Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AVD | ||
Entity Registrant Name | AMERICAN VANGUARD CORP | ||
Entity Central Index Key | 5,981 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 29,388,860 | ||
Entity Public Float | $ 434 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 7,869 | $ 5,524 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $42 and $423, respectively | 83,777 | 72,835 |
Other | 3,429 | 2,554 |
Total receivables | 87,206 | 75,389 |
Inventories | 120,576 | 136,477 |
Prepaid expenses | 11,424 | 11,172 |
Total current assets | 227,075 | 228,562 |
Property, plant and equipment, net | 50,295 | 47,972 |
Intangible assets, net of applicable amortization | 121,433 | 129,160 |
Other assets | 31,153 | 29,576 |
Total assets | 429,956 | 435,270 |
Current liabilities: | ||
Current installments of other notes payable | 0 | 55 |
Current installments of other liabilities | 26 | 514 |
Accounts payable | 24,358 | 15,343 |
Deferred revenue | 3,848 | 8,888 |
Accrued program costs | 42,930 | 44,371 |
Accrued expenses and other payables | 12,072 | 7,111 |
Income taxes payable | 13,840 | 12,430 |
Total current liabilities | 97,074 | 88,712 |
Long-term debt and other notes payable, excluding current installments | 40,951 | 68,321 |
Other liabilities, excluding current installments | 2,868 | 3,054 |
Deferred income tax liabilities, net | 6,706 | 6,857 |
Total liabilities | 147,599 | 166,944 |
Commitments and contingent liabilities | ||
Stockholders’ equity: | ||
Preferred stock, $.10 par value per share; authorized 400,000 shares; none issued | ||
Common stock, $.10 par value per share; authorized 40,000,000 shares; issued 31,819,695 shares in 2016 and 31,638,225 shares in 2015 | 3,183 | 3,164 |
Additional paid-in capital | 71,699 | 68,534 |
Accumulated other comprehensive loss | (4,851) | (3,541) |
Retained earnings | 220,428 | 208,507 |
Total stockholders' equity including treasury stock | 290,459 | 276,664 |
Less treasury stock at cost, 2,450,634 shares in 2016 and in 2015 | (8,269) | (8,269) |
American Vanguard Corporation stockholders’ equity | 282,190 | 268,395 |
Non-controlling interest | 167 | (69) |
Total stockholders’ equity | 282,357 | 268,326 |
Total liabilities and stockholders’ equity | $ 429,956 | $ 435,270 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 42 | $ 423 |
Preferred stock, par value per share | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 400,000 | 400,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 31,819,695 | 31,638,225 |
Treasury stock, shares | 2,450,634 | 2,450,634 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 312,113 | $ 289,382 | $ 298,634 |
Cost of sales | 183,825 | 177,480 | 184,138 |
Gross profit | 128,288 | 111,902 | 114,496 |
Operating expenses | 107,748 | 100,378 | 107,786 |
Operating income | 20,540 | 11,524 | 6,710 |
Interest expense, net | 1,623 | 2,562 | 3,066 |
Income before provision for income taxes and loss on equity investment | 18,917 | 8,962 | 3,644 |
Income taxes expense (benefit) | 5,540 | 2,009 | (451) |
Income before loss on equity investment | 13,377 | 6,953 | 4,095 |
Less net loss from equity method investment | (353) | (636) | (29) |
Net income | 13,024 | 6,317 | 4,066 |
Net (income) loss attributable to non-controlling interest | (236) | 274 | 775 |
Net income attributable to American Vanguard | $ 12,788 | $ 6,591 | $ 4,841 |
Earnings per common share—basic | $ 0.44 | $ 0.23 | $ 0.17 |
Earnings per common share—assuming dilution | $ 0.44 | $ 0.23 | $ 0.17 |
Weighted average shares outstanding—basic | 28,859 | 28,673 | 28,436 |
Weighted average shares outstanding—assuming dilution | 29,394 | 29,237 | 28,912 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income/(loss) | Retained Earnings | Treasury Stock | AVD Total | Non- Controlling Interest |
Balance (in shares) at Dec. 31, 2013 | 31,092,782 | 2,380,634 | ||||||
Balance at Dec. 31, 2013 | $ 257,795 | $ 3,109 | $ 60,160 | $ (1,048) | $ 202,470 | $ (6,738) | $ 257,953 | $ (158) |
Stocks issued under ESPP (in shares) | 47,213 | 47,213 | ||||||
Stocks issued under ESPP | $ 806 | $ 6 | 800 | 806 | ||||
Cash dividends on common stock, $0.17 per share 2014, $0.02 per share 2015, $0.03 per share 2016 | (4,823) | (4,823) | (4,823) | |||||
Foreign currency translation adjustment, net | (1,262) | (1,262) | (1,262) | |||||
Stock based compensation | 4,153 | 4,153 | 4,153 | |||||
Changes in fair value of interest swap | 340 | 340 | 340 | |||||
Stock options exercised and grants of restricted stock units | 860 | $ 41 | 819 | 860 | ||||
Stock options exercised and grants of restricted stock units, Shares | 410,482 | |||||||
Excess tax benefits from share based payment arrangements | 300 | 300 | 300 | |||||
Shares repurchased | (1,531) | $ (1,531) | (1,531) | |||||
Shares repurchased (In Shares) | 70,000 | |||||||
Non-controlling interest contribution | 299 | 299 | ||||||
Net income (loss) | 4,066 | 4,841 | 4,841 | (775) | ||||
Balance (in shares) at Dec. 31, 2014 | 31,550,477 | 2,450,634 | ||||||
Balance at Dec. 31, 2014 | $ 261,003 | $ 3,156 | 66,232 | (1,970) | 202,488 | $ (8,269) | 261,637 | (634) |
Stocks issued under ESPP (in shares) | 50,452 | 50,452 | ||||||
Stocks issued under ESPP | $ 573 | $ 5 | 568 | 573 | ||||
Cash dividends on common stock, $0.17 per share 2014, $0.02 per share 2015, $0.03 per share 2016 | (572) | (572) | (572) | |||||
Foreign currency translation adjustment, net | (1,571) | (1,571) | (1,571) | |||||
Stock based compensation | 3,881 | 3,881 | 3,881 | |||||
Stock options exercised and grants of restricted stock units | (256) | $ 3 | (259) | (256) | ||||
Stock options exercised and grants of restricted stock units, Shares | 37,296 | |||||||
Excess tax benefits from share based payment arrangements | (924) | (924) | (924) | |||||
Adjustment and purchase of non-controlling interest | (125) | (964) | (964) | 839 | ||||
Net income (loss) | $ 6,317 | 6,591 | 6,591 | (274) | ||||
Balance (in shares) at Dec. 31, 2015 | 31,638,225 | 31,638,225 | 2,450,634 | |||||
Balance at Dec. 31, 2015 | $ 268,326 | $ 3,164 | 68,534 | (3,541) | 208,507 | $ (8,269) | 268,395 | (69) |
Stocks issued under ESPP (in shares) | 42,730 | 42,730 | ||||||
Stocks issued under ESPP | $ 562 | $ 4 | 558 | 562 | ||||
Cash dividends on common stock, $0.17 per share 2014, $0.02 per share 2015, $0.03 per share 2016 | (867) | (867) | (867) | |||||
Foreign currency translation adjustment, net | (1,310) | (1,310) | (1,310) | |||||
Stock based compensation | 3,167 | 3,167 | 3,167 | |||||
Stock options exercised and grants of restricted stock units | (321) | $ 15 | (336) | (321) | ||||
Stock options exercised and grants of restricted stock units, Shares | 138,740 | |||||||
Excess tax benefits from share based payment arrangements | (224) | (224) | (224) | |||||
Net income (loss) | $ 13,024 | 12,788 | 12,788 | 236 | ||||
Balance (in shares) at Dec. 31, 2016 | 31,819,695 | 31,819,695 | 2,450,634 | |||||
Balance at Dec. 31, 2016 | $ 282,357 | $ 3,183 | $ 71,699 | $ (4,851) | $ 220,428 | $ (8,269) | $ 282,190 | $ 167 |
CONSOLIDATED STATEMENTS OF STO6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends on common stock, per share | $ 0.03 | $ 0.02 | $ 0.17 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 13,024 | $ 6,317 | $ 4,066 |
Other comprehensive income | |||
Changes in fair value of interest swap | 340 | ||
Foreign currency translation adjustment | (1,310) | (1,571) | (1,262) |
Comprehensive income | 11,714 | 4,746 | 3,144 |
Less: Comprehensive income (loss) attributable to non-controlling interest | 236 | (274) | (775) |
Comprehensive income attributable to American Vanguard | $ 11,478 | $ 5,020 | $ 3,919 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 13,024 | $ 6,317 | $ 4,066 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization of fixed and intangible assets | 16,327 | 16,474 | 16,332 |
Amortization of other long term assets | 5,203 | 5,275 | 5,811 |
Amortization of discounted liabilities | 16 | 140 | 324 |
Stock-based compensation | 3,167 | 3,881 | 4,153 |
Excess tax benefit from share based compensation | (96) | (23) | (300) |
Increase in deferred income taxes | (151) | 27 | 2,619 |
Operating loss from equity method investment | 353 | 629 | 983 |
Loss (gain) from dilution of equity method investment | 7 | (954) | |
Changes in assets and liabilities associated with operations: | |||
(Increase) decrease in net receivables | (11,817) | 13,034 | (13,471) |
Decrease (increase) in inventories | 15,901 | 29,154 | (25,801) |
Increase in income tax receivable/payable, net | 1,186 | 4,872 | 4,424 |
(Increase) decrease in prepaid expenses and other assets | (3,872) | 2,082 | (4,743) |
Increase (decrease) in accounts payable | 9,015 | (5,068) | (19,951) |
(Decrease) increase in deferred revenue | (5,040) | 7,990 | (2,890) |
Increase (decrease) in other payables, accrued program costs and expenses | 3,190 | (6,223) | (4,697) |
Net cash provided by (used in) operating activities | 46,406 | 78,568 | (34,095) |
Cash flows from investing activities: | |||
Capital expenditures | (10,630) | (6,899) | (7,180) |
Investment | (3,283) | (125) | (500) |
Acquisitions of intangible assets | (224) | (36,667) | |
Net cash used in investing activities | (14,137) | (43,691) | (7,680) |
Cash flows from financing activities: | |||
Payments under line of credit agreement | (107,600) | (121,400) | (44,600) |
Borrowings under line of credit agreement | 80,000 | 90,880 | 92,450 |
Payment on other long-term liabilities | (704) | (1,543) | (1,756) |
Excess tax benefit from share based compensation | 96 | 23 | 300 |
Repurchases of common stock | (1,531) | ||
Proceeds from the issuance of common stock (sale of stock under ESPP and exercise of stock options) | 241 | 317 | 1,666 |
Non-controlling interest contribution | 299 | ||
Payment of cash dividends | (578) | (1,141) | (5,672) |
Net cash (used in) provided by financing activities | (28,545) | (32,864) | 41,156 |
Net increase (decrease) in cash and cash equivalents | 3,724 | 2,013 | (619) |
Effect of exchange rate changes on cash | (1,379) | (1,374) | (1,176) |
Cash and cash equivalents at beginning of year | 5,524 | 4,885 | 6,680 |
Cash and cash equivalents at end of year | 7,869 | 5,524 | 4,885 |
Cash paid (received) during the year for: | |||
Interest | 1,748 | 2,750 | 2,298 |
Income taxes, net | $ 4,947 | $ (3,697) | $ (8,206) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II-A—Valuation and Qualifying Accounts Allowance for Doubtful Accounts Receivable (in thousands) Balance at Additions Charged to Balance at Fiscal Year Ended Beginning of Period Costs and Expenses Other Deductions End of Period December 31, 2016 $ 423 $ 3 $ — $ (384 ) $ 42 December 31, 2015 $ 166 $ 332 $ — $ (75 ) $ 423 December 31, 2014 $ 392 $ 75 $ — $ (301 ) $ 166 Inventory Reserve (in thousands) Balance at Balance at Fiscal Year Ended Beginning of Period Additions Deductions End of Period December 31, 2016 $ 4,020 $ — $ (426 ) $ 3,594 December 31, 2015 $ 2,995 $ 1,025 $ — $ 4,020 December 31, 2014 $ 2,602 $ 393 $ — $ 2,995 |
Description of Business, Basis
Description of Business, Basis of Consolidation, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Consolidation, Basis of Presentation and Significant Accounting Policies | Description of Business, Basis of Consolidation, Basis of Presentation and Significant Accounting Policies American Vanguard Corporation (the “Company”) is primarily a specialty chemical manufacturer that develops and markets safe and effective products for agricultural, commercial and consumer uses. The Company manufactures and formulates chemicals for crops, human and animal protection. The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and Envance, its majority owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company operates within a single operating segment. Based on similar economic and operational characteristics, the Company’s business is aggregated into one reportable segment. Selective enterprise information is as follows: 2016 2015 2014 Net sales: Insecticides $ 119,226 $ 117,180 $ 135,705 Herbicides/soil fumigants/fungicides 123,540 111,897 101,785 Other, including plant growth regulators 29,438 29,013 30,220 Total crop 272,204 258,090 267,710 Non-crop 39,909 31,292 30,924 $ 312,113 $ 289,382 $ 298,634 Gross profit: Crop $ 107,821 $ 97,198 $ 101,633 Non-crop 20,467 14,704 12,863 $ 128,288 $ 111,902 $ 114,496 Due to elements inherent to the Company’s business, such as differing and unpredictable weather patterns, crop growing cycles, changes in product mix of sales and ordering patterns that may vary in timing, measuring the Company’s performance on a quarterly basis (for example, gross profit margins on a quarterly basis may vary significantly) even when such comparisons are favorable, is not as good an indicator as full-year comparisons. Reclassifications — The Company has revised the amount of net deferred tax liabilities and income tax payable on its consolidated balance sheet as of December 31, 2015. It was concluded that timing differences relating to certain accrued amounts were not properly considered. Consequently, the Company decreased the net deferred tax liability and increased income tax payable balances by $12,598 and also revised the related tax disclosures in Note 3 accordingly. This revision did not impact the previously reported net income, stockholders’ equity or cash flows. Certain other prior years’ amounts have been reclassified to conform to the current year’s presentation. Cost of Sales— In addition to normal cost centers (i.e., direct labor, raw materials), the Company also includes such cost centers as Health and Safety, Environmental, Maintenance and Quality Control in cost of sales. Operating Expenses— Operating expenses include cost centers for Selling, General and Administrative, Research, Product Development, and Regulatory, and finally, Freight, Delivery and Warehousing. 2016 2015 2014 Selling $ 27,442 $ 27,052 $ 31,593 General and administrative 32,128 28,516 27,057 Research, product development and regulatory 21,298 19,116 21,206 Freight, delivery and warehousing 26,880 25,694 27,930 $ 107,748 $ 100,378 $ 107,786 Advertising Expense— The Company expenses advertising costs in the period incurred. Advertising expenses, which include promotional costs, are recognized in operating costs (specifically in selling expenses) in the consolidated statements of operations and were $2,271 in 2016, $3,535 in 2015 and $4,322 in 2014. Cash and cash equivalent— The Company’s cash and cash equivalent consist primarily of certificates of deposit with an initial term of less than three months. For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Inventories — The Company values its inventories at lower of cost or market. Cost is determined by the first-in, first-out (“FIFO”) method, including material, labor, factory overhead and subcontracting services. The Company writes down and makes adjustments to its inventory carrying values as a result of net realizable value assessments of slow moving and obsolete inventory and other annual adjustments to ensure that our standard costs continue to closely reflect manufacturing cost. The Company recorded an inventory reserve allowance of $3,594 at December 31, 2016, as compared to $4,020 at December 31, 2015. The components of inventories consist of the following: 2016 2015 Finished products $ 103,832 $ 120,456 Raw materials 16,744 16,021 $ 120,576 $ 136,477 Revenue Recognition and Allowance for Doubtful Accounts— Revenue from sales is recognized at the time title and the risks of ownership pass. This is when the customer has made the fixed commitment to purchase the goods, the products are shipped per the customer’s instructions, the sales price is fixed and determinable, and collection is reasonably assured. The Company has in place procedures to ensure that revenue is recognized when earned. The procedures are subject to management’s review and from time to time certain sales are excluded until it is clear that the title has passed and there is no further recourse to the Company. From time to time, the Company may offer a program to eligible customers, in good standing, that provides extended payment terms on a portion of the sales on selected products. The Company analyzes these extended payment programs in connection with its revenue recognition policy to ensure all revenue recognition criteria are satisfied at the time of sale. Allowance for doubtful accounts is established based on estimates of losses related to customer receivable balances. Estimates are developed using either standard quantitative measures based on historical losses, adjusted for current economic conditions or by evaluating specific customer accounts for risk of loss. Accrued Program Costs— In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, the Company classifies certain payments to its customers as a reduction of sales revenues. The Company describes these payments as “Programs”. Programs are a critical part of doing business in the U.S. agricultural chemicals business market place. For accounting purposes, programs are recorded as a reduction in gross sales and include market pricing adjustments, volume take up or other key performance indicator driven payments made to distributors, retailers or growers predominantly at the end of a growing season. Each quarter management compares each sale transaction with program guidelines to determine what program liability has 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 make assessments of whether or not customers are tracking in a manner that indicates that they will meet the requirements set out in the terms and conditions attached to each program. If management believes that customers are falling short of or exceeding their previously anticipated annual goals, then periodic adjustments will be made to the accumulated accrual to properly reflect the Company’s best estimate of the liability at the balance sheet date. The majority of adjustments are made at the end of the crop season, at which time customer performance can be fully assessed. 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. The Company recorded program reserves of $42,930 at December 31, 2016, as compared to $44,371 at December 31, 2015. Long-lived Assets— Long-lived assets primarily consist of the costs of Smartbox Lock and Load containers and intangible assets. The carrying value of long-lived assets is reviewed for impairment quarterly 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 2016 or 2015. 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 significant improvements to existing plant and equipment. Interest costs related to significant 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 is removed from the respective accounts and the gain or loss realized on disposition is reflected in operations. All plant and equipment is depreciated using the straight-line method, utilizing the estimated useful property lives. Building lives range from 10 to 30 years; machinery and equipment lives range from 3 to 15 years; office furniture and fixture lives range from 3 to 10 years; automobile lives range from 3 to 6 years; construction projects and significant improvements to existing plant and equipment lives range from 3 to 15 years when placed in service. During the years ended December 31, 2016, 2015 and 2014 the Company eliminated from assets and accumulated depreciation $16,652, $549, and $5,358, respectively, of fully depreciated assets. Foreign Currency Translation— Assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, have been translated at period end exchange rates, and profit and loss accounts have been translated using weighted average yearly exchange rates. Adjustments resulting from translation have been recorded in the equity section of the balance sheet as cumulative translation adjustments in other comprehensive income (loss). The effects of foreign currency exchange gains and losses on transactions that are denominated in currencies other than the Company’s functional currency are remeasured to the functional currency using the end of the period exchange rates. The effects of remeasurement related to foreign currency transactions are included in the consolidated statements of operations. Goodwill and Other Intangible Assets— The primary identifiable intangible assets of the Company relate to assets associated with its product acquisitions. The Company adopted the provisions of FASB ASC 350, under which identifiable intangibles with finite lives are amortized and those with indefinite lives are not amortized. The estimated useful life of an identifiable intangible asset to the Company is based upon a number of factors including the effects of demand, competition, and expected changes in the marketability of the Company’s products. The Company re-evaluates whether these intangible assets are impaired on both a quarterly and an annual basis and anytime when there is a specific indicator for impairment, relying on a number of factors including operating results, business plans and future cash flows. Identifiable intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets. The impairment test for identifiable intangible assets not subject to amortization consists of either a qualitative assessment or a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss, if any, is recognized for the amount by which the carrying value exceeds the fair value of the asset. Fair value is typically estimated using a discounted cash flow analysis. When determining future cash flow estimates, the Company considers historical results adjusted to reflect current and anticipated operating conditions. Estimating future cash flows requires significant judgment by the Company, in such areas as: future economic conditions, industry-specific conditions, product pricing and necessary capital expenditures. The use of different assumptions or estimates for future cash flows could produce different impairment amounts (or none at all) for long-lived assets, goodwill and identifiable intangible assets. The Company has performed an impairment review for the years ended December 31, 2016 and 2015 and recorded immaterial impairment losses. Fair Value of Financial Instruments— The carrying values of cash, receivables and accounts payable approximate their fair values because of the short maturity of these instruments. The fair value of the Company’s long-term debt and note payable to our lender group is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities. Such fair value approximates the respective carrying values of the Company’s long-term debt and note payable to bank. The Company measures fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. These inputs include quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; 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: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. Income Taxes— The Company utilizes the 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 would 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. At December 31, 2016 and 2015, the Company recorded unrecognized tax benefits of $1,893 and $2,007, respectively. Per Share Information— FASB ASC 260 requires dual presentation of basic earnings per share (“EPS”) and diluted EPS on the face of all consolidated statements of operations. Basic 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: 2016 2015 2014 Numerator: Net income attributable to American Vanguard $ 12,788 $ 6,591 $ 4,841 Denominator: Weighted average shares outstanding—basic 28,859 28,673 28,436 Dilutive effect of stock options and grants 535 564 476 29,394 29,237 28,912 The Company excluded 1,616 stock options from the computation of diluted earnings per share for the year ended December 31, 2014, because, at the time, they were anti-dilutive. For the years ended December 31, 2016 and 2015, no options were excluded from the computation. Accounting 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, revenues, and expenses at the date that the consolidated financial statements are prepared. Significant estimates relate to the allowance for doubtful accounts, inventory reserves, impairment of long-lived assets, accrued program costs, and stock based compensation and 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, 2016 and 2015, total comprehensive income consisted of net income attributable to American Vanguard and foreign currency translation adjustments. In 2014, total comprehensive income consisted of net income attributable to American Vanguard, foreign currency translation adjustments and, in addition, the change in fair value of interest rate swaps. Stock-Based Compensation— The Company accounts for stock-based awards to employees and directors pursuant to ASC 718. When applying the provisions of ASC 718, the Company also applies the provisions of Staff Accounting Bulletin (“SAB”) No. 107 and SAB No. 110. ASC 718 requires companies to estimate 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. Stock-based compensation expense recognized during the period is based on the fair value of the portion of share-based payment awards that is ultimately expected to vest during the period. Stock-based compensation expense recognized is reduced for estimated forfeitures pursuant to ASC 718. Estimated forfeitures recognized in the Company’s Consolidated Statements of Operations reduced compensation expense by $118, $144, and $303 for the years ended December 31, 2016, 2015, and 2014, respectively. The Company estimates that 16.6% of all restricted stock grants, 16.6% of the performance based restricted shares and 7.5% of all stock option grants that are currently vesting will be forfeited. These estimates are reviewed quarterly and revised as necessary. 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, 2016, 2015 and 2014. 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 Compensation Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) December 31, 2016 Incentive Stock Options $ 354 $ 397 1.0 Performance Based Options 188 178 1.0 Restricted Stock 1,630 2,153 1.6 Performance Based Restricted Stock 995 796 1.7 Total $ 3,167 $ 3,524 December 31, 2015 Incentive Stock Options $ 431 $ 887 2.0 Performance Based Options 149 331 2.0 Restricted Stock 2,972 2,153 1.3 Performance Based Restricted Stock 329 583 1.5 Total $ 3,881 $ 3,954 December 31, 2014 Incentive Stock Options $ 22 $ 1,457 3.0 Performance Based Options — 551 3.0 Restricted Stock 3,963 4,829 1.8 Performance Based Restricted Stock 168 1,249 2.1 Total $ 4,153 $ 8,086 The Company uses the Black-Scholes option-pricing model (“Black-Scholes model”) to value option grants using the following weighted average assumptions: 2014 Risk free interest rate 2.0% Dividend yield 0.9% Volatility factor 48.9% Weighted average life (years) 6.5 years The weighted average grant-date fair values of options granted during 2014 was $5.27. There were no option shares granted during either 2016 or 2015. The expected volatility and expected life assumptions are highly complex and use subjective variables. The variables take into consideration, among other things, actual and projected employee stock option exercise behavior. The Company estimates the expected term or vesting period using the “safe harbor” provisions of SAB 107 and SAB 110. The Company used historical volatility as a proxy for estimating expected volatility. The Company values restricted stock grants using the Company’s traded stock price on the date of grant. The weighted average grant-date fair values of restricted stock grants during 2016, 2015, and 2014 were $15.22, $12.68, and $14.81, respectively. Recently Issued Accounting Guidance— In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230). The new standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2017. Based on the composition of the Company’s cash and cash equivalent, adoption of the new standard is not expected to have a material impact on our consolidated cash flows statements. We expect to adopt the standard for the financial year beginning January 1, 2018. In October 2016 FASB issued ASU 2016-16, Income Taxes (Topic 740). Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new standard, an entity is to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard does not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The new standard is effective for annual periods beginning after December 15, 2017, including interim reporting periods within those annual periods. The Company has considered its activities with regard to such intra-entity transfers, does not expect the adoption of ASU 2016-16 to have a material impact on our consolidated financial statements and will adopt the standard for the financial year beginning January 1, 2018. In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). In March 2016, FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) In March 2016, FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures In February 2016, FASB issued ASU 2016-02, Leases In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. In November 2015, FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In July 2015, FASB issued ASU 2015-11, Inventory (Topic 330) In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | (1) Property, Plant and Equipment Property, plant and equipment at December 31, 2016 and 2015 consist of the following: 2016 2015 Estimated useful lives Land $ 2,458 $ 2,458 Buildings and improvements 15,515 14,726 10 to 4 0 Machinery and equipment 102,146 113,506 3 to 15 years Office furniture, fixtures and equipment 5,016 4,997 3 to 10 years Automotive equipment 387 491 3 to 6 years Construction in progress 8,047 3,413 Total gross value 133,569 139,591 Less accumulated depreciation (83,274 ) (91,619 ) Total net value $ 50,295 $ 47,972 For the years ended December 31, 2016, 2015, and 2014, the Company’s aggregate depreciation expense related to property and equipment was $8,307, $8,953, and $9,622, respectively. For the years ended December 31, 2016, 2015, and 2014, the Company eliminated from assets and accumulated depreciation $16,652, $549 and $5,358 of fully depreciated assets, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (2) Long-Term Debt Long-term debt of the Company at December 31, 2016 and 2015 is summarized as follows: 2016 2015 Revolving line of credit(a) $ 41,400 $ 69,000 Notes payable — 55 41,400 69,055 Less current installments — (55 ) Less deferred loan fees (449 ) (679 ) $ 40,951 $ 68,321 Approximate principal payments on long-term debt at December 31, 2016 are as follows: 2017 $ — 2018 41,400 $ 41,400 a) As of June 17, 2013, AMVAC Chemical Corporation (“AMVAC”), the Company’s principal operating subsidiary, as borrower, and affiliates (including the Company), as guarantors and/or borrowers, entered into a Second Amended and Restated Credit Agreement (the “2013 Credit Agreement”) with a group of commercial lenders led by Bank of the West (AMVAC’s primary bank) as agent, swing line lender and L/C issuer. On July 11, 2014, AMVAC, as borrower, and affiliates (including registrant), as guarantors and borrowers, entered into a First Amendment to the Second Amended and Restated Credit Agreement (the “First Amendment”), under which the Consolidated Funded Debt Ratio was increased for the third and fourth quarters of 2014 and the first quarter of 2015 and borrowers were permitted to pay cash dividends to stockholders during the first and second quarters of 2015, notwithstanding prior levels of net income. As of April 14, 2015, AMVAC, registrant’s principal operating subsidiary, as borrower, and affiliates (including registrant), as guarantors and/or borrowers, entered into a Second Amendment to Second Amended and Restated Credit Agreement (the “Second Amendment”), under which the Consolidated Funded Debt Ratio was increased for the second, third and fourth quarters of 2015 (to 3.5-to-1 from 3.25-to-1) and a fixed charge covenant, requiring, in effect, that the ratio of consolidated current assets to consolidated current liabilities exceed 1.2-to-1 for the duration of the term of the credit facility, was added. The 2013 Credit Agreement, as amended by the First Amendment and the Second Amendment (the “Credit Agreement”) is a senior secured lending facility with a five year term and consisting of a revolving line of credit of $200 million and an accordion feature for up to $100 million. The Credit Agreement includes both AMVAC CV and AMVAC BV as borrowers. 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 Rate” which is based upon the Consolidated Funded Debt Ratio (“Eurocurrency Rate 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 At December 31, 2016, total indebtedness was $41,400 as compared to $69,055 at December 31, 2015. At December 31, 2016, based on its performance against the most restrictive covenants listed above, the Company had the capacity to increase its borrowings by up to the maximum of $104,853 according to the terms of the Credit Agreement. Substantially all of the Company’s assets are pledged as collateral under the Credit Agreement. The Company’s main bank is Bank of the West, a wholly-owned subsidiary of the French bank, BNP Paribas. Bank of the West has been the Company’s bank for more than 30 years and is the syndication manager for the Company’s loans. The Company has various loans in place that together constitute the short-term and long-term loan balances shown in the consolidated balance sheets at December 31, 2016 and December 31, 2015. The average amount outstanding on the senior secured revolving line of credit during the years ended December 31, 2016 and 2015 was $59,897 and $94,765, respectively. The weighted average interest rate on the revolving credit line during the years ended December 31, 2016, 2015, and 2014 was 2.3%, 2.1%, and 2.5% respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (3) Income Taxes The components of income tax (benefit) expense are: 2016 2015 2014 Current: Federal $ 5,136 $ 573 $ (4,256 ) State (122 ) 417 251 Foreign 655 991 934 Deferred: Federal (1,345 ) (319 ) 3,492 State 1,216 347 (872 ) $ 5,540 $ 2,009 $ (451 ) Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 35.0% to income before income tax expense as a result of the following: 2016 2015 2014 Computed tax expense at statutory federal rates $ 6,415 $ 3,010 $ 1,536 Increase (decrease) in taxes resulting from: State taxes, net of federal income tax benefit 702 454 (11 ) Domestic production deduction (1,272 ) (179 ) 420 Income tax credits (335 ) (662 ) (728 ) Foreign tax rate differential (1,587 ) (1,590 ) (2,159 ) Subpart F income 14 9 338 Equity investment 123 223 10 Stock based compensation 208 244 219 State tax rate change 116 185 (257 ) Tax interest 920 - - Other expenses 236 315 181 $ 5,540 $ 2,009 $ (451 ) Income before provision for income taxes and losses on equity investment are: 2016 2015 2014 Domestic $ 12,513 $ 1,589 $ (5,196 ) Foreign 6,404 7,373 8,840 $ 18,917 $ 8,962 $ 3,644 Temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax liability at December 31, 2016 and 2015 relate to the following: 2016 2015 Deferred tax asset Inventories $ 5,359 $ 5,949 State income taxes 213 (215 ) Program accrual 12,318 12,598 Vacation pay accrual 818 796 Accrued bonuses 2,072 543 Bad debt 6 45 Stock compensation 1,614 1,781 NOL carryforward 351 658 Tax credit 14 524 Other 2,707 1,659 Deferred tax asset $ 25,472 $ 24,338 Deferred tax liability Plant and equipment, principally due to differences in depreciation and capitalized interest $ 30,636 $ 30,038 Prepaid expenses 1,542 1,157 Deferred tax liability 32,178 31,195 Total net deferred tax liability $ 6,706 $ 6,857 The following is a roll-forward of the Company’s total gross unrecognized tax liabilities, not including interest and penalties, for the fiscal years ended December 31, 2016 and 2015: 2016 2015 Balance at beginning of year $ 2,007 $ 1,958 Additions for tax positions related to the current year 65 85 Additions for tax positions related to the prior year 86 86 Deletion for tax positions related to the prior year (265 ) (122 ) Balance at end of year $ 1,893 $ 2,007 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. For the year ended December 31, 2016 and 2015, the Company had recognized approximately $408 and $335, respectively in interest and penalties related to unrecognized tax benefits accrued. It is expected that the amount of unrecognized tax benefits will change within the next 12 months; however we do not expect the change to have a significant impact on our consolidated financial statements. At this time, an estimate of the range of the reasonable possible outcomes cannot be made. The Company believes it is more likely than not that the deferred tax assets detailed in the table above will be realized in the normal course of business. It is the intent of the Company that undistributed earnings of foreign subsidiaries are permanently reinvested and, accordingly, no deferred liability for federal and state income taxes has been recorded. The amount of undistributed earnings was $35,586 and $29,774 as of December 31, 2016 and December 31, 2015, respectively. Upon distribution of earnings in the form of dividends or otherwise, the Company would be subject to both federal and state income taxes (less any applicable foreign tax credits) and withholding taxes payable to the various foreign countries. Determination of the unrecognized deferred income tax liability is not practical due to the complexities of a hypothetical calculation. The Company is subject to both U.S. federal income tax and income tax in multiple state jurisdictions on income generated in the United States. Federal income tax returns, of the Company are subject to Internal Revenue Service (“IRS”) examination for the 2013 through 2015 tax years. State income tax returns are subject to examination for the 2012 through 2015 tax years. The Company currently is undergoing an examination by the IRS for the tax years ended December 31, 2013 and 2014. While the audit is ongoing, the Company has agreed to a proposed adjustment. As a result, the Company has increased deferred tax assets and income taxes payable at December 31, 2015 by $12,598. |
Litigation and Environmental
Litigation and Environmental | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation and Environmental | (4) Litigation and Environmental A. 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 ® At present, there are four domestic lawsuits and approximately 85 Nicaraguan lawsuits filed by former banana workers in which AMVAC has been named as a party. Only two of the Nicaraguan actions have actually been served on AMVAC. As described more fully below, activity in domestic cases during 2016 is as follows: in Hawaii, Patrickson, et. al. v. Dole Food Company, et. al Adams Delaware Matter On or about May 31, 2012, two cases (captioned Abad Castillo Marquinez Abad Castillo On or about May 31, 2012, HendlerLaw, P.C. Hawaiian Matters Patrickson, et. al. v. Dole Food Company, et al In October 1997, AMVAC was served with two complaints in which it was named as a defendant, filed in the Circuit Court, First Circuit, State of Hawai’i and in the Circuit Court of the Second Circuit, State of Hawai’i (two identical suits) entitled (“Patrickson Case”) alleging damages sustained from injuries (including sterility) to banana workers caused by plaintiffs’ exposure to DBCP while applying the product in their native countries. Other named defendants include: Dole Food Company, Shell Oil Company and Dow Chemical Company. After several years of law and motion activity, the court granted judgment in favor of the defendants based upon the statute of limitations on July 28, 2010. On August 24, 2010, the plaintiffs filed a notice of appeal. On April 8, 2011, counsel for plaintiffs filed a pleading to withdraw and to substitute new counsel. On October 21, 2015, the Hawai’i Supreme Court granted the appeal and overturned the lower court decision, ruling that the State of Hawai’i now recognizes cross-jurisdictional tolling, that plaintiffs filed their complaint within the applicable statute of limitations and that the matter is to be remanded to the lower court for further adjudication. No discovery has taken place in this matter, and, at this stage in the proceedings, the Company does not believe that a loss is either probable or reasonably estimable and, accordingly, has not recorded a loss contingency for this matter. Adams v. Dole Food Company et al On approximately November 23, 2007, AMVAC was served with a suit filed by two former Hawaiian pineapple workers (and their spouses), alleging that they had testicular cancer due to DBCP exposure: in the First Circuit for the State of Hawaii. Plaintiff alleges that they were exposed to DBCP between 1971 and 1975. AMVAC denies that any of its product could have been used at the times and locations alleged by these plaintiffs. Following the dismissal of Dole Food Company on the basis of the exclusive remedy of worker’s compensation benefits, plaintiffs appealed the dismissal. The court of appeals subsequently remanded the matter to the lower court in February 2014, effectively permitting plaintiffs to amend their complaint to circumvent the workers’ compensation bar. There has been no activity in the case since that time, and there is no estimated date of opinion. The Company does not believe that a loss is either probable or reasonably estimable and has not recorded a loss contingency for this matter. Nicaraguan Matters A review of court filings in Chinandega, Nicaragua, has found 85 suits alleging personal injury allegedly due to exposure to DBCP and involving approximately 3,592 plaintiffs have been filed against AMVAC and other parties. Of these cases, only two – Flavio Apolinar Castillo et al. v. AMVAC Chemical Corporation et al. Luis Cristobal Martinez Suazo et al. v. AMVAC Chemical Corporation et al. Castillo Suazo B. Other Matters USEPA RCRA/FIFRA Matter On or about March 24, 2015, Region 4 of the USEPA issued to registrant’s principal operating subsidiary, AMVAC, an Opportunity to Show Cause (“OSC”) why USEPA should not take formal action under Section 3008(a) of the RCRA for potential noncompliance arising from AMVAC’s importation, transportation and storage of used, depleted Lock‘N Load containers having residual amounts of its product Thimet. The scope of these discussions subsequently expanded to involve USEPA Region 5 and to include the importation of depleted Lock ‘N Load containers from Australia in October 2015 and full Lock ‘N Load containers from Canada in January 2016. On or about March 25, 2016, USEPA Region 5 issued a Stop Sale, Use or Removal Order (“SSURO”) ordering AMVAC to cease the distribution or sale of US Thimet 20G, Canadian Thimet 15G and Australian Thimet 200G on the grounds that the importation of both depleted and full containers of Thimet and the subsequent use of their contents was allegedly inconsistent with FIFRA and RCRA. After hosting a plant inspection by Regions 4 and 5 and providing documentation to the agency, AMVAC requested and received relief from the SSURO in the form of nine amendments. As a consequence of this relief, the Company believes that it will have adequate inventory to meet customers’ needs for the foreseeable future. AMVAC believes that it has lawfully imported used Thimet containers from Canada and Australia for the purpose of potentially refilling, reprocessing or properly disposing of them. Further, the Company believes that it has it has carried out its Thimet business in good faith, maintained a focus on product stewardship and not posed any increased risk of harm to human health or the environment. Nevertheless, USEPA’s Region 5 has expressed its intention to bring a civil enforcement action relating to its overall findings. On October 11, 2016, the Company met with USEPA’s Office of Enforcement and Compliance (as well as with Regions 4 and 5) to clarify a path forward to ensure future compliance. However, on November 10, 2016, the Company was served with a grand jury subpoena out of the U.S. District Court for the Southern District of Alabama in which both the Environmental Crimes Section (“ECS”) of USEPA and the U.S. Department of Justice (“DoJ”) are seeking the production of documents relating to the re-importation of depleted Thimet containers. The Company has retained defense counsel and is cooperating with both ECS and DoJ in the production. At this stage, the company has not yet received a final position from USEPA with regard to civil enforcement, nor have ECS and DoJ made clear their intentions with regard to any potential criminal enforcement. Thus, it is too early to tell whether a loss on either front is probable or reasonably estimable. Accordingly, the Company has not recorded a loss contingency on these matters. Galvan v. AMVAC In an action entitled Graciela Galvan v. AMVAC Chemical Corp. filed on April 7, 2014 with the Superior Court for the State of California for the County of Orange (No. 00716103CXC) plaintiff, a former employee, alleges violations of wages and hours requirements under the California Labor Code. The Company completed the deposition of putative class representative and participated in mediation on the matter. In February 2016, the court granted plaintiff’s motion for class certification with respect to only one of the seven original claims (namely, that allegedly discretionary bonus payments made to class members during the subject period should have been taken into account when calculating overtime). The Company believes that such bonus payments were discretionary and, as such, were properly excluded from overtime calculations. Nevertheless, in the interest of saving defense costs and mitigating downside risk, the Company engaged in settlement discussions with plaintiff’s counsel over the course of several months. The proposed settlement is not material to the Company’s consolidated financial statements. The terms of the settlement are subject to approval by the presiding judge in the action. If approved by the judge, the matter should be dismissed with prejudice within six to nine months. DeChene Farms The Company received a claim by a Minnesota-based grower to the effect that the in-furrow use of the Company’s insecticide, Mocap ® Harold Reed v. AMVAC et al During January 2017, the Company was served with two Statements of Claim that had been filed on March 29, 2016 with the Court of Queen’s Bench of Alberta, Canada (as case numbers 160600211 and 160600237) in which plaintiffs Harold Reed (“Reed,”), an applicator, and 819596 Alberta Ltd. dba Jem Holdings (“Jem”), an application equipment rental company, allege physical injury and damage to equipment, respectively, arising from a fire that occurred during an application of the Company’s potato sprout inhibitor, SmartBlock, at a potato storage facility in Coaldale, Alberta, on April 2, 2014. Plaintiffs allege, among other things, that Amvac was negligent and failed to warn them of the risks of such application. Reed seeks damages of $250K for pain and suffering, while Jem seeks $60K in lost equipment; both plaintiffs also seek unspecified damages as well. Also during January 2017, counsel for Reed requested that counsel for the Company accept service of four related actions relating to the same incident and pending with the same court: (i) Van Giessen Growers, Inc. v Harold Reed et al (No. 160303906)(in which grower seeks $400K for loss of potatoes); (ii) James Houweling et al. v. Harold Reed et al. (No. 160104421)(in which equipment owner seeks damages for lost equipment); (iii) Chin Coulee Farms, etc. v. Harold Reed et al. (No. 150600545)(in which owner of potatoes and truck seeks $530K for loss thereof); and (iv) Houweling Farms v. Harold Reed et al. (No. 15060881)(in which owner of several Quonset huts seeks damages for lost improvements, equipment and business income equal to $4.3 million). The Company was not named in the original complaints in these four actions but has since been added in cross-claims by defendant Reed. In his cross claims, Reed also alleges that other cross-defendants were negligent for using highly flammable insulation and failing to maintain sparking electrical fixtures in the storage units affected by the fire. The Company believes that plaintiffs’ and cross-plaintiffs’ claims against it are without merit and intends to defend these matters vigorously. At this stage in the proceedings, however, it is too early to determine whether a loss is probable or reasonably estimable; accordingly, the Company has not recorded a loss contingency. |
Employee Deferred Compensation
Employee Deferred Compensation Plan and Employee Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Employee Deferred Compensation Plan and Employee Stock Purchase Plan | (5) Employee Deferred Compensation Plan and Employee Stock Purchase Plan 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 $1,258, $1,261 and $1,445 in 2016, 2015 and 2014, 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 $.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 in 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. In December 2013, the Board of Directors resolved to extend the expiration date of the Plan five years, that is, until December 31, 2018. Under the Plan, as amended as of June 30, 2011, 995,000 shares of the Company’s common stock were authorized. As of December 31, 2016, 2015, and 2014, 760,825 803,555, and 854,007 shares, respectively, remained available under the plan. The expense recognized under the Plan was immaterial during the years ended December 31, 2016, 2015 and 2014, respectively. Shares of common stock purchased through the Plan in 2016, 2015 and 2014 were 42,730, 50,452 and 47,213, respectively. |
Major Customers and Internation
Major Customers and International Sales | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Major Customers and International Sales | (6) Major Customers and International Sales In 2016, there were three companies that accounted for 15%, 11% and 8% of the Company’s consolidated sales. In 2015, there were three companies that accounted for 14%, 11%, and 10% of the Company’s consolidated sales. In 2014, there were three companies that accounted for 16%, 10% and 9% of the Company’s consolidated sales. The Company primarily sells its products to large distributors, buying cooperatives and groups and extends credit based on an evaluation of the customer’s financial condition. The Company had three significant customers who each accounted for approximately 15%, 11% and 8% of the Company’s receivables as of December 31, 2016. The Company had three significant customers who each accounted for approximately 14%, 11% and 10% of the Company’s receivables as of December 31, 2015. The Company has long-standing relationships with its customers and the Company considers its overall credit risk for accounts receivables to be low. International sales for 2016, 2015 and 2014 were as follows: 2016 2015 2014 Mexico $ 16,690 $ 17,096 $ 14,601 South & Central America 16,234 15,970 16,585 Europe 14,519 12,350 13,249 Asia 17,138 13,847 7,683 Africa 7,111 8,622 9,310 Australia 3,735 4,158 4,202 Canada 3,690 1,585 4,910 Middle East 4,041 3,230 3,166 Other 101 437 — $ 83,259 $ 77,295 $ 73,706 |
Royalties
Royalties | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Royalties | (7) Royalties The Company has two licensing agreements that require minimum annual royalty payments. Those agreements related to the acquisition of certain products. The Company also has two other licensing arrangements in which royalty are paid based on percentage of annual sales. Certain royalty agreements contain confidentiality covenants. Royalty expenses were $83, $111 and $33 for 2016, 2015 and 2014, respectively. |
Product Acquisitions
Product Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Product Acquisitions | (8) Product Acquisitions During 2015, the Company entered into two acquisitions with a combined purchase consideration of $36,667. Subsequently, in 2016, the Company paid an additional amount of $224 related to certain studies for one of the acquisitions, pursuant to the purchase agreement of the acquisition. The amount of goodwill allocated to the product acquisitions was not material. Results of the 2015 acquisitions were included in the Company’s consolidated statements of operations from the dates of the respective acquisitions and are immaterial. Pro forma financial information for these acquisitions has not been included since they were immaterial. The acquisitions completed in 2015 were as follows: On April 29, 2015, AMVAC CV completed the acquisition of certain assets relating the bromacil herbicide product line from Dupont Crop Protection. The assets acquired included the Hyvar ® ® ® ® Business Combinations On April 6, 2015, AMVAC CV completed the acquisition of certain assets relating to the Nemacur ® ® Business Combinations The following schedule represents intangible assets recognized in connection with product acquisitions (See description of Business, Basis of Consolidation and Significant Accounting Policies for the Company’s accounting policy regarding intangible assets): Amount Intangible assets at December 31, 2013 $ 107,007 Write off during fiscal 2014 (319 ) Impact of movement in exchange rates (86 ) Amortization expense (6,391 ) Intangible assets at December 31, 2014 $ 100,211 Additions during fiscal 2015 36,667 Write offs during fiscal 2015 (33 ) Impact of movement in exchange rates (197 ) Amortization expense (7,488 ) Intangible assets at December 31, 2015 $ 129,160 Additions during fiscal 2016 224 Write offs during fiscal 2016 (78 ) Impact of movement in exchange rates 69 Amortization expense (7,942 ) Intangible assets at December 31, 2016 $ 121,433 The following schedule represents the gross carrying amount and accumulated amortization of the intangible assets. Product rights are amortized over their expected useful lives of 25 years. Customer lists are amortized over their expected useful lives of ten years, and trademarks are amortized over their expected useful lives of 25 years. 2016 2015 $000’s Gross Accumulated Amortization Net Book Value Gross Accumulated Amortization Net Book Value Product Rights $ 167,906 $ 63,141 $ 104,765 $ 167,694 $ 56,233 $ 111,461 Customer Lists 3,091 1,053 2,038 3,091 744 2,347 Trademarks 18,041 3,411 14,630 18,041 2,689 15,352 Total Intangibles $ 189,038 $ 67,605 $ 121,433 $ 188,826 $ 59,666 $ 129,160 The following schedule represents future amortization charges related to intangible assets: Year ending December 31, 2017 $ 7,911 2018 7,793 2019 7,793 2020 7,523 2021 7,438 Thereafter 82,975 $ 121,433 The following schedule represents the Company’s obligations under product acquisitions and licensing agreements: Amount Obligations under acquisition agreements at December 31, 2013 $ 3,886 Adjustment to deferred liabilities (32 ) Amortization of discounted liabilities 324 Payments on existing obligations (1,686 ) Obligations under acquisition agreements at December 31, 2014 $ 2,492 Additional obligations acquired 1,367 Adjustment to deferred liabilities 65 Amortization of discounted liabilities 135 Payments on existing obligations (2,524 ) Obligations under acquisition agreements at December 31, 2015 $ 1,535 Additional obligations acquired 224 Adjustment to deferred liabilities (22 ) Amortization of discounted liabilities 38 Payments on existing obligations (960 ) Obligations under acquisition agreements at December 31, 2016 $ 815 In each of the past three fiscal years, the Company has remeasured the fair value of the earn out liabilities related to the acquisitions completed in the first quarter of 2010. Based on the remeasurement; in 2016, the fair value was decreased by $22 and thereby decreased operating expenses by $22; in 2015, the fair value was increased by $65, thereby increasing operating expenses by $65; and in 2014, the fair value was reduced by $32, thereby reduced operating expenses by $32. As of December 31, 2016, the $815 in remaining obligations under product acquisitions and licensing agreements is included in other liabilities. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | (9) Commitments The Company has various lease agreements for offices as well as long-term ground leases for its facilities at Axis, AL, Hannibal, MO and Marsing, ID. The office leases contain provisions to pass through to the Company its pro-rata share of certain of the building’s operating expenses. The long-term ground lease at Axis, AL is for twenty years (commencing May 2001) with up to five automatic renewals of three years each for a total of thirty-five years. The long-term ground lease at Hannibal, MO is for a period of 20 years (commencing December 2007) with automatic one year extensions thereafter, subject to termination with a twelve-month notice. At its Marsing facility, the Company owns 15 acres and holds a long-term ground lease on two acres for a period of 25 years (commencing in March 2008). Rent expense for the years ended December 31, 2016, 2015 and 2014 was $946, $947 and $1,012. In addition, the Company has various vehicle lease agreements for its sales force. Vehicle lease expense for the years ended December 31, 2016, 2015 and 2014 was $555, $435, and $442 respectively. Future minimum lease payments under the terms of the leases are as follows: Year ending December 31, 2017 $ 1,450 2018 1,301 2019 1,031 2020 948 2021 523 Thereafter 775 $ 6,028 |
Research and Development
Research and Development | 12 Months Ended |
Dec. 31, 2016 | |
Research And Development [Abstract] | |
Research and Development | (10) Research and Development Research and development expenses which are included in operating expenses were $6,998, $6,337and $8,591 for the years ended December 31, 2016, 2015 and 2014, respectively. |
Equity Plan Awards
Equity Plan Awards | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Plan Awards | (11) 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, 2016, the number of securities remaining available for future issuance under the Plan is 827,000. Incentive Stock Option Plans (“ISOP”) 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 2014, the Company granted incentive stock options to purchase 277,025 shares of common stock to employees. Of these options, 26,483 option shares will vest one-third each year on the first, second, and third anniversaries of the date of grant and the balance will cliff vest after three years of service. All options granted are non-assignable and non-transferable. In 2016 and 2015, no options were granted. Option activity within each plan is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Exercisable Weighted Average Price Per Share Balance outstanding, December 31, 2013 561,029 $ 7.76 $ 7.70 Options granted, 277,025 11.49 Options exercised, (113,150 ) 7.50 Balance outstanding, December 31, 2014 724,904 $ 9.22 $ 7.82 Options exercised, (63,950 ) 7.50 Options forfeited, (34,109 ) 12.00 Balance outstanding, December 31, 2015 626,845 $ 9.25 $ 7.73 Options exercised, (58,900 ) 7.50 Options forfeited, (26,040 ) 11.49 Balance outstanding, December 31, 2016 541,905 $ 9.33 $ 7.97 Information relating to stock options at December 31, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Shares Exercise Price Incentive Stock Option Plan: $7.50 298,350 47 $ 7.50 298,350 $ 7.50 $11.32-$14.75 243,555 92 $ 11.57 34,334 $ 12.07 541,905 $ 9.33 332,684 $ 7.97 During 2016, 2015 and 2014, the Company recognized stock-based compensation expense related to incentive stock options of $354, $431, and $22, respectively. The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of December 31, 2016 and 2015 was as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) As of December 31, 2016: Incentive Stock Option Plans: Outstanding 541,905 $ 9.33 67 $ 5,321 Expected to Vest 536,531 $ 9.31 67 $ 5,280 Exercisable 332,684 $ 7.97 49 $ 3,719 As of December 31, 2015: Incentive Stock Option Plans: Outstanding 626,845 $ 9.25 79 $ 2,990 Expected to Vest 616,987 $ 9.21 78 $ 2,965 Exercisable 373,929 $ 7.73 59 $ 2,353 The total intrinsic value of options exercised during 2016, 2015 and 2014 was $493, $361, and $1,480, respectively. Cash received from stock options exercised during 2016, 2015, and 2014 was $442, $480, and $849, respectively. Nonstatutory Stock Options (“NSSO”) The Company did not grant any non-statutory stock options during the three years ended December 31, 2016. Common Stock Grants During 2016, the Company issued a total of 150,009 shares of common stock to certain employees and non-executive board members. Of these, 21,139 shares vest immediately, 2,600 shares vest after 90 days from date of grant, 1,200 shares will vest one-half each year on the anniversaries of the employee’s employment date, 3,000 shares will vest one year from the employee’s employment date, and the balance will cliff vest after three years of service. The fair values of the grants range from $15.08 to $17.35 per share based on the publicly traded share prices at the date of grants. The total fair value of $2,283 is being recognized over the vesting period, which is representative of the related service periods. During 2016, 35,615 shares of common stock granted to employees were forfeited. During 2015, the Company issued a total of 73,201 shares of common stock to certain employees and non-executive board members. Of these, 21,005 shares vest immediately, 7,500 shares vest after 90 days from date of grant, 3,196 shares will vest one-third each year on the anniversaries of the employee’s employment date and the balance will cliff vest after three years of service. The fair values of the grants range from $11.42 to $14.28 per share based on the publicly traded share prices at the date of grants. The total fair value of $928 is being recognized over the vesting period, which is representative of the related service periods. During 2015, 31,431 shares of common stock granted to employees were forfeited. A status summary of non-vested shares as of December 31, 2016 and 2015, are presented below: December 31, 2016 December 31, 2015 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at January 1 st 362,841 $ 20.43 560,842 $ 21.44 Granted 150,009 15.22 73,201 12.68 Vested (152,479 ) 15.19 (239,771 ) 20.23 Forfeited (35,615 ) 18.89 (31,431 ) 22.02 Nonvested shares at December 31 st 324,756 $ 14.75 362,841 $ 20.43 During 2016, 2015 and 2014, the Company recognized stock-based compensation expense related to restricted shares of $1,630, $2,972, and $3,963, respectively. Performance Based Stock Grants On January 6, 2016, the Company granted a total of 52,170 performance based shares that will cliff vest on January 6, 2019 with a measurement period commencing January 1, 2016 through December 31, 2018, provided that the participating employees are continuously employed by the Company during the vesting period. Eighty percent of these performance based shares are based upon financial performance of the Company, specifically, an earnings before income 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 2016 Proxy Statement. All parts of these awards vest in three years, but are subject to reduction to a minimum (or even zero) for meeting less than the targeted performance and to increase to a maximum of 200% for meeting in excess of the targeted performance. For this award, the performance based shares related to EBIT and net sales have a fair value of $15.08 per share and the shares related to the Company’s stock price have a fair value of $11.63 per share. The fair value for shares related to stock price was determined by using the Monte Carlo valuation method. (It should be noted that the Company’s Equity Incentive Plan expired on May 12, 2015, future issuances were not permitted until stockholders’ approval to extend the term of the plan during its 2016 Annual Stockholders’ Meeting, which took place on June 8, 2016. The fair value for shares related to EBIT and net sales was therefore, determined by using the publicly traded share price as of the Plan extension approval date (June 8, 2016)). For such performance based stock awards, the Company recognizes share-based compensation cost on a straight-line basis for each performance criteria over the implied service period. During 2015, the Company granted a total of 10,696 performance based shares. Of these, 7,500 shares will cliff vest on January 5, 2018 with a measurement period commencing January 1, 2015 and ending December 31, 2017 and 3,196 shares will cliff vest on August 1, 2018 with a measurement period commencing July 1, 2015 and ending June 30, 2018, provided that the participating employees are continuously employed by the Company during the vesting period. Eighty percent of these performance based shares are based upon financial performance of the Company, specifically, an earnings before income 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 2015 Proxy Statement. All parts of these awards vest in three years, but are subject to reduction to a minimum (or even zero) for meeting less than the targeted performance and to increase to a maximum of 200% for meeting in excess of the targeted performance. As of December 31, 2015, performance based shares related to EBIT and net sales have an average fair value of $11.86 per share. The fair value was determined by using the publicly traded share price as of the date of grant. The performance based shares related to the Company’s stock price have an average fair value of $9.48 per share. The fair value was determined by using the Monte Carlo valuation method. For awards with performance conditions, the Company recognizes share-based compensation cost on a straight-line basis for each performance criteria over the implied service period. On May 23, 2014, the Company granted a total of 79,270 performance based shares that will cliff vest on May 23, 2017, provided that participating employees are continuously employed by the Company during the vesting period. Of these performance based shares, 80% are based upon financial performance of the Company, specifically, EBIT goal weighted at 50% and a net sales goal weighted at 30% for the period commencing April 1, 2014 and ending December 31, 2016; the remaining 20% of performance based shares are based upon AVD stock price appreciation (stockholder return) over the same performance measurement period. The net sales and EBIT goal measures the relative growth of the Company’s net sales and EBIT for the performance measurement period, as compared to the median growth of net sales and EBIT 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. All parts of these awards vest in three years, but are subject to reduction to a minimum (or even zero) for meeting less than the targeted performance and to increase to a maximum of 200% for meeting in excess of the targeted performance. As of December 31, 2014, performance based shares related to net sales and EBIT were fair valued at $14.92 per share and the shares related to AVD stock price were fair valued at $12.85 per share. The fair value was determined by using the publicly traded share price as of the date of grant. Fair value for shares related to AVD stock price was determined by using the Monte Carlo valuation method. The Company is recognizing as expense the value of these shares over the required service period of three years. During 2016, 2015 and 2014, the Company recognized stock-based compensation expense related to performance based shares of $995, $329, and $168, respectively. In 2016, the Company assessed the likelihood of achieving the performance measures based on peer group information currently available for the performance based shares granted in 2014. Based on the performance thus far, the Company has concluded that it is likely that the performance measure based on EBIT and net sales will be met at 200% of targeted performance and have considered the related additional expense in 2016. The performance shares based on market price, however, are not expected to meet targeted performance and in that event, will be forfeited. Any forfeiture related to market condition shares are included in the grant date fair value valuation and no forfeitures were recognized in 2016. As of December 31, 2016, the Company had approximately $796 of unamortized stock-based compensation expenses related to unvested performance based shares. This amount will be recognized over the weighted-average period of 1.7 years. This projected expense will change if any performance based shares are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. A status summary of non-vested shares as of December 31, 2016 and 2015, are presented below: December 31, 2016 December 31, 2015 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at January 1 st 104,403 $ 17.05 103,907 $ 17.77 Granted 52,170 14.39 10,696 11.38 Forfeited (37,551 ) 22.45 (10,200 ) 18.43 Nonvested shares at December 31 st 119,022 $ 14.18 104,403 $ 17.05 Performance Incentive Stock Option Plan During 2016 and 2015, the Company did not grant any employees performance incentive stock options to acquire shares of common stock. During 2014, the Company granted performance incentive stock options to purchase 107,689 shares of common stock to employees. These options will cliff vest on December 30, 2017 provided that the participating employees are continuously employed by the Company during the vesting period. Of these performance based stock options, 80% are based upon financial performance of the Company, specifically, an earnings before interest and tax (“EBIT”) goal weighted at 50% and a net sales goal weighted at 30% for the period commencing January 1, 2015 and ending December 31, 2017; the remaining 20% of performance based shares are based upon AVD stock price appreciation (stockholder return) over the same performance measurement period. The net sales and EBIT goal measures the relative growth of the Company’s net sales and EBIT for the performance measurement period, as compared to the median growth of net sales and EBIT 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. All parts of these options vest in three years, but are subject to reduction to a minimum (or even zero) for meeting less than the targeted performance and to increase to a maximum of 200% for meeting in excess of the targeted performance. There were no performance based stock options issued by the Company prior to those issued during 2014. Performance option activity is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Exercisable Weighted Average Price Per Share Balance outstanding, December 31, 2014 107,689 $ 11.49 $ — Options forfeited (9,279 ) 11.49 Balance outstanding, December 31, 2015 98,410 $ 11.49 $ — Options forfeited (16,076 ) 11.49 Balance outstanding, December 31, 2016 82,334 $ 11.49 $ — Information relating to performance stock options at December 31, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Shares Exercise Price Performance Incentive Stock Option Plan: $11.49 82,334 12 $ 11.49 — $ — 82,334 $ 11.49 — $ — The weighted average exercise prices for performance options granted and exercisable and the weighted average remaining contractual life for performance options outstanding as of December 31, 2016 and 2015 was as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) As of December 31, 2016: Performance Incentive Stock Option Plans: Outstanding 82,334 $ 11.49 12 $ 631 Expected to Vest 75,312 $ 11.49 12 $ 577 Exercisable — $ — — $ — As of December 31, 2015: Performance Incentive Stock Option Plans: Outstanding 98,410 $ 11.49 24 $ 248 Expected to Vest 58,410 $ 11.49 24 $ 147 Exercisable — $ — — $ — During 2016, 2015 and 2014, the Company recognized stock-based compensation expense related to performance incentive stock options of $188, $149, and $0, respectively. In 2016, the Company assessed the likelihood of achieving the performance measures based on peer group information currently available for the performance incentive stock options awarded in 2014. Based on the performance thus far, the Company has concluded that it is greater than 70% likely that the performance measure based on EBIT will be met at 150% of targeted performance and net sales will be met at 125% of targeted performance and have considered the related additional expense in 2016. While the performance incentive stock options based on market price is likely to be met at 200% targeted performance, no additional expenses were recognized in 2016 as the grant date valuation of these awards reflects market conditions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Accumulated Other Comprehensive Loss | (12) Accumulated Other Comprehensive Loss The following table lists the beginning balance, annual activity and ending balance of each component of accumulated other comprehensive loss: Interest Rate Swap FX Translation Total Balance, December 31, 2013 $ (340 ) $ (708 ) $ (1,048 ) Other comprehensive loss before reclassifications (30 ) (1,262 ) (1,292 ) Amounts reclassified from AOCI 594 - 594 Tax effect (224 ) - (224 ) Balance, December 31, 2014 $ — $ (1,970 ) $ (1,970 ) Other comprehensive loss before reclassifications — (1,571 ) (1,571 ) Balance, December 31, 2015 $ — $ (3,541 ) $ (3,541 ) Other comprehensive loss before reclassifications — (1,310 ) (1,310 ) Balance, December 31, 2016 $ — $ (4,851 ) $ (4,851 ) |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investments | (13) Equity Method Investments The Company utilizes the equity method of accounting with respect to its investment in TyraTech Inc. (“TyraTech”), a Delaware corporation that specializes in developing, marketing and selling pesticide products containing essential oils and other natural ingredients. In February 2014, TyraTech issued 37,391,763 shares, raising approximately £1.87 ($3.1, based on exchange rate at the time) million. In July 2014, TyraTech issued a further 50,000,000 shares and raised approximately £3.5 ($5.9, based on the exchange rate at the time) million. Due to the share issuance in both periods, the Company recognized a total gain of $954 from the dilution of the Company’s ownership position as required by ASC 323. In October 2014, the Company exercised warrants in the amount of $500 and purchased 6,155,000 shares in TyraTech. In November 2015, TyraTech issued a further 105,333,333 shares and raised approximately £3.2 ($4.8, based on the exchange rate at the time) million. Due to the share issuance, the Company recognized a loss of $7 (for 2015) from the dilution of the Company’s ownership position, as required by ASC 323. As of December 31, 2016 and 2015, the Company’s ownership position in TyraTech was approximately 15.11%. As a result of the reduced equity share, the Company re-assessed its choice of equity method accounting for the investment and determined that it retains significant influence by retaining one out of five board seats and accordingly, this method of accounting continues to be appropriate. At December 31, 2016, the carrying value of the Company’s investment in TyraTech was $2,184 and the quoted market value based on TyraTech’s share price (Level 1 input) was $1,292. At December 31, 2016, the Company performed an impairment review of its investment in TyraTech and concluded that the current condition was temporary and consequently determined that no impairment charge was appropriate. TyraTech’s shares trade on the AIM market of the London Stock Exchange under the trading symbol ‘TYR’. The Company’s equity investment is included in other assets on the consolidated balance sheet. On August 2, 2016, AMVAC BV entered into a joint venture with Huifeng. The new entity, Hong Kong JV is intended to focus on activities such as market access and technology transfer between the two members. AMVAC BV is a 50% owner of the new entity. No material contribution has been made to this joint venture in 2016. |
Cost Method Investment
Cost Method Investment | 12 Months Ended |
Dec. 31, 2016 | |
Biological Products For Agriculture | |
Cost Method Investment | (14) Cost Method Investment In February 2016, AMVAC BV made an equity investment 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 June 30, 2016, the Company’s ownership position in Bi-PA was 15%. The Company utilizes the cost method of accounting with respect to this investment and will periodically review the investment for possible impairment. There was no impairment on the investment as of December 31, 2016. The investment is not material and is recorded within other assets on the consolidated balance sheets. |
Quarterly Data-Unaudited
Quarterly Data-Unaudited | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data-Unaudited | (15) Quarterly Data—Unaudited March 31 June 30 September 30 December 31 Quarterly Data—2016 Net sales $ 69,474 $ 72,724 $ 82,447 $ 87,468 Gross profit 27,503 31,395 32,986 36,404 Net income attributable to American Vanguard 2,794 3,246 2,877 3,871 Basic net income per share 0.10 0.11 0.10 0.13 Diluted net income per share 0.10 0.11 0.10 0.13 Quarterly Data—2015 Net sales $ 66,565 $ 66,523 $ 72,486 $ 83,808 Gross profit 24,650 25,121 31,433 30,698 Net income attributable to American Vanguard 51 781 2,772 2,987 Basic net income per share — 0.03 0.10 0.10 Diluted net income per share — 0.03 0.09 0.10 Note: Totals may not agree with full year amounts due to rounding and separate calculations each quarter. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | (16) Subsequent Event The Company has evaluated events subsequent to December 31, 2016, to assess the need for potential recognition or disclosure in this filing. Based on this evaluation, it was determined that no subsequent events occurred that require recognition in the consolidated financial statements. |
Description of Business, Basi27
Description of Business, Basis of Consolidation, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications — The Company has revised the amount of net deferred tax liabilities and income tax payable on its consolidated balance sheet as of December 31, 2015. It was concluded that timing differences relating to certain accrued amounts were not properly considered. Consequently, the Company decreased the net deferred tax liability and increased income tax payable balances by $12,598 and also revised the related tax disclosures in Note 3 accordingly. This revision did not impact the previously reported net income, stockholders’ equity or cash flows. Certain other prior years’ amounts have been reclassified to conform to the current year’s presentation. |
Cost of Sales | Cost of Sales— In addition to normal cost centers (i.e., direct labor, raw materials), the Company also includes such cost centers as Health and Safety, Environmental, Maintenance and Quality Control in cost of sales. |
Operating Expenses | Operating Expenses— Operating expenses include cost centers for Selling, General and Administrative, Research, Product Development, and Regulatory, and finally, Freight, Delivery and Warehousing. 2016 2015 2014 Selling $ 27,442 $ 27,052 $ 31,593 General and administrative 32,128 28,516 27,057 Research, product development and regulatory 21,298 19,116 21,206 Freight, delivery and warehousing 26,880 25,694 27,930 $ 107,748 $ 100,378 $ 107,786 |
Advertising Expense | Advertising Expense— The Company expenses advertising costs in the period incurred. Advertising expenses, which include promotional costs, are recognized in operating costs (specifically in selling expenses) in the consolidated statements of operations and were $ 2,271 in 2016, $3,535 in 2015 and $4,322 in 2014. |
Cash and Cash Equivalent | Cash and cash equivalent— The Company’s cash and cash equivalent consist primarily of certificates of deposit with an initial term of less than three months. For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. |
Inventories | Inventories — The Company values its inventories at lower of cost or market. Cost is determined by the first-in, first-out (“FIFO”) method, including material, labor, factory overhead and subcontracting services. The Company writes down and makes adjustments to its inventory carrying values as a result of net realizable value assessments of slow moving and obsolete inventory and other annual adjustments to ensure that our standard costs continue to closely reflect manufacturing cost. The Company recorded an inventory reserve allowance of $ 3,594 at December 31, 2016, as compared to $4,020 at December 31, 2015. The components of inventories consist of the following: 2016 2015 Finished products $ 103,832 $ 120,456 Raw materials 16,744 16,021 $ 120,576 $ 136,477 |
Revenue Recognition and Allowance for Doubtful Accounts | Revenue Recognition and Allowance for Doubtful Accounts— Revenue from sales is recognized at the time title and the risks of ownership pass. This is when the customer has made the fixed commitment to purchase the goods, the products are shipped per the customer’s instructions, the sales price is fixed and determinable, and collection is reasonably assured. The Company has in place procedures to ensure that revenue is recognized when earned. The procedures are subject to management’s review and from time to time certain sales are excluded until it is clear that the title has passed and there is no further recourse to the Company. From time to time, the Company may offer a program to eligible customers, in good standing, that provides extended payment terms on a portion of the sales on selected products. The Company analyzes these extended payment programs in connection with its revenue recognition policy to ensure all revenue recognition criteria are satisfied at the time of sale. Allowance for doubtful accounts is established based on estimates of losses related to customer receivable balances. Estimates are developed using either standard quantitative measures based on historical losses, adjusted for current economic conditions or by evaluating specific customer accounts for risk of loss. |
Accrued Program Costs | Accrued Program Costs— In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, the Company classifies certain payments to its customers as a reduction of sales revenues. The Company describes these payments as “Programs”. Programs are a critical part of doing business in the U.S. agricultural chemicals business market place. For accounting purposes, programs are recorded as a reduction in gross sales and include market pricing adjustments, volume take up or other key performance indicator driven payments made to distributors, retailers or growers predominantly at the end of a growing season. Each quarter management compares each sale transaction with program guidelines to determine what program liability has 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 make assessments of whether or not customers are tracking in a manner that indicates that they will meet the requirements set out in the terms and conditions attached to each program. If management believes that customers are falling short of or exceeding their previously anticipated annual goals, then periodic adjustments will be made to the accumulated accrual to properly reflect the Company’s best estimate of the liability at the balance sheet date. The majority of adjustments are made at the end of the crop season, at which time customer performance can be fully assessed. 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. The Company recorded program reserves of $ 42,930 at December 31, 2016, as compared to $44,371 at December 31, 2015. |
Long-lived Assets | Long-lived Assets— Long-lived assets primarily consist of the costs of Smartbox Lock and Load containers and intangible assets. The carrying value of long-lived assets is reviewed for impairment quarterly 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 2016 or 2015. |
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 significant improvements to existing plant and equipment. Interest costs related to significant 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 is removed from the respective accounts and the gain or loss realized on disposition is reflected in operations. All plant and equipment is depreciated using the straight-line method, utilizing the estimated useful property lives. Building lives range from 10 to 30 years; machinery and equipment lives range from 3 to 15 years; office furniture and fixture lives range from 3 to 10 years; automobile lives range from 3 to 6 years; construction projects and significant improvements to existing plant and equipment lives range from 3 to 15 years when placed in service. During the years ended December 31, 2016, 2015 and 2014 the Company eliminated from assets and accumulated depreciation $16,652, $549, and $5,358, respectively, of fully depreciated assets. |
Foreign Currency Translation | Foreign Currency Translation— Assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, have been translated at period end exchange rates, and profit and loss accounts have been translated using weighted average yearly exchange rates. Adjustments resulting from translation have been recorded in the equity section of the balance sheet as cumulative translation adjustments in other comprehensive income (loss). The effects of foreign currency exchange gains and losses on transactions that are denominated in currencies other than the Company’s functional currency are remeasured to the functional currency using the end of the period exchange rates. The effects of remeasurement related to foreign currency transactions are included in the consolidated statements of operations. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets— The primary identifiable intangible assets of the Company relate to assets associated with its product acquisitions. The Company adopted the provisions of FASB ASC 350, under which identifiable intangibles with finite lives are amortized and those with indefinite lives are not amortized. The estimated useful life of an identifiable intangible asset to the Company is based upon a number of factors including the effects of demand, competition, and expected changes in the marketability of the Company’s products. The Company re-evaluates whether these intangible assets are impaired on both a quarterly and an annual basis and anytime when there is a specific indicator for impairment, relying on a number of factors including operating results, business plans and future cash flows. Identifiable intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets. The impairment test for identifiable intangible assets not subject to amortization consists of either a qualitative assessment or a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss, if any, is recognized for the amount by which the carrying value exceeds the fair value of the asset. Fair value is typically estimated using a discounted cash flow analysis. When determining future cash flow estimates, the Company considers historical results adjusted to reflect current and anticipated operating conditions. Estimating future cash flows requires significant judgment by the Company, in such areas as: future economic conditions, industry-specific conditions, product pricing and necessary capital expenditures. The use of different assumptions or estimates for future cash flows could produce different impairment amounts (or none at all) for long-lived assets, goodwill and identifiable intangible assets. The Company has performed an impairment review for the years ended December 31, 2016 and 2015 and recorded immaterial impairment losses. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments— The carrying values of cash, receivables and accounts payable approximate their fair values because of the short maturity of these instruments. The fair value of the Company’s long-term debt and note payable to our lender group is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities. Such fair value approximates the respective carrying values of the Company’s long-term debt and note payable to bank. The Company measures fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. These inputs include quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; 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: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. |
Income Taxes | Income Taxes— The Company utilizes the 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 would 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. At December 31, 2016 and 2015, the Company recorded unrecognized tax benefits of $1,893 and $2,007, respectively. |
Per Share Information | Per Share Information— FASB ASC 260 requires dual presentation of basic earnings per share (“EPS”) and diluted EPS on the face of all consolidated statements of operations. Basic 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: 2016 2015 2014 Numerator: Net income attributable to American Vanguard $ 12,788 $ 6,591 $ 4,841 Denominator: Weighted average shares outstanding—basic 28,859 28,673 28,436 Dilutive effect of stock options and grants 535 564 476 29,394 29,237 28,912 The Company excluded 1,616 stock options from the computation of diluted earnings per share for the year ended December 31, 2014, because, at the time, they were anti-dilutive. For the years ended December 31, 2016 and 2015, no options were excluded from the computation. |
Accounting Estimates | Accounting 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, revenues, and expenses at the date that the consolidated financial statements are prepared. Significant estimates relate to the allowance for doubtful accounts, inventory reserves, impairment of long-lived assets, accrued program costs, and stock based compensation and 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, 2016 and 2015, total comprehensive income consisted of net income attributable to American Vanguard and foreign currency translation adjustments. In 2014, total comprehensive income consisted of net income attributable to American Vanguard, foreign currency translation adjustments and, in addition, the change in fair value of interest rate swaps. |
Stock-Based Compensation | Stock-Based Compensation— The Company accounts for stock-based awards to employees and directors pursuant to ASC 718. When applying the provisions of ASC 718, the Company also applies the provisions of Staff Accounting Bulletin (“SAB”) No. 107 and SAB No. 110. ASC 718 requires companies to estimate 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. Stock-based compensation expense recognized during the period is based on the fair value of the portion of share-based payment awards that is ultimately expected to vest during the period. Stock-based compensation expense recognized is reduced for estimated forfeitures pursuant to ASC 718. Estimated forfeitures recognized in the Company’s Consolidated Statements of Operations reduced compensation expense by $118, $144, and $303 for the years ended December 31, 2016, 2015, and 2014, respectively. The Company estimates that 16.6% of all restricted stock grants, 16.6% of the performance based restricted shares and 7.5% of all stock option grants that are currently vesting will be forfeited. These estimates are reviewed quarterly and revised as necessary. 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, 2016, 2015 and 2014. 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 Compensation Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) December 31, 2016 Incentive Stock Options $ 354 $ 397 1.0 Performance Based Options 188 178 1.0 Restricted Stock 1,630 2,153 1.6 Performance Based Restricted Stock 995 796 1.7 Total $ 3,167 $ 3,524 December 31, 2015 Incentive Stock Options $ 431 $ 887 2.0 Performance Based Options 149 331 2.0 Restricted Stock 2,972 2,153 1.3 Performance Based Restricted Stock 329 583 1.5 Total $ 3,881 $ 3,954 December 31, 2014 Incentive Stock Options $ 22 $ 1,457 3.0 Performance Based Options — 551 3.0 Restricted Stock 3,963 4,829 1.8 Performance Based Restricted Stock 168 1,249 2.1 Total $ 4,153 $ 8,086 The Company uses the Black-Scholes option-pricing model (“Black-Scholes model”) to value option grants using the following weighted average assumptions: 2014 Risk free interest rate 2.0% Dividend yield 0.9% Volatility factor 48.9% Weighted average life (years) 6.5 years The weighted average grant-date fair values of options granted during 2014 was $5.27. There were no option shares granted during either 2016 or 2015. The expected volatility and expected life assumptions are highly complex and use subjective variables. The variables take into consideration, among other things, actual and projected employee stock option exercise behavior. The Company estimates the expected term or vesting period using the “safe harbor” provisions of SAB 107 and SAB 110. The Company used historical volatility as a proxy for estimating expected volatility. The Company values restricted stock grants using the Company’s traded stock price on the date of grant. The weighted average grant-date fair values of restricted stock grants during 2016, 2015, and 2014 were $15.22, $12.68, and $14.81, respectively. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance— In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230). The new standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2017. Based on the composition of the Company’s cash and cash equivalent, adoption of the new standard is not expected to have a material impact on our consolidated cash flows statements. We expect to adopt the standard for the financial year beginning January 1, 2018. In October 2016 FASB issued ASU 2016-16, Income Taxes (Topic 740). Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new standard, an entity is to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard does not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The new standard is effective for annual periods beginning after December 15, 2017, including interim reporting periods within those annual periods. The Company has considered its activities with regard to such intra-entity transfers, does not expect the adoption of ASU 2016-16 to have a material impact on our consolidated financial statements and will adopt the standard for the financial year beginning January 1, 2018. In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). In March 2016, FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) In March 2016, FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures In February 2016, FASB issued ASU 2016-02, Leases In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. In November 2015, FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In July 2015, FASB issued ASU 2015-11, Inventory (Topic 330) In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Description of Business, Basi28
Description of Business, Basis of Consolidation, Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Business Sales Segmentation | Selective enterprise information is as follows: 2016 2015 2014 Net sales: Insecticides $ 119,226 $ 117,180 $ 135,705 Herbicides/soil fumigants/fungicides 123,540 111,897 101,785 Other, including plant growth regulators 29,438 29,013 30,220 Total crop 272,204 258,090 267,710 Non-crop 39,909 31,292 30,924 $ 312,113 $ 289,382 $ 298,634 Gross profit: Crop $ 107,821 $ 97,198 $ 101,633 Non-crop 20,467 14,704 12,863 $ 128,288 $ 111,902 $ 114,496 |
Summary of Operating Expense | Operating expenses include cost centers for Selling, General and Administrative, Research, Product Development, and Regulatory, and finally, Freight, Delivery and Warehousing. 2016 2015 2014 Selling $ 27,442 $ 27,052 $ 31,593 General and administrative 32,128 28,516 27,057 Research, product development and regulatory 21,298 19,116 21,206 Freight, delivery and warehousing 26,880 25,694 27,930 $ 107,748 $ 100,378 $ 107,786 |
Components of Inventories | The components of inventories consist of the following: 2016 2015 Finished products $ 103,832 $ 120,456 Raw materials 16,744 16,021 $ 120,576 $ 136,477 |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share were as follows: 2016 2015 2014 Numerator: Net income attributable to American Vanguard $ 12,788 $ 6,591 $ 4,841 Denominator: Weighted average shares outstanding—basic 28,859 28,673 28,436 Dilutive effect of stock options and grants 535 564 476 29,394 29,237 28,912 |
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, 2016, 2015 and 2014. 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 Compensation Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) December 31, 2016 Incentive Stock Options $ 354 $ 397 1.0 Performance Based Options 188 178 1.0 Restricted Stock 1,630 2,153 1.6 Performance Based Restricted Stock 995 796 1.7 Total $ 3,167 $ 3,524 December 31, 2015 Incentive Stock Options $ 431 $ 887 2.0 Performance Based Options 149 331 2.0 Restricted Stock 2,972 2,153 1.3 Performance Based Restricted Stock 329 583 1.5 Total $ 3,881 $ 3,954 December 31, 2014 Incentive Stock Options $ 22 $ 1,457 3.0 Performance Based Options — 551 3.0 Restricted Stock 3,963 4,829 1.8 Performance Based Restricted Stock 168 1,249 2.1 Total $ 4,153 $ 8,086 |
Summary of Value Option Grants Using Weighted Average Assumptions | The Company uses the Black-Scholes option-pricing model (“Black-Scholes model”) to value option grants using the following weighted average assumptions: 2014 Risk free interest rate 2.0% Dividend yield 0.9% Volatility factor 48.9% Weighted average life (years) 6.5 years |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment at December 31, 2016 and 2015 consist of the following: 2016 2015 Estimated useful lives Land $ 2,458 $ 2,458 Buildings and improvements 15,515 14,726 10 to 4 0 Machinery and equipment 102,146 113,506 3 to 15 years Office furniture, fixtures and equipment 5,016 4,997 3 to 10 years Automotive equipment 387 491 3 to 6 years Construction in progress 8,047 3,413 Total gross value 133,569 139,591 Less accumulated depreciation (83,274 ) (91,619 ) Total net value $ 50,295 $ 47,972 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | Long-term debt of the Company at December 31, 2016 and 2015 is summarized as follows: 2016 2015 Revolving line of credit(a) $ 41,400 $ 69,000 Notes payable — 55 41,400 69,055 Less current installments — (55 ) Less deferred loan fees (449 ) (679 ) $ 40,951 $ 68,321 |
Payments on Long-term Debt Details | Approximate principal payments on long-term debt at December 31, 2016 are as follows: 2017 $ — 2018 41,400 $ 41,400 a) As of June 17, 2013, AMVAC Chemical Corporation (“AMVAC”), the Company’s principal operating subsidiary, as borrower, and affiliates (including the Company), as guarantors and/or borrowers, entered into a Second Amended and Restated Credit Agreement (the “2013 Credit Agreement”) with a group of commercial lenders led by Bank of the West (AMVAC’s primary bank) as agent, swing line lender and L/C issuer. On July 11, 2014, AMVAC, as borrower, and affiliates (including registrant), as guarantors and borrowers, entered into a First Amendment to the Second Amended and Restated Credit Agreement (the “First Amendment”), under which the Consolidated Funded Debt Ratio was increased for the third and fourth quarters of 2014 and the first quarter of 2015 and borrowers were permitted to pay cash dividends to stockholders during the first and second quarters of 2015, notwithstanding prior levels of net income. As of April 14, 2015, AMVAC, registrant’s principal operating subsidiary, as borrower, and affiliates (including registrant), as guarantors and/or borrowers, entered into a Second Amendment to Second Amended and Restated Credit Agreement (the “Second Amendment”), under which the Consolidated Funded Debt Ratio was increased for the second, third and fourth quarters of 2015 (to 3.5-to-1 from 3.25-to-1) and a fixed charge covenant, requiring, in effect, that the ratio of consolidated current assets to consolidated current liabilities exceed 1.2-to-1 for the duration of the term of the credit facility, was added. The 2013 Credit Agreement, as amended by the First Amendment and the Second Amendment (the “Credit Agreement”) is a senior secured lending facility with a five year term and consisting of a revolving line of credit of $200 million and an accordion feature for up to $100 million. The Credit Agreement includes both AMVAC CV and AMVAC BV as borrowers. 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 Rate” which is based upon the Consolidated Funded Debt Ratio (“Eurocurrency Rate 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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Benefit) Expense | The components of income tax (benefit) expense are: 2016 2015 2014 Current: Federal $ 5,136 $ 573 $ (4,256 ) State (122 ) 417 251 Foreign 655 991 934 Deferred: Federal (1,345 ) (319 ) 3,492 State 1,216 347 (872 ) $ 5,540 $ 2,009 $ (451 ) |
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 35.0% to income before income tax expense as a result of the following: 2016 2015 2014 Computed tax expense at statutory federal rates $ 6,415 $ 3,010 $ 1,536 Increase (decrease) in taxes resulting from: State taxes, net of federal income tax benefit 702 454 (11 ) Domestic production deduction (1,272 ) (179 ) 420 Income tax credits (335 ) (662 ) (728 ) Foreign tax rate differential (1,587 ) (1,590 ) (2,159 ) Subpart F income 14 9 338 Equity investment 123 223 10 Stock based compensation 208 244 219 State tax rate change 116 185 (257 ) Tax interest 920 - - Other expenses 236 315 181 $ 5,540 $ 2,009 $ (451 ) |
Components of Income before Provision | Income before provision for income taxes and losses on equity investment are: 2016 2015 2014 Domestic $ 12,513 $ 1,589 $ (5,196 ) Foreign 6,404 7,373 8,840 $ 18,917 $ 8,962 $ 3,644 |
Deferred Tax Assets and Liability | Temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax liability at December 31, 2016 and 2015 relate to the following: 2016 2015 Deferred tax asset Inventories $ 5,359 $ 5,949 State income taxes 213 (215 ) Program accrual 12,318 12,598 Vacation pay accrual 818 796 Accrued bonuses 2,072 543 Bad debt 6 45 Stock compensation 1,614 1,781 NOL carryforward 351 658 Tax credit 14 524 Other 2,707 1,659 Deferred tax asset $ 25,472 $ 24,338 Deferred tax liability Plant and equipment, principally due to differences in depreciation and capitalized interest $ 30,636 $ 30,038 Prepaid expenses 1,542 1,157 Deferred tax liability 32,178 31,195 Total net deferred tax liability $ 6,706 $ 6,857 |
Gross Unrecognized Tax Liabilities | The following is a roll-forward of the Company’s total gross unrecognized tax liabilities, not including interest and penalties, for the fiscal years ended December 31, 2016 and 2015: 2016 2015 Balance at beginning of year $ 2,007 $ 1,958 Additions for tax positions related to the current year 65 85 Additions for tax positions related to the prior year 86 86 Deletion for tax positions related to the prior year (265 ) (122 ) Balance at end of year $ 1,893 $ 2,007 |
Major Customers and Internati32
Major Customers and International Sales (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Summary of International Sales | International sales for 2016, 2015 and 2014 were as follows: 2016 2015 2014 Mexico $ 16,690 $ 17,096 $ 14,601 South & Central America 16,234 15,970 16,585 Europe 14,519 12,350 13,249 Asia 17,138 13,847 7,683 Africa 7,111 8,622 9,310 Australia 3,735 4,158 4,202 Canada 3,690 1,585 4,910 Middle East 4,041 3,230 3,166 Other 101 437 — $ 83,259 $ 77,295 $ 73,706 |
Product Acquisitions (Tables)
Product Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 description of Business, Basis of Consolidation and Significant Accounting Policies for the Company’s accounting policy regarding intangible assets): Amount Intangible assets at December 31, 2013 $ 107,007 Write off during fiscal 2014 (319 ) Impact of movement in exchange rates (86 ) Amortization expense (6,391 ) Intangible assets at December 31, 2014 $ 100,211 Additions during fiscal 2015 36,667 Write offs during fiscal 2015 (33 ) Impact of movement in exchange rates (197 ) Amortization expense (7,488 ) Intangible assets at December 31, 2015 $ 129,160 Additions during fiscal 2016 224 Write offs during fiscal 2016 (78 ) Impact of movement in exchange rates 69 Amortization expense (7,942 ) Intangible assets at December 31, 2016 $ 121,433 |
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets | The following schedule represents the gross carrying amount and accumulated amortization of the intangible assets. Product rights are amortized over their expected useful lives of 25 years. Customer lists are amortized over their expected useful lives of ten years, and trademarks are amortized over their expected useful lives of 25 years. 2016 2015 $000’s Gross Accumulated Amortization Net Book Value Gross Accumulated Amortization Net Book Value Product Rights $ 167,906 $ 63,141 $ 104,765 $ 167,694 $ 56,233 $ 111,461 Customer Lists 3,091 1,053 2,038 3,091 744 2,347 Trademarks 18,041 3,411 14,630 18,041 2,689 15,352 Total Intangibles $ 189,038 $ 67,605 $ 121,433 $ 188,826 $ 59,666 $ 129,160 |
Schedule of Future Amortization Charges Related to Intangible Assets | The following schedule represents future amortization charges related to intangible assets: Year ending December 31, 2017 $ 7,911 2018 7,793 2019 7,793 2020 7,523 2021 7,438 Thereafter 82,975 $ 121,433 |
Schedule of Company's Obligations under Product Acquisitions and Licensing Agreements | The following schedule represents the Company’s obligations under product acquisitions and licensing agreements: Amount Obligations under acquisition agreements at December 31, 2013 $ 3,886 Adjustment to deferred liabilities (32 ) Amortization of discounted liabilities 324 Payments on existing obligations (1,686 ) Obligations under acquisition agreements at December 31, 2014 $ 2,492 Additional obligations acquired 1,367 Adjustment to deferred liabilities 65 Amortization of discounted liabilities 135 Payments on existing obligations (2,524 ) Obligations under acquisition agreements at December 31, 2015 $ 1,535 Additional obligations acquired 224 Adjustment to deferred liabilities (22 ) Amortization of discounted liabilities 38 Payments on existing obligations (960 ) Obligations under acquisition agreements at December 31, 2016 $ 815 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments Under the Terms of the Leases | Future minimum lease payments under the terms of the leases are as follows: Year ending December 31, 2017 $ 1,450 2018 1,301 2019 1,031 2020 948 2021 523 Thereafter 775 $ 6,028 |
Equity Plan Awards (Tables)
Equity Plan Awards (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Option Activity | Option activity within each plan is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Exercisable Weighted Average Price Per Share Balance outstanding, December 31, 2013 561,029 $ 7.76 $ 7.70 Options granted, 277,025 11.49 Options exercised, (113,150 ) 7.50 Balance outstanding, December 31, 2014 724,904 $ 9.22 $ 7.82 Options exercised, (63,950 ) 7.50 Options forfeited, (34,109 ) 12.00 Balance outstanding, December 31, 2015 626,845 $ 9.25 $ 7.73 Options exercised, (58,900 ) 7.50 Options forfeited, (26,040 ) 11.49 Balance outstanding, December 31, 2016 541,905 $ 9.33 $ 7.97 |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at December 31, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Shares Exercise Price Incentive Stock Option Plan: $7.50 298,350 47 $ 7.50 298,350 $ 7.50 $11.32-$14.75 243,555 92 $ 11.57 34,334 $ 12.07 541,905 $ 9.33 332,684 $ 7.97 |
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding | The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of December 31, 2016 and 2015 was as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) As of December 31, 2016: Incentive Stock Option Plans: Outstanding 541,905 $ 9.33 67 $ 5,321 Expected to Vest 536,531 $ 9.31 67 $ 5,280 Exercisable 332,684 $ 7.97 49 $ 3,719 As of December 31, 2015: Incentive Stock Option Plans: Outstanding 626,845 $ 9.25 79 $ 2,990 Expected to Vest 616,987 $ 9.21 78 $ 2,965 Exercisable 373,929 $ 7.73 59 $ 2,353 |
Performance Based Stock Options | |
Summary of Option Activity | Performance option activity is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Exercisable Weighted Average Price Per Share Balance outstanding, December 31, 2014 107,689 $ 11.49 $ — Options forfeited (9,279 ) 11.49 Balance outstanding, December 31, 2015 98,410 $ 11.49 $ — Options forfeited (16,076 ) 11.49 Balance outstanding, December 31, 2016 82,334 $ 11.49 $ — |
Performance Incentive Stock Option | |
Summary of Stock Options Summarized by Exercise Price | Information relating to performance stock options at December 31, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Shares Exercise Price Performance Incentive Stock Option Plan: $11.49 82,334 12 $ 11.49 — $ — 82,334 $ 11.49 — $ — |
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding | The weighted average exercise prices for performance options granted and exercisable and the weighted average remaining contractual life for performance options outstanding as of December 31, 2016 and 2015 was as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) As of December 31, 2016: Performance Incentive Stock Option Plans: Outstanding 82,334 $ 11.49 12 $ 631 Expected to Vest 75,312 $ 11.49 12 $ 577 Exercisable — $ — — $ — As of December 31, 2015: Performance Incentive Stock Option Plans: Outstanding 98,410 $ 11.49 24 $ 248 Expected to Vest 58,410 $ 11.49 24 $ 147 Exercisable — $ — — $ — |
Common Stock Grants | |
Summary of Non-Vested Shares | A status summary of non-vested shares as of December 31, 2016 and 2015, are presented below: December 31, 2016 December 31, 2015 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at January 1 st 362,841 $ 20.43 560,842 $ 21.44 Granted 150,009 15.22 73,201 12.68 Vested (152,479 ) 15.19 (239,771 ) 20.23 Forfeited (35,615 ) 18.89 (31,431 ) 22.02 Nonvested shares at December 31 st 324,756 $ 14.75 362,841 $ 20.43 |
Performance Based Restricted Shares | |
Summary of Non-Vested Shares | A status summary of non-vested shares as of December 31, 2016 and 2015, are presented below: December 31, 2016 December 31, 2015 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at January 1 st 104,403 $ 17.05 103,907 $ 17.77 Granted 52,170 14.39 10,696 11.38 Forfeited (37,551 ) 22.45 (10,200 ) 18.43 Nonvested shares at December 31 st 119,022 $ 14.18 104,403 $ 17.05 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Beginning Balance, Annual Activity and Ending Balance of each Component of Accumulated Other Comprehensive Loss | The following table lists the beginning balance, annual activity and ending balance of each component of accumulated other comprehensive loss: Interest Rate Swap FX Translation Total Balance, December 31, 2013 $ (340 ) $ (708 ) $ (1,048 ) Other comprehensive loss before reclassifications (30 ) (1,262 ) (1,292 ) Amounts reclassified from AOCI 594 - 594 Tax effect (224 ) - (224 ) Balance, December 31, 2014 $ — $ (1,970 ) $ (1,970 ) Other comprehensive loss before reclassifications — (1,571 ) (1,571 ) Balance, December 31, 2015 $ — $ (3,541 ) $ (3,541 ) Other comprehensive loss before reclassifications — (1,310 ) (1,310 ) Balance, December 31, 2016 $ — $ (4,851 ) $ (4,851 ) |
Quarterly Data-Unaudited (Table
Quarterly Data-Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Data | March 31 June 30 September 30 December 31 Quarterly Data—2016 Net sales $ 69,474 $ 72,724 $ 82,447 $ 87,468 Gross profit 27,503 31,395 32,986 36,404 Net income attributable to American Vanguard 2,794 3,246 2,877 3,871 Basic net income per share 0.10 0.11 0.10 0.13 Diluted net income per share 0.10 0.11 0.10 0.13 Quarterly Data—2015 Net sales $ 66,565 $ 66,523 $ 72,486 $ 83,808 Gross profit 24,650 25,121 31,433 30,698 Net income attributable to American Vanguard 51 781 2,772 2,987 Basic net income per share — 0.03 0.10 0.10 Diluted net income per share — 0.03 0.09 0.10 |
Valuation and Qualifying Acco38
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 423 | $ 166 | $ 392 |
Additions Charged to Costs and Expenses | 3 | 332 | 75 |
Deductions | (384) | (75) | (301) |
Balance at End of Period | 42 | 423 | 166 |
Inventory Reserve | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 4,020 | 2,995 | 2,602 |
Additions Charged to Costs and Expenses | 1,025 | 393 | |
Deductions | (426) | ||
Balance at End of Period | $ 3,594 | $ 4,020 | $ 2,995 |
Description of Business, Basi39
Description of Business, Basis of Consolidation, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Segment$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Number of reportable business segments | Segment | 1 | ||
Advertising expense | $ 2,271,000 | $ 3,535,000 | $ 4,322,000 |
Inventory reserve allowance | 3,594,000 | 4,020,000 | |
Accrued program costs | 42,930,000 | 44,371,000 | |
Impairment loss of long-lived assets | 0 | 0 | |
Elimination of Assets and Accumulated depreciation | 16,652,000 | 549,000 | 5,358,000 |
Unrecognized tax benefits | $ 1,893,000 | $ 2,007,000 | $ 1,958,000 |
Stock options excluded from computation of diluted earning per share | shares | 0 | 0 | 1,616 |
Reduction in share based compensation expense | $ 118,000 | $ 144,000 | $ 303,000 |
Accounting Standards Update 2015-17 | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Reclassification of deferred tax assets from current assets to noncurrent assets | $ 20,699,000 | ||
Common Stock Grants | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Forfeited percentage of stock | 16.60% | ||
Weighted average grant-date fair values of restricted stock grants | $ / shares | $ 15.22 | $ 12.68 | $ 14.81 |
Performance Based Restricted Shares | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Forfeited percentage of stock | 16.60% | ||
Weighted average grant-date fair values of restricted stock grants | $ / shares | $ 14.39 | $ 11.38 | |
Incentive Stock Options | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Forfeited percentage of stock | 7.50% | ||
Weighted average grant-date fair values of options in period | $ / shares | $ 5.27 | ||
Option shares granted | shares | 0 | 0 | |
Building | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment Useful Life | 10 years | ||
Building | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment Useful Life | 30 years | ||
Machinery and equipment | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment Useful Life | 3 years | ||
Machinery and equipment | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment Useful Life | 15 years | ||
Office furniture, fixtures and equipment | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment Useful Life | 3 years | ||
Office furniture, fixtures and equipment | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment Useful Life | 10 years | ||
Automotive equipment | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment Useful Life | 3 years | ||
Automotive equipment | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment Useful Life | 6 years | ||
Construction in progress | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment Useful Life | 3 years | ||
Construction in progress | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment Useful Life | 15 years | ||
Net Deferred Tax Liability | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Prior period reclassification adjustment | $ (12,598,000) | ||
Income Tax Payable | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Prior period reclassification adjustment | $ 12,598,000 |
Summary of Business Sales Segme
Summary of Business Sales Segmentation as per Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales: | |||||||||||
Total crop | $ 272,204 | $ 258,090 | $ 267,710 | ||||||||
Non-crop | 39,909 | 31,292 | 30,924 | ||||||||
Net sales | $ 87,468 | $ 82,447 | $ 72,724 | $ 69,474 | $ 83,808 | $ 72,486 | $ 66,523 | $ 66,565 | 312,113 | 289,382 | 298,634 |
Gross profit | $ 36,404 | $ 32,986 | $ 31,395 | $ 27,503 | $ 30,698 | $ 31,433 | $ 25,121 | $ 24,650 | 128,288 | 111,902 | 114,496 |
Crop | |||||||||||
Net sales: | |||||||||||
Gross profit | 107,821 | 97,198 | 101,633 | ||||||||
Non-crop | |||||||||||
Net sales: | |||||||||||
Gross profit | 20,467 | 14,704 | 12,863 | ||||||||
Insecticides | |||||||||||
Net sales: | |||||||||||
Total crop | 119,226 | 117,180 | 135,705 | ||||||||
Herbicides/Soil Fumigants/Fungicides | |||||||||||
Net sales: | |||||||||||
Total crop | 123,540 | 111,897 | 101,785 | ||||||||
Other, Including Plant Growth Regulators | |||||||||||
Net sales: | |||||||||||
Total crop | $ 29,438 | $ 29,013 | $ 30,220 |
Summary of Operating Expense (D
Summary of Operating Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income And Expenses [Abstract] | |||
Selling | $ 27,442 | $ 27,052 | $ 31,593 |
General and administrative | 32,128 | 28,516 | 27,057 |
Research, product development and regulatory | 21,298 | 19,116 | 21,206 |
Freight, delivery and warehousing | 26,880 | 25,694 | 27,930 |
Operating expenses | $ 107,748 | $ 100,378 | $ 107,786 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 103,832 | $ 120,456 |
Raw materials | 16,744 | 16,021 |
Total Inventories | $ 120,576 | $ 136,477 |
Components of Basic and Diluted
Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income attributable to American Vanguard | $ 3,871 | $ 2,877 | $ 3,246 | $ 2,794 | $ 2,987 | $ 2,772 | $ 781 | $ 51 | $ 12,788 | $ 6,591 | $ 4,841 |
Denominator: | |||||||||||
Weighted average shares outstanding—basic | 28,859 | 28,673 | 28,436 | ||||||||
Dilutive effect of stock options and grants | 535 | 564 | 476 | ||||||||
Weighted average shares outstanding-assuming dilution | 29,394 | 29,237 | 28,912 |
Unamortized Stock-Based Compens
Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation | $ 3,167 | $ 3,881 | $ 4,153 |
Unamortized Stock-Based Compensation | 3,524 | 3,954 | 8,086 |
Incentive Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation | 354 | 431 | 22 |
Unamortized Stock-Based Compensation | $ 397 | $ 887 | $ 1,457 |
Remaining Weighted Average Period (years) | 1 year | 2 years | 3 years |
Performance Based Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation | $ 188 | $ 149 | |
Unamortized Stock-Based Compensation | $ 178 | $ 331 | $ 551 |
Remaining Weighted Average Period (years) | 1 year | 2 years | 3 years |
Common Stock Grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation | $ 1,630 | $ 2,972 | $ 3,963 |
Unamortized Stock-Based Compensation | $ 2,153 | $ 2,153 | $ 4,829 |
Remaining Weighted Average Period (years) | 1 year 7 months 6 days | 1 year 3 months 18 days | 1 year 9 months 18 days |
Performance Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation | $ 995 | $ 329 | $ 168 |
Unamortized Stock-Based Compensation | $ 796 | $ 583 | $ 1,249 |
Remaining Weighted Average Period (years) | 1 year 8 months 12 days | 1 year 6 months | 2 years 1 month 6 days |
Summary of Value Option Grants
Summary of Value Option Grants Using Weighted Average Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Risk free interest rate | 2.00% |
Dividend yield | 0.90% |
Volatility factor | 48.90% |
Weighted average life (years) | 6 years 6 months |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 133,569 | $ 139,591 |
Less accumulated depreciation | (83,274) | (91,619) |
Total net value | 50,295 | 47,972 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 2,458 | 2,458 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 15,515 | 14,726 |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment Useful Life | 10 years | |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment Useful Life | 40 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 102,146 | 113,506 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment Useful Life | 3 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment Useful Life | 15 years | |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 5,016 | 4,997 |
Office furniture, fixtures and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment Useful Life | 3 years | |
Office furniture, fixtures and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment Useful Life | 10 years | |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 387 | 491 |
Automotive equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment Useful Life | 3 years | |
Automotive equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment Useful Life | 6 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 8,047 | $ 3,413 |
Construction in progress | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment Useful Life | 3 years | |
Construction in progress | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment Useful Life | 15 years |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense related to property, plant and equipment | $ 8,307 | $ 8,953 | $ 9,622 |
Elimination of Assets and Accumulated depreciation | $ 16,652 | $ 549 | $ 5,358 |
Summary of Long Term Debt (Deta
Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Revolving line of credit | [1] | $ 41,400 | $ 69,000 |
Notes payable | 0 | 55 | |
Total indebtedness | 41,400 | 69,055 | |
Less current installments | 0 | (55) | |
Less deferred loan fees | (449) | (679) | |
Long term debt, non current | $ 40,951 | $ 68,321 | |
[1] | As of June 17, 2013, AMVAC Chemical Corporation (“AMVAC”), the Company’s principal operating subsidiary, as borrower, and affiliates (including the Company), as guarantors and/or borrowers, entered into a Second Amended and Restated Credit Agreement (the “2013 Credit Agreement”) with a group of commercial lenders led by Bank of the West (AMVAC’s primary bank) as agent, swing line lender and L/C issuer. On July 11, 2014, AMVAC, as borrower, and affiliates (including registrant), as guarantors and borrowers, entered into a First Amendment to the Second Amended and Restated Credit Agreement (the “First Amendment”), under which the Consolidated Funded Debt Ratio was increased for the third and fourth quarters of 2014 and the first quarter of 2015 and borrowers were permitted to pay cash dividends to stockholders during the first and second quarters of 2015, notwithstanding prior levels of net income. As of April 14, 2015, AMVAC, registrant’s principal operating subsidiary, as borrower, and affiliates (including registrant), as guarantors and/or borrowers, entered into a Second Amendment to Second Amended and Restated Credit Agreement (the “Second Amendment”), under which the Consolidated Funded Debt Ratio was increased for the second, third and fourth quarters of 2015 (to 3.5-to-1 from 3.25-to-1) and a fixed charge covenant, requiring, in effect, that the ratio of consolidated current assets to consolidated current liabilities exceed 1.2-to-1 for the duration of the term of the credit facility, was added. The 2013 Credit Agreement, as amended by the First Amendment and the Second Amendment (the “Credit Agreement”) is a senior secured lending facility with a five year term and consisting of a revolving line of credit of $200 million and an accordion feature for up to $100 million. The Credit Agreement includes both AMVAC CV and AMVAC BV as borrowers. Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable Rate” which is based upon the Consolidated Funded Debt Ratio (“Eurocurrency Rate Loan”) or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month LIBOR Rate plus 1.00%, plus, in the case of (x), (y) or (z) the Applicable Rate (“Alternate Base Rate Loan”). Interest payments for Eurocurrency Rate Loans are payable on the last day of each interest period (either one, two, three or six months, as selected by the borrower) and the maturity date, while interest payments for Alternate Base Rate Loans are payable on the last business day of each month and the maturity date. The senior secured revolving line of credit matures on June 17, 2018. Under the Credit Agreement, the Company has three key covenants (with which it was in compliance throughout the year and as of December 31, 2016). The covenants are as follows: (1) the Company must maintain its borrowings below a certain consolidated funded debt ratio, (2) the Company has a limitation on its annual spending on the acquisition of fixed asset capital additions, and (3) the Company must maintain a certain consolidated fixed charge coverage ratio. |
Principal Payments on Long-Term
Principal Payments on Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,018 | $ 41,400 | |
Total indebtedness | $ 41,400 | $ 69,055 |
Summary of Long Term Debt (Pare
Summary of Long Term Debt (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||
Consolidated funded debt ratio | 350.00% | 350.00% | 350.00% | 325.00% | |
Ratio of consolidated current assets to consolidated current liabilities | 120.00% | ||||
Senior secured credit facility term | 5 years | ||||
Senior secured credit facility, maturity date | Jun. 17, 2018 | ||||
Maximum | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Accordion feature | $ 100,000,000 | ||||
Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Senior secured credit facility | $ 200,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Total indebtedness | $ 41,400 | $ 69,055 | |
Secured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Average line of credit facility outstanding | $ 59,897 | $ 94,765 | |
Weighted average interest rate | 2.30% | 2.10% | 2.50% |
Maximum | |||
Debt Instrument [Line Items] | |||
Capacity to increase borrowings under credit agreement | $ 104,853 |
Components of Income Tax (Benef
Components of Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 5,136 | $ 573 | $ (4,256) |
State | (122) | 417 | 251 |
Foreign | 655 | 991 | 934 |
Deferred: | |||
Federal | (1,345) | (319) | 3,492 |
State | 1,216 | 347 | (872) |
Total income tax expense (benefit) | $ 5,540 | $ 2,009 | $ (451) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||
Federal Income Tax Rate | 35.00% | |
Interest and penalties related to unrecognized tax benefits accrued | $ 408 | $ 335 |
Undistributed foreign earnings reinvested | $ 35,586 | 29,774 |
Deferred Tax Assets And Income Taxes Payable | ||
Income Taxes [Line Items] | ||
Prior period reclassification adjustment | $ 12,598 | |
State and Local Jurisdiction | Minimum | ||
Income Taxes [Line Items] | ||
Income Tax Examination Period | 2,012 | |
State and Local Jurisdiction | Maximum | ||
Income Taxes [Line Items] | ||
Income Tax Examination Period | 2,015 |
Total Income Tax Expense Applyi
Total Income Tax Expense Applying U.S. Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Computed tax expense at statutory federal rates | $ 6,415 | $ 3,010 | $ 1,536 |
Increase (decrease) in taxes resulting from: | |||
State taxes, net of federal income tax benefit | 702 | 454 | (11) |
Domestic production deduction | (1,272) | (179) | 420 |
Income tax credits | (335) | (662) | (728) |
Foreign tax rate differential | (1,587) | (1,590) | (2,159) |
Subpart F income | 14 | 9 | 338 |
Equity investment | 123 | 223 | 10 |
Stock based compensation | 208 | 244 | 219 |
State tax rate change | 116 | 185 | (257) |
Tax interest | 920 | ||
Other expenses | 236 | 315 | 181 |
Total income tax expense (benefit) | $ 5,540 | $ 2,009 | $ (451) |
Income before provision for inc
Income before provision for income taxes and losses on equity investment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 12,513 | $ 1,589 | $ (5,196) |
Foreign | 6,404 | 7,373 | 8,840 |
Income before provision for income taxes and loss on equity investment | $ 18,917 | $ 8,962 | $ 3,644 |
Temporary Differences in Financ
Temporary Differences in Financial Statement Carrying Amounts and Tax Bases of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax asset | ||
Inventories | $ 5,359 | $ 5,949 |
State income taxes | 213 | (215) |
Program accrual | 12,318 | 12,598 |
Vacation pay accrual | 818 | 796 |
Accrued bonuses | 2,072 | 543 |
Bad debt | 6 | 45 |
Stock compensation | 1,614 | 1,781 |
Tax credit | 14 | 524 |
Other | 2,707 | 1,659 |
Deferred tax asset | 25,472 | 24,338 |
Deferred tax liability | ||
NOL carryforward | 351 | 658 |
Plant and equipment, principally due to differences in depreciation and capitalized interest | 30,636 | 30,038 |
Prepaid expenses | 1,542 | 1,157 |
Deferred tax liability | 32,178 | 31,195 |
Total net deferred tax liability | $ 6,706 | $ 6,857 |
Gross Unrecognized Tax Liabilit
Gross Unrecognized Tax Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $ 2,007 | $ 1,958 |
Additions for tax positions related to the current year | 65 | 85 |
Additions for tax positions related to the prior year | 86 | 86 |
Deletion for tax positions related to the prior year | (265) | (122) |
Balance at end of year | $ 1,893 | $ 2,007 |
Litigation and Environmental -
Litigation and Environmental - Additional Information (Detail) $ in Thousands | Mar. 29, 2016Case | Aug. 05, 2014Case | Apr. 07, 2014Case | Sep. 19, 2013Case | May 31, 2012CasePersonPlaintiff | Jan. 31, 2017USD ($)Case | Dec. 31, 2016Case | Dec. 31, 2016USD ($)aCasePlaintiffInvestigator |
United States Lawsuits | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits | 4 | |||||||
Louisiana And Delaware | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of pending claims | 2 | 2 | ||||||
U.S. State District Court Abad Castillo And Marquinez | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits filed | 2 | |||||||
Number of claimants | Person | 2,700 | |||||||
U.S. State District Court Abad Castillo | Hendler Law Firm | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of plaintiffs required to be dismissed | Plaintiff | 22 | |||||||
Number of plaintiffs dismissed | 14 | |||||||
Superior Court Abad Castillo And Marquinez | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits filed | 57 | |||||||
U.S. State District Court, Delaware | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of claimants | Person | 230 | |||||||
Number of consolidated cases | 1 | |||||||
Galvan Matter | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits filed | 7 | |||||||
Number of claims granted | 1 | |||||||
DeChene Farms | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of acres of red Norland potatoes | a | 300 | |||||||
Number of independent investigators retained | Investigator | 2 | |||||||
Harold Reed v. AMVAC et al. | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits filed | 2 | |||||||
Reed | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency damages sought, value | $ | $ 250 | |||||||
Jem Holdings | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency damages sought, value | $ | 60 | |||||||
Van Giessen Growers, Inc. | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency estimate of possible loss | $ | $ 400 | |||||||
Cross Claims | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits filed | 4 | |||||||
Chin Coulee Farms | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency estimate of possible loss | $ | $ 530 | |||||||
Houweling Farms | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency estimate of possible loss | $ | $ 4,300 | |||||||
Nicaraguan | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of claimants | Plaintiff | 3,592 | |||||||
Nicaraguan | Special Law | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits filed | 2 | |||||||
Nicaraguan | Public Law | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of Lawsuits Filed | 85 | 85 | ||||||
Nicaraguan | Compensatory Damages | ||||||||
Loss Contingencies [Line Items] | ||||||||
Value of claims paid | $ | $ 1,000 | |||||||
Nicaraguan | Punitive Damages | ||||||||
Loss Contingencies [Line Items] | ||||||||
Value of claims paid | $ | $ 5,000 |
Employee Deferred Compensatio59
Employee Deferred Compensation Plan and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2001 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2011 | |
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | |||||
Percentage contribution, compensation | 100.00% | ||||
Matching percentage, employee contribution | 5.00% | ||||
Company's contributions amount | $ 1,258 | $ 1,261 | $ 1,445 | ||
Common stock under employee stock purchase plan, par value | $ 0.10 | $ 0.10 | |||
Shares of common stock purchased through the plan | 42,730 | 50,452 | 47,213 | ||
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 | $ 0.10 | ||||
Employee stock purchase plan offering period | January 1 and July 1 of each year | ||||
Employee stock purchase plan expiration date | Dec. 31, 2018 | ||||
Commons stock plan available for sale under plan | 995,000 | ||||
Available common stock under plan | 760,825 | 803,555 | 854,007 |
Major Customers and Internati60
Major Customers and International Sales - Additional Information (Detail) - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales | Customer One | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 15.00% | 14.00% | 16.00% |
Sales | Customer Two | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 11.00% | 11.00% | 10.00% |
Sales | Customer Three | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 8.00% | 10.00% | 9.00% |
Receivables | Customer One | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 15.00% | 14.00% | |
Receivables | Customer Two | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 11.00% | 11.00% | |
Receivables | Customer Three | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 8.00% | 10.00% |
Summary of International Sales
Summary of International Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues From External Customers | |||||||||||
Net sales | $ 87,468 | $ 82,447 | $ 72,724 | $ 69,474 | $ 83,808 | $ 72,486 | $ 66,523 | $ 66,565 | $ 312,113 | $ 289,382 | $ 298,634 |
Mexico | |||||||||||
Revenues From External Customers | |||||||||||
Net sales | 16,690 | 17,096 | 14,601 | ||||||||
South & Central America | |||||||||||
Revenues From External Customers | |||||||||||
Net sales | 16,234 | 15,970 | 16,585 | ||||||||
Europe | |||||||||||
Revenues From External Customers | |||||||||||
Net sales | 14,519 | 12,350 | 13,249 | ||||||||
Asia | |||||||||||
Revenues From External Customers | |||||||||||
Net sales | 17,138 | 13,847 | 7,683 | ||||||||
Africa | |||||||||||
Revenues From External Customers | |||||||||||
Net sales | 7,111 | 8,622 | 9,310 | ||||||||
Australia | |||||||||||
Revenues From External Customers | |||||||||||
Net sales | 3,735 | 4,158 | 4,202 | ||||||||
Canada | |||||||||||
Revenues From External Customers | |||||||||||
Net sales | 3,690 | 1,585 | 4,910 | ||||||||
Middle East | |||||||||||
Revenues From External Customers | |||||||||||
Net sales | 4,041 | 3,230 | 3,166 | ||||||||
Other | |||||||||||
Revenues From External Customers | |||||||||||
Net sales | 101 | 437 | |||||||||
International | |||||||||||
Revenues From External Customers | |||||||||||
Net sales | $ 83,259 | $ 77,295 | $ 73,706 |
Royalties - Additional Informat
Royalties - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)LicenseAgreement | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Royalty expense | $ | $ 83 | $ 111 | $ 33 |
Number of license agreements minimum annual royalty | 2 | ||
Number of license agreements royalty percentage of annual sales | 2 |
Product Acquisitions - Addition
Product Acquisitions - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Business | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||
Number of business acquisitions | Business | 2 | ||
Acquisitions of intangible assets | $ 224 | $ 36,667 | |
Fair value increase (decrease) | (22) | 65 | $ (32) |
Product acquisition and licensing agreements obligation, Other Liability | 815 | ||
Operating expenses | |||
Business Acquisition [Line Items] | |||
Fair value increase (decrease) | $ (22) | $ 65 | $ (32) |
Product Rights | |||
Business Acquisition [Line Items] | |||
Expected useful life | 25 years | ||
Customer Lists | |||
Business Acquisition [Line Items] | |||
Expected useful life | 10 years | ||
Trademarks | |||
Business Acquisition [Line Items] | |||
Expected useful life | 25 years |
Schedule of Intangible Assets R
Schedule of Intangible Assets Recognized in Connection with Product Acquisitions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | |||
Beginning Balance | $ 129,160 | $ 100,211 | $ 107,007 |
Additions | 224 | 36,667 | |
Write off | (78) | (33) | (319) |
Impact of movement in exchange rates | 69 | (197) | (86) |
Amortization expense | (7,942) | (7,488) | (6,391) |
Ending Balance | $ 121,433 | $ 129,160 | $ 100,211 |
Schedule of Gross Carrying Amou
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets And Liabilities [Line Items] | ||||
Gross | $ 189,038 | $ 188,826 | ||
Accumulated Amortization | 67,605 | 59,666 | ||
Net Book Value | 121,433 | 129,160 | $ 100,211 | $ 107,007 |
Product Rights | ||||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ||||
Gross | 167,906 | 167,694 | ||
Accumulated Amortization | 63,141 | 56,233 | ||
Net Book Value | 104,765 | 111,461 | ||
Customer Lists | ||||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ||||
Gross | 3,091 | 3,091 | ||
Accumulated Amortization | 1,053 | 744 | ||
Net Book Value | 2,038 | 2,347 | ||
Trademarks | ||||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ||||
Gross | 18,041 | 18,041 | ||
Accumulated Amortization | 3,411 | 2,689 | ||
Net Book Value | $ 14,630 | $ 15,352 |
Schedule of Future Amortization
Schedule of Future Amortization Charges Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
2,017 | $ 7,911 | |||
2,018 | 7,793 | |||
2,019 | 7,793 | |||
2,020 | 7,523 | |||
2,021 | 7,438 | |||
Thereafter | 82,975 | |||
Net Book Value | $ 121,433 | $ 129,160 | $ 100,211 | $ 107,007 |
Schedule of Company's Obligatio
Schedule of Company's Obligations Under Product Acquisitions and Licensing Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | |||
Beginning Balance | $ 1,535 | $ 2,492 | $ 3,886 |
Additional obligations acquired | 224 | 1,367 | |
Adjustment to deferred liabilities | (22) | 65 | (32) |
Amortization of discounted liabilities | 38 | 135 | 324 |
Payments on existing obligations | (960) | (2,524) | (1,686) |
Ending Balance | $ 815 | $ 1,535 | $ 2,492 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule Of Commitments And Contingencies [Line Items] | |||
Rent Expense | $ | $ 946 | $ 947 | $ 1,012 |
Hannibal, Missouri | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Long Term Ground Leases Expiration Period | 20 years | ||
Marsing | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Long Term Ground Leases Expiration Period | 25 years | ||
Number of acres owns | a | 15 | ||
Number of acres holds on long-term ground lease | a | 2 | ||
Vehicle Lease | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Rent Expense | $ | $ 555 | $ 435 | $ 442 |
Minimum | Axis, Alabama | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Long Term Ground Leases Expiration Period | 20 years | ||
Maximum | Axis, Alabama | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Long Term Ground Leases Expiration Period | 35 years |
Future Minimum Lease Payments U
Future Minimum Lease Payments Under Term Of Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,017 | $ 1,450 |
2,018 | 1,301 |
2,019 | 1,031 |
2,020 | 948 |
2,021 | 523 |
Thereafter | 775 |
Operating Leases, Future Minimum Payments Due, Total | $ 6,028 |
Research and Development - Addi
Research and Development - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Research And Development [Line Items] | |||
Research and development expenses | $ 21,298 | $ 19,116 | $ 21,206 |
Operating expenses | |||
Schedule Of Research And Development [Line Items] | |||
Research and development expenses | $ 6,998 | $ 6,337 | $ 8,591 |
Equity Plan Awards - Additional
Equity Plan Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 06, 2016 | May 23, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 3,167 | $ 3,881 | $ 4,153 | ||
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 | 10.00% | ||||
Option exercise price as percentage of fair value of common stock | 110.00% | ||||
Option Exercisable Maximum Period | 10 years | ||||
Incentive Stock Option Plans, Options granted | 0 | 0 | 277,025 | ||
Stock option granted vesting period | 3 years | ||||
Stock-based compensation | $ 354 | $ 431 | $ 22 | ||
Remaining Weighted Average Period (years) | 1 year | 2 years | 3 years | ||
Incentive Stock Options | First Anniversary | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of option shares vest on anniversary of grant date | 26,483 | ||||
Incentive Stock Options | Second Anniversary | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of option shares vest on anniversary of grant date | 26,483 | ||||
Incentive Stock Options | Third Anniversary | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of option shares vest on anniversary of grant date | 26,483 | ||||
Common Stock Grants | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 1,630 | $ 2,972 | $ 3,963 | ||
Number of Shares, Vested | 152,479 | 239,771 | |||
Number of years of service before cliff vesting | 3 years | 3 years | |||
Weighted Average Grant-Date Fair Value, Granted | $ 15.22 | $ 12.68 | $ 14.81 | ||
Number of forfeited common stock that is granted | 35,615 | 31,431 | |||
Number of shares granted to employees | 150,009 | 73,201 | |||
Unamortized Stock-Based Compensation | $ 2,153 | $ 2,153 | $ 4,829 | ||
Remaining Weighted Average Period (years) | 1 year 7 months 6 days | 1 year 3 months 18 days | 1 year 9 months 18 days | ||
Common Stock Grants | Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued by equity investee | 150,009 | 73,201 | |||
The total fair value recognized over the vesting period | $ 2,283 | $ 928 | |||
Number of forfeited common stock that is granted | 35,615 | 31,431 | |||
Common Stock Grants | Common Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted Average Grant-Date Fair Value, Granted | $ 15.08 | $ 11.42 | |||
Common Stock Grants | Common Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted Average Grant-Date Fair Value, Granted | $ 17.35 | $ 14.28 | |||
Common Stock Grants | Vested immediately | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Shares, Vested | 21,139 | 21,005 | |||
Common Stock Grants | Vest after 90 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Shares, Vested | 2,600 | 7,500 | |||
Common Stock Grants | Vest one-half each year | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Shares, Vested | 1,200 | ||||
Common Stock Grants | Vest one year | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Shares, Vested | 3,000 | ||||
Common Stock Grants | Vest after three years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Shares, Vested | 3,196 | ||||
Performance Based Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 995 | $ 329 | $ 168 | ||
Weighted Average Grant-Date Fair Value, Granted | $ 14.39 | $ 11.38 | |||
Number of forfeited common stock that is granted | 37,551 | 10,200 | |||
Number of shares granted to employees | 52,170 | 79,270 | 52,170 | 10,696 | |
Targeted performance percentage | 200.00% | 200.00% | 200.00% | 200.00% | |
Unamortized Stock-Based Compensation | $ 796 | $ 583 | $ 1,249 | ||
Remaining Weighted Average Period (years) | 1 year 8 months 12 days | 1 year 6 months | 2 years 1 month 6 days | ||
Performance Based Restricted Shares | Vested on January 6, 2019 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Shares, Vested | 7,500 | ||||
Cliff vesting date | Jan. 6, 2019 | May 23, 2017 | Jan. 5, 2018 | ||
Performance Based Restricted Shares | 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, 2016 through December 31, 2018 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares vesting based on Performance | 80.00% | ||||
Earnings before income tax goal weight, percentage | 50.00% | ||||
Net sales goal weight, percentage | 30.00% | ||||
Performance Based Restricted Shares | Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2016 through December 31, 2018 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Earnings before income tax goal weight, percentage | 20.00% | ||||
Performance Based Restricted Shares | Performance Based Shares Related to Net Income Weighted at 50%, Net Sales Weighted at 30%, Commencing January 1, 2016 through December 31, 2018 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted Average Grant-Date Fair Value, Granted | $ 15.08 | ||||
Performance Based Restricted Shares | Remaining 20% of Performance Based Shares are Based Upon AVD Stock Price Appreciation for the Period Commencing January 1, 2016 through December 31, 2018 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted Average Grant-Date Fair Value, Granted | $ 11.63 | ||||
Performance Based Restricted Shares | Vested on August 1, 2018 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Shares, Vested | 3,196 | ||||
Cliff vesting date | Aug. 1, 2018 | ||||
Performance Based Restricted Shares | 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, 2015 and ending December 31, 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares vesting based on Performance | 80.00% | ||||
Earnings before income tax goal weight, percentage | 50.00% | ||||
Net sales goal weight, percentage | 30.00% | ||||
Performance Based Restricted Shares | Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2015, Ending December 31, 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted Average Grant-Date Fair Value, Granted | $ 12.85 | ||||
Percentage of shares vesting based on Performance | 20.00% | ||||
Earnings before income tax goal weight, percentage | 20.00% | ||||
Performance Based Restricted Shares | Performance Based Shares Related to Net Income Weighted at 50%, Net Sales Weighted at 30%, Commencing January 1, 2015 and Ending December 31, 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted Average Grant-Date Fair Value, Granted | $ 11.86 | ||||
Performance Based Restricted Shares | Remaining 20% of Performance Based Shares are Based Upon AVD Stock Price Appreciation for the Period Commencing January 1, 2015 and Ending December 31, 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted Average Grant-Date Fair Value, Granted | $ 9.48 | ||||
Performance Based Restricted Shares | Performance Based Shares Based Upon Financial Performance of Earnings before Interest Tax ("EBIT") and Net Sales Goal for the Period Commencing January 1, 2015 and Ending December 31, 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted Average Grant-Date Fair Value, Granted | $ 14.92 | ||||
Percentage of shares vesting based on Performance | 80.00% | ||||
Earnings before income tax goal weight, percentage | 50.00% | ||||
Net sales goal weight, percentage | 30.00% | ||||
Equity Incentive Plan Nineteen Ninety Three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of securities remaining available for future issuance | 827,000 | ||||
Incentive Stock Option Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of option shares vest on anniversary of grant date | 536,531 | 616,987 | |||
Total intrinsic value of options exercised | $ 493 | $ 361 | $ 1,480 | ||
Cash received from stock option exercised | 442 | 480 | $ 849 | ||
Performance Based Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option granted vesting period | 3 years | ||||
Stock-based compensation | $ 188 | $ 149 | $ 0 | ||
Number of shares granted to employees | 0 | 0 | 107,689 | ||
Targeted performance percentage | 200.00% | ||||
Likelihood that performance measure based on EBIT and net sales will be met | 70.00% | ||||
Target performance percentage to meet performance measure based on EBIT | 150.00% | ||||
Target performance percentage to meet performance measure based on net sales | 125.00% | ||||
Target performance percentage to meet performance incentive stock options based on market | 200.00% | ||||
Performance Based Stock Options | 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, 2015 and ending December 31, 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares vesting based on Performance | 80.00% | ||||
Earnings before income tax goal weight, percentage | 50.00% | ||||
Net sales goal weight, percentage | 30.00% | ||||
Performance Based Stock Options | Performance based stock options based upon AVD stock price appreciation over the course of the period commencing January 1, 2015 and ending December 31, 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares vesting based on Performance | 20.00% |
Summary of Option Activity (Det
Summary of Option Activity (Detail) - Incentive Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 626,845 | 724,904 | 561,029 |
Incentive Stock Option Plans, Option granted | 0 | 0 | 277,025 |
Incentive Stock Option Plans, Option exercised | (58,900) | (63,950) | (113,150) |
Incentive Stock Option Plans, Option forfeited | (26,040) | (34,109) | |
Incentive Stock Option Plans, Ending balance | 541,905 | 626,845 | 724,904 |
Weighted Average Price Per Share, Beginning balance | $ 9.25 | $ 9.22 | $ 7.76 |
Weighted Average Price Per Share, Option granted | 11.49 | ||
Weighted Average Price Per Share, Option exercised | 7.50 | 7.50 | 7.50 |
Weighted Average Price Per Share, Option forfeited | 11.49 | 12 | |
Weighted Average Price Per Share, Ending balance | 9.33 | 9.25 | 9.22 |
Exercisable Weighted Average Price Per Share, Beginning balance | 7.73 | 7.82 | 7.70 |
Exercisable Weighted Average Price Per Share, Ending balance | $ 7.97 | $ 7.73 | $ 7.82 |
Summary of Stock Options Summar
Summary of Stock Options Summarized by Exercise Price (Detail) - Incentive Stock Options - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Shares | 541,905 | |||
Outstanding Weighted Average, Exercise Price | $ 9.33 | $ 9.25 | $ 9.22 | $ 7.76 |
Exercisable Weighted Average, Shares | 332,684 | |||
Exercisable Weighted Average, Exercise Price | $ 7.97 | $ 7.73 | $ 7.82 | $ 7.70 |
Range One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price Per Share, Lower Range | $ 7.50 | |||
Outstanding Weighted Average, Shares | 298,350 | |||
Outstanding Weighted Average, Remaining Life (Months) | 47 months | |||
Outstanding Weighted Average, Exercise Price | $ 7.50 | |||
Exercisable Weighted Average, Shares | 298,350 | |||
Exercisable Weighted Average, Exercise Price | $ 7.50 | |||
Range Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price Per Share, Lower Range | 11.32 | |||
Exercise Price Per Share, Upper Range | $ 14.75 | |||
Outstanding Weighted Average, Shares | 243,555 | |||
Outstanding Weighted Average, Remaining Life (Months) | 92 months | |||
Outstanding Weighted Average, Exercise Price | $ 11.57 | |||
Exercisable Weighted Average, Shares | 34,334 | |||
Exercisable Weighted Average, Exercise Price | $ 12.07 |
Weighted Average Exercise Price
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding (Detail) - Incentive Stock Option Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 541,905 | 626,845 |
Number of Shares, Expected to Vest | 536,531 | 616,987 |
Number of Shares, Exercisable | 332,684 | 373,929 |
Weighted Average Exercise Price, Outstanding | $ 9.33 | $ 9.25 |
Weighted Average Exercise Price, Expected to Vest | 9.31 | 9.21 |
Weighted Average Exercisable, Exercise Price | $ 7.97 | $ 7.73 |
Weighted Average Remaining Life, Outstanding | 67 months | 79 months |
Weighted Average Remaining Contractual Life, Expected to Vest | 67 months | 78 months |
Weighted Average Remaining Contractual Life, Exercisable | 49 months | 59 months |
Intrinsic Value, Outstanding | $ 5,321 | $ 2,990 |
Intrinsic Value, Expected to Vest | 5,280 | 2,965 |
Intrinsic Value, Exercisable | $ 3,719 | $ 2,353 |
Summary of Non-Vested Shares (D
Summary of Non-Vested Shares (Detail) - Common Stock Grants - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Beginning balance | 362,841 | 560,842 | |
Number of Shares, Granted | 150,009 | 73,201 | |
Number of Shares, Vested | (152,479) | (239,771) | |
Number of Shares, Forfeited | (35,615) | (31,431) | |
Number of Shares, Ending Balance | 324,756 | 362,841 | 560,842 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 20.43 | $ 21.44 | |
Weighted Average Grant-Date Fair Value, Granted | 15.22 | 12.68 | $ 14.81 |
Weighted Average Grant-Date Fair Value, Vested | 15.19 | 20.23 | |
Weighted Average Grant-Date Fair Value, Forfeited | 18.89 | 22.02 | |
Weighted Average Grant-Date Fair Value, Ending balance | $ 14.75 | $ 20.43 | $ 21.44 |
Status Summary of Non-Vested Sh
Status Summary of Non-Vested Shares (Detail) - Performance Based Restricted Shares - $ / shares | Jan. 06, 2016 | May 23, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Beginning balance | 104,403 | 103,907 | ||
Number of shares granted to employees | 52,170 | 79,270 | 52,170 | 10,696 |
Number of Shares, Forfeited | (37,551) | (10,200) | ||
Number of Shares, Ending Balance | 119,022 | 104,403 | ||
Weighted Average Grant-Date Fair Value, Beginning balance | $ 17.05 | $ 17.77 | ||
Weighted Average Grant-Date Fair Value, Granted | 14.39 | 11.38 | ||
Weighted Average Grant-Date Fair Value, Forfeited | 22.45 | 18.43 | ||
Weighted Average Grant-Date Fair Value, Ending balance | $ 14.18 | $ 17.05 |
Summary of Performance option a
Summary of Performance option activity (Detail) - Performance Based Stock Options - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Incentive Stock Option Plans, Beginning balance | 98,410 | 107,689 |
Incentive Stock Option Plans, Option forfeited | (16,076) | (9,279) |
Incentive Stock Option Plans, Ending balance | 82,334 | 98,410 |
Weighted Average Price Per Share, Beginning balance | $ 11.49 | $ 11.49 |
Weighted Average Price Per Share, Option forfeited | 11.49 | 11.49 |
Weighted Average Price Per Share, Ending balance | $ 11.49 | $ 11.49 |
Performance Option Summarized b
Performance Option Summarized by Exercise Price (Detail) - Performance Incentive Stock Option - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Weighted Average, Shares | 82,334 | |
Outstanding Weighted Average, Remaining Life (Months) | 12 months | 24 months |
Outstanding Weighted Average, Exercise Price | $ 11.49 | $ 11.49 |
Range Three | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share, Lower Range | $ 11.49 | |
Outstanding Weighted Average, Shares | 82,334 | |
Outstanding Weighted Average, Remaining Life (Months) | 12 months | |
Outstanding Weighted Average, Exercise Price | $ 11.49 |
Performance Option Weighted Ave
Performance Option Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding (Detail) - Performance Incentive Stock Option - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 82,334 | 98,410 |
Number of Shares, Expected to Vest | 75,312 | 58,410 |
Weighted Average Exercise Price, Outstanding | $ 11.49 | $ 11.49 |
Weighted Average Exercise Price, Expected to Vest | $ 11.49 | $ 11.49 |
Weighted Average Remaining Life, Outstanding | 12 months | 24 months |
Weighted Average Remaining Contractual Life, Expected to Vest | 12 months | 24 months |
Intrinsic Value, Outstanding | $ 631 | $ 248 |
Intrinsic Value, Expected to Vest | $ 577 | $ 147 |
Beginning Balance, Annual Activ
Beginning Balance, Annual Activity and Ending Balance of each Component of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | $ 268,326 | $ 261,003 | $ 257,795 |
Balance | 282,357 | 268,326 | 261,003 |
Interest Rate Swap | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 0 | 0 | (340) |
Other comprehensive loss before reclassifications | (30) | ||
Amounts reclassified from AOCI | 594 | ||
Tax effect | (224) | ||
Balance | 0 | 0 | 0 |
FX Translation | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (3,541) | (1,970) | (708) |
Other comprehensive loss before reclassifications | (1,310) | (1,571) | (1,262) |
Balance | (4,851) | (3,541) | (1,970) |
Accumulated Other Comprehensive Income/(loss) | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (3,541) | (1,970) | (1,048) |
Other comprehensive loss before reclassifications | (1,310) | (1,571) | (1,292) |
Amounts reclassified from AOCI | 594 | ||
Tax effect | (224) | ||
Balance | $ (4,851) | $ (3,541) | $ (1,970) |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) £ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2015USD ($)shares | Nov. 30, 2015GBP (£)shares | Oct. 31, 2014USD ($)shares | Jul. 31, 2014USD ($)shares | Jul. 31, 2014GBP (£)shares | Feb. 28, 2014USD ($)shares | Feb. 28, 2014GBP (£)shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Position | Dec. 31, 2014USD ($) | Aug. 02, 2016 | |
Equity Method Investments [Line Items] | |||||||||||
Amount raised by equity investee on shares issued | $ 241 | $ 317 | $ 1,666 | ||||||||
Gain (Loss) from dilution of equity method investment | $ (7) | $ 954 | |||||||||
Warrants exercised amount | $ 500 | ||||||||||
Number of board seats retained | Position | 1 | ||||||||||
Number of board seats available | Position | 5 | ||||||||||
TyraTech Inc. | |||||||||||
Equity Method Investments [Line Items] | |||||||||||
Shares issued by equity investee | shares | 105,333,333 | 105,333,333 | 50,000,000 | 50,000,000 | 37,391,763 | 37,391,763 | |||||
Amount raised by equity investee on shares issued | $ 4,800 | £ 3,200 | $ 5,900 | £ 3,500 | $ 3,100 | £ 1,870 | |||||
Warrants exercised shares | shares | 6,155,000 | ||||||||||
Equity investment ownership position | 15.11% | 15.11% | |||||||||
Carrying value of equity investment | $ 2,184 | ||||||||||
Quoted market value of equity investment | $ 1,292 | ||||||||||
Huifeng/AMVAC Innovation Co., Ltd. | |||||||||||
Equity Method Investments [Line Items] | |||||||||||
Equity investment ownership position | 50.00% |
Cost Method Investment - Additi
Cost Method Investment - Additional Information (Detail) | Jun. 30, 2016 |
Bi-PA | |
Schedule of Cost-method Investments [Line Items] | |
Cost method ownership percentage | 15.00% |
Schedule of Quarterly Data (Det
Schedule of Quarterly Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 87,468 | $ 82,447 | $ 72,724 | $ 69,474 | $ 83,808 | $ 72,486 | $ 66,523 | $ 66,565 | $ 312,113 | $ 289,382 | $ 298,634 |
Gross profit | 36,404 | 32,986 | 31,395 | 27,503 | 30,698 | 31,433 | 25,121 | 24,650 | 128,288 | 111,902 | 114,496 |
Net income attributable to American Vanguard | $ 3,871 | $ 2,877 | $ 3,246 | $ 2,794 | $ 2,987 | $ 2,772 | $ 781 | $ 51 | $ 12,788 | $ 6,591 | $ 4,841 |
Basic net income per share | $ 0.13 | $ 0.10 | $ 0.11 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.03 | $ 0.44 | $ 0.23 | $ 0.17 | |
Diluted net income per share | $ 0.13 | $ 0.10 | $ 0.11 | $ 0.10 | $ 0.10 | $ 0.09 | $ 0.03 | $ 0.44 | $ 0.23 | $ 0.17 |