Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AVD | |
Entity Registrant Name | AMERICAN VANGUARD CORP | |
Entity Central Index Key | 0000005981 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,717,864 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 99,676 | $ 104,108 |
Cost of sales | 57,974 | 63,057 |
Gross profit | 41,702 | 41,051 |
Operating expenses | 34,800 | 33,700 |
Operating income | 6,902 | 7,351 |
Interest expense, net | 1,612 | 837 |
Income before provision for income taxes and loss on equity method investments | 5,290 | 6,514 |
Income tax expense | 1,360 | 1,692 |
Income before loss on equity method investments | 3,930 | 4,822 |
Loss from equity method investments | 24 | 217 |
Net income | 3,906 | 4,605 |
Loss attributable to non-controlling interest | 50 | |
Net income attributable to American Vanguard | $ 3,906 | $ 4,655 |
Earnings per common share—basic | $ 0.13 | $ 0.16 |
Earnings per common share—assuming dilution | $ 0.13 | $ 0.16 |
Weighted average shares outstanding—basic | 28,977 | 29,282 |
Weighted average shares outstanding—assuming dilution | 29,579 | 29,972 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 3,906 | $ 4,605 |
Comprehensive income: | ||
Foreign currency translation adjustment | (1,769) | 672 |
Comprehensive income | 2,137 | 5,277 |
Loss attributable to non-controlling interest | 50 | |
Comprehensive income attributable to American Vanguard | $ 2,137 | $ 5,327 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 6,657 | $ 6,168 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $2,297 and $1,263, respectively | 119,153 | 123,320 |
Other | 12,493 | 10,709 |
Total receivables, net | 131,646 | 134,029 |
Inventories | 189,499 | 159,895 |
Prepaid expenses | 12,746 | 10,096 |
Total current assets | 340,548 | 310,188 |
Property, plant and equipment, net | 51,379 | 49,252 |
Operating lease right-of-use assets | 10,293 | |
Intangible assets, net of applicable amortization | 197,063 | 186,583 |
Goodwill | 39,159 | 25,790 |
Other assets | 23,983 | 21,774 |
Total assets | 662,425 | 593,587 |
Current liabilities: | ||
Current installments of other liabilities | 3,076 | 1,609 |
Accounts payable | 77,543 | 66,535 |
Deferred revenue | 4,159 | 20,043 |
Accrued program costs | 39,740 | 37,349 |
Accrued expenses and other payables | 14,076 | 15,962 |
Operating lease liabilities, current | 4,156 | |
Income taxes payable | 4,780 | 4,030 |
Total current liabilities | 147,530 | 145,528 |
Long-term debt, net | 149,321 | 96,671 |
Operating lease liabilities, long term | 6,157 | |
Other liabilities, excluding current installments | 11,105 | 6,795 |
Deferred income tax liabilities | 19,194 | 15,363 |
Total liabilities | 333,307 | 264,357 |
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 33,194,563 shares at March 31, 2019 and 32,752,827 shares at December 31, 2018 | 3,320 | 3,276 |
Additional paid-in capital | 84,068 | 83,177 |
Accumulated other comprehensive loss | (6,276) | (4,507) |
Retained earnings | 266,166 | 262,840 |
Less treasury stock at cost, 3,061,040 shares at March 31, 2019 and 2,902,992 December 31, 2018 | (18,160) | (15,556) |
Total stockholders’ equity | 329,118 | 329,230 |
Total liabilities and stockholders' equity | $ 662,425 | $ 593,587 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,297 | $ 1,263 |
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 | 33,194,563 | 32,752,827 |
Treasury stock, shares | 3,061,040 | 2,902,992 |
CONDENSED CONSOLIDATED STATEM_3
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 | 2,450,634 | ||||||
Adjustment to recognize new revenue recognition standard, net of tax | 2,214 | 2,214 | 2,214 | |||||
Adjustment to recognize new standard on taxes on foreign asset transfers | (180) | (180) | (180) | |||||
Stocks issued under ESPP | 299 | $ 1 | 298 | 299 | ||||
Stocks issued under ESPP (in 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, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 511 | $ 41 | 470 | 511 | ||||
Stock options exercised; grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes), 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, 2018 | $ 329,230 | $ 3,276 | 83,177 | (4,507) | 262,840 | $ (15,556) | 329,230 | |
Balance (in shares) at Dec. 31, 2018 | 32,752,827 | 32,752,827 | 2,902,992 | |||||
Stocks issued under ESPP | $ 338 | $ 2 | 336 | 338 | ||||
Stocks issued under ESPP (in shares) | 22,441 | |||||||
Cash dividends on common stock ($0.02 per share) | (580) | (580) | (580) | |||||
Foreign currency translation adjustment, net | (1,769) | (1,769) | (1,769) | |||||
Stock based compensation | 1,485 | 1,485 | 1,485 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | (888) | $ 42 | (930) | (888) | ||||
Stock options exercised; grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 419,295 | |||||||
Shares repurchased | (2,604) | $ (2,604) | (2,604) | |||||
Shares repurchased (In Shares) | 158,048 | |||||||
Net income | 3,906 | 3,906 | 3,906 | |||||
Balance at Mar. 31, 2019 | $ 329,118 | $ 3,320 | $ 84,068 | $ (6,276) | $ 266,166 | $ (18,160) | $ 329,118 | |
Balance (in shares) at Mar. 31, 2019 | 33,194,563 | 33,194,563 | 3,061,040 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends on common stock, per share | $ 0.02 | $ 0.02 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 3,906 | $ 4,605 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of fixed and intangible assets | 4,609 | 4,983 |
Amortization of other long term assets and debt issuance costs | 1,082 | 1,163 |
Amortization of discounted liabilities | 102 | |
Provision for bad debts | 1,034 | 251 |
Revision of deferred compensation | (1,543) | |
Stock-based compensation | 1,485 | 1,309 |
Decrease in deferred income taxes | (742) | |
Operating loss from equity method investments | 24 | 217 |
Changes in assets and liabilities associated with operations: | ||
Decrease (increase) in net receivables | 6,812 | (9,554) |
Increase in inventories | (23,763) | (19,558) |
Increase in prepaid expenses and other assets | (2,724) | (562) |
Decrease (increase) in income tax receivable/payable, net | 750 | (497) |
Increase in accounts payable | 4,960 | 9,613 |
Decrease in deferred revenue | (16,036) | (2,740) |
Increase in accrued program costs | 2,391 | 4,634 |
Decrease in other payables and accrued expenses | (2,508) | (3,201) |
Net cash used in by operating activities | (20,263) | (9,235) |
Cash flows from investing activities: | ||
Capital expenditures | (3,369) | (1,553) |
Acquisitions of businesses, product lines and intangible assets | (24,246) | (815) |
Net cash used in investing activities | (27,615) | (2,368) |
Cash flows from financing activities: | ||
Payments under line of credit agreement | (23,400) | (23,000) |
Borrowings under line of credit agreement | 76,000 | 35,800 |
Net payments from the issuance of common stock (sale of stock under ESPP, exercise of stock options, and shares purchased for tax withholdings) | (550) | 810 |
Repurchase of common stock | (2,604) | |
Payment of cash dividends | (581) | (438) |
Net cash provided by financing activities | 48,865 | 13,172 |
Net increase in cash and cash equivalents | 987 | 1,569 |
Effect of exchange rate changes on cash and cash equivalents | (498) | 112 |
Cash and cash equivalents at beginning of period | 6,168 | 11,337 |
Cash and cash equivalents at end of period | 6,657 | $ 13,018 |
Non-cash investing activities: | ||
Deferred consideration in connection with the business acquisitions completed in January 2019: | $ 2,645 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. 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, 2018. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 2. Leases— The Company has operating leases for warehouses, manufacturing facilities, offices, cars, railcars and certain equipment. On January 1, 2019, the Company adopted the accounting and adoption guidance in ASC 842 for its operating leases resulting in the recognition of operating lease right-of-use (ROU) assets and lease liabilities on the effective date. The Company measures ROU assets throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. The lease liabilities are measured at the present value of the unpaid lease payments at the lease commencement date. Leases that include both lease and non-lease components are accounted for as a single lease component for each asset class. The minimum payments under operating leases are recognized on a straight-line basis over the lease term in the consolidated statements of operations. Operating lease expenses related to variable lease payments are recognized in cost of sales or as operating expenses in a manner consistent with the nature of the underlying lease and as the events, activities, or circumstances in the lease agreement occur. Leases with a term of less than 12 months are not recognized on the condensed consolidated balance sheets and the related lease expenses are recognized in the condensed consolidated statements of operations on a straight-line basis over the lease term. The accounting for leases requires management to exercise judgment and make estimates in determining the applicable discount rate, lease term and payments due under a lease. Most of our leases do not provide an implicit interest rate nor is it available to us from our lessors. As an alternative, we use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, including publicly available data, in determining the present value of lease payments. We also estimated the fair value of the lease and non-lease components for some of our warehouse leases based on market data and cost data. The lease term includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not terminate) that the Company is reasonably certain to exercise. The Company has leases with a lease term ranging from 1 year to 15 years. Lease payments are generally comprised of fixed payments including in- substance fixed payments, payments that depend on an index or rate. The operating leases of the Company do not contain major restrictions or covenants such as those relating to dividends or additional financial obligations. Finance leases are immaterial to the consolidated financial statements. There were no lease transactions with related parties as of March 31, 2019. The operating lease expense for the three months ended March 31, 2019 was $1,227. Lease expenses related to variable lease payments and short term leases were immaterial. Other information related to operating leases follows: Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 1,206 ROU assets obtained in exchange for new liabilities $ 371 Weighted-average remaining lease term (in years) 3.25 Weighted-average discount rate 3.69 % Future minimum lease payments under non-cancellable operating leases as of March 31, 2019 were as follows: March 31, 2019 2019 (excluding three months ended March 31, 2019) $ 3,390 2020 3,850 2021 1,901 2022 542 2023 388 Thereafter 962 Total lease payments $ 11,033 Less: imputed interest 720 Total $ 10,313 Amounts recognized in the condensed consolidated balance sheet: Operating lease liabilities, current $ 4,156 Operating lease liabilities, long term $ 6,157 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Three Months Ended March 31, 2019 As reported Without adoption of ASC 606 Net sales: Crop: Insecticides $ 40,183 $ 40,231 Herbicides/soil fumigants/fungicides 31,535 31,535 Other, including plant growth regulators and distribution 15,670 15,670 87,388 87,436 Non-crop, including distribution 12,288 12,288 Total net sales: $ 99,676 $ 99,724 Net sales: US $ 61,537 $ 61,585 International 38,139 38,139 Total net sales: $ 99,676 $ 99,724 Timing of revenue recognition: Goods transferred at a point in time $ 99,297 $ 99,724 Goods and services transferred over time 379 — Total net sales: $ 99,676 $ 99,724 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 March 31, 2019, the Company had $8,908 of remaining performance obligations, which are 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 2019. Contract Balances — The timing of revenue recognition, billings and cash collections may result in deferred revenue in the 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 consolidated balance sheet at the end of each reporting period. The contract assets in the table below are related to royalties earned on certain licenses granted for the use of the Company’s intellectual property, which are recognized at a point in time and remain outstanding as of March 31, 2019. March 31, 2019 December 31, 2018 Total receivables, net $ 131,646 $ 134,029 Contract assets 3,200 3,000 Deferred revenue 4,159 20,043 Revenue recognized for the three months ended March 31, 2019, that was included in the deferred revenue balance at the beginning of 2019 was $15,941. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, plant and equipment at March 31, 2019 and December 31, 2018 consists of the following: March 31, 2019 December 31, 2018 Land $ 2,548 $ 2,548 Buildings and improvements 17,854 17,555 Machinery and equipment 109,033 109,064 Office furniture, fixtures and equipment 5,819 5,655 Automotive equipment 1,498 1,116 Construction in progress 4,764 2,513 Total 141,516 138,451 Less accumulated depreciation (90,137 ) (89,199 ) Property, plant and equipment, net $ 51,379 $ 49,252 The Company recognized depreciation expense related to property and equipment of $1,648 and $2,303 for the three months ended March 31, 2019 and 2018, respectively. During the three months ended March 31, 2019 and 2018, the Company eliminated from assets and accumulated depreciation $710 and $128, respectively, of fully depreciated assets. Substantially all of the Company’s assets are pledged as collateral with its lender banks. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. 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: March 31, 2019 December 31, 2018 Finished products $ 174,224 $ 147,297 Raw materials 15,275 12,598 Inventories $ 189,499 $ 159,895 As of March 31, 2019, we believe our inventories are valued at lower of cost or net realizable value. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 6. Based on similar economic and operational characteristics, the Company’s business is aggregated into one reportable segment. Selective enterprise information is as follows: For the three months ended March 31, 2019 2018 Change % Change Net sales: US crop $ 50,270 $ 57,344 $ (7,074 ) -12 % US non-crop 11,267 11,892 (625 ) -5 % US total 61,537 69,236 (7,699 ) -11 % International 38,139 34,872 3,267 9 % Net sales: $ 99,676 $ 104,108 $ (4,432 ) -4 % Gross profit: US crop $ 23,822 $ 25,060 $ (1,238 ) -4 % US non-crop 5,846 5,812 34 -16 % US total 29,668 30,872 (1,204 ) -6 % International 12,034 10,179 1,855 17 % Total gross profit: $ 41,702 $ 41,051 $ 651 -1 % |
Accrued Program Costs
Accrued Program Costs | 3 Months Ended |
Mar. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Program Costs | 7. 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. These discount Programs represent variable consideration. In accordance with ASC 606, revenues from sales are recorded at the net sales price, which is the transaction price net of the impact of Programs 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 liabilities have been incurred. Once this initial calculation is made for the specific quarter, sales and marketing management, along with executive and financial management, review the accumulated Program balance and, for volume driven payments, make assessments of whether or not customers are tracking in a manner that indicates that they will meet the requirements set out in agreed upon terms and conditions attached to each Program. Following this assessment, management 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 months ended March 31, 2019 and 2018, respectively. |
Cash Dividend
Cash Dividend | 3 Months Ended |
Mar. 31, 2019 | |
Cash Dividends [Abstract] | |
Cash Dividend | 8. 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 March 6, 2019 March 27, 2019 April 10, 2019 $ 0.020 $ 580 December 10, 2018 December 27, 2018 January 10, 2019 $ 0.020 $ 581 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. ASC 260 Earnings Per Share (“EPS”) The components of basic and diluted earnings per share were as follows: Three Months Ended March 31, 2019 2018 Numerator: Net income attributable to AVD $ 3,906 $ 4,655 Denominator: Weighted average shares outstanding-basic 28,977 29,282 Dilutive effect of stock options and grants 602 690 Weighted average shares outstanding-diluted 29,579 29,972 For the three months ended March 31, 2019 and 2018, no stock options were excluded from the computation of diluted earnings per share. |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Indebtedness | 10. The Company has a revolving line of credit that is shown as long-term debt in the condensed consolidated balance sheets at March 31, 2019 and December 31, 2018. The Company has no short term debt as of March 31, 2019 and December 31, 2018. The debt is summarized in the following table: Long-term indebtedness ($000's) March 31, 2019 December 31, 2018 Revolving line of credit $ 150,000 $ 97,400 Deferred loan fees (679 ) (729 ) Total indebtedness $ 149,321 $ 96,671 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 as agent, swing line lender and Letter of Credit 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 March 31, 2019, based on its performance against the most restrictive covenants listed above, the Company had the capacity to increase its borrowings by up to $56,707, according to the terms of the Credit Agreement. This compares to an available borrowing capacity of $124,936 as of March 31, 2018. The level of borrowing capacity is driven by three factors: (1) our financial performance, as measured in EBITDA for 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). |
Reclassifications
Reclassifications | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Reclassifications | 11. Reclassifications—Certain items have been reclassified in the prior period condensed consolidated financial statements to conform with the March 31, 2019 presentation. |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Comprehensive income | 12. 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 month period ended March 31, 2019 and 2018, total comprehensive income consisted of net income attributable to American Vanguard and foreign currency translation adjustments. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 13. 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 months ended March 31, 2019 and 2018. Stock-Based Compensation for the Three months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) March 31, 2019 Restricted Stock $ 688 $ 9,238 2.4 Unrestricted Stock 96 64 0.2 Performance Based Restricted Stock 701 4,524 2.4 Total $ 1,485 $ 13,826 March 31, 2018 Restricted Stock $ 666 $ 7,956 2.0 Unrestricted Stock 96 64 0.2 Performance Based Restricted Stock 547 3,562 2.4 Total $ 1,309 $ 11,582 Option activity within each plan is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Balance outstanding, December 31, 2018 384,064 $ 9.10 Options exercised (14,677 ) 9.18 Balance outstanding, March 31, 2019 369,387 $ 9.10 Information relating to stock options at March 31, 2019, summarized by exercise price is as follows: Outstanding Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Incentive Stock Option Plan: $7.50 221,045 20 $ 7.5 $11.32—$14.49 148,342 67 $ 11.49 369,387 $ 9.10 The weighted average exercise prices for options granted, and exercisable, and the weighted average remaining contractual life for options outstanding as of March 31, 2019, were as follows: As of March 31, 2019 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Incentive Stock Option Plan: Outstanding 369,387 $ 9.10 39 $ 3,000 Expected to Vest 369,387 $ 9.10 39 $ 3,000 Exercisable 369,387 $ 9.10 39 $ 3,000 Common stock grants — Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 587,210 $ 17.59 391,753 $ 15.61 Granted 290,679 17.34 254,972 19.97 Vested (105,582 ) 15.21 (8,800 ) 12.07 Forfeited (6,589 ) 17.69 (5,265 ) 16.51 Nonvested shares at March 31 st 765,718 $ 17.77 632,660 $ 17.41 Common stock grants — During the three months ended March 31, 2019, the Company issued a total of 290,679 shares of restricted common stock to employees. The shares will cliff vest after three years of service. The shares granted in 2019 were average fair valued at $17.34 per share. The fair value was determined by using the publicly traded share price at market close as of the date of grant. The Company will recognize as expense the value of restricted shares over the required service period. During the three months ended March 31, 2018, the Company issued a total of 254,972 shares of restricted common stock to employees. The shares will cliff vest after three years of service. The shares granted in 2018 were average fair valued at $19.97 per share. The fair value was determined by using the publicly traded share price at market close as of the date the grant was approved. The Company will recognize as expense the value of restricted shares over the required service period. As of March 31, 2019, the Company had approximately $9,238 of unamortized stock-based compensation related to unvested restricted shares. This amount will be recognized over the weighted-average period of 2.4 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 — Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 287,077 $ 16.87 186,057 $ 14.93 Granted 137,557 16.47 122,446 18.79 Additional granted based on performance achievement 41,568 12.88 — — Vested (90,872 ) 14.73 (14,625 ) 11.01 Forfeited (3,543 ) 15.98 (1,765 ) 15.40 Nonvested shares at March 31 st 371,787 $ 16.81 292,113 $ 16.74 Performance Based Shares — During the three months ended March 31, 2019, the Company issued a total of 137,557 performance based shares to employees. The shares granted during the first quarter of 2019 have an average fair value of $16.47. The fair value was determined by using the publicly traded share price at market close as of the date of grant and Monte Carlo valuation method. The Company will recognize as expense the value of the performance based shares over the required service period from grant date. As of March 31, 2019, the Company has concluded that the performance measure based on EBIT and net sales for the performance based shares granted in 2016, when compared to the peer group, was met at 200% of targeted performance and all related additional expenses were recorded as of March 31, 2019. The performance shares based on market price was met at 125%, however, the market condition is reflected in the grant date fair value valuation and no additional expenses were recognized as of March 31, 2019. As a result, 41,568 additional shares were earned since the Company achieved performance targets when compared to the peer group. During the three months ended March 31, 2018, the Company issued a total of 122,446 performance based shares to employees. The shares granted during the first quarter of 2018 have an average fair value of $18.79. The fair value was determined by using the publicly traded share price at market close as of the date of grant and Monte Carlo valuation method. The Company will recognize as expense the value of the performance based shares over the required service period from grant date. As of March 31, 2019, performance based shares related to EBIT and net sales have an average fair value of $17.34 per share. The fair value was determined by using the publicly traded share price at market close as of the date of grant. The performance based shares related to the Company’s stock price have an average fair value of $13.01 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. As of March 31, 2018, performance based shares related to EBIT and net sales have an average fair value of $19.95 per share. The fair value was determined by using the publicly traded share price at market close as of the date of grant. The performance based shares related to the Company’s stock price have an average fair value of $16.49 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. As of March 31, 2019, the Company had approximately $4,524 of unamortized stock-based compensation expense related to unvested performance based shares. This amount will be recognized over the weighted-average period of 2.4 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 three months ended March 31, 2019 and 2018, the Company did not grant any employees performance incentive stock options to acquire shares of common stock. Performance option activity is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Execisable Weighted Average Price Per Share Balance outstanding, December 31, 2018 140,411 $ 11.49 $ 11.49 Options exercised (5,735 ) 11.49 11.49 Balance outstanding, March 31, 2019 134,676 $ 11.49 $ 11.49 Information relating to stock options at March 31, 2019 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: 134,676 69 $ 11.49 134,676 $ 11.49 The weighted average exercise prices of options granted and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2019 are as follows: As of March 31, 2019 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Performance Incentive Stock Option Plan: Outstanding 134,676 $ 11.49 69 $ 772 Expected to Vest 134,676 $ 11.49 69 $ 772 Exercisable 134,676 $ 11.49 69 $ 772 |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 14. Legal Proceedings— During the reporting period, there have been no material developments in legal proceedings that were reported in the Company’s Form 10-K for the year ended December 31, 2018, except as described below. EPA FIFRA/RCRA Matter. Takings Case. |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Guidance | 15. Recently Issued Accounting Guidance: Accounting standards adopted in 2019: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2016-02 and subsequent amendments, collectively known as ASC 842 Leases. ASC 842 requires recognition of operating leases as lease assets and liabilities on the balance sheet and also requires the disclosure of key information about leasing arrangements. The Company has elected to adopt ASC 842 by applying the modified transition method and has elected to use the effective date of January 1, 2019 as the initial date of application. We elected to apply all relevant practical expedients permitted under the transition guidance within the new lease standard with the exception of the practical expedient allowing the use of hindsight in determining the lease term and in assessing impairment. The new standard also provides practical expedients for an entity’s ongoing accounting. We have elected an accounting policy to keep leases with an initial term of 12 months or less off the balance sheet and recognize those lease payments in the condensed consolidated statements of operations on a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease and non-lease components for all of our leases, except for real estate warehouse leases. The adoption of ASC 842 resulted in the recognition of operating lease right-of-use (ROU) assets of $11,082 and an operating lease liabilities of $11,082 on the effective date as of January 1, 2019. The new guidance did not have a material impact on the condensed consolidated statement of operations or statement of cash flows. The accounting for finance leases under ASC 842 remained substantially unchanged from previous accounting guidance and are not material. See Note 2 for the disclosures required by ASC 842 and accounting policy information for leases. In February 2018, the FASB issued 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. Accounting standards not yet adopted: In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (ASC 350). |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 16. 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. As of March 31, 2019, 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 in the amount of $1,543. This amount has been reflected as a reduction to the general and administrative expenses within operating expenses in the condensed consolidated statements of operations for the three months ended March 31, 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income ("AOCI") | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income ("AOCI") | 17. Accumulated Other Comprehensive Income (“AOCI”) — Total Balance, December 31, 2017 $ (4,507 ) FX translation — Balance, December 31, 2018 (4,507 ) FX translation (1,769 ) Balance, March 31, 2019 $ (6,276 ) |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investments | 18. Equity Method Investments — On June 27, 2017, both Amvac Netherlands BV and Huifeng Agrochemical Company, Ltd (“Huifeng”) made individual capital contributions of $950 to the Huifeng Amvac Innovation Co. Ltd (“Hong Kong Joint Venture”). As of March 31, 2019, 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 months ended March 31, 2019 and 2018, the Company recognized losses of $25 and $121, respectively, as a result of the Company’s ownership position in the Hong Kong Joint Venture. The Company’s investment in this joint venture was valued at $698 and $957, respectively at March 31, 2019 and 2018. 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 March 31, 2019, 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 quarters ended March 31, 2019 and 2018. There was no impairment on the investment as of March 31, 2019 and 2018. The investment is not material and is recorded within other assets on the condensed consolidated balance sheets. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes – Income tax expense was $1,360 for the three months ended March 31, 2019, as compared to $1,692 for the three months ended March 31, 2018. The effective tax rate for the three months ended March 31, 2019 and 2018 was 25.7% and 26.0%, 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. |
Share Repurchase Program
Share Repurchase Program | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Share Repurchase Program | 20. Share Repurchase Program – On November 5, 2018, pursuant to a Board of Directors resolution, the Company announced its intention to repurchase an aggregate amount of shares with a total purchase price not to exceed $20,000 of its common stock, par value $0.10 per share, in the open market, depending upon market conditions over the short to mid-term. The Shares Repurchase Program expired on March 8, 2019. During January 2019, the Company purchased 158,048 shares for a total of $2,604 at an average price of $16.48 per share. |
Business Acquisitions
Business Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Business Acquisitions | 21. Business Acquisitions – On January 10, 2019, the Company completed the acquisition of all of the outstanding shares of stock of two affiliated businesses, Agrovant and Defensive, which are located in Jaboticabal in the state of Sao Paul, Brazil. At closing the Company paid cash consideration of $20,682, which was net of cash acquired of $982, deferred consideration of $2,645 including contingent consideration dependent on certain financial results for 2019, and liabilities assumed of $17,040, including liabilities of $10,098 related to income tax matters. These companies were founded in 2000 and are suppliers of crop protection products and micronutrients with focus on the fruit and vegetable market segments. The acquisition was accounted for as a business combination and the total value of $40,370 has been preliminarily allocated as follows: product registrations and product rights $9,451, trade name $1,733, customer relationships $3,114, goodwill $14,211, working capital $8,072, fixed assets $404 and indemnification assets $3,385. The operating results of the acquired businesses are included in our condensed consolidated statement of operations from the date of acquisition. The Company paid E.I. DuPont et Nemours additional cash consideration in the amount of $3,564 related to one product line acquisition made at the end of 2018. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Other Information of Operating Leases | Other information related to operating leases follows: Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 1,206 ROU assets obtained in exchange for new liabilities $ 371 Weighted-average remaining lease term (in years) 3.25 Weighted-average discount rate 3.69 % |
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases | Future minimum lease payments under non-cancellable operating leases as of March 31, 2019 were as follows: March 31, 2019 2019 (excluding three months ended March 31, 2019) $ 3,390 2020 3,850 2021 1,901 2022 542 2023 388 Thereafter 962 Total lease payments $ 11,033 Less: imputed interest 720 Total $ 10,313 Amounts recognized in the condensed consolidated balance sheet: Operating lease liabilities, current $ 4,156 Operating lease liabilities, long term $ 6,157 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region | Selective enterprise information of sales disaggregated by category and geographic region is as follows: Three Months Ended March 31, 2019 As reported Without adoption of ASC 606 Net sales: Crop: Insecticides $ 40,183 $ 40,231 Herbicides/soil fumigants/fungicides 31,535 31,535 Other, including plant growth regulators and distribution 15,670 15,670 87,388 87,436 Non-crop, including distribution 12,288 12,288 Total net sales: $ 99,676 $ 99,724 Net sales: US $ 61,537 $ 61,585 International 38,139 38,139 Total net sales: $ 99,676 $ 99,724 Timing of revenue recognition: Goods transferred at a point in time $ 99,297 $ 99,724 Goods and services transferred over time 379 — Total net sales: $ 99,676 $ 99,724 |
Summary of Contract Balances | March 31, 2019 December 31, 2018 Total receivables, net $ 131,646 $ 134,029 Contract assets 3,200 3,000 Deferred revenue 4,159 20,043 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment at March 31, 2019 and December 31, 2018 consists of the following: March 31, 2019 December 31, 2018 Land $ 2,548 $ 2,548 Buildings and improvements 17,854 17,555 Machinery and equipment 109,033 109,064 Office furniture, fixtures and equipment 5,819 5,655 Automotive equipment 1,498 1,116 Construction in progress 4,764 2,513 Total 141,516 138,451 Less accumulated depreciation (90,137 ) (89,199 ) Property, plant and equipment, net $ 51,379 $ 49,252 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consist of the following: March 31, 2019 December 31, 2018 Finished products $ 174,224 $ 147,297 Raw materials 15,275 12,598 Inventories $ 189,499 $ 159,895 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Business Sales Segmentation | Selective enterprise information is as follows: For the three months ended March 31, 2019 2018 Change % Change Net sales: US crop $ 50,270 $ 57,344 $ (7,074 ) -12 % US non-crop 11,267 11,892 (625 ) -5 % US total 61,537 69,236 (7,699 ) -11 % International 38,139 34,872 3,267 9 % Net sales: $ 99,676 $ 104,108 $ (4,432 ) -4 % Gross profit: US crop $ 23,822 $ 25,060 $ (1,238 ) -4 % US non-crop 5,846 5,812 34 -16 % US total 29,668 30,872 (1,204 ) -6 % International 12,034 10,179 1,855 17 % Total gross profit: $ 41,702 $ 41,051 $ 651 -1 % |
Cash Dividend (Tables)
Cash Dividend (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 6, 2019 March 27, 2019 April 10, 2019 $ 0.020 $ 580 December 10, 2018 December 27, 2018 January 10, 2019 $ 0.020 $ 581 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 Numerator: Net income attributable to AVD $ 3,906 $ 4,655 Denominator: Weighted average shares outstanding-basic 28,977 29,282 Dilutive effect of stock options and grants 602 690 Weighted average shares outstanding-diluted 29,579 29,972 |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The Company has a revolving line of credit that is shown as long-term debt in the condensed consolidated balance sheets at March 31, 2019 and December 31, 2018. The Company has no short term debt as of March 31, 2019 and December 31, 2018. The debt is summarized in the following table: Long-term indebtedness ($000's) March 31, 2019 December 31, 2018 Revolving line of credit $ 150,000 $ 97,400 Deferred loan fees (679 ) (729 ) Total indebtedness $ 149,321 $ 96,671 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019 and 2018. Stock-Based Compensation for the Three months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) March 31, 2019 Restricted Stock $ 688 $ 9,238 2.4 Unrestricted Stock 96 64 0.2 Performance Based Restricted Stock 701 4,524 2.4 Total $ 1,485 $ 13,826 March 31, 2018 Restricted Stock $ 666 $ 7,956 2.0 Unrestricted Stock 96 64 0.2 Performance Based Restricted Stock 547 3,562 2.4 Total $ 1,309 $ 11,582 |
Summary of Option Activity | Option activity within each plan is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Balance outstanding, December 31, 2018 384,064 $ 9.10 Options exercised (14,677 ) 9.18 Balance outstanding, March 31, 2019 369,387 $ 9.10 |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at March 31, 2019, summarized by exercise price is as follows: Outstanding Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Incentive Stock Option Plan: $7.50 221,045 20 $ 7.5 $11.32—$14.49 148,342 67 $ 11.49 369,387 $ 9.10 |
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 March 31, 2019, were as follows: As of March 31, 2019 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Incentive Stock Option Plan: Outstanding 369,387 $ 9.10 39 $ 3,000 Expected to Vest 369,387 $ 9.10 39 $ 3,000 Exercisable 369,387 $ 9.10 39 $ 3,000 |
Performance Based Stock Options | |
Summary of Option Activity | Performance option activity is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Execisable Weighted Average Price Per Share Balance outstanding, December 31, 2018 140,411 $ 11.49 $ 11.49 Options exercised (5,735 ) 11.49 11.49 Balance outstanding, March 31, 2019 134,676 $ 11.49 $ 11.49 |
Performance Incentive Stock Option Plan | |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at March 31, 2019 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: 134,676 69 $ 11.49 134,676 $ 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 of options granted and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2019 are as follows: As of March 31, 2019 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Performance Incentive Stock Option Plan: Outstanding 134,676 $ 11.49 69 $ 772 Expected to Vest 134,676 $ 11.49 69 $ 772 Exercisable 134,676 $ 11.49 69 $ 772 |
Common Stock Grants | |
Summary of Non-Vested Shares | Common stock grants — Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 587,210 $ 17.59 391,753 $ 15.61 Granted 290,679 17.34 254,972 19.97 Vested (105,582 ) 15.21 (8,800 ) 12.07 Forfeited (6,589 ) 17.69 (5,265 ) 16.51 Nonvested shares at March 31 st 765,718 $ 17.77 632,660 $ 17.41 |
Performance Based Restricted Shares | |
Summary of Non-Vested Shares | Performance Based Shares — Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 287,077 $ 16.87 186,057 $ 14.93 Granted 137,557 16.47 122,446 18.79 Additional granted based on performance achievement 41,568 12.88 — — Vested (90,872 ) 14.73 (14,625 ) 11.01 Forfeited (3,543 ) 15.98 (1,765 ) 15.40 Nonvested shares at March 31 st 371,787 $ 16.81 292,113 $ 16.74 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 — Balance, December 31, 2018 (4,507 ) FX translation (1,769 ) Balance, March 31, 2019 $ (6,276 ) |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Line Items] | |
Operating lease expenses | $ 1,227 |
Minimum | |
Leases [Line Items] | |
Operating lease term | 1 year |
Maximum | |
Leases [Line Items] | |
Operating lease term | 15 years |
Leases - Schedule of Other Info
Leases - Schedule of Other Information of Operating Leases (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,206 |
ROU assets obtained in exchange for new liabilities | $ 371 |
Weighted-average remaining lease term (in years) | 3 years 3 months |
Weighted-average discount rate | 3.69% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019 (excluding three months ended March 31, 2019) | $ 3,390 | |
2020 | 3,850 | |
2021 | 1,901 | |
2022 | 542 | |
2023 | 388 | |
Thereafter | 962 | |
Total lease payments | 11,033 | |
Less: imputed interest | 720 | |
Total | 10,313 | $ 11,082 |
Amounts recognized in the condensed consolidated balance sheet: | ||
Operating lease liabilities, current | 4,156 | |
Operating lease liabilities, long term | $ 6,157 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)Segment | Mar. 31, 2018Segment | |
Revenue From Contract With Customer [Abstract] | ||
Number of reportable segments | Segment | 1 | 1 |
Remaining performance obligations | $ 8,908 | |
Revenue recognized | $ 15,941 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 99,676 | $ 104,108 |
Insecticides | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 40,183 | |
Herbicides/Soil Fumigants/Fungicides | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 31,535 | |
Other, Including Plant Growth Regulators and Distribution | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 15,670 | |
Crop | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 87,388 | |
Non-crop, Including Distribution | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 12,288 | |
US | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 61,537 | 69,236 |
US | Crop | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 50,270 | 57,344 |
International | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 38,139 | $ 34,872 |
Balances without adoption of ASC 606 | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 99,724 | |
Balances without adoption of ASC 606 | Insecticides | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 40,231 | |
Balances without adoption of ASC 606 | Herbicides/Soil Fumigants/Fungicides | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 31,535 | |
Balances without adoption of ASC 606 | Other, Including Plant Growth Regulators and Distribution | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 15,670 | |
Balances without adoption of ASC 606 | Crop | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 87,436 | |
Balances without adoption of ASC 606 | Non-crop, Including Distribution | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 12,288 | |
Balances without adoption of ASC 606 | US | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 61,585 | |
Balances without adoption of ASC 606 | International | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 38,139 | |
Goods Transferred at a Point in Time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 99,297 | |
Goods Transferred at a Point in Time | Balances without adoption of ASC 606 | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 99,724 | |
Goods and Services Transferred Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 379 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Contract Balances (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue From Contract With Customer [Abstract] | ||
Total receivables, net | $ 131,646 | $ 134,029 |
Contract assets | 3,200 | 3,000 |
Deferred revenue | $ 4,159 | $ 20,043 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 141,516 | $ 138,451 |
Less accumulated depreciation | (90,137) | (89,199) |
Property, plant and equipment, net | 51,379 | 49,252 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,548 | 2,548 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 17,854 | 17,555 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 109,033 | 109,064 |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,819 | 5,655 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,498 | 1,116 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,764 | $ 2,513 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense related to property, plant and equipment | $ 1,648 | $ 2,303 |
Elimination of Assets and Accumulated depreciation | $ 710 | $ 128 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 174,224 | $ 147,297 |
Raw materials | 15,275 | 12,598 |
Inventories | $ 189,499 | $ 159,895 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - Segment | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting [Abstract] | ||
Number of reportable business segments | 1 | 1 |
Summary of Business Sales by Pr
Summary of Business Sales by Product and Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | ||
Net sales | $ 99,676 | $ 104,108 |
Change in net sales | $ (4,432) | |
Percentage change in net sales | (4.00%) | |
Gross profit: | ||
Total gross profit | $ 41,702 | 41,051 |
Change in gross profit | $ 651 | |
Percentage change in gross profit | (1.00%) | |
Crop | ||
Net sales | ||
Net sales | $ 87,388 | |
US | ||
Net sales | ||
Net sales | 61,537 | 69,236 |
Change in net sales | $ (7,699) | |
Percentage change in net sales | (11.00%) | |
Gross profit: | ||
Total gross profit | $ 29,668 | 30,872 |
Change in gross profit | $ (1,204) | |
Percentage change in gross profit | (6.00%) | |
US | Crop | ||
Net sales | ||
Net sales | $ 50,270 | 57,344 |
Change in net sales | $ (7,074) | |
Percentage change in net sales | (12.00%) | |
Gross profit: | ||
Total gross profit | $ 23,822 | 25,060 |
Change in gross profit | $ (1,238) | |
Percentage change in gross profit | (4.00%) | |
US | Non Crop | ||
Net sales | ||
Net sales | $ 11,267 | 11,892 |
Change in net sales | $ (625) | |
Percentage change in net sales | (5.00%) | |
Gross profit: | ||
Total gross profit | $ 5,846 | 5,812 |
Change in gross profit | $ 34 | |
Percentage change in gross profit | (16.00%) | |
International | ||
Net sales | ||
Net sales | $ 38,139 | 34,872 |
Change in net sales | $ 3,267 | |
Percentage change in net sales | 9.00% | |
Gross profit: | ||
Total gross profit | $ 12,034 | $ 10,179 |
Change in gross profit | $ 1,855 | |
Percentage change in gross profit | 17.00% |
Cash Dividend (Detail)
Cash Dividend (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash dividend declaration date | Mar. 6, 2019 | Dec. 10, 2018 |
Cash dividend record date | Mar. 27, 2019 | Dec. 27, 2018 |
Cash dividend distributed date | Apr. 10, 2019 | Jan. 10, 2019 |
Cash dividend per share | $ 0.020 | $ 0.020 |
Cash dividend paid | $ 580 | $ 581 |
Components of Basic and Diluted
Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net income attributable to AVD | $ 3,906 | $ 4,655 |
Denominator: | ||
Weighted average shares outstanding-basic | 28,977 | 29,282 |
Dilutive effect of stock options and grants | 602 | 690 |
Weighted average shares outstanding-diluted | 29,579 | 29,972 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Stock options excluded from computation of diluted earning per share | 0 | 0 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) | Jun. 30, 2017 | Mar. 31, 2019 | Jun. 30, 2017 | Dec. 31, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | |||||
Short term debt | $ 0 | $ 0 | |||
Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Available borrowings capacity under credit agreement | $ 124,936,000 | ||||
Senior secured credit facility, maturity date | Jun. 30, 2022 | ||||
Credit agreement, covenant description | 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. | ||||
Credit agreement, variable rate description | Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable 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”). | ||||
Federal Funds Rate | Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, variable rate basis | 0.50% | ||||
One-Month LIBOR Rate | Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, variable rate basis | 1.00% | ||||
Eurocurrency Rate | Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, interest payment period, description | last day of each interest period (either one, two, three or six months, as selected by the borrower) | ||||
Alternate Base Rate | Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, interest payment period, description | last business day of each month | ||||
Maximum | Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Available borrowings capacity under credit agreement | $ 250,000,000 | $ 250,000,000 | |||
Consolidated funded debt ratio | 325.00% | ||||
Capacity to increase borrowings under credit agreement | $ 56,707,000 | ||||
Maximum | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Accordion feature | $ 100,000,000 | $ 100,000,000 | |||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Consolidated fixed charge covenant ratio | 125.00% |
Summary of Debt (Detail)
Summary of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Revolving line of credit | $ 150,000 | $ 97,400 |
Deferred loan fees | (679) | (729) |
Total indebtedness | $ 149,321 | $ 96,671 |
Unamortized Stock-Based Compens
Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 1,485 | $ 1,309 |
Unamortized Stock-Based Compensation | 13,826 | 11,582 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 688 | $ 666 |
Remaining Weighted Average Period (years) | 2 years 4 months 24 days | 2 years |
Unamortized Stock-Based Compensation | $ 9,238 | $ 7,956 |
Unrestricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 96 | $ 96 |
Remaining Weighted Average Period (years) | 2 months 12 days | 2 months 12 days |
Unamortized Stock-Based Compensation | $ 64 | $ 64 |
Performance Based Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 701 | $ 547 |
Remaining Weighted Average Period (years) | 2 years 4 months 24 days | 2 years 4 months 24 days |
Unamortized Stock-Based Compensation | $ 4,524 | $ 3,562 |
Summary of Option Activity (Det
Summary of Option Activity (Detail) - Incentive Stock Options | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Incentive Stock Option Plans, Beginning balance | shares | 384,064 |
Incentive Stock Option Plans, Option exercised | shares | (14,677) |
Incentive Stock Option Plans, Ending balance | shares | 369,387 |
Weighted Average Price Per Share, Beginning balance | $ / shares | $ 9.10 |
Weighted Average Price Per Share, Option exercised | $ / shares | 9.18 |
Weighted Average Price Per Share, Ending balance | $ / shares | $ 9.10 |
Summary of Stock Options Summar
Summary of Stock Options Summarized by Exercise Price (Detail) - Incentive Stock Options - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Weighted Average, Shares | 369,387 | |
Outstanding Weighted Average, Exercise Price | $ 9.10 | $ 9.10 |
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 | 221,045 | |
Outstanding Weighted Average, Remaining Life (Months) | 20 months | |
Outstanding Weighted Average, Exercise Price | $ 7.5 | |
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 | 148,342 | |
Outstanding Weighted Average, Remaining Life (Months) | 67 months | |
Outstanding Weighted Average, Exercise Price | $ 11.49 |
Weighted Average Exercise Price
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding (Detail) - Incentive Stock Option Plan $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding | shares | 369,387 |
Number of Shares, Expected to Vest | shares | 369,387 |
Number of Shares, Exercisable | shares | 369,387 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 9.10 |
Weighted Average Exercise Price, Expected to Vest | $ / shares | 9.10 |
Weighted Average Exercisable, Exercise Price | $ / shares | $ 9.10 |
Weighted Average Remaining Life, Outstanding | 39 months |
Weighted Average Remaining Contractual Life, Expected to Vest | 39 months |
Weighted Average Remaining Contractual Life, Exercisable | 39 months |
Weighted Average Remaining Life, Outstanding | $ | $ 3,000 |
Weighted Average Remaining Contractual Life, Expected to Vest | $ | 3,000 |
Weighted Average Remaining Contractual Life, Exercisable | $ | $ 3,000 |
Summary of Non-Vested Shares (D
Summary of Non-Vested Shares (Detail) - Common Stock Grants - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 587,210 | 391,753 |
Number of Shares, Granted | 290,679 | 254,972 |
Number of Shares, Vested | (105,582) | (8,800) |
Number of Shares, Forfeited | (6,589) | (5,265) |
Number of Shares, Ending Balance | 765,718 | 632,660 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 17.59 | $ 15.61 |
Weighted Average Grant-Date Fair Value, Granted | 17.34 | 19.97 |
Weighted Average Grant-Date Fair Value, Vested | 15.21 | 12.07 |
Weighted Average Grant-Date Fair Value, Forfeited | 17.69 | 16.51 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 17.77 | $ 17.41 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2016 | |
Performance Based Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 0 | 0 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years of service before cliff vesting | 3 years | 3 years | |
Weighted Average Grant-Date Fair Value, Granted | $ 17.34 | $ 19.97 | |
Unamortized Stock-Based Compensation | $ 9,238,000 | $ 7,956,000 | |
Remaining Weighted Average Period (years) | 2 years 4 months 24 days | 2 years | |
Number of Shares, Granted | 290,679 | 254,972 | |
Restricted Stock | Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued by equity investee | 290,679 | 254,972 | |
Weighted Average Grant-Date Fair Value, Granted | $ 17.34 | $ 19.97 | |
Unvested Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unamortized Stock-Based Compensation | $ 9,238,000 | ||
Remaining Weighted Average Period (years) | 2 years 4 months 24 days | ||
Performance Based Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant-Date Fair Value, Granted | $ 16.47 | $ 18.79 | |
Unamortized Stock-Based Compensation | $ 4,524,000 | $ 3,562,000 | |
Remaining Weighted Average Period (years) | 2 years 4 months 24 days | 2 years 4 months 24 days | |
Number of Shares, Granted | 137,557 | 122,446 | |
Targeted performance percentage | 200.00% | 200.00% | 200.00% |
Target performance percentage to meet performance incentive stock options based on market | 125.00% | ||
Additional expenses recognized | $ 0 | ||
Additional shares based on performance achievement | 41,568 | ||
Performance Based Restricted Shares | Vested on March 9, 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cliff vesting date | Mar. 28, 2022 | Mar. 9, 2021 | |
Performance Based Restricted Shares | Performance based stock options based upon financial performance of earnings before interest and tax ("EBIT") and net sales goal for the period commencing January 1, 2018 through December 31, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shares vesting based on Performance | 80.00% | ||
Earnings before income tax goal weight, percentage | 50.00% | ||
Net sales goal weight, percentage | 30.00% | ||
Performance Based Restricted Shares | Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2018 through December 31, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Earnings before income tax goal weight, percentage | 20.00% | ||
Performance Based Restricted Shares | Performance based stock options based upon financial performance of earnings before interest and tax ("EBIT") and net sales goal for the period commencing January 1, 2017 through December 31, 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shares vesting based on Performance | 80.00% | ||
Earnings before income tax goal weight, percentage | 50.00% | ||
Net sales goal weight, percentage | 30.00% | ||
Performance Based Restricted Shares | Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2017 through December 31, 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Earnings before income tax goal weight, percentage | 20.00% | ||
Performance Based Restricted Shares | Performance Based Shares Related to Net Income Weighted at 50%, Net Sales Weighted at 30%, Commencing January 1, 2018 and Ending December 31, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant-Date Fair Value, Granted | $ 17.34 | $ 19.95 | |
Performance Based Restricted Shares | Remaining 20% of Performance Based Shares are Based Upon AVD Stock Price Appreciation for the Period Commencing January 1, 2018 and Ending December 31, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant-Date Fair Value, Granted | $ 13.01 | $ 16.49 | |
Unvested Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unamortized Stock-Based Compensation | $ 4,524,000 | ||
Remaining Weighted Average Period (years) | 2 years 4 months 24 days |
Status Summary of Non-Vested Sh
Status Summary of Non-Vested Shares (Detail) - Performance Based Restricted Shares - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 287,077 | 186,057 |
Number of Shares, Granted | 137,557 | 122,446 |
Number of Share, Additional granted based on performance | 41,568 | |
Number of Shares, Vested | (90,872) | (14,625) |
Number of Shares, Forfeited | (3,543) | (1,765) |
Number of Shares, Ending Balance | 371,787 | 292,113 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 16.87 | $ 14.93 |
Weighted Average Grant-Date Fair Value, Granted | 16.47 | 18.79 |
Weighted Average Grant-Date Fair Value, Additional vesting based on performance | 12.88 | |
Weighted Average Grant-Date Fair Value, Vested | 14.73 | 11.01 |
Weighted Average Grant-Date Fair Value, Forfeited | 15.98 | 15.40 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 16.81 | $ 16.74 |
Summary of Performance option a
Summary of Performance option activity (Detail) - Performance Based Stock Options | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Incentive Stock Option Plans, Beginning balance | shares | 140,411 |
Incentive Stock Option Plans, Option exercised | shares | (5,735) |
Incentive Stock Option Plans, Ending balance | shares | 134,676 |
Weighted Average Price Per Share, Beginning balance | $ 11.49 |
Weighted Average Price Per Share, Options exercised | 11.49 |
Weighted Average Price Per Share, Ending balance | 11.49 |
Execisable Weighted Average Price Per Share, Beginning balance | 11.49 |
Execisable Weighted Average Price Per Share, Options exercised | 11.49 |
Execisable Weighted Average Price Per Share, Ending balance | $ 11.49 |
Performance Options Summarized
Performance Options Summarized by Exercise Price (Detail) - Performance Incentive Stock Option Plan | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Weighted Average, Shares | shares | 134,676 |
Outstanding Weighted Average, Remaining Life (Months) | 69 months |
Outstanding Weighted Average, Exercise Price | $ / shares | $ 11.49 |
Exercisable Weighted Average, Shares | shares | 134,676 |
Exercisable Weighted Average | $ / 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) - Performance Incentive Stock Option Plan $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding | shares | 134,676 |
Number of Shares, Expected to Vest | shares | 134,676 |
Number of Shares, Exercisable | shares | 134,676 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 11.49 |
Weighted Average Exercise Price, Expected to Vest | $ / shares | 11.49 |
Weighted Average Exercisable, Exercise Price | $ / shares | $ 11.49 |
Weighted Average Remaining Life, Outstanding | 69 months |
Weighted Average Remaining Contractual Life, Expected to Vest | 69 months |
Weighted Average Remaining Contractual Life, Exercisable | 69 months |
Intrinsic Value, Outstanding | $ | $ 772 |
Intrinsic Value, Expected to Vest | $ | 772 |
Intrinsic Value, Exercisable | $ | $ 772 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) $ in Thousands | Jun. 14, 2016USD ($) |
USEPA | |
Loss Contingencies [Line Items] | |
Loss contingency damages sought, value | $ 30,000 |
Recently Issued Accounting Gu_2
Recently Issued Accounting Guidance - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ||
Operating lease right-of-use assets | $ 10,293 | $ 11,082 |
Operating lease, liability | $ 10,313 | $ 11,082 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value Disclosures [Abstract] | |
Reduction in deferred consideration balances | $ 1,543 |
Beginning Balance, Annual Activ
Beginning Balance, Annual Activity and Ending Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 329,230 | $ 305,314 |
FX translation | (1,769) | 672 |
Balance | 329,118 | 314,158 |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (4,507) | $ (4,507) |
FX translation | (1,769) | |
Balance | $ (6,276) |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 07, 2017 | Jun. 27, 2017 | Mar. 31, 2019 | Mar. 31, 2018 |
Equity Method Investments [Line Items] | ||||
Losses from equity method investment | $ (24) | $ (217) | ||
Investment | $ 950 | |||
Bi-PA | ||||
Equity Method Investments [Line Items] | ||||
Equity investment ownership position | 15.00% | |||
Impairment on the investment | $ 0 | 0 | ||
Profeng Australia, Pty Ltd | ||||
Equity Method Investments [Line Items] | ||||
Joint venture, consideration | $ 1,900 | |||
TyraTech Inc. | ||||
Equity Method Investments [Line Items] | ||||
Losses from equity method investment | $ (96) | |||
Equity investment ownership position | 15.11% | |||
Hong Kong JV | ||||
Equity Method Investments [Line Items] | ||||
Losses from equity method investment | $ 25 | 121 | ||
Equity investment ownership position | 50.00% | |||
Investment in joint venture | $ 698 | $ 957 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 1,360 | $ 1,692 |
Effective tax rate | 25.70% | 26.00% |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - USD ($) | Nov. 05, 2018 | Jan. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Equity Class Of Treasury Stock [Line Items] | ||||
Common stock, par value | $ 0.10 | $ 0.10 | $ 0.10 | |
Amount paid for common shares purchase | $ 2,604,000 | $ 2,604,000 | ||
Common Stock | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Shares repurchase program, expiration date | Mar. 8, 2019 | |||
Number of shares purchased | 158,048 | |||
Average price paid per share | $ 16.48 | |||
Common Stock | Maximum | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Number of shares intended to repurchase under repurchase program | $ 20,000 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Detail) $ in Thousands | Jan. 10, 2019USD ($)Business | Dec. 31, 2018USD ($)Productline | Mar. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||
Goodwill | $ 25,790 | $ 39,159 | |
Agrovant and Defensive | |||
Business Acquisition [Line Items] | |||
Number of businesses acquired | Business | 2 | ||
Business combination, cash consideration | $ 20,682 | ||
Business combination, cash acquired | 982 | ||
Business combination, deferred consideration paid | 2,645 | ||
Business combination, liabilities assumed | 17,040 | ||
Business combination, liabilities assumed, tax | 10,098 | ||
Business combination, total consideration | 40,370 | ||
Goodwill | 14,211 | ||
Business combination, preliminary allocation of purchase price, working capital | 8,072 | ||
Business combination, preliminary allocation purchase price, fixed assets | 404 | ||
Business combination, preliminary allocation purchase price, indemnification assets | 3,385 | ||
Agrovant and Defensive | Product Registrations and Product Rights | |||
Business Acquisition [Line Items] | |||
Business combination, preliminary allocation purchase price of intangible assets | 9,451 | ||
Agrovant and Defensive | Trade Name | |||
Business Acquisition [Line Items] | |||
Business combination, preliminary allocation purchase price of intangible assets | 1,733 | ||
Agrovant and Defensive | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Business combination, preliminary allocation purchase price of intangible assets | $ 3,114 | ||
E.I DuPont et Nemour | Product Lines Acquisition | |||
Business Acquisition [Line Items] | |||
Business combination, cash consideration | $ 3,564 | ||
Business combination, number of product lines acquired | Productline | 1 |