Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AVD | |
Entity Registrant Name | AMERICAN VANGUARD CORPORATION | |
Entity Central Index Key | 0000005981 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 30,878,201 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-13795 | |
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 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $.10 par value | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 134,610 | $ 104,555 | $ 250,765 | $ 200,517 |
Cost of sales | (82,471) | (64,249) | (153,495) | (121,830) |
Gross profit | 52,139 | 40,306 | 97,270 | 78,687 |
Operating expenses | (43,080) | (33,579) | (84,524) | (70,124) |
Adjustment to bargain purchase gain on business acquisition | (88) | (121) | ||
Operating income | 8,971 | 6,727 | 12,625 | 8,563 |
Change in fair value of an equity investment | (295) | 24 | 771 | 24 |
Other income | 672 | |||
Interest expense, net | (1,013) | (1,274) | (1,959) | (2,782) |
Income before provision for income taxes and loss on equity method investment | 7,663 | 5,477 | 12,109 | 5,805 |
Income tax expense | (2,445) | (1,565) | (3,807) | (1,360) |
Income before loss on equity method investment | 5,218 | 3,912 | 8,302 | 4,445 |
Loss from equity method investment | (74) | (25) | (87) | (38) |
Net income attributable to American Vanguard | $ 5,144 | $ 3,887 | $ 8,215 | $ 4,407 |
Earnings per common share—basic | $ 0.17 | $ 0.13 | $ 0.28 | $ 0.15 |
Earnings per common share—assuming dilution | $ 0.17 | $ 0.13 | $ 0.27 | $ 0.15 |
Weighted average shares outstanding—basic | 29,930 | 29,413 | 29,834 | 29,350 |
Weighted average shares outstanding—assuming dilution | 30,499 | 29,854 | 30,511 | 29,904 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 5,144 | $ 3,887 | $ 8,215 | $ 4,407 |
Comprehensive income: | ||||
Foreign currency translation adjustment | 2,914 | 324 | 411 | (8,739) |
Comprehensive income (loss) | $ 8,058 | $ 4,211 | $ 8,626 | $ (4,332) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 19,559 | $ 15,923 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $4,138 and $3,297, respectively | 152,031 | 130,029 |
Other | 10,766 | 8,444 |
Total receivables, net | 162,797 | 138,473 |
Inventories, net | 175,151 | 163,784 |
Prepaid expenses | 13,896 | 10,499 |
Income taxes receivable | 1,679 | 3,046 |
Total current assets | 373,082 | 331,725 |
Property, plant and equipment, net | 66,533 | 65,382 |
Operating lease right-of-use assets | 21,601 | 12,198 |
Intangible assets, net of amortization | 195,655 | 197,514 |
Goodwill | 48,154 | 52,108 |
Other assets | 27,678 | 18,602 |
Deferred income tax assets, net | 2,739 | 2,764 |
Total assets | 735,442 | 680,293 |
Current liabilities: | ||
Current installments of other liabilities | 1,629 | 2,647 |
Accounts payable | 65,073 | 59,253 |
Deferred revenue | 13,205 | 43,611 |
Accrued program costs | 64,534 | 45,441 |
Accrued expenses and other payables | 17,441 | 16,184 |
Operating lease liabilities, current | 3,993 | 4,188 |
Total current liabilities | 165,875 | 171,324 |
Long-term debt, net of deferred loan fees | 149,378 | 107,442 |
Operating lease liabilities, long-term | 17,655 | 8,177 |
Other liabilities, excluding current installments | 8,209 | 9,054 |
Deferred income tax liabilities | 24,954 | 23,560 |
Total liabilities | 366,071 | 319,557 |
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 34,261,651 shares at June 30, 2021 and 33,922,433 shares at December 31, 2020 | 3,428 | 3,394 |
Additional paid-in capital | 97,813 | 96,642 |
Accumulated other comprehensive loss | (8,911) | (9,322) |
Retained earnings | 295,201 | 288,182 |
Total stockholders' equity including treasury stock | 387,531 | 378,896 |
Less treasury stock at cost, 3,061,040 shares at June 30, 2021 and December 31, 2020 | (18,160) | (18,160) |
Total stockholders’ equity | 369,371 | 360,736 |
Total liabilities and stockholders' equity | $ 735,442 | $ 680,293 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||||
Allowance for doubtful accounts | $ 4,138 | $ 3,297 | ||
Preferred stock, par value per share | $ 10 | $ 10 | ||
Preferred stock, shares authorized | 400,000 | 400,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Common stock, par value per share | $ 10 | $ 10 | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 | ||
Common stock, shares issued | 34,261,651 | 33,922,433 | ||
Treasury stock, shares | 3,061,040 | 3,061,040 |
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 |
Balance at Dec. 31, 2019 | $ 3,324 | $ 90,572 | $ (5,698) | $ 274,118 | $ (18,160) | $ 344,156 | |
Balance (in shares) at Dec. 31, 2019 | 33,233,614 | 3,061,040 | |||||
Common stock issued under ESPP | $ 2 | 350 | 352 | ||||
Common stock issued under ESPP, (in Shares) | 22,776 | ||||||
Cash dividends on common stock ($0.02 per share) | (586) | (586) | |||||
Foreign currency translation adjustment, net | (9,063) | (9,063) | |||||
Stock-based compensation | 1,357 | 1,357 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | $ (7) | (2,522) | (2,529) | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | (67,969) | ||||||
Net income | 520 | 520 | |||||
Balance at Mar. 31, 2020 | $ 3,319 | 89,757 | (14,761) | 274,052 | $ (18,160) | 334,207 | |
Balance (in shares) at Mar. 31, 2020 | 33,188,421 | 3,061,040 | |||||
Balance at Dec. 31, 2019 | $ 3,324 | 90,572 | (5,698) | 274,118 | $ (18,160) | 344,156 | |
Balance (in shares) at Dec. 31, 2019 | 33,233,614 | 3,061,040 | |||||
Foreign currency translation adjustment, net | $ (8,739) | ||||||
Net income | 4,407 | ||||||
Balance at Jun. 30, 2020 | $ 3,324 | 90,994 | (14,437) | 277,939 | $ (18,160) | 339,660 | |
Balance (in shares) at Jun. 30, 2020 | 33,229,078 | 3,061,040 | |||||
Balance at Mar. 31, 2020 | $ 3,319 | 89,757 | (14,761) | 274,052 | $ (18,160) | 334,207 | |
Balance (in shares) at Mar. 31, 2020 | 33,188,421 | 3,061,040 | |||||
Foreign currency translation adjustment, net | 324 | 324 | 324 | ||||
Stock-based compensation | 1,188 | 1,188 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | $ 5 | 49 | 54 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 40,657 | ||||||
Net income | 3,887 | 3,887 | 3,887 | ||||
Balance at Jun. 30, 2020 | $ 3,324 | 90,994 | (14,437) | 277,939 | $ (18,160) | $ 339,660 | |
Balance (in shares) at Jun. 30, 2020 | 33,229,078 | 3,061,040 | |||||
Balance at Dec. 31, 2020 | $ 360,736 | $ 3,394 | 96,642 | (9,322) | 288,182 | $ (18,160) | |
Balance (in shares) at Dec. 31, 2020 | 33,922,433 | 33,922,433 | 3,061,040 | ||||
Common stock issued under ESPP | $ 340 | $ 2 | 338 | ||||
Common stock issued under ESPP, (in Shares) | 25,120 | ||||||
Cash dividends on common stock ($0.02 per share) | (596) | (596) | |||||
Foreign currency translation adjustment, net | (2,503) | (2,503) | |||||
Stock-based compensation | 1,792 | 1,792 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | (2,794) | $ (7) | (2,787) | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | (73,231) | ||||||
Net income | 3,071 | 3,071 | |||||
Balance at Mar. 31, 2021 | 360,046 | $ 3,389 | 95,985 | (11,825) | 290,657 | $ (18,160) | |
Balance (in shares) at Mar. 31, 2021 | 33,874,322 | 3,061,040 | |||||
Balance at Dec. 31, 2020 | $ 360,736 | $ 3,394 | 96,642 | (9,322) | 288,182 | $ (18,160) | |
Balance (in shares) at Dec. 31, 2020 | 33,922,433 | 33,922,433 | 3,061,040 | ||||
Foreign currency translation adjustment, net | $ 411 | ||||||
Net income | 8,215 | ||||||
Balance at Jun. 30, 2021 | $ 369,371 | $ 3,428 | 97,813 | (8,911) | 295,201 | $ (18,160) | |
Balance (in shares) at Jun. 30, 2021 | 34,261,651 | 34,261,651 | 3,061,040 | ||||
Balance at Mar. 31, 2021 | $ 360,046 | $ 3,389 | 95,985 | (11,825) | 290,657 | $ (18,160) | |
Balance (in shares) at Mar. 31, 2021 | 33,874,322 | 3,061,040 | |||||
Cash dividends on common stock ($0.02 per share) | (600) | (600) | |||||
Foreign currency translation adjustment, net | 2,914 | 2,914 | |||||
Stock-based compensation | 1,806 | 1,806 | |||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 61 | $ 39 | 22 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 387,329 | ||||||
Net income | 5,144 | 5,144 | |||||
Balance at Jun. 30, 2021 | $ 369,371 | $ 3,428 | $ 97,813 | $ (8,911) | $ 295,201 | $ (18,160) | |
Balance (in shares) at Jun. 30, 2021 | 34,261,651 | 34,261,651 | 3,061,040 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends on common stock, per share | $ 0.02 | $ 0.02 | $ 0.02 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 8,215 | $ 4,407 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization of property, plant and equipment and intangible assets | 10,697 | 9,665 |
Amortization of other long-term assets | 2,044 | 1,965 |
Accretion of discounted liabilities | (9) | 7 |
Amortization of deferred loan fees | 162 | 139 |
Provision for bad debts | 945 | 392 |
Loan principal and interest forgiveness | (672) | |
Adjustment to contingent consideration | 1,014 | |
Stock-based compensation | 3,598 | 2,545 |
Change in deferred income taxes | (353) | (1,562) |
Change in fair value of an equity investment | (771) | (24) |
Net foreign currency adjustments | (147) | 594 |
Loss from equity method investment | 87 | 38 |
Adjustment to bargain purchase gain on business acquisition | 121 | |
Changes in assets and liabilities associated with operations: | ||
(Increase) decrease in net receivables | (25,317) | 16,421 |
Increase in inventories | (11,464) | (21,706) |
Increase in prepaid expenses and other assets | (3,696) | (2,297) |
Decrease in income tax receivable | 1,374 | 899 |
(Decrease) increase in net operating lease liability | (120) | 7 |
Increase (decrease) in accounts payable | 6,190 | (12,351) |
Decrease in deferred revenue | (30,407) | (2,431) |
Increase in accrued program costs | 19,098 | 12,577 |
Increase (decrease) in other payables and accrued expenses | 507 | (2,394) |
Net cash (used in) provided by operating activities | (18,904) | 6,915 |
Cash flows from investing activities: | ||
Capital expenditures | (5,075) | (6,386) |
Acquisition of product line | (10,000) | |
Intangible assets | (241) | (3,889) |
Investments | (184) | (1,190) |
Net cash used in investing activities | (15,500) | (11,465) |
Cash flows from financing activities: | ||
Net borrowings under line of credit agreement | 41,774 | 10,502 |
Payment of contingent consideration | (250) | (1,227) |
Net payments from the issuance of common stock (sale of stock under ESPP, exercise of stock options, and shares purchased for tax withholding) | (2,393) | (2,123) |
Payment of cash dividends | (1,189) | (1,168) |
Net cash provided by financing activities | 37,942 | 5,984 |
Net increase in cash and cash equivalents | 3,538 | 1,434 |
Effect of exchange rate changes on cash and cash equivalents | 98 | 585 |
Cash and cash equivalents at beginning of period | 15,923 | 6,581 |
Cash and cash equivalents at end of period | 19,559 | 8,600 |
Cash paid during the period for: | ||
Interest | 1,873 | 2,902 |
Income taxes, net | 2,757 | 1,901 |
Non-cash transactions: | ||
ROU assets exchanged for lease liabilities | $ 12,067 | $ 1,502 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Since the start of the coronavirus pandemic early in 2020, the Company has made sustained efforts to ensure the health and safety of the workforce while ensuring continuity of the business, which, under applicable federal guidelines ( https://ww.cisa.gov As has been the case with many other employers, since the start of 2021, the Company has encouraged its workforce to receive vaccinations against COVID-19 through various means, including incentive programs. However, new variants, particularly the Delta variant, have engendered a resurgence of the virus in many regions particularly among the unvaccinated. In the midst of changing conditions, the Company has nevertheless been able to manage its business with minimal impact during the three- and six-month periods ended June 30, 2021, and 2020. Looking forward, the Company is unable to predict the ultimate impact that the pandemic may have on its future financial condition, results of operations and cash flows due to numerous uncertainties. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its customers in the near term will depend on future developments, which are highly uncertain and, beyond extrapolating our experience since the start of the pandemic, cannot be predicted with confidence. The Company continues to monitor its business for adverse impacts of the pandemic, including volatility in the foreign exchange markets, demand, supply-chain disruptions in certain markets, and increased costs of employee safety, among others. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 2. Leases Finance leases are immaterial to the accompanying Condensed Consolidated Financial Statements. There were no lease transactions with related parties as of and for the three- and six-month periods presented in the table below. The operating lease expense for the three months ended June 30, 2021, and 2020, was $1,442 and $1,396, respectively, and $2,896 and $2,791 for the six months ended June 30, 2021 and 2020, 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 June 30, 2021 Three months ended June 30, 2020 Six months ended June 30, 2021 Six months ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 1,546 $ 1,382 $ 3,011 $ 2,778 ROU assets obtained in exchange for new liabilities $ 11,691 $ 677 $ 12,067 $ 1,502 The weighted-average remaining lease term and discount rate related to the operating leases as of June 30, 2021 were as follows: Weighted-average remaining lease term (in years) 7.58 Weighted-average discount rate 4.08 % Future minimum lease payments under non-cancellable operating leases as of June 30, 2021 were as follows: 2021 (excluding six months ended June 30, 2021) $ 2,345 2022 4,374 2023 3,421 2024 2,627 2025 2,332 Thereafter 10,350 Total lease payments 25,449 Less: imputed interest 3,801 Total $ 21,648 Amounts recognized in the Condensed Consolidated Balance Sheets: Operating lease liabilities, current $ 3,993 Operating lease liabilities, long-term $ 17,655 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net sales: U.S. crop $ 62,575 $ 44,670 $ 117,330 $ 95,032 U.S. non-crop 21,488 13,872 38,941 24,865 Total U.S. 84,063 58,542 156,271 119,897 International 50,547 46,013 94,494 80,620 Total net sales: $ 134,610 $ 104,555 $ 250,765 $ 200,517 Timing of revenue recognition: Goods and services transferred at a point in time $ 134,493 $ 103,846 $ 250,464 $ 199,622 Goods and services transferred over time 117 709 301 895 Total net sales: $ 134,610 $ 104,555 $ 250,765 $ 200,517 Performance Obligations — A performance obligation is a promise in a contract or sales order to transfer a distinct good or service to the customer. 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. Contract Assets and Deferred Revenue — The contract assets are included in other receivables on the Condensed Consolidated Balance Sheets and relate to royalties earned on certain functional licenses granted for the use of the Company’s intellectual property. The timing of revenue recognition, billings and cash collections may result in deferred revenue. The Company sometimes receives payments from its customers in advance of goods and services being provided in return for early cash incentive programs, resulting in deferred revenues. June 30, 2021 December 31, 2020 Contract assets 4,600 3,200 Deferred revenue 13,205 43,611 Revenue recognized for the three- and six-months ended June 30, 2021, that was included in deferred revenue at the beginning of 2021 were $19,111 and $30,406, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment June 30, 2021 December 31, 2020 Land $ 2,756 $ 2,756 Buildings and improvements 20,057 19,786 Machinery and equipment 127,605 124,199 Office furniture, fixtures and equipment 10,002 7,403 Automotive equipment 1,979 1,747 Construction in progress 8,568 10,392 Total gross value 170,967 166,283 Less accumulated depreciation (104,434 ) (100,901 ) Total net value $ 66,533 $ 65,382 The Company recognized depreciation expense related to property, plant and equipment of $1,673 and $1,839 for the three months ended June 30, 2021, and 2020, respectively. During the three months ended June 30, 2021, the Company eliminated $249 from such assets and accumulated depreciation of fully depreciated assets. During the three months ended June 30, 2020, the Company eliminated $283 from such assets and accumulated depreciation of fully depreciated assets. The Company recognized depreciation expense related to property, plant and equipment of $3,844 and $3,356 for the six months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021, and 2020, the Company eliminated from such assets and accumulated depreciation $311 and $396, respectively, of fully depreciated assets. Substantially all of the Company’s assets are pledged as collateral to its banks. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories June 30, 2021 December 31, 2020 Finished products $ 156,170 $ 149,415 Raw materials 18,981 14,369 $ 175,151 $ 163,784 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 6. Segment Reporting For the three months ended June 30, 2021 2020 Change % Change Net sales: U.S. crop $ 62,575 $ 44,670 $ 17,905 40 % U.S. non-crop 21,488 13,872 7,616 55 % U.S. total 84,063 58,542 25,521 44 % International 50,547 46,013 4,534 10 % Net sales: $ 134,610 $ 104,555 $ 30,055 29 % Gross profit: U.S. crop $ 26,805 $ 21,758 $ 5,047 23 % U.S. non-crop 9,782 7,029 2,753 39 % U.S. total 36,587 28,787 7,800 27 % International 15,552 11,519 4,033 35 % Total gross profit: $ 52,139 $ 40,306 $ 11,833 29 % For the six months ended June 30, 2021 2020 Change % Change Net sales: U.S. crop $ 117,330 $ 95,032 $ 22,298 23 % U.S. non-crop 38,941 24,865 14,076 57 % U.S. total 156,271 119,897 36,374 30 % International 94,494 80,620 13,874 17 % Net sales: $ 250,765 $ 200,517 $ 50,248 25 % Gross profit: U.S. crop $ 48,076 $ 46,003 $ 2,073 5 % U.S. non-crop 19,165 11,748 7,417 63 % U.S. total 67,241 57,751 9,490 16 % International 30,029 20,936 9,093 43 % Total gross profit: $ 97,270 $ 78,687 $ 18,583 24 % |
Accrued Program Costs
Accrued Program Costs | 6 Months Ended |
Jun. 30, 2021 | |
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, which are usually made at the end of a growing season, to distributors, retailers or growers. The Company describes these payments as “Programs.” Programs are a critical part of doing business in both the U.S. crop and non-crop chemicals marketplaces. These discount Programs represent variable consideration. Revenues from sales are recorded at the net sales price, which is the transaction price net of the impact of Programs and includes estimates of variable consideration. Variable consideration includes amounts expected to be paid to its customers estimated using the expected value method. Each quarter management reviews individual sale transactions with Programs to determine what, if any, estimated program liabilities have been incurred. Once this initial calculation is made for the specific quarter, sales and marketing management, along with support from financial analysts, reviews 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 makes adjustments to the accumulated accrual to properly reflect the Company’s best estimate of the liability at the balance sheet date. Programs are then reviewed with executive management for final approval. Programs are paid out predominantly on an annual basis, usually in the final quarter of the financial year or the first quarter of the following year. No significant changes in estimates were made during the three- and six-months ended June 30, 2021, and 2020, respectively. |
Cash Dividend
Cash Dividend | 6 Months Ended |
Jun. 30, 2021 | |
Cash Dividends [Abstract] | |
Cash Dividend | 8. Cash Dividends on Common Stock Declaration Date Record Date Distribution Date Dividend Per Share Total Paid June 8, 2021 June 24, 2021 July 8, 2021 $ 0.020 $ 600 March 10, 2021 March 15, 2021 April 15, 2021 $ 0.020 $ 596 December 7, 2020 December 23, 2020 January 6, 2021 $ 0.020 $ 593 March 9, 2020 March 26, 2020 April 16, 2020 $ 0.020 $ 586 December 9, 2019 December 26, 2019 January 9, 2020 $ 0.020 $ 582 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income attributable to AVD $ 5,144 $ 3,887 $ 8,215 $ 4,407 Denominator: (in thousands) Weighted average shares outstanding-basic 29,930 29,413 29,834 29,350 Dilutive effect of stock options and grants 569 441 677 554 30,499 29,854 30,511 29,904 For the three- and six-months ended June 30, 2021, and 2020, respectively, no stock options were excluded from the computation of diluted earnings per share. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 10. Debt Long-term indebtedness ($000's) June 30, 2021 December 31, 2020 Revolving line of credit $ 149,700 $ 107,900 Deferred loan fees (322 ) (458 ) Net long-term debt $ 149,378 $ 107,442 The Company’s main bank is Bank of the West, a wholly-owned subsidiary of the French bank, BNP Paribas. Bank of the West has been the Company’s bank for more than 30 years and is the syndication manager for the Company’s loans. The Company and certain of its affiliates are parties to a revolving line of credit agreement entitled the “Third Amended and Restated Loan and Security Agreement” dated as of August 5, 2021 (the “Credit Agreement”), which is a senior secured lending facility among AMVAC, the Company’s principal operating subsidiary, as Borrower Agent, and (including the Company and AMVAC BV), as Borrowers, on the one hand, and a group of commercial lenders led by Bank of the West as administrative agent, documentation agent, syndication agent, collateral agent, sole lead arranger and book runner, on the other hand. The Credit Agreement, consists of a line of credit of up to $275,000, an accordion feature of up to $150,000, a letter of credit and swingline sub-facility (each having limits of $25,000) and a maturity date of August 5, 2026. The Credit Agreement amends and restates the previous credit facility, which had a maturity date of June 30, 2022. With respect to key financial covenants, the Credit Agreement contains two; namely, borrowers are required to maintain a Total Leverage (“TL”) Ratio of no more than 3.5-to-1, during the first three years, stepping down to 3.25-to-1 as of September 30, 2024, and a Fixed Charge Coverage Ratio of at least 1.25-to-1. In addition, to the extent that it completes acquisitions totaling $15 million or more in any 90-day period, AMVAC may step-up the TL Ratio by 0.5-to-1, not to exceed 4.00-to-1, for the next three full consecutive quarters. Acquisitions below $50 million no longer require Agent consent. In light of the maturity date of the Credit Agreement, the Company classifies its revolving line of credit as a non-current liability on the Condensed Consolidated Balance Sheets as of June 30, 2021. The Company’s borrowing capacity varies with its financial performance, measured in terms of Consolidated 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 Margin” which is based upon the Total Leverage (“TL”) Ratio (“LIBOR Revolver 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 Margin (“Adjusted Base Rate Revolver Loan”). Interest payments for LIBOR Revolver 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 Adjusted Base Rate Revolver Loans are payable on the last business day of each calendar quarter and the maturity date. The interest rate on June 30, 2021 was 2.50%. At June 30, 2021, the Company was compliant with all covenants to its then current credit agreement. Also, at June 30, 2021, the Company’s total Funded Debt amounted to $149,700. At that date the Company’s rolling four quarter Consolidated EBITDA (as defined in the Credit Agreement) amounted to $59,030, which results in a leverage ratio of 2.54, as compared to a maximum leverage ratio permitted under the Credit Agreement of 3.5. At June 30, 2021, the Company has the capacity to increase its borrowings by up to $56,906, according to the terms thereof. This compares to an available borrowing capacity of $49,420 as of June 30, 2020. At December 31, 2020, the Company had borrowing capacity of $86,736. The level of borrowing capacity is driven by three factors: (1) our financial performance, as measured in EBITDA for both the trailing twelve-month period and proforma basis arising from acquisitions, (2) net borrowings, and (3) the leverage covenant (the TL Ratio). One of our recent acquisitions, Agrinos, had an existing Paycheck Protection Program (PPP) loan in the amount of $705 as of the date it was acquired (October 2, 2020), of which $667 in principal and $5 in interest was forgiven by the Small Business Administration on January 7, 2021. Agrinos repaid the remaining outstanding balance on the same day. As a result, the PPP loan was extinguished on January 7, 2021 and the total amount forgiven of $672 was recorded as other income in the Company’s Condensed Consolidated Statement of Operations and represents a non-cash financing activity on the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2021. |
Reclassifications
Reclassifications | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Reclassifications | 11. Reclassifications — |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | 12. Comprehensive Income (Loss) Condensed Consolidated Statement of Operations |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 13. Stock-Based Compensation — Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Six months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) June 30, 2021 Restricted Stock $ 1,167 $ 2,223 $ 9,734 2.2 Unrestricted Stock 107 217 367 0.9 Performance-Based Restricted Stock 532 1,158 4,186 2.1 Total $ 1,806 $ 3,598 $ 14,287 June 30, 2020 Restricted Stock $ 702 $ 1,478 $ 3,861 1.5 Unrestricted Stock 118 241 403 0.9 Performance-Based Restricted Stock 368 826 1,873 1.5 Total $ 1,188 $ 2,545 $ 6,137 The Company also granted stock options in past periods. All outstanding stock options are fully vested and exercisable and no expense was recorded during the three- and six-months ended June 30, 2021, and 2020. Restricted and Unrestricted Stock — Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 820,624 $ 16.64 719,845 $ 17.67 Granted — — 4,185 18.63 Vested (197,615 ) 19.91 (213,781 ) 16.18 Forfeited (11,580 ) 16.95 (14,715 ) 18.08 Nonvested shares at March 31 st 611,429 15.57 495,534 18.31 Granted 289,757 20.10 43,168 13.45 Vested (30,112 ) 16.72 (37,958 ) 13.88 Forfeited (11,231 ) 16.60 (8,221 ) 18.64 Nonvested shares at June 30 th 859,843 $ 17.04 492,523 $ 18.22 Performance-Based Restricted Stock — Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 391,771 $ 16.26 345,432 $ 16.92 Additional granted based on performance achievement 71,180 20.53 76,445 16.56 Vested (175,087 ) 19.78 (184,785 ) 15.87 Forfeited (505 ) 19.26 (3,759 ) 17.23 Nonvested shares at March 31 st 287,359 15.16 233,333 17.63 Granted 102,043 20.03 — — Forfeited — — (2,268 ) 18.00 Nonvested shares at June 30 th 389,402 $ 16.44 231,065 $ 17.63 Stock Options — The Company has stock options outstanding under its incentive stock option plans and performance incentive stock option plan. All outstanding stock options are vested and exercisable. The following tables present details for each type of plan: Incentive Stock Option Plans Activity for the three- and six-months ended June 30, 2021: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2020 123,087 $ 11.48 Options exercised (5,838 ) 11.49 Balance outstanding, March 31, 2021 117,249 11.48 Options exercised (8,826 ) 11.35 Balance outstanding, June 30, 2021 108,423 $ 11.49 All the incentive stock options outstanding as of June 30, 2021, have an exercise price per share of $11.49 and a remaining life of 42 months. Activity for the three- and six-months ended June 30, 2020: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2019 332,823 $ 9.14 Options exercised (15,836 ) 8.83 Balance outstanding, March 31, 2020 316,987 9.16 Options exercised (9,291 ) 8.27 Balance outstanding, June 30, 2020 307,696 $ 9.18 Performance Incentive Stock Option Plan Activity for the three- and six-months ended June 30, 2021: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2020 114,658 $ 11.49 Options exercised — — Balance outstanding, March 31, 2021 and June 30, 2021 114,658 $ 11.49 Activity for the three- and six-months ended June 30, 2020: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2019 120,782 $ 11.49 Options exercised (3,035 ) 11.49 Balance outstanding, March 31, 2020 and June 30, 2020 117,747 $ 11.49 All the performance incentive stock options outstanding as of June 30, 2021, have an exercise price per share of $11.49 and a remaining life of 42 months. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 14. Legal Proceedings EPA FIFRA/RCRA Matter. Since April 2018, the Department of Justice (“DOJ”) has conducted several interviews of AMVAC employees and issued supplemental document requests in connection with the investigation. In November 2020, DOJ issued a second grand jury subpoena seeking records and related communications with regard to a submission made by the Company to the Environmental Protection Agency (“EPA”) in connection with a request to amend a pesticide’s registration. Soon thereafter, DOJ also identified the Company and one of its non-executive employees as targets of the government’s investigation. In January 2021, DOJ and EPA informed the Company that it is investigating violations of two environmental statutes, the Federal Insecticide, Fungicide, and Rodenticide Act (“FIFRA”) and the Resource Conservation and Recovery Act (“RCRA”), as well as obstruction of an agency proceeding and false statement statutes. DOJ also identified for the Company as well as for the individual target, evidence that it contends supports alleged violations with respect to both the Company and the individual target. The Company is evaluating the legal and factual issues raised by the government (which do not include any allegations of harm to human health or the environment) and is engaged in discussions with DOJ regarding possible resolution. The governmental agencies involved in this investigation have a range of civil and criminal penalties they may seek to impose against corporations and individuals for violations of FIFRA, RCRA and other federal statutes including, but not limited to, injunctive relief, fines, penalties and modifications to business practices and compliance programs, including the appointment of a monitor. If violations are established, the amount of any fines or monetary penalties which could be assessed and the scope of possible non-monetary relief would depend on, among other factors, findings regarding the amount, timing, nature and scope of the violations, and the level of cooperation provided to the governmental authorities during the investigation. As a result, the Company cannot yet anticipate the timing or predict the ultimate resolution of this investigation, financial or otherwise, which could have a material adverse effect on our business prospects, operations, financial condition and cash flow. Accordingly, we have not recorded a loss contingency for this matter. |
Recent Accounting Standards
Recent Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | 15. Recent Accounting Standards Adopted — In December 2019, the FASB issued ASU no. 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, ” (“ASU No. 2019-12”). The amendment removes certain exceptions to the general income tax accounting methodology including an exception for the recognition of a deferred tax liability when a foreign subsidiary becomes an equity method investment and an exception for interim periods showing operating losses in excess of anticipated operating losses for the year. The amendment also reduces the complexity surrounding franchise tax recognition; the step up in the tax basis of goodwill in conjunction with business combinations; and the accounting for the effect of changes in tax laws enacted during interim periods. The amendments in this update are effective for the Company for fiscal years beginning after December 15, 2020, including interim periods within those years with early adoption permitted. The Company adopted ASU No. 2019-12 effective January 1, 2021 .The adoption of this standard did not result in any material adjustments to the Company’s Condensed Consolidated Financial Statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 16. Fair Value of Financial Instruments • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amount of the Company’s financial instruments, which principally include cash and cash equivalents, short-term investments, accounts receivable, long-term investments, accounts payable and accrued expenses, approximates fair value because of the relatively short maturity of such instruments. The carrying amount of the Company’s short-term and long-term borrowings, which are considered Level 2 liabilities, approximates fair value based upon current rates and terms available to the Company for similar debt. The Company measures its contingent earn-out liabilities in connection with business acquisitions at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The Company may use various valuation techniques depending on the terms and conditions of the contingent consideration including a Monte-Carlo simulation. This simulation uses probability distribution for each significant input to produce hundreds or thousands of possible outcomes and the results are analyzed to determine probabilities of different outcomes occurring. The following table illustrates the Company’s contingent consideration movements related to its business acquisitions: Six months ended June 30, 2021 Six months ended June 30, 2020 Balance, December 31 $ 2,468 $ 1,243 Purchase price adjustment (955 ) — Fair value adjustment 1,014 — Payments on existing obligations (250 ) (1,227 ) Accretion of discounted liabilities (11 ) — Foreign exchange effect (150 ) (16 ) Balance, June 30 $ 2,116 $ — Three months ended June 30, 2021 Six months ended June 30, 2020 Balance, March 31 $ 2,205 $ — Purchase price adjustment (955 ) — Fair value adjustment 1,014 — Accretion of discounted liabilities (27 ) — Foreign exchange effect (121 ) — Balance, June 30 $ 2,116 $ — The purchase price adjustment is the result of a measurement-period adjustment and represents a non-cash investing activity in the Condensed Consolidated Statements of Operations. The fair value adjustment is included in operating expenses and the accretion of discounted liabilities is included in interest expense, net, on the Condensed Consolidated Statements of Operations. The foreign exchange effect is included in foreign currency translation adjustment on the Condensed Consolidated Statements of Comprehensive Income (Loss). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss ("AOCL") | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss ("AOCL") | 17. Accumulated Other Comprehensive Loss (“AOCL”) — Total Balance, December 31, 2020 $ (9,322 ) FX translation (2,503 ) Balance, March 31, 2021 (11,825 ) FX translation 2,914 Balance, June 30, 2021 $ (8,911 ) Balance, December 31, 2019 $ (5,698 ) FX translation (9,063 ) Balance, March 31, 2020 (14,761 ) FX translation 324 Balance, June 30, 2020 $ (14,437 ) |
Equity Method Investment
Equity Method Investment | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investment | 18. Equity Method Investment — On August 2, 2016, AMVAC BV entered into a joint venture with Huifeng (Hong Kong) Ltd, which is a wholly owned subsidiary of the Huifeng Group. The resulting entity, Hong Kong JV, focused on activities such as market access and technology transfer between the two members. AMVAC BV is a 50% owner of the entity. No material contributions were made subsequent to the initial investment. On June 27, 2017, both AMVAC BV and Huifeng (Hong Kong) Ltd. made individual capital contributions of $950 to the Hong Kong JV. The Company utilizes the equity method of accounting with respect to this investment. On July 7, 2017, the Hong Kong JV 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 Huifeng (Hong Kong) Ltd). For the three- and six-months ended June 30, 2021, the Company recognized losses of $74 and $87, respectively, as a result of the Company’s ownership position in the Hong Kong Joint Venture. For the three- and six-months ended June 30, 2020, the Company recognized losses of $25 and $38, respectively. The Company’s investment in this joint venture amounted to $301 and $475, respectively at June 30, 2021, and 2020, and is included in other assets on the Condensed Consolidated Balance Sheets. |
Equity Investments
Equity Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments All Other Investments [Abstract] | |
Equity Investments | 19. Equity Investments — Since this investment does not have readily determinable fair value, the Company has elected to measure the investment at cost less impairment, if any, and also records an increase or decrease for changes resulting from observable price changes in orderly transactions for the identical or a similar investment of Bi-PA. The Company periodically reviews the investment for possible impairment. There was no impairment or observable price changes on the investment during the three- and six-months ended June 30, 2021, and 2020. On April 1, 2020, AMVAC purchased 6.25 million shares, an ownership of approximately 8%, of common stock of Clean Seed Capital Group Ltd. (TSX Venture Exchange: “CSX”) for $1,190. The shares are publicly traded, have a readily determinable fair value, and are considered a Level 1 investment. The fair value of the stock amounted to $2,678 as of June 30, 2021. The Company recorded a loss in the amount of $295 for the three months ended June 30, 2021, and recorded a gain of $771 for the six months ended June 30, 2021. The Company recorded a gain in the amount of $24 for the three- and six-months ended June 30, 2020. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 20. Income Taxes — Income tax expense was $2,445 and $1,565 for the three months ended June 30, 2021, and 2020, respectively. The effective tax rate for the quarter was 31.9% and 28.6% for the three months ended June 30, 2021 and 2020, respectively. The rate has increased compared to prior years reflecting mix of income in different jurisdictions. The effective tax rate is based on the projected income for the full year and is subject to ongoing review and adjustment by management. For the three- and six-months ended June 30, 2021 and 2020, the Company benefited from the tax impact of the vesting of certain stock grants. The Florida Department of Revenue has completed its audit of the Company’s state income tax returns for the years ended December 31, 2012 through December 31, 2013 and December 31, 2015 through December 31, 2018. No adjustments have been proposed for these periods. The Company has also been notified by the Mississippi Department of Revenue of its intent to examine the Company’s state income tax returns for the years ended December 31, 2016 through December 31, 2018. The result of Mississippi’s audit is not determinable since the audit is at its preliminary stage. |
Product and Business Acquisitio
Product and Business Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Product and Business Acquisitions | 21. Product and Business Acquisitions — During the year ended December 31, 2020, the Company completed two acquisitions in exchange for a total cash consideration at closing of $19,342, which was net of cash acquired of $1,970, and contingent consideration of $1,052, and the settlement of a net asset adjustment of $623. In addition, the Company assumed liabilities of $11,616 and recognized a bargain purchase gain in the amount of $4,536. The total asset value of $37,169 was preliminarily allocated as follows: product rights $8,577, trade names $351, distribution agreements $3,584, customer relationships $386, goodwill $4,618, working capital and fixed assets $19,653. During the six months ended June 30, 2021, the Company recorded an adjustment to reduce the bargain purchase gain by the amount of $121 with a corresponding adjustment to working capital. Further, the Company recorded the following adjustments included in the preliminary allocation during the six months ended June 30, 2021: decrease in contingent consideration $955, increase in product registrations and product rights $1,932, increase in distribution agreements $3,584, decrease in trade name and trademarks $843, decrease in customer relationships and customer lists $246, decrease in goodwill $4,054, and an increase in income tax liabilities $1,328. The purchase price allocation for both acquisitions is preliminary with respect to the valuation of contingent consideration, intangibles, property, plant and equipment, income taxes and certain other working capital items, as the Company is still in the process of gathering additional information and the determination of the respective fair values. On October 2, 2020, the Company completed the acquisition of all outstanding stock of the Agrinos Group Companies (Agrinos), except for Agrinos AS. Agrinos has operating entities in the U.S., Mexico, India, Brazil, China, Ukraine, and Spain. Agrinos is a fully integrated biological input supplier with proprietary technology, internal manufacturing, and global distribution capabilities. At closing, the Company paid cash consideration of $3,125, which was net of cash acquired of $1,813, and liabilities assumed of $4,963, including liabilities of $595 related to income tax matters. The acquisition was accounted for as a business combination and resulted in a preliminary bargain purchase gain of $4,536 (including a reduction of $121 recorded during the six months ended June 30, 2021). The total asset value of $12,624 has been preliminarily allocated as follows: working capital $7,370 (including trade receivables of $2,262), property, plant and equipment of $5,004, and intangible assets of $250. Agrinos was acquired out of bankruptcy. This provided the Company with an opportunity to acquire Agrinos at an advantageous purchase price which was below the preliminary fair value of Agrinos’ net assets acquired resulting in the above-mentioned bargain purchase gain. On October 8, 2020, the Company completed the acquisition of all outstanding stock of AgNova Technologies Pty Ltd (“AgNova”). AgNova is an Australian entity that sources, develops, and distributes specialty crop protection and production solutions for agricultural and horticultural producers, and for selected non-crop users. At closing, the Company paid cash consideration of $16,217, which was net of cash acquired of $157, contingent consideration dependent on certain financial results of $1,052, the settlement of a net asset adjustment of $623, and liabilities assumed of $6,653, including liabilities of $3,857 related to income tax matters. The fair value of the contingent consideration of $1,052 was estimated using a Monte Carlo Simulation. The acquisition was accounted for as a business combination and the total asset value of $24,545 has been preliminarily allocated as follows: product registrations and product rights $8,327, distribution agreements $3,584, trade names and trademarks $351, customer relationships and customer lists $386, goodwill $4,618, which is non-deductible for tax purposes, working capital $7,206, including trade receivables of $1,508, and equipment $73. The preliminary allocation includes the following adjustments recorded during the six months ended June 30, 2021, that were made based on a preliminary valuation report: decrease in contingent consideration $955, increase in product registrations and product rights $1,932, increase in distribution agreements $3,584, decrease in trade name and trademarks $843, decrease in customer relationships and customer lists $246, decrease in goodwill $4,054, and an increase in income tax liabilities $1,328. |
Foreign Currency
Foreign Currency | 6 Months Ended |
Jun. 30, 2021 | |
Foreign Currency [Abstract] | |
Foreign Currency | 22. Foreign Currency — |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. Subsequent Events — The Company executed an amendment related to its Credit Agreement on August 5, 2021. Please refer to Note 10 for the terms of the Credit Agreement. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Additional Information of Operating Leases | Three months ended June 30, 2021 Three months ended June 30, 2020 Six months ended June 30, 2021 Six months ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 1,546 $ 1,382 $ 3,011 $ 2,778 ROU assets obtained in exchange for new liabilities $ 11,691 $ 677 $ 12,067 $ 1,502 |
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 June 30, 2021 were as follows: Weighted-average remaining lease term (in years) 7.58 Weighted-average discount rate 4.08 % |
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases | Future minimum lease payments under non-cancellable operating leases as of June 30, 2021 were as follows: 2021 (excluding six months ended June 30, 2021) $ 2,345 2022 4,374 2023 3,421 2024 2,627 2025 2,332 Thereafter 10,350 Total lease payments 25,449 Less: imputed interest 3,801 Total $ 21,648 Amounts recognized in the Condensed Consolidated Balance Sheets: Operating lease liabilities, current $ 3,993 Operating lease liabilities, long-term $ 17,655 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net sales: U.S. crop $ 62,575 $ 44,670 $ 117,330 $ 95,032 U.S. non-crop 21,488 13,872 38,941 24,865 Total U.S. 84,063 58,542 156,271 119,897 International 50,547 46,013 94,494 80,620 Total net sales: $ 134,610 $ 104,555 $ 250,765 $ 200,517 Timing of revenue recognition: Goods and services transferred at a point in time $ 134,493 $ 103,846 $ 250,464 $ 199,622 Goods and services transferred over time 117 709 301 895 Total net sales: $ 134,610 $ 104,555 $ 250,765 $ 200,517 |
Summary of Contract Balances | June 30, 2021 December 31, 2020 Contract assets 4,600 3,200 Deferred revenue 13,205 43,611 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, Plant and Equipment June 30, 2021 December 31, 2020 Land $ 2,756 $ 2,756 Buildings and improvements 20,057 19,786 Machinery and equipment 127,605 124,199 Office furniture, fixtures and equipment 10,002 7,403 Automotive equipment 1,979 1,747 Construction in progress 8,568 10,392 Total gross value 170,967 166,283 Less accumulated depreciation (104,434 ) (100,901 ) Total net value $ 66,533 $ 65,382 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consist of the following: June 30, 2021 December 31, 2020 Finished products $ 156,170 $ 149,415 Raw materials 18,981 14,369 $ 175,151 $ 163,784 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Business Sales Segmentation | Selective enterprise information is as follows: For the three months ended June 30, 2021 2020 Change % Change Net sales: U.S. crop $ 62,575 $ 44,670 $ 17,905 40 % U.S. non-crop 21,488 13,872 7,616 55 % U.S. total 84,063 58,542 25,521 44 % International 50,547 46,013 4,534 10 % Net sales: $ 134,610 $ 104,555 $ 30,055 29 % Gross profit: U.S. crop $ 26,805 $ 21,758 $ 5,047 23 % U.S. non-crop 9,782 7,029 2,753 39 % U.S. total 36,587 28,787 7,800 27 % International 15,552 11,519 4,033 35 % Total gross profit: $ 52,139 $ 40,306 $ 11,833 29 % For the six months ended June 30, 2021 2020 Change % Change Net sales: U.S. crop $ 117,330 $ 95,032 $ 22,298 23 % U.S. non-crop 38,941 24,865 14,076 57 % U.S. total 156,271 119,897 36,374 30 % International 94,494 80,620 13,874 17 % Net sales: $ 250,765 $ 200,517 $ 50,248 25 % Gross profit: U.S. crop $ 48,076 $ 46,003 $ 2,073 5 % U.S. non-crop 19,165 11,748 7,417 63 % U.S. total 67,241 57,751 9,490 16 % International 30,029 20,936 9,093 43 % Total gross profit: $ 97,270 $ 78,687 $ 18,583 24 % |
Cash Dividend (Tables)
Cash Dividend (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cash Dividends [Abstract] | |
Cash Dividend | Cash Dividends on Common Stock Declaration Date Record Date Distribution Date Dividend Per Share Total Paid June 8, 2021 June 24, 2021 July 8, 2021 $ 0.020 $ 600 March 10, 2021 March 15, 2021 April 15, 2021 $ 0.020 $ 596 December 7, 2020 December 23, 2020 January 6, 2021 $ 0.020 $ 593 March 9, 2020 March 26, 2020 April 16, 2020 $ 0.020 $ 586 December 9, 2019 December 26, 2019 January 9, 2020 $ 0.020 $ 582 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income attributable to AVD $ 5,144 $ 3,887 $ 8,215 $ 4,407 Denominator: (in thousands) Weighted average shares outstanding-basic 29,930 29,413 29,834 29,350 Dilutive effect of stock options and grants 569 441 677 554 30,499 29,854 30,511 29,904 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Revolving Line of Credit | The debt is summarized in the following table: Long-term indebtedness ($000's) June 30, 2021 December 31, 2020 Revolving line of credit $ 149,700 $ 107,900 Deferred loan fees (322 ) (458 ) Net long-term debt $ 149,378 $ 107,442 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stock Based Compensation, Unamortized Stock-Based Compensation and Remaining Weighted Average Period | Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Six months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) June 30, 2021 Restricted Stock $ 1,167 $ 2,223 $ 9,734 2.2 Unrestricted Stock 107 217 367 0.9 Performance-Based Restricted Stock 532 1,158 4,186 2.1 Total $ 1,806 $ 3,598 $ 14,287 June 30, 2020 Restricted Stock $ 702 $ 1,478 $ 3,861 1.5 Unrestricted Stock 118 241 403 0.9 Performance-Based Restricted Stock 368 826 1,873 1.5 Total $ 1,188 $ 2,545 $ 6,137 |
Incentive Stock Option Plans | Incentive Stock Option Plans Activity for the three- and six-months ended June 30, 2021: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2020 123,087 $ 11.48 Options exercised (5,838 ) 11.49 Balance outstanding, March 31, 2021 117,249 11.48 Options exercised (8,826 ) 11.35 Balance outstanding, June 30, 2021 108,423 $ 11.49 Activity for the three- and six-months ended June 30, 2020: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2019 332,823 $ 9.14 Options exercised (15,836 ) 8.83 Balance outstanding, March 31, 2020 316,987 9.16 Options exercised (9,291 ) 8.27 Balance outstanding, June 30, 2020 307,696 $ 9.18 |
Performance Based Stock Options | |
Incentive Stock Option Plans | Activity for the three- and six-months ended June 30, 2021: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2020 114,658 $ 11.49 Options exercised — — Balance outstanding, March 31, 2021 and June 30, 2021 114,658 $ 11.49 Activity for the three- and six-months ended June 30, 2020: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2019 120,782 $ 11.49 Options exercised (3,035 ) 11.49 Balance outstanding, March 31, 2020 and June 30, 2020 117,747 $ 11.49 |
Restricted and Unrestricted Stock | |
Summary of Non-Vested Shares | Restricted and Unrestricted Stock — Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 820,624 $ 16.64 719,845 $ 17.67 Granted — — 4,185 18.63 Vested (197,615 ) 19.91 (213,781 ) 16.18 Forfeited (11,580 ) 16.95 (14,715 ) 18.08 Nonvested shares at March 31 st 611,429 15.57 495,534 18.31 Granted 289,757 20.10 43,168 13.45 Vested (30,112 ) 16.72 (37,958 ) 13.88 Forfeited (11,231 ) 16.60 (8,221 ) 18.64 Nonvested shares at June 30 th 859,843 $ 17.04 492,523 $ 18.22 |
Performance Based Restricted Stock | |
Summary of Non-Vested Shares | Performance-Based Restricted Stock — Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 391,771 $ 16.26 345,432 $ 16.92 Additional granted based on performance achievement 71,180 20.53 76,445 16.56 Vested (175,087 ) 19.78 (184,785 ) 15.87 Forfeited (505 ) 19.26 (3,759 ) 17.23 Nonvested shares at March 31 st 287,359 15.16 233,333 17.63 Granted 102,043 20.03 — — Forfeited — — (2,268 ) 18.00 Nonvested shares at June 30 th 389,402 $ 16.44 231,065 $ 17.63 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Measuring on Recurring Basis of Contingent Consideration | The following table illustrates the Company’s contingent consideration movements related to its business acquisitions: Six months ended June 30, 2021 Six months ended June 30, 2020 Balance, December 31 $ 2,468 $ 1,243 Purchase price adjustment (955 ) — Fair value adjustment 1,014 — Payments on existing obligations (250 ) (1,227 ) Accretion of discounted liabilities (11 ) — Foreign exchange effect (150 ) (16 ) Balance, June 30 $ 2,116 $ — Three months ended June 30, 2021 Six months ended June 30, 2020 Balance, March 31 $ 2,205 $ — Purchase price adjustment (955 ) — Fair value adjustment 1,014 — Accretion of discounted liabilities (27 ) — Foreign exchange effect (121 ) — Balance, June 30 $ 2,116 $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 (FX) translation adjustments: Total Balance, December 31, 2020 $ (9,322 ) FX translation (2,503 ) Balance, March 31, 2021 (11,825 ) FX translation 2,914 Balance, June 30, 2021 $ (8,911 ) Balance, December 31, 2019 $ (5,698 ) FX translation (9,063 ) Balance, March 31, 2020 (14,761 ) FX translation 324 Balance, June 30, 2020 $ (14,437 ) |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Line Items] | ||||
Operating lease expenses | $ 1,442 | $ 1,396 | $ 2,896 | $ 2,791 |
Minimum | ||||
Leases [Line Items] | ||||
Operating lease term | 1 year | 1 year | ||
Maximum | ||||
Leases [Line Items] | ||||
Operating lease term | 20 years | 20 years |
Leases - Schedule of Additional
Leases - Schedule of Additional Information of Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,546 | $ 1,382 | $ 3,011 | $ 2,778 |
ROU assets obtained in exchange for new liabilities | $ 11,691 | $ 677 | $ 12,067 | $ 1,502 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Detail) | Jun. 30, 2021 |
Leases [Abstract] | |
Weighted-average remaining lease term (in years) | 7 years 6 months 29 days |
Weighted-average discount rate | 4.08% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 (excluding six months ended June 30, 2021) | $ 2,345 | |
2022 | 4,374 | |
2023 | 3,421 | |
2024 | 2,627 | |
2025 | 2,332 | |
Thereafter | 10,350 | |
Total lease payments | 25,449 | |
Less: imputed interest | 3,801 | |
Total | 21,648 | |
Amounts recognized in the Condensed Consolidated Balance Sheets: | ||
Operating lease liabilities, current | 3,993 | $ 4,188 |
Operating lease liabilities, long-term | $ 17,655 | $ 8,177 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($)Segment | |
Revenue From Contract With Customer [Abstract] | ||
Number of reportable business segments | Segment | 1 | |
Revenue recognized | $ | $ 19,111 | $ 30,406 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 134,610 | $ 104,555 | $ 250,765 | $ 200,517 |
US | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 84,063 | 58,542 | 156,271 | 119,897 |
US | Crop | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 62,575 | 44,670 | 117,330 | 95,032 |
US | Non-Crop | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 21,488 | 13,872 | 38,941 | 24,865 |
International | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 50,547 | 46,013 | 94,494 | 80,620 |
Goods and Services Transferred at a Point in Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 134,493 | 103,846 | 250,464 | 199,622 |
Goods and Services Transferred Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 117 | $ 709 | $ 301 | $ 895 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Contract Balances (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Contract assets | $ 4,600 | $ 3,200 |
Deferred revenue | $ 13,205 | $ 43,611 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 170,967 | $ 166,283 |
Less accumulated depreciation | (104,434) | (100,901) |
Total net value | 66,533 | 65,382 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 2,756 | 2,756 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 20,057 | 19,786 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 127,605 | 124,199 |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 10,002 | 7,403 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 1,979 | 1,747 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 8,568 | $ 10,392 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense related to property, plant and equipment | $ 1,673 | $ 1,839 | $ 3,844 | $ 3,356 |
Elimination of Assets and Accumulated depreciation | $ 249 | $ 283 | $ 311 | $ 396 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 156,170 | $ 149,415 |
Raw materials | 18,981 | 14,369 |
Inventories | $ 175,151 | $ 163,784 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 1 |
Summary of Business Sales by Pr
Summary of Business Sales by Product and Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net sales | ||||
Net sales | $ 134,610 | $ 104,555 | $ 250,765 | $ 200,517 |
Change in net sales | 30,055 | 50,248 | ||
Percentage change in net sales | 29.00% | 25.00% | ||
Gross profit: | ||||
Gross profit | $ 52,139 | 40,306 | $ 97,270 | 78,687 |
Change in gross profit | 11,833 | 18,583 | ||
Percentage change in gross profit | 29.00% | 24.00% | ||
US | ||||
Net sales | ||||
Net sales | $ 84,063 | 58,542 | $ 156,271 | 119,897 |
Change in net sales | 25,521 | 36,374 | ||
Percentage change in net sales | 44.00% | 30.00% | ||
Gross profit: | ||||
Gross profit | $ 36,587 | 28,787 | $ 67,241 | 57,751 |
Change in gross profit | 7,800 | 9,490 | ||
Percentage change in gross profit | 27.00% | 16.00% | ||
US | Crop | ||||
Net sales | ||||
Net sales | $ 62,575 | 44,670 | $ 117,330 | 95,032 |
Change in net sales | 17,905 | 22,298 | ||
Percentage change in net sales | 40.00% | 23.00% | ||
Gross profit: | ||||
Gross profit | $ 26,805 | 21,758 | $ 48,076 | 46,003 |
Change in gross profit | 5,047 | 2,073 | ||
Percentage change in gross profit | 23.00% | 5.00% | ||
US | Non-Crop | ||||
Net sales | ||||
Net sales | $ 21,488 | 13,872 | $ 38,941 | 24,865 |
Change in net sales | 7,616 | 14,076 | ||
Percentage change in net sales | 55.00% | 57.00% | ||
Gross profit: | ||||
Gross profit | $ 9,782 | 7,029 | $ 19,165 | 11,748 |
Change in gross profit | 2,753 | 7,417 | ||
Percentage change in gross profit | 39.00% | 63.00% | ||
International | ||||
Net sales | ||||
Net sales | $ 50,547 | 46,013 | $ 94,494 | 80,620 |
Change in net sales | 4,534 | 13,874 | ||
Percentage change in net sales | 10.00% | 17.00% | ||
Gross profit: | ||||
Gross profit | $ 15,552 | 11,519 | $ 30,029 | 20,936 |
Change in gross profit | $ 4,033 | $ 9,093 | ||
Percentage change in gross profit | 35.00% | 43.00% |
Cash Dividend (Detail)
Cash Dividend (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||||
Cash dividend declaration date | Mar. 10, 2021 | Mar. 9, 2020 | Jun. 8, 2021 | Dec. 7, 2020 | Dec. 9, 2019 |
Cash dividend record date | Mar. 15, 2021 | Mar. 26, 2020 | Jun. 24, 2021 | Dec. 23, 2020 | Dec. 26, 2019 |
Cash dividend distributed date | Apr. 15, 2021 | Apr. 16, 2020 | Jul. 8, 2021 | Jan. 6, 2021 | Jan. 9, 2020 |
Cash dividend per share | $ 0.020 | $ 0.020 | $ 0.020 | $ 0.020 | $ 0.020 |
Cash dividend paid | $ 596 | $ 586 | $ 600 | $ 593 | $ 582 |
Components of Basic and Diluted
Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net income attributable to AVD | $ 5,144 | $ 3,887 | $ 8,215 | $ 4,407 |
Denominator: | ||||
Weighted average shares outstanding-basic | 29,930 | 29,413 | 29,834 | 29,350 |
Dilutive effect of stock options and grants | 569 | 441 | 677 | 554 |
Weighted average shares outstanding-diluted | 30,499 | 29,854 | 30,511 | 29,904 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Stock options excluded from computation of diluted earning per share | 0 | 0 | 0 | 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Jan. 07, 2021 | Oct. 02, 2020 | Jun. 30, 2017 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||
Short term debt | $ 0 | $ 0 | |||
Joint venture, consideration | 37,169,000 | ||||
Agrinos Group Companies | |||||
Debt Instrument [Line Items] | |||||
Joint venture, consideration | $ 12,624,000 | ||||
Agrinos Group Companies | Paycheck Protection Program Loan | |||||
Debt Instrument [Line Items] | |||||
Business combination, loan acquired | 705,000 | ||||
Debt instrument, decrease, forgiveness by Small business administration, principal | $ 667,000 | ||||
Debt instrument, decrease, forgiveness by Small business administration, intrest | 5,000 | ||||
Debt instrument, decrease, forgiveness by Small business administration | $ 672,000 | ||||
Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 275,000,000 | ||||
Credit agreement, covenant description | the Credit Agreement contains two; namely, borrowers are required to maintain a Total Leverage (“TL”) Ratio of no more than 3.5-to-1, during the first three years, stepping down to 3.25-to-1 as of September 30, 2024, and a Fixed Charge Coverage Ratio of at least 1.25-to-1. In addition, to the extent that it completes acquisitions totaling $15 million or more in any 90-day period, AMVAC may step-up the TL Ratio by 0.5-to-1, not to exceed 4.00-to-1, for the next three full consecutive quarters. | ||||
Consolidated funded debt ratio | 3.25% | ||||
Senior secured credit facility, maturity date | Aug. 5, 2026 | ||||
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 Margin” which is based upon the Total Leverage (“TL”) Ratio (“LIBOR Revolver 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 Margin (“Adjusted Base Rate Revolver Loan”). Interest payments for LIBOR Revolver Loans are payable on the last day of each interest period (either one, two, three or six months, as selected by the borrower) | ||||
Credit agreement, interest rate | 2.50% | ||||
Senior Secured Revolving Line of Credit | Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, variable rate basis | 0.50% | ||||
Senior Secured Revolving Line of Credit | One-Month LIBOR Rate | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, variable rate basis | 1.00% | ||||
Senior Secured Revolving Line of Credit | Adjusted Base Rate | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, interest payment period, description | last business day of each | ||||
Senior Secured Revolving Line of Credit | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Accordion feature | $ 150,000,000 | ||||
Senior Secured Revolving Line of Credit | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Available borrowings capacity under credit agreement | $ 49,420,000 | $ 86,736,000 | |||
Consolidated funded debt ratio | 0.50% | ||||
Consolidated funded debt amount | $ 149,700,000 | ||||
Credit agreement amount | $ 59,030,000 | ||||
Leverage ratio | 2.54 | ||||
Maximum | Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Available borrowings capacity under credit agreement | $ 25,000,000 | ||||
Consolidated funded debt ratio | 3.50% | ||||
Maximum | Senior Secured Revolving Line of Credit | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Consolidated funded debt ratio | 4.00% | ||||
Joint venture, consideration | $ 50,000,000 | ||||
Capacity to increase borrowings under credit agreement | $ 56,906,000 | ||||
Leverage ratio | 3.5 | ||||
Minimum | Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Consolidated fixed charge covenant ratio | 1.25% |
Summary of Revolving Line of Cr
Summary of Revolving Line of Credit (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Revolving line of credit | $ 149,700 | $ 107,900 |
Deferred loan fees | (322) | (458) |
Net long-term debt | $ 149,378 | $ 107,442 |
Unamortized Stock-Based Compens
Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 1,806 | $ 1,188 | $ 3,598 | $ 2,545 |
Unamortized Stock-Based Compensation | 14,287 | 6,137 | 14,287 | 6,137 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 1,167 | 702 | $ 2,223 | $ 1,478 |
Remaining Weighted Average Period (years) | 2 years 2 months 12 days | 1 year 6 months | ||
Unamortized Stock-Based Compensation | 9,734 | 3,861 | $ 9,734 | $ 3,861 |
Unrestricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 107 | 118 | $ 217 | $ 241 |
Remaining Weighted Average Period (years) | 10 months 24 days | 10 months 24 days | ||
Unamortized Stock-Based Compensation | 367 | 403 | $ 367 | $ 403 |
Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 532 | 368 | $ 1,158 | $ 826 |
Remaining Weighted Average Period (years) | 2 years 1 month 6 days | 1 year 6 months | ||
Unamortized Stock-Based Compensation | $ 4,186 | $ 1,873 | $ 4,186 | $ 1,873 |
Summary of Non-Vested Shares (D
Summary of Non-Vested Shares (Detail) - Restricted and Unrestricted Stock - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Beginning balance | 611,429 | 820,624 | 495,534 | 719,845 |
Number of Shares, Granted | 289,757 | 43,168 | 4,185 | |
Number of Shares, Vested | (30,112) | (197,615) | (37,958) | (213,781) |
Number of Shares, Forfeited | (11,231) | (11,580) | (8,221) | (14,715) |
Number of Shares, Ending Balance | 859,843 | 611,429 | 492,523 | 495,534 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 15.57 | $ 16.64 | $ 18.31 | $ 17.67 |
Weighted Average Grant-Date Fair Value, Granted | 20.10 | 13.45 | 18.63 | |
Weighted Average Grant-Date Fair Value, Vested | 16.72 | 19.91 | 13.88 | 16.18 |
Weighted Average Grant-Date Fair Value, Forfeited | 16.60 | 16.95 | 18.64 | 18.08 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 17.04 | $ 15.57 | $ 18.22 | $ 18.31 |
Status Summary of Non-Vested Sh
Status Summary of Non-Vested Shares (Detail) - Performance Based Restricted Stock - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Beginning balance | 287,359 | 391,771 | 233,333 | 345,432 |
Number of Share, Additional granted based on performance | 71,180 | 76,445 | ||
Number of Shares, Vested | (175,087) | (184,785) | ||
Number of Shares, Granted | 102,043 | |||
Number of Shares, Forfeited | (2,268) | (505) | (3,759) | |
Number of Shares, Ending Balance | 389,402 | 287,359 | 231,065 | 233,333 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 15.16 | $ 16.26 | $ 17.63 | $ 16.92 |
Weighted Average Grant-Date Fair Value, Additional granted based on performance | 20.53 | 16.56 | ||
Weighted Average Grant-Date Fair Value, Vested | 19.78 | 15.87 | ||
Weighted Average Grant-Date Fair Value, Granted | 20.03 | |||
Weighted Average Grant-Date Fair Value, Forfeited | 19.26 | 18 | 17.23 | |
Weighted Average Grant-Date Fair Value, Ending balance | $ 16.44 | $ 15.16 | $ 17.63 | $ 17.63 |
Summary of Option Activity (Det
Summary of Option Activity (Detail) - Incentive Stock Options - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive Stock Option Plans, Beginning balance | 117,249 | 123,087 | 316,987 | 332,823 |
Incentive Stock Option Plans, Option exercised | (8,826) | (5,838) | (9,291) | (15,836) |
Incentive Stock Option Plans, Ending balance | 108,423 | 117,249 | 307,696 | 316,987 |
Weighted Average Price Per Share, Beginning balance | $ 11.48 | $ 11.48 | $ 9.16 | $ 9.14 |
Weighted Average Price Per Share, Option exercised | 11.35 | 11.49 | 8.27 | 8.83 |
Weighted Average Price Per Share, Ending balance | $ 11.49 | $ 11.48 | $ 9.18 | $ 9.16 |
Summary of Option Activity - Ad
Summary of Option Activity - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2021 | |
Incentive Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding weighted average, remaining life (months) | 42 months |
Summary of Performance option a
Summary of Performance option activity (Detail) - Performance Based Stock Options - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive Stock Option Plans, Beginning balance | 114,658 | 114,658 | 117,747 | 120,782 |
Incentive Stock Option Plans, Options exercised | 0 | (3,035) | ||
Incentive Stock Option Plans, Ending balance | 114,658 | 114,658 | 117,747 | 117,747 |
Weighted Average Price Per Share, Beginning balance | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Weighted Average Price Per Share, Options exercised | 0 | 11.49 | ||
Weighted Average Price Per Share, Ending balance | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Summary of Performance option_2
Summary of Performance option activity - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2021 | |
Performance Based Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding weighted average, remaining life (months) | 42 months |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Fair Value Measuring on Recurring Basis of Contingent Consideration (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |||
Beginning balance | $ 2,205 | $ 2,468 | $ 1,243 |
Purchase price adjustment | (955) | (955) | |
Fair value adjustment | 1,014 | 1,014 | |
Payments on existing obligations | (250) | (1,227) | |
Accretion of discounted liabilities | (27) | (11) | |
Foreign exchange effect | (121) | (150) | $ (16) |
Ending balance | $ 2,116 | $ 2,116 |
Beginning Balance, Annual Activ
Beginning Balance, Annual Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | $ 360,046 | $ 360,736 | $ 360,736 | |||
FX translation | 2,914 | (2,503) | $ 324 | 411 | $ (8,739) | |
Balance | 369,371 | 360,046 | 369,371 | |||
Foreign Currency Translation Adjustments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | (11,825) | (9,322) | (14,761) | $ (5,698) | (9,322) | (5,698) |
FX translation | 2,914 | (2,503) | 324 | (9,063) | ||
Balance | $ (8,911) | $ (11,825) | $ (14,437) | $ (14,761) | $ (8,911) | $ (14,437) |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 07, 2017 | Jun. 27, 2017 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Aug. 02, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||||||||
Investment | $ 950 | $ 184 | $ 1,190 | |||||
Joint venture, consideration | $ 37,169 | |||||||
Losses from equity method investment | (87) | (38) | ||||||
Huifeng/AMVAC Innovation Co., Ltd. | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity investment ownership position | 50.00% | |||||||
Hong Kong JV | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Losses from equity method investment | $ 74 | $ 25 | 87 | 38 | ||||
Investment in joint venture | $ 301 | $ 475 | $ 301 | $ 475 | ||||
Profeng Australia, Pty Ltd | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Joint venture, consideration | $ 1,900 |
Equity Investments - Additional
Equity Investments - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | Apr. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Feb. 29, 2016 |
Schedule Of Equity Method Investments [Line Items] | |||||||
Joint venture, consideration | $ 37,169 | ||||||
Losses from equity method investment | $ (87) | $ (38) | |||||
Bi Pa | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investment in joint venture | $ 3,283 | ||||||
Cost method ownership percentage | 15.00% | 15.00% | |||||
Impairment of investments | $ 0 | $ 0 | $ 0 | 0 | |||
Clean Seed Capital Group Ltd | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Equity Method Investment Shares Purchased | 6,250 | ||||||
Equity investment ownership position | 8.00% | ||||||
Joint venture, consideration | $ 1,190 | ||||||
Fair value of stock | 2,678 | 2,678 | |||||
Losses from equity method investment | $ (295) | $ 24 | $ 771 | $ 24 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 2,445 | $ 1,565 | $ 3,807 | $ 1,360 |
Federal income tax rate | 31.90% | 28.60% | 31.40% | 23.40% |
Product and Business Acquisit_2
Product and Business Acquisitions - Additional Information (Detail) $ in Thousands | Oct. 08, 2020USD ($) | Oct. 02, 2020USD ($) | Jun. 30, 2021USD ($)Business | Jun. 30, 2020Business | Jun. 30, 2021USD ($)Business | Jun. 30, 2020Business | Dec. 31, 2020USD ($)Business |
Business Acquisition [Line Items] | |||||||
Business combination, number of businesses acquired | Business | 0 | 0 | 0 | 0 | 2 | ||
Business combination, cash consideration | $ 10,000 | $ 19,342 | |||||
other assets | $ 10,000 | 10,000 | |||||
Business combination, cash acquired | 1,970 | ||||||
Business combination, deferred consideration paid | 1,052 | ||||||
Net asset adjustment | 623 | ||||||
Business combination, liabilities assumed | 11,616 | ||||||
Business combination bargain purchase gain amount | 4,536 | ||||||
Joint venture, consideration | 37,169 | ||||||
Business combination, allocation of purchase price, goodwill | 4,618 | ||||||
Business combination, allocation of purchase price, working capital and fixed assets | 19,653 | ||||||
Adjustment to bargain purchase gain on business acquisition | 88 | 121 | |||||
Business combination contingent consideration | 955 | ||||||
Goodwill, Period Increase (Decrease) | 4,054 | ||||||
Business combination change in income tax liabilities | 1,328 | ||||||
Business combination,trade receivables | $ 1,508 | ||||||
Goodwill | $ 48,154 | 48,154 | 52,108 | ||||
Agrinos Group Companies | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, cash consideration | $ 3,125 | ||||||
Business combination, cash acquired | 1,813 | ||||||
Business combination, liabilities assumed | 4,963 | ||||||
Business combination bargain purchase gain amount | 4,536 | ||||||
Joint venture, consideration | 12,624 | ||||||
Adjustment to bargain purchase gain on business acquisition | 121 | ||||||
Business combination, liabilities assumed, tax | 595 | ||||||
Business combination, allocation of purchase price, working capital | 7,370 | ||||||
Business combination,trade receivables | 2,262 | ||||||
Business combination, allocation of purchase price, property, plant and equipment | 5,004 | ||||||
Business combination, allocation purchase price of intangible assets | $ 250 | ||||||
AgNova | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, cash consideration | 16,217 | ||||||
Business combination, cash acquired | 157 | ||||||
Net asset adjustment | 623 | ||||||
Business combination, liabilities assumed | 6,653 | ||||||
Joint venture, consideration | 24,545 | ||||||
Business combination contingent consideration | 955 | ||||||
Goodwill, Period Increase (Decrease) | 4,054 | ||||||
Business combination change in income tax liabilities | 1,328 | ||||||
Business combination, liabilities assumed, tax | 3,857 | ||||||
Business combination, allocation of purchase price, working capital | 7,206 | ||||||
Business combination, allocation of purchase price, property, plant and equipment | 73 | ||||||
Business combination, contingent consideration | 1,052 | ||||||
Goodwill | 4,618 | ||||||
Product Registrations and Product Rights | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, allocation purchase price of intangible assets | 8,577 | ||||||
Business combination change in assumed intangibles | 1,932 | ||||||
Product Registrations and Product Rights | AgNova | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, allocation purchase price of intangible assets | 8,327 | ||||||
Business combination change in assumed intangibles | 1,932 | ||||||
Trade Names, Trademarks and Patents | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, allocation purchase price of intangible assets | 351 | ||||||
Business combination change in assumed intangibles | 843 | ||||||
Trade Names, Trademarks and Patents | AgNova | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, allocation purchase price of intangible assets | 351 | ||||||
Business combination change in assumed intangibles | 843 | ||||||
Distribution Agreement [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, allocation purchase price of intangible assets | 3,584 | ||||||
Business combination change in assumed intangibles | 3,584 | ||||||
Distribution Agreement [Member] | AgNova | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, allocation purchase price of intangible assets | 3,584 | ||||||
Business combination change in assumed intangibles | 3,584 | ||||||
Customer Relationships and Customer Lists | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, allocation purchase price of intangible assets | $ 386 | ||||||
Business combination change in assumed intangibles | 246 | ||||||
Customer Relationships and Customer Lists | AgNova | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, allocation purchase price of intangible assets | $ 386 | ||||||
Business combination change in assumed intangibles | $ 246 |
Foreign Currency - Additional I
Foreign Currency - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Foreign Currency [Line Items] | ||||
Net foreign currency transaction gains losses | $ 147 | $ (594) | ||
Operating Expenses | ||||
Foreign Currency [Line Items] | ||||
Net foreign currency transaction gains losses | $ 738 | $ (291) | $ (465) | $ (1,128) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||
Business combination, cash consideration | $ 10,000 | $ 19,342 |