Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 01, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AVD | ||
Entity Registrant Name | AMERICAN VANGUARD CORPORATION | ||
Entity Central Index Key | 0000005981 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common Stock, $.10 par value | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-13795 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-2588080 | ||
Entity Address, Address Line One | 4695 MacArthur Court | ||
Entity Address, City or Town | Newport Beach | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92660 | ||
City Area Code | 949 | ||
Local Phone Number | 260-1200 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 30,944,838 | ||
Entity Public Float | $ 523.8 | ||
Auditor Firm ID | 243 | ||
Auditor Name | BDO USA, LLP | ||
Auditor Location | Costa Mesa, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 16,285 | $ 15,923 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $3,938 and $3,297, respectively | 149,326 | 130,029 |
Other | 9,595 | 6,969 |
Total receivables, net | 158,921 | 136,998 |
Inventories, net | 154,306 | 163,784 |
Prepaid expenses | 12,488 | 10,499 |
Income taxes receivable | 3,046 | |
Total current assets | 342,000 | 330,250 |
Property, plant and equipment, net | 66,111 | 65,382 |
Operating lease right-of-use assets | 25,386 | 12,198 |
Intangible assets, net of amortization | 197,841 | 197,514 |
Goodwill | 46,260 | 52,108 |
Other assets | 16,292 | 20,077 |
Deferred income tax assets, net | 270 | 2,764 |
Total assets | 694,160 | 680,293 |
Current liabilities: | ||
Current installments of other liabilities | 802 | 2,647 |
Accounts payable | 67,140 | 59,253 |
Deferred revenue | 63,064 | 43,611 |
Accrued program costs | 63,245 | 45,441 |
Accrued expenses and other payables | 20,745 | 16,184 |
Income taxes payable | 3,006 | |
Operating lease liabilities, current | 5,059 | 4,188 |
Total current liabilities | 223,061 | 171,324 |
Long-term debt, net of deferred loan fees | 52,240 | 107,442 |
Other liabilities, excluding current installments | 5,335 | 9,054 |
Operating lease liabilities, long-term | 20,780 | 8,177 |
Deferred income tax liabilities, net | 20,006 | 23,560 |
Total liabilities | 321,422 | 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 34,248,218 shares in 2021 and 33,922,433 shares in 2020 | 3,426 | 3,394 |
Additional paid-in capital | 101,450 | 96,642 |
Accumulated other comprehensive loss | (13,784) | (9,322) |
Retained earnings | 304,385 | 288,182 |
Total stockholders' equity including treasury stock | 395,477 | 378,896 |
Less treasury stock at cost, 3,361,040 shares in 2021 and 3,061,040 in 2020 | (22,739) | (18,160) |
Total stockholders’ equity | 372,738 | 360,736 |
Total liabilities and stockholders’ equity | $ 694,160 | $ 680,293 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,938 | $ 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 | 33,922,433 |
Common stock, shares issued | 34,248,218 | 33,922,433 |
Treasury stock, shares | 3,361,040 | 3,061,040 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 556,872 | $ 458,704 | $ 468,186 |
Cost of sales | (343,629) | (286,114) | (290,832) |
Gross profit | 213,243 | 172,590 | 177,354 |
Operating expenses | (182,468) | (154,339) | (151,133) |
Bargain purchase gain on business acquisition | 171 | 4,657 | |
Operating income | 30,946 | 22,908 | 26,221 |
Change in fair value of equity investments, net | (790) | 717 | |
Other income | 672 | ||
Interest expense, net | (3,687) | (5,178) | (7,209) |
Income before provision for income taxes and loss on equity method investment | 27,141 | 18,447 | 19,012 |
Provision for income taxes | (8,166) | (3,080) | (5,202) |
Income before loss on equity method investment | 18,975 | 15,367 | 13,810 |
Less loss from equity method investment | (388) | (125) | (209) |
Net income | $ 18,587 | $ 15,242 | $ 13,601 |
Earnings per common share—basic | $ 0.62 | $ 0.52 | $ 0.47 |
Earnings per common share—assuming dilution | $ 0.61 | $ 0.51 | $ 0.46 |
Weighted average shares outstanding—basic | 29,811 | 29,450 | 29,030 |
Weighted average shares outstanding—assuming dilution | 30,410 | 29,993 | 29,656 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 18,587 | $ 15,242 | $ 13,601 |
Other comprehensive loss | |||
Foreign currency translation adjustment, net of tax effects | (4,462) | (3,624) | (1,191) |
Comprehensive income | $ 14,125 | $ 11,618 | $ 12,410 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS 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, 2018 | $ 3,276 | $ 83,177 | $ (4,507) | $ 262,840 | $ (15,556) | $ 329,230 | |
Balance (in shares) at Dec. 31, 2018 | 32,752,827 | 2,902,992 | |||||
Stocks issued under ESPP | $ 5 | 711 | 716 | ||||
Stocks issued under ESPP, Shares | 47,229 | 47,229 | |||||
Cash dividends on common stock ($0.08 per share 2018, $0.08 per share 2019, $0.04 per share 2020) | (2,323) | (2,323) | |||||
Foreign currency translation adjustment, net | $ (1,191) | (1,191) | (1,191) | ||||
Foreign currency translation adjustment, net of tax effects | (1,191) | (1,191) | (1,191) | ||||
Stock based compensation | 7,160 | 7,160 | |||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) | $ 43 | (476) | (433) | ||||
Stock options exercised; grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 433,558 | ||||||
Shares repurchased | $ (2,604) | (2,604) | |||||
Shares repurchased (In Shares) | (158,048) | ||||||
Net income | $ 13,601 | 13,601 | 13,601 | ||||
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 | |||||
Stocks issued under ESPP | $ 5 | 716 | 721 | ||||
Stocks issued under ESPP, Shares | 49,668 | 49,668 | |||||
Cash dividends on common stock ($0.08 per share 2018, $0.08 per share 2019, $0.04 per share 2020) | (1,178) | (1,178) | |||||
Foreign currency translation adjustment, net | $ (3,624) | (3,624) | (3,624) | ||||
Foreign currency translation adjustment, net of tax effects | (3,624) | (3,624) | (3,624) | ||||
Stock based compensation | 6,561 | 6,561 | |||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) | $ 65 | (1,207) | (1,142) | ||||
Stock options exercised; grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 639,151 | ||||||
Net income | 15,242 | 15,242 | 15,242 | ||||
Balance at Dec. 31, 2020 | $ 360,736 | $ 3,394 | 96,642 | (9,322) | 288,182 | $ (18,160) | 360,736 |
Balance (in shares) at Dec. 31, 2020 | 33,922,433 | 33,922,433 | 3,061,040 | ||||
Stocks issued under ESPP | $ 4 | 739 | 743 | ||||
Stocks issued under ESPP, Shares | 50,782 | 50,782 | |||||
Cash dividends on common stock ($0.08 per share 2018, $0.08 per share 2019, $0.04 per share 2020) | (2,384) | (2,384) | |||||
Foreign currency translation adjustment, net | $ (4,462) | (4,462) | (4,462) | ||||
Foreign currency translation adjustment, net of tax effects | (4,462) | (4,462) | (4,462) | ||||
Stock based compensation | 6,880 | 6,880 | |||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) | $ 28 | (2,811) | (2,783) | ||||
Stock options exercised; grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 275,003 | ||||||
Shares repurchased | $ (4,579) | (4,579) | |||||
Shares repurchased (In Shares) | (300,000) | ||||||
Net income | 18,587 | 18,587 | 18,587 | ||||
Balance at Dec. 31, 2021 | $ 372,738 | $ 3,426 | $ 101,450 | $ (13,784) | $ 304,385 | $ (22,739) | $ 372,738 |
Balance (in shares) at Dec. 31, 2021 | 34,248,218 | 34,248,218 | 3,361,040 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends on common stock, per share | $ 0.08 | $ 0.04 | $ 0.08 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 18,587 | $ 15,242 | $ 13,601 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of property, plant and equipment and intangible assets | 22,229 | 19,902 | 18,643 |
Loss on disposal of property, plant and equipment | 194 | 119 | |
Amortization of other long-term assets | 3,943 | 3,947 | 3,983 |
Accretion of discounted liabilities | (8) | 9 | 72 |
Amortization of deferred loan fees | 367 | 300 | 224 |
Provision for bad debts | 649 | 1,002 | 1,035 |
Loan principal and interest forgiveness | (672) | ||
Fair value adjustment of contingent consideration | 758 | 250 | (4,120) |
Decrease in environmental liability | (167) | (1,155) | |
Stock-based compensation | 6,880 | 6,561 | 7,160 |
Increase (decrease) in deferred income taxes | (2,090) | 969 | 2,616 |
Changes in liabilities for uncertain tax positions or unrecognized tax benefits | (1,783) | (2,092) | 263 |
Change in equity investment fair value | 790 | (717) | |
Loss from equity method investment | 388 | 125 | 209 |
Bargain purchase gain | (171) | (4,657) | |
Net foreign currency adjustment | (225) | 126 | 275 |
Changes in assets and liabilities associated with operations, net of business combinations: | |||
(Increase) decrease in net receivables | (24,347) | 15,407 | (11,513) |
Decrease in inventories | 8,130 | 7,421 | 3,817 |
(Increase) decrease in income tax receivable, net | 6,051 | (287) | (6,855) |
(Increase) decrease in prepaid expenses and other assets | (3,354) | 140 | (876) |
Increase in net operating lease liability | 286 | 18 | 149 |
Increase (decrease) in accounts payable | 8,783 | (8,199) | (7,912) |
Increase (decrease) in deferred revenue | 19,280 | 36,803 | (13,355) |
Increase (decrease) in accrued program costs | 17,877 | (2,517) | 5,797 |
Increase (decrease) in other payables and accrued expenses | 3,986 | 1,607 | (3,600) |
Net cash provided by operating activities | 86,361 | 90,324 | 9,613 |
Cash flows from investing activities: | |||
Capital expenditures | (9,518) | (11,249) | (12,985) |
Acquisitions of businesses and product lines | (10,000) | (19,342) | (37,972) |
Intangible assets | (524) | (4,014) | (3,880) |
Investment | (1,190) | ||
Net cash used in investing activities | (20,042) | (35,795) | (54,837) |
Cash flows from financing activities: | |||
Net (payments) borrowings under line of credit agreement | (55,569) | (41,624) | 51,900 |
Payment of contingent consideration | (1,301) | (1,227) | (850) |
Net receipt from the issuance of common stock under ESPP | 743 | 721 | 716 |
Net receipt from the exercise of stock options | 172 | 1,603 | 680 |
Repurchase of common stock | (4,579) | (2,604) | |
Payment of cash dividends | (2,382) | (1,168) | (2,323) |
Net cash (used in) provided by financing activities | (65,871) | (44,440) | 46,406 |
Net payment from common stock purchased for tax withholding | (2,955) | (2,745) | (1,113) |
Net increase in cash and cash equivalents | 448 | 10,089 | 1,182 |
Effect of exchange rate changes on cash and cash equivalents | (86) | (747) | (769) |
Cash and cash equivalents at beginning of year | 15,923 | 6,581 | 6,168 |
Cash and cash equivalents at end of year | $ 16,285 | $ 15,923 | $ 6,581 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II-A—Valuation and Qualifying Accounts Allowance for Doubtful Accounts Receivable (in thousands) Balance at Additions Charged to Foreign Balance at Fiscal Year Ended Beginning of Period Costs and Expenses exchange impact End of Period December 31, 2021 $ 3,297 649 (8 ) $ 3,938 December 31, 2020 $ 2,300 1,002 (5 ) $ 3,297 December 31, 2019 $ 1,263 1,035 2 $ 2,300 Inventory Reserve (in thousands) Balance at Balance at Fiscal Year Ended Beginning of Period Additions Deductions End of Period December 31, 2021 $ 2,868 948 (1,141 ) $ 2,675 December 31, 2020 $ 2,130 1,120 (382 ) $ 2,868 December 31, 2019 $ 1,989 573 (432 ) $ 2,130 Deferred Tax Asset Valuation Allowance (in thousands) Balance at Additions Charged to Balance at Fiscal Year Ended Beginning of Period Costs and Expenses Other Comprehensive Loss Deductions End of Period December 31, 2021 $ — $ 3,304 $ 958 $ — $ 4,262 See accompanying report of independent registered public accounting firm on page 38 of this annual report. |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Consolidation, Basis of Presentation and Significant Accounting Policies | (1) Description of Business and Summary of Significant Accounting Policies American Vanguard Corporation (the “Company” or “AVD”) is primarily a specialty chemical manufacturer that develops and markets safe and effective products for agricultural, commercial and consumer uses. The Company manufactures and formulates chemicals for crops, human and animal protection. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company operates within a single operating segment. All U.S. Dollar amounts reflected in the notes to the consolidated financial statements are presented in thousands, except per share data. The Company is closely monitoring the impact of the novel coronavirus (COVID-19) pandemic on all aspects of its business, including how the pandemic has impacted, and may possibly impact, its customers, business partners, and employees. The Company is considered an essential business by most governments in the jurisdictions and territories in which the Company operates and, as a result, did not incur significant disruptions from the COVID-19 pandemic during the years ended December 31, 2021 and 2020, respectively. Looking forward, the Company is unable to predict the 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 over the past year, 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. The Company believes that the combination of its cash flows from future operations, current cash on hand and the availability under the Company’s credit facility will be sufficient to meet its working capital and capital expenditure requirements and will provide the Company with adequate liquidity to meet its anticipated operating needs for at least the next 12 months from the issuance of these consolidated financial statements. Although operating activities are expected to provide cash, to the extent of growth in the future, its operating and investing activities will use cash and, consequently, this growth may require the Company to access some or all of the availability under the credit facility. It is also possible that additional sources of finance may be necessary to support additional growth. Based on similar economic and operational characteristics, the Company’s business is aggregated into one reportable category. Selective enterprise information is as follows: 2021 2020 2019 Net sales: U.S. crop $ 263,632 $ 211,357 $ 220,635 U.S. non-crop 78,605 60,367 61,590 Total U.S. 342,237 271,724 282,225 International 214,635 186,980 185,961 Total net sales $ 556,872 $ 458,704 $ 468,186 Gross profit: U.S. crop $ 109,568 $ 92,723 $ 95,429 U.S. non-crop 37,443 27,842 29,713 Total U.S. 147,011 120,565 125,142 International 66,232 52,025 52,212 Total gross profit $ 213,243 $ 172,590 $ 177,354 Due to elements inherent to the Company’s business, such as differing and unpredictable weather patterns, crop growing cycles, changes in product mix of sales and ordering patterns that may vary in timing, measuring the Company’s performance on a quarterly basis (for example, gross profit margins on a quarterly basis may vary significantly) even when such comparisons are favorable, is not as good an indicator as full-year comparisons. Reclassifications— Certain prior years’ amounts have been reclassified to conform to the current year’s presentation. Cost of Sales— Cost of sales is the Company’s capitalized cost of inventory procurement and production that is sold in the respective periods. These costs include direct labor, materials, and manufacturing overhead, Additionally the Company also includes such cost centers as Health and Safety, Environmental, Maintenance and Quality Control in cost of sales. Operating Expenses— Operating expenses include cost centers for Selling, General and Administrative, Research, Product Development, and Regulatory, and outbound Freight, Delivery and Warehousing. 2021 2020 2019 Selling $ 48,604 $ 42,389 $ 45,121 General and administrative 61,685 48,828 46,593 Research, product development and regulatory 28,855 26,310 24,070 Freight, delivery and warehousing 43,324 36,812 35,349 Total operating expenses $ 182,468 $ 154,339 $ 151,133 Advertising Expense— The Company expenses advertising costs in the period incurred. Advertising expenses, which include promotional costs, are recognized as selling expenses in the consolidated statements of operations and were $5,201, $4,833 and $5,520 in 2021, 2020 and 2019, respectively Cash and cash equivalents— The Company’s cash equivalents consist primarily of certificates of deposit with an initial term of less than three months. For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. The Company maintains cash and cash equivalent balances that exceed federally insured limits with a number of financial institutions. Inventories— The Company values its inventories at lower of cost or net realizable value. Cost is determined by the first-in, first-out (“FIFO”) or average cost method, including material, labor, factory overhead and subcontracting services. The Company writes down its inventory carrying values as a result of net realizable value assessments of slow moving and obsolete inventory and other annual adjustments to ensure that its standard costs continue to closely reflect actual cost. The Company recorded an inventory reserve allowance of $2,675 and $2,868 at December 31, 2021 and 2020, respectively. The components of inventories, net of reserve allowance, consist of the following: 2021 2020 Finished products $ 138,159 $ 149,415 Raw materials 16,147 14,369 Total inventories, net $ 154,306 $ 163,784 Leases — The Company has operating leases for warehouses, manufacturing facilities, offices, cars, railcars and certain equipment for which operating lease right-of-use (“ROU”) assets and corresponding lease liabilities are recorded. The Company measures ROU assets throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. The lease liabilities are measured at the present value of the unpaid lease payments at the lease commencement date. Leases that include both lease and non-lease components are accounted for as a single lease component for each asset class, except for warehouse leases. The minimum payments under operating leases are recognized on a straight-line basis over the lease term in the consolidated statements of operations. Operating lease expenses related to variable lease payments are recognized in cost of sales or as operating expenses in a manner consistent with the nature of the underlying lease and as the events, activities, or circumstances in the lease agreement occur. Leases with a term of less than 12 months are not recognized on the consolidated balance sheets, and the related lease expenses are recognized in the consolidated statements of operations on a straight-line basis over the lease term. The accounting for leases requires management to exercise judgment and make estimates in determining the applicable discount rate, lease term and payments due under a lease. Most of our leases do not provide an implicit interest rate, nor is it available to us from our lessors. As an alternative, the Company use s our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, including publicly available data, in determining the present value of lease payments. The Company also estimated the fair value of the lease and non-lease components for some of our warehouse leases based on market data and cost data. The lease term includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not terminate) that the Company is reasonably certain to exercise. The Company has leases with a lease term ranging from 1 year to 20 years. The operating leases of the Company do not contain major restrictions or covenants such as those relating to dividends or additional financial obligations. Finance leases are immaterial to the consolidated financial statements. There were no lease transactions with related parties during 2021, 2020 and 2019. The operating lease expense for the years ended December 31, 2021, 2020 and 2019 was $5,750, $5,662 and $5,398, respectively. Lease expenses related to variable lease payments and short-term leases were immaterial. Additional information related to operating leases are as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 5,750 $ 5,657 $ 5,398 ROU assets obtained in exchange for new liabilities $ 18,521 $ 6,309 $ 3,580 The weighted-average remaining lease term and discount rate related to the operating leases as of December 31, 2021, 2020 and 2019 were as follows: December 31, 2021 December 31, 2020 Weighted-average remaining lease term (in years) 6.72 4.62 Weighted-average discount rate 4.02 % 3.81 % Future minimum lease payments under non-cancellable operating leases as of December 31, 2021 were as follows: 2022 $ 5,899 2023 4,884 2024 4,130 2025 3,705 2026 2,852 Thereafter 8,254 Total lease payments $ 29,724 Less: imputed interest (3,885 ) Total $ 25,839 Amounts recognized in the consolidated balance sheets: Operating lease liabilities, current $ 5,059 Operating lease liabilities, long term $ 20,780 Revenue Recognition — The Company recognizes revenue when control of the ordered goods or services are transferred to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company sells its products mainly to distributors and retailers. The products include insecticides, herbicides, soil fumigants, fungicides and biologicals. In addition, the Company recognizes royalty income related to licensing arrangements which qualify as functional licenses rather than symbolic licenses. Upon signing a new licensing agreement, the Company typically receives up-front fees, which are generally characterized as non-refundable royalties. These fees are recognized as revenue upon the execution of the license agreements. Minimum royalty fees are recognized once the Company has an enforceable right for payment. Sales-based royalty fees are typically recognized when the sales occur. The Company calculates and accrues estimated royalties based on the agreement terms and correspondence with the licensees regarding actual sales. Based on similar economic and operational characteristics, the Company’s business is aggregated into one reportable segment. Selective enterprise information of sales disaggregated by category and geographic region is as follows: 2021 2020 2019 Net sales: U.S. crop $ 263,632 $ 211,357 $ 220,635 U.S. non-crop 78,605 60,367 61,590 Total U.S. 342,237 271,724 282,225 International 214,635 186,980 185,961 Total net sales $ 556,872 $ 458,704 $ 468,186 Timing of revenue recognition: Goods and services transferred at a point in time $ 556,372 $ 455,726 $ 464,967 Goods and services transferred over time 500 2,978 3,219 Total net sales $ 556,872 $ 458,704 $ 468,186 Net sales of U.S. crop and U.S. non-crop for 2020 in the table above were each revised. Net sales of U.S. crop sales are $11,810 lower than previously reported and net sales of U.S. non-crop are $11,810 higher than previously reported. There was no overall effect on U.S. net sales. 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. On December 31, 2021, the Company had $63,064 of remaining performance obligations, which are comprised of deferred revenue and services not yet delivered. The Company expects to recognize all these remaining performance obligations as revenue in fiscal year 2022. Practical Expedients — The Company has elected to use the following practical expedients (i) not to adjust the promised amount of consideration for the effects of a significant financing component when the Company expects, at contract inception, that the period between the Company's transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less and (ii) treat shipping and handling activities that occur after control of the good transfers to the customer as fulfillment activities. Contract Assets — The contract assets relate to royalties earned on certain functional licenses granted for the use of the Company’s intellectual property, and a contract manufacturing agreement for the production of products without alternative use. December 31, 2021 December 31, 2020 Contract assets $ 3,900 $ 3,200 The short-term and long-term assets of $1,825 and $2,075 are included in other receivables and other assets, respectively, on the consolidated balance sheets as of December 31, 2021. The short-term and long-term assets of $1,725 and $1,475 are included in other receivables and other assets, respectively, on the consolidated balance sheets as of December 31, 2020. Deferred Revenue — The timing of revenue recognition, billings and cash collections may result in deferred revenue in the consolidated balance sheets. The Company sometimes receives payments from its customers in advance of goods and services being provided, in return for participation in its pre-payments related cash incentive program. These pre-payments are held on the Company’s consolidated balance sheets as deferred revenue until control of the related performance obligations has passed to the customers, which is generally upon shipment of products. There is no significant financing component related to the pre-payments since the Company expects to transfer the products within one year from the date payment is received. A similar number of the Company’s customers participated in the Company’s cash incentive program in 2021, and at an increased average level, which resulted in an increase in the Company’s deferred revenue balance as of December 31, 2021, compared to the prior year. December 31, 2021 December 31, 2020 Deferred revenue $ 63,064 $ 43,611 Revenue recognized for the years ended December 31, 2021, 2020, and 2019 that was included in the deferred revenue balance at the beginning of 2021, 2020, and 2019 was $37,779, $5,652, and $20,043 respectively. Allowance for Current Expected Credit Losses— The Company maintains an allowance to cover its Current Expected Credit Losses ("CECL") on its trade receivables, other receivables and contract assets arising from the possible failure of customers to make contractual payments. The Company estimates credit losses expected over the life of its trade receivables, other receivables and contract assets based on historical information combined with current conditions that may affect a customer’s ability to pay and reasonable and supportable forecasts. In most instances, the Company’s policy is to write-off trade receivables when they are deemed uncollectible. The vast majority of the Company's trade receivables, other receivables and contract assets are less than 365 days. Under the CECL impairment model, the Company develops and documents its allowance for credit losses on its trade receivables based on multiple portfolios. The determination of portfolios is based primarily on geographical location, type of customer and aging. Accrued Program Costs — The Company offers various discounts to customers based on the volume purchased within a defined 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 compares individual sale transactions with Programs to determine what, if any, estimated program liabilities have been incurred. Once this initial calculation is made for the specific quarter, sales and marketing management, along with executive and financial management, review the accumulated Program balance and, for volume driven payments, make assessments of whether or not customers are tracking in a manner that indicates that they will meet the requirements set out in agreed upon terms and conditions attached to each Program. Following this assessment, management will make adjustments to the accumulated accrual to properly reflect the Company’s best estimate of the liability at the balance sheet date. 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. Debt Issuance Costs and Debt Discount — The Company capitalizes costs incurred with borrowing and records debt issuance costs as a reduction to the debt amount. These costs in connection with the Company’s revolving line of credit are amortized ratably over the life of the borrowing and included in interest expense. Property, Plant and Equipment and Depreciation— Property, plant and equipment includes the cost of land, buildings, machinery and equipment, office furniture and fixtures, automobiles, construction projects and significant improvements to existing plant and equipment. Interest costs related to significant construction projects are capitalized at the Company’s current weighted average effective interest rate. Expenditures for minor repairs and maintenance are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss realized on disposition is reflected in operations. All plant and equipment are depreciated using the straight-line method, utilizing the estimated useful property lives. See Note 2 for useful lives. Intangible Assets — The primary identifiable intangible assets of the Company relate to assets associated with its product and business acquisitions. All the Company’s intangible assets are amortizing assets with finite lives. The estimated useful life of an identifiable intangible asset is based upon several factors including the effects of demand, competition, and expected changes in the marketability of the Company’s products. Business Combinations — The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill or an adjustment to the gain from a bargain purchase. In addition, when appropriate uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill or an adjustment to the gain from a bargain purchase, provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statement of operations. Certain of our acquisition agreements include contingent earn-out arrangements, which are generally based on the achievement of future income thresholds. The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, the Company engages third-party valuation specialists to assist it in making estimates of the fair value of contingent earn-out payments, both as part of the initial purchase price and at each subsequent financial statement date until the end of the related performance period. The Company records the estimated fair value of contingent consideration as a liability on the consolidated balance sheets. We review and re-assess the estimated fair value of contingent consideration on a quarterly basis, and the updated fair value could be materially different from the initial estimates or prior quarterly amounts. Changes in the estimated fair value of our contingent earn-out liabilities are reported in operating results. Asset Acquisitions — If an acquisition of an asset or group of assets does not meet the definition of a business, the transaction is accounted for as an asset acquisition rather than a business combination. An asset acquisition does not result in the recognition of goodwill and transaction costs are capitalized as part of the cost of the asset or group of assets acquired. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The acquisitions costs are allocated to the assets acquired on a relative fair value basis. Impairment — The carrying values of long-lived assets other than goodwill are reviewed for impairment annually and/or whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company evaluates recoverability of an asset group by comparing the carrying value to the future undiscounted cash flows that it expects to generate from the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, measurement of the impairment loss is based on the fair value of the asset. There were no circumstances that would indicate any impairment of the carrying value of these long-lived assets and no material impairment losses were recorded in 2021, 2020, or 2019. The Company reviews goodwill for impairment utilizing either a qualitative or quantitative assessment. If the Company decides that it is appropriate to perform a qualitative assessment and concludes that the fair value of a reporting unit more likely than not exceeds its carrying value, no further evaluation is necessary. If the Company performs a quantitative assessment, the Company compares the fair value of a reporting unit with its carrying amounts and recognizes an impairment charge for the amount that the carrying amount exceeds the reporting unit’s fair value. The Company annually tests goodwill for impairment in beginning of the fourth quarter, or earlier if triggering events occur. The Company did not record any impairment losses in 2021, 2020, or 2019. Fair Value of Financial Instruments— The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. This accounting standard established a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required: • 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 approximate 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. We measure our contingent earn-out liabilities in connection with acquisitions at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy. We 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. Refer to Note 10 for a reconciliation of the Company’s contingent consideration. Foreign Currency Translation— Certain international operations use the respective local currencies as their functional currency, while other international operations use the U.S. Dollar as their functional currency. The Company considers the U.S. Dollar as its reporting currency. Translation adjustments for subsidiaries where the functional currency is its local currency are included in other comprehensive income (loss). Foreign currency transaction gains (losses) resulting from exchange rate fluctuation on transactions denominated in a currency other than the functional currency are reported in earnings. Assets and liabilities of the foreign operations denominated in local currencies are translated at the rate of exchange at the balance sheet date. Revenues and expenses are translated at the weighted average rate of exchange during the period. Translations of intercompany loans of a long-term investment nature are included as a component of translation adjustment in other comprehensive loss. Income Taxes— The Company utilizes the liability method of accounting for income taxes as set forth in ASC 740. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. In determining the need for valuation allowances, the Company considers projected future taxable income and the availability of tax planning strategies. If in the future the Company determines that it would not be able to realize its recorded deferred tax assets, an increase in the valuation allowance would be recorded, decreasing earnings in the period in which such determination is made. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon the Company’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized in the consolidated financial statements. Per Share Information— Basic earnings per share (“EPS”) is computed as net income divided by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects potential dilution to EPS that could occur if securities or other contracts, which, for the Company, consists of restricted stock grants and options to purchase shares of the Company’s common stock, are exercised as calculated using the treasury stock method. The components of basic and diluted earnings per share were as follows: 2021 2020 2019 Numerator: Net income $ 18,587 $ 15,242 $ 13,601 Denominator: Weighted average shares outstanding—basic 29,811 29,450 29,030 Dilutive effect of stock options and grants 599 543 626 Weighted average shares outstanding—diluted 30,410 29,993 29,656 For the years ended December 31, 2021, 2020, and 2019, no options or grants were excluded from the computation. Use of Estimates— The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities (including those related to litigation), and revenues, at the date that the consolidated financial statements are prepared. Significant estimates relate to the allowance for doubtful accounts, inventory reserves, impairment of long-lived assets, investments and goodwill, assets acquired, and liabilities assumed in connections with business combinations and asset acquisitions, accrued program costs, stock-based compensation and income taxes. Actual results could materially differ from those estimates. Total comprehensive income— In addition to net income, total comprehensive income (loss) includes changes in equity that are excluded from the consolidated statements of operations and are recorded directly into a separate section of stockholders’ equity on the consolidated balance sheets. For the years ended December 31, 2021, 2020, and 2019, total comprehensive income consisted of net income and foreign currency translation adjustments. Stock-Based Compensation— The Company estimates the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of operations. Stock-based compensation expense recognized during the period is based on the fair value of the portion of share-based payment awards that is ultimately expected to vest during the period. Stock-based compensation expense recognized is reduced for estimated forfeitures. Estimated forfeitures recognized in the Company’s consolidated statements of operations reduced compensatio |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | (2) Property, Plant and Equipment Property, plant and equipment at December 31, 2021 and 2020 consist of the following: 2021 2020 Estimated useful lives Land $ 2,756 $ 2,756 Buildings and improvements 19,844 19,786 10 to 3 0 Machinery and equipment 132,159 124,199 3 to 15 years Office furniture, fixtures and equipment 10,094 7,403 3 to 10 years Automotive equipment 1,832 1,747 3 to 6 years Construction in progress 8,199 10,392 Total gross value 174,884 166,283 Less accumulated depreciation (108,773 ) (100,901 ) Total net value $ 66,111 $ 65,382 For the years ended December 31, 2021, 2020, and 2019, the Company’s aggregate depreciation expense related to property, plant and equipment was $8,530, $7,466, and $6,504, respectively. For the years ended December 31, 2021, 2020, and 2019, the Company eliminated from assets and accumulated depreciation $658, $1,400 and $868 of fully depreciated assets, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (3) Long-Term Debt Long-term debt of the Company at December 31, 2021 and 2020 is summarized as follows: 2021 2020 Revolving line of credit $ 53,300 $ 107,900 Less debt issuance costs (1,060 ) (458 ) $ 52,240 $ 107,442 Principal payments on long-term debt at December 31, 2021 of $53,300 are due in August 2026. 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 (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 has 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. Distributions to the Company’s shareholders are limited to net income for the four fiscal quarter period ending on the fiscal quarter immediately prior to the fiscal quarter in which the current distribution was declared. 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-, 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 month and the maturity date. The interest rate on December 31, 2021, was 1.98%. At December 31, 2021, according to the terms of the Credit Agreement, as amended, and based on our performance against the most restrictive covenant listed above, the Company had the availability to increase its borrowings by up to $178,705. This compares to an available borrowing availability of $86,736 as of December 31, 2020. The level of borrowing capacity is driven by three factors: (1) our financial performance, as measured in EBITDA for trailing twelve-month period, (2) the inclusion of proforma EBITDA related to acquisitions completed during the preceding twelve months and (3) the leverage covenant (being the number of times EBITDA the Company may borrow under its credit facility agreement). The Company was in compliance with all the debt covenants as of December 31, 2021. Substantially all the Company’s assets are pledged as collateral under the Credit Agreement, as amended. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (4) Income Taxes The provisions for income taxes are: 2021 2020 2019 Current: Federal $ 6,684 $ (1,197 ) $ (235 ) State 2,149 (3 ) (151 ) Foreign 1,106 2,831 2,956 Deferred: Federal (2,369 ) 2,177 2,867 State (1,039 ) 403 1,548 Foreign 1,635 (1,131 ) (1,783 ) Total $ 8,166 $ 3,080 $ 5,202 Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 21.0% to income before income tax expense, as a result of the following: 2021 2020 2019 Computed tax expense at statutory federal rates $ 5,619 $ 3,874 $ 3,993 Increase (decrease) in taxes resulting from: State taxes, net of federal income tax benefit 1,485 559 1,131 Unrecognized tax benefits (1,783 ) (2,092 ) 263 Bargain purchase gain on business acquisition (35 ) (978 ) — Income tax credits (1,206 ) (812 ) (819 ) Foreign tax rate differential 262 2,145 341 Stock based compensation 208 377 366 Global intangible low-taxed income 162 — 249 Change in valuation allowance 3,304 — — Other 150 7 (322 ) Total $ 8,166 $ 3,080 $ 5,202 Income before provision for income taxes and losses on equity investments are: 2021 2020 2019 Domestic $ 21,212 $ 11,858 $ 15,465 International 5,929 6,589 3,547 Total $ 27,141 $ 18,447 $ 19,012 Temporary differences between the consolidated financial statements’ carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax liability at December 31, 2021 and 2020 relate to the following: 2021 2020 Deferred tax asset Inventories $ 1,777 $ 1,416 Program accrual 9,098 7,306 Vacation pay accrual 792 815 Accrued bonuses 1,250 589 Bad debt expense 1,361 952 Stock compensation 1,532 2,079 Domestic NOL carryforward 675 708 Foreign NOL carryforward 1,718 1,434 Tax credits 807 931 Lease liability 6,718 3,378 Accrued expenses 723 347 Unrealized foreign exchange loss 3,847 2,798 Other 744 735 Deferred tax asset $ 31,042 $ 23,488 Less valuation allowance (4,262 ) — Deferred tax asset, net $ 26,780 $ 23,488 Deferred tax liability Plant and equipment, principally due to differences in depreciation and capitalized interest $ 37,113 $ 36,878 Lease assets 6,600 3,332 Prepaid expenses 1,666 1,508 Deferred revenue 1,014 874 Other 123 1,692 Deferred tax liability $ 46,516 $ 44,284 Total net deferred tax liability $ 19,736 $ 20,796 As of December 31, 2021, we recorded a full valuation allowance against the net deferred income tax assets related to the Company’s operations in Brazil totaling $4,262, of which $3,304 is included in the provision for income taxes for 2021 and $958 related to unrealized foreign exchange losses for 2021 included in other comprehensive income for 2021. There was no valuation allowance as of December 31, 2020. Gross foreign NOLs were $5,491 and $5,021 for the year ended December 31, 2021 and 2020, respectively. Substantially all of the Company’s foreign NOLs can be carried forward indefinitely. Gross federal and state NOLs available across all jurisdictions in which we operate were $3,733 and $3,994 as of December 31, 2021 and 2020, respectively. The Company’s federal and state NOLs expire over varying intervals in the future. The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the years ended December 31, 2021 and 2020 included in other liabilities, excluding current installments on the Company’s consolidated balance sheets: 2021 2020 Balance at beginning of year $ 3,222 $ 4,395 Additions for tax positions related to the current year 223 159 Additions for tax positions related to the prior years 56 16 Reduction for tax positions related to the prior years (971 ) (841 ) Effect of exchange rate changes (104 ) (507 ) Balance at end of year $ 2,426 $ 3,222 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company’s consolidated financial statements. For the years ended December 31, 2021, 2020, and 2019 the Company had recognized a balance of approximately $2,909, $4,195, and $6,528 respectively in interest and penalties related to unrecognized tax benefits. It is expected that the amount of unrecognized tax benefits will change and $1,699 of unrecognized tax benefits is expected to be released within the next twelve months due to expiration of statute of limitations. The Company believes it is more likely than not that the deferred tax assets detailed in the table above, exclusive of those in Brazil with the previously mentioned full valuation allowance, will be realized in the normal course of business. It is the intent of the Company that undistributed earnings of foreign subsidiaries are permanently reinvested. The amount of undistributed earnings was $12,741 as of December 31, 2021. Upon distribution of earnings in the form of dividends or otherwise, the Company may still be subject to state income taxes and withholding taxes payable to the various foreign countries. Determination of the unrecognized deferred tax liability is not practical due to the complexities of a hypothetical calculation. The Company is subject to U.S. federal income tax as well as to income tax in multiple state jurisdictions. Federal income tax returns of the Company are subject to Internal Revenue Service (“IRS”) examination for the 2018 through 2020 tax years. State income tax returns are subject to examination for the 2017 through 2020 tax years. The Company has foreign income tax returns subject to examination. The Mississippi Department of Revenue has completed its audit of the Company’s state income tax returns for the years ended December 31, 2016 through December 31, 2018. The proposed adjustment for the period is immaterial. On November 9, 2018, the Company completed the purchase of all the outstanding shares of TyraTech, Inc., a loss corporation. The Company obtained approximately $3,971 of usable federal net operating losses through the acquisition. The Internal Revenue Code of 1986, as amended, imposes restrictions on the utilization of NOLs in the event of an “ownership change” of a corporation. During 2019, the Company completed the Section 382 analysis and determined that the utilization of the losses is subject to an annual limitation of $162, with an additional $890 of net operating losses available over the first five years after the ownership change. 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, Inc., an U.S. corporation with operating losses. The Company obtained approximately $126 of usable federal net operating losses through the acquisition. The Internal Revenue Code of 1986, as amended, imposes restrictions on the utilization of NOLs in the event of an “ownership change” of a corporation. During 2021, the Company completed an analysis and determined that the potential annual limitation on the Company’s utilization of the losses is insignificant. |
Litigation and Environmental
Litigation and Environmental | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation and Environmental | (5) Litigation and Environmental The Company records a liability in its consolidated financial statements for loss contingencies when a loss is known or considered probable, and the amount can be reasonably estimated. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. The Company recognizes legal expense in connection with loss contingencies as incurred. A. DBCP Cases Over the course of the past 30 years, AMVAC and/or the Company have been named or otherwise implicated in a number of lawsuits concerning injuries allegedly arising from either contamination of water supplies or personal exposure to 1, 2-dibromo-3-chloropropane (“DBCP®”). DBCP was manufactured by several chemical companies, including Dow Chemical Company, Shell Oil Company and AMVAC, and was approved by the USEPA to control nematodes. DBCP was also applied on banana farms in Latin America. The USEPA suspended registrations of DBCP in October 1979, except for use on pineapples in Hawaii. That suspension was partially based on 1977 studies by other manufacturers that indicated a possible link between male fertility and exposure to DBCP among their factory production workers involved with producing the product. The Company has not sold DBCP in over 40 years. At present, there are four domestic lawsuits and approximately 85 Nicaraguan lawsuits filed by former banana workers in which AMVAC has been named as a party. Only two of the Nicaraguan actions have actually been served on AMVAC. With respect to Nicaraguan matters, there was no change in status during 2021. As described more fully below, activity in domestic cases during 2021 is as follows. The two cases remaining in Delaware include 287 plaintiffs who have appealed a lower court finding that the matter was barred by the statute of limitations; this matter has been remanded to the trial court, following a ruling by the Delaware Supreme Court on recognizing the doctrine of cross-jurisdictional tolling. In Hawaii, in the matter of Patrickson, et. al. v. Dole Food Company, the parties have stipulated that the Company shall be dismissed, insofar as it was not a party to the class action case that tolled the statute of limitations. In Adams (also in Hawai’i), there has been no activity since 2014, when the court granted dismissal of co-defendant Dole on the basis of a worker’s compensation bar and gave plaintiffs leave to amend their complaint in light of that ruling. Nicaraguan Matters A review of court filings in Chinandega, Nicaragua, has found 85 suits alleging personal injury allegedly due to exposure to DBCP and involving approximately 3,592 plaintiffs have been filed against AMVAC and other parties. Of these cases, only two – Flavio Apolinar Castillo et al. v. AMVAC et al., No. 535/04 and Luis Cristobal Martinez Suazo et al. v. AMVAC et al., No. 679/04 (which were filed in 2004 and involve 15 banana workers) – have been served on AMVAC. All but one of the suits in Nicaragua have been filed pursuant to Special Law 364, an October 2000 Nicaraguan statute that contains substantive and procedural provisions that Nicaragua’s Attorney General previously expressed as unconstitutional. Each of the Nicaraguan plaintiffs’ claims $1 million in compensatory damages and $5 million in punitive damages. In all these cases, AMVAC is a joint defendant with Dow Chemical Company and Dole Food Company, Inc. AMVAC contends that the Nicaragua courts do not have jurisdiction over it and that Public Law 364 violates international due process of law. AMVAC has objected to personal jurisdiction and demanded under Law 364 that the claims be litigated in the U.S.. In 2007, the court denied these objections, and AMVAC appealed the denial. It is not presently known as to how many of these plaintiffs claim exposure to DBCP at the time AMVAC’s product was allegedly used nor is there any verification of the claimed injuries. Further, to date, plaintiffs have not had success in enforcing Nicaraguan judgments against domestic companies before U.S. courts. With respect to these Nicaraguan matters, AMVAC intends to defend any claim vigorously. Furthermore, the Company does not believe that a loss is either probable or reasonably estimable and has not recorded a loss contingency for these matters. There were no changes in connection with these matters in 2021. Delaware DBCP Cases Chavez . On or about May 31, 2012, HendlerLaw, P.C. filed several actions involving claims for personal injury allegedly arising from exposure to DBCP on behalf of 230 banana workers from Costa Rica, Ecuador and Panama. Defendant Dole subsequently brought a motion to dismiss these matters under the “first-to-file” theory of jurisdiction, specifically in light of the fact that they involved identical claims and claimants as matters that had been brought by the same law firm in Louisiana. These Delaware matters were consolidated into one matter (“Chavez”). On August 21, 2012, the U.S. District Court granted defendants’ motion to dismiss the actions with prejudice, finding that the same claimants and claims had been pending in the Hendler-Louisiana cases where they had been first filed. However, plaintiffs appealed the dismissal, and on September 2, 2016, the Third Circuit Court reversed the District Court decision, finding that it was not proper for the trial court to have dismissed these cases with prejudice even though the Louisiana courts had dismissed the same claims for expiration of the statute of limitations. In reaching its decision, the Third Circuit reasoned that no court had yet addressed the merits of the matter, that Delaware’s statute of limitations may differ from that of Louisiana, and that it would have been proper for the Delaware trial court to have dismissed the matter without prejudice (that is, with the right to amend and refile). Accordingly, Chavez was remanded to the U.S. District Court in Delaware on September 2, 2016, where it remained until it was stayed in June 2017 (as indicated in “Marquinez” below) and subsequently reactivated in March 2018. Abad Castillo and Marquinez On or about May 31, 2012, two cases (captioned Abad Castillo and Marquinez) were filed with the U.S. District Court for the District of Delaware (USDC DE No. 1:12-CV-00695-LPS) involving claims for physical injury arising from alleged exposure to DBCP over the course of the late 1960’s through the mid-1980’s on behalf of 2,700 banana plantation workers from Costa Rica, Ecuador, Guatemala, and Panama. Defendant Dole brought a motion to dismiss 22 plaintiffs from Abad Castillo on the ground that they were parties in cases that had been filed by HendlerLaw P.C. in Louisiana. On September 19, 2013, the appeals court granted, in part, and denied, in part, the motion to dismiss, holding that 14 of the 22 plaintiffs should be dismissed. On May 27, 2014, the district court granted Dole’s motion to dismiss the matter without prejudice on the ground that the applicable statute of limitations had expired in 1995. Then, on August 5, 2014, the parties stipulated to summary judgment in favor of defendants (on the same ground as the earlier motion) and the court entered judgment in the matter. Plaintiffs were given an opportunity to appeal; however, only 57 of the 2,700 actually entered an appeal. Thus, only 57 plaintiffs remain in Marquinez. On or about June 18, 2017, the Third Circuit Court submitted a certified question of law to the Delaware Supreme Court on the question of when the tolling period ended. At that time, as mentioned above, the Chavez case was stayed, pending the ruling of the state’s highest court. The Delaware Supreme Court heard oral argument on January 17, 2018 and, on March 15, 2018, ruled on the matter, finding that federal court dismissal in 1995 on the grounds of forum non conveniens did not end class action tolling, and that such tolling ended when class action certification was denied in Texas state court in June 2010. Thus, both Marquinez and Chavez are now pending at the district court, following the appeals court’s ruling. Discovery has commenced, and the court is considering proposed schedules for completing discovery over the next 12-24 months. At this stage, defendants have identified multiple claimants whose medical examinations disqualify them from discovery. Plaintiffs seek to complete a limited number of medical examinations in each country in order to enable a representative subgroup of claimants to proceed with the litigation, while defendants seek to complete all medical examinations before proceeding. At this stage in the proceedings, the Company does not believe that a loss is probable or reasonably estimable for either Chavez or Marquinez and has not recorded a loss contingency for these matters. Hawaiian DBCP Matters Patrickson, et. al. v. Dole Food Company, et al . In October 1997, AMVAC was served with two complaints in which it was named as a defendant, filed in the Circuit Court, First Circuit, State of Hawai’i and in the Circuit Court of the Second Circuit, State of Hawai’i (two identical suits) entitled Patrickson, et. al. v. Dole Food Company, et. al (“Patrickson Case”) alleging damages sustained from injuries (including sterility) to banana workers caused by plaintiffs’ exposure to DBCP while applying the product in their native countries. Other named defendants include Dole Food Company, Shell Oil Company and Dow Chemical Company. After several years of law and motion activity, the court granted judgment in favor of the defendants based upon the statute of limitations on July 28, 2010. On August 24, 2010, the plaintiffs filed a notice of appeal. On April 8, 2011, counsel for plaintiffs filed a pleading to withdraw and to substitute new counsel. On October 21, 2015, the Hawai’i Supreme Court granted the appeal and overturned the lower court decision, ruling that the State of Hawai’i now recognizes cross-jurisdictional tolling, that plaintiffs filed their complaint within the applicable statute of limitations and that the matter is to be remanded to the lower court for further adjudication. However, in November 2018, the parties stipulated that, because it was not named as a defendant in the Carcamo matter (class action matter that gave rise to the tolling of the statute of limitations), AMVAC should be dismissed from this matter. Thus, we expect that the Company will be dismissed with prejudice from this action as soon as the court issues an order, and accordingly have not recorded a loss contingency in connection therewith. There were no changes in this matter during 2021. Adams v. Dole Food Company et al . On approximately November 23, 2007, AMVAC was served with a suit filed by two former Hawaiian pineapple workers (and their spouses), alleging that they had testicular cancer due to DBCP exposure; the action is captioned Adams v. Dole Food Company et al in the First Circuit for the State of Hawaii. Plaintiff alleges that they were exposed to DBCP between 1971 and 1975. AMVAC denies that any of its product could have been used at the times and locations alleged by these plaintiffs. Following the dismissal of Dole Food Company on the basis of the exclusive remedy of worker’s compensation benefits, plaintiffs appealed the dismissal. The court of appeals subsequently remanded the matter to the lower court in February 2014, effectively permitting plaintiffs to amend their complaint to circumvent the workers’ compensation bar. There has been no activity in the case since that time. The Company does not believe that a loss is either probable or reasonably estimable and has not recorded a loss contingency for this matter. There were no changes in connection with this matter in 2021. Other Matters 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. As part of discussions regarding possible resolution, in October 2021, the Company presented its evaluation of the legal and factual issues raised by the government (which do not include any allegations of harm to human health or the environment) to both DOJ and USEPA. Further, three corporate witnesses were called to be interviewed by the grand jury in Mobile, Alabama in February 2022. 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 s . Accordingly, we have not recorded a loss contingency for this matter. Harold Reed v. AMVAC et al . During January 2017, the Company was served with two Statements of Claim that had been filed on March 29, 2016 with the Court of Queen’s Bench of Alberta, Canada (as case numbers 160600211 and 160600237) in which plaintiffs Harold Reed (an applicator) and 819596 Alberta Ltd. dba Jem Holdings (an application equipment rental company) allege physical injury and damage to equipment, respectively, arising from a fire that occurred during an application of the Company’s potato sprout inhibitor, SmartBlock, at a potato storage facility in Coaldale, Alberta on April 2, 2014. Four other related matters were subsequently consolidated into this case (alleging loss of potatoes, damage to equipment, damage to Quonset huts and loss of business income). The parties have exchanged written discovery, and depositions of persons most knowledgeable took place during the first quarter of 2019. Citing the length of the cases’ pendency and the expense, in December 2019, plaintiff Reed voluntarily dismissed two actions (160600211 and 160600237) for no consideration. Over the course of 2020, discovery was completed, and the parties held a mediation on March 11, 2021; however, no settlement was reached. Thus, pre-trial discovery will likely continue. The Company believes that it is not primarily at risk but that a loss is probable and reasonably estimable and, to that end, has recorded a loss contingency in an amount that is not material to its financial performance or operations cash flows. Pitre etc. v. Agrocentre Ladauniere et al. On February 11, 2022, a strawberry grower named Les Enterprises Pitre, Inc. filed a complaint in the Superior Court, District of Labelle, Province of Quebec, Canada, entitled , seeking damages in the amount of approximately $5 million arising from stunted growth of, and reduced yield from, its strawberry crop allegedly from the application of AMVAC’s soil fumigant, Vapam, in spring of 2021. Plaintiff alleges that its application consultant’s advice was, in effect, incomplete and misleading (in light of the product’s label) and, further, that the language of the product label was insufficient to warn the user about the proper time interval between application and planting of seedling plants. The Company believes that the claims have no merit and intends to defend the matter. At this stage in the proceedings, there is no sufficient information to form a judgment as to either the probability or amount of loss; thus, the Company has not set aside a reserve in connection with this matter. |
Employee Deferred Compensation
Employee Deferred Compensation Plan and Employee Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Deferred Compensation Plan and Employee Stock Purchase Plan | (6) Employee Deferred Compensation Plan and Employee Stock Purchase Plan The Company maintains a deferred compensation plan (“the Plan”) for all eligible employees. The Plan calls for each eligible employee, at the employee’s election, to participate in an income deferral arrangement under Internal Revenue Code Section 401(k). The plan allows eligible employees to make contributions, which cannot exceed 100% of compensation, or the annual dollar limit set by the Internal Revenue Code. The Company matches the first 5% of employee contributions. The Company’s contributions to the Plan amounted to $2,273, $2,172 and $1,997 in 2021, 2020 and 2019, respectively. During 2001, the Company’s Board of Directors adopted the AVD Employee Stock Purchase Plan (the “ESPP Plan”). The Plan allows eligible employees to purchase shares of common stock through payroll deductions at a discounted price. An original aggregate number of approximately 1,000,000 shares of the Company’s Common Stock, par value $0.10 per share (subject to adjustment for any stock dividend, stock split or other relevant changes in the Company’s capitalization) were allowed to be sold pursuant to the Plan, which is intended to qualify under Section 423 of the Internal Revenue Code. The Plan allows for purchases in a series of offering periods, each six months in duration, with new offering periods (other than the initial offering period) commencing on January 1 and July 1 of each year. The initial offering period commenced on July 1, 2001. Pursuant to action taken by the Company’s Board of Directors on December 10, 2010, the expiration of the Plan was extended to December 31, 2013. The Plan was amended and restated on June 30, 2011, following stockholders’ ratification of the extended expiration date. The Plan was amended as of June 6, 2018, following stockholders’ ratification of a ten-year extension to the expiration date (which now stands at December 31, 2028). Under the Plan, as amended as of June 6, 2018, 995,000 shares of the Company’s common stock were authorized. As of December 31, 2021, 2020, and 2019, 543,180, 593,962, and 643,630 shares, respectively, remained available under the plan. The expense recognized under the Plan was immaterial during the years ended December 31, 2021, 2020 and 2019, respectively. Shares of common stock purchased through the Plan in 2021, 2020 and 2019 were 50,782, 49,668 and 47,229, respectively. |
Major Customers and Internation
Major Customers and International Sales | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Major Customers and International Sales | (7) Major Customers and International Sales In 2021, there were three customers that accounted for 17%, 14% and 8%, respectively, of the Company’s consolidated sales. In 2020, there were three customers that accounted for 17%, 12%, and 10% of the Company’s consolidated sales. In 2019, there were three customers that accounted for 18%, 14% and 7% of the Company’s consolidated sales. The Company primarily sells its products to distributors, buying cooperatives, other co-operative groups and, in certain territories, end users, and extends credit based on an evaluation of the customer’s financial condition. The Company had three significant customers who each accounted for approximately 11%, 4% and 4% of the Company’s receivables as of December 31, 2021. The Company had three significant customers who each accounted for approximately 8%, 4% and 3% of the Company’s receivables as of December 31, 2020. The Company has long-standing relationships with its customers and the Company considers its overall credit risk for accounts receivables to be moderate. International sales for 2021, 2020 and 2019 were as follows: 2021 2020 2019 South and Central America $ 108,975 $ 102,281 $ 111,106 Mexico 40,724 33,517 28,835 Asia 26,234 19,290 15,554 Australia 20,257 9,902 2,798 Canada 10,377 10,572 11,637 Africa 3,468 6,072 6,750 Middle East 2,357 3,054 2,392 Europe 2,243 2,292 6,889 Total international net sales $ 214,635 $ 186,980 $ 185,961 |
Product and Business Acquisitio
Product and Business Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Product and Business Acquisitions | (8) Product and Business Acquisitions The Company completed one product acquisition during the year ended December 31, 2021. The acquisition was completed on July 1, 2021, for $10,000 in cash consideration. The acquisition was accounted for as an asset acquisition and the $10,000 in consideration was allocated as follows: product registrations and product rights $8,225, trade names and trademarks $1,650, and prepaid asset $125. During the year ended December 31, 2020, the Company completed two acquisitions: 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. The acquisition was accounted for as a business combination and resulted in a bargain gain. The purchase consideration was allocated as follows: Preliminary Allocation at December 31, 2020 Adjustments to Fair Value recorded in 2021 Final Allocation Trade receivables $ 2,358 $ (81 ) $ 2,277 Inventory and other current assets 5,133 238 5,371 Property, plant, and equipment 5,004 137 5,141 Product registrations and product rights 250 (200 ) 50 Liabilities assumed (4,963 ) 77 (4,886 ) Bargain (4,657 ) (171 ) (4,828 ) Total $ 3,125 $ — $ 3,125 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 fair value of Agrinos’ net assets acquired, resulting in the above-mentioned bargain purchase gain. The liabilities assumed include liabilities of $407 related to income tax matters. 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. The purchase price consideration was as follows: Preliminary Consideration at December 31, 2020 Adjustments to Consideration recorded in 2021 Final Consideration Cash $ 16,997 $ — $ 16,997 Less cash acquired (157 ) — (157 ) Contingent consideration 2,007 (955 ) 1,052 Total consideration $ 18,847 $ (955 ) $ 17,892 The fair value of the contingent consideration was estimated using a Monte Carlo Simulation. The acquisition was accounted for as a business combination and the purchase consideration was allocated as follows: Preliminary Allocation at December 31, 2020 Adjustments to Fair Value recorded in 2021 Final Allocation Trade receivables $ 1,508 $ — $ 1,508 Inventory and other current assets 5,698 — 5,698 Property, plant, and equipment 73 — 73 Product registrations and product rights 6,395 1,932 8,327 Trade names and trademarks 1,195 (844 ) 351 Distribution agreements — 3,584 3,584 Customer relationships and customer lists 632 (246 ) 386 Goodwill 8,672 (4,054 ) 4,618 Liabilities assumed (5,326 ) (1,327 ) (6,653 ) Total consideration $ 18,847 $ (955 ) $ 17,892 The liabilities assumed include liabilities of $3,857 related to income tax matters. During the year ended December 31, 2019, the Company completed three acquisitions: On January 10, 2019, the Company completed the acquisition of all outstanding shares of stock of two affiliated businesses, Agrovant and Defensive (subsequently merged to form AMVAC 3p), which are located in Jaboticabal in the state of Sao Paul, Brazil. At closing the Company paid cash consideration of $20,679, which was net of cash acquired of $981, deferred consideration of $3,051 including contingent consideration dependent on certain financial results for 2019, and liabilities assumed of $18,160, including liabilities of $9,111 related to income tax matters. These companies were founded in 2000 and are suppliers of crop protection products and micronutrients with focus on the fruit and vegetable market segments. The acquisition was accounted for as a business combination and the total asset value of $41,890 was allocated as follows: trade name $1,010, customer relationships $5,705, goodwill $22,652, working capital and fixed assets $9,139 and indemnification assets $3,384. The operating results of the acquired businesses are included in our consolidated statement of operations from the date of acquisition. The goodwill recognized is expected to be deductible for income tax purposes, subject to merging AMVAC do Brasil with AMVAC 3p. The two other acquisitions completed in 2019 related to product lines which were purchased for a total cash consideration at closing of $17,307, including transaction costs of $14. In addition, the Company assumed liabilities in the amount of $1,707. These acquisitions were accounted for as asset acquisitions because the Company did not acquire any substantive processes. The acquired assets consist of product rights $13,279, trade names $4,442, and inventory $1,293. Cash paid at closing for the asset acquisitions and business combinations was funded through our revolving line of credit. Pro-forma financial information is not included herein as the pro-forma impact of the acquisitions is not material. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Intangible Assets and Goodwill | (9) Intangible Assets and Goodwill The following schedule represents intangible assets recognized in connection with product acquisitions (See Note 1 for the Company’s accounting policy regarding intangible assets): Amount Intangible assets at December 31, 2018 $ 186,467 Additions during fiscal 2019 25,368 Write offs (264 ) Impact of movement in exchange rates (1,158 ) Amortization expense (12,152 ) Intangible assets at December 31, 2019 198,261 Additions during fiscal 2020 12,675 Write offs (41 ) Impact of movement in exchange rates (637 ) Amortization expense (12,744 ) Intangible assets at December 31, 2020 $ 197,514 Additions during fiscal 2021 10,524 Measurement period adjustment 4,226 Impact of movement in exchange rates (710 ) Amortization expense (13,713 ) Intangible assets at December 31, 2021 $ 197,841 Goodwill at December 31, 2018 $ 25,906 Additions during fiscal 2019 22,652 Impact of movement in exchange rates (1,885 ) Goodwill at December 31, 2019 46,673 Additions during fiscal 2020 8,830 Other 617 Impact of movement in exchange rates (4,012 ) Goodwill at December 31, 2020 52,108 Measurement period adjustment (4,054 ) Impact of movement in exchange rates (1,794 ) Goodwill at December 31, 2021 $ 46,260 Intangible assets and goodwill at December 31, 2021 $ 244,101 The following schedule represents the gross carrying amount and accumulated amortization of intangible assets and goodwill. Product rights and trademarks are amortized over their expected useful lives of 25 years 2021 2020 Gross Accumulated Amortization Net Book Value Gross Accumulated Amortization Net Book Value Product Rights $ 271,632 $ 110,090 $ 161,542 $ 260,393 $ 99,228 $ 161,165 Trademarks 40,578 9,870 30,708 37,335 8,111 29,224 Customer Lists 10,966 5,375 5,591 11,539 4,414 7,125 Total intangibles assets 323,176 125,335 197,841 309,267 111,753 197,514 Goodwill 46,260 — 46,260 52,108 — 52,108 Total intangibles and goodwill $ 369,436 $ 125,335 $ 244,101 $ 361,375 $ 111,753 $ 249,622 The following schedule represents future amortization charges related to intangible assets: Year ending December 31, Amount 2022 $ 13,878 2023 13,369 2024 12,963 2025 12,675 2026 12,531 Thereafter 132,425 $ 197,841 |
Contingent Consideration
Contingent Consideration | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Contingent Consideration | (10) Contingent Consideration The following schedule represents the Company’s contingent consideration liability under acquisitions agreements: Amount Obligations under acquisition agreements at December 31, 2018 $ 3,866 Additional obligations acquired 1,312 Fair value adjustment (3,866 ) Accretion of discounted liabilities 28 Foreign exchange effect (96 ) Obligations under acquisition agreements at December 31, 2019 1,244 Additional obligations acquired 2,044 Fair value adjustment 250 Accretion of discounted liabilities 16 Payments on existing obligations (1,227 ) Foreign exchange effect 141 Obligations under acquisition agreements at December 31, 2020 2,468 Purchase price adjustment (955 ) Fair value adjustment 758 Accretion of discounted liabilities (8 ) Payments on existing obligations (1,301 ) Foreign exchange effect (176 ) Obligations under acquisition agreements at December 31, 2021 $ 786 Amounts of contingent consideration recognized in the consolidated balance sheets: December 31, 2021 December 31, 2020 Short-term $ 786 $ 1,004 Long-term - 1,464 Total contingent consideration $ 786 $ 2,468 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | (11) Commitments We enter into various obligations in the ordinary course of business, generally of a short-term nature. Those that are binding primarily relate to purchase commitments for inventory and orders submitted for equipment for our production plants as well as service agreements. |
Research and Development
Research and Development | 12 Months Ended |
Dec. 31, 2021 | |
Research And Development [Abstract] | |
Research and Development | (12) Research and Development Research and development expenses which are included in operating expenses were $10,354, $8,757 and $8,906 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Equity Plan Awards
Equity Plan Awards | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Plan Awards | (13) Equity Plan Awards Under the Company’s Equity Incentive Plan of 1993, as amended (“the Plan”), all employees are eligible to receive non-assignable and non-transferable restricted stock, options to purchase common stock, and other forms of equity. As of December 31, 2021, the number of securities remaining available for future issuance under the Plan is 870,345. The below tables illustrate the Company’s stock-based compensation, unamortized stock-based compensation, and remaining weighted average period for the years ended December 31, 2021, 2020 and 2019. This projected expense will change if any stock options and restricted stock are granted or cancelled prior to the respective reporting periods, or if there are any changes required to be made for estimated forfeitures. Stock-Based Compensation Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) December 31, 2021 Restricted Stock $ 5,682 $ 6,804 1.8 Unrestricted Stock 421 187 0.4 Performance-Based Restricted Stock 777 2,888 1.8 Total $ 6,880 $ 9,879 December 31, 2020 Restricted Stock $ 3,166 $ 6,954 1.9 Unrestricted Stock 461 183 0.4 Performance-Based Restricted Stock 2,934 3,352 1.9 Total $ 6,561 $ 10,489 December 31, 2019 Restricted Stock $ 3,655 $ 5,512 1.3 Unrestricted Stock 411 205 0.4 Performance-Based Restricted Stock 3,094 2,835 1.9 Total $ 7,160 $ 8,552 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 years ended December 31, 2021, 2020 and 2019. Restricted and Unrestricted Stock A summary of nonvested restricted and unrestricted stock is presented below: December 31, 2021 December 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at January 1 st 820,624 $ 16.64 719,845 $ 17.67 Granted 295,619 20.00 393,180 14.39 Vested (244,651 ) 19.23 (255,835 ) 15.86 Forfeited (54,302 ) 17.11 (36,566 ) 18.34 Nonvested shares at December 31 st 817,290 $ 17.04 820,624 $ 16.64 Performance-Based Restricted Stock A summary of nonvested performance-based stock is presented below: December 31, 2021 December 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at January 1 st 391,771 $ 16.26 345,432 $ 16.92 Granted 102,043 20.03 160,706 14.29 Additional granted based on performance achievement 71,180 20.53 76,445 16.56 Vested (175,087 ) 19.78 (184,785 ) 15.87 Forfeited (10,846 ) 16.89 (6,027 ) 17.52 Nonvested shares at December 31 st 379,061 $ 16.43 391,771 $ 16.26 Performance Based Restricted Stock Granted in 2021 — During the year ended December 31, 2021, the Company issued a total of 102,043 performance-based shares to employees. The shares granted during 2021 have an average fair value of $20.03. The fair value was determined by using the publicly traded share price as of the market close on the date of grant and Monte Carlo valuation method. The Company will recognize as expense the value of the performance-based shares over the required service period from grant date. The shares will cliff vest on April 16, 2024, with a measurement period commencing January 1, 2021, and ending December 31, 2023. Eighty percent of these performance-based shares are based upon the financial performance of the Company, specifically, an earnings before interest and tax (“EBIT”) goal weighted at 50% and a net sales goal weighted at 30%. The remaining 20% of performance-based shares are based upon AVD stock price appreciation over the same performance measurement period. The EBIT and net sales goals measure the relative growth of the Company’s EBIT and net sales for the performance measurement period, as compared to the median growth of EBIT and net sales for an identified peer group. The stockholder return goal measures the relative growth of the fair market value of the Company’s stock price over the performance measurement period, as compared to that of the Russell 2000 Index and the median fair market value of the common stock of the comparator companies, identified in the Company’s 2020 Proxy Statement. All parts of these awards vest in three years but are subject to reduction to a minimum (or even zero) for recording less than the targeted performance and to increase to a maximum of 200% for achieving in excess of the targeted performance. Performance Based Restricted Stock Granted in 2020 — During the year ended December 31, 2020, the Company issued a total of 160,706 performance-based shares to employees. The shares granted during 2020 have an average fair value of $14.29. The fair value was determined by using the publicly traded share price as of the market close on the date of grant and Monte Carlo valuation method. The Company will recognize as expense the value of the performance-based shares over the required service period from grant date. The shares will cliff vest on May 13, 2023, with a measurement period commencing October 1, 2020, and ending March 31, 2023. Eighty percent of these performance-based shares are based upon the financial performance of the Company, specifically, an earnings before interest and tax (“EBIT”) goal weighted at 50% and a net sales goal weighted at 30%. The remaining 20% of performance-based shares are based upon AVD stock price appreciation over the same performance measurement period. The EBIT and net sales goals measure the relative growth of the Company’s EBIT and net sales for the performance measurement period, as compared to the median growth of EBIT and net sales for an identified peer group. The stockholder return goal measures the relative growth of the fair market value of the Company’s stock price over the performance measurement period, as compared to that of the Russell 2000 Index and the median fair market value of the common stock of the comparator companies, identified in the Company’s 2020 Proxy Statement. All parts of these awards vest in three years but are subject to reduction to a minimum (or even zero) for recording less than the targeted performance and to increase to a maximum of 200% for achieving in excess of the targeted performance. Performance Based Restricted Stock Granted in 2019 — During the year ended December 31, 2019, the Company issued a total of 137,557 performance-based shares to employees. The shares granted during 2019 have an average fair value of $16.96. The fair value was determined by using the publicly traded share price as of the market close on the date of grant and Monte Carlo Valuation method. The Company will recognize as expense the value of the performance-based shares over the required service period from grant date. The shares will cliff vest on March 28, 2022, with a measurement period commencing January 1, 2019, and ending December 31, 2021. Eighty percent of these performance-based shares are based upon the financial performance of the Company, specifically, an earnings before income taxes (“EBIT”) goal weighted at 50% and a net sales goal weighted at 30%. The remaining 20% of performance-based shares are based upon AVD stock price appreciation over the same performance measurement period. The EBIT and net sales goals measure the relative growth of the Company’s EBIT and net sales for the performance measurement period, as compared to the median growth of EBIT and net sales for an identified peer group. The stockholder return goal measures the relative growth of the fair market value of the Company’s stock price over the performance measurement period, as compared to that of the Russell 2000 Index and the median fair market value of the common stock of the comparator companies, identified in the Company’s 2018 Proxy Statement. All parts of these awards vest in three years but are subject to reduction to a minimum (or even zero) for recording less than the targeted performance and to increase to a maximum of 200% for achieving in excess of the targeted performance. In 2021, the Company assessed the likelihood of achieving the performance measures based on peer group information currently available for the performance-based shares granted in 2019. Based on the performance thus far, the Company has concluded that it is likely that the performance measure based on EBIT will not be met and net sales will be met at 200% of targeted performance and have recorded the related additional expense in 2021. The performance shares based on market price are expected to be met at 27% of targeted performance. The effect of market conditions for performance shares based on market are included in the grant date fair value valuation and no additional expenses were recognized in 2021. During 2021, the Company concluded that the performance measure based on EBIT and net sales for the performance-based shares granted in 2018, when compared to the peer group, was both met at 200% of targeted performance and all related additional expenses were recorded as of December 31, 2021. The 2018 performance shares based on market price was met at 43%, however, the market condition is reflected in the grant date fair value valuation and no additional expenses were recognized. As a result, 71,180 additional shares were earned since the Company achieved performance targets when compared to the peer group. Stock Options Under the terms of the Company’s ISOP, under which options to purchase common stock can be issued, all employees are eligible to receive non-assignable and non-transferable options to purchase shares. The exercise price of any option may not be less than the fair market value of the shares on the date of grant; provided, however, that the exercise price of any option granted to an eligible employee owning more than 10% of the outstanding common stock may not be less than 110% of the fair market value of the shares underlying such option on the date of grant. No options granted may be exercisable more than ten years after the date of grant. In 2021, 2020 and 2019, no options were granted. Incentive Stock Option Plans Activity of the incentive stock option plans: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2018 384,064 $ 9.10 Options exercised (51,241 ) 8.87 Balance outstanding, December 31, 2019 332,823 $ 9.14 Options exercised (196,736 ) 7.79 Options forfeited (13,000 ) 7.50 Balance outstanding, December 31, 2020 123,087 $ 11.48 Options exercised (15,051 ) 11.41 Balance outstanding, December 31, 2021 108,036 $ 11.49 Outstanding stock options at December 31, 2021, summarized by exercise price: Outstanding Weighted Average Exercise Price Per Share Number of Shares Remaining Life (Months) Exercise Price $11.49 108,036 36 $ 11.49 108,036 $ 11.49 The total intrinsic value of options exercised during 2021, 2020, and 2019 was $119, $1,393, and $393, respectively. Cash received from stock options exercised during 2021, 2020, and 2019 was $172, $1,533, and $454, respectively. Performance Incentive Stock Option Plan Activity of the performance incentive stock option plan: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2018 140,411 $ 11.49 Options exercised (19,629 ) 11.49 Balance outstanding, December 31, 2019 120,782 $ 11.49 Options exercised (6,124 ) 11.49 Balance outstanding, December 31, 2021 and 2020 114,658 $ 11.49 All the performance incentive stock options outstanding as of December 31, 2021, have an exercise price per share of $11.49 and a remaining life of 36 months. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | (14) Accumulated Other Comprehensive Loss The following table lists the beginning balance, annual activity and ending balance of foreign currency translation adjustment included as a component of accumulated other comprehensive loss: Balance, December 31, 2018 $ (4,507 ) Foreign currency translation adjustment, net of tax effects of $802 (1,191 ) Balance, December 31, 2019 (5,698 ) Foreign currency translation adjustment, net of tax effects of $2,521 (3,624 ) Balance, December 31, 2020 (9,322 ) Foreign currency translation adjustment, net of tax effects of $76 (4,462 ) Balance, December 31, 2021 $ (13,784 ) |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investments | (15) 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, was intended to focus on activities such as market access and technology transfer between the two members. AMVAC BV is a 50% owner of the entity. On June 27, 2017, both AMVAC BV and Huifeng (Hong Kong) Ltd. made individual capital contributions of $950 to the Hong Kong JV. As of December 31, 2021, 2020 and 2019, the Company’s ownership position in the Hong Kong JV was 50%. 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 years ended December 31, 2021, 2020 and 2019, the Company recognized losses of $388 (including an impairment charge of $288), $125, and $209, respectively, as a result of the Company’s ownership position in the Hong Kong JV. As at December 31, 2021, 2020 and 2019, the carrying value of the Company’s investment in the Hong Kong JV was $0, $388 and $513, respectively. |
Equity Investment
Equity Investment | 12 Months Ended |
Dec. 31, 2021 | |
Investments All Other Investments [Abstract] | |
Equity Investment | (16) Equity Investments In February 2016, AMVAC BV made an equity investment of $3,283 in Biological Products for Agriculture (“Bi-PA”). Bi-PA develops biological plant protection products that can be used for the control of pests and disease of agricultural crops. As of December 31, 2021, 2020 and 2019, the Company’s ownership position in Bi-PA was 15%. 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 to record 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. The Company recorded an impairment in the amount of $399 during the year ended December 31, 2021. There were no impairment or observable price changes on the investment during the years ended December 31, 2020 and 2019. 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 $1,516 and $1,907 as of December 31, 2021 and 2020, respectively, and the Company recorded a loss of $391 and a gain of $717 for the years ended December 31, 2021 and 2020, respectively. |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Share Repurchase Program | (17) Share Repurchase Programs On March 8, 2022, pursuant to a Board of Directors resolution, the Company announced its intention to repurchase an aggregate number of up to 1,000,000 shares of its common stock, par value $0.10 per share, in the open market over the succeeding one year On August 30, 2021, pursuant to a Board of Directors resolution, the Company announced its intention to repurchase an aggregate number of 300,000 shares of its common stock, par value $0.10 per share, in the open market over the succeeding six months. During 2021, the Company purchased 300,000 shares of its common stock for a total of $4,579 at an average price of $15.26 per share. On November 5, 2018, pursuant to a Board of Directors resolution, the Company announced its intention to repurchase an aggregate number of shares with a total purchase price not to exceed $20,000 of its common stock, par value $0.10 per share, in the open market, at a price not to exceed $17 per share, subject to limitations and restrictions under applicable securities laws. The Shares Repurchase Program expired on March 8, 2019. During 2019, the Company purchased 158,048 shares at an average price of $16.48 per share, for a total of $2,604. The table below summarizes the number of shares of our common stock that were repurchased during the years ended December 31, 2021, 2020 and 2019. The shares and respective amount are recorded as treasury shares on the Company’s consolidated balance sheets. Month ended Total number of shares purchased Average price paid per share Total amount paid August 31, 2021 78,300 $ 15.37 $ 1,203 September 30, 2021 221,700 $ 15.23 $ 3,376 Total number of shares repurchased 300,000 $ 15.26 $ 4,579 January 31, 2019 158,048 $ 16.48 $ 2,604 Total number of shares repurchased 158,048 $ 16.48 $ 2,604 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supplemental Cash Flows Information | (18) Supplemental Cash Flows Information 2021 2020 2019 Supplemental cash flow information: Cash paid during the year for: Interest $ 3,520 $ 5,313 $ 7,121 Income taxes, net $ 5,796 $ 3,881 $ 9,276 Non-cash transactions: ROU assets in exchange for lease liabilities $ 18,521 $ 6,309 $ 3,580 Deferred consideration in connection with business and asset acquisitions $ 758 $ 2,630 $ 3,051 Cash dividends declared and included in accrued expenses $ 594 $ 592 $ 582 |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications— Certain prior years’ amounts have been reclassified to conform to the current year’s presentation. |
Cost of Sales | Cost of Sales— Cost of sales is the Company’s capitalized cost of inventory procurement and production that is sold in the respective periods. These costs include direct labor, materials, and manufacturing overhead, Additionally the Company also includes such cost centers as Health and Safety, Environmental, Maintenance and Quality Control in cost of sales. |
Operating Expenses | Operating Expenses— Operating expenses include cost centers for Selling, General and Administrative, Research, Product Development, and Regulatory, and outbound Freight, Delivery and Warehousing. 2021 2020 2019 Selling $ 48,604 $ 42,389 $ 45,121 General and administrative 61,685 48,828 46,593 Research, product development and regulatory 28,855 26,310 24,070 Freight, delivery and warehousing 43,324 36,812 35,349 Total operating expenses $ 182,468 $ 154,339 $ 151,133 |
Advertising Expense | Advertising Expense— The Company expenses advertising costs in the period incurred. Advertising expenses, which include promotional costs, are recognized as selling expenses in the consolidated statements of operations and were $5,201, $4,833 and $5,520 in 2021, 2020 and 2019, respectively |
Cash and Cash Equivalents | Cash and cash equivalents— The Company’s cash equivalents consist primarily of certificates of deposit with an initial term of less than three months. For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. The Company maintains cash and cash equivalent balances that exceed federally insured limits with a number of financial institutions. |
Inventories | Inventories— The Company values its inventories at lower of cost or net realizable value. Cost is determined by the first-in, first-out (“FIFO”) or average cost method, including material, labor, factory overhead and subcontracting services. The Company writes down its inventory carrying values as a result of net realizable value assessments of slow moving and obsolete inventory and other annual adjustments to ensure that its standard costs continue to closely reflect actual cost. The Company recorded an inventory reserve allowance of $2,675 and $2,868 at December 31, 2021 and 2020, respectively. The components of inventories, net of reserve allowance, consist of the following: 2021 2020 Finished products $ 138,159 $ 149,415 Raw materials 16,147 14,369 Total inventories, net $ 154,306 $ 163,784 |
Leases | Leases — The Company has operating leases for warehouses, manufacturing facilities, offices, cars, railcars and certain equipment for which operating lease right-of-use (“ROU”) assets and corresponding lease liabilities are recorded. The Company measures ROU assets throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. The lease liabilities are measured at the present value of the unpaid lease payments at the lease commencement date. Leases that include both lease and non-lease components are accounted for as a single lease component for each asset class, except for warehouse leases. The minimum payments under operating leases are recognized on a straight-line basis over the lease term in the consolidated statements of operations. Operating lease expenses related to variable lease payments are recognized in cost of sales or as operating expenses in a manner consistent with the nature of the underlying lease and as the events, activities, or circumstances in the lease agreement occur. Leases with a term of less than 12 months are not recognized on the consolidated balance sheets, and the related lease expenses are recognized in the consolidated statements of operations on a straight-line basis over the lease term. The accounting for leases requires management to exercise judgment and make estimates in determining the applicable discount rate, lease term and payments due under a lease. Most of our leases do not provide an implicit interest rate, nor is it available to us from our lessors. As an alternative, the Company use s our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, including publicly available data, in determining the present value of lease payments. The Company also estimated the fair value of the lease and non-lease components for some of our warehouse leases based on market data and cost data. The lease term includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not terminate) that the Company is reasonably certain to exercise. The Company has leases with a lease term ranging from 1 year to 20 years. The operating leases of the Company do not contain major restrictions or covenants such as those relating to dividends or additional financial obligations. Finance leases are immaterial to the consolidated financial statements. There were no lease transactions with related parties during 2021, 2020 and 2019. The operating lease expense for the years ended December 31, 2021, 2020 and 2019 was $5,750, $5,662 and $5,398, respectively. Lease expenses related to variable lease payments and short-term leases were immaterial. Additional information related to operating leases are as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 5,750 $ 5,657 $ 5,398 ROU assets obtained in exchange for new liabilities $ 18,521 $ 6,309 $ 3,580 The weighted-average remaining lease term and discount rate related to the operating leases as of December 31, 2021, 2020 and 2019 were as follows: December 31, 2021 December 31, 2020 Weighted-average remaining lease term (in years) 6.72 4.62 Weighted-average discount rate 4.02 % 3.81 % Future minimum lease payments under non-cancellable operating leases as of December 31, 2021 were as follows: 2022 $ 5,899 2023 4,884 2024 4,130 2025 3,705 2026 2,852 Thereafter 8,254 Total lease payments $ 29,724 Less: imputed interest (3,885 ) Total $ 25,839 Amounts recognized in the consolidated balance sheets: Operating lease liabilities, current $ 5,059 Operating lease liabilities, long term $ 20,780 |
Revenue Recognition | Revenue Recognition — The Company recognizes revenue when control of the ordered goods or services are transferred to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company sells its products mainly to distributors and retailers. The products include insecticides, herbicides, soil fumigants, fungicides and biologicals. In addition, the Company recognizes royalty income related to licensing arrangements which qualify as functional licenses rather than symbolic licenses. Upon signing a new licensing agreement, the Company typically receives up-front fees, which are generally characterized as non-refundable royalties. These fees are recognized as revenue upon the execution of the license agreements. Minimum royalty fees are recognized once the Company has an enforceable right for payment. Sales-based royalty fees are typically recognized when the sales occur. The Company calculates and accrues estimated royalties based on the agreement terms and correspondence with the licensees regarding actual sales. Based on similar economic and operational characteristics, the Company’s business is aggregated into one reportable segment. Selective enterprise information of sales disaggregated by category and geographic region is as follows: 2021 2020 2019 Net sales: U.S. crop $ 263,632 $ 211,357 $ 220,635 U.S. non-crop 78,605 60,367 61,590 Total U.S. 342,237 271,724 282,225 International 214,635 186,980 185,961 Total net sales $ 556,872 $ 458,704 $ 468,186 Timing of revenue recognition: Goods and services transferred at a point in time $ 556,372 $ 455,726 $ 464,967 Goods and services transferred over time 500 2,978 3,219 Total net sales $ 556,872 $ 458,704 $ 468,186 Net sales of U.S. crop and U.S. non-crop for 2020 in the table above were each revised. Net sales of U.S. crop sales are $11,810 lower than previously reported and net sales of U.S. non-crop are $11,810 higher than previously reported. There was no overall effect on U.S. net sales. 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. On December 31, 2021, the Company had $63,064 of remaining performance obligations, which are comprised of deferred revenue and services not yet delivered. The Company expects to recognize all these remaining performance obligations as revenue in fiscal year 2022. Practical Expedients — The Company has elected to use the following practical expedients (i) not to adjust the promised amount of consideration for the effects of a significant financing component when the Company expects, at contract inception, that the period between the Company's transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less and (ii) treat shipping and handling activities that occur after control of the good transfers to the customer as fulfillment activities. Contract Assets — The contract assets relate to royalties earned on certain functional licenses granted for the use of the Company’s intellectual property, and a contract manufacturing agreement for the production of products without alternative use. December 31, 2021 December 31, 2020 Contract assets $ 3,900 $ 3,200 The short-term and long-term assets of $1,825 and $2,075 are included in other receivables and other assets, respectively, on the consolidated balance sheets as of December 31, 2021. The short-term and long-term assets of $1,725 and $1,475 are included in other receivables and other assets, respectively, on the consolidated balance sheets as of December 31, 2020. Deferred Revenue — The timing of revenue recognition, billings and cash collections may result in deferred revenue in the consolidated balance sheets. The Company sometimes receives payments from its customers in advance of goods and services being provided, in return for participation in its pre-payments related cash incentive program. These pre-payments are held on the Company’s consolidated balance sheets as deferred revenue until control of the related performance obligations has passed to the customers, which is generally upon shipment of products. There is no significant financing component related to the pre-payments since the Company expects to transfer the products within one year from the date payment is received. A similar number of the Company’s customers participated in the Company’s cash incentive program in 2021, and at an increased average level, which resulted in an increase in the Company’s deferred revenue balance as of December 31, 2021, compared to the prior year. December 31, 2021 December 31, 2020 Deferred revenue $ 63,064 $ 43,611 Revenue recognized for the years ended December 31, 2021, 2020, and 2019 that was included in the deferred revenue balance at the beginning of 2021, 2020, and 2019 was $37,779, $5,652, and $20,043 respectively. |
Allowance for Current Expected Credit Losses | Allowance for Current Expected Credit Losses— The Company maintains an allowance to cover its Current Expected Credit Losses ("CECL") on its trade receivables, other receivables and contract assets arising from the possible failure of customers to make contractual payments. The Company estimates credit losses expected over the life of its trade receivables, other receivables and contract assets based on historical information combined with current conditions that may affect a customer’s ability to pay and reasonable and supportable forecasts. In most instances, the Company’s policy is to write-off trade receivables when they are deemed uncollectible. The vast majority of the Company's trade receivables, other receivables and contract assets are less than 365 days. Under the CECL impairment model, the Company develops and documents its allowance for credit losses on its trade receivables based on multiple portfolios. The determination of portfolios is based primarily on geographical location, type of customer and aging. |
Accrued Program Costs | Accrued Program Costs — The Company offers various discounts to customers based on the volume purchased within a defined 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 compares individual sale transactions with Programs to determine what, if any, estimated program liabilities have been incurred. Once this initial calculation is made for the specific quarter, sales and marketing management, along with executive and financial management, review the accumulated Program balance and, for volume driven payments, make assessments of whether or not customers are tracking in a manner that indicates that they will meet the requirements set out in agreed upon terms and conditions attached to each Program. Following this assessment, management will make adjustments to the accumulated accrual to properly reflect the Company’s best estimate of the liability at the balance sheet date. 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. |
Debt Issuance Costs and Debt Discount | Debt Issuance Costs and Debt Discount — The Company capitalizes costs incurred with borrowing and records debt issuance costs as a reduction to the debt amount. These costs in connection with the Company’s revolving line of credit are amortized ratably over the life of the borrowing and included in interest expense. |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation— Property, plant and equipment includes the cost of land, buildings, machinery and equipment, office furniture and fixtures, automobiles, construction projects and significant improvements to existing plant and equipment. Interest costs related to significant construction projects are capitalized at the Company’s current weighted average effective interest rate. Expenditures for minor repairs and maintenance are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss realized on disposition is reflected in operations. All plant and equipment are depreciated using the straight-line method, utilizing the estimated useful property lives. See Note 2 for useful lives. |
Intangible Assets | Intangible Assets — The primary identifiable intangible assets of the Company relate to assets associated with its product and business acquisitions. All the Company’s intangible assets are amortizing assets with finite lives. The estimated useful life of an identifiable intangible asset is based upon several factors including the effects of demand, competition, and expected changes in the marketability of the Company’s products. |
Business Combinations | Business Combinations — The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill or an adjustment to the gain from a bargain purchase. In addition, when appropriate uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill or an adjustment to the gain from a bargain purchase, provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statement of operations. Certain of our acquisition agreements include contingent earn-out arrangements, which are generally based on the achievement of future income thresholds. The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, the Company engages third-party valuation specialists to assist it in making estimates of the fair value of contingent earn-out payments, both as part of the initial purchase price and at each subsequent financial statement date until the end of the related performance period. The Company records the estimated fair value of contingent consideration as a liability on the consolidated balance sheets. We review and re-assess the estimated fair value of contingent consideration on a quarterly basis, and the updated fair value could be materially different from the initial estimates or prior quarterly amounts. Changes in the estimated fair value of our contingent earn-out liabilities are reported in operating results. |
Asset Acquisitions | Asset Acquisitions — If an acquisition of an asset or group of assets does not meet the definition of a business, the transaction is accounted for as an asset acquisition rather than a business combination. An asset acquisition does not result in the recognition of goodwill and transaction costs are capitalized as part of the cost of the asset or group of assets acquired. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The acquisitions costs are allocated to the assets acquired on a relative fair value basis. |
Impairment | Impairment — The carrying values of long-lived assets other than goodwill are reviewed for impairment annually and/or whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company evaluates recoverability of an asset group by comparing the carrying value to the future undiscounted cash flows that it expects to generate from the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, measurement of the impairment loss is based on the fair value of the asset. There were no circumstances that would indicate any impairment of the carrying value of these long-lived assets and no material impairment losses were recorded in 2021, 2020, or 2019. The Company reviews goodwill for impairment utilizing either a qualitative or quantitative assessment. If the Company decides that it is appropriate to perform a qualitative assessment and concludes that the fair value of a reporting unit more likely than not exceeds its carrying value, no further evaluation is necessary. If the Company performs a quantitative assessment, the Company compares the fair value of a reporting unit with its carrying amounts and recognizes an impairment charge for the amount that the carrying amount exceeds the reporting unit’s fair value. The Company annually tests goodwill for impairment in beginning of the fourth quarter, or earlier if triggering events occur. The Company did not record any impairment losses in 2021, 2020, or 2019. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments— The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. This accounting standard established a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required: • 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 approximate 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. We measure our contingent earn-out liabilities in connection with acquisitions at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy. We 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. Refer to Note 10 for a reconciliation of the Company’s contingent consideration. |
Foreign Currency Translation | Foreign Currency Translation— Certain international operations use the respective local currencies as their functional currency, while other international operations use the U.S. Dollar as their functional currency. The Company considers the U.S. Dollar as its reporting currency. Translation adjustments for subsidiaries where the functional currency is its local currency are included in other comprehensive income (loss). Foreign currency transaction gains (losses) resulting from exchange rate fluctuation on transactions denominated in a currency other than the functional currency are reported in earnings. Assets and liabilities of the foreign operations denominated in local currencies are translated at the rate of exchange at the balance sheet date. Revenues and expenses are translated at the weighted average rate of exchange during the period. Translations of intercompany loans of a long-term investment nature are included as a component of translation adjustment in other comprehensive loss. |
Income Taxes | Income Taxes— The Company utilizes the liability method of accounting for income taxes as set forth in ASC 740. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. In determining the need for valuation allowances, the Company considers projected future taxable income and the availability of tax planning strategies. If in the future the Company determines that it would not be able to realize its recorded deferred tax assets, an increase in the valuation allowance would be recorded, decreasing earnings in the period in which such determination is made. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon the Company’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized in the consolidated financial statements. |
Per Share Information | Per Share Information— Basic earnings per share (“EPS”) is computed as net income divided by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects potential dilution to EPS that could occur if securities or other contracts, which, for the Company, consists of restricted stock grants and options to purchase shares of the Company’s common stock, are exercised as calculated using the treasury stock method. The components of basic and diluted earnings per share were as follows: 2021 2020 2019 Numerator: Net income $ 18,587 $ 15,242 $ 13,601 Denominator: Weighted average shares outstanding—basic 29,811 29,450 29,030 Dilutive effect of stock options and grants 599 543 626 Weighted average shares outstanding—diluted 30,410 29,993 29,656 For the years ended December 31, 2021, 2020, and 2019, no options or grants were excluded from the computation. |
Use of Estimates | Use of Estimates— The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities (including those related to litigation), and revenues, at the date that the consolidated financial statements are prepared. Significant estimates relate to the allowance for doubtful accounts, inventory reserves, impairment of long-lived assets, investments and goodwill, assets acquired, and liabilities assumed in connections with business combinations and asset acquisitions, accrued program costs, stock-based compensation and income taxes. Actual results could materially differ from those estimates. |
Total Comprehensive Income | Total comprehensive income— In addition to net income, total comprehensive income (loss) includes changes in equity that are excluded from the consolidated statements of operations and are recorded directly into a separate section of stockholders’ equity on the consolidated balance sheets. For the years ended December 31, 2021, 2020, and 2019, total comprehensive income consisted of net income and foreign currency translation adjustments. |
Stock-Based Compensation | Stock-Based Compensation— The Company estimates the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of operations. Stock-based compensation expense recognized during the period is based on the fair value of the portion of share-based payment awards that is ultimately expected to vest during the period. Stock-based compensation expense recognized is reduced for estimated forfeitures. Estimated forfeitures recognized in the Company’s consolidated statements of operations reduced compensation expense by $320, $222, and $191 for the years ended December 31, 2021, 2020, and 2019, respectively. The Company estimates that 17.2% of both restricted stock grants and performance-based restricted shares that are currently subject to vesting will be forfeited. These estimates are reviewed quarterly and revised as necessary. The Company uses the Black-Scholes option-pricing model (“Black-Scholes model”) to value option grants using the following weighted average assumptions (i.e. risk-free interest rate, dividend yield, volatility and average lives). There were no stock options granted during 2021, 2020 or 2019. The expected volatility and expected life assumptions are complex and use subjective variables. The variables take into consideration, among other things, actual and projected employee stock option exercise behavior. The Company estimates the expected term or vesting period using the “safe harbor” provisions of Staff Accounting Bulletin (“SAB”) 107 and SAB 110. The Company used historical volatility as a proxy for estimating expected volatility. The Company values restricted stock grants using the Company’s traded stock price at closing on the date of grant. The weighted average grant-date fair values of restricted stock grants during 2021, 2020, and 2019 were $20.00, $14.39, and $16.84, respectively. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance: Recent Accounting Standards Adopted: In December 2019, the FASB issued ASU no. 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, The Company adopted ASU 2019-12 as of January 1, 2021. The adoption did not result in a material change to the Company’s Consolidated Financial Statements Accounting standards not yet adopted: In November 2021, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2021-10, “Disclosures by Business Entities about Government Assistance.” The ASU codifies new requirements to disclose information about the nature of certain government assistance received, the accounting policy used to account for the transactions, the location in the financial statements where such transactions were recorded and significant terms and conditions associated with such transactions. The guidance is effective for annual periods beginning after December 15, 2021. The Company does do not expect the adoption of ASU No. 2021-10 to have a material impact to its Consolidated Financial Statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company is evaluating the impact of the transition from LIBOR to alternative reference rates but does not expect a significant impact to its Consolidated Financial Statements. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to its Consolidated Financial Statements. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Business Sales Segmentation | Selective enterprise information is as follows: 2021 2020 2019 Net sales: U.S. crop $ 263,632 $ 211,357 $ 220,635 U.S. non-crop 78,605 60,367 61,590 Total U.S. 342,237 271,724 282,225 International 214,635 186,980 185,961 Total net sales $ 556,872 $ 458,704 $ 468,186 Gross profit: U.S. crop $ 109,568 $ 92,723 $ 95,429 U.S. non-crop 37,443 27,842 29,713 Total U.S. 147,011 120,565 125,142 International 66,232 52,025 52,212 Total gross profit $ 213,243 $ 172,590 $ 177,354 |
Summary of Operating Expense | Operating expenses include cost centers for Selling, General and Administrative, Research, Product Development, and Regulatory, and outbound Freight, Delivery and Warehousing. 2021 2020 2019 Selling $ 48,604 $ 42,389 $ 45,121 General and administrative 61,685 48,828 46,593 Research, product development and regulatory 28,855 26,310 24,070 Freight, delivery and warehousing 43,324 36,812 35,349 Total operating expenses $ 182,468 $ 154,339 $ 151,133 |
Components of Inventories, Net of Reserve Allowance | The components of inventories, net of reserve allowance, consist of the following: 2021 2020 Finished products $ 138,159 $ 149,415 Raw materials 16,147 14,369 Total inventories, net $ 154,306 $ 163,784 |
Schedule of Additional Information of Operating Leases | Additional information related to operating leases are as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 5,750 $ 5,657 $ 5,398 ROU assets obtained in exchange for new liabilities $ 18,521 $ 6,309 $ 3,580 |
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 December 31, 2021, 2020 and 2019 were as follows: December 31, 2021 December 31, 2020 Weighted-average remaining lease term (in years) 6.72 4.62 Weighted-average discount rate 4.02 % 3.81 % |
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases | Future minimum lease payments under non-cancellable operating leases as of December 31, 2021 were as follows: 2022 $ 5,899 2023 4,884 2024 4,130 2025 3,705 2026 2,852 Thereafter 8,254 Total lease payments $ 29,724 Less: imputed interest (3,885 ) Total $ 25,839 Amounts recognized in the consolidated balance sheets: Operating lease liabilities, current $ 5,059 Operating lease liabilities, long term $ 20,780 |
Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region | Selective enterprise information of sales disaggregated by category and geographic region is as follows: 2021 2020 2019 Net sales: U.S. crop $ 263,632 $ 211,357 $ 220,635 U.S. non-crop 78,605 60,367 61,590 Total U.S. 342,237 271,724 282,225 International 214,635 186,980 185,961 Total net sales $ 556,872 $ 458,704 $ 468,186 Timing of revenue recognition: Goods and services transferred at a point in time $ 556,372 $ 455,726 $ 464,967 Goods and services transferred over time 500 2,978 3,219 Total net sales $ 556,872 $ 458,704 $ 468,186 |
Summary of Contract Balances | December 31, 2021 December 31, 2020 Contract assets $ 3,900 $ 3,200 December 31, 2021 December 31, 2020 Deferred revenue $ 63,064 $ 43,611 |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share were as follows: 2021 2020 2019 Numerator: Net income $ 18,587 $ 15,242 $ 13,601 Denominator: Weighted average shares outstanding—basic 29,811 29,450 29,030 Dilutive effect of stock options and grants 599 543 626 Weighted average shares outstanding—diluted 30,410 29,993 29,656 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment at December 31, 2021 and 2020 consist of the following: 2021 2020 Estimated useful lives Land $ 2,756 $ 2,756 Buildings and improvements 19,844 19,786 10 to 3 0 Machinery and equipment 132,159 124,199 3 to 15 years Office furniture, fixtures and equipment 10,094 7,403 3 to 10 years Automotive equipment 1,832 1,747 3 to 6 years Construction in progress 8,199 10,392 Total gross value 174,884 166,283 Less accumulated depreciation (108,773 ) (100,901 ) Total net value $ 66,111 $ 65,382 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | Long-term debt of the Company at December 31, 2021 and 2020 is summarized as follows: 2021 2020 Revolving line of credit $ 53,300 $ 107,900 Less debt issuance costs (1,060 ) (458 ) $ 52,240 $ 107,442 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Provisions for Income Taxes | The provisions for income taxes are: 2021 2020 2019 Current: Federal $ 6,684 $ (1,197 ) $ (235 ) State 2,149 (3 ) (151 ) Foreign 1,106 2,831 2,956 Deferred: Federal (2,369 ) 2,177 2,867 State (1,039 ) 403 1,548 Foreign 1,635 (1,131 ) (1,783 ) Total $ 8,166 $ 3,080 $ 5,202 |
Total Income Tax Expense Applying U.S. Federal Income Tax Rate | Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 21.0% to income before income tax expense, as a result of the following: 2021 2020 2019 Computed tax expense at statutory federal rates $ 5,619 $ 3,874 $ 3,993 Increase (decrease) in taxes resulting from: State taxes, net of federal income tax benefit 1,485 559 1,131 Unrecognized tax benefits (1,783 ) (2,092 ) 263 Bargain purchase gain on business acquisition (35 ) (978 ) — Income tax credits (1,206 ) (812 ) (819 ) Foreign tax rate differential 262 2,145 341 Stock based compensation 208 377 366 Global intangible low-taxed income 162 — 249 Change in valuation allowance 3,304 — — Other 150 7 (322 ) Total $ 8,166 $ 3,080 $ 5,202 |
Components of Income before Provision | Income before provision for income taxes and losses on equity investments are: 2021 2020 2019 Domestic $ 21,212 $ 11,858 $ 15,465 International 5,929 6,589 3,547 Total $ 27,141 $ 18,447 $ 19,012 |
Deferred Tax Assets and Liability | Temporary differences between the consolidated financial statements’ carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax liability at December 31, 2021 and 2020 relate to the following: 2021 2020 Deferred tax asset Inventories $ 1,777 $ 1,416 Program accrual 9,098 7,306 Vacation pay accrual 792 815 Accrued bonuses 1,250 589 Bad debt expense 1,361 952 Stock compensation 1,532 2,079 Domestic NOL carryforward 675 708 Foreign NOL carryforward 1,718 1,434 Tax credits 807 931 Lease liability 6,718 3,378 Accrued expenses 723 347 Unrealized foreign exchange loss 3,847 2,798 Other 744 735 Deferred tax asset $ 31,042 $ 23,488 Less valuation allowance (4,262 ) — Deferred tax asset, net $ 26,780 $ 23,488 Deferred tax liability Plant and equipment, principally due to differences in depreciation and capitalized interest $ 37,113 $ 36,878 Lease assets 6,600 3,332 Prepaid expenses 1,666 1,508 Deferred revenue 1,014 874 Other 123 1,692 Deferred tax liability $ 46,516 $ 44,284 Total net deferred tax liability $ 19,736 $ 20,796 |
Gross Unrecognized Tax Benefits | The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the years ended December 31, 2021 and 2020 included in other liabilities, excluding current installments on the Company’s consolidated balance sheets: 2021 2020 Balance at beginning of year $ 3,222 $ 4,395 Additions for tax positions related to the current year 223 159 Additions for tax positions related to the prior years 56 16 Reduction for tax positions related to the prior years (971 ) (841 ) Effect of exchange rate changes (104 ) (507 ) Balance at end of year $ 2,426 $ 3,222 |
Major Customers and Internati_2
Major Customers and International Sales (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of International Sales | International sales for 2021, 2020 and 2019 were as follows: 2021 2020 2019 South and Central America $ 108,975 $ 102,281 $ 111,106 Mexico 40,724 33,517 28,835 Asia 26,234 19,290 15,554 Australia 20,257 9,902 2,798 Canada 10,377 10,572 11,637 Africa 3,468 6,072 6,750 Middle East 2,357 3,054 2,392 Europe 2,243 2,292 6,889 Total international net sales $ 214,635 $ 186,980 $ 185,961 |
Product and Business Acquisit_2
Product and Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Purchase Consideration | . The purchase consideration was allocated as follows: Preliminary Allocation at December 31, 2020 Adjustments to Fair Value recorded in 2021 Final Allocation Trade receivables $ 2,358 $ (81 ) $ 2,277 Inventory and other current assets 5,133 238 5,371 Property, plant, and equipment 5,004 137 5,141 Product registrations and product rights 250 (200 ) 50 Liabilities assumed (4,963 ) 77 (4,886 ) Bargain (4,657 ) (171 ) (4,828 ) Total $ 3,125 $ — $ 3,125 |
Schedule of Business Combination and the Purchase Consideration | The acquisition was accounted for as a business combination and the purchase consideration was allocated as follows: Preliminary Allocation at December 31, 2020 Adjustments to Fair Value recorded in 2021 Final Allocation Trade receivables $ 1,508 $ — $ 1,508 Inventory and other current assets 5,698 — 5,698 Property, plant, and equipment 73 — 73 Product registrations and product rights 6,395 1,932 8,327 Trade names and trademarks 1,195 (844 ) 351 Distribution agreements — 3,584 3,584 Customer relationships and customer lists 632 (246 ) 386 Goodwill 8,672 (4,054 ) 4,618 Liabilities assumed (5,326 ) (1,327 ) (6,653 ) Total consideration $ 18,847 $ (955 ) $ 17,892 |
AgNova | |
Schedule of Purchase Consideration | The purchase price consideration was as follows: Preliminary Consideration at December 31, 2020 Adjustments to Consideration recorded in 2021 Final Consideration Cash $ 16,997 $ — $ 16,997 Less cash acquired (157 ) — (157 ) Contingent consideration 2,007 (955 ) 1,052 Total consideration $ 18,847 $ (955 ) $ 17,892 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Intangible Assets Recognized in Connection with Product Acquisitions | The following schedule represents intangible assets recognized in connection with product acquisitions (See Note 1 for the Company’s accounting policy regarding intangible assets): Amount Intangible assets at December 31, 2018 $ 186,467 Additions during fiscal 2019 25,368 Write offs (264 ) Impact of movement in exchange rates (1,158 ) Amortization expense (12,152 ) Intangible assets at December 31, 2019 198,261 Additions during fiscal 2020 12,675 Write offs (41 ) Impact of movement in exchange rates (637 ) Amortization expense (12,744 ) Intangible assets at December 31, 2020 $ 197,514 Additions during fiscal 2021 10,524 Measurement period adjustment 4,226 Impact of movement in exchange rates (710 ) Amortization expense (13,713 ) Intangible assets at December 31, 2021 $ 197,841 Goodwill at December 31, 2018 $ 25,906 Additions during fiscal 2019 22,652 Impact of movement in exchange rates (1,885 ) Goodwill at December 31, 2019 46,673 Additions during fiscal 2020 8,830 Other 617 Impact of movement in exchange rates (4,012 ) Goodwill at December 31, 2020 52,108 Measurement period adjustment (4,054 ) Impact of movement in exchange rates (1,794 ) Goodwill at December 31, 2021 $ 46,260 Intangible assets and goodwill at December 31, 2021 $ 244,101 |
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Goodwill | The following schedule represents the gross carrying amount and accumulated amortization of intangible assets and goodwill. Product rights and trademarks are amortized over their expected useful lives of 25 years 2021 2020 Gross Accumulated Amortization Net Book Value Gross Accumulated Amortization Net Book Value Product Rights $ 271,632 $ 110,090 $ 161,542 $ 260,393 $ 99,228 $ 161,165 Trademarks 40,578 9,870 30,708 37,335 8,111 29,224 Customer Lists 10,966 5,375 5,591 11,539 4,414 7,125 Total intangibles assets 323,176 125,335 197,841 309,267 111,753 197,514 Goodwill 46,260 — 46,260 52,108 — 52,108 Total intangibles and goodwill $ 369,436 $ 125,335 $ 244,101 $ 361,375 $ 111,753 $ 249,622 |
Schedule of Future Amortization Charges Related to Intangible Assets | The following schedule represents future amortization charges related to intangible assets: Year ending December 31, Amount 2022 $ 13,878 2023 13,369 2024 12,963 2025 12,675 2026 12,531 Thereafter 132,425 $ 197,841 |
Contingent Consideration (Table
Contingent Consideration (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Company's Contingent Consideration Liability Under Acquisitions Agreements | The following schedule represents the Company’s contingent consideration liability under acquisitions agreements: Amount Obligations under acquisition agreements at December 31, 2018 $ 3,866 Additional obligations acquired 1,312 Fair value adjustment (3,866 ) Accretion of discounted liabilities 28 Foreign exchange effect (96 ) Obligations under acquisition agreements at December 31, 2019 1,244 Additional obligations acquired 2,044 Fair value adjustment 250 Accretion of discounted liabilities 16 Payments on existing obligations (1,227 ) Foreign exchange effect 141 Obligations under acquisition agreements at December 31, 2020 2,468 Purchase price adjustment (955 ) Fair value adjustment 758 Accretion of discounted liabilities (8 ) Payments on existing obligations (1,301 ) Foreign exchange effect (176 ) Obligations under acquisition agreements at December 31, 2021 $ 786 |
Schedule of Contingent Consideration | Amounts of contingent consideration recognized in the consolidated balance sheets: December 31, 2021 December 31, 2020 Short-term $ 786 $ 1,004 Long-term - 1,464 Total contingent consideration $ 786 $ 2,468 |
Equity Plan Awards (Tables)
Equity Plan Awards (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock Based Compensation, Unamortized Stock-Based Compensation and Remaining Weighted Average Period | The below tables illustrate the Company’s stock-based compensation, unamortized stock-based compensation, and remaining weighted average period for the years ended December 31, 2021, 2020 and 2019. This projected expense will change if any stock options and restricted stock are granted or cancelled prior to the respective reporting periods, or if there are any changes required to be made for estimated forfeitures. Stock-Based Compensation Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) December 31, 2021 Restricted Stock $ 5,682 $ 6,804 1.8 Unrestricted Stock 421 187 0.4 Performance-Based Restricted Stock 777 2,888 1.8 Total $ 6,880 $ 9,879 December 31, 2020 Restricted Stock $ 3,166 $ 6,954 1.9 Unrestricted Stock 461 183 0.4 Performance-Based Restricted Stock 2,934 3,352 1.9 Total $ 6,561 $ 10,489 December 31, 2019 Restricted Stock $ 3,655 $ 5,512 1.3 Unrestricted Stock 411 205 0.4 Performance-Based Restricted Stock 3,094 2,835 1.9 Total $ 7,160 $ 8,552 |
Summary of Option Activity | Incentive Stock Option Plans Activity of the incentive stock option plans: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2018 384,064 $ 9.10 Options exercised (51,241 ) 8.87 Balance outstanding, December 31, 2019 332,823 $ 9.14 Options exercised (196,736 ) 7.79 Options forfeited (13,000 ) 7.50 Balance outstanding, December 31, 2020 123,087 $ 11.48 Options exercised (15,051 ) 11.41 Balance outstanding, December 31, 2021 108,036 $ 11.49 |
Summary of Stock Options Summarized by Exercise Price | Outstanding stock options at December 31, 2021, summarized by exercise price: Outstanding Weighted Average Exercise Price Per Share Number of Shares Remaining Life (Months) Exercise Price $11.49 108,036 36 $ 11.49 108,036 $ 11.49 |
Performance Based Stock Options | |
Summary of Option Activity | Activity of the performance incentive stock option plan: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2018 140,411 $ 11.49 Options exercised (19,629 ) 11.49 Balance outstanding, December 31, 2019 120,782 $ 11.49 Options exercised (6,124 ) 11.49 Balance outstanding, December 31, 2021 and 2020 114,658 $ 11.49 |
Restricted and Unrestricted Stock | |
Summary of Non-Vested Shares | A summary of nonvested restricted and unrestricted stock is presented below: December 31, 2021 December 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at January 1 st 820,624 $ 16.64 719,845 $ 17.67 Granted 295,619 20.00 393,180 14.39 Vested (244,651 ) 19.23 (255,835 ) 15.86 Forfeited (54,302 ) 17.11 (36,566 ) 18.34 Nonvested shares at December 31 st 817,290 $ 17.04 820,624 $ 16.64 |
Performance Based Restricted Stock | |
Summary of Non-Vested Shares | A summary of nonvested performance-based stock is presented below: December 31, 2021 December 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at January 1 st 391,771 $ 16.26 345,432 $ 16.92 Granted 102,043 20.03 160,706 14.29 Additional granted based on performance achievement 71,180 20.53 76,445 16.56 Vested (175,087 ) 19.78 (184,785 ) 15.87 Forfeited (10,846 ) 16.89 (6,027 ) 17.52 Nonvested shares at December 31 st 379,061 $ 16.43 391,771 $ 16.26 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Beginning Balance, Annual Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss | The following table lists the beginning balance, annual activity and ending balance of foreign currency translation adjustment included as a component of accumulated other comprehensive loss: Balance, December 31, 2018 $ (4,507 ) Foreign currency translation adjustment, net of tax effects of $802 (1,191 ) Balance, December 31, 2019 (5,698 ) Foreign currency translation adjustment, net of tax effects of $2,521 (3,624 ) Balance, December 31, 2020 (9,322 ) Foreign currency translation adjustment, net of tax effects of $76 (4,462 ) Balance, December 31, 2021 $ (13,784 ) |
Share Repurchase Program (Table
Share Repurchase Program (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Number of Shares of Common Stock Repurchased | The table below summarizes the number of shares of our common stock that were repurchased during the years ended December 31, 2021, 2020 and 2019. Month ended Total number of shares purchased Average price paid per share Total amount paid August 31, 2021 78,300 $ 15.37 $ 1,203 September 30, 2021 221,700 $ 15.23 $ 3,376 Total number of shares repurchased 300,000 $ 15.26 $ 4,579 January 31, 2019 158,048 $ 16.48 $ 2,604 Total number of shares repurchased 158,048 $ 16.48 $ 2,604 |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule Of Supplemental Cash Flows Information | 2021 2020 2019 Supplemental cash flow information: Cash paid during the year for: Interest $ 3,520 $ 5,313 $ 7,121 Income taxes, net $ 5,796 $ 3,881 $ 9,276 Non-cash transactions: ROU assets in exchange for lease liabilities $ 18,521 $ 6,309 $ 3,580 Deferred consideration in connection with business and asset acquisitions $ 758 $ 2,630 $ 3,051 Cash dividends declared and included in accrued expenses $ 594 $ 592 $ 582 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Doubtful Accounts | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 3,297 | $ 2,300 | $ 1,263 |
Additions Charged to Costs and Expenses | 649 | 1,002 | 1,035 |
Foreign exchange impact | (8) | (5) | 2 |
Balance at End of Period | 3,938 | 3,297 | 2,300 |
Inventory Reserve | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 2,868 | 2,130 | 1,989 |
Additions Charged to Costs and Expenses | 948 | 1,120 | 573 |
Deductions | (1,141) | (382) | (432) |
Balance at End of Period | 2,675 | $ 2,868 | $ 2,130 |
Deferred Tax Asset Valuation Allowance | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Additions Charged to Costs and Expenses | 3,304 | ||
Additions Charged to Other Comprehensive Loss | 958 | ||
Balance at End of Period | $ 4,262 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Category$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Number of reportable business category | Category | 1 | ||
Advertising expense | $ 5,201,000 | $ 4,833,000 | $ 5,520,000 |
Inventory reserve allowance | 2,675,000 | 2,868,000 | |
Operating lease expenses | 5,750,000 | 5,662,000 | 5,398,000 |
Remaining performance obligations | 63,064,000 | ||
Short-term assets | 9,595,000 | 6,969,000 | |
long-term assets | 16,292,000 | 20,077,000 | |
Revenue recognized | 37,779,000 | 5,652,000 | |
Impairment loss of long-lived assets | 0 | 0 | 0 |
Goodwill, impairment losses | $ 0 | $ 0 | $ 0 |
Stock options or grants excluded from computation of diluted earning per share | shares | 0 | 0 | 0 |
Reduction in share based compensation expense | $ 320,000 | $ 222,000 | $ 191,000 |
Restricted Stock | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Forfeited percentage of stock | 17.20% | ||
Weighted average grant-date fair values of restricted stock grants | $ / shares | $ 20 | $ 14.39 | $ 16.84 |
Performance Based Restricted Stock | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Forfeited percentage of stock | 17.20% | ||
Weighted average grant-date fair values of restricted stock grants | $ / shares | $ 20.03 | $ 14.29 | $ 16.96 |
Incentive Stock Options | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Stock options granted | shares | 0 | 0 | 0 |
Other Receivables [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Short-term assets | $ 1,825,000 | $ 1,725,000 | |
Other Assets [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
long-term assets | $ 2,075,000 | $ 1,475,000 | |
Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease term | 1 year | ||
Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease term | 20 years |
Summary of Business Sales by Pr
Summary of Business Sales by Product and Geographic Location (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales | |||
Net sales | $ 556,872 | $ 458,704 | $ 468,186 |
Gross profit: | 213,243 | 172,590 | 177,354 |
Total US | |||
Net sales | |||
Net sales | 342,237 | 271,724 | 282,225 |
Gross profit: | 147,011 | 120,565 | 125,142 |
International | |||
Net sales | |||
Net sales | 214,635 | 186,980 | 185,961 |
Gross profit: | 66,232 | 52,025 | 52,212 |
US Crop | |||
Net sales | |||
Net sales | 263,632 | 211,357 | 220,635 |
Gross profit: | 109,568 | 92,723 | 95,429 |
US Non-Crop | |||
Net sales | |||
Net sales | 78,605 | 60,367 | 61,590 |
Gross profit: | $ 37,443 | $ 27,842 | $ 29,713 |
Summary of Operating Expense (D
Summary of Operating Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |||
Selling | $ 48,604 | $ 42,389 | $ 45,121 |
General and administrative | 61,685 | 48,828 | 46,593 |
Research, product development and regulatory | 28,855 | 26,310 | 24,070 |
Freight, delivery and warehousing | 43,324 | 36,812 | 35,349 |
Total operating expenses | $ 182,468 | $ 154,339 | $ 151,133 |
Components of Inventories, Net
Components of Inventories, Net of Reserve Allowance (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 138,159 | $ 149,415 |
Raw materials | 16,147 | 14,369 |
Total inventories, net | $ 154,306 | $ 163,784 |
Schedule of Additional Informat
Schedule of Additional Information of Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Cash paid for amounts included in the measurement of lease liabilities | $ 5,750 | $ 5,657 | $ 5,398 |
ROU assets obtained in exchange for new liabilities | $ 18,521 | $ 6,309 | $ 3,580 |
Schedule of Weighted-Average Re
Schedule of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Weighted-average remaining lease term (in years) | 6 years 8 months 19 days | 4 years 7 months 13 days |
Weighted-average discount rate | 4.02% | 3.81% |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
2022 | $ 5,899 | |
2023 | 4,884 | |
2024 | 4,130 | |
2025 | 3,705 | |
2026 | 2,852 | |
Thereafter | 8,254 | |
Total lease payments | 29,724 | |
Less: imputed interest | (3,885) | |
Total | 25,839 | |
Amounts recognized in the consolidated balance sheets: | ||
Operating lease liabilities, current | 5,059 | $ 4,188 |
Operating lease liabilities, long term | 20,780 | $ 8,177 |
Total | $ 25,839 |
Summary of Selective Enterprise
Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 556,872 | $ 458,704 | $ 468,186 |
US Crop | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 263,632 | 211,357 | 220,635 |
US Non-Crop | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 78,605 | 60,367 | 61,590 |
Total US | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 342,237 | 271,724 | 282,225 |
International | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 214,635 | 186,980 | 185,961 |
Goods and Services Transferred at a Point in Time | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 556,372 | 455,726 | 464,967 |
Goods and Services Transferred Over Time | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 500 | $ 2,978 | $ 3,219 |
Summary of Revenue Recognition
Summary of Revenue Recognition (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 556,872 | $ 458,704 | $ 468,186 |
US Crop | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 263,632 | 211,357 | 220,635 |
US Crop | Lower than Previously Reported | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 11,810 | ||
US Non-Crop | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 78,605 | 60,367 | $ 61,590 |
US Non-Crop | Higher than Previously Reported | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 11,810 |
Summary of Contract Balances (D
Summary of Contract Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Contract assets | $ 3,900 | $ 3,200 |
Deferred revenue | $ 63,064 | $ 43,611 |
Components of Basic and Diluted
Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net income | $ 18,587 | $ 15,242 | $ 13,601 |
Denominator: | |||
Weighted average shares outstanding—basic | 29,811 | 29,450 | 29,030 |
Dilutive effect of stock options and grants | 599 | 543 | 626 |
Weighted average shares outstanding—diluted | 30,410 | 29,993 | 29,656 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 174,884 | $ 166,283 |
Less accumulated depreciation | (108,773) | (100,901) |
Total net value | 66,111 | 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 | $ 19,844 | 19,786 |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 30 years | |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 10 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 132,159 | 124,199 |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 15 years | |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 3 years | |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 10,094 | 7,403 |
Office furniture, fixtures and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 10 years | |
Office furniture, fixtures and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 3 years | |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 1,832 | 1,747 |
Automotive equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 6 years | |
Automotive equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 3 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 8,199 | $ 10,392 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense related to property, plant and equipment | $ 8,530 | $ 7,466 | $ 6,504 |
Elimination of Assets and Accumulated depreciation | $ 658 | $ 1,400 | $ 868 |
Summary of Long Term Debt (Deta
Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Revolving line of credit | $ 53,300 | $ 107,900 |
Less debt issuance costs | (1,060) | (458) |
Long term debt, non current | $ 52,240 | $ 107,442 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Principal payments on long -term debt due in 2022 | $ 53,300,000 | |
Senior Secured Revolving Line Of Credit | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 275,000,000 | |
Credit agreement, covenant description | 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 has 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. | |
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-, three- or six- months, as selected by the borrower) | |
Credit agreement, interest rate | 1.98% | |
Senior Secured Revolving Line Of Credit | Fed Funds Effective Rate Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Credit agreement, variable rate basis | 0.50% | |
Senior Secured Revolving Line Of Credit | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Credit agreement, variable rate basis | 1.00% | |
Senior Secured Revolving Line Of Credit | 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 | $ 86,736,000 | |
Consolidated funded debt ratio | 0.50% | |
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 | $ 178,705,000 | |
Minimum | Senior Secured Revolving Line Of Credit | ||
Debt Instrument [Line Items] | ||
Consolidated funded debt ratio | 1.25% | |
Minimum | Senior Secured Revolving Line Of Credit | Credit Agreement | ||
Debt Instrument [Line Items] | ||
Joint venture, consideration | $ 15,000 |
Provision for Income Taxes (Det
Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 6,684 | $ (1,197) | $ (235) |
State | 2,149 | (3) | (151) |
Foreign | 1,106 | 2,831 | 2,956 |
Deferred: | |||
Federal | (2,369) | 2,177 | 2,867 |
State | (1,039) | 403 | 1,548 |
Foreign | 1,635 | (1,131) | (1,783) |
Total | $ 8,166 | $ 3,080 | $ 5,202 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 02, 2020 | Nov. 09, 2018 | |
Income Taxes [Line Items] | |||||
Federal Income Tax Rate | 21.00% | ||||
Valuation Allowance | $ 4,262 | $ 0 | |||
Valuation allowance for net operating loss carryforwards | 3,304 | ||||
Unrealized foreign exchange losses | 958 | ||||
Interest and penalties related to unrecognized tax benefits accrued | 2,909 | 4,195 | $ 6,528 | ||
Expected unrecognized tax benefits to be released | 1,699 | ||||
Undistributed foreign earnings reinvested | 12,741 | ||||
TyraTech Inc. | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards | $ 3,971 | ||||
Net operating losses annual limitation | 162 | ||||
Net operating losses available over first five years after ownership change | $ 890 | ||||
Agrinos Group Companies | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards | $ 126 | ||||
Foreign Tax Authority | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards | 5,491 | 5,021 | |||
State and Local Jurisdiction | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards | $ 3,733 | $ 3,994 |
Total Income Tax Expense Applyi
Total Income Tax Expense Applying U.S. Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Computed tax expense at statutory federal rates | $ 5,619 | $ 3,874 | $ 3,993 |
Increase (decrease) in taxes resulting from: | |||
State taxes, net of federal income tax benefit | 1,485 | 559 | 1,131 |
Unrecognized tax benefits | (1,783) | (2,092) | 263 |
Bargain purchase gain on business acquisition | (35) | (978) | |
Income tax credits | (1,206) | (812) | (819) |
Foreign tax rate differential | 262 | 2,145 | 341 |
Stock based compensation | 208 | 377 | 366 |
Global intangible low-taxed income | 162 | 249 | |
Change in valuation allowance | 3,304 | ||
Other | 150 | 7 | (322) |
Total | $ 8,166 | $ 3,080 | $ 5,202 |
Income before provision for inc
Income before provision for income taxes and losses on equity investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 21,212 | $ 11,858 | $ 15,465 |
International | 5,929 | 6,589 | 3,547 |
Total | $ 27,141 | $ 18,447 | $ 19,012 |
Temporary Differences in Financ
Temporary Differences in Financial Statement Carrying Amounts and Tax Bases of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax asset | ||
Inventories | $ 1,777 | $ 1,416 |
Program accrual | 9,098 | 7,306 |
Vacation pay accrual | 792 | 815 |
Accrued bonuses | 1,250 | 589 |
Bad debt expense | 1,361 | 952 |
Stock compensation | 1,532 | 2,079 |
Domestic NOL carryforward | 675 | 708 |
Foreign NOL carryforward | 1,718 | 1,434 |
Tax credits | 807 | 931 |
Lease liability | 6,718 | 3,378 |
Accrued expenses | 723 | 347 |
Unrealized foreign exchange loss | 3,847 | 2,798 |
Other | 744 | 735 |
Deferred tax asset | 31,042 | 23,488 |
Less valuation allowance | (4,262) | 0 |
Deferred tax asset, net | 26,780 | 23,488 |
Deferred tax liability | ||
Plant and equipment, principally due to differences in depreciation and capitalized interest | 37,113 | 36,878 |
Lease assets | 6,600 | 3,332 |
Prepaid expenses | 1,666 | 1,508 |
Deferred revenue | 1,014 | 874 |
Other | 123 | 1,692 |
Deferred tax liability | 46,516 | 44,284 |
Total net deferred tax liability | $ 19,736 | $ 20,796 |
Gross Unrecognized Tax Benefits
Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $ 3,222 | $ 4,395 |
Additions for tax positions related to the current year | 223 | 159 |
Additions for tax positions related to the prior years | 56 | 16 |
Reduction for tax positions related to the prior years | (971) | (841) |
Effect of exchange rate changes | (104) | (507) |
Balance at end of year | $ 2,426 | $ 3,222 |
Litigation and Environmental -
Litigation and Environmental - Additional Information (Detail) $ in Millions | Feb. 11, 2022USD ($) | Mar. 29, 2016Case | May 31, 2012CasePlaintiffPerson | Dec. 31, 2021USD ($)CasePlaintiff | Dec. 31, 2020CasePlaintiff |
Loss Contingencies [Line Items] | |||||
Stunted Growth Value | $ | $ 5 | ||||
United States Lawsuits | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits | 4 | ||||
U.S State District Court Chavez | |||||
Loss Contingencies [Line Items] | |||||
Number of claimants | Person | 230 | ||||
U.S State District Court Marquinez | |||||
Loss Contingencies [Line Items] | |||||
Number of claimants | Person | 2,700 | ||||
Number of Lawsuits Filed | 2 | ||||
U.S. State District Court Abad Castillo | Hendler Law Firm | |||||
Loss Contingencies [Line Items] | |||||
Number of plaintiffs required to be dismissed | Plaintiff | 22 | ||||
Number of plaintiffs dismissed | 14 | ||||
Superior Court Marquinez | |||||
Loss Contingencies [Line Items] | |||||
Number of Lawsuits Filed | 57 | ||||
Harold Reed v. AMVAC et al. | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits filed | 2 | ||||
Nicaraguan | |||||
Loss Contingencies [Line Items] | |||||
Number of claimants | Plaintiff | 3,592 | ||||
Nicaraguan | Special Law | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits filed | 2 | ||||
Number of claimants | Plaintiff | 287 | ||||
Nicaraguan | Public Law | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits filed | 85 | ||||
Nicaraguan | Compensatory Damages | |||||
Loss Contingencies [Line Items] | |||||
Value of claims paid | $ | $ 1 | ||||
Nicaraguan | Punitive Damages | |||||
Loss Contingencies [Line Items] | |||||
Value of claims paid | $ | $ 5 |
Employee Deferred Compensatio_2
Employee Deferred Compensation Plan and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2001 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 08, 2022 | Aug. 30, 2021 | Nov. 05, 2018 | Jun. 06, 2018 | |
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||||||
Percentage contribution, compensation | 100.00% | |||||||
Matching percentage, employee contribution | 5.00% | |||||||
Company's contributions amount | $ 2,273 | $ 2,172 | $ 1,997 | |||||
Common stock under employee stock purchase plan, par value | $ 10 | $ 10 | $ 0.10 | $ 0.10 | $ 0.10 | |||
Shares of common stock purchased through the plan | 50,782 | 49,668 | 47,229 | |||||
Employee Stock Purchase Plan | ||||||||
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||||||
Number of common stock shares under employee stock purchase plan | 1,000,000 | |||||||
Common stock under employee stock purchase plan, par value | $ 0.10 | |||||||
Employee stock purchase plan offering period | January 1 and July 1 of each year | |||||||
Employee stock purchase plan expiration date | Dec. 31, 2028 | |||||||
Commons stock plan available for sale under plan | 995,000 | |||||||
Available common stock under plan | 543,180 | 593,962 | 643,630 |
Major Customers and Internati_3
Major Customers and International Sales - Additional Information (Detail) - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales | Customer One | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 17.00% | 17.00% | 18.00% |
Sales | Customer Two | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 14.00% | 12.00% | 14.00% |
Sales | Customer Three | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 8.00% | 10.00% | 7.00% |
Receivables | Customer One | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 11.00% | 8.00% | |
Receivables | Customer Two | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 4.00% | 4.00% | |
Receivables | Customer Three | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 4.00% | 3.00% |
Summary of International Sales
Summary of International Sales (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues From External Customers | |||
Net sales | $ 556,872 | $ 458,704 | $ 468,186 |
South and Central America | |||
Revenues From External Customers | |||
Net sales | 108,975 | 102,281 | 111,106 |
Mexico | |||
Revenues From External Customers | |||
Net sales | 40,724 | 33,517 | 28,835 |
Asia | |||
Revenues From External Customers | |||
Net sales | 26,234 | 19,290 | 15,554 |
Canada | |||
Revenues From External Customers | |||
Net sales | 10,377 | 10,572 | 11,637 |
Australia | |||
Revenues From External Customers | |||
Net sales | 20,257 | 9,902 | 2,798 |
Africa | |||
Revenues From External Customers | |||
Net sales | 3,468 | 6,072 | 6,750 |
Middle East | |||
Revenues From External Customers | |||
Net sales | 2,357 | 3,054 | 2,392 |
Europe | |||
Revenues From External Customers | |||
Net sales | 2,243 | 2,292 | 6,889 |
International | |||
Revenues From External Customers | |||
Net sales | $ 214,635 | $ 186,980 | $ 185,961 |
Product and Business Acquisit_3
Product and Business Acquisitions - Additional Information (Detail) $ in Thousands | Jan. 07, 2021USD ($) | Oct. 02, 2020USD ($) | Jan. 10, 2019USD ($)Business | Dec. 31, 2021USD ($)Business | Dec. 31, 2020USD ($)Business | Dec. 31, 2019USD ($)BusinessProductline | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||||||
Business combination, number of businesses acquired | Business | 1 | 2 | 3 | ||||
Bargain purchase gain on business acquisition | $ 171 | $ 4,657 | |||||
Business combination, allocation of purchase price, goodwill | 46,260 | $ 52,108 | $ 46,673 | $ 25,906 | |||
Agrinos Group Companies | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, cash consideration | $ 3,125 | ||||||
Business combination, cash acquired | $ 1,813 | ||||||
Business combination, liabilities assumed | 407 | ||||||
Monte Carlo Simulation | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, liabilities assumed | $ 3,857 | ||||||
Defensive and Agrovant | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, number of businesses acquired | Business | 2 | ||||||
Business combination, cash consideration | $ 20,679 | ||||||
Business combination, cash acquired | 981 | ||||||
Business combination, liabilities assumed | 18,160 | ||||||
Business combination, liabilities assumed, tax | 9,111 | ||||||
Joint venture, consideration | 41,890 | ||||||
Business combination, deferred consideration paid | 3,051 | ||||||
Business combination, allocation of purchase price, goodwill | 22,652 | ||||||
Business combination, allocation of purchase price, working capital and fixed assets | 9,139 | ||||||
Business combination, allocation purchase price, indemnification assets | 3,384 | ||||||
Product Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, cash consideration | $ 10,000 | 17,307 | |||||
Business combination, liabilities assumed | $ 1,707 | ||||||
Business combination, number of product line acquired | Productline | 2 | ||||||
Business combination, allocation of purchase price, inventory | $ 1,293 | ||||||
Business combination, capitalized cost in asset acquisition | 14 | ||||||
Product Acquisition | Prepaid Asset [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | 125 | ||||||
Product Rights [Member] | Product Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | 8,225 | 13,279 | |||||
Trademarks [Member] | Defensive and Agrovant | |||||||
Business Acquisition [Line Items] | |||||||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | 1,010 | ||||||
Trademarks [Member] | Product Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | $ 1,650 | $ 4,442 | |||||
Customer Relationships | Defensive and Agrovant | |||||||
Business Acquisition [Line Items] | |||||||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | $ 5,705 |
Product and Business Acquisit_4
Product and Business Acquisitions - Schedule of Purchase Consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Bargain purchase gain | $ (171) | $ (4,657) |
Agrinos Group Companies | ||
Business Acquisition [Line Items] | ||
Liabilities assumed | (407) | |
Agrinos Group Companies | Preliminary Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Trade receivables | 2,358 | |
Inventory and other current assets | 5,133 | |
Property, plant, and equipment | 5,004 | |
Business combination, allocation purchase price of intangible assets | 250 | |
Liabilities assumed | (4,963) | |
Bargain purchase gain | (4,657) | |
Total | $ 3,125 | |
Agrinos Group Companies | Adjustments to Fair Value [Member] | ||
Business Acquisition [Line Items] | ||
Trade receivables | (81) | |
Inventory and other current assets | 238 | |
Property, plant, and equipment | 137 | |
Business combination, allocation purchase price of intangible assets | (200) | |
Liabilities assumed | 77 | |
Bargain purchase gain | (171) | |
Agrinos Group Companies | Final Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Trade receivables | 2,277 | |
Inventory and other current assets | 5,371 | |
Property, plant, and equipment | 5,141 | |
Business combination, allocation purchase price of intangible assets | 50 | |
Liabilities assumed | (4,886) | |
Bargain purchase gain | (4,828) | |
Total | $ 3,125 |
Product and Business Acquisit_5
Product and Business Acquisitions - Schedule of Purchase Price Consideration (Detail) - AgNova - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Preliminary Consideration [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, cash consideration | $ 16,997 | |
Less cash acquired | (157) | |
Contingent consideration | 2,007 | |
Joint venture, consideration | $ 18,847 | |
Adjustments to Consideration [Member] | ||
Business Acquisition [Line Items] | ||
Contingent consideration | $ (955) | |
Joint venture, consideration | (955) | |
Final Consideration [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, cash consideration | 16,997 | |
Less cash acquired | (157) | |
Contingent consideration | 1,052 | |
Joint venture, consideration | $ 17,892 |
Product and Business Acquisit_6
Product and Business Acquisitions - Schedule of Business Combination and the Purchase Consideration (Detail) - Monte Carlo Simulation - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Liabilities assumed | $ (3,857) | |
Preliminary Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Trade receivables | $ 1,508 | |
Inventory and other current assets | 5,698 | |
Property, plant, and equipment | 73 | |
Goodwill | 8,672 | |
Liabilities assumed | (5,326) | |
Total | 18,847 | |
Adjustments to Fair Value [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | (4,054) | |
Liabilities assumed | (1,327) | |
Total | (955) | |
Final Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Trade receivables | 1,508 | |
Inventory and other current assets | 5,698 | |
Property, plant, and equipment | 73 | |
Goodwill | 4,618 | |
Liabilities assumed | (6,653) | |
Total | 17,892 | |
Product Rights [Member] | Preliminary Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | 6,395 | |
Product Rights [Member] | Adjustments to Fair Value [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | 1,932 | |
Product Rights [Member] | Final Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | 8,327 | |
Trademarks [Member] | Preliminary Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | 1,195 | |
Trademarks [Member] | Adjustments to Fair Value [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | (844) | |
Trademarks [Member] | Final Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | 351 | |
Distribution Agreement | Adjustments to Fair Value [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | 3,584 | |
Distribution Agreement | Final Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | 3,584 | |
Customer Relationships | Preliminary Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | $ 632 | |
Customer Relationships | Adjustments to Fair Value [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | (246) | |
Customer Relationships | Final Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Business combination recognized identifiable assets acquired and liabilities assumed intangibles | $ 386 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangible Assets Recognized in Connection with Product Acquisitions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combinations [Abstract] | |||
Beginning Balance | $ 197,514 | $ 198,261 | $ 186,467 |
Additions | 10,524 | 12,675 | 25,368 |
Write offs | (41) | (264) | |
Impact of movement in exchange rates | (710) | (637) | (1,158) |
Amortization expense | (13,713) | (12,744) | (12,152) |
Ending Balance | 197,841 | 197,514 | 198,261 |
Measurement period adjustment | 4,226 | ||
Goodwill Beginning Balance | 52,108 | 46,673 | 25,906 |
Additions during fiscal year | 8,830 | 22,652 | |
Other | 617 | ||
Impact of movement in exchange rates | (1,794) | (4,012) | (1,885) |
Goodwill Ending Balance | 46,260 | 52,108 | $ 46,673 |
Measurement period adjustment | (4,054) | ||
Intangible assets and goodwill at Year End | $ 244,101 | $ 249,622 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Product Registrations | |
Finite Lived Intangible Assets [Line Items] | |
Expected useful life | 25 years |
Trademarks | |
Finite Lived Intangible Assets [Line Items] | |
Expected useful life | 25 years |
Customer Lists | Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Expected useful life | 9 years |
Customer Lists | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Expected useful life | 10 years |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Goodwill (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Gross | $ 323,176 | $ 309,267 |
Accumulated Amortization | 125,335 | 111,753 |
Net Book Value | 197,841 | 197,514 |
Gross | 369,436 | 361,375 |
Net Book Value | 244,101 | 249,622 |
Goodwill | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 46,260 | 52,108 |
Net Book Value | 46,260 | 52,108 |
Product Registrations | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 271,632 | 260,393 |
Accumulated Amortization | 110,090 | 99,228 |
Net Book Value | 161,542 | 161,165 |
Trademarks | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 40,578 | 37,335 |
Accumulated Amortization | 9,870 | 8,111 |
Net Book Value | 30,708 | 29,224 |
Customer Lists | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 10,966 | 11,539 |
Accumulated Amortization | 5,375 | 4,414 |
Net Book Value | $ 5,591 | $ 7,125 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Schedule of Future Amortization Charges Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
2022 | $ 13,878 | |||
2023 | 13,369 | |||
2024 | 12,963 | |||
2025 | 12,675 | |||
2026 | 12,531 | |||
Thereafter | 132,425 | |||
Net Book Value | $ 197,841 | $ 197,514 | $ 198,261 | $ 186,467 |
Contingent Consideration - Sche
Contingent Consideration - Schedule of Company's Contingent Consideration Liability Under Acquisitions Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combinations [Abstract] | |||
Beginning Balance | $ 2,468 | $ 1,244 | $ 3,866 |
Purchase price adjustment | (955) | ||
Additional obligations acquired | 2,044 | 1,312 | |
Fair value adjustment | (758) | (250) | (3,866) |
Accretion of discounted liabilities | 8 | 16 | 28 |
Payments on existing obligations | (1,301) | (1,227) | |
Foreign exchange effect | (176) | 141 | (96) |
Ending Balance | 786 | 2,468 | 1,244 |
Fair value adjustment | 758 | 250 | 3,866 |
Accretion of discounted liabilities | $ (8) | $ (16) | $ (28) |
Contingent Consideration - Sc_2
Contingent Consideration - Schedule of Contingent Consideration (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Business Combinations [Abstract] | ||
Short-term | $ 786 | $ 1,004 |
Long-term | 1,464 | |
Total contingent consideration | $ 786 | $ 2,468 |
Research and Development - Addi
Research and Development - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Research And Development [Line Items] | |||
Research and development expenses | $ 28,855 | $ 26,310 | $ 24,070 |
Operating expenses | |||
Schedule Of Research And Development [Line Items] | |||
Research and development expenses | $ 10,354 | $ 8,757 | $ 8,906 |
Equity Plan Awards - Additional
Equity Plan Awards - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Performance Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 102,043 | 160,706 | 137,557 |
Targeted performance percentage | 200.00% | 200.00% | 200.00% |
Weighted Average Grant-Date Fair Value, Granted | $ 20.03 | $ 14.29 | $ 16.96 |
Additional expenses recognized | $ 0 | ||
Number of Share, Additional granted based on performance | 71,180 | 76,445 | |
Performance Based Restricted Stock 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target performance percentage to meet performance incentive stock options based on EBIT and net sales | 200.00% | ||
Target performance percentage to meet performance incentive stock options based on market | 27.00% | ||
Additional expenses recognized | $ 0 | ||
Performance Based Restricted Stock 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target performance percentage to meet performance incentive stock options based on market | 43.00% | ||
Incentive Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option Exercise Price as Percentage of Fair Value of Common Stock | 10.00% | ||
Option exercise price as percentage of fair value of common stock | 110.00% | ||
Option Exercisable Maximum Period | 10 years | ||
Incentive Stock Option Plans, Options granted | 0 | 0 | 0 |
Vested on March 28, 2022 | Performance Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cliff vesting date | Apr. 16, 2024 | May 13, 2023 | Mar. 28, 2022 |
Performance based stock options based upon financial performance of earnings before interest and tax ("EBIT") and net sales goal for the period commencing January 1, 2019 through December 31, 2021 | Performance Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shares vesting based on Performance | 80.00% | 80.00% | 80.00% |
Earnings before income taxes goal weight, percentage | 50.00% | 50.00% | 50.00% |
Net sales goal weight, percentage | 30.00% | 30.00% | 30.00% |
Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2019 through December 31, 2021 | Performance Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Earnings before income taxes goal weight, percentage | 20.00% | 20.00% | 20.00% |
Equity Incentive Plan 1993 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of securities remaining available for future issuance | 870,345 | ||
Incentive Stock Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | $ 119,000 | $ 1,393,000 | $ 393,000 |
Cash received from stock option exercised | $ 172,000 | $ 1,533,000 | $ 454,000 |
Performance Based Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding Weighted Average, Remaining Life (Months) | 36 months |
Unamortized Stock-Based Compens
Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 6,880 | $ 6,561 | $ 7,160 |
Unamortized Stock-Based Compensation | 9,879 | 10,489 | 8,552 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 5,682 | 3,166 | 3,655 |
Unamortized Stock-Based Compensation | $ 6,804 | $ 6,954 | $ 5,512 |
Remaining Weighted Average Period (years) | 1 year 9 months 18 days | 1 year 10 months 24 days | 1 year 3 months 18 days |
Unrestricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 421 | $ 461 | $ 411 |
Unamortized Stock-Based Compensation | $ 187 | $ 183 | $ 205 |
Remaining Weighted Average Period (years) | 4 months 24 days | 4 months 24 days | 4 months 24 days |
Performance Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 777 | $ 2,934 | $ 3,094 |
Unamortized Stock-Based Compensation | $ 2,888 | $ 3,352 | $ 2,835 |
Remaining Weighted Average Period (years) | 1 year 9 months 18 days | 1 year 10 months 24 days | 1 year 10 months 24 days |
Summary of Non-Vested Shares (D
Summary of Non-Vested Shares (Detail) - Restricted and Unrestricted Stock - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 820,624 | 719,845 |
Number of Shares, Granted | 295,619 | 393,180 |
Number of Shares, Vested | (244,651) | (255,835) |
Number of Shares, Forfeited | (54,302) | (36,566) |
Number of Shares, Ending Balance | 817,290 | 820,624 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 16.64 | $ 17.67 |
Weighted Average Grant-Date Fair Value, Granted | 20 | 14.39 |
Weighted Average Grant-Date Fair Value, Vested | 19.23 | 15.86 |
Weighted Average Grant-Date Fair Value, Forfeited | 17.11 | 18.34 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 17.04 | $ 16.64 |
Status Summary of Non-Vested Sh
Status Summary of Non-Vested Shares (Detail) - Performance Based Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Beginning balance | 391,771 | 345,432 | |
Number of Shares, Granted | 102,043 | 160,706 | 137,557 |
Number of Share, Additional granted based on performance | 71,180 | 76,445 | |
Number of Shares, Vested | (175,087) | (184,785) | |
Number of Shares, Forfeited | (10,846) | (6,027) | |
Number of Shares, Ending Balance | 379,061 | 391,771 | 345,432 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 16.26 | $ 16.92 | |
Weighted Average Grant-Date Fair Value, Granted | 20.03 | 14.29 | $ 16.96 |
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, Forfeited | 16.89 | 17.52 | |
Weighted Average Grant-Date Fair Value, Ending balance | $ 16.43 | $ 16.26 | $ 16.92 |
Summary of Option Activity (Det
Summary of Option Activity (Detail) - Incentive Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 123,087 | 332,823 | 384,064 |
Incentive Stock Option Plans, Option exercised | (15,051) | (196,736) | (51,241) |
Incentive Stock Option Plans, Ending balance | 108,036 | 123,087 | 332,823 |
Incentive Stock Option Plans, Option forfeited | (13,000) | ||
Weighted Average Price Per Share, Beginning balance | $ 11.48 | $ 9.14 | $ 9.10 |
Weighted Average Price Per Share, Option exercised | 11.41 | 7.79 | 8.87 |
Weighted Average Price Per Share, Ending balance | $ 11.49 | 11.48 | $ 9.14 |
Weighted Average Price Per Share, Option forfeited | $ 7.50 |
Summary of Stock Options Summar
Summary of Stock Options Summarized by Exercise Price (Detail) - Incentive Stock Options - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Exercise Price | $ 11.49 | $ 11.48 | $ 9.14 | $ 9.10 |
Range One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price Per Share, Lower Range | 7.50 | |||
Outstanding Weighted Average, Shares | 108,036 | |||
Outstanding Weighted Average, Remaining Life (Months) | 36 months | |||
Outstanding Weighted Average, Exercise Price | $ 11.49 | |||
Range Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price Per Share, Lower Range | $ 11.49 | |||
Outstanding Weighted Average, Shares | 108,036 | |||
Outstanding Weighted Average, Exercise Price | $ 11.49 |
Summary of Performance option a
Summary of Performance option activity (Detail) - Performance Based Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 114,658 | 120,782 | 140,411 |
Incentive Stock Option Plans, Option exercised | (6,124) | (19,629) | |
Incentive Stock Option Plans, Ending balance | 114,658 | 114,658 | 120,782 |
Weighted Average Price Per Share, Beginning balance | $ 11.49 | $ 11.49 | $ 11.49 |
Weighted Average Price Per Share, Option exercised | 11.49 | 11.49 | |
Weighted Average Price Per Share, Ending balance | $ 11.49 | $ 11.49 | $ 11.49 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 360,736 | ||
Foreign currency translation adjustment, net of tax effects | (4,462) | $ (3,624) | $ (1,191) |
Balance | 372,738 | 360,736 | |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (9,322) | (5,698) | (4,507) |
Foreign currency translation adjustment, net of tax effects | (4,462) | (3,624) | (1,191) |
Balance | $ (13,784) | $ (9,322) | $ (5,698) |
Beginning Balance, Annual Act_2
Beginning Balance, Annual Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Foreign currency translation adjustment, tax effect | $ 76 | $ 2,521 | $ 802 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 07, 2017 | Jun. 27, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 02, 2016 |
Equity Method Investments [Line Items] | ||||||
Investment | $ 950 | $ 1,190 | ||||
Losses from equity method investment | $ (388) | $ (125) | $ (209) | |||
Profeng Australia, Pty Ltd | ||||||
Equity Method Investments [Line Items] | ||||||
Joint venture, consideration | $ 1,900 | |||||
Huifeng/AMVAC Innovation Co., Ltd. | ||||||
Equity Method Investments [Line Items] | ||||||
Equity investment ownership position | 50.00% | |||||
Hong Kong JV | ||||||
Equity Method Investments [Line Items] | ||||||
Equity investment ownership position | 50.00% | 50.00% | 50.00% | |||
Losses from equity method investment | $ (388) | $ (125) | $ (209) | |||
Impairment charges | 288 | |||||
Investments value | $ 0 | $ 388 | $ 513 |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | Apr. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 29, 2016 |
Equity Method Investments [Line Items] | |||||
Losses from equity method investment | $ (388) | $ (125) | $ (209) | ||
Bi Pa | |||||
Equity Method Investments [Line Items] | |||||
Investments value | $ 3,283 | ||||
Cost method ownership percentage | 15.00% | 15.00% | 15.00% | ||
Impairment of investments | $ 399 | $ 0 | $ 0 | ||
Clean Seed Capital Group Ltd | |||||
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 | 1,516 | 1,907 | |||
Losses from equity method investment | $ 391 | $ 717 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - USD ($) | Mar. 08, 2022 | Nov. 05, 2018 | Sep. 30, 2021 | Aug. 31, 2021 | Jan. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2019 | Aug. 30, 2021 | Dec. 31, 2020 |
Equity Class Of Treasury Stock [Line Items] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 | ||||||||
Common stock, par value per share | $ 0.10 | $ 0.10 | $ 10 | $ 0.10 | $ 10 | ||||
Number of shares purchased | 300,000 | ||||||||
Amount paid for common shares purchase | $ 4,579,000 | $ 2,604,000 | |||||||
Average price paid per share | $ 15.26 | ||||||||
Common stock, par value | $ 0.10 | $ 0.10 | $ 10 | $ 0.10 | $ 10 | ||||
Common Stock | |||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||
Number of shares purchased | 1,000,000,000,000 | 221,700 | 78,300 | 158,048 | 300,000 | 158,048 | |||
Average price paid per share | $ 20 | $ 15.23 | $ 15.37 | $ 16.48 | $ 15.26 | $ 16.48 | |||
Number of shares intended to repurchase under repurchase program | $ 3,376,000 | $ 1,203,000 | $ 2,604,000 | $ 4,579,000 | $ 2,604,000 | ||||
Shares repurchase program, expiration date | Mar. 8, 2019 | ||||||||
Common Stock | Maximum | |||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||
Number of shares intended to repurchase under repurchase program | $ 20,000 |
Summary of Number of Shares of
Summary of Number of Shares of Common Stock Repurchased (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 08, 2022 | Sep. 30, 2021 | Aug. 31, 2021 | Jan. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2019 |
Equity Class Of Treasury Stock [Line Items] | ||||||
Total number of shares purchased | 300,000 | |||||
Average price paid per share | $ 15.26 | |||||
Common Stock | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Total number of shares purchased | 1,000,000,000,000 | 221,700 | 78,300 | 158,048 | 300,000 | 158,048 |
Average price paid per share | $ 20 | $ 15.23 | $ 15.37 | $ 16.48 | $ 15.26 | $ 16.48 |
Total amount paid | $ 3,376 | $ 1,203 | $ 2,604 | $ 4,579 | $ 2,604 |
Supplemental Cash Flows Infor_3
Supplemental Cash Flows Information - Schedule Of Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental cash flow information: | |||
Interest | $ 3,520 | $ 5,313 | $ 7,121 |
Income taxes, net | 5,796 | 3,881 | 9,276 |
Non-cash transactions: | |||
ROU assets obtained in exchange for new liabilities | 18,521 | 6,309 | 3,580 |
Deferred consideration in connection with business and asset acquisitions | 758 | 2,630 | 3,051 |
Cash dividends declared and included in accrued expenses | $ 594 | $ 592 | $ 582 |