Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 29, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | AVD | |
Entity Registrant Name | AMERICAN VANGUARD CORP | |
Entity Central Index Key | 0000005981 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $.10 par value | |
Security Exchange Name | NYSE | |
Entity File Number | 001-13795 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-2588080 | |
Entity Address, Address Line One | 4695 MacArthur Court | |
Entity Address, City or Town | Newport Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92660 | |
City Area Code | 949 | |
Local Phone Number | 260-1200 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 30,186,844 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 124,884 | $ 111,780 | $ 337,664 | $ 322,934 |
Cost of sales | 77,421 | 66,480 | 206,846 | 193,286 |
Gross profit | 47,463 | 45,300 | 130,818 | 129,648 |
Operating expenses | 40,677 | 33,635 | 110,839 | 102,011 |
Operating income | 6,786 | 11,665 | 19,979 | 27,637 |
Interest expense, net | 2,070 | 1,116 | 5,606 | 2,961 |
Income before provision for income taxes and loss on equity method investments | 4,716 | 10,549 | 14,373 | 24,676 |
Income tax expense | 1,474 | 3,526 | 4,059 | 6,966 |
Income before loss on equity method investments | 3,242 | 7,023 | 10,314 | 17,710 |
Loss from equity method investments | 89 | 533 | 149 | 1,051 |
Net income | 3,153 | 6,490 | 10,165 | 16,659 |
Net loss attributable to non-controlling interest | 35 | 120 | ||
Net income attributable to American Vanguard | $ 3,153 | $ 6,525 | $ 10,165 | $ 16,779 |
Earnings per common share—basic | $ 0.11 | $ 0.22 | $ 0.35 | $ 0.57 |
Earnings per common share—assuming dilution | $ 0.11 | $ 0.22 | $ 0.34 | $ 0.56 |
Weighted average shares outstanding—basic | 29,057 | 29,399 | 29,013 | 29,340 |
Weighted average shares outstanding—assuming dilution | 29,650 | 30,209 | 29,591 | 30,146 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 3,153 | $ 6,490 | $ 10,165 | $ 16,659 |
Comprehensive income: | ||||
Foreign currency translation adjustment | (1,080) | 638 | (2,192) | 412 |
Comprehensive income | 2,073 | 7,128 | 7,973 | 17,071 |
Net loss attributable to non-controlling interest | 35 | 120 | ||
Comprehensive income attributable to American Vanguard | $ 2,073 | $ 7,163 | $ 7,973 | $ 17,191 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 5,887 | $ 6,168 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $1,988 and $1,263, respectively | 140,220 | 123,320 |
Other | 13,783 | 10,709 |
Total receivables, net | 154,003 | 134,029 |
Inventories, net | 186,285 | 159,895 |
Prepaid expenses | 10,731 | 10,096 |
Income tax receivable | 88 | |
Total current assets | 356,994 | 310,188 |
Property, plant and equipment, net | 55,330 | 49,252 |
Operating lease right-of-use assets | 12,186 | |
Intangible assets, net of amortization | 196,542 | 186,583 |
Goodwill | 38,435 | 25,790 |
Other assets | 21,810 | 21,774 |
Total assets | 681,297 | 593,587 |
Current liabilities: | ||
Current installments of other liabilities | 1,305 | 1,609 |
Accounts payable | 67,188 | 66,535 |
Deferred revenue | 368 | 20,043 |
Accrued program costs | 57,512 | 37,349 |
Accrued expenses and other payables | 11,912 | 15,962 |
Operating lease liabilities, current | 4,889 | |
Income taxes payable | 4,030 | |
Total current liabilities | 143,174 | 145,528 |
Long-term debt, net of deferred loan fees | 165,008 | 96,671 |
Other liabilities, excluding current installments | 9,808 | 6,795 |
Operating lease liabilities, long-term | 7,414 | |
Deferred income tax liabilities | 17,907 | 15,363 |
Total liabilities | 343,311 | 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 33,235,938 shares at September 30, 2019 and 32,752,827 shares at December 31, 2018 | 3,325 | 3,276 |
Additional paid-in capital | 88,257 | 83,177 |
Accumulated other comprehensive loss | (6,699) | (4,507) |
Retained earnings | 271,263 | 262,840 |
Total stockholders' equity including treasury stock | 356,146 | 344,786 |
Less treasury stock at cost, 3,061,040 shares at September 30, 2019 and 2,902,992 shares at December 31, 2018 | (18,160) | (15,556) |
Total stockholders’ equity | 337,986 | 329,230 |
Total liabilities and stockholders' equity | $ 681,297 | $ 593,587 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,988 | $ 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 | 33,235,938 | 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) | |||||
Common stock issued under ESPP | 299 | $ 1 | 298 | 299 | ||||
Common stock 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, 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 | ||||||
Foreign currency translation adjustment, net | 412 | |||||||
Net income | 16,659 | |||||||
Balance at Sep. 30, 2018 | 328,624 | $ 3,276 | 81,573 | (4,095) | 256,005 | $ (8,269) | 328,490 | 134 |
Balance (in shares) at Sep. 30, 2018 | 32,757,098 | 2,450,634 | ||||||
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, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 525 | $ 8 | 517 | 525 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), 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 | 2,450,634 | ||||||
Common stock issued under ESPP | 371 | $ 1 | 370 | 371 | ||||
Common stock issued under ESPP, (in Shares) | 18,872 | |||||||
Cash dividends on common stock ($0.02 per share) | (588) | (588) | (588) | |||||
Foreign currency translation adjustment, net | 638 | 638 | 638 | |||||
Stock based compensation | 1,457 | 1,457 | 1,457 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 25 | 25 | 25 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | (5,278) | |||||||
Net income | 6,490 | 6,525 | 6,525 | (35) | ||||
Balance at Sep. 30, 2018 | 328,624 | $ 3,276 | 81,573 | (4,095) | 256,005 | $ (8,269) | 328,490 | 134 |
Balance (in shares) at Sep. 30, 2018 | 32,757,098 | 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 | |||||
Common stock issued under ESPP | $ 338 | $ 2 | 336 | 338 | ||||
Common stock 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 | 3,061,040 | ||||||
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 | |||||
Foreign currency translation adjustment, net | $ (2,192) | |||||||
Net income | 10,165 | |||||||
Balance at Sep. 30, 2019 | $ 337,986 | $ 3,325 | 88,257 | (6,699) | 271,263 | $ (18,160) | 337,986 | |
Balance (in shares) at Sep. 30, 2019 | 33,235,938 | 33,235,938 | 3,061,040 | |||||
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 | 3,061,040 | ||||||
Cash dividends on common stock ($0.02 per share) | (580) | (580) | (580) | |||||
Foreign currency translation adjustment, net | 657 | 657 | 657 | |||||
Stock based compensation | 1,510 | 1,510 | 1,510 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 37 | $ 1 | 36 | 37 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 9,628 | |||||||
Net income | 3,106 | 3,106 | 3,106 | |||||
Balance at Jun. 30, 2019 | 333,848 | $ 3,321 | 85,614 | (5,619) | 268,692 | $ (18,160) | 333,848 | |
Balance (in shares) at Jun. 30, 2019 | 33,204,191 | 3,061,040 | ||||||
Common stock issued under ESPP | 378 | $ 3 | 375 | 378 | ||||
Common stock issued under ESPP, (in Shares) | 24,788 | |||||||
Cash dividends on common stock ($0.02 per share) | (582) | (582) | (582) | |||||
Foreign currency translation adjustment, net | (1,080) | (1,080) | (1,080) | |||||
Stock based compensation | 2,164 | 2,164 | 2,164 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 105 | $ 1 | 104 | 105 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 6,959 | |||||||
Net income | 3,153 | 3,153 | 3,153 | |||||
Balance at Sep. 30, 2019 | $ 337,986 | $ 3,325 | $ 88,257 | $ (6,699) | $ 271,263 | $ (18,160) | $ 337,986 | |
Balance (in shares) at Sep. 30, 2019 | 33,235,938 | 33,235,938 | 3,061,040 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||||
Cash dividends on common stock, per share | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 10,165 | $ 16,659 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization of property, plant and equipment and intangible assets | 13,892 | 14,233 |
Amortization of other long term assets | 3,174 | 3,630 |
Amortization of discounted liabilities | 41 | 314 |
Provision for bad debts | 728 | 540 |
Reassessment of deferred consideration | (3,539) | (5,437) |
Stock-based compensation | 5,159 | 4,235 |
Deferred income taxes | (459) | (34) |
Loss from equity method investments | 149 | 1,051 |
Changes in assets and liabilities associated with operations: | ||
Increase in net receivables | (15,983) | (24,922) |
Increase in inventories | (19,713) | (39,305) |
Increase in prepaid expenses and other assets | (849) | (959) |
Increase in net operating lease liability | 117 | |
(Decrease) increase in income tax receivable/payable, net | (4,477) | 2,069 |
(Decrease) increase in accounts payable | (5,516) | 5,711 |
Decrease in deferred revenue | (19,800) | (13,965) |
Increase in accrued program costs | 20,163 | 22,882 |
Decrease in other payables and accrued expenses | (4,936) | (1,792) |
Net cash used in operating activities | (21,684) | (15,090) |
Cash flows from investing activities: | ||
Capital expenditures | (10,546) | (5,154) |
Acquisition of business, product lines, and intangible assets | (31,836) | (1,634) |
Net cash used in investing activities | (42,382) | (6,788) |
Cash flows from financing activities: | ||
Net borrowings under line of credit agreement | 68,200 | 19,675 |
Net payments from the issuance of common stock (sale of stock under ESPP, exercise of stock options, and shares purchased for tax withholding) | (30) | 1,731 |
Repurchase of common stock | (2,604) | |
Payment of cash dividends | (1,741) | (1,611) |
Net cash provided by financing activities | 63,825 | 19,795 |
Net decrease in cash and cash equivalents | (241) | (2,083) |
Effect of exchange rate changes on cash and cash equivalents | (40) | 114 |
Cash and cash equivalents at beginning of period | 6,168 | 11,337 |
Cash and cash equivalents at end of period | $ 5,887 | $ 9,368 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 Accounting Standards Codification (“ASC”) 842, Leases, 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 condensed 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. 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 condensed consolidated financial statements. There were no lease transactions with related parties as of September 30, 2019. The operating lease expense for the three and nine months ended September 30, 2019 was $1,387 and $4,145, respectively. Lease expenses related to variable lease payments and short-term leases were immaterial. Additional information related to operating leases are as follows: Three months ended September 30, 2019 Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 1,343 $ 4,029 ROU assets obtained in exchange for new liabilities $ 1,066 $ 3,119 The weighted-average remaining lease term and discount rate related to the operating leases as of September 30, 2019 were as follows: Weighted-average remaining lease term (in years) 3.43 Weighted-average discount rate 3.69 % Future minimum lease payments under non-cancellable operating leases as of September 30, 2019 were as follows: September 30, 2019 Remainder of 2019 $ 1,352 2020 5,024 2021 3,243 2022 1,679 2023 697 Thereafter 1,179 Total lease payments $ 13,174 Less: imputed interest 871 Total $ 12,303 Amounts recognized in the condensed consolidated balance sheet: Operating lease liabilities, current $ 4,889 Operating lease liabilities, long term $ 7,414 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition—The Company recognizes revenue from the sale of its products, which include insecticides, herbicides, soil fumigants, fungicides and others, including growth regulators and distribution of third-party products. 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net sales: Crop: Insecticides $ 35,847 $ 31,048 $ 112,539 $ 115,702 Herbicides/soil fumigants/fungicides 46,772 41,882 115,510 113,144 Other, including plant growth regulators and distribution 22,887 22,424 60,730 52,269 105,506 95,354 288,779 281,115 Non-crop, including distribution of third party products 19,378 16,426 48,885 41,819 Total net sales: $ 124,884 $ 111,780 $ 337,664 $ 322,934 Net sales: US $ 73,988 $ 71,711 $ 200,055 $ 205,889 International 50,896 40,069 137,609 117,045 Total net sales: $ 124,884 $ 111,780 $ 337,664 $ 322,934 Timing of revenue recognition: Goods transferred at a point in time $ 124,884 $ 111,675 $ 337,285 $ 322,266 Goods and services transferred over time — 105 379 668 Total net sales: $ 124,884 $ 111,780 $ 337,664 $ 322,934 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 September 30, 2019, the Company had $368 of remaining performance obligations, which is comprised of services and goods not yet delivered. The Company expects to recognize all 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 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 revenue. These liabilities are reported on the condensed consolidated balance sheet at the end of each reporting period. September 30, 2019 December 31, 2018 Trade $ 140,220 $ 123,320 Contract assets 3,435 3,000 Other receivables 10,348 7,709 Total receivables, net $ 154,003 $ 134,029 Deferred revenue 368 20,043 Revenue recognized for the three and nine months ended September 30, 2019, that was included in the deferred revenue balance at the beginning of 2019 was $383 and $19,675 respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, plant and equipment at September 30, 2019 and December 31, 2018 consists of the following: September 30, 2019 December 31, 2018 Land $ 2,706 $ 2,548 Buildings and improvements 18,080 17,555 Machinery and equipment 111,859 109,064 Office furniture, fixtures and equipment 6,203 5,655 Automotive equipment 1,775 1,116 Construction in progress 7,984 2,513 Total gross value 148,607 138,451 Less accumulated depreciation (93,277 ) (89,199 ) Total net value $ 55,330 $ 49,252 The Company recognized depreciation expense related to property, plant and equipment of $1,571 and $2,020 for the three months ended September 30, 2019 and 2018, respectively. During the three months ended September 30, 2019 and 2018, the Company eliminated from assets and accumulated depreciation $8 and $249, respectively, of fully depreciated assets. The Company recognized depreciation expense related to property, plant and equipment of $4,796 and $6,166 for the nine months ended September 30, 2019 and 2018, respectively. During the nine months ended September 30, 2019 and 2018, the Company eliminated from assets and accumulated depreciation $718 and $3,596, respectively, of fully depreciated assets. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 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 or average cost method. The components of inventories consist of the following: September 30, 2019 December 31, 2018 Finished products $ 173,167 $ 147,297 Raw materials 13,118 12,598 $ 186,285 $ 159,895 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 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 September 30, 2019 2018 Change % Change Net sales: US crop $ 55,952 $ 55,285 $ 667 1 % US non-crop 18,036 16,426 1,610 10 % US total 73,988 71,711 2,277 3 % International 50,896 40,069 10,827 27 % Net sales: $ 124,884 $ 111,780 $ 13,104 12 % Gross profit: US crop $ 23,926 $ 27,106 $ (3,180 ) -12 % US non-crop 9,491 7,991 1,500 19 % US total 33,417 35,097 (1,680 ) -5 % International 14,046 10,203 3,843 38 % Total gross profit: $ 47,463 $ 45,300 $ 2,163 5 % Gross margin domestic 45 % 49 % Gross margin international 28 % 25 % Gross margin total 38 % 41 % For the nine months ended September 30, 2019 2018 Change % Change Net sales: US crop $ 152,512 $ 166,397 $ (13,885 ) -8 % US non-crop 47,543 39,492 8,051 20 % US total 200,055 205,889 (5,834 ) -3 % International 137,609 117,045 20,564 18 % Net sales: $ 337,664 $ 322,934 $ 14,730 5 % Gross profit: US crop $ 66,140 $ 78,439 $ (12,299 ) -16 % US non-crop 24,363 19,843 4,520 23 % US total 90,503 98,282 (7,779 ) -8 % International 40,315 31,366 8,949 29 % Total gross profit: $ 130,818 $ 129,648 $ 1,170 1 % Gross margin domestic 45 % 48 % Gross margin international 29 % 27 % Gross margin total 39 % 40 % |
Accrued Program Costs
Accrued Program Costs | 9 Months Ended |
Sep. 30, 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 markets. These discount programs represent variable consideration. 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 adjusts the accumulated accrual to properly reflect the Company’s best estimate of the liability at the balance sheet date. The majority of the 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 relating to prior period estimates were made during the three and nine months ended September 30, 2019 and 2018, respectively. |
Cash Dividend
Cash Dividend | 9 Months Ended |
Sep. 30, 2019 | |
Cash Dividends [Abstract] | |
Cash Dividend | 8. The Company has declared and/or paid the following cash dividends in the periods covered by this Form 10-Q: Declaration Date Record Date Distribution Date Dividend Per Share Total Paid September 16, 2019 October 3, 2019 October 17, 2019 $ 0.020 $ 582 June 10, 2019 June 28, 2019 July 12, 2019 $ 0.020 $ 580 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 | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income attributable to AVD $ 3,153 $ 6,525 $ 10,165 $ 16,779 Denominator: (in thousands) Weighted average shares outstanding-basic 29,057 29,399 29,013 29,340 Dilutive effect of stock options and grants 593 810 578 806 29,650 30,209 29,591 30,146 For the three and nine months ended September 30, 2019 and 2018, no stock options were excluded from the computation of diluted earnings per share. |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 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 September 30, 2019 and December 31, 2018. The Company has no short-term debt as of September 30, 2019 and December 31, 2018. The revolving line of credit is summarized in the following table: Long-term indebtedness ($000's) September 30, 2019 December 31, 2018 Revolving line of credit $ 165,600 $ 97,400 Deferred loan fees (592 ) (729 ) Net long-term debt $ 165,008 $ 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 (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. Substantially all the Company’s assets are pledged as collateral for the revolving line of credit. At September 30, 2019, 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 $30,435. This compares to an available borrowing capacity of $105,111 as of September 30, 2018. The level of borrowing capacity is driven by three factors: (1) our financial performance, as measured in EBITDA for the trailing twelve month period, which has declined, (2) net borrowings, which have increased due to recent acquisitions and to expansion of working capital needs for our growing international business, and (3) the leverage covenant (being the number of times EBITDA the Company may borrow under its credit facility agreement). |
Reclassification
Reclassification | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Reclassification | 11. Reclassification—Certain items may have been reclassified in the prior period condensed consolidated financial statements to conform with the September 30, 2019 presentation. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 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 and nine-month periods ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2019 and 2018. Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Nine months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) September 30, 2019 Restricted Stock $ 1,082 $ 2,751 $ 6,849 2.0 Unrestricted Stock 105 300 280 0.7 Performance Based Restricted Stock 977 2,108 3,320 2.0 Total $ 2,164 $ 5,159 $ 10,449 September 30, 2018 Restricted Stock $ 870 $ 2,427 $ 5,949 2.0 Unrestricted Stock 96 289 257 0.7 Performance Based Restricted Stock 491 1,519 2,814 2.0 Total $ 1,457 $ 4,235 $ 9,020 Stock Options—During the three and nine-months ended September 30, 2019, 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, 2018 384,064 $ 9.10 $ 9.10 Options exercised (14,677 ) 9.18 — Balance outstanding, March 31, 2019 369,387 9.10 9.10 Options exercised (4,313 ) 8.71 — Balance outstanding, June 30, 2019 365,074 9.10 9.10 Options exercised (15,800 ) 7.55 — Balance outstanding, September 30, 2019 349,274 $ 9.17 $ 9.17 Information relating to stock options at September 30, 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 Incentive Stock Option Plan: $7.50 202,445 14 $ 7.50 202,445 $ 7.50 $11.32—$14.49 146,829 61 11.48 146,829 11.48 349,274 $ 9.17 349,274 $ 9.17 The weighted average exercise prices for options granted, and exercisable, and the weighted average remaining contractual life for options outstanding as of September 30, 2019, were as follows: As of September 30, 2019 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Incentive Stock Option Plan: Outstanding 349,274 $ 9.17 33 $ 2,279 Exercisable 349,274 $ 9.17 33 $ 2,279 Common stock grants — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 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 297,679 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 772,718 17.77 632,660 17.41 Granted 40,522 13.34 22,308 23.66 Vested (32,771 ) 13.35 (20,313 ) 22.82 Forfeited (21,184 ) 17.77 (6,424 ) 17.25 Nonvested shares at June 30th 759,285 17.72 628,231 17.40 Granted — — — — Vested (3,685 ) 17.84 (17,591 ) 13.51 Forfeited (8,595 ) 17.89 (13,659 ) 17.35 Nonvested shares at September 30th 747,005 $ 17.72 596,981 $ 17.51 Common stock grants — During the nine-months ended September 30, 2019, the Company issued a total of 338,201 shares of common stock to employees and directors of which 31,771 shares vested immediately, 9,000 shares will vest between a range of 95 days to 1,115 days, 6,751 shares will vest in three equal tranches on the employee’s anniversary, and the remaining shares will cliff vest after three years of service. The shares granted in 2019 were average fair valued at $16.86 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 value of restricted shares over the required service period. During the nine months ended September 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 value of restricted shares over the required service period. During the three months ended September 30, 2019 and 2018, the Company recognized stock-based compensation related to restricted shares of $1,082 and $870, respectively. During the nine months ended September 30, 2019 and 2018, the Company recognized stock-based compensation related to restricted shares of $2,751 and $2,427 respectively. As of September 30, 2019, the Company had approximately $6,849 of unamortized stock-based compensation related to unvested restricted shares. This amount will be recognized over the weighted-average period of 2.0 years. This projected expense will change if any restricted shares are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. Performance Based Shares — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 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 16.96 122,446 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 16.99 292,113 16.74 Granted — — 3,850 22.69 Forfeited (14,022 ) 17.11 (2,179 ) 17.67 Nonvested shares at June 30th 357,765 16.99 293,784 16.81 Additional granted based on performance achievement 800 17.50 4,036 13.53 Vested (1,700 ) 17.28 (8,232 ) 13.47 Forfeited (100 ) 13.70 (1,870 ) 15.67 Nonvested shares at September 30th 356,765 $ 16.99 287,718 $ 16.87 Performance-Based Shares — During the nine months ended September 30, 2019, the Company issued a total of 137,557 performance based shares to employees. The shares granted during the first nine months of 2019 have a weighted average fair value of $16.96. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense the value of the performance-based shares over the required service period from grant date. As of September 30, 2019, the Company has concluded that the performance measure based on EBIT and net sales for the performance based shares granted in 2016 and 2017, when compared to the peer group, were both met at 200% of targeted performance and all related additional expenses were recorded as of September 30, 2019. The performance shares based on market price was met at 125% and 100%, respectively, however, the market condition is reflected in the grant date fair value valuation and no additional expenses were recognized as of September 30, 2019. As a result, 42,368 additional shares were earned since the Company achieved performance targets when compared to the peer group. During the nine months ended September 30, 2018, the Company issued a total of 130,332 performance-based shares to employees. The shares granted during the first nine months of 2018 have a weighted average fair value of $18.74. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense the value of the performance-based shares over the required service period from grant date. As of September 30, 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 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 $15.46 per share. The fair value was determined by using the Monte Carlo valuation method. For awards with performance conditions, the Company recognizes share-based compensation cost on a straight-line basis for each performance criteria over the implied service period. During the three months ended September 30, 2019 and 2018, the Company recognized stock-based compensation related to performance-based shares of $977 and $491, respectively. During the nine months ended September 30, 2019 and 2018, the Company recognized stock-based compensation related to performance based shares of $2,108 and $1,519, respectively. As of September 30, 2019, the Company had approximately $3,320 of unamortized stock-based compensation expense related to unvested performance-based shares. This amount will be recognized over the weighted-average period of 2.0 years. This projected expense will change if any performance-based shares are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. Performance Incentive Stock Options—During the nine months ended September 30, 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 Exercisable 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, June 30, 2019 and September 30, 2019 134,676 $ 11.49 $ 11.49 Information relating to performance stock options at September 30, 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 63 $ 11.49 134,676 $ 11.49 The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for performance stock options outstanding as of September 30, 2019 are as follows: As of September 30, 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 63 $ 567 Exercisable 134,676 $ 11.49 63 $ 567 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 14. Legal Proceedings— In accordance with US GAAP, the Company records a liability in its condensed consolidated financial statements for loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. These liabilities include those relating to threatened or pending litigation and government proceedings. To the extent that any such litigation or proceeding is material to the Company or its property, such matter (including any loss contingency associated therewith) is reported as per Item 103 of Regulation S-K in Item 1 of Part II of this Form 10Q. |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 9 Months Ended |
Sep. 30, 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”) 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 requires the disclosure of key information about leasing arrangements. The Company elected to adopt ASC 842 by applying the modified transition method and, in addition, 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 elected an accounting policy to keep leases with an initial term of 12 months or less off the balance sheet and to recognize those lease payments in the condensed consolidated statements of operations on a straight-line basis over the lease term. We also elected the practical expedient to not separate lease and non-lease components for all our leases, except for warehouse leases. The adoption of ASC 842 resulted in the recognition of operating lease ROU assets of $12,936 and operating lease liabilities of $12,936 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 January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (ASC 350). Accounting standards not yet adopted: In June 2016, the FASB issued ASU 2016-13 " Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 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 September 30, 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 $651 and $3,539 for the three and nine months ended September 30, 2019. During the three and nine months ended September 30, 2018, the Company recognized $3,969 and $5,437, respectively, as reductions in deferred consideration balances related to the acquisitions. These amounts are reflected as reductions to the general and administrative expenses within operating expenses in the condensed consolidated statements of operations. With regard to the acquisitions of Defensive and Agrovant in Brazil (completed in January 2019), the Company made payments in the amount of $30 and $838 during the three months and nine months ended September 30, 2019, respectively. In addition, the Company recorded accretion and foreign exchange adjustments resulting in a reduction of $92 and $167 of the deferred consideration balance during the three months and nine months ended September 30, 2019, respectively. There was no fair value adjustment made to deferred consideration relating to Defensive and Agrovant acquisitions. The total deferred consideration reflected in the condensed consolidated balance sheets as of September 30, 2019 and 2018 was $1,400 and $4,398, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss ("AOCI") | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss ("AOCI") | 17. Accumulated Other Comprehensive Loss (“AOCI”) — Total Balance, December 31, 2018 $ (4,507 ) FX translation (1,769 ) Balance, March 31, 2019 (6,276 ) FX translation 657 Balance, June 30, 2019 (5,619 ) FX translation (1,080 ) Balance, September 30, 2019 $ (6,699 ) |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments | 18. Investments — The Company utilized the equity method of accounting with respect to its investment in TyraTech Inc. (“TyraTech”), a Delaware corporation that specializes in developing, marketing and selling pesticide products containing essential oils and other natural ingredients, until the Company acquired all of TyraTech’s remaining outstanding shares as of November 8, 2018. The Company recognized losses of $352 and $795 on its equity method investment for the three and nine months ended September 30, 2018. The Company’s ownership position in TyraTech was approximately 34% prior to the November 8, 2018 acquisition. On June 27, 2017, each of 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 September 30, 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 and nine months ended September 30, 2019, the Company recognized losses of $89 and $149, respectively, as a result of the Company’s ownership position in the Hong Kong Joint Venture. For the three months and nine months ended September 30, 2018, the Company recognized losses of $181 and $256, respectively, as a result of the Company’s ownership position in the Hong Kong Joint Venture. 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 September 30, 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 three and nine months ended September 30, 2019. There was no impairment on the investment as of September 30, 2019. The investment is not material and is recorded within other assets on the condensed consolidated balance sheets. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes – Income tax expense decreased by $2,052 to end at an expense of $1,474 for the three months ended September 30, 2019, as compared to $3,526 for the comparable period in 2018. The tax charge for the quarter ended September 30, 2018 included a one-time adjustment in the amount of $1,089 related to the transition tax element of the Tax Cuts and Jobs Act that was signed into law in December 2017. The effective tax rate for the quarter was 31.3%, as compared to 33.4% in the same period of the prior year. The tax rate for the quarter ended September 30, 2018 included the adjustment of $1,089 and, if excluded, the effective tax rate would have been 23.1%. Income tax expense was $4,059 for the nine months ended September 30, 2019, as compared to $6,966 for the nine months ended September 30, 2018. The effective tax rate for the nine months ended September 30, 2019 and 2018 was 28.2%. As with the quarter ended September 30, 2018, the nine month period is impacted by the transition tax adjustment of $1,089. Excluding that one-time charge, the Company’s tax rate would have been 23.8% for the nine months ended September 30, 2018. 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 | 9 Months Ended |
Sep. 30, 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 and Asset Acquisitions
Business and Asset Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business and Asset Acquisitions | 21. Business and Asset Acquisitions – On January 10, 2019, the Company completed the acquisition of all of the outstanding shares of stock of two affiliated businesses, Defensive and Agrovant, which are located in Jaboticabal in the state of Sao Paul, Brazil. At closing the Company paid cash consideration of $20,679, which was net of cash acquired of $981, deferred consideration of $2,659 including contingent consideration dependent on certain financial results for 2019, and liabilities assumed of $17,083, including liabilities of $10,112 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 $40,424 has been preliminarily allocated as follows: product registrations and product rights $9,449, trade name $1,733, customer relationships $3,114, goodwill $14,268, working capital $8,072, fixed assets $404 and indemnification assets $3,384. The operating results of the acquired businesses are included in our condensed consolidated statement of operations from the date of acquisition. On July 1, 2019, the Company completed a product acquisition for cash consideration in the amount of $7,293 and the assumption of a liability in the amount of $300, which was recorded at cost consisting of intangibles assets and inventory. 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) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Additional Information of Operating Leases | Additional information related to operating leases are as follows: Three months ended September 30, 2019 Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 1,343 $ 4,029 ROU assets obtained in exchange for new liabilities $ 1,066 $ 3,119 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases | The weighted-average remaining lease term and discount rate related to the operating leases as of September 30, 2019 were as follows: Weighted-average remaining lease term (in years) 3.43 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 September 30, 2019 were as follows: September 30, 2019 Remainder of 2019 $ 1,352 2020 5,024 2021 3,243 2022 1,679 2023 697 Thereafter 1,179 Total lease payments $ 13,174 Less: imputed interest 871 Total $ 12,303 Amounts recognized in the condensed consolidated balance sheet: Operating lease liabilities, current $ 4,889 Operating lease liabilities, long term $ 7,414 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 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 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net sales: Crop: Insecticides $ 35,847 $ 31,048 $ 112,539 $ 115,702 Herbicides/soil fumigants/fungicides 46,772 41,882 115,510 113,144 Other, including plant growth regulators and distribution 22,887 22,424 60,730 52,269 105,506 95,354 288,779 281,115 Non-crop, including distribution of third party products 19,378 16,426 48,885 41,819 Total net sales: $ 124,884 $ 111,780 $ 337,664 $ 322,934 Net sales: US $ 73,988 $ 71,711 $ 200,055 $ 205,889 International 50,896 40,069 137,609 117,045 Total net sales: $ 124,884 $ 111,780 $ 337,664 $ 322,934 Timing of revenue recognition: Goods transferred at a point in time $ 124,884 $ 111,675 $ 337,285 $ 322,266 Goods and services transferred over time — 105 379 668 Total net sales: $ 124,884 $ 111,780 $ 337,664 $ 322,934 |
Summary of Contract Balances | September 30, 2019 December 31, 2018 Trade $ 140,220 $ 123,320 Contract assets 3,435 3,000 Other receivables 10,348 7,709 Total receivables, net $ 154,003 $ 134,029 Deferred revenue 368 20,043 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment at September 30, 2019 and December 31, 2018 consists of the following: September 30, 2019 December 31, 2018 Land $ 2,706 $ 2,548 Buildings and improvements 18,080 17,555 Machinery and equipment 111,859 109,064 Office furniture, fixtures and equipment 6,203 5,655 Automotive equipment 1,775 1,116 Construction in progress 7,984 2,513 Total gross value 148,607 138,451 Less accumulated depreciation (93,277 ) (89,199 ) Total net value $ 55,330 $ 49,252 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consist of the following: September 30, 2019 December 31, 2018 Finished products $ 173,167 $ 147,297 Raw materials 13,118 12,598 $ 186,285 $ 159,895 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Business Sales Segmentation | Selective enterprise information is as follows: For the three months ended September 30, 2019 2018 Change % Change Net sales: US crop $ 55,952 $ 55,285 $ 667 1 % US non-crop 18,036 16,426 1,610 10 % US total 73,988 71,711 2,277 3 % International 50,896 40,069 10,827 27 % Net sales: $ 124,884 $ 111,780 $ 13,104 12 % Gross profit: US crop $ 23,926 $ 27,106 $ (3,180 ) -12 % US non-crop 9,491 7,991 1,500 19 % US total 33,417 35,097 (1,680 ) -5 % International 14,046 10,203 3,843 38 % Total gross profit: $ 47,463 $ 45,300 $ 2,163 5 % Gross margin domestic 45 % 49 % Gross margin international 28 % 25 % Gross margin total 38 % 41 % For the nine months ended September 30, 2019 2018 Change % Change Net sales: US crop $ 152,512 $ 166,397 $ (13,885 ) -8 % US non-crop 47,543 39,492 8,051 20 % US total 200,055 205,889 (5,834 ) -3 % International 137,609 117,045 20,564 18 % Net sales: $ 337,664 $ 322,934 $ 14,730 5 % Gross profit: US crop $ 66,140 $ 78,439 $ (12,299 ) -16 % US non-crop 24,363 19,843 4,520 23 % US total 90,503 98,282 (7,779 ) -8 % International 40,315 31,366 8,949 29 % Total gross profit: $ 130,818 $ 129,648 $ 1,170 1 % Gross margin domestic 45 % 48 % Gross margin international 29 % 27 % Gross margin total 39 % 40 % |
Cash Dividend (Tables)
Cash Dividend (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Cash Dividends [Abstract] | |
Cash Dividend | The Company has declared and/or paid the following cash dividends in the periods covered by this Form 10-Q: Declaration Date Record Date Distribution Date Dividend Per Share Total Paid September 16, 2019 October 3, 2019 October 17, 2019 $ 0.020 $ 582 June 10, 2019 June 28, 2019 July 12, 2019 $ 0.020 $ 580 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) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income attributable to AVD $ 3,153 $ 6,525 $ 10,165 $ 16,779 Denominator: (in thousands) Weighted average shares outstanding-basic 29,057 29,399 29,013 29,340 Dilutive effect of stock options and grants 593 810 578 806 29,650 30,209 29,591 30,146 |
Indebtedness (Tables)
Indebtedness (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Revolving Line of Credit | The Company has a revolving line of credit that is shown as long-term debt in the condensed consolidated balance sheets at September 30, 2019 and December 31, 2018. The Company has no short-term debt as of September 30, 2019 and December 31, 2018. The revolving line of credit is summarized in the following table: Long-term indebtedness ($000's) September 30, 2019 December 31, 2018 Revolving line of credit $ 165,600 $ 97,400 Deferred loan fees (592 ) (729 ) Net long-term debt $ 165,008 $ 96,671 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2019 and 2018. Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Nine months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) September 30, 2019 Restricted Stock $ 1,082 $ 2,751 $ 6,849 2.0 Unrestricted Stock 105 300 280 0.7 Performance Based Restricted Stock 977 2,108 3,320 2.0 Total $ 2,164 $ 5,159 $ 10,449 September 30, 2018 Restricted Stock $ 870 $ 2,427 $ 5,949 2.0 Unrestricted Stock 96 289 257 0.7 Performance Based Restricted Stock 491 1,519 2,814 2.0 Total $ 1,457 $ 4,235 $ 9,020 |
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, 2018 384,064 $ 9.10 $ 9.10 Options exercised (14,677 ) 9.18 — Balance outstanding, March 31, 2019 369,387 9.10 9.10 Options exercised (4,313 ) 8.71 — Balance outstanding, June 30, 2019 365,074 9.10 9.10 Options exercised (15,800 ) 7.55 — Balance outstanding, September 30, 2019 349,274 $ 9.17 $ 9.17 |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at September 30, 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 Incentive Stock Option Plan: $7.50 202,445 14 $ 7.50 202,445 $ 7.50 $11.32—$14.49 146,829 61 11.48 146,829 11.48 349,274 $ 9.17 349,274 $ 9.17 |
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding | The weighted average exercise prices for options granted, and exercisable, and the weighted average remaining contractual life for options outstanding as of September 30, 2019, were as follows: As of September 30, 2019 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Incentive Stock Option Plan: Outstanding 349,274 $ 9.17 33 $ 2,279 Exercisable 349,274 $ 9.17 33 $ 2,279 |
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, 2018 140,411 $ 11.49 $ 11.49 Options exercised (5,735 ) 11.49 11.49 Balance outstanding, March 31, 2019, June 30, 2019 and September 30, 2019 134,676 $ 11.49 $ 11.49 |
Performance Incentive Stock Option Plan | |
Summary of Stock Options Summarized by Exercise Price | Information relating to performance stock options at September 30, 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 63 $ 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 for options granted and exercisable and the weighted average remaining contractual life for performance stock options outstanding as of September 30, 2019 are as follows: As of September 30, 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 63 $ 567 Exercisable 134,676 $ 11.49 63 $ 567 |
Common Stock Grants | |
Summary of Non-Vested Shares | Common stock grants — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 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 297,679 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 772,718 17.77 632,660 17.41 Granted 40,522 13.34 22,308 23.66 Vested (32,771 ) 13.35 (20,313 ) 22.82 Forfeited (21,184 ) 17.77 (6,424 ) 17.25 Nonvested shares at June 30th 759,285 17.72 628,231 17.40 Granted — — — — Vested (3,685 ) 17.84 (17,591 ) 13.51 Forfeited (8,595 ) 17.89 (13,659 ) 17.35 Nonvested shares at September 30th 747,005 $ 17.72 596,981 $ 17.51 |
Performance Based Restricted Shares | |
Summary of Non-Vested Shares | Performance Based Shares — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 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 16.96 122,446 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 16.99 292,113 16.74 Granted — — 3,850 22.69 Forfeited (14,022 ) 17.11 (2,179 ) 17.67 Nonvested shares at June 30th 357,765 16.99 293,784 16.81 Additional granted based on performance achievement 800 17.50 4,036 13.53 Vested (1,700 ) 17.28 (8,232 ) 13.47 Forfeited (100 ) 13.70 (1,870 ) 15.67 Nonvested shares at September 30th 356,765 $ 16.99 287,718 $ 16.87 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss ("AOCI") (Tables) | 9 Months Ended |
Sep. 30, 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, 2018 $ (4,507 ) FX translation (1,769 ) Balance, March 31, 2019 (6,276 ) FX translation 657 Balance, June 30, 2019 (5,619 ) FX translation (1,080 ) Balance, September 30, 2019 $ (6,699 ) |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Leases [Line Items] | ||
Operating lease expenses | $ 1,387 | $ 4,145 |
Minimum | ||
Leases [Line Items] | ||
Operating lease term | 1 year | 1 year |
Maximum | ||
Leases [Line Items] | ||
Operating lease term | 15 years | 15 years |
Leases - Schedule of Additional
Leases - Schedule of Additional Information of Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,343 | $ 4,029 |
ROU assets obtained in exchange for new liabilities | $ 1,066 | $ 3,119 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Detail) | Sep. 30, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term (in years) | 3 years 5 months 4 days |
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 | Sep. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Remainder of 2019 | $ 1,352 | |
2020 | 5,024 | |
2021 | 3,243 | |
2022 | 1,679 | |
2023 | 697 | |
Thereafter | 1,179 | |
Total lease payments | 13,174 | |
Less: imputed interest | 871 | |
Total | 12,303 | $ 12,936 |
Amounts recognized in the condensed consolidated balance sheet: | ||
Operating lease liabilities, current | 4,889 | |
Operating lease liabilities, long term | $ 7,414 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($)Segment | |
Revenue From Contract With Customer [Abstract] | ||
Number of reportable segments | Segment | 1 | |
Remaining performance obligations | $ 368 | $ 368 |
Revenue recognized | $ 383 | $ 19,675 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 124,884 | $ 111,780 | $ 337,664 | $ 322,934 |
Insecticides | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 35,847 | 31,048 | 112,539 | 115,702 |
Herbicides/Soil Fumigants/Fungicides | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 46,772 | 41,882 | 115,510 | 113,144 |
Other, Including Plant Growth Regulators and Distribution | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 22,887 | 22,424 | 60,730 | 52,269 |
Crop | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 105,506 | 95,354 | 288,779 | 281,115 |
Non-Crop, Including Distribution of Third Party Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 19,378 | 16,426 | 48,885 | 41,819 |
US | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 73,988 | 71,711 | 200,055 | 205,889 |
US | Crop | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 55,952 | 55,285 | 152,512 | 166,397 |
International | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 50,896 | 40,069 | 137,609 | 117,045 |
Goods Transferred at a Point in Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 124,884 | 111,675 | 337,285 | 322,266 |
Goods and Services Transferred Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 105 | $ 379 | $ 668 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Contract Balances (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Revenue From Contract With Customer [Abstract] | ||
Trade | $ 140,220 | $ 123,320 |
Contract assets | 3,435 | 3,000 |
Other receivables | 10,348 | 7,709 |
Total receivables, net | 154,003 | 134,029 |
Deferred revenue | $ 368 | $ 20,043 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 148,607 | $ 138,451 |
Less accumulated depreciation | (93,277) | (89,199) |
Total net value | 55,330 | 49,252 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 2,706 | 2,548 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 18,080 | 17,555 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 111,859 | 109,064 |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 6,203 | 5,655 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 1,775 | 1,116 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 7,984 | $ 2,513 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense related to property, plant and equipment | $ 1,571 | $ 2,020 | $ 4,796 | $ 6,166 |
Elimination of Assets and Accumulated depreciation | $ 8 | $ 249 | $ 718 | $ 3,596 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 173,167 | $ 147,297 |
Raw materials | 13,118 | 12,598 |
Total Inventories | $ 186,285 | $ 159,895 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 1 |
Summary of Business Sales by Pr
Summary of Business Sales by Product and Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | ||||
Net sales | $ 124,884 | $ 111,780 | $ 337,664 | $ 322,934 |
Change in net sales | $ 13,104 | $ 14,730 | ||
Percentage change in net sales | 12.00% | 5.00% | ||
Gross profit: | ||||
Total gross profit | $ 47,463 | $ 45,300 | $ 130,818 | $ 129,648 |
Change in gross profit | $ 2,163 | $ 1,170 | ||
Percentage change in gross profit | 5.00% | 1.00% | ||
Gross margin total | 38.00% | 41.00% | 39.00% | 40.00% |
Crop | ||||
Net sales | ||||
Net sales | $ 105,506 | $ 95,354 | $ 288,779 | $ 281,115 |
US | ||||
Net sales | ||||
Net sales | 73,988 | 71,711 | 200,055 | 205,889 |
Change in net sales | $ 2,277 | $ (5,834) | ||
Percentage change in net sales | 3.00% | (3.00%) | ||
Gross profit: | ||||
Total gross profit | $ 33,417 | $ 35,097 | $ 90,503 | $ 98,282 |
Change in gross profit | $ (1,680) | $ (7,779) | ||
Percentage change in gross profit | (5.00%) | (8.00%) | ||
Gross margin total | 45.00% | 49.00% | 45.00% | 48.00% |
US | Crop | ||||
Net sales | ||||
Net sales | $ 55,952 | $ 55,285 | $ 152,512 | $ 166,397 |
Change in net sales | $ 667 | $ (13,885) | ||
Percentage change in net sales | 1.00% | (8.00%) | ||
Gross profit: | ||||
Total gross profit | $ 23,926 | 27,106 | $ 66,140 | 78,439 |
Change in gross profit | $ (3,180) | $ (12,299) | ||
Percentage change in gross profit | (12.00%) | (16.00%) | ||
US | Non Crop | ||||
Net sales | ||||
Net sales | $ 18,036 | 16,426 | $ 47,543 | 39,492 |
Change in net sales | $ 1,610 | $ 8,051 | ||
Percentage change in net sales | 10.00% | 20.00% | ||
Gross profit: | ||||
Total gross profit | $ 9,491 | 7,991 | $ 24,363 | 19,843 |
Change in gross profit | $ 1,500 | $ 4,520 | ||
Percentage change in gross profit | 19.00% | 23.00% | ||
International | ||||
Net sales | ||||
Net sales | $ 50,896 | 40,069 | $ 137,609 | 117,045 |
Change in net sales | $ 10,827 | $ 20,564 | ||
Percentage change in net sales | 27.00% | 18.00% | ||
Gross profit: | ||||
Total gross profit | $ 14,046 | $ 10,203 | $ 40,315 | $ 31,366 |
Change in gross profit | $ 3,843 | $ 8,949 | ||
Percentage change in gross profit | 38.00% | 29.00% | ||
Gross margin total | 28.00% | 25.00% | 29.00% | 27.00% |
Cash Dividend (Detail)
Cash Dividend (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash dividend declaration date | Sep. 16, 2019 | Jun. 10, 2019 | Mar. 6, 2019 | Dec. 10, 2018 |
Cash dividend record date | Oct. 3, 2019 | Jun. 28, 2019 | Mar. 27, 2019 | Dec. 27, 2018 |
Cash dividend distributed date | Oct. 17, 2019 | Jul. 12, 2019 | Apr. 10, 2019 | Jan. 10, 2019 |
Cash dividend per share | $ 0.020 | $ 0.020 | $ 0.020 | $ 0.020 |
Cash dividend paid | $ 582 | $ 580 | $ 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||
Net income attributable to AVD | $ 3,153 | $ 6,525 | $ 10,165 | $ 16,779 |
Denominator: | ||||
Weighted average shares outstanding-basic | 29,057 | 29,399 | 29,013 | 29,340 |
Dilutive effect of stock options and grants | 593 | 810 | 578 | 806 |
Weighted average shares outstanding-diluted | 29,650 | 30,209 | 29,591 | 30,146 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
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 ($) | Jun. 30, 2017 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 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 | $ 105,111,000 | |||
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 | |||
Consolidated funded debt ratio | 325.00% | |||
Capacity to increase borrowings under credit agreement | $ 30,435,000 | |||
Maximum | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Accordion feature | $ 100,000,000 | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Consolidated fixed charge covenant ratio | 125.00% |
Summary of Revolving Line of Cr
Summary of Revolving Line of Credit (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Revolving line of credit | $ 165,600 | $ 97,400 |
Deferred loan fees | (592) | (729) |
Net long-term debt | $ 165,008 | $ 96,671 |
Unamortized Stock-Based Compens
Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 2,164 | $ 1,457 | $ 5,159 | $ 4,235 |
Unamortized Stock-Based Compensation | 10,449 | 9,020 | 10,449 | 9,020 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 1,082 | 870 | $ 2,751 | $ 2,427 |
Remaining Weighted Average Period (years) | 2 years | 2 years | ||
Unamortized Stock-Based Compensation | 6,849 | 5,949 | $ 6,849 | $ 5,949 |
Unrestricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 105 | 96 | $ 300 | $ 289 |
Remaining Weighted Average Period (years) | 8 months 12 days | 8 months 12 days | ||
Unamortized Stock-Based Compensation | 280 | 257 | $ 280 | $ 257 |
Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 977 | 491 | $ 2,108 | $ 1,519 |
Remaining Weighted Average Period (years) | 2 years | 2 years | ||
Unamortized Stock-Based Compensation | $ 3,320 | $ 2,814 | $ 3,320 | $ 2,814 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation | $ 2,164,000 | $ 1,457,000 | $ 5,159,000 | $ 4,235,000 | ||||
Performance Based Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Granted | 0 | 0 | ||||||
Incentive Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employees options granted | 0 | 0 | ||||||
Common Stock Grants | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares vested | 3,685 | 32,771 | 105,582 | 17,591 | 20,313 | 8,800 | ||
Weighted Average Grant-Date Fair Value, Granted | $ 0 | $ 13.34 | $ 17.34 | $ 0 | $ 23.66 | $ 19.97 | ||
Stock-based compensation | $ 1,082,000 | $ 870,000 | $ 2,751,000 | $ 2,427,000 | ||||
Unamortized Stock-Based Compensation | $ 6,849,000 | $ 5,949,000 | $ 6,849,000 | $ 5,949,000 | ||||
Remaining Weighted Average Period (years) | 2 years | 2 years | ||||||
Number of Shares, Granted | 0 | 40,522 | 297,679 | 0 | 22,308 | 254,972 | ||
Common Stock Grants | Employee and Directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares vested | 19,313 | |||||||
Number of shares expected to vest | 19,760 | 19,760 | ||||||
Common Stock Grants | Common Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted Average Grant-Date Fair Value, Granted | $ 16.86 | $ 20.27 | ||||||
Common Stock Grants | Common Stock | Employee and Directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued by equity investee | 338,201 | 277,280 | ||||||
Common Stock Grants | Vested immediately | Employee and Directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares vested | 31,771 | |||||||
Common Stock Grants | Vesting Between 95 Days to 1,115 Days | Employee and Directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares expected to vest | 9,000 | 9,000 | ||||||
Common Stock Grants | After One Year | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of days of service before cliff vesting | 95 days | 178 days | ||||||
Common Stock Grants | After One Year | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of days of service before cliff vesting | 1115 days | 1060 days | ||||||
Common Stock Grants | 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 | ||||||
Common Stock Grants | Three Equal Tranches | Employee and Directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares expected to vest | 6,751 | 6,751 | ||||||
Unvested Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unamortized Stock-Based Compensation | $ 6,849,000 | $ 6,849,000 | ||||||
Remaining Weighted Average Period (years) | 2 years | |||||||
Performance Based Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares vested | 1,700 | 90,872 | 8,232 | 14,625 | ||||
Weighted Average Grant-Date Fair Value, Granted | $ 16.96 | $ 22.69 | $ 18.79 | $ 16.96 | $ 18.74 | |||
Stock-based compensation | $ 977,000 | $ 491,000 | $ 2,108,000 | $ 1,519,000 | ||||
Unamortized Stock-Based Compensation | $ 3,320,000 | $ 2,814,000 | $ 3,320,000 | $ 2,814,000 | ||||
Remaining Weighted Average Period (years) | 2 years | 2 years | ||||||
Number of Shares, Granted | 137,557 | 3,850 | 122,446 | 137,557 | 130,332 | |||
Targeted performance percentage | 200.00% | 200.00% | 200.00% | 200.00% | ||||
Additional expenses recognized | $ 0 | |||||||
Number of Share, Additional granted based on performance | 800 | 41,568 | 4,036 | 42,368 | ||||
Performance Based Restricted Stock | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Target performance percentage to meet performance incentive stock options based on market | 100.00% | |||||||
Performance Based Restricted Stock | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Target performance percentage to meet performance incentive stock options based on market | 125.00% | |||||||
Performance Based Restricted Stock | Vested on March 28, 2022 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cliff vesting date | Mar. 28, 2022 | |||||||
Performance Based Restricted Stock | Performance based stock options based upon financial performance of earnings before interest and tax ("EBIT") and net sales goal for the period commencing January 1, 2019 through December 31, 2021 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares vesting based on Performance | 80.00% | |||||||
Earnings before income taxes goal weight, percentage | 50.00% | |||||||
Net sales goal weight, percentage | 30.00% | |||||||
Performance Based Restricted Stock | Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2019 through December 31, 2021 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Earnings before income taxes goal weight, percentage | 20.00% | |||||||
Performance Based Restricted Stock | Vested on March 9, 2021 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cliff vesting date | Mar. 9, 2021 | |||||||
Performance Based Restricted Stock | Performance based stock options based upon financial performance of earnings before interest and tax ("EBIT") and net sales goal for the period commencing January 1, 2018 and ending 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 taxes goal weight, percentage | 50.00% | |||||||
Net sales goal weight, percentage | 30.00% | |||||||
Performance Based Restricted Stock | Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2018 and ending December 31, 2020 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Earnings before income taxes goal weight, percentage | 20.00% | |||||||
Performance Based Restricted Stock | Performance Based Shares Related to Net Income Weighted at 50%, Net Sales Weighted at 30%, Commencing January 1, 2017 and Ending December 31, 2019 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted Average Grant-Date Fair Value, Granted | $ 17.34 | |||||||
Performance Based Restricted Stock | Remaining 20% of Performance Based Shares are Based Upon AVD Stock Price Appreciation for the Period Commencing January 1, 2017 and Ending December 31, 2019 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted Average Grant-Date Fair Value, Granted | $ 15.46 | |||||||
Unvested Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unamortized Stock-Based Compensation | $ 3,320,000 | $ 3,320,000 | ||||||
Remaining Weighted Average Period (years) | 2 years |
Summary of Option Activity (Det
Summary of Option Activity (Detail) - Incentive Stock Options - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incentive Stock Option Plans, Beginning balance | 365,074 | 369,387 | 384,064 | 384,064 | 384,064 |
Incentive Stock Option Plans, Option exercised | (15,800) | (4,313) | (14,677) | ||
Incentive Stock Option Plans, Ending balance | 349,274 | 365,074 | 369,387 | 365,074 | 349,274 |
Weighted Average Price Per Share, Beginning balance | $ 9.10 | $ 9.10 | $ 9.10 | $ 9.10 | $ 9.10 |
Weighted Average Price Per Share, Option exercised | 7.55 | 8.71 | 9.18 | ||
Weighted Average Price Per Share, Ending balance | 9.17 | 9.10 | 9.10 | 9.10 | 9.17 |
Exercisable Weighted Average Price Per Share, Beginning balance | 9.10 | 9.10 | 9.10 | 9.10 | 9.10 |
Exercisable Weighted Average Price Per Share, Ending balance | $ 9.17 | $ 9.10 | $ 9.10 | $ 9.10 | $ 9.17 |
Summary of Stock Options Summar
Summary of Stock Options Summarized by Exercise Price (Detail) - Incentive Stock Options - $ / shares | 9 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Shares | 349,274 | |||
Outstanding Weighted Average, Exercise Price | $ 9.17 | $ 9.10 | $ 9.10 | $ 9.10 |
Exercisable Weighted Average, Shares | 349,274 | |||
Exercisable Weighted Average, Exercise Price | $ 9.17 | $ 9.10 | $ 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 | 202,445 | |||
Outstanding Weighted Average, Remaining Life (Months) | 14 months | |||
Outstanding Weighted Average, Exercise Price | $ 7.50 | |||
Exercisable Weighted Average, Shares | 202,445 | |||
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 | 146,829 | |||
Outstanding Weighted Average, Remaining Life (Months) | 61 months | |||
Outstanding Weighted Average, Exercise Price | $ 11.48 | |||
Exercisable Weighted Average, Shares | 146,829 | |||
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) - Incentive Stock Option Plan $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding | shares | 349,274 |
Number of Shares, Exercisable | shares | 349,274 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 9.17 |
Weighted Average Exercisable, Exercise Price | $ / shares | $ 9.17 |
Weighted Average Remaining Life, Outstanding | 33 months |
Weighted Average Remaining Contractual Life, Exercisable | 33 months |
Intrinsic Value, Outstanding | $ | $ 2,279 |
Intrinsic Value, Exercisable | $ | $ 2,279 |
Summary of Non-Vested Shares (D
Summary of Non-Vested Shares (Detail) - Common Stock Grants - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Beginning balance | 759,285 | 772,718 | 587,210 | 628,231 | 632,660 | 391,753 | 587,210 | 391,753 |
Number of Shares, Granted | 0 | 40,522 | 297,679 | 0 | 22,308 | 254,972 | ||
Number of Shares, Vested | (3,685) | (32,771) | (105,582) | (17,591) | (20,313) | (8,800) | ||
Number of Shares, Forfeited | (8,595) | (21,184) | (6,589) | (13,659) | (6,424) | (5,265) | ||
Number of Shares, Ending Balance | 747,005 | 759,285 | 772,718 | 596,981 | 628,231 | 632,660 | 747,005 | 596,981 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 17.72 | $ 17.77 | $ 17.59 | $ 17.40 | $ 17.41 | $ 15.61 | $ 17.59 | $ 15.61 |
Weighted Average Grant-Date Fair Value, Granted | 0 | 13.34 | 17.34 | 0 | 23.66 | 19.97 | ||
Weighted Average Grant-Date Fair Value, Vested | 17.84 | 13.35 | 15.21 | 13.51 | 22.82 | 12.07 | ||
Weighted Average Grant-Date Fair Value, Forfeited | 17.89 | 17.77 | 17.69 | 17.35 | 17.25 | 16.51 | ||
Weighted Average Grant-Date Fair Value, Ending balance | $ 17.72 | $ 17.72 | $ 17.77 | $ 17.51 | $ 17.40 | $ 17.41 | $ 17.72 | $ 17.51 |
Status Summary of Non-Vested Sh
Status Summary of Non-Vested Shares (Detail) - Performance Based Restricted Shares - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Beginning balance | 357,765 | 371,787 | 287,077 | 293,784 | 292,113 | 186,057 | 287,077 | 186,057 |
Number of Shares, Granted | 137,557 | 3,850 | 122,446 | 137,557 | 130,332 | |||
Number of Share, Additional granted based on performance | 800 | 41,568 | 4,036 | 42,368 | ||||
Number of Shares, Vested | (1,700) | (90,872) | (8,232) | (14,625) | ||||
Number of Shares, Forfeited | (100) | (14,022) | (3,543) | (1,870) | (2,179) | (1,765) | ||
Number of Shares, Ending Balance | 356,765 | 357,765 | 371,787 | 287,718 | 293,784 | 292,113 | 356,765 | 287,718 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 16.99 | $ 16.99 | $ 16.87 | $ 16.81 | $ 16.74 | $ 14.93 | $ 16.87 | $ 14.93 |
Weighted Average Grant-Date Fair Value, Granted | 16.96 | 22.69 | 18.79 | 16.96 | 18.74 | |||
Weighted Average Grant-Date Fair Value, Additional granted based on performance | 17.50 | 12.88 | 13.53 | |||||
Weighted Average Grant-Date Fair Value, Vested | 17.28 | 14.73 | 13.47 | 11.01 | ||||
Weighted Average Grant-Date Fair Value, Forfeited | 13.70 | 17.11 | 15.98 | 15.67 | 17.67 | 15.40 | ||
Weighted Average Grant-Date Fair Value, Ending balance | $ 16.99 | $ 16.99 | $ 16.99 | $ 16.87 | $ 16.81 | $ 16.74 | $ 16.99 | $ 16.87 |
Summary of Performance option a
Summary of Performance option activity (Detail) - Performance Based Stock Options - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incentive Stock Option Plans, Beginning balance | 134,676 | 134,676 | 140,411 | 140,411 | 140,411 |
Incentive Stock Option Plans, Options exercised | (5,735) | (5,735) | (5,735) | ||
Incentive Stock Option Plans, Ending balance | 134,676 | 134,676 | 134,676 | 134,676 | 134,676 |
Weighted Average Price Per Share, Beginning balance | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Weighted Average Price Per Share, Options exercised | 11.49 | 11.49 | 11.49 | ||
Weighted Average Price Per Share, Ending balance | 11.49 | 11.49 | 11.49 | 11.49 | 11.49 |
Exercisable Weighted Average Price Per Share, Beginning balance | 11.49 | 11.49 | 11.49 | 11.49 | 11.49 |
Exercisable Weighted Average Price Per Share, Options exercised | 11.49 | 11.49 | 11.49 | 11.49 | 11.49 |
Exercisable Weighted Average Price Per Share, Ending balance | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Performance Options Summarized
Performance Options Summarized by Exercise Price (Detail) - Performance Incentive Stock Option Plan | 9 Months Ended |
Sep. 30, 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) | 63 months |
Outstanding Weighted Average, Exercise Price | $ / shares | $ 11.49 |
Exercisable Weighted Average, Shares | shares | 134,676 |
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) - Performance Incentive Stock Option Plan $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding | shares | 134,676 |
Number of Shares, Exercisable | shares | 134,676 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 11.49 |
Weighted Average Exercisable, Exercise Price | $ / shares | $ 11.49 |
Weighted Average Remaining Life, Outstanding | 63 months |
Weighted Average Remaining Contractual Life, Exercisable | 63 months |
Intrinsic Value, Outstanding | $ | $ 567 |
Intrinsic Value, Exercisable | $ | $ 567 |
Recently Issued Accounting Gu_2
Recently Issued Accounting Guidance - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ||
Operating lease, ROU assets | $ 12,186 | $ 12,936 |
Operating lease, liability | $ 12,303 | $ 12,936 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Jan. 10, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Reduction in deferred consideration balances | $ 651 | $ 3,969 | $ 3,539 | $ 5,437 | ||
Payments made for business acquisitions | $ 7,293 | |||||
Deferred consideration | 1,400 | $ 4,398 | 1,400 | $ 4,398 | ||
Defensive and Agrovant | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Reduction in deferred consideration balances | 92 | 167 | ||||
Payments made for business acquisitions | $ 20,679 | $ 30 | $ 838 |
Beginning Balance, Annual Activ
Beginning Balance, Annual Activity and Ending Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | $ 333,848 | $ 329,118 | $ 329,230 | $ 320,231 | $ 314,158 | $ 305,314 | $ 329,230 | $ 305,314 |
FX translation | (1,080) | 657 | (1,769) | 638 | (898) | 672 | (2,192) | 412 |
Balance | 337,986 | 333,848 | 329,118 | $ 328,624 | $ 320,231 | $ 314,158 | 337,986 | $ 328,624 |
Foreign Currency Translation Adjustments | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | (5,619) | (6,276) | (4,507) | (4,507) | ||||
FX translation | (1,080) | 657 | (1,769) | |||||
Balance | $ (6,699) | $ (5,619) | $ (6,276) | $ (6,699) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 07, 2017 | Jun. 27, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Equity Method Investments [Line Items] | ||||||
Loss from equity method investment | $ (149) | $ (1,051) | ||||
Investment | $ 950 | |||||
Bi-PA | ||||||
Equity Method Investments [Line Items] | ||||||
Equity investment ownership position | 15.00% | 15.00% | ||||
Impairment on the investment | $ 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 | 34.00% | 34.00% | ||||
Loss from equity method investment | $ (352) | (795) | ||||
Hong Kong JV | ||||||
Equity Method Investments [Line Items] | ||||||
Equity investment ownership position | 50.00% | 50.00% | ||||
Loss from equity method investment | $ (89) | $ (181) | $ (149) | $ (256) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Decrease in income tax expense | $ 2,052 | |||
Income tax expense | $ 1,474 | $ 3,526 | $ 4,059 | $ 6,966 |
One time income tax adjustment related tax cuts and jobs act | $ 1,089 | |||
Federal income tax rate | 31.30% | 33.40% | 28.20% | 28.20% |
Effective tax rate without adjustments | 23.10% | 23.80% |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - USD ($) | Nov. 05, 2018 | Jan. 31, 2019 | Sep. 30, 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 and Asset Acquisitio_2
Business and Asset Acquisitions - Additional Information (Detail) $ in Thousands | Jul. 01, 2019USD ($) | Jan. 10, 2019USD ($)Business | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($)Productline |
Business Acquisition [Line Items] | |||||
Business combination, cash consideration | $ 7,293 | ||||
Business combination, liabilities assumed | $ 300 | ||||
Goodwill | $ 38,435 | $ 38,435 | $ 25,790 | ||
Defensive and Agrovant | |||||
Business Acquisition [Line Items] | |||||
Number of businesses acquired | Business | 2 | ||||
Business combination, cash consideration | $ 20,679 | $ 30 | $ 838 | ||
Business combination, cash acquired | 981 | ||||
Business combination, deferred consideration paid | 2,659 | ||||
Business combination, liabilities assumed | 17,083 | ||||
Business combination, liabilities assumed, tax | 10,112 | ||||
Business combination, total consideration | 40,424 | ||||
Goodwill | 14,268 | ||||
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 | 3,384 | ||||
Defensive and Agrovant | Product Registrations and Product Rights | |||||
Business Acquisition [Line Items] | |||||
Business combination, preliminary allocation purchase price of intangible assets | 9,449 | ||||
Defensive and Agrovant | Trade Name | |||||
Business Acquisition [Line Items] | |||||
Business combination, preliminary allocation purchase price of intangible assets | 1,733 | ||||
Defensive and Agrovant | 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 |