this stage, there is not sufficient information to form a judgment as to either the probability or amount of any loss; thus, the company has not set aside a reserve in connection with this matter. Reyes v. AMVAC. On September 28, 2023, the Company received correspondence from counsel for ex-employee Jorge Reyes Jr. addressed to the California Department of Industrial Relations alleging a host of wage and hour violations under California law. This is a precursor to a civil filing under applicable state law. Subsequently, plaintiff, putatively on behalf of the class of similarly situated, non-exempt California-based employees, served a summons and complaint on the Company’s registered agent that had been electronically filed as Case No. 238TCV23665, encaptioned Jorge Reyes v. AMVAC etc., etal., with the Superior Court for the County of Los Angeles, Central District. As is typical of this sort of action, plaintiff alleges wages and hours violations of all imaginable types, including overtime, minimum wage, sick leave, rest periods and so on. The Company intends to defend the matter vigorously. At this stage of the proceedings, it is too early to tell whether any of the claims have merit. Accordingly, the company has not recorded a loss contingency in connection therewith. Department of Justice and Environmental Protection Agency Investigation . On November 10, 2016, AMVAC was served with a grand jury subpoena from the United States Attorney’s Office for the Southern District of Alabama, seeking documents regarding the importation, transportation, and management of a specific pesticide. The Company retained defense counsel to assist in responding to the subpoena and otherwise in defending the Company’s interests. AMVAC is cooperating in the investigation. After interviewing multiple witnesses (including three employees before a grand jury in February 2022) and making multiple document requests, the Department of Justice (“DOJ”) identified the Company and a manager-level employee as targets of the government’s investigation. DOJ’s investigation focused on potential violations of two environmental statutes, the Federal Insecticide, Fungicide, and Rodenticide Act (“FIFRA”) and the Resource Conservation and Recovery Act (“RCRA”), as well as obstruction of an agency proceeding and false statement statutes. In March 2022, the individual target entered into a plea agreement relating to provision of false information in a government proceeding. In July 2022, the DoJ sent correspondence to the Company’s counsel to the effect that it was focusing on potential RCRA violations relating to the reimportation of Australian containers in 2015. Our defense counsel conferred with DoJ from time to time over the past 18 months in the interest in resolving the matter. In January 2024, the Company and DoJ reached an agreement in principle, which is subject to approval by the cognizant court and with respect to which the Company recorded a loss contingency. The governmental agencies involved in this investigation have a range of civil and criminal penalties they may seek to impose against corporations and individuals for violations of FIFRA, RCRA and other federal statutes including, but not limited to, injunctive relief, fines, penalties and modifications to business practices and compliance programs, including the appointment of a monitor. If violations are established, the amount of any fines or monetary penalties which could be assessed and the scope of possible non-monetary relief would depend on, among other factors, findings regarding the amount, timing, nature and scope of the violations, and the level of cooperation provided to the governmental authorities during the investigation. Based upon the content of agreement in principle, the Company does not believe that the investigation will have a material adverse effect on our business prospects, operations, financial condition or cash flow. |
U.S. Employee Deferred Compensa
U.S. Employee Deferred Compensation and Stock Purchase Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
U.S. Employee Deferred Compensation and Stock Purchase Plans | (6) U.S. Employee Deferred Compensation and Stock Purchase Plans The Company maintains a deferred compensation plan (“the Plan”) for all eligible employees. The Plan calls for each eligible employee, at the employee’s election, to participate in an income deferral arrangement under Internal Revenue Code Section 401(k). The plan allows eligible employees to make contributions, which cannot exceed 100 % of compensation, or the annual dollar limit set by the Internal Revenue Code. The Company matches the first 5 % of employee contributions. The Company’s contributions to the Plan amounted to $ 2,507 , $ 2,409 and $ 2,273 in 2023, 2022 and 2021, respectively. During 2001, the Company’s Board of Directors adopted the AVD Employee Stock Purchase Plan (the “ESPP Plan”). The Plan allows eligible employees to purchase shares of common stock through payroll deductions at a discounted price. An original aggregate number of approximately 1,000,000 shares of the Company’s Common Stock, par value $ 0.10 per share (subject to adjustment for any stock dividend, stock split or other relevant changes in the Company’s capitalization) were allowed to be sold pursuant to the Plan, which is intended to qualify under Section 423 of the Internal Revenue Code. The Plan allows for purchases in a series of offering periods, each six months in duration, with new offering periods (other than the initial offering period) commencing on January 1 and July 1 of each year . The initial offering period commenced on July 1, 2001. Pursuant to action taken by the Company’s Board of Directors on December 10, 2010, the expiration of the Plan was extended to December 31, 2013. The Plan was amended and restated on June 30, 2011, following stockholders’ ratification of the extended expiration date. The Plan was amended as of June 6, 2018, following stockholders’ ratification of a ten-year extension to the expiration date (which now stands at December 31, 2028 ). Under the Plan, as amended as of June 6, 2018, 995,000 shares of the Company’s common stock were authorized. As of December 31, 2023, 2022, and 2021, 441,915 , 491,940 , and 543,180 shares, respectively, remained available under the plan. The expense recognized under the Plan was immaterial during the years ended December 31, 2023, 2022 and 2021, respectively. Shares of common stock purchased through the Plan in 2023, 2022 and 2021 were 50,025 , 51,240 and 50,782 , respectively. |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Major Customers | (7) Major Customers In 2023, there were three customers that accounted for 15 %, 14 % and 8 %, respectively, of the Company’s consolidated sales. In 2022, there were three customers that accounted for 18 %, 13 %, and 8 % of the Company’s consolidated sales. In 2021, there were three customers that accounted for 17 %, 14 % and 8 % of the Company’s consolidated sales. The Company primarily sells its products to distributors, buying cooperatives, other co-operative groups and, in certain territories, end users, and extends credit based on an evaluation of the customer’s financial condition. The Company had three significant customers who each accounted for approximately 6 %, 5 % and 3 % of the Company’s receivables as of December 31, 2023. The Company had three significant customers who each accounted for approximately 15 %, 3 % and 3 % of the Company’s receivables as of December 31, 2022. The Company has long-standing relationships with its customers and considers its credit risk associated with its domestic business for accounts receivable to be insignificant. The Company’s receivables, excluding allowances for expected credit losses, by geography as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Domestic receivables $ 89,315 $ 65,825 International receivables 108,761 105,619 Total receivables $ 198,076 $ 171,444 International sales by territory based on customer location for 2023, 2022 and 2021 were as follows: 2023 2022 2021 South and Central America $ 117,727 $ 124,525 $ 108,975 Mexico 49,800 45,995 40,724 Asia 28,071 26,588 26,234 Australia 19,712 19,674 21,061 Canada 12,268 14,860 10,377 Africa 3,715 8,840 3,468 Middle East 1,354 1,836 2,357 Europe 2,208 1,964 2,243 Total international net sales $ 234,855 $ 244,282 $ 215,439 |
Product and Business Acquisitio
Product and Business Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Product and Business Acquisitions | (8) Product and Business Acquisitions On October 5, 2023, the Company completed the acquisition of all outstanding stock of Punto Verde S.A. Punversa (Punto Verde), a well-established distributor in Guayaquil, Ecuador, to strengthen its product portfolio and market access in the Latin American region. The Company paid cash consideration of $ 4,492 , which was net of cash acquired of $ 233 . The acquisition was accounted for as a business combination and the purchase consideration was allocated as follows: Amount Trade receivables $ 1,883 Inventory and other current assets 1,330 Property, plant, and equipment 45 Product registrations and product rights 104 Goodwill 2,949 Liabilities assumed ( 1,819 ) Total $ 4,492 The purchase price allocation is preliminary with respect to the valuation of intangible assets, goodwill, and income taxes. The operating results of Punto Verde have been included in the Company's consolidated statements of operations from the date of acquisition. Goodwill is not expected to be deductible for income tax purposes. Pro-forma financial information is not included herein as the pro-forma impact of the acquisition is not material. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Intangible Assets and Goodwill | (9) Intangible Assets and Goodwill The following schedule represents intangible assets recognized in connection with product acquisitions (See Note 1 for the Company’s accounting policy regarding intangible assets): Amount Intangible assets at December 31, 2020 $ 197,514 Additions during fiscal 2021 10,524 Measurement period adjustment 4,226 Impact of movement in exchange rates ( 710 ) Amortization expense ( 13,713 ) Intangible assets at December 31, 2021 197,841 Additions during fiscal 2022 1,292 Impact of movement in exchange rates ( 516 ) Amortization expense ( 13,953 ) Intangible assets at December 31, 2022 184,664 Additions during fiscal 2023 941 Impact of movement in exchange rates 177 Amortization expense ( 13,274 ) Intangible assets at December 31, 2023 $ 172,508 Goodwill at December 31, 2020 $ 52,108 Measurement period adjustment ( 4,054 ) Impact of movement in exchange rates ( 1,794 ) Goodwill at December 31, 2021 46,260 Impact of movement in exchange rates 750 Goodwill at December 31, 2022 47,010 Additions during fiscal 2023 2,949 Impact of movement in exchange rates 1,240 Goodwill at December 31, 2023 $ 51,199 Intangible assets and goodwill at December 31, 2023 $ 223,707 The following schedule represents the gross carrying amount and accumulated amortization of intangible assets and goodwill as of December 31, 2023 and 2022. Product rights and trademarks are amortized over the lesser of the useful life ranging from 15 to 32 years, or the patent life. Customer lists are amortized over their expected useful lives of nine to ten years . The amortization expense is included in operating expenses on the consolidated statements of operations. 2023 2022 Gross Accumulated Net Book Gross Accumulated Net Book Product rights and patents $ 272,879 $ 131,778 $ 141,101 $ 272,339 $ 121,209 $ 151,130 Trademarks 40,896 13,290 27,606 40,459 11,615 28,844 Customer lists 11,549 7,748 3,801 11,204 6,514 4,690 Total intangibles assets 325,324 152,816 172,508 324,002 139,338 184,664 Goodwill 51,199 — 51,199 47,010 — 47,010 Total intangibles and goodwill $ 376,523 $ 152,816 $ 223,707 $ 371,012 $ 139,338 $ 231,674 Domestic $ 195,265 $ 99,598 $ 95,667 $ 194,395 $ 92,352 $ 102,043 International 181,258 53,218 128,040 176,617 46,986 129,631 Total intangibles and goodwill $ 376,523 $ 152,816 $ 223,707 $ 371,012 $ 139,338 $ 231,674 The following schedule represents future amortization charges related to intangible assets: Year ending December 31, Amount 2024 $ 12,887 2025 12,704 2026 12,644 2027 12,501 2028 11,633 Thereafter 110,139 $ 172,508 |
Contingent Consideration
Contingent Consideration | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Contingent Consideration | (10) Contingent Consideration The following table illustrates the Company’s contingent earn-out movements related to its business acquisitions for the years ended December 31, 2023, 2022 and 2021: Amount Obligations at December 31, 2020 $ 2,468 Purchase price adjustment ( 955 ) Fair value adjustment 758 Accretion of discounted liabilities ( 8 ) Payments on existing obligations ( 1,301 ) Foreign exchange effect ( 176 ) Obligations at December 31, 2021 786 Fair value adjustment 610 Accretion of discounted liabilities 27 Payments on existing obligations ( 1,389 ) Foreign exchange effect ( 34 ) Obligations at December 31, 2022 $ — The Company did no t have any contingent earn-out obligations as of December 31, 2023. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | (11) Commitments We enter into various obligations in the ordinary course of business, generally of a short-term nature. They primarily relate to purchase commitments for inventory and orders submitted for equipment for our production plants as well as service agreements. |
Research and Development
Research and Development | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development [Abstract] | |
Research and Development | (12) Research and Development Research and development expenses which are included in operating expenses were $ 12,347 , $ 10,829 and $ 10,354 for the years ended December 31, 2023, 2022 and 2021, respectively. |
Equity Plan Awards
Equity Plan Awards | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Plan Awards | (13) Equity Plan Awards Under the Company’s Equity Incentive Plan of 1993, as amended (“the Plan”), all employees are eligible to receive non-assignable and non-transferable restricted stock, options to purchase common stock, and other forms of equity. As of December 31, 2023, the number of securities remaining available for future issuance under the Plan is 1,376,610 . The below tables illustrate the Company’s stock-based compensation, unamortized stock-based compensation, and remaining weighted average period for the years ended December 31, 2023, 2022 and 2021. This projected expense will change if any stock options and restricted stock are granted or cancelled prior to the respective reporting periods, or if there are any changes required to be made for estimated forfeitures. Stock-Based Unamortized Remaining December 31, 2023 Restricted Stock $ 4,830 $ 6,593 1.8 Unrestricted Stock 520 217 0.4 Performance-Based Restricted Stock 788 2,500 1.8 Total $ 6,138 $ 9,310 December 31, 2022 Restricted Stock $ 4,407 $ 6,585 1.8 Unrestricted Stock 499 217 0.4 Performance-Based Restricted Stock 778 2,441 1.8 Total $ 5,684 $ 9,243 December 31, 2021 Restricted Stock $ 5,682 $ 6,804 1.8 Unrestricted Stock 421 187 0.4 Performance-Based Restricted Stock 777 2,888 1.8 Total $ 6,880 $ 9,879 The Company also granted stock options in past periods. All outstanding stock options are fully vested and exercisable and no expense was recorded during the years ended December 31, 2023, 2022 and 2021. Restricted and Unrestricted Stock A summary of nonvested restricted and unrestricted stock is presented below: 2023 2022 2021 Number Weighted Number Weighted Number Weighted Nonvested shares at January 1 st 742,050 $ 18.86 817,290 $ 17.04 820,624 $ 16.64 Granted 306,515 20.31 256,417 23.53 295,619 20.00 Vested ( 319,751 ) 14.90 ( 262,521 ) 17.84 ( 244,651 ) 19.23 Forfeited ( 42,629 ) 20.61 ( 69,136 ) 18.58 ( 54,302 ) 17.11 Nonvested shares at December 31 st 686,185 $ 21.24 742,050 $ 18.86 817,290 $ 17.04 Performance-Based Restricted Stock A summary of nonvested performance-based stock is presented below: December 31, 2023 December 31, 2022 December 31, 2021 Number Weighted Number Weighted Number Weighted Nonvested shares at January 1 st 318,699 $ 18.05 379,061 $ 16.43 391,771 $ 16.26 Granted 94,028 21.51 83,190 23.63 102,043 20.03 Change based on performance achievement ( 58,827 ) 14.73 ( 68,484 ) 16.87 71,180 20.53 Vested ( 86,188 ) 13.99 ( 51,308 ) 17.09 ( 175,087 ) 19.78 Forfeited ( 4,387 ) 17.67 ( 23,760 ) 17.21 ( 10,846 ) 16.89 Nonvested shares at December 31 st 263,325 $ 21.37 318,699 $ 18.05 379,061 $ 16.43 Performance Based Restricted Stock Granted in 2023 — During the year ended December 31, 2023, the Company issued a total of 94,028 performance-based shares to employees. The shares granted during 2023 have an average fair value of $ 21.51 . The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense the value of the performance-based shares over the required service period from grant date. The shares will cliff vest on April 20, 2026 , with a measurement period commencing January 1, 2023, and ending December 31, 2025. Eighty percent of these performance-based shares are based upon the financial performance of the Company, specifically, earnings before interest and tax (“EBIT”) goal weighted at 50 % and a net sales goal weighted at 30 %. The remaining 20 % of performance-based shares are based upon AVD stock price appreciation over the same performance measurement period. The EBIT and net sales goals measure the relative growth of the Company’s EBIT and net sales for the performance measurement period, as compared to the median growth of EBIT and net sales for an identified peer group. The stockholder return goal measures the relative growth of the fair market value of the Company’s stock price over the performance measurement period, as compared to that of the Russell 2000 Index and the median fair market value of the common stock of the comparator companies, identified in the Company’s 2022 Proxy Statement. All parts of these awards vest in three years but are subject to reduction to a minimum (or even zero) for recording less than the targeted performance and to increase to a maximum of 200 % for achieving in excess of the targeted performance. Performance Based Restricted Stock Granted in 2022 — During the year ended December 31, 2022, the Company issued a total of 83,190 performance-based shares to employees. The shares granted during 2022 have an average fair value of $ 23.63 . The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense the value of the performance-based shares over the required service period from grant date. The shares will cliff vest on April 20, 2025 , with a measurement period commencing January 1, 2022, and ending December 31, 2024. Eighty percent of these performance-based shares are based upon the financial performance of the Company, specifically, earnings before interest and tax (“EBIT”) goal weighted at 50 % and a net sales goal weighted at 30 %. The remaining 20 % of performance-based shares are based upon AVD stock price appreciation over the same performance measurement period. The EBIT and net sales goals measure the relative growth of the Company’s EBIT and net sales for the performance measurement period, as compared to the median growth of EBIT and net sales for an identified peer group. The stockholder return goal measures the relative growth of the fair market value of the Company’s stock price over the performance measurement period, as compared to that of the Russell 2000 Index and the median fair market value of the common stock of the comparator companies, identified in the Company’s 2021 Proxy Statement. All parts of these awards vest in three years but are subject to reduction to a minimum (or even zero) for recording less than the targeted performance and to increase to a maximum of 200 % for achieving in excess of the targeted performance. Performance Based Restricted Stock Granted in 2021 — During the year ended December 31, 2021, the Company issued a total of 102,043 performance-based shares to employees. The shares granted during 2021 have an average fair value of $ 20.03 . The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense the value of the performance-based shares over the required service period from grant date. The shares will cliff vest on April 16, 2024 , with a measurement period commencing January 1, 2021, and ending December 31, 2023. Eighty percent of these performance-based shares are based upon the financial performance of the Company, specifically, an EBIT goal weighted at 50 % and a net sales goal weighted at 30 %. The remaining 20 % of performance-based shares are based upon AVD stock price appreciation over the same performance measurement period. The EBIT and net sales goals measure the relative growth of the Company’s EBIT and net sales for the performance measurement period, as compared to the median growth of EBIT and net sales for an identified peer group. The stockholder return goal measures the relative growth of the fair market value of the Company’s stock price over the performance measurement period, as compared to that of the Russell 2000 Index and the median fair market value of the common stock of the comparator companies, identified in the Company’s 2020 Proxy Statement. All parts of these awards vest in three years but are subject to reduction to a minimum (or even zero) for recording less than the targeted performance and to increase to a maximum of 200 % for achieving in excess of the targeted performance. During 2023, the Company concluded that the performance measure based on EBIT and net sales for the performance-based shares granted in 2020, when compared to the peer group, was met at 0 % for EBIT and 88.26 % for net sales of targeted performance and all related additional expenses were recorded as of December 31, 2023. The 2020 performance shares based on market price was met at 164.9 %. Stock Options Under the terms of the Company’s ISOP, under which options to purchase common stock can be issued, all employees are eligible to receive non-assignable and non-transferable options to purchase shares. The exercise price of any option may not be less than the fair market value of the shares on the date of grant; provided, however, that the exercise price of any option granted to an eligible employee owning more than 10 % of the outstanding common stock may not be less than 110 % of the fair market value of the shares underlying such option on the date of grant. No options granted may be exercisable more than ten years after the date of grant. In 2023, 2022 and 2021, no options were granted. Incentive Stock Option Plans Activity of the incentive stock option plans: Number of Weighted Average Balance outstanding, December 31, 2020 123,087 11.48 Options exercised ( 15,051 ) 11.41 Balance outstanding, December 31, 2021 108,036 11.49 Options exercised ( 39,140 ) 11.49 Balance outstanding, December 31, 2022 68,896 11.49 Options exercised ( 4,024 ) 11.49 Balance outstanding, December 31, 2023 64,872 11.49 Outstanding stock options at December 31, 2023, summarized by exercise price: Outstanding Weighted Average Exercise Price Per Share Number of Remaining Exercise Outstanding stock options, December 31, 2023 64,872 12 $ 11.49 Performance Incentive Stock Option Plan Activity of the performance incentive stock option plan: Number of Weighted Balance outstanding, December 31, 2021 and 2020 114,658 $ 11.49 Options exercised ( 32,850 ) 11.49 Balance outstanding, December 31, 2022 81,808 $ 11.49 Options exercised — 11.49 Balance outstanding, December 31, 2023 81,808 $ 11.49 All the performance incentive stock options outstanding as of December 31, 2023, have an exercise price per share of $ 11.49 and a remaining life of 12 months. The total intrinsic value of options exercised during 2023, 2022, and 2021 was $ 35 , $ 877 , and $ 119 , respectively. Cash received from stock options exercised during 2023, 202 2 and 2021 was $ 46 , $ 827 , and $ 172 , respectively. All outstanding options are fully vested and the intrinsic value am ounted to $ 0 as of Dece mber 31, 2023. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | (14) Accumulated Other Comprehensive Loss The following table lists the beginning balance, annual activity and ending balance of foreign currency translation adjustment included as a component of accumulated other comprehensive loss: Balance, December 31, 2020 $ ( 9,322 ) Foreign currency translation adjustment, net of tax effects of $ 76 ( 4,462 ) Balance, December 31, 2021 ( 13,784 ) Foreign currency translation adjustment, net of tax effects of ($ 245 ) 1,602 Balance, December 31, 2022 ( 12,182 ) Foreign currency translation adjustment, net of tax effects of ($ 277 ) 6,219 Balance, December 31, 2023 $ ( 5,963 ) |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | (15) Equity Method Investment On August 2, 2016, AMVAC BV entered into a joint venture with Huifeng (Hong Kong) Ltd, which is a wholly owned subsidiary of the Huifeng Group. The resulting entity, Hong Kong JV, was intended to focus on activities such as market access and technology transfer between the two members. AMVAC BV is a 50 % owner of the entity. On June 27, 2017, both AMVAC BV and Huifeng (Hong Kong) Ltd. made individual capital contributions of $ 950 to the Hong Kong JV. As of December 31, 2023, 2022 and 2021, the Company’s ownership position in the Hong Kong JV was 50 %. The Company utilizes the equity method of accounting with respect to this investment. On July 7, 2017, the Hong Kong JV purchased the shares of Profeng Australia, Pty Ltd. (“Profeng”), for a total consideration of $ 1,900 . The purchase consists of Profeng Australia, Pty Ltd Trustee and Profeng Australia Unit Trust. Both Trust and Trustee were previously owned by Huifeng (via its wholly owned subsidiary Huifeng (Hong Kong) Ltd). For the years ended December 31, 2023, 2022, and 2021, the Company recognized losses of $ 0 for both 2023 and 2022 and $ 388 (including a full impairment charge of $288 of the Company’s remaining book value of its Hong Kong JV investment) for 2021, as a result of the Company’s ownership position in the Hong Kong JV. The Hong Kong JV is an inactive entity. |
Equity Investment
Equity Investment | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Equity Investment | (16) Equity Investments In February 2016, AMVAC BV made an equity investment of $ 3,283 in Biological Products for Agriculture (“Bi-PA”). Bi-PA develops biological plant protection products that can be used for the control of pests and disease of agricultural crops. As of December 31, 2023, 2022 and 2021, the Company’s ownership position in Bi-PA was 15 %. Since this investment does not have readily determinable fair value, the Company has elected to measure the investment at cost less impairment, if any, and to record an increase or decrease for changes resulting from observable price changes in orderly transactions for the identical or a similar investment of Bi-PA. The Company periodically reviews the investment for possible impairment. The Company recorded an impairment charge in the amount of $ 399 during the year ended December 31, 2021. There were no impairment or observable price changes on the investment during the years ended December 31, 2023 and 2022. The investment is recorded within other assets on the consolidated balance sheets and amounted to $ 2,884 as of December 31, 2023 and 2022. On April 1, 2020, AMVAC purchased 6.25 million shares, an ownership of approximately 8 %, of common stock of Clean Seed Capital Group Ltd. (TSX Venture Exchange: “CSX”) for $ 1,190 . The shares are publicly traded, have a readily determinable fair value, and are considered a Level 1 investment. The fair value of the stock amounted to $ 425 and $ 784 as of December 31, 2023 and 2022, respectively, and the Company recorded losses of $ 359 , $ 732 and $ 391 for the years ended December 31, 2023, 2022 and 2021, respectively. The investment is recorded within other assets on the consolidated balance sheets and the associated gains and losses are included in the change in fair value of equity investments. |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Share Repurchase Program | (17) Share Repurchase Programs The Company periodically repurchases shares of its common stock under a board-authorized repurchase program through a combination of open market transactions and accelerated share repurchase ("ASR") arrangements. On May 25, 2023, pursuant to a Board of Directors resolution, the Company announced its intention to repurchase up to $ 15,000 of its common stock under a 10b5-1 plan, par value $ 0.10 per share, in the open market over the succeeding one year, subject to limitations and restrictions under applicable securities laws. During the year ended December 31, 2023, the Company purchased 857,455 shares of its common stock for a total of $ 14,982 at an average price of $ 17.55 per share under this plan. On August 22, 2022, pursuant to a Board of Directors resolution, the Company entered into an ASR to repurchase $ 20,000 of its common stock. Under the ASR agreement, the Company paid $ 20,000 and immediately received an initial delivery of 802,810 shares in the amount of $ 16,000 , based on a price of $ 19.93 per share, which represented 80 % of the notional amount of the ASR based on the closing price of the Company’s common stock on the New York Stock Exchange ("NYSE") on August 22, 2022. On December 14, 2022, the ASR was completed, and pursuant to the settlement terms of the ASR, the Company received an additional 131,892 shares of its common stock. The average price paid for all of the shares delivered under the ASR was $ 21.40 per share. On March 8, 2022, pursuant to a Board of Directors resolution, the Company announced its intention to repurchase an aggregate number of up to 1,000,000 shares of its common stock under a 10b5-1 plan, par value $ 0.10 per share, in the open market over the succeeding one year, subject to limitations and restrictions under applicable securities laws. The plan terminated on March 8, 2023. During 2023, the Company purchased 27,835 shares of its common stock for a total of $ 557 at an average price of $ 19.96 per share under this plan. During 2022, the Company purchased 734,150 shares of its common stock for a total of $ 14,002 at an average price of $ 19.07 per share under this plan. On August 30, 2021, pursuant to a Board of Directors resolution, the Company announced its intention to repurchase an aggregate number of 300,000 shares of its common stock, par value $ 0.10 per share, in the open market over the succeeding six months. During 2021, the Company purchased 300,000 shares of its common stock for a total of $ 4,579 at an average price of $ 15.26 per share. The shares and respective amount are recorded as treasury shares on the Company’s consolidated balance sheets. The table below summarized the number of shares of the Company's common stock that were repurchased during the years ended December 31, 2023, 2022 and 2021. Year ended Total number of Average price paid Total amount paid December 31, 2023 885,290 $ 17.55 $ 15,539 December 31, 2022 1,668,852 $ 20.37 $ 34,002 December 31, 2021 300,000 $ 15.26 $ 4,579 Pursuant to Amendment Number Six to the Third Amended Loan and Security Agreement, effective November 7, 2023, the Company is currently prevented from making stock repurchases. |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Cash Flows Information | (18) Supplemental Cash Flows Information 2023 2022 2021 Supplemental cash flow information: Cash paid during the year for: Interest $ 11,902 $ 3,834 $ 3,520 Income taxes, net $ 9,428 $ 19,960 $ 5,796 Non-cash transactions: Cash dividends declared and included in accrued expenses $ 834 $ 851 $ 594 |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Change in Accounting Principle | Change in Accounting Principle— Historically, the Company included warehousing, handling and outbound freight costs in operating expenses on its consolidated statements of operations. Effective January 1, 2023, the Company elected to include these costs in cost of sales instead of operating expenses on its consolidated statements of operations. The effects of the change in accounting have been retrospectively applied to all periods presented. The Company believes that the change in accounting is preferable as it aligns the Company’s classification of this warehousing, handling and outbound freight costs in such a way as to present operational management with a clearer vision of the operational performance by business unit. This accounting change also increases the comparability of the Company’s financial performance with its peer companies as most peer companies include these warehousing, handling and outbound freight costs in cost of sales rather than operating expenses. As a result, this change is intended to help interested parties better understand the Company’s performance and facilitate comparisons with most of the Company’s peer companies. This change in accounting principle does not impact operating income, net income, and net income per share. The following table compares the Company’s historical classification with the classification after the adoption of the change in accounting for the three years ended December 31, 2023, 2022 and 2021. Classification after adoption Classification prior to adoption 2022 2021 2022 2021 Net sales $ 609,615 $ 557,676 $ 609,615 $ 557,676 Cost of sales ( 417,227 ) ( 386,953 ) ( 368,263 ) ( 343,629 ) Gross profit 192,388 170,723 241,352 214,047 Operating expenses Selling, general and administrative ( 119,921 ) ( 111,093 ) ( 168,885 ) ( 154,417 ) Research, product and regulatory ( 31,816 ) ( 28,855 ) ( 31,816 ) ( 28,855 ) Bargain purchase gain on business acquisition — 171 — 171 Operating income $ 40,651 $ 30,946 $ 40,651 $ 30,946 |
Reclassifications | Reclassifications— Certain prior years’ amounts have been reclassified to conform to the current year’s presentation. |
Cost of Sales | Cost of Sales— Cost of sales primarily includes inventory procurement, production, warehousing, handling, and outbound freight. These costs include direct labor, materials, and manufacturing overhead. Depreciation and amortization expense included in cost of sales amounted to $ 6,599 , $ 8,906 , and $ 9,232 f or the years ended December 31, 2023, 2022, and 2021, respectively. |
Advertising Expense | Advertising Expense— The Company expenses advertising costs in the period incurred. Advertising expenses are recognized as selling expenses in the consolidated statements of operations and were $ 5,736 , $ 5,836 and $ 5,201 in 2023, 2022 and 2021, respectively. |
Cash and Cash Equivalents | Cash— The Company maintains cash balances that exceed federally insured limits with a number of financial institutions. |
Inventories | Inventories— Inventory is stated at the lower of cost or net realizable value. Cost is determined by the average cost method, and includes material, labor, factory overhead and subcontracting services. Inventory reserves are recorded for excess and slow-moving inventory. The Company recorded an inventory reserve of $ 2,756 and $ 3,015 at December 31, 2023 and 2022, respectively. The components of inventories, consist of the following: 2023 2022 Finished products $ 198,935 $ 155,128 Raw materials 20,616 29,062 Total inventories $ 219,551 $ 184,190 |
Leases | Leases — The Company has operating leases for warehouses, manufacturing facilities, offices, cars, railcars and certain equipment for which operating lease right-of-use (“ROU”) assets and corresponding lease liabilities are recorded. The Company measures ROU assets throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus any prepaid lease payments, less the unamortized balance of lease incentives received. The lease liabilities are measured at the present value of the unpaid lease payments at the lease commencement date. Leases that include both lease and non-lease components are accounted for as a single lease component for each asset class, except for real estate leases. The minimum payments under operating leases are recognized on a straight-line basis over the lease term in the consolidated statements of operations. Operating lease expenses related to variable lease payments are recognized in cost of sales or as operating expenses in a manner consistent with the nature of the underlying lease and as the events, activities, or circumstances in the lease agreement occur. Leases with a term of less than 12 months are not recognized on the consolidated balance sheets, and the related lease expenses are recognized in the consolidated statements of operations on a straight-line basis over the lease term. Accounting for leases requires management to exercise judgment and make estimates in determining the applicable discount rate, lease term and payments due under a lease. Most of our leases do not provide an implicit interest rate, nor is it available to us from our lessors. As an alternative, the Company uses our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, including publicly available data, in determining the present value of lease payments. The Company also estimated the fair value of the lease and non-lease components for some of our warehouse leases based on market data and cost data. The lease term includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not terminate) that the Company is reasonably certain to exercise. The Company has leases with a lease term ranging from 1 year to 20 years. The operating leases of the Company do not contain major restrictions or covenants such as those relating to dividends or additional financial obligations. Finance leases are immaterial to the consolidated financial statements. There were no lease transactions with related parties during 2023, 2022 and 2021. The operating lease expense for the years ended December 31, 2023, 2022 and 2021 was $ 7,579 , $ 6,531 and $ 6,053 , respectively. Lease expenses related to variable lease payments and short-term leases were immaterial. Additional information related to operating leases are as follows: Year Ended Year Ended Year Ended Cash paid for amounts included in the measurement of lease liabilities $ 7,333 $ 6,450 $ 5,750 ROU assets obtained in exchange for new lease liabilities $ 4,466 $ 4,468 $ 18,521 The weighted-average remaining lease term and discount rate related to the operating leases as of December 31, 2023 and 2022 were as follows: December 31, 2023 December 31, 2022 Weighted-average remaining lease term (in years) 5.04 5.93 Weighted-average discount rate 4.60 % 4.00 % Future minimum lease payments under non-cancellable operating leases as of December 31, 2023 were as follows: 2024 $ 6,879 2025 5,755 2026 4,275 2027 2,814 2028 1,883 Thereafter 4,338 Total lease payments $ 25,944 Less: imputed interest ( 2,750 ) Total $ 23,194 Amounts recognized in the consolidated balance sheets: Operating lease liabilities, current $ 6,081 Operating lease liabilities, long term $ 17,113 |
Revenue Recognition | Revenue Recognition — The Company recognizes revenue when control of the ordered goods or services are transferred to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Amounts billed for shipping and handling activities after the transfer of control to the customer are considered fulfillment activities and are recognized as revenue. The costs are accrued when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The Company sells its products mainly to distributors and retailers. In addition, the Company also sells its products direct to end users internationally. The products include insecticides, herbicides, soil fumigants, fungicides and biologicals. In addition, the Company recognizes royalty income related to licensing arrangements which qualify as functional licenses rather than symbolic licenses. Upon signing a new licensing agreement, the Company typically receives up-front fees, which are generally characterized as non-refundable royalties. These fees are recognized as revenue upon the execution of the license agreements. Minimum royalty fees are recognized once the Company has an enforceable right for payment. Sales-based royalty fees are typically recognized when the sales occur. The Company calculates and accrues estimated royalties based on the contractual terms and correspondence with the licensees regarding actual sales. Selective enterprise information of sales disaggregated by category and geographic region is as follows: 2023 2022 2021 Net sales: U.S. crop $ 269,229 $ 288,624 $ 263,632 U.S. non-crop 75,287 76,709 78,605 Total U.S. 344,516 365,333 342,237 International 234,855 244,282 215,439 Total net sales $ 579,371 $ 609,615 $ 557,676 Contract Assets — Contract assets relate to royalties earned on certain functional licenses granted for the use of the Company’s intellectual property. The Com pany did no t have any contract assets as of December 31, 2023. At December 31, 2022, the contract assets amounted to $ 3,100 . The respective short-term and long-term contract assets at December 31, 2022 of $ 2,098 and $ 1,002 are included in other receivables and other assets, respectively, on the consolidated balance sheets. Accrued Program Costs — The Company offers various discounts to customers based on the volume purchased within a defined period, other pricing adjustments, some grower volume incentives or other key performance indicator driven payments made to distributors, retailers or growers, usually at the end of a growing season. The Company describes these payments as “Programs.” Programs are a critical part of doing business in both the U.S. crop and non-crop chemicals marketplaces. These discount Programs represent variable consideration. Revenues from sales are recorded at the net sales price, which is the transaction price, less an estimate of variable consideration. Variable consideration includes amounts expected to be paid to its customers using the expected value method. Each quarter management compares individual sale transactions with Programs to determine what, if any, Program liabilities have been incurred. Once this initial calculation is made for the specific quarter, sales and marketing management, along with executive and financial management, review the accumulated Program balance and, for volume driven payments, make assessments of whether or not customers are tracking in a manner that indicates that they will meet the requirements set out in agreed upon terms and conditions attached to each Program. Following this assessment, management adjusts the accumulated accrual to properly reflect the liability at the balance sheet date. Programs are paid out predominantly on an annual basis, usually in the final quarter of the financial year or the first quarter of the following year. Customer Prepayments — From time to time, the Company receives prepayments from customers which are recorded as customer prepayments on the Company’s consolidated balance sheets. The Company does not recognize revenue on any such payments until the customer places binding purchase orders, the goods are shipped, and control is transferred to the customer. Revenue recognized for the years ended December 31, 2023, 2022, and 2021 that were included in the customer prepayments balance at the beginning of 2023, 2022, and 2021 was $ 88,097 , $ 63,064 , and $ 37,779 , respectively. During 2023, the Company refunded $ 22,500 to customers. |
Allowance for Doubtful Accounts or Current Expected Credit Losses | Current Expected Credit Losses— The Company maintains an allowance to cover its Current Expected Credit Losses ("CECL") on its trade receivables, other receivables and contract assets arising from the possible failure of customers to make contractual payments. The Company estimates credit losses expected over the life of its trade receivables, other receivables and contract assets based on historical information combined with current conditions that may affect a customer’s ability to pay and reasonable and supportable forecasts. In most instances, the Company’s policy is to write off trade receivables when they are deemed uncollectible regarding likely future payments. The vast majority of the Company's trade receivables, other receivables and contract assets are less than 365 days. Under the CECL impairment model, the Company develops and documents its allowance for credit losses on its trade receivables based on multiple portfolios. The determination of portfolios is based primarily on geographical location, type of customer and accounts receivables aging. |
Debt Issuance Costs | Deferred Loan Fees — These fees in connection with the Company’s senior credit facility are capitalized and amortized on a straight-line basis over the life of the borrowing and included in interest expense, net. |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation— Property, plant and equipment includes the cost of land, buildings, machinery and equipment, office furniture and fixtures, automobiles, construction projects and improvements to existing plant and equipment. Interest costs related to construction projects are capitalized at the Company’s current weighted average effective interest rate. Expenditures for minor repairs and maintenance are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss realized on disposition is reflected in operations. All plant and equipment are depreciated using the straight-line method, utilizing the estimated useful property lives. |
Business Combinations | Business Combinations — The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill or an adjustment to the gain from a bargain purchase. In addition, when appropriate uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and re-evaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill or an adjustment to the gain from a bargain purchase, provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statement of operations. From time to time, certain of our acquisition agreements include contingent earn-out arrangements, which are generally based on the achievement of future income thresholds. The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, the Company engages third-party valuation specialists to assist it in making estimates of the fair value of contingent earn-out payments, both as part of the initial purchase price and at each subsequent financial statement date until the end of the related performance period. The Company records the estimated fair value of contingent consideration as a liability on the consolidated balance sheets. The Company reviews and re-assesses the estimated fair value of contingent consideration on a quarterly basis, and the updated fair value could be materially different from the initial estimates or prior quarterly amounts. Changes in the estimated fair value of the contingent earn-out liabilities are reported in operating results. |
Asset Acquisitions | Asset Acquisitions — If an acquisition of an asset or group of assets does not meet the definition of a business, the transaction is accounted for as an asset acquisition rather than a business combination. An asset acquisition does not result in the recognition of goodwill and transaction costs are capitalized as part of the cost of the asset or group of assets acquired. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The acquisitions costs are allocated to the assets acquired on a relative fair value basis. |
Intangible Assets | Intangible Assets — The primary identifiable intangible assets of the Company relate to assets associated with its product and business acquisitions. All the Company’s intangible assets are amortizing assets with finite lives. The estimated useful life of an identifiable intangible asset is based upon several factors including the effects of demand, competition, and expected changes in the marketability of the Company’s products. |
Impairment | Impairment — The carrying values of long-lived assets other than goodwill are reviewed for impairment annually and/or whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company evaluates recoverability of an asset group by comparing the carrying value to the future undiscounted cash flows that it expects to generate from the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, measurement of the impairment loss is based on the fair value of the asset. There were no circumstances that would indicate any impairment of the carrying value of these long-lived assets and no material impairment losses were recorded in 2023, 2022, or 2021. The Company reviews goodwill for impairment utilizing either a qualitative or quantitative assessment. If the Company decides that it is appropriate to perform a qualitative assessment and concludes that the fair value of a reporting unit more likely than not exceeds its carrying value, no further evaluation is necessary. If the Company performs a quantitative assessment, the Company compares the fair value of a reporting unit with its carrying amounts and recognizes an impairment charge for the amount that the carrying amount exceeds the reporting unit’s fair value. The determination of a reporting units’ fair value includes the Company’s use of a discounted cash flows model and a market approach. Key assumptions in the discounted cash flow include, but are not limited to, discount rates, future net sales growth, gross margins, expenses, capital expenditures, and terminal growth rates. The market approach key assumption relates to the earnings before interest, taxes, depreciation, and amortization (EBITDA) multiples. The Company annually tests goodwill for impairment in the beginning of the fourth quarter, or earlier if triggering events occur. The Company did no t record any impairment losses in 2023, 2022, or 2021. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments— The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. This accounting standard established a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The Company did not have any significant Level 1 investments as of December 31, 2023 and 2022, except for its equity investment in Clean Seed Capital Group Ltd. (see Note 16 – Equity Investments). The carrying amount of the Company’s financial instruments, which principally include cash, accounts receivable, accounts payable and accrued expenses, approximates fair value because of the relatively short maturity of such instruments. The carrying amount of the Company’s borrowings, which are considered Level 2 liabilities, approximates fair value as they bear interest at a variable rate that represents current market rates. The Company measures its contingent earn-out liabilities in connection with business acquisitions at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The Company may use various valuation techniques depending on the terms and conditions of the contingent consideration including a Monte-Carlo simulation. This simulation uses probability distribution for each significant input to produce thousands of possible outcomes and the results are analyzed to determine probabilities of different outcomes occurring. Refer to Note 10 for the Company’s earn-out liability movements. |
Foreign Currency Translation | Foreign Currency Translation— Certain international operations use the respective local currencies as their functional currency, while other international operations use the U.S. Dollar as their functional currency. The Company considers the U.S. Dollar as its reporting currency. Translation adjustments for subsidiaries where the functional currency is its local currency are included in other comprehensive gain (loss). Foreign currency transaction gains (losses) resulting from exchange rate fluctuation on transactions denominated in a currency other than the functional currency are reported in earnings. Assets and liabilities of the foreign operations denominated in local currencies are translated at the rate of exchange at the balance sheet date. Revenues and expenses are translated at the weighted average rate of exchange during the period. Translations of intercompany loans of a long-term investment nature are included as a component of translation adjustment in other comprehensive gain (loss). |
Income Taxes | Income Taxes— The Company utilizes the asset and liability method of accounting for income taxes as set forth in ASC 740. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. In determining the need for valuation allowances, the Company considers projected future taxable income and the availability of tax planning strategies. If in the future the Company determines that it will not be able to realize its recorded deferred tax assets, an increase in the valuation allowance would be recorded, decreasing earnings in the period in which such determination is made. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon the Company’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where there is greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized in the consolidated financial statements. |
Per Share Information | Per Share Information— Basic earnings per share (“EPS”) is computed as net income divided by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects potential dilution to EPS that could occur if securities or other contracts, which, for the Company, consists of restricted stock grants and options to purchase shares of the Company’s common stock, are exercised as calculated using the treasury stock method. The components of basic and diluted earnings per share were as follows: 2023 2022 2021 Numerator: Net income $ 7,519 $ 27,404 $ 18,587 Denominator: Weighted average shares outstanding—basic 28,128 29,234 29,811 Dilutive effect of stock options and grants 405 638 599 Weighted average shares outstanding—diluted 28,533 29,872 30,410 For the years ended December 31, 2023, 2022, and 2021, no options or grants were excluded from the computation. |
Use of Estimates | Use of Estimates— The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and revenues, at the date that the consolidated financial statements are prepared. Significant estimates relate to the allowance for expected credit losses, inventory reserves, impairment of long-lived assets, investments and goodwill, assets acquired, and liabilities assumed in connections with business combinations and asset acquisitions, accrued program costs, stock-based compensation and income taxes. Actual results could materially differ from those estimates. |
Total Comprehensive Income | Total comprehensive income— In addition to net income, total comprehensive income includes changes in equity that are excluded from the consolidated statements of operations and are recorded directly into a separate section of stockholders’ equity on the consolidated balance sheets. For the years ended December 31, 2023, 2022, and 2021, total comprehensive income consisted of net income and foreign currency translation adjustments. |
Stock-Based Compensation | Stock-Based Compensation— The Company estimates the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of operations. Compensation expense on awards subject to performance conditions is based on the quantity of awards that is probable of vesting. Stock-based compensation expense recognized is reduced for estimated forfeitures. Estimated forfeitures recognized in the Company’s consolidated statements of operations reduced compensation expense by $ 322 , $ 370 , and $ 320 for the years ended December 31, 2023, 2022, and 2021, respectively. The Company estimates that 17.4 % of both restricted stock grants and performance-based restricted shares that are currently subject to vesting will be forfeited. These estimates are reviewed quarterly and revised as necessary. The Company values restricted stock grants using the Company’s traded stock price at closing on the date of grant. The weighted average grant-date fair values of restricted stock grants during 2023, 2022, and 2021 were $ 20.31 , $ 23.53 , and $ 20.00 , respectively. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance— In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure.” The ASU updates reportable segment disclosure requirements, primarily through requiring enhanced disclosures about significant segment expenses and information used to assess segment performance. The ASU is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU includes amendments requiring enhanced income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adopting this ASU on its disclosures. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on its consolidated financial statements. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of the classification after the adoption of the change in accounting | The following table compares the Company’s historical classification with the classification after the adoption of the change in accounting for the three years ended December 31, 2023, 2022 and 2021. Classification after adoption Classification prior to adoption 2022 2021 2022 2021 Net sales $ 609,615 $ 557,676 $ 609,615 $ 557,676 Cost of sales ( 417,227 ) ( 386,953 ) ( 368,263 ) ( 343,629 ) Gross profit 192,388 170,723 241,352 214,047 Operating expenses Selling, general and administrative ( 119,921 ) ( 111,093 ) ( 168,885 ) ( 154,417 ) Research, product and regulatory ( 31,816 ) ( 28,855 ) ( 31,816 ) ( 28,855 ) Bargain purchase gain on business acquisition — 171 — 171 Operating income $ 40,651 $ 30,946 $ 40,651 $ 30,946 |
Components of Inventories, Net of Reserve Allowance | The components of inventories, consist of the following: 2023 2022 Finished products $ 198,935 $ 155,128 Raw materials 20,616 29,062 Total inventories $ 219,551 $ 184,190 |
Schedule of Additional Information of Operating Leases | Additional information related to operating leases are as follows: Year Ended Year Ended Year Ended Cash paid for amounts included in the measurement of lease liabilities $ 7,333 $ 6,450 $ 5,750 ROU assets obtained in exchange for new lease liabilities $ 4,466 $ 4,468 $ 18,521 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases | The weighted-average remaining lease term and discount rate related to the operating leases as of December 31, 2023 and 2022 were as follows: December 31, 2023 December 31, 2022 Weighted-average remaining lease term (in years) 5.04 5.93 Weighted-average discount rate 4.60 % 4.00 % |
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases | Future minimum lease payments under non-cancellable operating leases as of December 31, 2023 were as follows: 2024 $ 6,879 2025 5,755 2026 4,275 2027 2,814 2028 1,883 Thereafter 4,338 Total lease payments $ 25,944 Less: imputed interest ( 2,750 ) Total $ 23,194 Amounts recognized in the consolidated balance sheets: Operating lease liabilities, current $ 6,081 Operating lease liabilities, long term $ 17,113 |
Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region | Selective enterprise information of sales disaggregated by category and geographic region is as follows: 2023 2022 2021 Net sales: U.S. crop $ 269,229 $ 288,624 $ 263,632 U.S. non-crop 75,287 76,709 78,605 Total U.S. 344,516 365,333 342,237 International 234,855 244,282 215,439 Total net sales $ 579,371 $ 609,615 $ 557,676 |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share were as follows: 2023 2022 2021 Numerator: Net income $ 7,519 $ 27,404 $ 18,587 Denominator: Weighted average shares outstanding—basic 28,128 29,234 29,811 Dilutive effect of stock options and grants 405 638 599 Weighted average shares outstanding—diluted 28,533 29,872 30,410 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment at December 31, 2023 and 2022 consist of the following: 2023 2022 Estimated Land $ 2,765 $ 2,757 Buildings and improvements 21,088 20,794 10 to 40 years Machinery and equipment 148,912 142,980 3 to 25 years Office furniture, fixtures and equipment 10,622 13,231 3 to 10 years Automotive equipment 1,247 1,584 5 to 20 years Construction in progress 10,553 5,897 Total gross value 195,187 187,243 Less accumulated depreciation ( 120,627 ) ( 116,331 ) Total net value $ 74,560 $ 70,912 Domestic $ 69,615 $ 66,268 International 4,945 4,644 Total net value $ 74,560 $ 70,912 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | Long-term debt of the Company at December 31, 2023 and 2022 is summarized as follows: 2023 2022 Senior credit facility $ 138,900 $ 52,300 Less deferred loan fees ( 1,218 ) ( 823 ) $ 137,682 $ 51,477 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Provisions for Income Taxes | The provisions for income taxes are: 2023 2022 2021 Current: Federal $ 8,038 $ 7,439 $ 6,684 State 1,211 2,173 2,149 Foreign 3,238 3,943 1,106 12,487 13,555 9,939 Deferred: — Federal ( 6,263 ) ( 2,763 ) ( 2,369 ) State ( 1,029 ) ( 1,243 ) ( 1,039 ) Foreign ( 2,417 ) ( 988 ) 1,635 ( 9,709 ) ( 4,994 ) ( 1,773 ) Total $ 2,778 $ 8,561 $ 8,166 |
Total Income Tax Expense Applying U.S. Federal Income Tax Rate | Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 21.0 % to income before income tax expense, as a result of the following: 2023 2022 2021 Computed tax expense at statutory federal rates $ 2,162 $ 7,553 $ 5,619 Increase (decrease) in taxes resulting from: State taxes, net of federal income tax benefit 756 1,493 1,485 Unrecognized tax benefits ( 585 ) ( 1,441 ) ( 1,783 ) Bargain purchase gain on business acquisition — — ( 35 ) Income tax credits ( 720 ) ( 1,342 ) ( 1,206 ) Foreign tax rate differential 1,025 785 262 Stock based compensation 219 55 208 Global intangible low-taxed income 685 — 162 Change in valuation allowance 1,376 379 3,304 Return to provision 158 ( 693 ) ( 651 ) Nondeductible expenses / (tax deductions) ( 327 ) 989 ( 103 ) Gross receipts taxes 425 602 567 IP migration ( 2,455 ) — — Other 59 181 337 Total $ 2,778 $ 8,561 $ 8,166 |
Components of Income before Provision | Income before provision for income taxes and losses on equity investments are: 2023 2022 2021 Domestic $ 6,672 $ 28,739 $ 21,212 International 3,625 7,226 5,929 Total $ 10,297 $ 35,965 $ 27,141 |
Deferred Tax Assets and Liability | Temporary differences between the consolidated financial statements’ carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax liability at December 31, 2023 and 2022 relate to the following: 2023 2022 Deferred tax assets Inventories $ 2,764 $ 2,401 Program accrual 9,742 8,277 Vacation pay accrual 864 772 Accrued bonuses 37 1,707 Bad debt expense 2,143 1,450 Stock compensation 1,536 1,414 Domestic NOL carryforward 543 609 Foreign NOL carryforward 6,322 2,554 Tax credits 1,582 842 Lease liability 5,812 6,209 Accrued expenses 696 570 Unrealized foreign exchange loss ( 1,182 ) 3,220 Capitalized R&D costs 7,140 4,600 Deferred tax assets 37,999 34,625 Less valuation allowance ( 3,317 ) ( 3,853 ) Deferred tax assets, net $ 34,682 $ 30,772 Deferred tax liabilities Plant and equipment, principally due to differences in depreciation and capitalized interest $ 32,336 $ 36,158 Lease assets 5,617 6,079 Prepaid expenses 1,406 1,685 Deferred revenue — 777 Other 366 529 Deferred tax liabilities $ 39,725 $ 45,228 Total net deferred tax liabilities $ 5,043 $ 14,456 |
Gross Unrecognized Tax Benefits | 2023 2022 Balance at beginning of year $ 2,006 $ 2,426 Additions for tax positions related to the current year 230 225 Additions for tax positions related to the prior years 302 5 Reduction for tax positions related to the prior years ( 799 ) ( 745 ) Effect of exchange rate changes 57 95 Balance at end of year $ 1,796 $ 2,006 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of International Sales | The Company’s receivables, excluding allowances for expected credit losses, by geography as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Domestic receivables $ 89,315 $ 65,825 International receivables 108,761 105,619 Total receivables $ 198,076 $ 171,444 International sales by territory based on customer location for 2023, 2022 and 2021 were as follows: 2023 2022 2021 South and Central America $ 117,727 $ 124,525 $ 108,975 Mexico 49,800 45,995 40,724 Asia 28,071 26,588 26,234 Australia 19,712 19,674 21,061 Canada 12,268 14,860 10,377 Africa 3,715 8,840 3,468 Middle East 1,354 1,836 2,357 Europe 2,208 1,964 2,243 Total international net sales $ 234,855 $ 244,282 $ 215,439 |
Product and Business Acquisit_2
Product and Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Purchase Consideration | The acquisition was accounted for as a business combination and the purchase consideration was allocated as follows: Amount Trade receivables $ 1,883 Inventory and other current assets 1,330 Property, plant, and equipment 45 Product registrations and product rights 104 Goodwill 2,949 Liabilities assumed ( 1,819 ) Total $ 4,492 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Intangible Assets Recognized in Connection with Product Acquisitions | The following schedule represents intangible assets recognized in connection with product acquisitions (See Note 1 for the Company’s accounting policy regarding intangible assets): Amount Intangible assets at December 31, 2020 $ 197,514 Additions during fiscal 2021 10,524 Measurement period adjustment 4,226 Impact of movement in exchange rates ( 710 ) Amortization expense ( 13,713 ) Intangible assets at December 31, 2021 197,841 Additions during fiscal 2022 1,292 Impact of movement in exchange rates ( 516 ) Amortization expense ( 13,953 ) Intangible assets at December 31, 2022 184,664 Additions during fiscal 2023 941 Impact of movement in exchange rates 177 Amortization expense ( 13,274 ) Intangible assets at December 31, 2023 $ 172,508 Goodwill at December 31, 2020 $ 52,108 Measurement period adjustment ( 4,054 ) Impact of movement in exchange rates ( 1,794 ) Goodwill at December 31, 2021 46,260 Impact of movement in exchange rates 750 Goodwill at December 31, 2022 47,010 Additions during fiscal 2023 2,949 Impact of movement in exchange rates 1,240 Goodwill at December 31, 2023 $ 51,199 Intangible assets and goodwill at December 31, 2023 $ 223,707 |
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Goodwill | The following schedule represents the gross carrying amount and accumulated amortization of intangible assets and goodwill as of December 31, 2023 and 2022. Product rights and trademarks are amortized over the lesser of the useful life ranging from 15 to 32 years, or the patent life. Customer lists are amortized over their expected useful lives of nine to ten years . The amortization expense is included in operating expenses on the consolidated statements of operations. 2023 2022 Gross Accumulated Net Book Gross Accumulated Net Book Product rights and patents $ 272,879 $ 131,778 $ 141,101 $ 272,339 $ 121,209 $ 151,130 Trademarks 40,896 13,290 27,606 40,459 11,615 28,844 Customer lists 11,549 7,748 3,801 11,204 6,514 4,690 Total intangibles assets 325,324 152,816 172,508 324,002 139,338 184,664 Goodwill 51,199 — 51,199 47,010 — 47,010 Total intangibles and goodwill $ 376,523 $ 152,816 $ 223,707 $ 371,012 $ 139,338 $ 231,674 Domestic $ 195,265 $ 99,598 $ 95,667 $ 194,395 $ 92,352 $ 102,043 International 181,258 53,218 128,040 176,617 46,986 129,631 Total intangibles and goodwill $ 376,523 $ 152,816 $ 223,707 $ 371,012 $ 139,338 $ 231,674 |
Schedule of Future Amortization Charges Related to Intangible Assets | The following schedule represents future amortization charges related to intangible assets: Year ending December 31, Amount 2024 $ 12,887 2025 12,704 2026 12,644 2027 12,501 2028 11,633 Thereafter 110,139 $ 172,508 |
Contingent Consideration (Table
Contingent Consideration (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Company's Contingent Consideration Liability Under Acquisitions Agreements | The following table illustrates the Company’s contingent earn-out movements related to its business acquisitions for the years ended December 31, 2023, 2022 and 2021: Amount Obligations at December 31, 2020 $ 2,468 Purchase price adjustment ( 955 ) Fair value adjustment 758 Accretion of discounted liabilities ( 8 ) Payments on existing obligations ( 1,301 ) Foreign exchange effect ( 176 ) Obligations at December 31, 2021 786 Fair value adjustment 610 Accretion of discounted liabilities 27 Payments on existing obligations ( 1,389 ) Foreign exchange effect ( 34 ) Obligations at December 31, 2022 $ — |
Equity Plan Awards (Tables)
Equity Plan Awards (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock Based Compensation, Unamortized Stock-Based Compensation and Remaining Weighted Average Period | The below tables illustrate the Company’s stock-based compensation, unamortized stock-based compensation, and remaining weighted average period for the years ended December 31, 2023, 2022 and 2021. This projected expense will change if any stock options and restricted stock are granted or cancelled prior to the respective reporting periods, or if there are any changes required to be made for estimated forfeitures. Stock-Based Unamortized Remaining December 31, 2023 Restricted Stock $ 4,830 $ 6,593 1.8 Unrestricted Stock 520 217 0.4 Performance-Based Restricted Stock 788 2,500 1.8 Total $ 6,138 $ 9,310 December 31, 2022 Restricted Stock $ 4,407 $ 6,585 1.8 Unrestricted Stock 499 217 0.4 Performance-Based Restricted Stock 778 2,441 1.8 Total $ 5,684 $ 9,243 December 31, 2021 Restricted Stock $ 5,682 $ 6,804 1.8 Unrestricted Stock 421 187 0.4 Performance-Based Restricted Stock 777 2,888 1.8 Total $ 6,880 $ 9,879 |
Summary of Option Activity | Activity of the incentive stock option plans: Number of Weighted Average Balance outstanding, December 31, 2020 123,087 11.48 Options exercised ( 15,051 ) 11.41 Balance outstanding, December 31, 2021 108,036 11.49 Options exercised ( 39,140 ) 11.49 Balance outstanding, December 31, 2022 68,896 11.49 Options exercised ( 4,024 ) 11.49 Balance outstanding, December 31, 2023 64,872 11.49 |
Summary of Stock Options Summarized by Exercise Price | Outstanding stock options at December 31, 2023, summarized by exercise price: Outstanding Weighted Average Exercise Price Per Share Number of Remaining Exercise Outstanding stock options, December 31, 2023 64,872 12 $ 11.49 |
Performance Based Stock Options | |
Summary of Option Activity | Activity of the performance incentive stock option plan: Number of Weighted Balance outstanding, December 31, 2021 and 2020 114,658 $ 11.49 Options exercised ( 32,850 ) 11.49 Balance outstanding, December 31, 2022 81,808 $ 11.49 Options exercised — 11.49 Balance outstanding, December 31, 2023 81,808 $ 11.49 |
Restricted and Unrestricted Stock | |
Summary of Non-Vested Shares | A summary of nonvested restricted and unrestricted stock is presented below: 2023 2022 2021 Number Weighted Number Weighted Number Weighted Nonvested shares at January 1 st 742,050 $ 18.86 817,290 $ 17.04 820,624 $ 16.64 Granted 306,515 20.31 256,417 23.53 295,619 20.00 Vested ( 319,751 ) 14.90 ( 262,521 ) 17.84 ( 244,651 ) 19.23 Forfeited ( 42,629 ) 20.61 ( 69,136 ) 18.58 ( 54,302 ) 17.11 Nonvested shares at December 31 st 686,185 $ 21.24 742,050 $ 18.86 817,290 $ 17.04 |
Performance Based Restricted Stock | |
Summary of Non-Vested Shares | A summary of nonvested performance-based stock is presented below: December 31, 2023 December 31, 2022 December 31, 2021 Number Weighted Number Weighted Number Weighted Nonvested shares at January 1 st 318,699 $ 18.05 379,061 $ 16.43 391,771 $ 16.26 Granted 94,028 21.51 83,190 23.63 102,043 20.03 Change based on performance achievement ( 58,827 ) 14.73 ( 68,484 ) 16.87 71,180 20.53 Vested ( 86,188 ) 13.99 ( 51,308 ) 17.09 ( 175,087 ) 19.78 Forfeited ( 4,387 ) 17.67 ( 23,760 ) 17.21 ( 10,846 ) 16.89 Nonvested shares at December 31 st 263,325 $ 21.37 318,699 $ 18.05 379,061 $ 16.43 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Beginning Balance, Annual Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss | The following table lists the beginning balance, annual activity and ending balance of foreign currency translation adjustment included as a component of accumulated other comprehensive loss: Balance, December 31, 2020 $ ( 9,322 ) Foreign currency translation adjustment, net of tax effects of $ 76 ( 4,462 ) Balance, December 31, 2021 ( 13,784 ) Foreign currency translation adjustment, net of tax effects of ($ 245 ) 1,602 Balance, December 31, 2022 ( 12,182 ) Foreign currency translation adjustment, net of tax effects of ($ 277 ) 6,219 Balance, December 31, 2023 $ ( 5,963 ) |
Share Repurchase Program (Table
Share Repurchase Program (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Number of Shares of Common Stock Repurchased | The table below summarized the number of shares of the Company's common stock that were repurchased during the years ended December 31, 2023, 2022 and 2021. Year ended Total number of Average price paid Total amount paid December 31, 2023 885,290 $ 17.55 $ 15,539 December 31, 2022 1,668,852 $ 20.37 $ 34,002 December 31, 2021 300,000 $ 15.26 $ 4,579 |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Supplemental Cash Flows Information | 2023 2022 2021 Supplemental cash flow information: Cash paid during the year for: Interest $ 11,902 $ 3,834 $ 3,520 Income taxes, net $ 9,428 $ 19,960 $ 5,796 Non-cash transactions: Cash dividends declared and included in accrued expenses $ 834 $ 851 $ 594 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Doubtful Accounts | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 5,136 | $ 3,938 | $ 3,297 |
Additions Charged to Expenses | 1,935 | 1,171 | 649 |
Foreign exchange impact | 36 | 27 | (8) |
Balance at End of Period | 7,107 | 5,136 | 3,938 |
Deferred Tax Asset Valuation Allowance | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 3,853 | 4,262 | 0 |
Additions Charged to Expenses | 1,376 | 379 | 3,304 |
Additions Charged to Other Comprehensive Loss | (1,912) | (788) | 958 |
Balance at End of Period | $ 3,317 | $ 3,853 | $ 4,262 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Depreciation and Amortization | $ 6,599,000 | $ 8,906,000 | $ 9,232,000 |
Advertising expense | 5,736,000 | 5,836,000 | 5,201,000 |
Inventory reserve allowance | 2,756,000 | 3,015,000 | |
Operating lease expenses | 7,579,000 | 6,531,000 | 6,053,000 |
Short-term assets | 8,356,000 | 9,816,000 | |
long-term assets | 11,994,000 | 10,769,000 | |
Revenue recognized | 88,097,000 | 63,064,000 | 37,779,000 |
Refund to Customers | 22,500,000 | ||
Impairment loss of long-lived assets | 0 | 0 | 0 |
Goodwill, impairment losses | $ 0 | $ 0 | $ 0 |
Stock options or grants excluded from computation of diluted earning per share | 0 | 0 | 0 |
Interest capitalized | $ 567,000 | $ 317,000 | |
Reduction in share based compensation expense | 322,000 | 370,000 | $ 320,000 |
Contract assets | $ 0 | $ 3,100,000 | |
Weighted average grant-date fair values of restricted stock grants | $ 21.51 | $ 23.63 | |
Restricted Stock | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Weighted average grant-date fair values of restricted stock grants | $ 20.31 | 23.53 | $ 20 |
Performance Based Restricted Stock | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Forfeited percentage of stock | 17.40% | ||
Weighted average grant-date fair values of restricted stock grants | $ 21.51 | $ 23.63 | $ 20.03 |
Other Receivables [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Short-term assets | $ 2,098,000 | ||
long-term assets | $ 1,002,000 | ||
Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease term | 1 year | ||
Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease term | 20 years |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Summary of Current Year Persentation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 579,371 | $ 609,615 | $ 557,676 |
Cost of sales | (400,207) | (417,227) | (386,953) |
Gross profit | 179,164 | 192,388 | 170,723 |
Selling, general and administrative | (117,844) | (119,921) | (111,093) |
Research, product and regulatory | (38,025) | (31,816) | (28,855) |
Bargain purchase gain on business acquisition | 0 | 0 | 171 |
Operating income | $ 23,295 | 40,651 | 30,946 |
Classification after adoption of accounting change [Member] | |||
Net sales | 609,615 | 557,676 | |
Cost of sales | (417,227) | (386,953) | |
Gross profit | 192,388 | 170,723 | |
Selling, general and administrative | (119,921) | (111,093) | |
Research, product and regulatory | (31,816) | (28,855) | |
Bargain purchase gain on business acquisition | 0 | 171 | |
Operating income | 40,651 | 30,946 | |
Classification prior to adoption of accounting change [Member] | |||
Net sales | 609,615 | 557,676 | |
Cost of sales | (368,263) | (343,629) | |
Gross profit | 241,352 | 214,047 | |
Selling, general and administrative | (168,885) | (154,417) | |
Research, product and regulatory | (31,816) | (28,855) | |
Bargain purchase gain on business acquisition | 0 | 171 | |
Operating income | $ 40,651 | $ 30,946 |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies - Components of Inventories, Net of Reserve Allowance (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 198,935 | $ 155,128 |
Raw materials | 20,616 | 29,062 |
Total inventories | $ 219,551 | $ 184,190 |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies - Schedule of Additional Information of Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Cash paid for amounts included in the measurement of lease liabilities | $ 7,333 | $ 6,450 | $ 5,750 |
ROU assets obtained in exchange for new lease liabilities | $ 4,466 | $ 4,468 | $ 18,521 |
Description of Business and S_8
Description of Business and Summary of Significant Accounting Policies - Schedule of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Weighted-average remaining lease term (in years) | 5 years 14 days | 5 years 11 months 4 days |
Weighted-average discount rate | 4.60% | 4% |
Description of Business and S_9
Description of Business and Summary of Significant Accounting Policies - Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
2024 | $ 6,879 | |
2025 | 5,755 | |
2026 | 4,275 | |
2027 | 2,814 | |
2028 | 1,883 | |
Thereafter | 4,338 | |
Total lease payments | 25,944 | |
Less: imputed interest | (2,750) | |
Total | 23,194 | |
Amounts recognized in the consolidated balance sheets: | ||
Operating lease liabilities, current | 6,081 | $ 5,279 |
Operating lease liabilities, long term | $ 17,113 | $ 19,492 |
Description of Business and _10
Description of Business and Summary of Significant Accounting Policies - Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 579,371 | $ 609,615 | $ 557,676 |
US Crop | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 269,229 | 288,624 | 263,632 |
US Non-Crop | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 75,287 | 76,709 | 78,605 |
Total US | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 344,516 | 365,333 | 342,237 |
International | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 234,855 | $ 244,282 | $ 215,439 |
Description of Business and _11
Description of Business and Summary of Significant Accounting Policies - Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net income | $ 7,519 | $ 27,404 | $ 18,587 |
Denominator: | |||
Weighted average shares outstanding—basic | 28,128,000 | 29,234,000 | 29,811,000 |
Dilutive effect of stock options and grants | 405,000 | 638,000 | 599,000 |
Weighted average shares outstanding—diluted | 28,533,000 | 29,872,000 | 30,410,000 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 195,187 | $ 187,243 |
Less accumulated depreciation | (120,627) | (116,331) |
Total net value | 74,560 | 70,912 |
Domestic | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 69,615 | 66,268 |
International | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 4,945 | 4,644 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 2,765 | 2,757 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 21,088 | 20,794 |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 40 years | |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 10 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 148,912 | 142,980 |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 25 years | |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 3 years | |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 10,622 | 13,231 |
Office furniture, fixtures and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 10 years | |
Office furniture, fixtures and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 3 years | |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 1,247 | 1,584 |
Automotive equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 20 years | |
Automotive equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 5 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 10,553 | $ 5,897 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense related to property, plant and equipment | $ 8,352 | $ 7,974 | $ 8,530 |
Elimination of Assets and Accumulated depreciation | 4,056 | 416 | $ 658 |
Interest capitalized | $ 567 | $ 317 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Senior credit facility | $ 138,900 | $ 52,300 |
Less deferred loan fees | (1,218) | (823) |
Net long-term debt | $ 137,682 | $ 51,477 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||
Principal payments on long -term debt due in 2022 | $ 138,900 | ||
Interest expense | $ 12,639,000 | $ 3,954,000 | $ 3,687,000 |
Credit Spread Adjustment | |||
Debt Instrument [Line Items] | |||
Description Of Credit Spread Adjustement | effective March 9, 2023, whereby LIBOR was replaced by SOFR with a credit spread adjustment of 10.0 bps for all SOFR periods | ||
LIBOR | |||
Debt Instrument [Line Items] | |||
Credit agreement, variable rate basis | 1% | ||
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Total Leverage | 0.0246 | ||
Amendment Credit Agreement | |||
Debt Instrument [Line Items] | |||
Credit agreement, variable rate description | the Company entered into Amendment Number Six to the Third Amended Loan and Security Agreement that provided relief in respect of both financial covenants. Specifically, with respect to the Maximum Total Leverage Ratio, the existing ratio of 3.5 through September 30, 2024 and 3.25 through December 31, 2024 and thereafter was changed to 5.5 through September 30, 2023, 4.5 for the periods ending December 31, 2023 and March 31, 2024, 4.0 for the period ending June 30, 2024, 3.5 through September 30, 2024 and returning to 3.25 from December 31, 2024 and thereafter. In addition, the Minimum Fixed Charge Coverage Ratio was changed from 1.25 to 1.0 for the periods ending September 30, 2023, December 31, 2023 and March 31, 2024 and returning to 1.25 for the period ending June 30, 2024 and thereafter. Further, after the delivery of financial statements and a covenant compliance certificate for the period ending December 31, 2023, the Borrowers may elect to terminate the covenant modification period (“CMP”) and revert to the terms of the existing Credit Agreement, if Total Leverage is less than 2.75. Further, for the duration of the CMP, the Company is restricted from making share repurchases. Finally, the Applicable Margin (SOFR and Adjusted Base Rate) and Letter of Credit fees increase by 0.50 basis points for each tier of interest during CMP. As of December 31, 2023, the Company is in compliance with the terms of the CMP and is considering terminating the related covenant modification. The interest rate on December 31, 2023, was 8.33%. Interest incurred, including amortization of deferred loan fees, was $12,391, $4,238, and $3,781 for the years ended December 31, 2023, 2022 and 2021, respectively. | ||
Senior Secured Revolving Line Of Credit | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 275,000 | ||
Credit agreement, covenant description | The Credit Agreement consists of a line of credit of up to $275,000, an accordion feature of up to $150,000, a letter of credit and swingline sub-facility (each having limits of $25,000) and has a maturity date of August 5, 2026. The Credit Agreement amended and restated the previous credit facility, which had a maturity date of June 30, 2022. With respect to key financial covenants, the Credit Agreement contains two: namely, borrowers are required to maintain a Total Leverage (“TL”) Ratio of no more than 3.5-to-1, during the first three years, stepping down to 3.25-to-1 as of December 31, 2024, and a Fixed Charge Coverage Ratio ("FCCR") of at least 1.25-to-1. In addition, to the extent that it completes acquisitions totaling $15 million or more in any 90-day period, AMVAC may step-up the TL Ratio by 0.5-to-1, not to exceed 4.00-to-1, for the next three full consecutive quarters. | ||
Senior secured credit facility, maturity date | Aug. 05, 2026 | ||
Credit agreement, variable rate description | Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable Margin” which is based upon the Total Leverage (“TL”) Ratio (“LIBOR Revolver Loan”) or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month LIBOR Rate plus 1.00%, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”). The Company and the Lenders entered into an amendment to the Credit Agreement, effective March 9, 2023, whereby LIBOR was replaced by SOFR with a credit spread adjustment of 10.0 bps for all SOFR periods. The revolving loans now bear interest at a variable rate based at our election with proper notice, on either (i) SOFR plus 0.1% per annum and the “Applicable Margin” or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month SOFR Rate plus 1.10%, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”). Interest payments for SOFR Revolver Loans are payable on the last day of each interest period (either one-, three- or six- month periods, as selected by the Company) and the maturity date, while interest payments for Adjusted Base Rate Revolver Loans are payable on the last business day of each month and the maturity date. | ||
Senior Secured Revolving Line Of Credit | Fed Funds Effective Rate Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Credit agreement, variable rate basis | 0.50% | ||
Senior Secured Revolving Line Of Credit | Base Rate | |||
Debt Instrument [Line Items] | |||
Credit agreement, interest payment period, description | last business day of each month | ||
Senior Secured Revolving Line Of Credit | SOFR | |||
Debt Instrument [Line Items] | |||
Credit agreement, variable rate basis | 1.10% | ||
Senior Secured Revolving Line Of Credit | SOFR | Lender | |||
Debt Instrument [Line Items] | |||
Credit agreement, variable rate description | The Company and the Lenders entered into an amendment to the Credit Agreement, effective March 9, 2023, whereby LIBOR was replaced by SOFR with a credit spread adjustment of 10.0 bps for all SOFR periods. The revolving loans now bear interest at a variable rate based at our election with proper notice, on either (i) SOFR plus 0.1% per annum and the “Applicable Margin” or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month SOFR Rate plus 1.10%, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”) | ||
Senior Secured Revolving Line Of Credit | Term Loan | |||
Debt Instrument [Line Items] | |||
Accordion feature | $ 150,000 | ||
Senior Secured Revolving Line Of Credit | Credit Agreement | |||
Debt Instrument [Line Items] | |||
Consolidated funded debt ratio | 0.50% | ||
Senior Secured Revolving Line Of Credit | Credit Agreement | SOFR | |||
Debt Instrument [Line Items] | |||
Credit agreement, variable rate basis | 0.10% | ||
Maximum | Amendment Credit Agreement | |||
Debt Instrument [Line Items] | |||
Total Leverage | 0.0275 | ||
Maximum | Senior Secured Revolving Line Of Credit | |||
Debt Instrument [Line Items] | |||
Available borrowings capacity under credit agreement | $ 25,000 | ||
Consolidated funded debt ratio | 3.50% | ||
Maximum | Senior Secured Revolving Line Of Credit | Credit Agreement | |||
Debt Instrument [Line Items] | |||
Consolidated funded debt ratio | 4% | ||
Joint venture, consideration | $ 50,000,000 | ||
Capacity to increase borrowings under credit agreement | $ 115,002 | $ 200,372,000 | |
Maximum | Senior Secured Revolving Line Of Credit | Amendment Credit Agreement | |||
Debt Instrument [Line Items] | |||
Consolidated funded debt ratio | 1.25% | ||
Minimum | Senior Secured Revolving Line Of Credit | |||
Debt Instrument [Line Items] | |||
Consolidated funded debt ratio | 3.25% | ||
Minimum | Senior Secured Revolving Line Of Credit | Credit Agreement | |||
Debt Instrument [Line Items] | |||
Joint venture, consideration | $ 15,000,000 | ||
Minimum | Senior Secured Revolving Line Of Credit | Amendment Credit Agreement | |||
Debt Instrument [Line Items] | |||
Consolidated funded debt ratio | 1% |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 8,038 | $ 7,439 | $ 6,684 |
State | 1,211 | 2,173 | 2,149 |
Foreign | 3,238 | 3,943 | 1,106 |
Current Income Tax Expense (Benefit), Total | 12,487 | 13,555 | 9,939 |
Deferred: | |||
Federal | (6,263) | (2,763) | (2,369) |
State | (1,029) | (1,243) | (1,039) |
Foreign | (2,417) | (988) | 1,635 |
Increase (Decrease) in Deferred Income Taxes | (9,709) | (4,994) | (1,773) |
Total | $ 2,778 | $ 8,561 | $ 8,166 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Federal Income Tax Rate | 21% | ||
Valuation Allowance | $ 3,317,000 | $ 3,853,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 536,000 | ||
Valuation allowance for net operating loss carryforwards | 1,376,000 | 379,000 | |
Unrealized foreign exchange losses | 1,912,000 | 788,000 | |
Interest and penalties related to unrecognized tax benefits accrued | 1,342,000 | 2,161,000 | $ 2,909,000 |
Expected unrecognized tax benefits to be released | 304,000 | ||
Undistributed earnings of foreign subsidiaries | 78,600 | ||
deferred tax asset | 7,140,000 | ||
cash tax payments | 3,344,000 | 6,180,000 | |
Foreign Tax Authority | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 19,699,000 | 8,342,000 | |
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 3,598,000 | $ 3,622,000 |
Income Taxes - Total Income Tax
Income Taxes - Total Income Tax Expense Applying U.S. Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Computed tax expense at statutory federal rates | $ 2,162 | $ 7,553 | $ 5,619 |
Increase (decrease) in taxes resulting from: | |||
State taxes, net of federal income tax benefit | 756 | 1,493 | 1,485 |
Unrecognized tax benefits | (585) | (1,441) | (1,783) |
Bargain purchase gain on business acquisition | 0 | 0 | (35) |
Income tax credits | (720) | (1,342) | (1,206) |
Foreign tax rate differential | 1,025 | 785 | 262 |
Stock based compensation | 219 | 55 | 208 |
Global intangible low-taxed income | 685 | 0 | 162 |
Change in valuation allowance | 1,376 | 379 | 3,304 |
Return to provision | 158 | (693) | (651) |
Nondeductible / (deductible) expenses | (327) | 989 | (103) |
Gross receipts taxes | 425 | 602 | 567 |
IP migration deferred tax asset | (2,455) | 0 | 0 |
Other | 59 | 181 | 337 |
Total | $ 2,778 | $ 8,561 | $ 8,166 |
Income Taxes - Income before pr
Income Taxes - Income before provision for income taxes and losses on equity investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 6,672 | $ 28,739 | $ 21,212 |
International | 3,625 | 7,226 | 5,929 |
Total | $ 10,297 | $ 35,965 | $ 27,141 |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences in Financial Statement Carrying Amounts and Tax Bases of Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax asset | ||
Inventories | $ 2,764,000 | $ 2,401,000 |
Program accrual | 9,742,000 | 8,277,000 |
Vacation pay accrual | 864,000 | 772,000 |
Accrued bonuses | 37,000 | 1,707,000 |
Bad debt expense | 2,143,000 | 1,450,000 |
Stock compensation | 1,536,000 | 1,414,000 |
Domestic NOL carryforward | 543,000 | 609,000 |
Foreign NOL carryforward | 6,322,000 | 2,554,000 |
Tax credits | 1,582,000 | 842,000 |
Lease liability | 5,812,000 | 6,209,000 |
Accrued expenses | 696,000 | 570,000 |
Unrealized foreign exchange loss | (1,182,000) | 3,220,000 |
Capitalized R&D costs | 7,140 | 4,600 |
Deferred tax assets | 37,999,000 | 34,625,000 |
Less valuation allowance | (3,317,000) | (3,853,000) |
Deferred tax assets, net | 34,682,000 | 30,772,000 |
Deferred tax liabilities | ||
Plant and equipment, principally due to differences in depreciation and capitalized interest | 32,336,000 | 36,158,000 |
Lease assets | 5,617,000 | 6,079,000 |
Prepaid expenses | 1,406,000 | 1,685,000 |
Deferred revenue | 0 | 777,000 |
Other | 366,000 | 529,000 |
Deferred tax liabilities | 39,725,000 | 45,228,000 |
Total net deferred tax liabilities | $ 5,043,000 | $ 14,456,000 |
Income Taxes - Gross Unrecogniz
Income Taxes - Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $ 2,006 | $ 2,426 |
Additions for tax positions related to the current year | 230 | 225 |
Additions for tax positions related to the prior years | 302 | 5 |
Reduction for tax positions related to the prior years | (799) | (745) |
Effect of exchange rate changes | 57 | 95 |
Balance at end of year | $ 1,796 | $ 2,006 |
Litigation and Environmental -
Litigation and Environmental - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 Plaintiff | Feb. 11, 2022 USD ($) | |
Loss Contingencies [Line Items] | ||
Damages in the amount | $ | $ 5 | |
United States District Court Delaware | ||
Loss Contingencies [Line Items] | ||
Number of plaintiffs required to be dismissed | 290 | |
United States District Court Delaware | Hendler Law Firm | ||
Loss Contingencies [Line Items] | ||
Number of plaintiffs required to be dismissed | 2,750 |
U.S. Employee Deferred Compen_2
U.S. Employee Deferred Compensation and Stock Purchase Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2001 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 06, 2018 | |
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | |||||
Percentage contribution, compensation | 100% | ||||
Matching percentage, employee contribution | 5% | ||||
Company's contributions amount | $ 2,507 | $ 2,409 | $ 2,273 | ||
Common stock under employee stock purchase plan, par value | $ 0.1 | $ 0.1 | |||
Shares of common stock purchased through the plan | 50,025 | 51,240 | 50,782 | ||
Employee Stock Purchase Plan | |||||
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | |||||
Number of common stock shares under employee stock purchase plan | 1,000,000 | ||||
Common stock under employee stock purchase plan, par value | $ 0.1 | ||||
Employee stock purchase plan offering period | January 1 and July 1 of each year | ||||
Employee stock purchase plan expiration date | Dec. 31, 2028 | ||||
Commons stock plan available for sale under plan | 995,000 | ||||
Available common stock under plan | 441,915 | 491,940 | 543,180 |
Major Customers - Additional In
Major Customers - Additional Information (Detail) - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sales | Customer One | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 15% | 18% | 17% |
Sales | Customer Two | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 14% | 13% | 14% |
Sales | Customer Three | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 8% | 8% | 8% |
Receivables | Customer One | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 6% | 15% | |
Receivables | Customer Two | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 5% | 3% | |
Receivables | Customer Three | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 3% | 3% |
Major Customers - Summary of In
Major Customers - Summary of International Sales (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues From External Customers | |||
Net sales | $ 579,371 | $ 609,615 | $ 557,676 |
Total receivables | 198,076 | 171,444 | |
South and Central America | |||
Revenues From External Customers | |||
Net sales | 117,727 | 124,525 | 108,975 |
Mexico | |||
Revenues From External Customers | |||
Net sales | 49,800 | 45,995 | 40,724 |
Asia | |||
Revenues From External Customers | |||
Net sales | 28,071 | 26,588 | 26,234 |
Canada | |||
Revenues From External Customers | |||
Net sales | 12,268 | 14,860 | 10,377 |
Australia | |||
Revenues From External Customers | |||
Net sales | 19,712 | 19,674 | 21,061 |
Africa | |||
Revenues From External Customers | |||
Net sales | 3,715 | 8,840 | 3,468 |
Middle East | |||
Revenues From External Customers | |||
Net sales | 1,354 | 1,836 | 2,357 |
Europe | |||
Revenues From External Customers | |||
Net sales | 2,208 | 1,964 | 2,243 |
Domestic | |||
Revenues From External Customers | |||
Total receivables | 89,315 | 65,825 | |
International | |||
Revenues From External Customers | |||
Net sales | 234,855 | 244,282 | $ 215,439 |
Total receivables | $ 108,761 | $ 105,619 |
Product and Business Acquisit_3
Product and Business Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 05, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||||
Bargain purchase gain on business acquisition | $ 0 | $ 0 | $ 171 | ||
Goodwill | $ 51,199 | $ 47,010 | $ 46,260 | $ 52,108 | |
Agrinos Group Companies | |||||
Business Acquisition [Line Items] | |||||
Business combination, cash consideration | $ 4,492 | ||||
Business combination, cash acquired | $ 233 |
Product and Business Acquisit_4
Product and Business Acquisitions - Schedule of Purchase Consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Bargain purchase gain | $ 0 | $ 0 | $ (171) |
Agrinos Group Companies | Final Allocation [Member] | |||
Business Acquisition [Line Items] | |||
Trade receivables | 1,883 | ||
Inventory and other current assets | 1,330 | ||
Property, plant, and equipment | 45 | ||
Product registrations and product rights | 104 | ||
Goodwill | 2,949 | ||
Liabilities assumed | (1,819) | ||
Total | $ 4,492 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangible Assets Recognized in Connection with Product Acquisitions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Combinations [Abstract] | |||
Beginning Balance | $ 184,664 | $ 197,841 | $ 197,514 |
Additions | 941 | 1,292 | 10,524 |
Measurement period adjustment | 4,226 | ||
Impact of movement in exchange rates | 177 | (516) | (710) |
Amortization expense | (13,274) | (13,953) | (13,713) |
Ending Balance | 172,508 | 184,664 | 197,841 |
Goodwill Beginning Balance | 47,010 | 46,260 | 52,108 |
Additions during fiscal year | 2,949 | ||
Impact of movement in exchange rates | 1,240 | 750 | (1,794) |
Measurement period adjustment | (4,054) | ||
Goodwill Ending Balance | 51,199 | 47,010 | $ 46,260 |
Intangible assets and goodwill at Year End | $ 223,707 | $ 231,674 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Additional Information (Detail) | Dec. 31, 2023 |
Product rights and trademarks | Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Expected useful life | 15 years |
Product rights and trademarks | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Expected useful life | 32 years |
Customer lists | Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Expected useful life | 9 years |
Customer lists | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Expected useful life | 10 years |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Goodwill (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Gross | $ 325,324 | $ 324,002 |
Accumulated Amortization | 152,816 | 139,338 |
Net Book Value | 172,508 | 184,664 |
Gross | 376,523 | 371,012 |
Net Book Value | 223,707 | 231,674 |
Domestic | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 195,265 | 194,395 |
Accumulated Amortization | 99,598 | 92,352 |
Net Book Value | 95,667 | 102,043 |
International | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 181,258 | 176,617 |
Accumulated Amortization | 53,218 | 46,986 |
Net Book Value | 128,040 | 129,631 |
Goodwill | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 51,199 | 47,010 |
Net Book Value | 51,199 | 47,010 |
Product rights and patents | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 272,879 | 272,339 |
Accumulated Amortization | 131,778 | 121,209 |
Net Book Value | 141,101 | 151,130 |
Trademarks | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 40,896 | 40,459 |
Accumulated Amortization | 13,290 | 11,615 |
Net Book Value | 27,606 | 28,844 |
Customer lists | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 11,549 | 11,204 |
Accumulated Amortization | 7,748 | 6,514 |
Net Book Value | $ 3,801 | $ 4,690 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Schedule of Future Amortization Charges Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
2024 | $ 12,887 | |||
2025 | 12,704 | |||
2026 | 12,644 | |||
2027 | 12,501 | |||
2028 | 11,633 | |||
Thereafter | 110,139 | |||
Net Book Value | $ 172,508 | $ 184,664 | $ 197,841 | $ 197,514 |
Contingent Consideration - Sche
Contingent Consideration - Schedule of Company's Contingent Consideration Liability Under Acquisitions Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Combinations [Abstract] | ||
Beginning Balance | $ 786 | $ 2,468 |
Purchase price adjustment | (955) | |
Fair value adjustment | 610 | 758 |
Accretion of discounted liabilities | 27 | 8 |
Payments on existing obligations | (1,389) | (1,301) |
Foreign exchange effect | (34) | (176) |
Ending Balance | $ 0 | $ 786 |
Contingent Consideration (Addit
Contingent Consideration (Additional Information) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Combinations [Abstract] | ||||
Contingent earn-out obligations | $ 0 | $ 0 | $ 786,000 | $ 2,468,000 |
Research and Development - Addi
Research and Development - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Research And Development [Line Items] | |||
Research and development expenses | $ 38,025 | $ 31,816 | $ 28,855 |
Operating expenses | |||
Schedule Of Research And Development [Line Items] | |||
Research and development expenses | $ 12,347 | $ 10,829 | $ 10,354 |
Equity Plan Awards - Additional
Equity Plan Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Grant-Date Fair Value, Granted | $ 21.51 | $ 23.63 | ||
Intrinsic value of fully vested outstanding options | $ 0 | |||
Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Granted | 94,028 | 83,190 | 102,043 | |
Targeted performance percentage | 200% | 200% | 200% | |
Weighted Average Grant-Date Fair Value, Granted | $ 21.51 | $ 23.63 | $ 20.03 | |
Performance Based Restricted Stock 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Net sales goal weight, percentage | 88.26% | |||
Target performance percentage to meet performance incentive stock options based on market | 164.90% | |||
Incentive Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option Exercise Price as Percentage of Fair Value of Common Stock | 10% | |||
Option exercise price as percentage of fair value of common stock | 110% | |||
Option Exercisable Maximum Period | 10 years | |||
Incentive Stock Option Plans, Options granted | 0 | 0 | 0 | |
Outstanding Weighted Average, Exercise Price | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.48 |
Vested on March 28, 2022 | Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cliff vesting date | Apr. 20, 2026 | Apr. 20, 2025 | Apr. 16, 2024 | |
Performance based stock options based upon financial performance of earnings before interest and tax ("EBIT") and net sales goal for the period commencing January 1, 2019 through December 31, 2021 | Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of shares vesting based on Performance | 80% | 80% | 80% | |
Earnings before income taxes goal weight, percentage | 30% | 30% | 30% | |
Net sales goal weight, percentage | 50% | 50% | 50% | |
Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2019 through December 31, 2021 | Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Earnings before income taxes goal weight, percentage | 20% | 20% | 20% | |
Equity Incentive Plan 1993 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of securities remaining available for future issuance | 1,376,610 | |||
Incentive Stock Option Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of options exercised | $ 35 | $ 877 | $ 119 | |
Cash received from stock option exercised | $ 46 | $ 827 | $ 172 | |
Performance Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Remaining Life (Months) | 12 months | |||
Outstanding Weighted Average, Exercise Price | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Performance Based Stock Options | Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Targeted performance percentage | 0% |
Equity Plan Awards - Unamortize
Equity Plan Awards - Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 6,138 | $ 5,684 | $ 6,880 |
Unamortized Stock-Based Compensation | 9,310 | 9,243 | 9,879 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 4,830 | 4,407 | 5,682 |
Unamortized Stock-Based Compensation | $ 6,593 | $ 6,585 | $ 6,804 |
Remaining Weighted Average Period (years) | 1 year 9 months 18 days | 1 year 9 months 18 days | 1 year 9 months 18 days |
Unrestricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 520 | $ 499 | $ 421 |
Unamortized Stock-Based Compensation | $ 217 | $ 217 | $ 187 |
Remaining Weighted Average Period (years) | 4 months 24 days | 4 months 24 days | 4 months 24 days |
Performance Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 788 | $ 778 | $ 777 |
Unamortized Stock-Based Compensation | $ 2,500 | $ 2,441 | $ 2,888 |
Remaining Weighted Average Period (years) | 1 year 9 months 18 days | 1 year 9 months 18 days | 1 year 9 months 18 days |
Equity Plan Awards - Summary of
Equity Plan Awards - Summary of Non-Vested Shares (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant-Date Fair Value, Granted | $ 21.51 | $ 23.63 | |
Restricted and Unrestricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Beginning balance | 742,050 | 817,290 | 820,624 |
Number of Shares, Granted | 306,515 | 256,417 | 295,619 |
Number of Shares, Vested | (319,751) | (262,521) | (244,651) |
Number of Shares, Forfeited | (42,629) | (69,136) | (54,302) |
Number of Shares, Ending Balance | 686,185 | 742,050 | 817,290 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 18.86 | $ 17.04 | $ 16.64 |
Weighted Average Grant-Date Fair Value, Granted | 20.31 | 23.53 | 20 |
Weighted Average Grant-Date Fair Value, Vested | 14.9 | 17.84 | 19.23 |
Weighted Average Grant-Date Fair Value, Forfeited | 20.61 | 18.58 | 17.11 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 21.24 | $ 18.86 | $ 17.04 |
Equity Plan Awards - Status Sum
Equity Plan Awards - Status Summary of Non-Vested Shares (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant-Date Fair Value, Granted | $ 21.51 | $ 23.63 | |
Performance Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Beginning balance | 318,699 | 379,061 | 391,771 |
Number of Shares, Granted | 94,028 | 83,190 | 102,043 |
Change based on performance achievement | (58,827) | (68,484) | 71,180 |
Number of Shares, Vested | (86,188) | (51,308) | (175,087) |
Number of Shares, Forfeited | (4,387) | (23,760) | (10,846) |
Number of Shares, Ending Balance | 263,325 | 318,699 | 379,061 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 18.05 | $ 16.43 | $ 16.26 |
Weighted Average Grant-Date Fair Value, Granted | 21.51 | 23.63 | 20.03 |
Weighted Average Grant-Date Fair Value, Additional granted based on performance | 14.73 | 16.87 | 20.53 |
Weighted Average Grant-Date Fair Value, Vested | 13.99 | 17.09 | 19.78 |
Weighted Average Grant-Date Fair Value, Forfeited | 17.67 | 17.21 | 16.89 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 21.37 | $ 18.05 | $ 16.43 |
Equity Plan Awards - Summary _2
Equity Plan Awards - Summary of Option Activity (Detail) - Incentive Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 68,896 | 108,036 | 123,087 |
Incentive Stock Option Plans, Option exercised | (4,024) | (39,140) | (15,051) |
Incentive Stock Option Plans, Ending balance | 64,872 | 68,896 | 108,036 |
Weighted Average Price Per Share, Beginning balance | $ 11.49 | $ 11.49 | $ 11.48 |
Weighted Average Price Per Share, Option exercised | 11.49 | 11.49 | 11.41 |
Weighted Average Price Per Share, Ending balance | $ 11.49 | $ 11.49 | $ 11.49 |
Equity Plan Awards - Summary _3
Equity Plan Awards - Summary of Stock Options Summarized by Exercise Price (Detail) - Incentive Stock Options - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Exercise Price | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.48 |
Range One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Shares | 64,872 | |||
Outstanding Weighted Average, Remaining Life (Months) | 12 years | |||
Outstanding Weighted Average, Exercise Price | $ 11.49 |
Equity Plan Awards - Summary _4
Equity Plan Awards - Summary of Performance option activity (Detail) - Performance Based Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 81,808 | 114,658 | 114,658 |
Incentive Stock Option Plans, Option exercised | 0 | (32,850) | |
Incentive Stock Option Plans, Ending balance | 81,808 | 81,808 | 114,658 |
Weighted Average Price Per Share, Beginning balance | $ 11.49 | $ 11.49 | $ 11.49 |
Weighted Average Price Per Share, Option exercised | 11.49 | 11.49 | |
Weighted Average Price Per Share, Ending balance | $ 11.49 | $ 11.49 | $ 11.49 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Beginning Balance, Annual Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 369,979 | ||
Foreign currency translation adjustment, net of tax effects | 6,219 | $ 1,602 | $ (4,462) |
Balance | 370,010 | 369,979 | |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (12,182) | (13,784) | (9,322) |
Foreign currency translation adjustment, net of tax effects | 6,219 | 1,602 | (4,462) |
Balance | $ (5,963) | $ (12,182) | $ (13,784) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Beginning Balance, Annual Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Foreign currency translation adjustment, tax effect | $ (277) | $ (245) | $ 76 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 27, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 02, 2016 | |
Equity Method Investments [Line Items] | |||||
Investment | $ 950 | ||||
Losses from equity method investment | $ 0 | $ 0 | $ (388) | ||
Profeng Australia, Pty Ltd | |||||
Equity Method Investments [Line Items] | |||||
Joint venture, consideration | $ 1,900 | ||||
Huifeng/AMVAC Innovation Co., Ltd. | |||||
Equity Method Investments [Line Items] | |||||
Equity investment ownership position | 50% | ||||
Hong Kong JV | |||||
Equity Method Investments [Line Items] | |||||
Equity investment ownership position | 50% | 50% | 50% | ||
Losses from equity method investment | $ 0 | $ 0 | $ 388 |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Apr. 01, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 29, 2016 | |
Equity Method Investments [Line Items] | |||||
Losses from equity method investment | $ 0 | $ 0 | $ (388) | ||
Bi Pa | |||||
Equity Method Investments [Line Items] | |||||
Investments value | $ 2,884 | $ 2,884 | $ 3,283 | ||
Cost method ownership percentage | 15% | 15% | 15% | ||
Impairment of investments | $ 0 | $ 0 | $ 399 | ||
Clean Seed Capital Group Ltd | |||||
Equity Method Investments [Line Items] | |||||
Equity Method Investment Shares Purchased | 6,250 | ||||
Equity investment ownership position | 8% | ||||
Joint venture, consideration | $ 1,190 | ||||
Fair value of stock | 425 | 784 | |||
Losses from equity method investment | $ 359 | $ 732 | $ 391 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||||
May 25, 2023 | Dec. 14, 2022 | Aug. 22, 2022 | Mar. 08, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 30, 2021 | |
Equity Class Of Treasury Stock [Line Items] | ||||||||
Common stock, par value per share | $ 0.1 | $ 0.1 | ||||||
Number of shares purchased | 27,835 | 734,150 | 300,000 | |||||
Amount paid for common shares purchase | $ 15,539,000 | $ 34,002,000 | $ 4,579,000 | |||||
Common shares purchase, Value | $ 557,000 | $ 14,002,000 | $ 4,579,000 | |||||
Average price paid per share | $ 19.96 | $ 19.07 | $ 15.26 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.1 | $ 0.1 | ||||||
ASR [Member] | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Paid For Shares Delivered | $ 21.4 | |||||||
Notional Amount | 80% | |||||||
Common Stock | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 | |||||||
Common stock, par value per share | $ 0.1 | $ 0.1 | ||||||
Number of shares purchased | 1,000,000 | 885,290 | 1,668,852 | 300,000 | ||||
Average price paid per share | $ 17.55 | $ 20.37 | $ 15.26 | |||||
Number of shares intended to repurchase under repurchase program | $ 15,539,000 | $ 34,002,000 | $ 4,579,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.1 | $ 0.1 | ||||||
Open Market Transactions | ASR [Member] | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Number of shares purchased | 857,455 | |||||||
Common shares purchase, Value | $ 14,982,000 | |||||||
Average price paid per share | $ 17.55 | |||||||
Open Market Transactions | Common Stock | ASR [Member] | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Common Stock, Price Per Share | $ 0.1 | |||||||
Open Market Transactions | Common Stock | ASR [Member] | Board of Directors Chairman [Member] | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Amount paid for common shares purchase | $ 15,000 | |||||||
Share Repurchase Arrangement [Member] | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Common Stock, Price Per Share | $ 19.93 | |||||||
Share Repurchase Arrangement [Member] | Board of Directors Chairman [Member] | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Number of shares purchased | 802,810 | |||||||
Amount paid for common shares purchase | $ 20,000 | |||||||
Value of Common stock | 20,000 | |||||||
Number of shares intended to repurchase under repurchase program | $ 16,000 | |||||||
Share Repurchase Arrangement [Member] | Common Stock | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Received additional share | 131,892 |
Share Repurchase Program - Summ
Share Repurchase Program - Summary of Number of Shares of Common Stock Repurchased (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 08, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Class Of Treasury Stock [Line Items] | ||||
Total number of shares purchased | 27,835 | 734,150 | 300,000 | |
Average price paid per share | $ 19.96 | $ 19.07 | $ 15.26 | |
Common Stock | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Total number of shares purchased | 1,000,000 | 885,290 | 1,668,852 | 300,000 |
Average price paid per share | $ 17.55 | $ 20.37 | $ 15.26 | |
Total amount paid | $ 15,539 | $ 34,002 | $ 4,579 |
Supplemental Cash Flows Infor_3
Supplemental Cash Flows Information - Schedule Of Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid during the year for: | |||
Interest | $ 11,902 | $ 3,834 | $ 3,520 |
Income taxes, net | 9,428 | 19,960 | 5,796 |
Non-cash transactions: | |||
Cash dividends declared and included in accrued expenses | $ 834 | $ 851 | $ 594 |