Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | 30,324,493 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 107,046 | $ 77,905 | $ 211,154 | $ 148,578 |
Cost of sales | 63,749 | 43,570 | 126,806 | 84,159 |
Gross profit | 43,297 | 34,335 | 84,348 | 64,419 |
Operating expenses | 34,718 | 27,654 | 68,418 | 52,605 |
Operating income | 8,579 | 6,681 | 15,930 | 11,814 |
Interest expense, net | 966 | 400 | 1,803 | 698 |
Income before provision for income taxes and loss on equity method investments | 7,613 | 6,281 | 14,127 | 11,116 |
Income tax expense | 1,748 | 1,681 | 3,440 | 3,061 |
Income before loss on equity method investments | 5,865 | 4,600 | 10,687 | 8,055 |
Loss from equity method investments | 301 | 69 | 518 | 111 |
Net income | 5,564 | 4,531 | 10,169 | 7,944 |
Net loss (income) attributable to non-controlling interest | 35 | (227) | 85 | (188) |
Net income attributable to American Vanguard | $ 5,599 | $ 4,304 | $ 10,254 | $ 7,756 |
Earnings per common share—basic | $ 0.19 | $ 0.15 | $ 0.35 | $ 0.27 |
Earnings per common share—assuming dilution | $ 0.19 | $ 0.15 | $ 0.34 | $ 0.26 |
Weighted average shares outstanding—basic | 29,330 | 29,050 | 29,309 | 28,999 |
Weighted average shares outstanding—assuming dilution | 30,190 | 29,605 | 30,113 | 29,561 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 5,564 | $ 4,531 | $ 10,169 | $ 7,944 |
Comprehensive income: | ||||
Foreign currency translation adjustment | (898) | 280 | (226) | 1,037 |
Comprehensive income | 4,666 | 4,811 | 9,943 | 8,981 |
Net loss (income) attributable to non-controlling interest | 35 | (227) | 85 | (188) |
Comprehensive income attributable to American Vanguard | $ 4,701 | $ 4,584 | $ 10,028 | $ 8,793 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 7,099 | $ 11,337 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $259 and $46, respectively | 94,933 | 102,534 |
Other | 12,011 | 7,071 |
Total receivables, net | 106,944 | 109,605 |
Inventories | 163,180 | 123,124 |
Prepaid expenses | 11,290 | 10,817 |
Total current assets | 288,513 | 254,883 |
Property, plant and equipment, net | 48,399 | 49,321 |
Intangible assets, net of applicable amortization | 177,512 | 180,950 |
Goodwill | 21,837 | 22,184 |
Other assets | 25,753 | 28,254 |
Total assets | 562,014 | 535,592 |
Current liabilities: | ||
Current installments of other liabilities | 3,534 | 5,395 |
Accounts payable | 64,842 | 53,748 |
Deferred revenue | 7,320 | 14,574 |
Accrued Program costs | 54,093 | 39,054 |
Accrued expenses and other payables | 9,786 | 12,061 |
Income taxes payable | 1,085 | 1,370 |
Total current liabilities | 140,660 | 126,202 |
Long-term debt, net of deferred loan fees | 74,258 | 77,486 |
Other liabilities, excluding current installments | 9,641 | 10,306 |
Deferred income tax liabilities | 17,224 | 16,284 |
Total liabilities | 241,783 | 230,278 |
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 32,743,504 shares at June 30, 2018 and 32,241,866 shares at December 31, 2017 | 3,275 | 3,225 |
Additional paid-in capital | 79,721 | 75,658 |
Accumulated other comprehensive loss | (4,733) | (4,507) |
Retained earnings | 250,068 | 238,953 |
Total stockholders' equity including treasury stock | 328,331 | 313,329 |
Less treasury stock at cost, 2,450,634 shares at June 30, 2018 and December 31, 2017 | (8,269) | (8,269) |
American Vanguard Corporation stockholders’ equity | 320,062 | 305,060 |
Non-controlling interest | 169 | 254 |
Total stockholders’ equity | 320,231 | 305,314 |
Total liabilities and stockholders' equity | $ 562,014 | $ 535,592 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 259 | $ 46 |
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 | 32,743,504 | 32,241,866 |
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, 2017 | $ 305,314 | $ 3,225 | $ 75,658 | $ (4,507) | $ 238,953 | $ (8,269) | $ 305,060 | $ 254 |
Balance (in shares) at Dec. 31, 2017 | 32,241,866 | 32,241,866 | 2,450,634 | |||||
Adjustment to recognize new standard on taxes on foreign asset transfers | $ (180) | (180) | (180) | |||||
Common stock issued under ESPP | 299 | $ 1 | 298 | 299 | ||||
Common stock issued under ESPP, Shares | 17,078 | |||||||
Cash dividends on common stock ($0.02 per share) | (586) | (586) | (586) | |||||
Foreign currency translation adjustment, net | 672 | 672 | 672 | |||||
Stock based compensation | 1,309 | 1,309 | 1,309 | |||||
Stock options exercised; grants and vesting of restricted stock units | 511 | $ 41 | 470 | 511 | ||||
Stock options exercised; grants and vesting of restricted stock units, Shares | 409,979 | |||||||
Net income | 4,605 | 4,655 | 4,655 | (50) | ||||
Balance at Mar. 31, 2018 | 314,158 | $ 3,267 | 77,735 | (3,835) | 245,056 | $ (8,269) | 313,954 | 204 |
Balance (in shares) at Mar. 31, 2018 | 32,668,923 | 2,450,634 | ||||||
Balance at Dec. 31, 2017 | $ 305,314 | $ 3,225 | 75,658 | (4,507) | 238,953 | $ (8,269) | 305,060 | 254 |
Balance (in shares) at Dec. 31, 2017 | 32,241,866 | 32,241,866 | 2,450,634 | |||||
Foreign currency translation adjustment, net | $ (226) | |||||||
Net income | 10,169 | |||||||
Balance at Jun. 30, 2018 | $ 320,231 | $ 3,275 | 79,721 | (4,733) | 250,068 | $ (8,269) | 320,062 | 169 |
Balance (in shares) at Jun. 30, 2018 | 32,743,504 | 32,743,504 | 2,450,634 | |||||
Adjustment to recognize new revenue recognition standard, net of tax | $ 2,214 | 2,214 | 2,214 | |||||
Balance at Mar. 31, 2018 | 314,158 | $ 3,267 | 77,735 | (3,835) | 245,056 | $ (8,269) | 313,954 | 204 |
Balance (in shares) at Mar. 31, 2018 | 32,668,923 | 2,450,634 | ||||||
Cash dividends on common stock ($0.02 per share) | (587) | (587) | (587) | |||||
Foreign currency translation adjustment, net | (898) | (898) | (898) | |||||
Stock based compensation | 1,469 | 1,469 | 1,469 | |||||
Stock options exercised; grants and vesting of restricted stock units | 525 | $ 8 | 517 | 525 | ||||
Stock options exercised; grants and vesting of restricted stock units, Shares | 74,581 | |||||||
Net income | 5,564 | 5,599 | 5,599 | (35) | ||||
Balance at Jun. 30, 2018 | $ 320,231 | $ 3,275 | $ 79,721 | $ (4,733) | $ 250,068 | $ (8,269) | $ 320,062 | $ 169 |
Balance (in shares) at Jun. 30, 2018 | 32,743,504 | 32,743,504 | 2,450,634 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends on common stock, per share | $ 0.02 | $ 0.02 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 10,169 | $ 7,944 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of fixed and intangible assets | 9,516 | 8,094 |
Amortization of other long term assets | 2,313 | 2,777 |
Amortization of discounted liabilities | 202 | 13 |
Stock-based compensation | 2,778 | 2,322 |
Change in deferred income taxes | (26) | 7 |
Loss from equity method investments | 518 | 111 |
Changes in assets and liabilities associated with operations: | ||
Decrease in net receivables | 5,478 | 20,749 |
Increase in inventories | (40,194) | (5,506) |
Increase in prepaid expenses and other assets | (707) | (2,658) |
(Increase) in income tax receivable/payable, net | (271) | (12,752) |
Increase in accounts payable | 11,309 | 579 |
Decrease in deferred revenue | (7,254) | (2,126) |
Increase in accrued Program costs | 15,039 | 18,819 |
Decrease in other payables and accrued expenses | (5,151) | (4,256) |
Net cash provided by operating activities | 3,719 | 34,117 |
Cash flows from investing activities: | ||
Capital expenditures | (3,230) | (4,155) |
Investment | (950) | |
Acquisition of other intangible assets and businesses | (1,631) | (13,400) |
Net cash used in investing activities | (4,861) | (18,505) |
Cash flows from financing activities: | ||
Payments under line of credit agreement | (62,125) | (59,025) |
Borrowings under line of credit agreement | 58,800 | 45,000 |
Payments on other long-term liabilities | (26) | |
Net receipts from the issuance of common stock (sale of stock under ESPP, exercise of stock options, and shares purchased for tax withholding) | 1,335 | (1,214) |
Payment of cash dividends | (1,024) | (724) |
Net cash used by financing activities | (3,014) | (15,989) |
Net decrease in cash and cash equivalents | (4,156) | (377) |
Effect of exchange rate changes on cash and cash equivalents | (82) | 105 |
Cash and cash equivalents at beginning of period | 11,337 | 7,869 |
Cash and cash equivalents at end of period | $ 7,099 | $ 7,597 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
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 six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. 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, 2017. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition | 2. Revenue Recognition—The Company recognizes revenue from the sale of its products, which include insecticides, herbicides, soil fumigants, and fungicides. The Company sells its products to customers, which include distributors and retailers. In addition, the Company recognizes royalty income from the sale of intellectual property. Based on similar economic and operational characteristics, the Company’s business is aggregated into one reportable segment. Selective enterprise information of sales disaggregated by category and geographic region Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As reported Without adoption of ASC 606 As reported Without adoption of ASC 606 Net sales: Crop: Insecticides $ 32,665 $ 32,671 $ 73,958 $ 73,988 Herbicides/soil fumigants/fungicides 31,401 31,401 63,586 63,586 Other, including plant growth regulators and distribution 30,377 30,377 48,217 48,217 94,443 94,449 185,761 185,791 Non-crop, including distribution 12,603 12,603 25,393 25,393 Total net sales: $ 107,046 $ 107,052 $ 211,154 $ 211,184 Net sales: US $ 64,363 $ 64,369 $ 134,178 $ 134,208 International 42,683 42,683 76,976 76,976 Total net sales: $ 107,046 $ 107,052 $ 211,154 $ 211,184 Timing of revenue recognition: Goods transferred at a point in time $ 106,886 $ 107,052 $ 210,591 $ 211,184 Goods and services transferred over time 160 — 563 — Total net sales: $ 107,046 $ 107,052 $ 211,154 $ 211,184 In May 2014, Financial Accounting Standards Board, (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers The Company adopted ASC 606 using the modified retrospective method, therefore, the comparative information has not been adjusted and continues to be reported under ASC 605. As part of the Company's adoption of ASC 606, the Company elected to use the following practical expedients (i) not to adjust the promised amount of consideration for the effects of a significant financing component when the Company expects, at contract inception, that the period between the Company's transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less (ii) allowing entities the option to treat shipping and handling activities that occur after control of the good transfers to the customer as fulfillment activities. For all of the Company’s sales and distribution channels, revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment for product sales, but also occurs over time for certain products that are deemed to have no alternative use accompanied by an enforceable right to payment for performance completed to date. For revenue recognized over time, the Company uses an output measure, units produced, to measure progress. 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. Performance Obligations — A performance obligation is a promise in a contract or sales order to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Certain of the Company’s sales orders have multiple performance obligations, as the promise to transfer individual goods or services is separately identifiable from other promises in the sales orders. For sales orders with multiple performance obligations, the Company allocates the sales order’s transaction price to each performance obligation based on its relative stand-alone selling price. The stand-alone selling prices are determined based on the prices at which the Company separately sells these products. The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. At June 30, 2018, the Company had $34,616 of remaining performance obligations, which is comprised of deferred revenue and services not yet delivered. The Company expects to recognize approximately all of its remaining performance obligations as revenue in fiscal 2018. Contract Balances — The timing of revenue recognition, billings and cash collections results in deferred revenue in the condensed consolidated balance sheets. The Company sometimes receives payments from its customers in advance of goods and services being provided in return for early cash incentive Programs, resulting in deferred revenues. These liabilities are reported on the condensed consolidated balance sheet at the end of each reporting period. June 30, 2018 December 31, 2017 Total receivables, net $ 106,944 $ 109,605 Contract assets 3,000 — Deferred revenue 7,320 14,574 Revenue recognized for the three and six months ended June 30, 2018, that was included in the deferred revenue balance at the beginning of 2018 were $12,740 and $4,514, respectively. The following table presents the effect of the adoption of ASC 606 on our condensed consolidated balance sheet (unaudited) as of December 31, 2017: As of December 31, 2017 As previously reported Adjustment due to adoption of ASC 606 As adjusted Total assets $ 535,592 $ 3,000 $ 538,592 Deferred income tax liabilities, net 16,284 786 17,070 Retained earnings 238,953 2,214 241,167 In accordance with ASC 606, the disclosure of the impact of adoption to our consolidated statements of operations for the three and six months ended June 30, 2018 were $33 and $57, respectively, reductions in net sales. This revenue will move from being recognized at point in time to be recognized over time. As such, the net sales will be reported as sales in later quarters. In accordance with ASC 606, the disclosure of the impact of adoption to our condensed consolidated balance sheets was as follows: As of June 30, 2018 As reported Balances without adoption of ASC 606 Impact Assets: Contract assets $ 3,000 $ — $ 3,000 Current liabilities: Deferred revenue 7,320 7,263 57 Deferred income tax liabilities 786 — 786 Stockholders' equity: Retained earnings 250,068 247,854 2,214 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 3. Property, plant and equipment at June 30, 2018 and December 31, 2017 consists of the following: June 30, 2018 December 31, 2017 Land $ 2,458 $ 2,458 Buildings and improvements 16,787 16,678 Machinery and equipment 106,104 107,722 Office furniture, fixtures and equipment 4,936 4,925 Automotive equipment 1,115 735 Construction in progress 2,912 1,917 Total gross value 134,312 134,435 Less accumulated depreciation (85,913 ) (85,114 ) Total net value $ 48,399 $ 49,321 The Company recognized depreciation expense related to property, plant and equipment of $2,055 and $2,129 for the three months ended June 30, 2018 and 2017, respectively. During the three months ended June 30, 2018 and 2017, the Company eliminated from assets and accumulated depreciation $3,219 and $3,584, respectively, of fully depreciated assets. The Company recognized depreciation expense related to property, plant and equipment of $4,146 and $4,313 for the six months ended June 30, 2018 and 2017, respectively. During the six months ended June 30, 2018 and 2017, the Company eliminated from assets and accumulated depreciation $3,347 and $4,759, respectively, of fully depreciated assets. Substantially all of the Company’s assets are pledged as collateral with its banks. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The components of inventories consist of the following: June 30, 2018 December 31, 2017 Finished products $ 144,486 $ 107,595 Raw materials 18,694 15,529 $ 163,180 $ 123,124 As of June 30, 2018, we believe our inventories are valued at lower of cost or net realizable value. 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 | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | 5. 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net sales: Crop: Insecticides $ 32,665 $ 39,442 $ 73,958 $ 77,384 Herbicides/soil fumigants/fungicides 31,401 16,045 63,586 36,066 Other, including plant growth regulators 30,377 10,096 48,217 13,488 Total crop: 94,443 65,583 185,761 126,938 Non-crop 12,603 12,322 25,393 21,640 Total net sales: $ 107,046 $ 77,905 $ 211,154 $ 148,578 Net sales: US $ 64,363 $ 55,760 $ 134,178 $ 108,004 International 42,683 22,145 76,976 40,574 Total net sales: $ 107,046 $ 77,905 $ 211,154 $ 148,578 |
Accrued Program Costs
Accrued Program Costs | 6 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Program Costs | 6. Accrued Program Costs The Company offers various discounts to customers based on the volume purchased within a defined time period, other pricing adjustments, some grower volume incentives or other key performance indicator driven payments made to distributors, retailers or growers, at the end of a growing season. The Company describes these payments as “Programs.” Programs are a critical part of doing business in both the US crop and non-crop chemicals market places. These discount Programs represent variable consideration. In accordance with ASC 606, revenue from sales is recorded at the net sales price, which is the transaction price, and includes estimates of variable consideration. Variable consideration includes amounts expected to be paid to its customers estimated using the expected value method. Each quarter management compares individual sale transactions with Programs to determine what, if any, estimated 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, for volume driven payments, make assessments of whether or not customers are tracking in a manner that indicates that they will meet the requirements set out in agreed upon terms and conditions attached to each Program. Following this assessment, management will make adjustments 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, or close to, the end of the crop season, at which time customer performance can be more 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. No significant changes in estimates were made during the three and six months ended June 30, 2018 and 2017, respectively. |
Cash Dividend
Cash Dividend | 6 Months Ended |
Jun. 30, 2018 | |
Cash Dividends [Abstract] | |
Cash Dividend | 7. The Company has declared and 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 June 11, 2018 June 28, 2018 July 12, 2018 $ 0.020 $ 587 March 8, 2018 March 30, 2018 April 13, 2018 $ 0.020 $ 586 December 12, 2017 December 27, 2017 January 10, 2018 $ 0.015 $ 438 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. FASB ASC 260 Earnings Per Share (“EPS”) The components of basic and diluted earnings per share were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net income attributable to AVD $ 5,599 $ 4,304 $ 10,254 $ 7,756 Denominator: (in thousands) Weighted average shares outstanding-basic 29,330 29,050 29,309 28,999 Dilutive effect of stock options and grants 860 555 804 562 30,190 29,605 30,113 29,561 For the three and six months ended June 30, 2018 and 2017, respectively, no stock options were excluded from the computation of diluted earnings per share. |
Indebtedness
Indebtedness | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Indebtedness | 9. The Company has a revolving line of credit that is shown as long-term debt in the condensed consolidated balance sheets at June 30, 2018 and December 31, 2017. The Company has no short-term debt as of June 30, 2018 and December 31, 2017. Debt is summarized in the following table: Long-term indebtedness ($000's) June 30, 2018 December 31, 2017 Revolving line of credit $ 75,100 $ 78,425 Deferred loan fees (842 ) (939 ) Net long-term debt $ 74,258 $ 77,486 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 $250,000, an accordion feature of up to $100,000 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 June 30, 2018, 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 $137,047. This compares to an available borrowing capacity of $143,182, as of June 30, 2017. The level of borrowing capacity is driven by three factors: (1) our financial performance, as measured in EBITDA including both the trailing twelve-month period and proforma basis arising from acquisitions, which have improved, (2) net borrowings, which have increased and (3) the leverage covenant (being the number of times EBITDA the Company may borrow under its credit facility agreement). As of June 30, 2018, the Company was in compliance with all of its debt covenants. |
Reclassification
Reclassification | 6 Months Ended |
Jun. 30, 2018 | |
Text Block [Abstract] | |
Reclassification | 10. Reclassification—Certain items may have been reclassified in the prior period condensed consolidated financial statements to conform with the June 30, 2018 presentation. |
Comprehensive income
Comprehensive income | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Comprehensive income | 11. 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 six month periods ended June 30, 2018 and 2017, total comprehensive income consisted of net income attributable to American Vanguard and foreign currency translation adjustments. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 12. 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 six months ended June 30, 2018 and 2017. Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Six months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) June 30, 2018 Restricted Stock $ 988 $ 1,750 $ 7,424 2.2 Performance Based Restricted Stock 481 1,028 3,336 2.2 Total $ 1,469 $ 2,778 $ 10,760 June 30, 2017 Incentive Stock Options $ 86 $ 170 $ 193 0.5 Restricted Stock 777 1,433 5,198 1.4 Performance Based Restricted Stock 321 621 2,157 2.3 Performance Based Options 58 98 117 0.5 Total $ 1,242 $ 2,322 $ 7,665 Stock Options—During the three and six months ended June 30, 2018, 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, 2017 473,641 $ 9.38 $ 9.38 Options exercised (40,923 ) 11.49 — Balance outstanding, March 31, 2018 432,718 9.19 9.19 Options exercised (38,360 ) 10.02 — Balance outstanding, June 30, 2018 394,358 $ 9.12 $ 9.12 Information relating to stock options at June 30, 2018, 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: $7.50 233,545 29 $ 7.5 233,545 $ 7.50 $11.32—$14.49 160,813 76 $ 11.48 160,813 $ 11.48 394,358 $ 9.12 394,358 $ 9.12 The weighted average exercise prices for options granted, and exercisable, and the weighted average remaining contractual life for options outstanding as of June 30, 2018, were as follows: As of June 30, 2018 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Incentive Stock Option Plan: Outstanding 394,358 $ 9.12 48 $ 5,452 Expected to Vest 394,358 $ 9.12 48 $ 5,452 Exercisable 394,358 $ 9.12 48 $ 5,452 Common stock grants — Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 391,753 $ 15.61 324,756 $ 14.75 Granted 254,972 19.97 251,475 16.10 Vested (8,800 ) 12.07 (10,100 ) 12.95 Forfeited (5,265 ) 16.51 (6,544 ) 15.26 Nonvested shares at March 31 st 632,660 17.41 559,587 15.38 Granted 22,308 23.66 38,502 17.08 Vested (20,313 ) 22.82 (188,400 ) 15.22 Forfeited (6,424 ) 17.25 (6,593 ) 15.55 Nonvested shares at June 30th 628,231 $ 17.40 403,096 $ 15.61 Common stock grants — During the six months ended June 30, 2018, the Company issued a total of 277,280 shares of common stock to employees and directors of which 19,313 shares vested immediately, 19,760 shares will vest between a range of 178 days to 1,060 days, and the remaining shares will cliff vest after three years of service. The shares granted in 2018 were average fair valued at $20.27 per share. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense the fair value of restricted shares over the required service period. During the six months ended June 30, 2017, the Company issued a total of 289,977 shares of common stock to employees and directors of which 24,312 shares vested immediately, 3,900 shares will vest in three equal tranches on the employee’s anniversary, 1,000 shares vested 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 $16.23 per share. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense the fair value of restricted shares over the required service period. During the three months ended June 30, 2018 and 2017, the Company recognized stock-based compensation related to restricted shares of $988 and $777, respectively. During the six months ended June 30, 2018 and 2017, the Company recognized stock-based compensation related to restricted shares of $1,750 and $1,433, respectively. As of June 30, 2018, the Company had approximately $7,424 of unamortized stock-based compensation related to unvested restricted shares. This amount will be recognized over the weighted-average period of 2.2 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 — Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 186,057 $ 14.93 119,022 $ 14.18 Granted 122,446 18.79 121,194 15.40 Vested (14,625 ) 11.01 — — Forfeited (1,765 ) 15.40 — — Nonvested shares at March 31 st 292,113 16.74 240,216 14.80 Granted 3,850 22.69 7,400 15.88 Vested — — (48,046 ) 14.92 Forfeited (2,179 ) 17.67 (12,560 ) 12.92 Nonvested shares at June 30th 293,784 $ 16.81 187,010 $ 14.93 Performance Based Shares — During the six months ended June 30, 2018, the Company issued a total of 126,296 performance-based shares to employees. The shares granted have an average fair value of $18.91. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense, the fair value of the performance based shares over the required service period from grant date. Performance Based Shares — During the six months ended June 30, 2017, the Company issued a total of 128,594 performance-based shares to employees. The shares granted during the six 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 market close on the date of grant. The Company will recognize as expense the fair value of the performance based shares over the required service period from grant date. As of June 30, 2018, performance based shares related to EBIT and net sales have an average fair value of $18.88 per share. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The performance based shares related to the Company’s stock price have an average fair value of $15.85 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 June 30, 2018 and 2017, the Company recognized stock-based compensation related to performance based shares of $481 and $321, respectively. During the six months ended June 30, 2018 and 2017, the Company recognized stock-based compensation related to performance based shares of $1,028 and $621, respectively. As of June 30, 2018, the Company had approximately $3,336 of unamortized stock-based compensation expense related to unvested performance based shares. This amount will be recognized over the weighted-average period of 2.2 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 six months ended June 30, 2018 and 2017, the Company did not grant any employees performance incentive stock options to acquire shares of common stock. As of June 30, 2018, the Company has concluded that the performance measure based on EBIT and net sales for the performance stock options granted in 2014, when compared to the peer group, was met at 200% of targeted performance and all related additional expenses were recorded as of December 31, 2017. The performance options based on market price was met at 175%, however, the market condition is reflected in the grant date fair value valuation and no additional expenses were recognized as of December 31, 2017. As a result, 77,598 shares were earned through additional vesting based on performance. The balance outstanding as of June 30, 2018 is increased by the additional options issued based on performance. 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, 2017 and March 31, 2018 81,666 $ 11.49 $ 11.49 Additional vesting based on performance 77,598 11.49 — Options exercised (17,839 ) 11.49 — Balance outstanding, June 30, 2018 141,425 $ 11.49 $ 11.49 Information relating to stock options at June 30, 2018 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: 141,425 78 $ 11.49 141,425 $ 11.49 The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of June 30, 2018 are as follows: As of June 30, 2018 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Performance Incentive Stock Option Plan: Outstanding 141,425 $ 11.49 78 $ 1,621 Expected to Vest 141,425 $ 11.49 78 $ 1,621 Exercisable 141,425 $ 11.49 78 $ 1,621 In March 2016, FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 13. Legal Proceedings — During the reporting period, there have been no significant developments in material pending or threatened legal proceedings to which the Company is a party, except as described below. Takings Action AMVAC v. EPA FIFRA/RCRA Matter Walker v. AMVAC. Larry L. Walker v. Amvac Chemical Corporation |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Guidance | 14. Recently Issued Accounting Guidance — In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-02, Income Statement-Reporting Comprehensive Income (ASC 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income: In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Tax Cuts and Jobs Act (the “Act”). The GILTI provisions imposed a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has considered options regarding the accounting treatment for any potential GILTI inclusions and has elected to treat such inclusions as period costs. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (ASC 350). In October 2016, FASB issued ASU 2016-16, Income Taxes (ASC 740) In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows (ASC 230) In February 2016, FASB issued ASU 2016-02, Leases The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the condensed consolidated financial statements, with certain practical expedients available. We are currently evaluating our operating lease arrangements to determine the impact of this amendment on the condensed consolidated financial statements, We have not determined if the adoption of this standard will materially impact our operating results. The evaluation will include an extensive review of our leases, which are primarily related to our manufacturing sites, regional sales offices, lease vehicles, and office equipment. The ultimate impact will depend on the Company’s lease portfolio at the time the new standard is adopted. The Company will adopt ASU 2016-02 for the year beginning on January 1, 2019. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendment requires (i) equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes and (iii) separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). This amendment eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. This amendment is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted the provisions of ASU 2016-01 on January 1, 2018 and has elected to measure its cost method investment without a readily determinable fair value at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. There were no observable price changes during the three and six months ended June 30, 2018. If there are any observable price changes related to this investment or a similar investment of the same issuer in fiscal years beginning after December 15, 2017, the Company would be required to assess the fair value impact, if any, on each class of stock, and write the individual security interest up or down to its estimated fair value, which could have a significant effect on the Company's financial position and results of operations. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
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. During the three and six months ended June 30, 2018, net measurement period adjustments in the amounts of $1,146 and $347, respectively, were made to reduce provisional amounts recorded for deferred consideration in connection with the 2017 AgriCenter acquisition resulting in a reduction to goodwill. As of June 30, 2018, the Company reassessed the fair value of the deferred consideration balances relating to the 2017 AgriCenter and OHP acquisitions, which resulted in a combined reduction of the deferred consideration balances of approximately $1,468 which has been reflected in other income in the condensed consolidated statements of operations for the three months ended June 30, 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income ("AOCI") | 16. Accumulated Other Comprehensive Income (“AOCI”) — Total Balance, December 31, 2017 $ (4,507 ) FX translation 672 Balance, March 31, 2018 (3,835 ) FX translation (898 ) Balance, June 30, 2018 $ (4,733 ) |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments | 17. Investments — TyraTech Inc. (“TyraTech”) is a Delaware corporation that specializes in developing, marketing and selling pesticide products containing natural oils. In January 2018, TyraTech finalized a stock repurchase as a result of which the Company’s ownership position in TyraTech increased from approximately 15.11% to approximately 34.38%. The Company utilizes the equity method of accounting with respect to this investment. Accordingly, our net income includes income and losses from equity method investments, which represents our proportionate share of TyraTech’s estimated net losses and impairment charges (if appropriate) for the current accounting period. For the three and six months ended June 30, 2018, the Company recognized a net loss of $347 and $443 as a result of the Company’s ownership position in TyraTech. The Company recognized a loss of $69 and $111 for the three and six months ended June 30, 2017. On June 27, 2017, both Amvac Netherlands BV and Huifeng Agrochemical Company, Ltd (“Huifeng”) made individual capital contributions of $950 to Huifeng Amvac Innovation Co. Ltd (“Hong Kong Joint Venture”). As of June 30, 2018, 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 six months ended June 30, 2018, the Company recognized gains of $46 and losses of $75, respectively, as a result of the Company’s ownership position in the Hong Kong Joint Venture. There were no similar gains or losses recognized in the prior year comparative period. In February 2016, AMVAC Netherlands BV made an 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, 2018, the Company’s ownership position in Bi-PA was 15%. The Company adopted the provisions of ASU 2016-01 on January 1, 2018 and has elected to measure its cost method investment without a readily determinable fair value at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. There were no observable price changes in the three and six months ended June 30, 2018. There was no impairment on the investment as of June 30, 2018. The investment is not material and is recorded within other assets on the condensed consolidated balance sheets. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. Income Taxes — Income tax expense was $1,748 for the three months ended June 30, 2018, as compared to $1,681 for the comparable period in 2017. The effective tax rate for the quarter was 23.0%, as compared to 26.8% in the same period of the prior year. Income tax expense was $3,440 for the six months ended June 30, 2018, as compared to $3,061 for the six months ended June 30, 2017. The effective tax rate for the six months ended June 30, 2018 and 2017 was 24.4% and 27.5%, 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. In December 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) made broad and complex changes to the U.S. tax code, including, but not limited to, (i) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; and (ii) requiring companies to pay a one-time transition tax on certain unremitted earnings of foreign subsidiaries. The Act also established new tax laws that affect 2018, including, but not limited to: (i) the reduction of the U.S. federal corporate tax rate discussed above; (ii) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries; (iii) a new provision designed to tax global intangible low-taxed income (“GILTI”); (iv) the repeal of the domestic production activity deductions; (v) limitations on the deductibility of certain executive compensation; and (vi) limitations on the use of foreign tax credits to reduce the U.S. income tax liability. On December 22, 2017, Staff Accounting Bulletin No. 118 (“SAB 118”) was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. For the three and six months ended June 30, 2018, the Company did not obtain additional information affecting the provisional amount initially recorded for the transition tax for 2017. As a result, the Company has not recorded an adjustment to the transition tax. Additional work is ongoing including a more detailed analysis of the Company's deferred tax assets and liabilities and its historical foreign earnings as well as potential correlative adjustments. Any subsequent adjustment to these amounts will be recorded to current tax expense in the quarter of 2018 when the analysis is complete. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region | Selective enterprise information of sales disaggregated by category and geographic region Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As reported Without adoption of ASC 606 As reported Without adoption of ASC 606 Net sales: Crop: Insecticides $ 32,665 $ 32,671 $ 73,958 $ 73,988 Herbicides/soil fumigants/fungicides 31,401 31,401 63,586 63,586 Other, including plant growth regulators and distribution 30,377 30,377 48,217 48,217 94,443 94,449 185,761 185,791 Non-crop, including distribution 12,603 12,603 25,393 25,393 Total net sales: $ 107,046 $ 107,052 $ 211,154 $ 211,184 Net sales: US $ 64,363 $ 64,369 $ 134,178 $ 134,208 International 42,683 42,683 76,976 76,976 Total net sales: $ 107,046 $ 107,052 $ 211,154 $ 211,184 Timing of revenue recognition: Goods transferred at a point in time $ 106,886 $ 107,052 $ 210,591 $ 211,184 Goods and services transferred over time 160 — 563 — Total net sales: $ 107,046 $ 107,052 $ 211,154 $ 211,184 |
Summary of Receivables and Contract Liabilities from Contracts with Customers | June 30, 2018 December 31, 2017 Total receivables, net $ 106,944 $ 109,605 Contract assets 3,000 — Deferred revenue 7,320 14,574 |
Accounting Standards Update 2014-09 | |
Summary of Impact of Adoption to Condensed Consolidated Balance Sheets | The following table presents the effect of the adoption of ASC 606 on our condensed consolidated balance sheet (unaudited) as of December 31, 2017: As of December 31, 2017 As previously reported Adjustment due to adoption of ASC 606 As adjusted Total assets $ 535,592 $ 3,000 $ 538,592 Deferred income tax liabilities, net 16,284 786 17,070 Retained earnings 238,953 2,214 241,167 In accordance with ASC 606, the disclosure of the impact of adoption to our condensed consolidated balance sheets was as follows: As of June 30, 2018 As reported Balances without adoption of ASC 606 Impact Assets: Contract assets $ 3,000 $ — $ 3,000 Current liabilities: Deferred revenue 7,320 7,263 57 Deferred income tax liabilities 786 — 786 Stockholders' equity: Retained earnings 250,068 247,854 2,214 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment at June 30, 2018 and December 31, 2017 consists of the following: June 30, 2018 December 31, 2017 Land $ 2,458 $ 2,458 Buildings and improvements 16,787 16,678 Machinery and equipment 106,104 107,722 Office furniture, fixtures and equipment 4,936 4,925 Automotive equipment 1,115 735 Construction in progress 2,912 1,917 Total gross value 134,312 134,435 Less accumulated depreciation (85,913 ) (85,114 ) Total net value $ 48,399 $ 49,321 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consist of the following: June 30, 2018 December 31, 2017 Finished products $ 144,486 $ 107,595 Raw materials 18,694 15,529 $ 163,180 $ 123,124 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary of Business Sales Segmentation | Selective enterprise information is as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net sales: Crop: Insecticides $ 32,665 $ 39,442 $ 73,958 $ 77,384 Herbicides/soil fumigants/fungicides 31,401 16,045 63,586 36,066 Other, including plant growth regulators 30,377 10,096 48,217 13,488 Total crop: 94,443 65,583 185,761 126,938 Non-crop 12,603 12,322 25,393 21,640 Total net sales: $ 107,046 $ 77,905 $ 211,154 $ 148,578 Net sales: US $ 64,363 $ 55,760 $ 134,178 $ 108,004 International 42,683 22,145 76,976 40,574 Total net sales: $ 107,046 $ 77,905 $ 211,154 $ 148,578 |
Cash Dividend (Tables)
Cash Dividend (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Cash Dividends [Abstract] | |
Cash Dividend | The Company has declared and 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 June 11, 2018 June 28, 2018 July 12, 2018 $ 0.020 $ 587 March 8, 2018 March 30, 2018 April 13, 2018 $ 0.020 $ 586 December 12, 2017 December 27, 2017 January 10, 2018 $ 0.015 $ 438 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net income attributable to AVD $ 5,599 $ 4,304 $ 10,254 $ 7,756 Denominator: (in thousands) Weighted average shares outstanding-basic 29,330 29,050 29,309 28,999 Dilutive effect of stock options and grants 860 555 804 562 30,190 29,605 30,113 29,561 |
Indebtedness (Tables)
Indebtedness (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 and December 31, 2017. The Company has no short-term debt as of June 30, 2018 and December 31, 2017. Debt is summarized in the following table: Long-term indebtedness ($000's) June 30, 2018 December 31, 2017 Revolving line of credit $ 75,100 $ 78,425 Deferred loan fees (842 ) (939 ) Net long-term debt $ 74,258 $ 77,486 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 six months ended June 30, 2018 and 2017. Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Six months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) June 30, 2018 Restricted Stock $ 988 $ 1,750 $ 7,424 2.2 Performance Based Restricted Stock 481 1,028 3,336 2.2 Total $ 1,469 $ 2,778 $ 10,760 June 30, 2017 Incentive Stock Options $ 86 $ 170 $ 193 0.5 Restricted Stock 777 1,433 5,198 1.4 Performance Based Restricted Stock 321 621 2,157 2.3 Performance Based Options 58 98 117 0.5 Total $ 1,242 $ 2,322 $ 7,665 |
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, 2017 473,641 $ 9.38 $ 9.38 Options exercised (40,923 ) 11.49 — Balance outstanding, March 31, 2018 432,718 9.19 9.19 Options exercised (38,360 ) 10.02 — Balance outstanding, June 30, 2018 394,358 $ 9.12 $ 9.12 |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at June 30, 2018, 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: $7.50 233,545 29 $ 7.5 233,545 $ 7.50 $11.32—$14.49 160,813 76 $ 11.48 160,813 $ 11.48 394,358 $ 9.12 394,358 $ 9.12 |
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 June 30, 2018, were as follows: As of June 30, 2018 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Incentive Stock Option Plan: Outstanding 394,358 $ 9.12 48 $ 5,452 Expected to Vest 394,358 $ 9.12 48 $ 5,452 Exercisable 394,358 $ 9.12 48 $ 5,452 |
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, 2017 and March 31, 2018 81,666 $ 11.49 $ 11.49 Additional vesting based on performance 77,598 11.49 — Options exercised (17,839 ) 11.49 — Balance outstanding, June 30, 2018 141,425 $ 11.49 $ 11.49 |
Performance Incentive Stock Option Plan | |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at June 30, 2018 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: 141,425 78 $ 11.49 141,425 $ 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 June 30, 2018 are as follows: As of June 30, 2018 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Performance Incentive Stock Option Plan: Outstanding 141,425 $ 11.49 78 $ 1,621 Expected to Vest 141,425 $ 11.49 78 $ 1,621 Exercisable 141,425 $ 11.49 78 $ 1,621 |
Common Stock Grants | |
Summary of Non-Vested Shares | Common stock grants — Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 391,753 $ 15.61 324,756 $ 14.75 Granted 254,972 19.97 251,475 16.10 Vested (8,800 ) 12.07 (10,100 ) 12.95 Forfeited (5,265 ) 16.51 (6,544 ) 15.26 Nonvested shares at March 31 st 632,660 17.41 559,587 15.38 Granted 22,308 23.66 38,502 17.08 Vested (20,313 ) 22.82 (188,400 ) 15.22 Forfeited (6,424 ) 17.25 (6,593 ) 15.55 Nonvested shares at June 30th 628,231 $ 17.40 403,096 $ 15.61 |
Performance Based Restricted Shares | |
Summary of Non-Vested Shares | Performance Based Shares — Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 186,057 $ 14.93 119,022 $ 14.18 Granted 122,446 18.79 121,194 15.40 Vested (14,625 ) 11.01 — — Forfeited (1,765 ) 15.40 — — Nonvested shares at March 31 st 292,113 16.74 240,216 14.80 Granted 3,850 22.69 7,400 15.88 Vested — — (48,046 ) 14.92 Forfeited (2,179 ) 17.67 (12,560 ) 12.92 Nonvested shares at June 30th 293,784 $ 16.81 187,010 $ 14.93 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [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, 2017 $ (4,507 ) FX translation 672 Balance, March 31, 2018 (3,835 ) FX translation (898 ) Balance, June 30, 2018 $ (4,733 ) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Segment | Jun. 30, 2017USD ($) | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Number of reportable segments | Segment | 1 | |||
Remaining performance obligations | $ 34,616 | $ 34,616 | ||
Revenue recognized | 12,740 | 4,514 | ||
Net sales | 107,046 | $ 77,905 | 211,154 | $ 148,578 |
Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Net sales | 107,046 | 211,154 | ||
Accounting Standards Update 2014-09 | Adjustment Due to Adoption of Topic 606 | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Net sales | $ (33) | $ (57) |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net sales | ||||
Net sales | $ 107,046 | $ 77,905 | $ 211,154 | $ 148,578 |
Insecticides | ||||
Net sales | ||||
Net sales | 32,665 | 39,442 | 73,958 | 77,384 |
Herbicides/Soil Fumigants/Fungicides | ||||
Net sales | ||||
Net sales | 31,401 | 16,045 | 63,586 | 36,066 |
Crop | ||||
Net sales | ||||
Net sales | 94,443 | 65,583 | 185,761 | 126,938 |
US | ||||
Net sales | ||||
Net sales | 64,363 | 55,760 | 134,178 | 108,004 |
International | ||||
Net sales | ||||
Net sales | 42,683 | $ 22,145 | 76,976 | $ 40,574 |
Accounting Standards Update 2014-09 | ||||
Net sales | ||||
Net sales | 107,046 | 211,154 | ||
Accounting Standards Update 2014-09 | Insecticides | ||||
Net sales | ||||
Net sales | 32,665 | 73,958 | ||
Accounting Standards Update 2014-09 | Herbicides/Soil Fumigants/Fungicides | ||||
Net sales | ||||
Net sales | 31,401 | 63,586 | ||
Accounting Standards Update 2014-09 | Other, Including Plant Growth Regulators and Distribution | ||||
Net sales | ||||
Net sales | 30,377 | 48,217 | ||
Accounting Standards Update 2014-09 | Crop | ||||
Net sales | ||||
Net sales | 94,443 | 185,761 | ||
Accounting Standards Update 2014-09 | Non Crop Including Distribution | ||||
Net sales | ||||
Net sales | 12,603 | 25,393 | ||
Accounting Standards Update 2014-09 | US | ||||
Net sales | ||||
Net sales | 64,363 | 134,178 | ||
Accounting Standards Update 2014-09 | International | ||||
Net sales | ||||
Net sales | 42,683 | 76,976 | ||
Accounting Standards Update 2014-09 | Goods Transferred At A Point In Time | ||||
Net sales | ||||
Net sales | 106,886 | 210,591 | ||
Accounting Standards Update 2014-09 | Goods And Services Transferred Over Time | ||||
Net sales | ||||
Net sales | 160 | 563 | ||
Accounting Standards Update 2014-09 | Balances without adoption of Topic 606 | ||||
Net sales | ||||
Net sales | 107,052 | 211,184 | ||
Accounting Standards Update 2014-09 | Balances without adoption of Topic 606 | Insecticides | ||||
Net sales | ||||
Net sales | 32,671 | 73,988 | ||
Accounting Standards Update 2014-09 | Balances without adoption of Topic 606 | Herbicides/Soil Fumigants/Fungicides | ||||
Net sales | ||||
Net sales | 31,401 | 63,586 | ||
Accounting Standards Update 2014-09 | Balances without adoption of Topic 606 | Other, Including Plant Growth Regulators and Distribution | ||||
Net sales | ||||
Net sales | 30,377 | 48,217 | ||
Accounting Standards Update 2014-09 | Balances without adoption of Topic 606 | Crop | ||||
Net sales | ||||
Net sales | 94,449 | 185,791 | ||
Accounting Standards Update 2014-09 | Balances without adoption of Topic 606 | Non Crop Including Distribution | ||||
Net sales | ||||
Net sales | 12,603 | 25,393 | ||
Accounting Standards Update 2014-09 | Balances without adoption of Topic 606 | US | ||||
Net sales | ||||
Net sales | 64,369 | 134,208 | ||
Accounting Standards Update 2014-09 | Balances without adoption of Topic 606 | International | ||||
Net sales | ||||
Net sales | 42,683 | 76,976 | ||
Accounting Standards Update 2014-09 | Balances without adoption of Topic 606 | Goods Transferred At A Point In Time | ||||
Net sales | ||||
Net sales | $ 107,052 | $ 211,184 |
Revenue Recognition - Summary38
Revenue Recognition - Summary of Receivables and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Contract With Customer Liability [Abstract] | ||
Total receivables, net | $ 106,944 | $ 109,605 |
Contract assets | 3,000 | |
Deferred revenue | $ 7,320 | $ 14,574 |
Revenue Recognition - Summary39
Revenue Recognition - Summary of Adoption of ASU 2014-09 on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Total assets | $ 562,014 | $ 535,592 |
Deferred income tax liabilities, net | 17,224 | 16,284 |
Retained earnings | 250,068 | 238,953 |
Accounting Standards Update 2014-09 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Retained earnings | 250,068 | |
Adjustment Due to Adoption of Topic 606 | Accounting Standards Update 2014-09 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Total assets | 3,000 | |
Deferred income tax liabilities, net | 786 | |
Retained earnings | 2,214 | 2,214 |
Balances without adoption of Topic 606 | Accounting Standards Update 2014-09 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Total assets | 538,592 | |
Deferred income tax liabilities, net | 17,070 | |
Retained earnings | $ 247,854 | $ 241,167 |
Revenue Recognition - Summary40
Revenue Recognition - Summary of Impact of Adoption to Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Contract assets | $ 3,000 | |
Current liabilities: | ||
Deferred revenue | 7,320 | $ 14,574 |
Stockholders' equity: | ||
Retained earnings | 250,068 | 238,953 |
Accounting Standards Update 2014-09 | ||
Assets: | ||
Contract assets | 3,000 | |
Current liabilities: | ||
Deferred revenue | 7,320 | |
Deferred income tax liabilities | 786 | |
Stockholders' equity: | ||
Retained earnings | 250,068 | |
Accounting Standards Update 2014-09 | Balances without adoption of Topic 606 | ||
Current liabilities: | ||
Deferred revenue | 7,263 | |
Stockholders' equity: | ||
Retained earnings | 247,854 | 241,167 |
Accounting Standards Update 2014-09 | Adjustment Due to Adoption of Topic 606 | ||
Assets: | ||
Contract assets | 3,000 | |
Current liabilities: | ||
Deferred revenue | 57 | |
Deferred income tax liabilities | 786 | |
Stockholders' equity: | ||
Retained earnings | $ 2,214 | $ 2,214 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 134,312 | $ 134,435 |
Less accumulated depreciation | (85,913) | (85,114) |
Total net value | 48,399 | 49,321 |
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 | 16,787 | 16,678 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 106,104 | 107,722 |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 4,936 | 4,925 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 1,115 | 735 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 2,912 | $ 1,917 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense related to property, plant and equipment | $ 2,055 | $ 2,129 | $ 4,146 | $ 4,313 |
Elimination of Assets and Accumulated depreciation | $ 3,219 | $ 3,584 | $ 3,347 | $ 4,759 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 144,486 | $ 107,595 |
Raw materials | 18,694 | 15,529 |
Total Inventories | $ 163,180 | $ 123,124 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018Segment | |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net sales | ||||
Net sales | $ 107,046 | $ 77,905 | $ 211,154 | $ 148,578 |
Insecticides | ||||
Net sales | ||||
Net sales | 32,665 | 39,442 | 73,958 | 77,384 |
Herbicides/Soil Fumigants/Fungicides | ||||
Net sales | ||||
Net sales | 31,401 | 16,045 | 63,586 | 36,066 |
Other, Including Plant Growth Regulators | ||||
Net sales | ||||
Net sales | 30,377 | 10,096 | 48,217 | 13,488 |
Crop | ||||
Net sales | ||||
Net sales | 94,443 | 65,583 | 185,761 | 126,938 |
Non-Crop | ||||
Net sales | ||||
Net sales | 12,603 | 12,322 | 25,393 | 21,640 |
US | ||||
Net sales | ||||
Net sales | 64,363 | 55,760 | 134,178 | 108,004 |
International | ||||
Net sales | ||||
Net sales | $ 42,683 | $ 22,145 | $ 76,976 | $ 40,574 |
Cash Dividend (Detail)
Cash Dividend (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash dividend declaration date | Jun. 11, 2018 | Mar. 8, 2018 | Dec. 12, 2017 |
Cash dividend record date | Jun. 28, 2018 | Mar. 30, 2018 | Dec. 27, 2017 |
Cash dividend distributed date | Jul. 12, 2018 | Apr. 13, 2018 | Jan. 10, 2018 |
Cash dividend per share | $ 0.020 | $ 0.020 | $ 0.015 |
Cash dividend paid | $ 587 | $ 586 | $ 438 |
Components of Basic and Diluted
Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator: | ||||
Net income attributable to AVD | $ 5,599 | $ 4,304 | $ 10,254 | $ 7,756 |
Denominator: | ||||
Weighted average shares outstanding—basic | 29,330 | 29,050 | 29,309 | 28,999 |
Dilutive effect of stock options and grants | 860 | 555 | 804 | 562 |
Weighted average shares outstanding-assuming dilution | 30,190 | 29,605 | 30,113 | 29,561 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
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 | Jun. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Short term debt | $ 0 | $ 0 | |
Senior secured credit facility, maturity date | Jun. 30, 2022 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Available borrowings capacity under credit agreement | $ 143,182,000 | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Available borrowings capacity under credit agreement | $ 250,000,000 | ||
Consolidated funded debt ratio | 325.00% | ||
Maximum | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Capacity to increase borrowings under credit agreement | $ 137,047,000 | ||
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 | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Revolving line of credit | $ 75,100 | $ 78,425 |
Deferred loan fees | (842) | (939) |
Net long-term debt | $ 74,258 | $ 77,486 |
Unamortized Stock-Based Compens
Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 1,469 | $ 1,242 | $ 2,778 | $ 2,322 |
Unamortized Stock-Based Compensation | 10,760 | 7,665 | 10,760 | 7,665 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 988 | $ 777 | $ 1,750 | $ 1,433 |
Remaining Weighted Average Period (years) | 2 years 2 months 12 days | 1 year 4 months 24 days | 2 years 2 months 12 days | 1 year 4 months 24 days |
Unamortized Stock-Based Compensation | $ 7,424 | $ 5,198 | $ 7,424 | $ 5,198 |
Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 481 | $ 321 | $ 1,028 | $ 621 |
Remaining Weighted Average Period (years) | 2 years 2 months 12 days | 2 years 3 months 18 days | 2 years 2 months 12 days | 2 years 3 months 18 days |
Unamortized Stock-Based Compensation | $ 3,336 | $ 2,157 | $ 3,336 | $ 2,157 |
Incentive Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 86 | $ 170 | ||
Remaining Weighted Average Period (years) | 6 months | 6 months | ||
Unamortized Stock-Based Compensation | $ 193 | $ 193 | ||
Performance Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 58 | $ 98 | ||
Remaining Weighted Average Period (years) | 6 months | 6 months | ||
Unamortized Stock-Based Compensation | $ 117 | $ 117 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 08, 2016 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employees options granted | 0 | 0 | ||||||
Number of shares vested | 19,313 | 24,312 | ||||||
Number of shares expected to vest | 19,760 | 3,900 | 19,760 | 3,900 | ||||
Stock-based compensation | $ 1,469 | $ 1,242 | $ 2,778 | $ 2,322 | ||||
Performance Based Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares expected to vest | 77,598 | 77,598 | 77,598 | |||||
Number of Shares, Granted | 0 | 0 | ||||||
Targeted performance percentage | 200.00% | |||||||
Target performance percentage to meet performance measure based on net sales | 175.00% | |||||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares vested | 20,313 | 8,800 | 188,400 | 10,100 | ||||
Weighted Average Grant-Date Fair Value, Granted | $ 23.66 | $ 19.97 | $ 17.08 | $ 16.10 | ||||
Stock-based compensation | $ 988 | $ 777 | $ 1,750 | $ 1,433 | ||||
Unamortized Stock-Based Compensation | $ 7,424 | $ 5,198 | $ 7,424 | $ 5,198 | ||||
Remaining Weighted Average Period (years) | 2 years 2 months 12 days | 1 year 4 months 24 days | 2 years 2 months 12 days | 1 year 4 months 24 days | ||||
Number of Shares, Granted | 22,308 | 254,972 | 38,502 | 251,475 | ||||
Unvested Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unamortized Stock-Based Compensation | $ 7,424 | $ 7,424 | ||||||
Remaining Weighted Average Period (years) | 2 years 2 months 12 days | |||||||
Performance Based Restricted Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares vested | 14,625 | 48,046 | ||||||
Weighted Average Grant-Date Fair Value, Granted | $ 15.43 | $ 22.69 | $ 18.79 | $ 15.88 | $ 15.40 | $ 18.91 | ||
Stock-based compensation | $ 481 | $ 321 | $ 1,028 | $ 621 | ||||
Unamortized Stock-Based Compensation | $ 3,336 | $ 2,157 | $ 3,336 | $ 2,157 | ||||
Remaining Weighted Average Period (years) | 2 years 2 months 12 days | 2 years 3 months 18 days | 2 years 2 months 12 days | 2 years 3 months 18 days | ||||
Number of Shares, Granted | 3,850 | 122,446 | 7,400 | 121,194 | 126,296 | 128,594 | ||
Targeted performance percentage | 200.00% | 200.00% | 200.00% | 200.00% | ||||
Unvested Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unamortized Stock-Based Compensation | $ 3,336 | $ 3,336 | ||||||
Remaining Weighted Average Period (years) | 2 years 2 months 12 days | |||||||
Common Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued by equity investee | 277,280 | 289,977 | ||||||
Weighted Average Grant-Date Fair Value, Granted | $ 20.27 | $ 16.23 | ||||||
Share-based Compensation Award, Tranche One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares expected to vest | 1,000 | 1,000 | ||||||
Number of days of service before cliff vesting | 1 year | |||||||
Share-based Compensation Award, Tranche One | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of days of service before cliff vesting | 178 days | |||||||
Share-based Compensation Award, Tranche One | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of days of service before cliff vesting | 1060 days | |||||||
After Three Years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of days of service before cliff vesting | 3 years | 3 years | ||||||
After Two Year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares expected to vest | 2,500 | 2,500 | ||||||
Number of days of service before cliff vesting | 2 years | |||||||
Vested on March 9, 2021 | Performance Based Restricted Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cliff vesting date | Mar. 9, 2021 | Feb. 8, 2020 | ||||||
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 | Performance Based Restricted Shares | ||||||||
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 Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2017 through December 31, 2019 | Performance Based Restricted Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Earnings before income taxes goal weight, percentage | 20.00% | |||||||
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 | Performance Based Restricted Shares | ||||||||
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 Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2016 and ending December 31, 2018 | Performance Based Restricted Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Earnings before income taxes goal weight, percentage | 20.00% | |||||||
Performance Based Shares Related to Net Income Weighted at 50%, Net Sales Weighted at 30%, Commencing January 1, 2017 and Ending December 31, 2019 | Performance Based Restricted Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted Average Grant-Date Fair Value, Granted | $ 18.88 | |||||||
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 | Performance Based Restricted Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted Average Grant-Date Fair Value, Granted | $ 15.85 |
Summary of Option Activity (Det
Summary of Option Activity (Detail) - Incentive Stock Options - $ / shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 432,718 | 473,641 | 473,641 |
Incentive Stock Option Plans, Option exercised | (38,360) | (40,923) | |
Incentive Stock Option Plans, Ending balance | 394,358 | 432,718 | 394,358 |
Weighted Average Price Per Share, Beginning balance | $ 9.19 | $ 9.38 | $ 9.38 |
Weighted Average Price Per Share, Option exercised | 10.02 | 11.49 | |
Weighted Average Price Per Share, Ending balance | 9.12 | 9.19 | 9.12 |
Exercisable Weighted Average Price Per Share, Beginning balance | 9.19 | 9.38 | 9.38 |
Exercisable Weighted Average Price Per Share, Ending balance | $ 9.12 | $ 9.19 | $ 9.12 |
Summary of Stock Options Summar
Summary of Stock Options Summarized by Exercise Price (Detail) - Incentive Stock Options - $ / shares | 6 Months Ended | ||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding Weighted Average, Shares | 394,358 | ||
Outstanding Weighted Average, Exercise Price | $ 9.12 | $ 9.19 | $ 9.38 |
Exercisable Weighted Average, Shares | 394,358 | ||
Exercisable Weighted Average, Exercise Price | $ 9.12 | $ 9.19 | $ 9.38 |
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 | 233,545 | ||
Outstanding Weighted Average, Remaining Life (Months) | 29 months | ||
Outstanding Weighted Average, Exercise Price | $ 7.5 | ||
Exercisable Weighted Average, Shares | 233,545 | ||
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 | $ 14.49 | ||
Outstanding Weighted Average, Shares | 160,813 | ||
Outstanding Weighted Average, Remaining Life (Months) | 76 months | ||
Outstanding Weighted Average, Exercise Price | $ 11.48 | ||
Exercisable Weighted Average, Shares | 160,813 | ||
Exercisable Weighted Average, Exercise Price | $ 11.48 |
Weighted Average Exercise Price
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Expected to Vest | 19,760 | 3,900 |
Incentive Stock Option Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 394,358 | |
Number of Shares, Expected to Vest | 394,358 | |
Number of Shares, Exercisable | 394,358 | |
Weighted Average Exercise Price, Outstanding | $ 9.12 | |
Weighted Average Exercise Price, Expected to Vest | 9.12 | |
Weighted Average Exercisable, Exercise Price | $ 9.12 | |
Weighted Average Remaining Life, Outstanding | 48 months | |
Weighted Average Remaining Contractual Life, Expected to Vest | 48 months | |
Weighted Average Remaining Contractual Life, Exercisable | 48 months | |
Intrinsic Value, Outstanding | $ 5,452 | |
Intrinsic Value, Expected to Vest | 5,452 | |
Intrinsic Value, Exercisable | $ 5,452 |
Summary of Non-Vested Shares (D
Summary of Non-Vested Shares (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares, Vested | (19,313) | (24,312) | ||||
Common Stock Grants | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares, Beginning balance | 632,660 | 391,753 | 559,587 | 324,756 | 391,753 | 324,756 |
Number of Shares, Granted | 22,308 | 254,972 | 38,502 | 251,475 | ||
Number of Shares, Vested | (20,313) | (8,800) | (188,400) | (10,100) | ||
Number of Shares, Forfeited | (6,424) | (5,265) | (6,593) | (6,544) | ||
Number of Shares, Ending Balance | 628,231 | 632,660 | 403,096 | 559,587 | 628,231 | 403,096 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 17.41 | $ 15.61 | $ 15.38 | $ 14.75 | $ 15.61 | $ 14.75 |
Weighted Average Grant-Date Fair Value, Granted | 23.66 | 19.97 | 17.08 | 16.10 | ||
Weighted Average Grant-Date Fair Value, Vested | 22.82 | 12.07 | 15.22 | 12.95 | ||
Weighted Average Grant-Date Fair Value, Forfeited | 17.25 | 16.51 | 15.55 | 15.26 | ||
Weighted Average Grant-Date Fair Value, Ending balance | $ 17.40 | $ 17.41 | $ 15.61 | $ 15.38 | $ 17.40 | $ 15.61 |
Status Summary of Non-Vested Sh
Status Summary of Non-Vested Shares (Detail) - $ / shares | Jun. 08, 2016 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares, Vested | (19,313) | (24,312) | |||||
Performance Based Restricted Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares, Beginning balance | 292,113 | 186,057 | 240,216 | 119,022 | 186,057 | 119,022 | |
Number of Shares, Granted | 3,850 | 122,446 | 7,400 | 121,194 | 126,296 | 128,594 | |
Number of Shares, Vested | (14,625) | (48,046) | |||||
Number of Shares, Forfeited | (2,179) | (1,765) | (12,560) | ||||
Number of Shares, Ending Balance | 293,784 | 292,113 | 187,010 | 240,216 | 293,784 | 187,010 | |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 16.74 | $ 14.93 | $ 14.80 | $ 14.18 | $ 14.93 | $ 14.18 | |
Weighted Average Grant-Date Fair Value, Granted | $ 15.43 | 22.69 | 18.79 | 15.88 | 15.40 | 18.91 | |
Weighted Average Grant-Date Fair Value, Vested | 11.01 | 14.92 | |||||
Weighted Average Grant-Date Fair Value, Forfeited | 17.67 | 15.40 | 12.92 | ||||
Weighted Average Grant-Date Fair Value, Ending balance | $ 16.81 | $ 16.74 | $ 14.93 | $ 14.80 | $ 16.81 | $ 14.93 |
Summary of Performance option a
Summary of Performance option activity (Detail) - $ / shares | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Options Plans, Additional vesting based on performance | 19,760 | 3,900 | |
Performance Based Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 81,666 | ||
Incentive Stock Options Plans, Additional vesting based on performance | 77,598 | 77,598 | |
Incentive Stock Options Plans, Options exercised | (17,839) | ||
Incentive Stock Option Plans, Ending balance | 141,425 | ||
Weighted Average Price Per Share, Beginning balance | $ 11.49 | ||
Weighted Average Price Per Share, Additional vesting based on performance | 11.49 | ||
Weighted Average Price Per Share, Options exercised | 11.49 | ||
Weighted Average Price Per Share, Ending balance | 11.49 | ||
Exercisable Weighted Average Price Per Share, Beginning balance | 11.49 | ||
Exercisable Weighted Average Price Per Share, Ending balance | $ 11.49 |
Performance Options Summarized
Performance Options Summarized by Exercise Price (Detail) - Performance Incentive Stock Option Plan | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Weighted Average, Shares | shares | 141,425 |
Outstanding Weighted Average, Remaining Life (Months) | 78 months |
Outstanding Weighted Average, Exercise Price | $ / shares | $ 11.49 |
Exercisable Weighted Average, Shares | shares | 141,425 |
Exercisable 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) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Expected to Vest | 19,760 | 3,900 |
Performance Incentive Stock Option Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 141,425 | |
Number of Shares, Expected to Vest | 141,425 | |
Number of Shares, Exercisable | 141,425 | |
Weighted Average Exercise Price, Outstanding | $ 11.49 | |
Weighted Average Exercise Price, Expected to Vest | 11.49 | |
Weighted Average Exercisable, Exercise Price | $ 11.49 | |
Weighted Average Remaining Life, Outstanding | 78 months | |
Weighted Average Remaining Contractual Life, Expected to Vest | 78 months | |
Weighted Average Remaining Contractual Life, Exercisable | 78 months | |
Intrinsic Value, Outstanding | $ 1,621 | |
Intrinsic Value, Expected to Vest | 1,621 | |
Intrinsic Value, Exercisable | $ 1,621 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Nov. 10, 2016USD ($) | Jun. 14, 2016USD ($) | Jun. 30, 2018Witness |
USEPA | |||
Loss Contingencies [Line Items] | |||
Loss contingency damages sought, value | $ 25,000,000 | ||
Loss contingency damages awarded, value | $ 0 | ||
AMVAC v. EPA FIFRA/RCRA Matter | |||
Loss Contingencies [Line Items] | |||
Legal costs and fees | $ 2,000,000 | ||
Number of corporate witnesses completed the interview | Witness | 4 |
Recently Issued Accounting Gu62
Recently Issued Accounting Guidance - Additional Information (Detail) $ in Thousands | Jan. 01, 2018USD ($) |
Adopted ASU 2016-16 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Reduction to retained earnings | $ (180) |
Fair Value of Financial Instr63
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Agricenter | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deferred consideration adjustment | $ 1,146 | $ 347 |
AgriCenter And OHP | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deferred consideration adjustment | $ 1,468 |
Beginning Balance, Annual Activ
Beginning Balance, Annual Activity and Ending Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | $ 314,158 | $ 305,314 | $ 305,314 | ||
Foreign currency translation adjustment | (898) | 672 | $ 280 | (226) | $ 1,037 |
Balance | 320,231 | 314,158 | 320,231 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (3,835) | (4,507) | (4,507) | ||
Foreign currency translation adjustment | (898) | 672 | |||
Balance | $ (4,733) | $ (3,835) | $ (4,733) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 07, 2017 | Jun. 27, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 31, 2018 | Dec. 31, 2017 |
Equity Method Investments [Line Items] | ||||||||
Gain (loss) from equity method investment | $ (518) | $ (111) | ||||||
Investment | $ 950 | 950 | ||||||
Bi-PA | ||||||||
Equity Method Investments [Line Items] | ||||||||
Equity investment ownership position | 15.00% | 15.00% | ||||||
Cost-method Investments, Other than Temporary Impairment | $ 0 | |||||||
Profeng Australia, Pty Ltd | ||||||||
Equity Method Investments [Line Items] | ||||||||
Joint venture, consideration | $ 1,900 | |||||||
TyraTech Inc. | ||||||||
Equity Method Investments [Line Items] | ||||||||
Equity investment ownership position | 34.38% | 15.11% | ||||||
Gain (loss) from equity method investment | $ (347) | $ (69) | $ (443) | (111) | ||||
Hong Kong JV | ||||||||
Equity Method Investments [Line Items] | ||||||||
Equity investment ownership position | 50.00% | 50.00% | ||||||
Gain (loss) from equity method investment | $ 46 | $ 0 | $ (75) | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 1,748 | $ 1,681 | $ 3,440 | $ 3,061 | |
Effective tax rate | 23.00% | 26.80% | 24.40% | 27.50% | |
Federal income tax rate | 21.00% | 35.00% |