Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 26, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | AVD | |
Entity Registrant Name | AMERICAN VANGUARD CORP | |
Entity Central Index Key | 5,981 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,794,607 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 89,975 | $ 82,447 | $ 238,553 | $ 224,645 |
Cost of sales | 51,943 | 49,461 | 136,102 | 132,761 |
Gross profit | 38,032 | 32,986 | 102,451 | 91,884 |
Operating expenses | 31,570 | 28,286 | 84,175 | 77,429 |
Operating income | 6,462 | 4,700 | 18,276 | 14,455 |
Interest expense, net | 375 | 301 | 1,073 | 1,304 |
Income before provision for income taxes and loss on equity method investments | 6,087 | 4,399 | 17,203 | 13,151 |
Income tax expense | 1,954 | 1,378 | 5,015 | 3,672 |
Income before loss on equity method investments | 4,133 | 3,021 | 12,188 | 9,479 |
Loss from equity method investments | 115 | 180 | 226 | 309 |
Net income | 4,018 | 2,841 | 11,962 | 9,170 |
Income (loss) attributable to non-controlling interest | 71 | 36 | (117) | (253) |
Net income attributable to American Vanguard | $ 4,089 | $ 2,877 | $ 11,845 | $ 8,917 |
Earnings per common share—basic | $ 0.14 | $ 0.10 | $ 0.41 | $ 0.31 |
Earnings per common share—assuming dilution | $ 0.14 | $ 0.10 | $ 0.40 | $ 0.30 |
Weighted average shares outstanding—basic | 29,193 | 28,957 | 29,064 | 28,886 |
Weighted average shares outstanding—assuming dilution | 29,783 | 29,496 | 29,648 | 29,385 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 4,018 | $ 2,841 | $ 11,962 | $ 9,170 |
Comprehensive income: | ||||
Foreign currency translation adjustment | (67) | (436) | 970 | (888) |
Comprehensive income | 3,951 | 2,405 | 12,932 | 8,282 |
Income (loss) attributable to non-controlling interest | 71 | 36 | (117) | (253) |
Comprehensive income attributable to American Vanguard | $ 4,022 | $ 2,441 | $ 12,815 | $ 8,029 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 9,045 | $ 7,869 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $45 and $42, respectively | 100,043 | 83,777 |
Other | 3,630 | 3,429 |
Total receivables, net | 103,673 | 87,206 |
Inventories | 123,315 | 120,576 |
Prepaid expenses | 13,543 | 11,424 |
Total current assets | 249,576 | 227,075 |
Property, plant and equipment, net | 49,495 | 50,295 |
Intangible assets, net of applicable amortization | 141,127 | 121,433 |
Other assets | 28,917 | 31,153 |
Total assets | 469,115 | 429,956 |
Current liabilities: | ||
Current installments of other liabilities | 99 | 26 |
Accounts payable | 29,355 | 24,358 |
Deferred revenue | 3,848 | |
Accrued program costs | 65,650 | 42,930 |
Accrued expenses and other payables | 8,704 | 12,072 |
Income taxes payable | 1,684 | 13,840 |
Total current liabilities | 105,492 | 97,074 |
Long-term debt, net of deferred loan fees | 57,379 | 40,951 |
Other liabilities, excluding current installments | 2,789 | 2,868 |
Deferred income tax liabilities | 6,712 | 6,706 |
Total liabilities | 172,372 | 147,599 |
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 32,236,629 shares at September 30, 2017 and 31,819,695 shares at December 31, 2016 | 3,224 | 3,183 |
Additional paid-in capital | 74,423 | 71,699 |
Accumulated other comprehensive loss | (3,881) | (4,851) |
Retained earnings | 230,962 | 220,428 |
Total stockholders' equity including treasury stock | 304,728 | 290,459 |
Less treasury stock at cost, 2,450,634 shares at September 30, 2017 and December 31, 2016 | (8,269) | (8,269) |
American Vanguard Corporation stockholders’ equity | 296,459 | 282,190 |
Non-controlling interest | 284 | 167 |
Total stockholders’ equity | 296,743 | 282,357 |
Total liabilities and stockholders’ equity | $ 469,115 | $ 429,956 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 45 | $ 42 |
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 | 32,236,629 | 31,819,695 |
Treasury stock, shares | 2,450,634 | 2,450,634 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | AVD Total | Non-Controlling Interest |
Balance at Dec. 31, 2016 | $ 282,357 | $ 3,183 | $ 71,699 | $ (4,851) | $ 220,428 | $ (8,269) | $ 282,190 | $ 167 |
Balance (in shares) at Dec. 31, 2016 | 31,819,695 | 31,819,695 | 2,450,634 | |||||
Stocks issued under ESPP | $ 250 | $ 2 | 248 | 250 | ||||
Stocks issued under ESPP (in shares) | 16,349 | |||||||
Cash dividends on common stock ($0.015 per share) | (435) | (435) | (435) | |||||
Foreign currency translation adjustment, net | 757 | 757 | 757 | |||||
Stock based compensation | 1,080 | 1,080 | 1,080 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 53 | $ 37 | 16 | 53 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 377,916 | |||||||
Net income | 3,413 | 3,452 | 3,452 | (39) | ||||
Balance at Mar. 31, 2017 | 287,475 | $ 3,222 | 73,043 | (4,094) | 223,445 | $ (8,269) | 287,347 | 128 |
Balance (in shares) at Mar. 31, 2017 | 32,213,960 | 2,450,634 | ||||||
Balance at Dec. 31, 2016 | $ 282,357 | $ 3,183 | 71,699 | (4,851) | 220,428 | $ (8,269) | 282,190 | 167 |
Balance (in shares) at Dec. 31, 2016 | 31,819,695 | 31,819,695 | 2,450,634 | |||||
Foreign currency translation adjustment, net | $ 970 | |||||||
Net income | 11,962 | |||||||
Balance at Sep. 30, 2017 | $ 296,743 | $ 3,224 | 74,423 | (3,881) | 230,962 | $ (8,269) | 296,459 | 284 |
Balance (in shares) at Sep. 30, 2017 | 32,236,629 | 32,236,629 | 2,450,634 | |||||
Balance at Mar. 31, 2017 | $ 287,475 | $ 3,222 | 73,043 | (4,094) | 223,445 | $ (8,269) | 287,347 | 128 |
Balance (in shares) at Mar. 31, 2017 | 32,213,960 | 2,450,634 | ||||||
Cash dividends on common stock ($0.015 per share) | (437) | (437) | (437) | |||||
Foreign currency translation adjustment, net | 280 | 280 | 280 | |||||
Stock based compensation | 1,242 | 1,242 | 1,242 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | (1,517) | (1,517) | (1,517) | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | (1,836) | |||||||
Net income | 4,531 | 4,304 | 4,304 | 227 | ||||
Balance at Jun. 30, 2017 | 291,574 | $ 3,222 | 72,768 | (3,814) | 227,312 | $ (8,269) | 291,219 | 355 |
Balance (in shares) at Jun. 30, 2017 | 32,212,124 | 2,450,634 | ||||||
Stocks issued under ESPP | 305 | $ 2 | 303 | 305 | ||||
Stocks issued under ESPP (in shares) | 17,667 | |||||||
Cash dividends on common stock ($0.015 per share) | (439) | (439) | (439) | |||||
Foreign currency translation adjustment, net | (67) | (67) | (67) | |||||
Stock based compensation | 1,263 | 1,263 | 1,263 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 89 | 89 | 89 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 6,838 | |||||||
Net income | 4,018 | 4,089 | 4,089 | (71) | ||||
Balance at Sep. 30, 2017 | $ 296,743 | $ 3,224 | $ 74,423 | $ (3,881) | $ 230,962 | $ (8,269) | $ 296,459 | $ 284 |
Balance (in shares) at Sep. 30, 2017 | 32,236,629 | 32,236,629 | 2,450,634 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | ||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends on common stock, per share | $ 0.015 | $ 0.015 | $ 0.015 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 11,962 | $ 9,170 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of fixed and intangible assets | 12,358 | 12,367 |
Amortization of other long term assets | 3,995 | 3,935 |
Amortization of discounted liabilities | 20 | 28 |
Stock-based compensation | 3,585 | 1,656 |
Excess tax benefit from exercise of stock options | (82) | |
Increase in deferred income taxes | 6 | |
Loss from equity method investments | 226 | 309 |
Changes in assets and liabilities associated with operations: | ||
Increase in net receivables | (15,746) | (19,202) |
Increase in inventories | (2,213) | (5,201) |
Increase in prepaid expenses and other assets | (3,678) | (1,011) |
(Decrease) increase in income tax receivable/payable, net | (12,137) | 1,519 |
Increase in accounts payable | 4,556 | 7,925 |
Decrease in deferred revenue | (3,848) | (8,847) |
Increase in accrued program costs | 22,720 | 30,536 |
(Decrease) increase in other payables and accrued expenses | (3,562) | 3,098 |
Net cash provided by operating activities | 18,244 | 36,200 |
Cash flows from investing activities: | ||
Capital expenditures | (5,333) | (6,122) |
Investment | (950) | (3,283) |
Acquisition of product lines and other intangible assets | (25,904) | (224) |
Net cash used in investing activities | (32,187) | (9,629) |
Cash flows from financing activities: | ||
Payments under line of credit agreement | (59,025) | (24,000) |
Borrowings under line of credit agreement | 76,000 | |
Payments on other long-term liabilities | (26) | (541) |
Tax benefit from exercise of stock options | 82 | |
Net payments from the issuance of common stock (sale of stock under ESPP, exercise of stock options, and shares purchased for tax withholding) | (820) | 204 |
Payment of cash dividends | (1,161) | (289) |
Net cash provided by (used in) financing activities | 14,968 | (24,544) |
Net increase in cash and cash equivalents | 1,025 | 2,027 |
Effect of exchange rate changes on cash and cash equivalents | 151 | (957) |
Cash and cash equivalents at beginning of period | 7,869 | 5,524 |
Cash and cash equivalents at end of period | $ 9,045 | $ 6,594 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. The accompanying unaudited condensed consolidated financial statements of American Vanguard Corporation and Subsidiaries (“AVD”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation, have been included. Operating results for the nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 2. Property, plant and equipment at September 30, 2017 and December 31, 2016 consists of the following: September 30, 2017 December 31, 2016 Land $ 2,458 $ 2,458 Buildings and improvements 16,610 15,515 Machinery and equipment 106,641 102,146 Office furniture, fixtures and equipment 4,701 5,016 Automotive equipment 398 387 Construction in progress 2,220 8,047 Total gross value 133,028 133,569 Less accumulated depreciation (83,533 ) (83,274 ) Total net value $ 49,495 $ 50,295 The Company recognized depreciation expense related to property, plant and equipment of $2,033 and $2,021 for the three months ended September 30, 2017 and 2016, respectively. During the three months ended September 30, 2017 and 2016, the Company eliminated from assets and accumulated depreciation $1,126 and $285, respectively, of fully depreciated assets. The Company recognized depreciation expense related to property, plant and equipment of $6,112 and $6,334 for the nine months ended September 30, 2017 and 2016, respectively. During the nine months ended September 30, 2017 and 2016, the Company eliminated from assets and accumulated depreciation $5,884 and $410, respectively, of fully depreciated assets. Substantially all of the Company’s assets are pledged as collateral with its banks. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. The components of inventories consist of the following: September 30, 2017 December 31, 2016 Finished products $ 107,966 $ 103,832 Raw materials 15,349 16,744 $ 123,315 $ 120,576 As of September 30, 2017, we believe our inventories are valued at lower of cost or market. In July 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASU”) 2015-11, Inventory (Topic 330). Topic 330 currently requires an entity to measure inventory at the lower of cost or market, where market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. This ASU limits the scope to inventory that is measured using first-in, first-out (FIFO) or average cost and requires inventory be measured at the lower of costs or net realizable value. The new standard is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company adopted this new standard effective January 1, 2017. There was no impact on this adoption. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 4. Based on similar economic and operational characteristics, the Company’s business is aggregated into one reportable segment. Selective enterprise information is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net sales: Insecticides $ 24,866 $ 25,478 $ 102,249 $ 89,496 Herbicides/soil fumigants/fungicides 32,717 34,242 68,783 80,009 Other, including plant growth regulators 17,191 13,328 30,680 23,148 Net sales: 74,774 73,048 201,712 192,653 Non-crop 15,201 9,399 36,841 31,992 Total net sales: $ 89,975 $ 82,447 $ 238,553 $ 224,645 Net sales: US $ 65,842 $ 60,033 $ 173,877 $ 161,661 International 24,133 22,414 64,676 62,984 Total net sales: $ 89,975 $ 82,447 $ 238,553 $ 224,645 |
Accrued Program Costs
Accrued Program Costs | 9 Months Ended |
Sep. 30, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Program Costs | 5. Accrued Program Costs |
Cash Dividend
Cash Dividend | 9 Months Ended |
Sep. 30, 2017 | |
Cash Dividends [Abstract] | |
Cash Dividend | 6. The Company has declared and/or paid the following cash dividends in the periods covered by this Form 10-Q: Declaration Date Record Date Distribution Date Dividend Per Share Total Paid September 18, 2017 October 5, 2017 October 19, 2017 $ 0.015 $ 439 June 8, 2017 June 30, 2017 July 14, 2017 $ 0.015 $ 437 March 7, 2017 March 31, 2017 April 14, 2017 $ 0.015 $ 435 December 18, 2016 December 23, 2016 January 6, 2017 $ 0.010 $ 289 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. ASC 260 Earnings Per Share (“EPS”) The components of basic and diluted earnings per share were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income attributable to AVD $ 4,089 $ 2,877 $ 11,845 $ 8,917 Denominator: (in thousands) Weighted average shares outstanding-basic 29,193 28,957 29,064 28,886 Dilutive effect of stock options and grants 590 539 584 499 29,783 29,496 29,648 29,385 For the three and nine months ended September 30, 2017 and 2016, no stock options were excluded from the computation of diluted earnings per share. |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Indebtedness | 8. The Company has a revolving line of credit that is shown as long-term debt in the condensed consolidated balance sheets at September 30, 2017 and December 31, 2016. The Company has no short term debt as of September 30, 2017 and December 31, 2016. These are summarized in the following table: Long-term indebtedness ($000's) September 30, 2017 December 31, 2016 Revolving line of credit $ 58,375 $ 41,400 Deferred loan fees (996 ) (449 ) Net long-term debt $ 57,379 $ 40,951 As of June 30, 2017, AMVAC Chemical Corporation (“AMVAC”), the Company’s principal operating subsidiary, as borrower, and affiliates (including the Company, AMVAC CV and AMVAC BV), as guarantors and/or borrowers, entered into a Third Amendment to Second Amended and Restated Credit Agreement (the “Credit Agreement”) with a group of commercial lenders led by Bank of the West (AMVAC’s primary bank) as agent, swing line lender and Letter of Credit (“L/C”) issuer. The Credit Agreement is a senior secured lending facility, consisting of a line of credit of up to $250 million, an accordion feature of up to $100 million and a maturity date of June 30, 2022. The Credit Agreement contains two key financial covenants; namely, borrowers are required to maintain a Consolidated Funded Debt Ratio of no more than 3.25-to-1 and a Consolidated Fixed Charge Covenant Ratio of at least 1.25-to-1. The Company’s borrowing capacity varies with its financial performance, measured in terms of EBITDA as defined in the Credit Agreement, for the trailing twelve month period. Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable 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. At September 30, 2017, according to the terms of the Credit Agreement and based on its performance against the most restrictive covenants listed above, the Company had the capacity to increase its borrowings by up to $124,724. This compares to an available borrowing capacity of $95,985 as of September 30, 2016. The level of borrowing capacity is driven by three factors: (1) our financial performance, as measured in EBITDA for trailing twelve month period, which has improved, (2) net borrowings, which have decreased and (3) the leverage covenant (being the number of times EBITDA the Company may borrow under its credit facility agreement). |
Reclassification
Reclassification | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Reclassification | 9. Reclassification—Certain items may have been reclassified in the prior period condensed consolidated financial statements to conform with the September 30, 2017 presentation. |
Comprehensive income
Comprehensive income | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Comprehensive income | 10. Total comprehensive income includes, in addition to net income, changes in equity that are excluded from the condensed consolidated statements of operations and are recorded directly into a separate section of stockholders’ equity on the condensed consolidated balance sheets. For the three and nine month periods ended September 30, 2017 and 2016, total comprehensive income consisted of net income attributable to American Vanguard and foreign currency translation adjustments. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 11. Stock Based Compensation—The Company accounts for stock-based awards to employees and directors in accordance with FASB ASC 718, “ Share-Based Payment, The following tables illustrate the Company’s stock based compensation, unamortized stock-based compensation, and remaining weighted average period for the three and nine months ended September 30, 2017 and 2016. Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Nine months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) September 30, 2017 Incentive Stock Options $ 80 $ 250 $ 94 0.3 Restricted Stock 635 2,068 4,475 1.2 Performance Based Restricted Stock 299 920 1,901 2.0 Performance Based Options 249 347 69 0.3 Total $ 1,263 $ 3,585 $ 6,539 September 30, 2016 Incentive Stock Options $ 71 $ 252 $ 497 1.2 Restricted Stock 406 1,100 2,545 1.8 Performance Based Restricted Stock 100 240 857 1.4 Performance Based Options 11 64 173 1.2 Total $ 588 $ 1,656 $ 4,072 Stock Options—During the three and nine months ended September 30, 2017, the Company did not grant any employees options to acquire shares of common stock. 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, 2016 541,905 $ 9.33 $ 7.97 Options exercised (15,000 ) 7.50 — Options forfeited (3,919 ) 11.49 — Balance outstanding, March 31, 2017 522,986 9.37 7.99 Options exercised (21,300 ) 7.50 — Options forfeited (3,183 ) 11.49 — Balance outstanding, June 30, 2017 498,503 9.43 8.03 Options exercised (12,000 ) 7.50 — Options forfeited (4,285 ) 11.49 — Balance outstanding, September 30, 2017 482,218 $ 9.46 $ 8.05 Information relating to stock options at September 30, 2017, 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: $7.50 250,050 38 $ 7.5 250,050 $ 7.50 $11.32—$14.75 232,168 83 11.58 34,334 12.07 482,218 $ 9.46 284,384 $ 8.05 The weighted average exercise prices for options granted, and exercisable, and the weighted average remaining contractual life for options outstanding as of September 30, 2017, were as follows: As of September 30, 2017 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Incentive Stock Option Plan: Outstanding 482,218 $ 9.46 60 $ 6,480 Expected to Vest 480,800 $ 9.46 60 $ 6,464 Exercisable 284,384 $ 8.05 41 $ 4,222 During the three months ended September 30, 2017 and 2016, the Company recognized stock-based compensation related to stock options of $80 and $71, respectively. During the nine months ended September 30, 2017 and 2016, the Company recognized stock-based compensation related to stock options of $250 and $252, respectively. As of September 30, 2017, the Company had approximately $94 of unamortized stock-based compensation related to unvested stock options outstanding. This amount will be recognized over the weighted-average period of 0.3 years. This projected expense will change if any stock options are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. Common stock grants — Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 324,756 $ 14.75 362,841 $ 20.43 Granted 251,475 16.10 — — Vested (10,100 ) 12.95 (127,274 ) 31.29 Forfeited (6,544 ) 15.26 (16,008 ) 23.67 Nonvested shares at March 31 st 559,587 15.38 219,559 14.59 Granted 38,502 17.08 140,541 15.08 Vested (188,400 ) 15.22 (22,639 ) 15.63 Forfeited (6,593 ) 15.55 (6,457 ) 14.98 Nonvested shares at June 30th 403,096 15.61 331,004 14.72 Granted 1,000 19.90 1,668 16.75 Vested (1,065 ) 12.88 (2,566 ) 19.18 Forfeited (5,209 ) 15.80 (12,822 ) 14.98 Nonvested shares at September 30th 397,822 $ 15.63 317,284 $ 14.69 Common stock grants — During the nine months ended September 30, 2017, the Company issued a total of 290,977 shares of common stock to employees and directors. 24,312 shares vested immediately, 3,900 shares will vest in three equal tranches on the employee’s anniversary, 1,000 shares will cliff vest after one year of service, 2,500 shares will cliff vest after two years of service, and the remaining shares will cliff vest after three years of service. The shares granted in 2017 were average fair valued at $16.24 per share. The fair value was determined by using the publicly traded share price as of the date of grant. The Company will recognize as expense the value of restricted shares over the required service period. During the nine months ended September 30, 2016, the Company issued a total of 142,209 shares of restricted common stock to employees. Of these, 21,139 shares vested immediately and the remaining 121,070 shares will cliff vest after three years of service. The shares granted in 2016 were average fair valued at $15.10 per share. The fair value was determined by using the publicly traded share price as of the date the grant was approved. The Company will recognize as expense the value of restricted shares over the required service period. During the three months ended September 30, 2017 and 2016, the Company recognized stock-based compensation related to restricted shares of $635 and $406, respectively. During the nine months ended September 30, 2017 and 2016, the Company recognized stock-based compensation related to restricted shares of $2,068 and $1,100, respectively. As of September 30, 2017, the Company had approximately $4,475 of unamortized stock-based compensation related to unvested restricted shares. This amount will be recognized over the weighted-average period of 1.2 years. This projected expense will change if any restricted shares are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. Performance Based Shares — Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 119,022 $ 14.18 104,403 $ 17.05 Granted 121,194 15.40 — — Forfeited — — (9,395 ) 17.65 Nonvested shares at March 31 st 240,216 14.80 95,008 16.99 Granted 7,400 15.88 52,170 14.39 Vested (48,046 ) 14.92 — — Forfeited (12,560 ) 12.92 (19,612 ) 28.25 Nonvested shares at June 30th 187,010 14.93 127,566 14.20 Forfeited (953 ) 15.21 (8,544 ) 14.39 Nonvested shares at September 30th 186,057 $ 14.93 119,022 $ 14.18 Performance Based Shares — During the nine months ended September 30, 2017, the Company issued a total of 128,594 performance based shares to employees. The shares granted during the nine months of 2017 have an average fair value of $15.43. The fair value was determined by using the publicly traded share price as of the date of grant. The Company will recognize as expense the value of the performance based shares over the required service period from grant date. During the nine months ended September 30, 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 and ending December 31, 2018. Eighty percent of these performance based shares are based upon the financial performance of the Company, specifically, 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 recording less than the targeted performance and to increase to a maximum of 200% for achieving in excess of the targeted performance. As of September 30, 2017, performance based shares related to EBIT and net sales have an average fair value of $16.10 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 $12.60 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. During the three months ended September 30, 2017 and 2016, the Company recognized stock-based compensation related to performance based shares of $299 and $100, respectively. During the nine months ended September 30, 2017 and 2016, the Company recognized stock-based compensation related to performance based shares of $920 and $240, respectively. As of September 30, 2017, the Company had approximately $1,901 of unamortized stock-based compensation expense related to unvested performance based shares. This amount will be recognized over the weighted-average period of 2.0 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. Performance Incentive Stock Options—During the nine months ended September 30, 2017 and 2016, the Company did not grant any employees performance incentive stock options to acquire shares of common stock. 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, 2016 and March 31, 2017 82,334 $ 11.49 $ — Options forfeited (50 ) 11.49 — Balance outstanding, June 30, 2017 82,284 11.49 — Options forfeited (618 ) 11.49 — Balance outstanding, September 30, 2017 81,666 $ 11.49 $ — Information relating to stock options at September 30, 2017 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 Performance Incentive Stock Option Plan: 81,666 3 $ 11.49 — $ — The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of September 30, 2017 are as follows: As of September 30, 2017 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Performance Incentive Stock Option Plan: Outstanding 81,666 $ 11.49 3 $ 932 Expected to Vest 79,814 $ 11.49 3 $ 911 Exercisable — $ — — $ — During the three months ended September 30, 2017 and 2016, the Company recognized stock-based compensation related to performance stock options of $249 and $11, respectively. During the nine months ended September 30, 2017 and 2016, the Company recognized stock-based compensation related to performance stock options of $347 and $64, respectively. As of September 30, 2017, the Company assessed the likelihood of achieving the performance measures based on peer group information currently available for the performance based options 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 as of September 30, 2017. The performance options based on market price will also be met at 200%, however, the market condition is reflected in the grant date fair value valuation and no additional expenses were recognized as of September 30, 2017. As of September 30, 2017, the Company had approximately $69 of unamortized stock-based compensation expenses related to unvested performance incentive stock options outstanding. This amount will be recognized over the weighted-average period of 0.3 years. This projected expense will change if any performance incentive stock options are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. In March 2016, FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 12. Legal Proceedings— During the reporting period, there have been no material developments in legal proceedings that are pending or threatened against the Company, except as described below. EPA FIFRA/RCRA Matter. Harold Reed v. AMVAC et al. Van Giessen Growers, Inc. v Harold Reed et al James Houweling et al. v. Harold Reed et al. Chin Coulee Farms, etc. v. Harold Reed et al. Houweling Farms v. Harold Reed et al. |
Environmental
Environmental | 9 Months Ended |
Sep. 30, 2017 | |
Environmental Remediation Obligations [Abstract] | |
Environmental | 13. Environmental— During the reporting period, there has been a material development in respect of a pending environmental matter as follows: Environmental Site Characterization |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Guidance | 14. Recently Issued Accounting Guidance— In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230). In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) In October 2016 FASB issued ASU 2016-16, Income Taxes (Topic 740). In February 2016, FASB issued ASU 2016-02, Leases In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers We have completed an initial scoping analysis of the effect of the standards to identify the revenue streams that may be affected by this ASU. The Company is currently completing detailed contract reviews to evaluate whether the adoption could result in a change in the timing or amount of revenue recognition. For certain products that are deemed to have no alternative use accompanied by an enforceable right to payment, recognition will change from point in time, to over time. The Company is also evaluating the impact on timing and amounts of revenue recognition on certain licenses granted for the use of its intellectual property, as well as other revenue transactions. The Company is in the process of determining what changes are needed to existing accounting policies and controls, as well as disclosures. As of November 2, 2017, the Company has not yet determined whether the impact of adoption of Topic 606 will have a material impact on the Company’s financial condition, results of operations or cash flows. The Company anticipates utilizing the modified retrospective method adoption for the financial year beginning January 1, 2018. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 15. 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 payable to the bank 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 payable to bank. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income ("AOCI") | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Accumulated Other Comprehensive Income ("AOCI") | 16. Accumulated Other Comprehensive Income (“AOCI”) — Total Balance, December 31, 2016 $ (4,851 ) FX translation 757 Balance, March 31, 2017 (4,094 ) FX translation 280 Balance, June 30, 2017 (3,814 ) FX translation (67 ) Balance, September 30, 2017 $ (3,881 ) |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investments | 17. Equity Method Investments — The Company’s investment in TyraTech is included in other assets on the condensed consolidated balance sheets. At September 30, 2017, the carrying value of the Company’s investment in TyraTech was $2,044 and the quoted market value of its shareholding was $1,210 based on the London Stock Exchange, Alternative Investment Market (“AIM”). At September 30, 2017, the Company performed an impairment review of its investment in TyraTech and concluded that the implied decrease in value was not other than temporary and no impairment charge was required. On June 27, 2017, both Amvac Netherlands BV and Huifeng Agrochemical Company, Ltd (“Huifeng”) made individual capital contributions of $950 to the Huifeng Amvac Innovation Co. Ltd (“Hong Kong Joint Venture”). As of September 30, 2017, the Company’s ownership position in the Hong Kong Joint Venture was 50%. The Company utilizes the equity method of accounting with respect to this investment. On July 7, 2017, the Hong Kong Joint Venture purchased the shares of Profeng Australia, Pty Ltd.(“Profeng”), for a total consideration of $1,900. The purchase consists of Profeng Australia, Pty Ltd Trustee and Profeng Australia Unit Trust. Both Trust and Trustee were previously owned by Huifeng via its wholly owned subsidiary Shanghai Biological Focus center. For the three and nine months ended September 30, 2017, the Company recognized losses of $86 and $86, respectively, as a result of the Company’s ownership position in the Hong Kong Joint Venture. There were no similar losses recognized in the prior year comparative period. |
Cost Method Investment
Cost Method Investment | 9 Months Ended |
Sep. 30, 2017 | |
Biological Products For Agriculture | |
Cost Method Investment | 18. Cost Method Investment–In February 2016, the Company made an equity investment in Biological Products for Agriculture (“Bi-PA”) through its Netherlands wholly-owned subsidiary. Bi-PA develops biological plant protection products that can be used for the control of pests and disease of agricultural crops. As of September 30, 2017, the Company’s ownership position in Bi-PA is 15%. At September 30, 2017, the carrying value of the Company’s investment in Bi-PA is $3,283. The Company utilizes the cost method of accounting with respect to this investment and periodically review the investment for possible impairment. There was no impairment on the investment as of September 30, 2017. The investment is recorded within other assets on the condensed consolidated balance sheets. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes – Income tax expense increased by $576 to end at an expense of $1,954 for the three months ended September 30, 2017, as compared to $1,378 for the comparable period in 2016. The effective tax rate for the quarter was 32.1%, as compared to 31.3% in the same period of the prior year. Income tax expense was $5,015 for the nine months ended September 30, 2017, as compared to $3,672 for the nine months ended September 30, 2016. The effective tax rate for the nine months ended September 30, 2017 and 2016 was 29.2% and 27.9%, respectively. The effective tax rate is based on the projected income for the full year and is subject to ongoing review and adjustment by management. During the first quarter of 2017, the Company adopted ASU 2016-09, “Improvement to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for share-based payments, including treatment of excess tax benefits and forfeitures, as well as consideration of minimum statutory tax withholding requirements. Under the new standard, all excess tax benefits and tax deficiencies will be recognized as income tax expense or benefit in the income statement as discrete items in the reporting period in which they occur. For the nine months ended September 30, 2017, a discrete tax benefit of $333 was recognized as part of the income tax expense. The Company has effectively settled its examination with the Internal Revenue Service (“IRS”) for the tax years ended December 31, 2012 and 2014. As a result, the Company increased deferred tax assets and income taxes payable at December 31, 2016 by $12,598. The Company’s 2015 federal income tax return is still subject to IRS examination. The Company’s state income tax returns are subject to examination for the 2012 through 2015 tax years. On April 3, 2017, the Company paid the IRS $11,580. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | 20. Acquisitions – During the first nine months of 2017, the Company completed two acquisitions with a combined purchase consideration of $25,100. The preliminary allocation of the purchase price was $22,000 to product rights, $1,900 to trademarks, and $1,200 to customer lists. The operating results of these acquisitions are immaterial to the accompanying condensed consolidated financial statements individually and in the aggregate. Therefore, pro forma financial data is not presented. On June 6, 2017, the Company’s principal operating subsidiary, Amvac Chemical Corporation, completed an acquisition of certain assets relating to the abamectin, chlorothalonil and paraquat product lines from a group of companies, including Adama Agricultural Solutions, Ltd. The consideration for the acquired assets was paid in cash and has initially been allocated to inventory and intangible assets. The acquired products were included in the Company’s results of operations from June 6, 2017 (the date of acquisition). On August 22, 2017, the Company’s Netherlands-based subsidiary, AMVAC Netherlands BV, completed the acquisition of certain selective herbicides and contact fungicides including chlorothanonil, ametryn, and isopyrazam, sold in the Mexican agricultural market. The assets were purchased from Syngenta AG. The consideration for the acquired assets was paid in cash and has initially been allocated to inventory and intangible assets. T he acquired products were included in the Company’s results of operations from August 22, 2017 (the date of acquisition). |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events – On October 2, 2017, the Company’s subsidiary, AMVAC Chemical, completed its acquisition of OHP, Inc., a US-based distribution company specializing in the greenhouse and nursery production markets throughout the United States and Puerto Rico. OHP will continue to operate in its horticultural markets using OHP brands. On October 27, 2017, the Company’s wholly-owned subsidiary, AMVAC Netherlands BV, completed its acquisition of Grupo Agricenter, a distribution company based in Central America. The combined cash consideration was approximately $41,750, plus inventory and other deferred performance driven payments. These acquisitions were funded from the borrowings on our credit facility agreement. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment at September 30, 2017 and December 31, 2016 consists of the following: September 30, 2017 December 31, 2016 Land $ 2,458 $ 2,458 Buildings and improvements 16,610 15,515 Machinery and equipment 106,641 102,146 Office furniture, fixtures and equipment 4,701 5,016 Automotive equipment 398 387 Construction in progress 2,220 8,047 Total gross value 133,028 133,569 Less accumulated depreciation (83,533 ) (83,274 ) Total net value $ 49,495 $ 50,295 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consist of the following: September 30, 2017 December 31, 2016 Finished products $ 107,966 $ 103,832 Raw materials 15,349 16,744 $ 123,315 $ 120,576 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Summary of Business Sales Segmentation | Selective enterprise information is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net sales: Insecticides $ 24,866 $ 25,478 $ 102,249 $ 89,496 Herbicides/soil fumigants/fungicides 32,717 34,242 68,783 80,009 Other, including plant growth regulators 17,191 13,328 30,680 23,148 Net sales: 74,774 73,048 201,712 192,653 Non-crop 15,201 9,399 36,841 31,992 Total net sales: $ 89,975 $ 82,447 $ 238,553 $ 224,645 Net sales: US $ 65,842 $ 60,033 $ 173,877 $ 161,661 International 24,133 22,414 64,676 62,984 Total net sales: $ 89,975 $ 82,447 $ 238,553 $ 224,645 |
Cash Dividend (Tables)
Cash Dividend (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Cash Dividends [Abstract] | |
Cash Dividend | The Company has declared and/or paid the following cash dividends in the periods covered by this Form 10-Q: Declaration Date Record Date Distribution Date Dividend Per Share Total Paid September 18, 2017 October 5, 2017 October 19, 2017 $ 0.015 $ 439 June 8, 2017 June 30, 2017 July 14, 2017 $ 0.015 $ 437 March 7, 2017 March 31, 2017 April 14, 2017 $ 0.015 $ 435 December 18, 2016 December 23, 2016 January 6, 2017 $ 0.010 $ 289 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income attributable to AVD $ 4,089 $ 2,877 $ 11,845 $ 8,917 Denominator: (in thousands) Weighted average shares outstanding-basic 29,193 28,957 29,064 28,886 Dilutive effect of stock options and grants 590 539 584 499 29,783 29,496 29,648 29,385 |
Indebtedness (Tables)
Indebtedness (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Revolving Line of Credit | The Company has a revolving line of credit that is shown as long-term debt in the condensed consolidated balance sheets at September 30, 2017 and December 31, 2016. The Company has no short term debt as of September 30, 2017 and December 31, 2016. These are summarized in the following table: Long-term indebtedness ($000's) September 30, 2017 December 31, 2016 Revolving line of credit $ 58,375 $ 41,400 Deferred loan fees (996 ) (449 ) Net long-term debt $ 57,379 $ 40,951 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stock Based Compensation, Unamortized Stock-Based Compensation and Remaining Weighted Average Period | The following tables illustrate the Company’s stock based compensation, unamortized stock-based compensation, and remaining weighted average period for the three and nine months ended September 30, 2017 and 2016. Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Nine months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) September 30, 2017 Incentive Stock Options $ 80 $ 250 $ 94 0.3 Restricted Stock 635 2,068 4,475 1.2 Performance Based Restricted Stock 299 920 1,901 2.0 Performance Based Options 249 347 69 0.3 Total $ 1,263 $ 3,585 $ 6,539 September 30, 2016 Incentive Stock Options $ 71 $ 252 $ 497 1.2 Restricted Stock 406 1,100 2,545 1.8 Performance Based Restricted Stock 100 240 857 1.4 Performance Based Options 11 64 173 1.2 Total $ 588 $ 1,656 $ 4,072 |
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, 2016 541,905 $ 9.33 $ 7.97 Options exercised (15,000 ) 7.50 — Options forfeited (3,919 ) 11.49 — Balance outstanding, March 31, 2017 522,986 9.37 7.99 Options exercised (21,300 ) 7.50 — Options forfeited (3,183 ) 11.49 — Balance outstanding, June 30, 2017 498,503 9.43 8.03 Options exercised (12,000 ) 7.50 — Options forfeited (4,285 ) 11.49 — Balance outstanding, September 30, 2017 482,218 $ 9.46 $ 8.05 |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at September 30, 2017, 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: $7.50 250,050 38 $ 7.5 250,050 $ 7.50 $11.32—$14.75 232,168 83 11.58 34,334 12.07 482,218 $ 9.46 284,384 $ 8.05 |
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 September 30, 2017, were as follows: As of September 30, 2017 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Incentive Stock Option Plan: Outstanding 482,218 $ 9.46 60 $ 6,480 Expected to Vest 480,800 $ 9.46 60 $ 6,464 Exercisable 284,384 $ 8.05 41 $ 4,222 |
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, 2016 and March 31, 2017 82,334 $ 11.49 $ — Options forfeited (50 ) 11.49 — Balance outstanding, June 30, 2017 82,284 11.49 — Options forfeited (618 ) 11.49 — Balance outstanding, September 30, 2017 81,666 $ 11.49 $ — |
Performance Incentive Stock Option Plan | |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at September 30, 2017 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 Performance Incentive Stock Option Plan: 81,666 3 $ 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 options granted and exercisable and the weighted average remaining contractual life for options outstanding as of September 30, 2017 are as follows: As of September 30, 2017 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Performance Incentive Stock Option Plan: Outstanding 81,666 $ 11.49 3 $ 932 Expected to Vest 79,814 $ 11.49 3 $ 911 Exercisable — $ — — $ — |
Common Stock Grants | |
Summary of Non-Vested Shares | Common stock grants — Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 324,756 $ 14.75 362,841 $ 20.43 Granted 251,475 16.10 — — Vested (10,100 ) 12.95 (127,274 ) 31.29 Forfeited (6,544 ) 15.26 (16,008 ) 23.67 Nonvested shares at March 31 st 559,587 15.38 219,559 14.59 Granted 38,502 17.08 140,541 15.08 Vested (188,400 ) 15.22 (22,639 ) 15.63 Forfeited (6,593 ) 15.55 (6,457 ) 14.98 Nonvested shares at June 30th 403,096 15.61 331,004 14.72 Granted 1,000 19.90 1,668 16.75 Vested (1,065 ) 12.88 (2,566 ) 19.18 Forfeited (5,209 ) 15.80 (12,822 ) 14.98 Nonvested shares at September 30th 397,822 $ 15.63 317,284 $ 14.69 |
Performance Based Restricted Shares | |
Summary of Non-Vested Shares | Performance Based Shares — Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 119,022 $ 14.18 104,403 $ 17.05 Granted 121,194 15.40 — — Forfeited — — (9,395 ) 17.65 Nonvested shares at March 31 st 240,216 14.80 95,008 16.99 Granted 7,400 15.88 52,170 14.39 Vested (48,046 ) 14.92 — — Forfeited (12,560 ) 12.92 (19,612 ) 28.25 Nonvested shares at June 30th 187,010 14.93 127,566 14.20 Forfeited (953 ) 15.21 (8,544 ) 14.39 Nonvested shares at September 30th 186,057 $ 14.93 119,022 $ 14.18 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Beginning Balance, Annual Activity and Ending Balance of Accumulated Other Comprehensive Loss | The following table lists the beginning balance, annual activity and ending balance of accumulated other comprehensive loss, which consists of foreign currency translation adjustments: Total Balance, December 31, 2016 $ (4,851 ) FX translation 757 Balance, March 31, 2017 (4,094 ) FX translation 280 Balance, June 30, 2017 (3,814 ) FX translation (67 ) Balance, September 30, 2017 $ (3,881 ) |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 133,028 | $ 133,569 |
Less accumulated depreciation | (83,533) | (83,274) |
Total net value | 49,495 | 50,295 |
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 | 16,610 | 15,515 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 106,641 | 102,146 |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 4,701 | 5,016 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 398 | 387 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 2,220 | $ 8,047 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense related to property, plant and equipment | $ 2,033 | $ 2,021 | $ 6,112 | $ 6,334 |
Elimination of Assets and Accumulated depreciation | $ 1,126 | $ 285 | $ 5,884 | $ 410 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 107,966 | $ 103,832 |
Raw materials | 15,349 | 16,744 |
Total Inventories | $ 123,315 | $ 120,576 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 1 |
Summary of Business Sales by Pr
Summary of Business Sales by Product and Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net sales | ||||
Net sales | $ 89,975 | $ 82,447 | $ 238,553 | $ 224,645 |
Insecticides | ||||
Net sales | ||||
Net sales | 24,866 | 25,478 | 102,249 | 89,496 |
Herbicides/Soil Fumigants/Fungicides | ||||
Net sales | ||||
Net sales | 32,717 | 34,242 | 68,783 | 80,009 |
Other, Including Plant Growth Regulators | ||||
Net sales | ||||
Net sales | 17,191 | 13,328 | 30,680 | 23,148 |
Crop | ||||
Net sales | ||||
Net sales | 74,774 | 73,048 | 201,712 | 192,653 |
Non-Crop | ||||
Net sales | ||||
Net sales | 15,201 | 9,399 | 36,841 | 31,992 |
US | ||||
Net sales | ||||
Net sales | 65,842 | 60,033 | 173,877 | 161,661 |
International | ||||
Net sales | ||||
Net sales | $ 24,133 | $ 22,414 | $ 64,676 | $ 62,984 |
Cash Dividend (Detail)
Cash Dividend (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash dividend declaration date | Sep. 18, 2017 | Jun. 8, 2017 | Mar. 7, 2017 | Dec. 18, 2016 |
Cash dividend record date | Oct. 5, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 23, 2016 |
Cash dividend distributed date | Oct. 19, 2017 | Jul. 14, 2017 | Apr. 14, 2017 | Jan. 6, 2017 |
Cash dividend per share | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.010 |
Cash dividend paid | $ 439 | $ 437 | $ 435 | $ 289 |
Components of Basic and Diluted
Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Numerator: | ||||
Net income attributable to AVD | $ 4,089 | $ 2,877 | $ 11,845 | $ 8,917 |
Denominator: | ||||
Weighted average shares outstanding-basic | 29,193 | 28,957 | 29,064 | 28,886 |
Dilutive effect of stock options and grants | 590 | 539 | 584 | 499 |
Weighted average shares outstanding-assuming dilution | 29,783 | 29,496 | 29,648 | 29,385 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Stock options excluded from computation of diluted earning per share | 0 | 0 | 0 | 0 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) | 6 Months Ended | |||
Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | ||||
Short term debt | $ 0 | $ 0 | ||
Senior secured credit facility, maturity date | Jun. 30, 2022 | |||
Revolving Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Available borrowings capacity under credit agreement | $ 95,985,000 | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Available borrowings capacity under credit agreement | $ 250,000,000 | |||
Consolidated funded debt ratio | 325.00% | |||
Maximum | Revolving Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Capacity to increase borrowings under credit agreement | $ 124,724,000 | |||
Maximum | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Accordion feature | $ 100,000,000 | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Consolidated fixed charge covenant ratio | 125.00% |
Summary of Revolving Line of Cr
Summary of Revolving Line of Credit (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Revolving line of credit | $ 58,375 | $ 41,400 |
Deferred loan fees | (996) | (449) |
Net long-term debt | $ 57,379 | $ 40,951 |
Unamortized Stock-Based Compens
Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 1,263 | $ 588 | $ 3,585 | $ 1,656 |
Unamortized Stock-Based Compensation | 6,539 | 4,072 | 6,539 | 4,072 |
Incentive Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 80 | 71 | $ 250 | $ 252 |
Remaining Weighted Average Period (years) | 3 months 19 days | 1 year 2 months 12 days | ||
Unamortized Stock-Based Compensation | 94 | 497 | $ 94 | $ 497 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 635 | 406 | $ 2,068 | $ 1,100 |
Remaining Weighted Average Period (years) | 1 year 2 months 13 days | 1 year 9 months 18 days | ||
Unamortized Stock-Based Compensation | 4,475 | 2,545 | $ 4,475 | $ 2,545 |
Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 299 | 100 | $ 920 | $ 240 |
Remaining Weighted Average Period (years) | 2 years | 1 year 4 months 24 days | ||
Unamortized Stock-Based Compensation | 1,901 | 857 | $ 1,901 | $ 857 |
Performance Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 249 | 11 | $ 347 | $ 64 |
Remaining Weighted Average Period (years) | 3 months 19 days | 1 year 2 months 12 days | ||
Unamortized Stock-Based Compensation | $ 69 | $ 173 | $ 69 | $ 173 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employees options granted | 0 | 0 | ||||||
Stock-based compensation | $ 1,263 | $ 588 | $ 3,585 | $ 1,656 | ||||
Number of shares granted to employees and directors | 290,977 | |||||||
Number of shares vested | 24,312 | |||||||
Number of shares expected to vest | 3,900 | 3,900 | ||||||
Number of years of service before cliff vesting | 3 years | |||||||
Weighted Average Grant-Date Fair Value, Granted | $ 16.24 | |||||||
Performance Based Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation | $ 249 | 11 | $ 347 | $ 64 | ||||
Nonvested unamortized stock-based compensation expense, value | $ 69 | $ 69 | ||||||
Remaining Weighted Average Period (years) | 3 months 19 days | |||||||
Number of shares granted to employees and directors | 0 | 0 | ||||||
Targeted performance percentage | 200.00% | 200.00% | ||||||
Target performance percentage to meet performance measure based on net sales | 200.00% | |||||||
After One Year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares expected to vest | 1,000 | 1,000 | ||||||
After Two Year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares expected to vest | 2,500 | 2,500 | ||||||
Incentive Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation | $ 80 | 71 | $ 250 | $ 252 | ||||
Nonvested unamortized stock-based compensation expense, value | 94 | 497 | $ 94 | $ 497 | ||||
Remaining Weighted Average Period (years) | 3 months 19 days | 1 year 2 months 12 days | ||||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation | $ 635 | $ 406 | $ 2,068 | $ 1,100 | ||||
Remaining Weighted Average Period (years) | 1 year 2 months 13 days | 1 year 9 months 18 days | ||||||
Number of shares granted to employees and directors | 1,000 | 38,502 | 251,475 | 1,668 | 140,541 | |||
Number of shares vested | 1,065 | 188,400 | 10,100 | 2,566 | 22,639 | 127,274 | 21,139 | |
Number of years of service before cliff vesting | 3 years | |||||||
Weighted Average Grant-Date Fair Value, Granted | $ 19.90 | $ 17.08 | $ 16.10 | $ 16.75 | $ 15.08 | $ 15.10 | ||
Shares issued by equity investee | 142,209 | |||||||
Unamortized Stock-Based Compensation | $ 4,475 | $ 2,545 | $ 4,475 | $ 2,545 | ||||
Restricted Stock | After Three Year of Services. | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares expected to vest | 121,070 | 121,070 | ||||||
Performance Based Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation | 299 | $ 100 | $ 920 | $ 240 | ||||
Remaining Weighted Average Period (years) | 2 years | 1 year 4 months 24 days | ||||||
Number of shares granted to employees and directors | 7,400 | 121,194 | 52,170 | 128,594 | 52,170 | |||
Number of shares vested | 48,046 | |||||||
Weighted Average Grant-Date Fair Value, Granted | $ 15.88 | $ 15.40 | $ 14.39 | $ 15.43 | ||||
Unamortized Stock-Based Compensation | $ 1,901 | $ 857 | $ 1,901 | $ 857 | ||||
Targeted performance percentage | 200.00% | 200.00% | 200.00% | 200.00% | ||||
Performance Based Restricted Stock | Vested on February 8, 2020 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cliff vesting date | Feb. 8, 2020 | Jan. 6, 2019 | ||||||
Performance Based Restricted Stock | 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, 2017 through December 31, 2019 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares vesting based on Performance | 80.00% | |||||||
Earnings before income taxes goal weight, percentage | 50.00% | |||||||
Net sales goal weight, percentage | 30.00% | |||||||
Performance Based Restricted Stock | Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2017 through December 31, 2019 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Earnings before income taxes goal weight, percentage | 20.00% | |||||||
Performance Based Restricted Stock | 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 and ending 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 taxes goal weight, percentage | 50.00% | |||||||
Net sales goal weight, percentage | 30.00% | |||||||
Performance Based Restricted Stock | Performance based stock options based upon AVD stock price appreciation over the course of the period commencing January 1, 2016 and ending December 31, 2018 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Earnings before income taxes goal weight, percentage | 20.00% | |||||||
Performance Based Restricted Stock | Performance Based Shares Related to Net Income Weighted at 50%, Net Sales Weighted at 30%, Commencing January 1, 2017 and Ending December 31, 2019 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted Average Grant-Date Fair Value, Granted | $ 16.10 | |||||||
Performance Based Restricted Stock | Remaining 20% of Performance Based Shares are Based Upon AVD Stock Price Appreciation for the Period Commencing January 1, 2017 and Ending December 31, 2019 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted Average Grant-Date Fair Value, Granted | $ 12.60 |
Summary of Option Activity (Det
Summary of Option Activity (Detail) - Incentive Stock Options - $ / shares | 3 Months Ended | ||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 498,503 | 522,986 | 541,905 |
Incentive Stock Option Plans, Option exercised | (12,000) | (21,300) | (15,000) |
Incentive Stock Option Plans, Option forfeited | (4,285) | (3,183) | (3,919) |
Incentive Stock Option Plans, Ending balance | 482,218 | 498,503 | 522,986 |
Weighted Average Price Per Share, Beginning balance | $ 9.43 | $ 9.37 | $ 9.33 |
Weighted Average Price Per Share, Option exercised | 7.50 | 7.50 | 7.50 |
Weighted Average Price Per Share, Option forfeited | 11.49 | 11.49 | 11.49 |
Weighted Average Price Per Share, Ending balance | 9.46 | 9.43 | 9.37 |
Exercisable Weighted Average Price Per Share, Beginning balance | 8.03 | 7.99 | 7.97 |
Exercisable Weighted Average Price Per Share, Ending balance | $ 8.05 | $ 8.03 | $ 7.99 |
Summary of Stock Options Summar
Summary of Stock Options Summarized by Exercise Price (Detail) - Incentive Stock Options - $ / shares | 9 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Shares | 482,218 | |||
Outstanding Weighted Average, Exercise Price | $ 9.46 | $ 9.43 | $ 9.37 | $ 9.33 |
Exercisable Weighted Average, Shares | 284,384 | |||
Exercisable Weighted Average, Exercise Price | $ 8.05 | $ 8.03 | $ 7.99 | $ 7.97 |
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 | 250,050 | |||
Outstanding Weighted Average, Remaining Life (Months) | 38 months | |||
Outstanding Weighted Average, Exercise Price | $ 7.5 | |||
Exercisable Weighted Average, Shares | 250,050 | |||
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 | 232,168 | |||
Outstanding Weighted Average, Remaining Life (Months) | 83 months | |||
Outstanding Weighted Average, Exercise Price | $ 11.58 | |||
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) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Expected to Vest | 3,900 |
Incentive Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding | 482,218 |
Number of Shares, Expected to Vest | 480,800 |
Number of Shares, Exercisable | 284,384 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 9.46 |
Weighted Average Exercise Price, Expected to Vest | $ / shares | 9.46 |
Weighted Average Exercisable, Exercise Price | $ / shares | $ 8.05 |
Weighted Average Remaining Life, Outstanding | 60 months |
Weighted Average Remaining Contractual Life, Expected to Vest | 60 months |
Weighted Average Remaining Contractual Life, Exercisable | 41 months |
Intrinsic Value, Outstanding | $ | $ 6,480 |
Intrinsic Value, Expected to Vest | $ | 6,464 |
Intrinsic Value, Exercisable | $ | $ 4,222 |
Summary of Non-Vested Shares (D
Summary of Non-Vested Shares (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Granted | 290,977 | |||||||
Number of Shares, Vested | (24,312) | |||||||
Weighted Average Grant-Date Fair Value, Granted | $ 16.24 | |||||||
Common Stock Grants | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Beginning balance | 403,096 | 559,587 | 324,756 | 331,004 | 219,559 | 362,841 | 324,756 | 362,841 |
Number of Shares, Granted | 1,000 | 38,502 | 251,475 | 1,668 | 140,541 | |||
Number of Shares, Vested | (1,065) | (188,400) | (10,100) | (2,566) | (22,639) | (127,274) | (21,139) | |
Number of Shares, Forfeited | (5,209) | (6,593) | (6,544) | (12,822) | (6,457) | (16,008) | ||
Number of Shares, Ending Balance | 397,822 | 403,096 | 559,587 | 317,284 | 331,004 | 219,559 | 397,822 | 317,284 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 15.61 | $ 15.38 | $ 14.75 | $ 14.72 | $ 14.59 | $ 20.43 | $ 14.75 | $ 20.43 |
Weighted Average Grant-Date Fair Value, Granted | 19.90 | 17.08 | 16.10 | 16.75 | 15.08 | 15.10 | ||
Weighted Average Grant-Date Fair Value, Vested | 12.88 | 15.22 | 12.95 | 19.18 | 15.63 | 31.29 | ||
Weighted Average Grant-Date Fair Value, Forfeited | 15.80 | 15.55 | 15.26 | 14.98 | 14.98 | 23.67 | ||
Weighted Average Grant-Date Fair Value, Ending balance | $ 15.63 | $ 15.61 | $ 15.38 | $ 14.69 | $ 14.72 | $ 14.59 | $ 15.63 | $ 14.69 |
Status Summary of Non-Vested Sh
Status Summary of Non-Vested Shares (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Granted | 290,977 | |||||||
Number of Shares, Vested | (24,312) | |||||||
Weighted Average Grant-Date Fair Value, Granted | $ 16.24 | |||||||
Performance Based Restricted Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Beginning balance | 187,010 | 240,216 | 119,022 | 127,566 | 95,008 | 104,403 | 119,022 | 104,403 |
Number of Shares, Granted | 7,400 | 121,194 | 52,170 | 128,594 | 52,170 | |||
Number of Shares, Vested | (48,046) | |||||||
Number of Shares, Forfeited | (953) | (12,560) | (8,544) | (19,612) | (9,395) | |||
Number of Shares, Ending Balance | 186,057 | 187,010 | 240,216 | 119,022 | 127,566 | 95,008 | 186,057 | 119,022 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 14.93 | $ 14.80 | $ 14.18 | $ 14.20 | $ 16.99 | $ 17.05 | $ 14.18 | $ 17.05 |
Weighted Average Grant-Date Fair Value, Granted | 15.88 | 15.40 | 14.39 | 15.43 | ||||
Weighted Average Grant-Date Fair Value, Vested | 14.92 | |||||||
Weighted Average Grant-Date Fair Value, Forfeited | 15.21 | 12.92 | 14.39 | 28.25 | 17.65 | |||
Weighted Average Grant-Date Fair Value, Ending balance | $ 14.93 | $ 14.93 | $ 14.80 | $ 14.18 | $ 14.20 | $ 16.99 | $ 14.93 | $ 14.18 |
Summary of Performance option a
Summary of Performance option activity (Detail) - Performance Based Stock Options - $ / shares | 3 Months Ended | ||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 82,284 | 82,334 | 82,334 |
Incentive Stock Option Plans, Option forfeited | (618) | (50) | |
Incentive Stock Option Plans, Ending balance | 81,666 | 82,284 | 82,334 |
Weighted Average Price Per Share, Beginning balance | $ 11.49 | $ 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 | $ 11.49 |
Performance Options Summarized
Performance Options Summarized by Exercise Price (Detail) - Performance Incentive Stock Option Plan | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Weighted Average, Shares | shares | 81,666 |
Outstanding Weighted Average, Remaining Life (Months) | 3 months |
Outstanding Weighted Average, Exercise Price | $ / shares | $ 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) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Expected to Vest | 3,900 |
Performance Incentive Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding | 81,666 |
Number of Shares, Expected to Vest | 79,814 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 11.49 |
Weighted Average Exercise Price, Expected to Vest | $ / shares | $ 11.49 |
Weighted Average Remaining Life, Outstanding | 3 months |
Weighted Average Remaining Contractual Life, Expected to Vest | 3 months |
Intrinsic Value, Outstanding | $ | $ 932 |
Intrinsic Value, Expected to Vest | $ | $ 911 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) $ in Thousands | Mar. 29, 2016Case | Jan. 31, 2017USD ($)Case |
Harold Reed v. AMVAC et al. | ||
Loss Contingencies [Line Items] | ||
Number of lawsuits filed | Case | 2 | |
Reed | ||
Loss Contingencies [Line Items] | ||
Loss contingency damages sought, value | $ 250 | |
Jem Holdings | ||
Loss Contingencies [Line Items] | ||
Loss contingency damages sought, value | $ 60 | |
Cross Claims | ||
Loss Contingencies [Line Items] | ||
Number of lawsuits filed | Case | 4 | |
Van Giessen Growers, Inc. | ||
Loss Contingencies [Line Items] | ||
Loss contingency estimate of possible loss | $ 400 | |
Chin Coulee Farms | ||
Loss Contingencies [Line Items] | ||
Loss contingency estimate of possible loss | 530 | |
Houweling Farms | ||
Loss Contingencies [Line Items] | ||
Loss contingency estimate of possible loss | $ 4,300 |
Beginning Balance, Annual Activ
Beginning Balance, Annual Activity and Ending Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | $ 291,574 | $ 287,475 | $ 282,357 | $ 282,357 | ||
Foreign currency translation adjustment | (67) | 280 | 757 | $ (436) | 970 | $ (888) |
Balance | 296,743 | 291,574 | 287,475 | 296,743 | ||
Accumulated Other Comprehensive Loss | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | (3,814) | (4,094) | (4,851) | (4,851) | ||
Foreign currency translation adjustment | (67) | 280 | 757 | |||
Balance | $ (3,881) | $ (3,814) | $ (4,094) | $ (3,881) |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) | Jul. 07, 2017 | Jun. 27, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Equity Method Investments [Line Items] | ||||||
Loss from equity method investment | $ (115,000) | $ (180,000) | $ (226,000) | $ (309,000) | ||
Investment | $ 950,000 | $ 950,000 | 3,283,000 | |||
Profeng Australia, Pty Ltd | ||||||
Equity Method Investments [Line Items] | ||||||
Joint venture, consideration | $ 1,900,000 | |||||
TyraTech Inc. | ||||||
Equity Method Investments [Line Items] | ||||||
Equity investment ownership position | 15.11% | 15.11% | ||||
Loss from equity method investment | $ (29,000) | (180,000) | $ (140,000) | (309,000) | ||
Carrying value of equity investment | 2,044,000 | 2,044,000 | ||||
Quoted market value of equity investment | $ 1,210,000 | $ 1,210,000 | ||||
Hong Kong Joint Venture | ||||||
Equity Method Investments [Line Items] | ||||||
Equity investment ownership position | 50.00% | 50.00% | ||||
Loss from equity method investment | $ (86,000) | $ 0 | $ (86,000) | $ 0 |
Cost Method Investment - Additi
Cost Method Investment - Additional Information (Detail) - Bi-PA | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Schedule of Cost-method Investments [Line Items] | |
Cost method ownership percentage | 15.00% |
Carrying value of cost method investment | $ 3,283,000 |
Cost-method Investments, Impairment | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 03, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Income Taxes [Line Items] | ||||||
Increase in income tax expense | $ 576 | |||||
Income tax expense | $ 1,954 | $ 1,378 | $ 5,015 | $ 3,672 | ||
Effective tax rate | 32.10% | 31.30% | 29.20% | 27.90% | ||
Internal Revenue Service | ||||||
Income Taxes [Line Items] | ||||||
Amount paid to IRS | $ 11,580 | |||||
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 | |||||
ASU 2016-09 | ||||||
Income Taxes [Line Items] | ||||||
Discrete tax benefit | $ (333) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)Business | |
Business Acquisition [Line Items] | |
Number of business acquisitions | Business | 2 |
Acquisitions of intangible assets | $ 25,100 |
Syngenta AG | |
Business Acquisition [Line Items] | |
Business acquisition completed date | Aug. 22, 2017 |
Product Rights | |
Business Acquisition [Line Items] | |
Business combination, preliminary allocation purchase price of intangible assets | $ 22,000 |
Trademarks | |
Business Acquisition [Line Items] | |
Business combination, preliminary allocation purchase price of intangible assets | 1,900 |
Customer Lists | |
Business Acquisition [Line Items] | |
Business combination, preliminary allocation purchase price of intangible assets | $ 1,200 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 27, 2017 | Sep. 30, 2017 |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Business acquisition of cash consideration | $ 41,750 | |
OHP, Inc. | ||
Subsequent Event [Line Items] | ||
Business acquisition completed date | Oct. 2, 2017 | |
Grupo Agricenter | ||
Subsequent Event [Line Items] | ||
Business acquisition completed date | Oct. 27, 2017 |