Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 24, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MYERS INDUSTRIES INC | |
Entity Central Index Key | 69488 | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,867,232 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Net sales | $194,920 | $197,290 | $613,924 | $577,180 |
Cost of sales | 141,281 | 144,561 | 446,198 | 419,089 |
Gross profit | 53,639 | 52,729 | 167,726 | 158,091 |
Selling, general and administrative expenses | 41,564 | 42,957 | 129,288 | 121,210 |
Operating income | 12,075 | 9,772 | 38,438 | 36,881 |
Interest expense, net | 1,112 | 1,194 | 3,320 | 3,328 |
Income before income taxes | 10,963 | 8,578 | 35,118 | 33,553 |
Income tax expense | 4,475 | 2,782 | 12,435 | 12,112 |
Net income | $6,488 | $5,796 | $22,683 | $21,441 |
Income per common share: | ||||
Basic (in dollars per share) | $0.19 | $0.17 | $0.68 | $0.64 |
Diluted (in dollars per share) | $0.19 | $0.17 | $0.67 | $0.63 |
Dividends declared per share (in dollars per share) | $0.09 | $0.08 | $0.27 | $0.24 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $6,488 | $5,796 | $22,683 | $21,441 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 255 | 2,926 | -5,590 | 3,699 |
Pension liability | 0 | 0 | -75 | 632 |
Total other comprehensive income (loss), net of tax | 255 | 2,926 | -5,665 | 4,331 |
Comprehensive income | $6,743 | $8,722 | $17,018 | $25,772 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Financial Position (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash | $7,004 | $3,948 |
Accounts receivable-less allowances of $3,267 and $3,255, respectively | 108,279 | 115,508 |
Inventories | ||
Finished and in-process products | 83,584 | 72,899 |
Raw materials and supplies | 34,336 | 34,603 |
Inventory net | 117,920 | 107,502 |
Prepaid expenses | 9,380 | 9,033 |
Deferred income taxes | 2,184 | 3,605 |
Total Current Assets | 244,767 | 239,596 |
Other Assets | ||
Goodwill | 61,223 | 61,056 |
Patents and other intangible assets | 22,584 | 25,839 |
Other | 3,085 | 7,882 |
Total other non current assets | 86,892 | 94,777 |
Property, Plant and Equipment, at Cost | ||
Land | 4,895 | 4,438 |
Buildings and leasehold improvements | 63,464 | 57,058 |
Machinery and equipment | 457,837 | 445,789 |
Property, Plant and Equipment, at cost | 526,196 | 507,285 |
Less allowances for depreciation and amortization | -378,451 | -356,802 |
Property, plant and equipment, net | 147,745 | 150,483 |
Total Assets | 479,404 | 484,856 |
Current Liabilities | ||
Accounts payable | 69,578 | 72,417 |
Accrued expenses | ||
Employee compensation | 19,997 | 18,885 |
Income taxes | 150 | 1,090 |
Taxes, other than income taxes | 2,727 | 2,606 |
Accrued interest | 835 | 240 |
Other | 20,915 | 19,239 |
Total Current Liabilities | 114,202 | 114,477 |
Long-term debt | 75,490 | 92,814 |
Other liabilities | 17,537 | 17,865 |
Deferred income taxes | 31,920 | 29,678 |
Shareholders’ Equity | ||
Serial Preferred Shares (authorized 1,000,000 shares; none issued and outstanding) | 0 | 0 |
Common Shares, without par value (authorized 60,000,000 shares; outstanding 33,721,350 and 33,480,189; net of treasury shares of 4,086,782 and 4,356,160, respectively) | 20,404 | 20,316 |
Additional paid-in capital | 268,652 | 266,419 |
Accumulated other comprehensive income | 4,978 | 10,643 |
Retained deficit | -53,779 | -67,356 |
Total Shareholders' Equity | 240,255 | 230,022 |
Total Liabilities and Shareholders' Equity | $479,404 | $484,856 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Financial Position (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets | ||
Allowances for accounts receivable | $3,267 | $3,255 |
Shareholders’ Equity | ||
Preferred Shares, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Shares, shares issued (in shares) | 0 | 0 |
Preferred Shares, shares outstanding (in shares) | 0 | 0 |
Common Shares, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common Shares, shares outstanding (in shares) | 33,721,350 | 33,480,189 |
Common shares, treasury (in shares) | 4,086,782 | 4,356,160 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulative Other Comprehensive Income | Retained Income (Deficit) |
In Thousands, unless otherwise specified | |||||
Beginning balance at Dec. 31, 2012 | $230,022 | $20,316 | $266,419 | $10,643 | ($67,356) |
Stockholders' Equity [Roll Forward] | |||||
Net income | 22,683 | 0 | 0 | 0 | 22,683 |
Other comprehensive income (loss) | 0 | 0 | -5,665 | 0 | |
Shares withheld for employee taxes on equity awards | 0 | -684 | 0 | 0 | |
Purchases for treasury | -221 | -5,050 | 0 | 0 | |
Common stock issued | 301 | 5,464 | 0 | 0 | |
Stock based compensation | 0 | 2,142 | 0 | 0 | |
Stock contribution | 8 | 194 | 0 | 0 | |
Tax benefit from options | 0 | 167 | 0 | 0 | |
Dividends declared - $.27 per share | 0 | 0 | 0 | -9,106 | |
Ending balance at Sep. 30, 2013 | $240,255 | $20,404 | $268,652 | $4,978 | ($53,779) |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share (in dollars per share) | $0.09 | $0.08 | $0.27 | $0.24 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities | ||
Net income | $22,683 | $21,441 |
Items not affecting use of cash: | ||
Depreciation | 25,661 | 22,287 |
Amortization of intangible assets | 2,953 | 2,331 |
Non-cash stock compensation | 2,142 | 2,134 |
Payments for long-term incentive compensation | 0 | -333 |
Provision for (recovery of) loss on accounts receivable | 698 | -1,019 |
Deferred taxes | 4,069 | 428 |
Other long-term liabilities | 38 | 2,037 |
Loss (gain) from asset disposition | 584 | -628 |
Other | 202 | 50 |
Cash flows provided by (used for) working capital, net of acquisitions: | ||
Accounts receivable | 3,908 | 664 |
Inventories | -12,443 | -18,611 |
Prepaid expenses | -1,509 | -2,563 |
Accounts payable and accrued expenses | -2,143 | -4,877 |
Net cash provided by operating activities | 46,843 | 23,341 |
Cash Flows from Investing Activities | ||
Capital expenditures | -20,003 | -15,236 |
Acquisition of business, net of cash acquired | -600 | -3,430 |
Proceeds from sale of property, plant and equipment | 928 | 1,975 |
Other | -64 | 100 |
Net cash used for investing activities | -19,739 | -16,591 |
Cash Flows from Financing Activities | ||
Repayment of long-term debt | 0 | -26,333 |
Net (repayments of) borrowing on credit facility | -17,324 | 20,410 |
Cash dividends paid | -6,046 | -7,642 |
Proceeds from issuance of common stock | 5,765 | 3,026 |
Tax benefit from options | 167 | 0 |
Repurchase of common stock | -5,955 | 0 |
Net cash used for financing activities | -23,393 | -10,539 |
Foreign exchange rate effect on cash | -655 | 3,456 |
Net increase (decrease) in cash | 3,056 | -333 |
Cash, Beginning balance | 3,948 | 6,801 |
Cash, Ending balance | $7,004 |
Statement_of_Accounting_Policy
Statement of Accounting Policy | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Statement of Accounting Policy | Statement of Accounting Policies | |||||||||||
Basis of Presentation | ||||||||||||
The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s latest annual report on Form 10-K. | ||||||||||||
In the opinion of the Company, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of September 30, 2013, and the results of operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2013. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, requiring new disclosures regarding reclassification adjustments from accumulated other comprehensive income ("AOCI"). ASU No. 2013-02 requires disclosure of amounts reclassified out of AOCI in its entirety, by component, which the Company has elected to disclose in the notes (see below). The Company adopted this guidance effective January 1, 2013. | ||||||||||||
Translation of Foreign Currencies | ||||||||||||
All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders' equity. | ||||||||||||
Fair Value Measurement | ||||||||||||
The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, as required. The guidance established a common definition for fair value to be applied to U.S. GAAP requiring the use of fair value, established a framework for measuring fair value, and expanded disclosure requirements about such fair value measurements. The guidance did not require any new fair value measurements, but rather applied to all other accounting pronouncements that require or permit fair value measurements. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels: | ||||||||||||
Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||
Level 2: | Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly. | |||||||||||
Level 3: | Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions. | |||||||||||
The fair value of the Company’s cash, accounts receivable, accounts payable and accrued expenses are considered to have a fair value which approximates carrying value due to the nature and relative short maturity of these assets and liabilities. | ||||||||||||
The fair value of debt under the Company’s Credit Agreement approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s $35.0 million fixed rate senior notes was estimated at $35.9 million and $36.5 million at September 30, 2013 and December 31, 2012, respectively, using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered level 2 inputs. | ||||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title and risk of loss, which is generally at time of shipment, and collectability of the fixed or determinable sales price is reasonably assured. | ||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||
The balances in the Company’s accumulated other comprehensive income ("AOCI") as of September 30, 2013 and September 30, 2012 are as follows: | ||||||||||||
Foreign Currency | Defined Benefit Pension Plans | Total | ||||||||||
Balance at January 1, 2012 | $ | 9,994 | $ | (2,700 | ) | $ | 7,294 | |||||
Other comprehensive income before reclassifications | 1,385 | — | 1,385 | |||||||||
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income | — | 632 | 632 | |||||||||
Net current-period other comprehensive income | $ | 1,385 | $ | 632 | $ | 2,017 | ||||||
Balance at March 31, 2012 | $ | 11,379 | $ | (2,068 | ) | $ | 9,311 | |||||
Other comprehensive income before reclassifications | (612 | ) | — | (612 | ) | |||||||
Balance at June 30, 2012 | $ | 10,767 | $ | (2,068 | ) | $ | 8,699 | |||||
Other comprehensive income before reclassifications | 2,926 | — | 2,926 | |||||||||
Balance at September 30, 2012 | $ | 13,693 | $ | (2,068 | ) | $ | 11,625 | |||||
Balance at January 1, 2013 | $ | 12,784 | $ | (2,141 | ) | $ | 10,643 | |||||
Other comprehensive income before reclassifications | (851 | ) | — | (851 | ) | |||||||
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income | — | (75 | ) | (75 | ) | |||||||
Net current-period other comprehensive income | $ | (851 | ) | $ | (75 | ) | $ | (926 | ) | |||
Balance at March 31, 2013 | $ | 11,933 | $ | (2,216 | ) | $ | 9,717 | |||||
Other comprehensive income before reclassifications | (4,994 | ) | — | (4,994 | ) | |||||||
Balance at June 30, 2013 | $ | 6,939 | $ | (2,216 | ) | $ | 4,723 | |||||
Other comprehensive income before reclassifications | 255 | — | 255 | |||||||||
Balance at September 30, 2013 | $ | 7,194 | $ | (2,216 | ) | $ | 4,978 | |||||
Cash and Cash Equivalents | ||||||||||||
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2013 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories |
Approximately twenty percent of the Company’s inventories use the last-in, first-out (LIFO) method of determining cost. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management’s estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management’s control, estimated interim results, which were immaterial, are subject to change in the final year-end LIFO inventory valuation and therefore, no adjustment was recorded as of September 30, 2013. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Business Combinations [Abstract] | ||||||||
Acquisitions | Acquisitions | |||||||
In October 2012, the Company acquired 100% of the stock of Jamco Products Inc. ("Jamco"), an Illinois corporation that is a leading designer and manufacturer of heavy-duty industrial steel carts and safety cabinets used across many markets. The total purchase price was approximately $15.1 million in cash, net of $0.1 million of cash acquired. | ||||||||
Jamco's assets and liabilities are recorded at fair value as of the date of acquisition using primarily level 2 and level 3 fair value inputs. Intangible assets included in the acquisition of Jamco are trade name of $1.2 million, technology of $2.0 million, non-compete agreement of $0.1 million and customer relationships of $2.4 million. The technology, non-compete agreement and customer relationships are subject to amortization and have estimated useful lives of ten, two and six years, respectively. The Jamco trade name has an indefinite life and will be subject to periodic (at least annual) evaluation for impairment. | ||||||||
In July 2012, the Company acquired 100% of the stock of Plasticos Novel do Nordeste S.A. ("Novel"), a Brazil-based designer and manufacturer of reusable plastic crates and containers used for closed-loop shipping and storage. Novel also produces a diverse range of plastic industrial safety products. The total purchase price was $30.9 million, which includes a cash payment of $3.4 million, net of $0.6 million of cash acquired, assumed debt of approximately $26.0 million and contingent consideration of $0.9 million based on an earnout. The contingent consideration is contingent upon the annual results of Novel exceeding predefined earnings before interest, taxes, depreciation and amortization over the following four years. | ||||||||
Novel's assets and liabilities are recorded at fair value as of the date of acquisition using primarily level 3 fair value inputs. Intangible assets included in the acquisition of Novel include trade name of $1.6 million, know-how of $1.8 million and customer relationships of $2.4 million The know-how and customer relationships are subject to amortization and have estimated useful lives of ten and six years, respectively. The Novel trade name has an indefinite life and will be subject to periodic (at least annual) evaluation for impairment. | ||||||||
The following unaudited pro forma information for the nine months ended September 30, 2012 presents a summary of consolidated results of operations for the Company including Novel and Jamco as if the acquisitions had occurred on January 1, 2012. | ||||||||
Net sales | $ | 608,239 | ||||||
Cost of sales | 440,999 | |||||||
Gross profit | 167,240 | |||||||
Selling, general & administrative expenses | 127,007 | |||||||
Operating income | 40,233 | |||||||
Interest expense, net | 6,287 | |||||||
Income before taxes | 33,946 | |||||||
Income taxes | 12,261 | |||||||
Net income | $ | 21,685 | ||||||
Income per basic share | $ | 0.65 | ||||||
Income per diluted share | $ | 0.63 | ||||||
These unaudited pro forma results have been prepared for comparative purposes only and may not be indicative of results of operations which actually would have occurred had the acquisitions taken place on January 1, 2012 or indicative of future results. | ||||||||
The operating results of both businesses acquired have been included in our Material Handling Segment since the date of acquisition. | ||||||||
The allocation of the purchase price and the estimated goodwill, which is not deductible for income tax purposes, and other intangibles are as follows: | ||||||||
Assets acquired: | Novel | Jamco | ||||||
Current assets, excluding cash acquired | $ | 11,884 | $ | 5,019 | ||||
Property, plant & equipment | 13,636 | 2,559 | ||||||
Other long-term assets | 6,944 | 5,711 | ||||||
Assets acquired, less cash | $ | 32,464 | $ | 13,289 | ||||
Current liabilities | $ | 6,742 | $ | 2,112 | ||||
Debt | 26,028 | — | ||||||
Long-term liabilities | 6,097 | 3,498 | ||||||
Liabilities assumed | 38,867 | 5,610 | ||||||
Goodwill | 9,832 | 7,435 | ||||||
Total consideration, less cash acquired | $ | 3,429 | $ | 15,114 | ||||
Goodwill
Goodwill | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | Goodwill | ||||
The Company is required to test for impairment on at least an annual basis. In addition, the Company tests for impairment whenever events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. Such events may include, but are not limited to, significant changes in economic and competitive conditions, the impact of the economic environment on the Company's customer base or its businesses, or a material negative change in its relationships with significant customers. The Company conducts its annual impairment assessment as of October 1. | |||||
The change in goodwill for the nine months ended September 30, 2013 was as follows: | |||||
Balance at January 1, 2013 | $ | 61,056 | |||
Reclassification of prepaid asset from Novel acquisition | 1,028 | ||||
Foreign currency translation | (861 | ) | |||
Balance at September 30, 2013 | $ | 61,223 | |||
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net Income Per Common Share | Net Income Per Common Share | |||||||||||
Net income per common share, as shown on the Condensed Consolidated Statements of Income (unaudited), is determined on the basis of the weighted average number of common shares outstanding during the period as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Weighted average common shares outstanding | ||||||||||||
Basic | 33,670,639 | 33,746,824 | 33,574,801 | 33,592,984 | ||||||||
Dilutive effect of stock options and restricted stock | 538,170 | 664,830 | 416,220 | 663,469 | ||||||||
Weighted average common shares outstanding diluted | 34,208,809 | 34,411,654 | 33,991,021 | 34,256,453 | ||||||||
Options to purchase 123,900 shares of common stock that were outstanding for the nine month period ended September 30, 2013 were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and their effect on diluted earnings per share would be anti-dilutive. Options to purchase 212,000 shares of common stock that were outstanding for both the three month period and nine month period ended September 30, 2012 were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and their effect on diluted earnings per share would be anti-dilutive. |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||||||
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest paid | $ | 1,658 | $ | 491 | $ | 2,629 | $ | 2,399 | ||||||||
Income taxes paid | $ | 2,354 | $ | 3,183 | $ | 9,776 | $ | 16,465 | ||||||||
Restructuring
Restructuring | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring | Restructuring | |||||||||||||||
The charges related to various restructuring programs implemented by the Company are included in selling, general and administrative ("SG&A") expenses and cost of sales depending on the type of cost incurred. In our Distribution Segment, as well as Corporate, restructuring costs were recorded in SG&A, while in our Engineered Products Segment restructuring expenses were recorded in cost of sales. Our Material Handling Segment and Lawn and Garden Segment restructuring costs were recorded in both SG&A and cost of sales. The restructuring charges by segment are presented in the following table. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Segment | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Material Handling | $ | — | $ | — | $ | 225 | $ | — | ||||||||
Lawn and Garden | 993 | 19 | 2,132 | 461 | ||||||||||||
Distribution | 25 | 165 | 117 | 595 | ||||||||||||
Engineered Products | — | 849 | 3 | 1,050 | ||||||||||||
Corporate | — | — | 17 | — | ||||||||||||
Total | $ | 1,018 | $ | 1,033 | $ | 2,494 | $ | 2,106 | ||||||||
The Company recorded restructuring expenses of $0.4 million in SG&A and $0.6 million in cost of sales for the three months ended September 30, 2013. The Company recorded total restructuring expenses of $0.2 million in SG&A and $0.8 million in cost of sales for the three months ended September 30, 2012. | ||||||||||||||||
The Company recorded total restructuring expenses of $1.4 million in SG&A and $1.1 million in cost of sales for the nine months ended September 30, 2013. The Company recorded total restructuring expenses of $1.2 million in SG&A and $1.0 million in cost of sales for the nine months ended September 30, 2012. A gain of $0.4 million on the sale of four facilities was also recorded in Distribution Segments SG&A for the nine months ended September 30, 2012. Estimated lease obligations associated with closed facilities were based on level 2 inputs. | ||||||||||||||||
The amounts for severance and personnel costs associated with restructuring have been included in other accrued expenses on the accompanying Condensed Consolidated Statements of Financial Position. | ||||||||||||||||
Severance and | Other | |||||||||||||||
Personnel | Exit Costs | Total | ||||||||||||||
Balance at January 1, 2012 | $ | — | $ | 605 | $ | 605 | ||||||||||
Provision | 783 | 1,323 | 2,106 | |||||||||||||
Less: Payments | (783 | ) | (728 | ) | (1,511 | ) | ||||||||||
Balance at September 30, 2012 | $ | — | $ | 1,200 | $ | 1,200 | ||||||||||
Balance at January 1, 2013 | $ | 318 | $ | — | $ | 318 | ||||||||||
Provision | 597 | 1,897 | 2,494 | |||||||||||||
Less: Payments | (915 | ) | (1,897 | ) | (2,812 | ) | ||||||||||
Balance at September 30, 2013 | $ | — | $ | — | $ | — | ||||||||||
In July 2013, the Lawn and Garden Segment announced a restructuring plan that details the closure of two manufacturing plants: one in Brantford, Ontario and the second in Waco, Texas. The restructuring actions include closure, relocation and employee related costs. The aggregate charge is expected to approximate $15.0 million, of which $3.0 million is expected to be noncash costs. These actions are expected to improve annual operating profit by approximately $8.0 million. The majority of the benefits are planned to be realized throughout 2014 in decreased labor, overhead, plant and freight costs. For the three months ended September 30, 2013, the Company incurred restructuring costs of $1.0 million for severance, consulting, moving and relocation costs. | ||||||||||||||||
The Lawn and Garden Segment restructuring plan also included reopening a manufacturing plant in Sparks, Nevada in order to lower the Company's costs to serve the West Coast market and position the segment for future growth. As of July 2013, the facility was no longer actively marketed for sale and was reclassified from held for sale to property, plant, and equipment in the Condensed Consolidated Statements of Financial Position. Depreciation expense recapture of $1.3 million for this facility was recorded in the third quarter 2013. |
Stock_Compensation
Stock Compensation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Stock Compensation | Stock Compensation | ||||||||
The Company’s 2008 Incentive Stock Plan (the “2008 Plan”) authorizes the Compensation Committee of the Board of Directors to issue up to 3,000,000 shares of various types of stock based awards including stock options, restricted stock, stock units and stock appreciation rights to key employees and directors. In general, options granted and outstanding vest over a three year period and expire ten years from the date of grant. | |||||||||
Stock compensation expense reduced income before taxes approximately $0.8 million and $0.6 million, for the three months ended September 30, 2013 and 2012, respectively. Stock compensation expense reduced income before taxes approximately $2.3 million and $2.1 million, for the nine months ended September 30, 2013 and 2012, respectively. These expenses are included in SG&A expenses in the accompanying Condensed Consolidated Statements of Income (Unaudited). Total unrecognized compensation cost related to non-vested share based compensation arrangements at September 30, 2013 was approximately $4.1 million which will be recognized over the next three years, as such compensation is earned. | |||||||||
On March 1, 2013, stock options for 323,400 shares were granted with a three year vesting period. The fair value of options granted is estimated using a binomial lattice option pricing model based on assumptions set forth in the following table. The Company uses historical data to estimate employee exercise and departure behavior. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and through the expected term. The dividend yield rate is based on the Company’s historical dividend yield. The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole. | |||||||||
Model | |||||||||
Risk free interest rate | 1.86 | % | |||||||
Expected dividend yield | 2.4 | % | |||||||
Expected life of award (years) | 7 | ||||||||
Expected volatility | 50 | % | |||||||
Fair value per option share | $ | 5.39 | |||||||
The following table provides a summary of stock option activity for the period ended September 30, 2013: | |||||||||
Shares | Average | Weighted | |||||||
Exercise | Average | ||||||||
Price | Life | ||||||||
Outstanding at January 1, 2013 | 1,919,021 | $ | 11.63 | ||||||
Options granted | 323,400 | 14.77 | |||||||
Options exercised | (500,971 | ) | 11.34 | ||||||
Cancelled or forfeited | (161,678 | ) | 13.89 | ||||||
Outstanding at September 30, 2013 | 1,579,772 | $ | 12.14 | 6.23 years | |||||
Exercisable at September 30, 2013 | 1,060,794 | $ | 11.48 | 4.97 years | |||||
The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of all stock options exercised during the three months ended September 30, 2013 and 2012 was approximately $1.2 million and $0.1 million, respectively. The total intrinsic value of all stock options exercised during the nine months ended September 30, 2013 and 2012 was approximately $2.6 million and, $1.5 million, respectively. | |||||||||
On March 1, 2013, 169,100 Restricted Stock Unit ("RSU") Awards were granted with a two or three year vesting period. The RSUs had a grant date fair value of $14.77 per share, which was the closing price of the common stock on the date of grant. | |||||||||
The following table provides a summary of RSU and restricted stock activity for the nine months ended September 30, 2013: | |||||||||
Awards | Average Grant-Date Fair Value | ||||||||
Unvested at January 1, 2013 | 363,125 | ||||||||
Granted | 169,100 | $ | 14.77 | ||||||
Released | (112,000 | ) | 10.02 | ||||||
Cancelled or forfeited | (126,600 | ) | 13.89 | ||||||
Unvested at September 30, 2013 | 293,625 | $ | 13.1 | ||||||
Restricted stock units are rights to receive shares of common stock, subject to forfeiture and other restrictions, which vest over a two or three year period. Restricted shares are considered to be non-vested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. Restricted stock awards are valued based on the market price of the underlying shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period. At September 30, 2013, restricted stock awards had vesting periods up through March 2016. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies |
The Company is a defendant in various lawsuits and a party to various other legal proceedings, in the ordinary course of business, some of which are covered in whole or in part by insurance. | |
New Idria Mercury Mine | |
Effective October 2011, the U.S. Environmental Protection Agency (“EPA”) added the New Idria Mercury Mine site located near Hollister, California to the Superfund National Priorities List because of alleged contaminants discharged at the site and to California waterways. The New Idria Quicksilver Mining Company, founded in 1936, and later renamed the New Idria Mining & Chemical Company ("NIMCC") owned and/or operated the New Idria Mine through 1976. In 1981 NIMCC was merged into Buckhorn Metal Products Inc. and subsequently acquired by Myers Industries in 1987. The EPA contends that past mining operations have resulted in mercury contamination and acid mine drainage at the site and in the San Carlos Creek, Silver Creek and a portion of Panoche Creek and that other downstream locations may also be impacted. | |
Since Buckhorn Inc. may be a potentially responsible party (“PRP”) of the New Idria Mercury Mine, the Company recognized an expense of $1.9 million in 2011 related to performing a remedial investigation and feasibility study to determine the extent of remediation and the screening of alternatives. Payments of approximately $0.5 million have been charged against the reserve classified in Other Liabilities on the Condensed Consolidated Statements of Financial Position as of September 30, 2013. As the Site Remedial Investigation and Feasibility Study ("RI/FS") proceeds, it is likely that adjustments to the recognized expense will be necessary to reflect new information regarding the nature and extent of site contamination, the range of remediation alternatives available, and evolving remediation standards. The final remedial action will be selected after completion of the RI/FS. At that time, the Company is likely to have additional information regarding remedial action costs, the number and financial condition of other PRPs, the extent of their responsibility for the remediation, and the availability of insurance coverage for these expenses. At this time, further remediation cost estimates are not known and have not been prepared. | |
In November 2011, the EPA completed an interim removal project at the New Idria Mercury Mine site. It is expected this removal action will be part of the final remediation strategy for the site. According to informal reports, EPA's interim removal project costs were approximately $500,000. It is possible that at some future date the EPA will seek recovery of the costs of this work from PRPs. | |
Other | |
When management believes that a loss arising from these matters is probable and can reasonably be estimated, the Company records the amount of the estimated loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable of occurrence than another. As additional information becomes available, any potential liability related to these matters will be assessed and the estimates will be revised, if necessary. | |
Based on current available information, management believes that the ultimate outcome of these matters will not have a material adverse effect on the Company's financial position or overall trends in the Company's results of operations. However, these matters are subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which the ruling occurs, or in future periods. |
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Long-Term Debt | |||||||
Long-term debt consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Credit agreement | $ | 40,490 | $ | 57,814 | ||||
Senior notes | 35,000 | 35,000 | ||||||
$ | 75,490 | $ | 92,814 | |||||
Under terms of the Credit Agreement with a group of banks, the Company may borrow up to $180 million, reduced for letters of credit issued. As of September 30, 2013, the Company had $134.6 million available under the Credit Agreement. | ||||||||
In December 2003, the Company issued $100 million in Senior Unsecured Notes (the "Notes") consisting of $65 million of notes with an interest rate of 6.08 percent and a 7 year maturity and $35 million of notes with an interest rate of 6.81 percent and a 10 year maturity. Proceeds from the issuance of the Notes were used to pay down the term loan and revolving credit facility borrowing outstanding at that time. As of September 30, 2013, the Company has classified the $35 million of Senior Notes due in December 2013 as a long-term liability since the intent of our recently completed private placement of notes totaling $100 million will be used to repay the Notes. | ||||||||
Subsequent Event | ||||||||
On October 22, 2013, the Company entered into a note purchase agreement for the private placement of notes totaling $100 million with a group of institutional investors. The proceeds will be used to grow key businesses and to repay existing debt. The four series of notes will range in face value from $11 million to $40 million, with interest rates ranging from 4.67% to 5.45% that will expire between 2021 and 2026. The average interest rate on this new debt is 5.07% compared to the current rate of 6.81% on the $35 million which will be paid off in December 2013. Also on October 22, 2013, our Credit Agreement was amended to reflect reference to the private placement of notes. |
Retirement_Plans
Retirement Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Retirement Plans | Retirement Plans | |||||||||||||||
The Company and certain of its subsidiaries have pension and profit sharing plans covering substantially all of their employees. The Company’s frozen defined benefit pension plan ("The Pension Agreement between Akro-Mils and United Steelworkers of America Local No. 1761-02") provides benefits primarily based upon a fixed amount for each year of service as of the date the plan was frozen. | ||||||||||||||||
Net periodic pension cost are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 7 | $ | 18 | $ | 23 | $ | 53 | ||||||||
Interest cost | 64 | 72 | 194 | 216 | ||||||||||||
Expected return on assets | (91 | ) | (77 | ) | (273 | ) | (230 | ) | ||||||||
Amortization of actuarial net loss | 28 | 25 | 84 | 75 | ||||||||||||
Net periodic pension cost | $ | 8 | $ | 38 | $ | 28 | $ | 114 | ||||||||
Company contributions | $ | 81 | $ | 339 | $ | 284 | $ | 538 | ||||||||
The Company anticipates contributions totaling $0.4 million to its pension plan for the full year of 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The total amount of gross unrecognized tax benefit that would reduce the Company's effective tax rates at September 30, 2013 and September 30, 2012, was $1.2 million and $0.3 million, respectively. The $0.9 million increase in the gross unrecognized tax benefits from September 30, 2012 to September 30, 2013 resulted from an increase in income tax reserves related to acquired businesses and previous year tax positions. Accrued interest expense included with accrued income taxes in the Company's Condensed Consolidated Statements of Financial Position was $0.1 million at both September 30, 2013 and December 31, 2012. | |
As of September 30, 2013, the Company and its significant subsidiaries are subject to examination for the years after 2007 in Brazil and Canada, and after 2010 in the United States. The Company and its subsidiaries are subject to examination in certain states within the United States either after 2007 or after 2008. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Information | Segment Information | |||||||||||||||
Using the criteria of ASC 280, Segment Reporting, the Company has four operating segments: Material Handling, Lawn and Garden, Distribution, and Engineered Products. Each of these operating segments is also a reportable segment under the ASC 280 criteria. | ||||||||||||||||
None of the reportable segments include operating segments that have been aggregated. Some of these segments contain individual business components that have been aggregated on the basis of common management, customers, products, production processes and economic characteristics. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up. | ||||||||||||||||
Income before income taxes for each business segment is based on net sales less cost of products sold, and the related selling, administrative and general expenses. In computing business segment operating income, general corporate overhead expenses and interest expenses are not included. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Net Sales | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Material Handling | $ | 75,965 | $ | 76,151 | $ | 239,768 | $ | 201,632 | ||||||||
Lawn and Garden | 44,905 | 45,341 | 146,157 | 147,008 | ||||||||||||
Distribution | 45,006 | 45,065 | 133,548 | 131,991 | ||||||||||||
Engineered Products | 33,839 | 35,709 | 108,403 | 111,578 | ||||||||||||
Inter-company Sales | (4,795 | ) | (4,976 | ) | (13,952 | ) | (15,029 | ) | ||||||||
Net Sales | $ | 194,920 | $ | 197,290 | $ | 613,924 | $ | 577,180 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Income Before Income Taxes | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Material Handling | $ | 10,679 | $ | 12,530 | $ | 31,394 | $ | 34,903 | ||||||||
Lawn and Garden | 93 | 41 | 2,265 | (683 | ) | |||||||||||
Distribution | 4,290 | 3,343 | 10,993 | 11,152 | ||||||||||||
Engineered Products | 3,502 | 2,921 | 13,713 | 12,172 | ||||||||||||
Corporate | (6,489 | ) | (9,063 | ) | (19,927 | ) | (20,663 | ) | ||||||||
Interest expense - net | (1,112 | ) | (1,194 | ) | (3,320 | ) | (3,328 | ) | ||||||||
Income before income taxes | $ | 10,963 | $ | 8,578 | $ | 35,118 | $ | 33,553 | ||||||||
Other_Current_Accrued_Expenses
Other Current Accrued Expenses (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Payables and Accruals [Abstract] | |
Other current accrued expenses | Other Current Accrued Expenses |
Included within Accrued expenses - Other on the Condensed Consolidated Statements of Financial Position as of September 30, 2013, and December 31, 2012 are deposits and amounts due to customers of $10.6 million and $10.7 million, dividends payable of $3.2 million and $0.2 million, and other accruals of $7.1 million and $8.3 million, respectively. |
Statement_of_Accounting_Policy1
Statement of Accounting Policy (Policies) | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Accounting | Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s latest annual report on Form 10-K. | ||
New Accounting Pronouncements | Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, requiring new disclosures regarding reclassification adjustments from accumulated other comprehensive income ("AOCI"). ASU No. 2013-02 requires disclosure of amounts reclassified out of AOCI in its entirety, by component, which the Company has elected to disclose in the notes (see below). The Company adopted this guidance effective January 1, 2013. | ||
Translation of Foreign Currencies | Translation of Foreign Currencies | |
All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders' equity. | ||
Fair Value Measurement | Fair Value Measurement | |
The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, as required. The guidance established a common definition for fair value to be applied to U.S. GAAP requiring the use of fair value, established a framework for measuring fair value, and expanded disclosure requirements about such fair value measurements. The guidance did not require any new fair value measurements, but rather applied to all other accounting pronouncements that require or permit fair value measurements. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels: | ||
Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities. | |
Level 2: | Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly. | |
Level 3: | Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions. | |
The fair value of the Company’s cash, accounts receivable, accounts payable and accrued expenses are considered to have a fair value which approximates carrying value due to the nature and relative short maturity of these assets and liabilities. | ||
The fair value of debt under the Company’s Credit Agreement approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s $35.0 million fixed rate senior notes was estimated at $35.9 million and $36.5 million at September 30, 2013 and December 31, 2012, respectively, using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered level 2 inputs. | ||
Revenue Recognition | Revenue Recognition | |
The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title and risk of loss, which is generally at time of shipment, and collectability of the fixed or determinable sales price is reasonably assured. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. |
Statement_of_Accounting_Policy2
Statement of Accounting Policy (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
The balances in the Company's accumulated other comprehensive income | Accumulated Other Comprehensive Income | |||||||||||
The balances in the Company’s accumulated other comprehensive income ("AOCI") as of September 30, 2013 and September 30, 2012 are as follows: | ||||||||||||
Foreign Currency | Defined Benefit Pension Plans | Total | ||||||||||
Balance at January 1, 2012 | $ | 9,994 | $ | (2,700 | ) | $ | 7,294 | |||||
Other comprehensive income before reclassifications | 1,385 | — | 1,385 | |||||||||
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income | — | 632 | 632 | |||||||||
Net current-period other comprehensive income | $ | 1,385 | $ | 632 | $ | 2,017 | ||||||
Balance at March 31, 2012 | $ | 11,379 | $ | (2,068 | ) | $ | 9,311 | |||||
Other comprehensive income before reclassifications | (612 | ) | — | (612 | ) | |||||||
Balance at June 30, 2012 | $ | 10,767 | $ | (2,068 | ) | $ | 8,699 | |||||
Other comprehensive income before reclassifications | 2,926 | — | 2,926 | |||||||||
Balance at September 30, 2012 | $ | 13,693 | $ | (2,068 | ) | $ | 11,625 | |||||
Balance at January 1, 2013 | $ | 12,784 | $ | (2,141 | ) | $ | 10,643 | |||||
Other comprehensive income before reclassifications | (851 | ) | — | (851 | ) | |||||||
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income | — | (75 | ) | (75 | ) | |||||||
Net current-period other comprehensive income | $ | (851 | ) | $ | (75 | ) | $ | (926 | ) | |||
Balance at March 31, 2013 | $ | 11,933 | $ | (2,216 | ) | $ | 9,717 | |||||
Other comprehensive income before reclassifications | (4,994 | ) | — | (4,994 | ) | |||||||
Balance at June 30, 2013 | $ | 6,939 | $ | (2,216 | ) | $ | 4,723 | |||||
Other comprehensive income before reclassifications | 255 | — | 255 | |||||||||
Balance at September 30, 2013 | $ | 7,194 | $ | (2,216 | ) | $ | 4,978 | |||||
Acquisitions_Acquisition_Purch
Acquisitions Acquisition Purchase Price Allocation (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Acquisition Purchase Price Allocation [Abstract] | ||||||||
Business Acquisition, Pro Forma Information | The following unaudited pro forma information for the nine months ended September 30, 2012 presents a summary of consolidated results of operations for the Company including Novel and Jamco as if the acquisitions had occurred on January 1, 2012. | |||||||
Net sales | $ | 608,239 | ||||||
Cost of sales | 440,999 | |||||||
Gross profit | 167,240 | |||||||
Selling, general & administrative expenses | 127,007 | |||||||
Operating income | 40,233 | |||||||
Interest expense, net | 6,287 | |||||||
Income before taxes | 33,946 | |||||||
Income taxes | 12,261 | |||||||
Net income | $ | 21,685 | ||||||
Income per basic share | $ | 0.65 | ||||||
Income per diluted share | $ | 0.63 | ||||||
Business Combination, Separately Recognized Transactions | The allocation of the purchase price and the estimated goodwill, which is not deductible for income tax purposes, and other intangibles are as follows: | |||||||
Assets acquired: | Novel | Jamco | ||||||
Current assets, excluding cash acquired | $ | 11,884 | $ | 5,019 | ||||
Property, plant & equipment | 13,636 | 2,559 | ||||||
Other long-term assets | 6,944 | 5,711 | ||||||
Assets acquired, less cash | $ | 32,464 | $ | 13,289 | ||||
Current liabilities | $ | 6,742 | $ | 2,112 | ||||
Debt | 26,028 | — | ||||||
Long-term liabilities | 6,097 | 3,498 | ||||||
Liabilities assumed | 38,867 | 5,610 | ||||||
Goodwill | 9,832 | 7,435 | ||||||
Total consideration, less cash acquired | $ | 3,429 | $ | 15,114 | ||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
The change in goodwill | The change in goodwill for the nine months ended September 30, 2013 was as follows: | ||||
Balance at January 1, 2013 | $ | 61,056 | |||
Reclassification of prepaid asset from Novel acquisition | 1,028 | ||||
Foreign currency translation | (861 | ) | |||
Balance at September 30, 2013 | $ | 61,223 | |||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Weighted average number of common shares outstanding during the period | Net income per common share, as shown on the Condensed Consolidated Statements of Income (unaudited), is determined on the basis of the weighted average number of common shares outstanding during the period as follows: | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Weighted average common shares outstanding | ||||||||||||
Basic | 33,670,639 | 33,746,824 | 33,574,801 | 33,592,984 | ||||||||
Dilutive effect of stock options and restricted stock | 538,170 | 664,830 | 416,220 | 663,469 | ||||||||
Weighted average common shares outstanding diluted | 34,208,809 | 34,411,654 | 33,991,021 | 34,256,453 | ||||||||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest paid | $ | 1,658 | $ | 491 | $ | 2,629 | $ | 2,399 | ||||||||
Income taxes paid | $ | 2,354 | $ | 3,183 | $ | 9,776 | $ | 16,465 | ||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Schedule of Restructuring and Related Costs | The restructuring charges by segment are presented in the following table. | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Segment | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Material Handling | $ | — | $ | — | $ | 225 | $ | — | ||||||||
Lawn and Garden | 993 | 19 | 2,132 | 461 | ||||||||||||
Distribution | 25 | 165 | 117 | 595 | ||||||||||||
Engineered Products | — | 849 | 3 | 1,050 | ||||||||||||
Corporate | — | — | 17 | — | ||||||||||||
Total | $ | 1,018 | $ | 1,033 | $ | 2,494 | $ | 2,106 | ||||||||
Restructuring Reserve | The amounts for severance and personnel costs associated with restructuring have been included in other accrued expenses on the accompanying Condensed Consolidated Statements of Financial Position. | |||||||||||||||
Severance and | Other | |||||||||||||||
Personnel | Exit Costs | Total | ||||||||||||||
Balance at January 1, 2012 | $ | — | $ | 605 | $ | 605 | ||||||||||
Provision | 783 | 1,323 | 2,106 | |||||||||||||
Less: Payments | (783 | ) | (728 | ) | (1,511 | ) | ||||||||||
Balance at September 30, 2012 | $ | — | $ | 1,200 | $ | 1,200 | ||||||||||
Balance at January 1, 2013 | $ | 318 | $ | — | $ | 318 | ||||||||||
Provision | 597 | 1,897 | 2,494 | |||||||||||||
Less: Payments | (915 | ) | (1,897 | ) | (2,812 | ) | ||||||||||
Balance at September 30, 2013 | $ | — | $ | — | $ | — | ||||||||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Fair Value of stock options granted assumptions used | The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole. | ||||||||
Model | |||||||||
Risk free interest rate | 1.86 | % | |||||||
Expected dividend yield | 2.4 | % | |||||||
Expected life of award (years) | 7 | ||||||||
Expected volatility | 50 | % | |||||||
Fair value per option share | $ | 5.39 | |||||||
Summary of stock option activity for the period | The following table provides a summary of stock option activity for the period ended September 30, 2013: | ||||||||
Shares | Average | Weighted | |||||||
Exercise | Average | ||||||||
Price | Life | ||||||||
Outstanding at January 1, 2013 | 1,919,021 | $ | 11.63 | ||||||
Options granted | 323,400 | 14.77 | |||||||
Options exercised | (500,971 | ) | 11.34 | ||||||
Cancelled or forfeited | (161,678 | ) | 13.89 | ||||||
Outstanding at September 30, 2013 | 1,579,772 | $ | 12.14 | 6.23 years | |||||
Exercisable at September 30, 2013 | 1,060,794 | $ | 11.48 | 4.97 years | |||||
Summary of restricted stock activity for the period | The following table provides a summary of RSU and restricted stock activity for the nine months ended September 30, 2013: | ||||||||
Awards | Average Grant-Date Fair Value | ||||||||
Unvested at January 1, 2013 | 363,125 | ||||||||
Granted | 169,100 | $ | 14.77 | ||||||
Released | (112,000 | ) | 10.02 | ||||||
Cancelled or forfeited | (126,600 | ) | 13.89 | ||||||
Unvested at September 30, 2013 | 293,625 | $ | 13.1 | ||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following: | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Credit agreement | $ | 40,490 | $ | 57,814 | ||||
Senior notes | 35,000 | 35,000 | ||||||
$ | 75,490 | $ | 92,814 | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Net periodic pension cost | Net periodic pension cost are as follows: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 7 | $ | 18 | $ | 23 | $ | 53 | ||||||||
Interest cost | 64 | 72 | 194 | 216 | ||||||||||||
Expected return on assets | (91 | ) | (77 | ) | (273 | ) | (230 | ) | ||||||||
Amortization of actuarial net loss | 28 | 25 | 84 | 75 | ||||||||||||
Net periodic pension cost | $ | 8 | $ | 38 | $ | 28 | $ | 114 | ||||||||
Company contributions | $ | 81 | $ | 339 | $ | 284 | $ | 538 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule of Net Sales by Segment | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Net Sales | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Material Handling | $ | 75,965 | $ | 76,151 | $ | 239,768 | $ | 201,632 | ||||||||
Lawn and Garden | 44,905 | 45,341 | 146,157 | 147,008 | ||||||||||||
Distribution | 45,006 | 45,065 | 133,548 | 131,991 | ||||||||||||
Engineered Products | 33,839 | 35,709 | 108,403 | 111,578 | ||||||||||||
Inter-company Sales | (4,795 | ) | (4,976 | ) | (13,952 | ) | (15,029 | ) | ||||||||
Net Sales | $ | 194,920 | $ | 197,290 | $ | 613,924 | $ | 577,180 | ||||||||
Schedule of Income Before Income Taxes by Segment | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Income Before Income Taxes | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Material Handling | $ | 10,679 | $ | 12,530 | $ | 31,394 | $ | 34,903 | ||||||||
Lawn and Garden | 93 | 41 | 2,265 | (683 | ) | |||||||||||
Distribution | 4,290 | 3,343 | 10,993 | 11,152 | ||||||||||||
Engineered Products | 3,502 | 2,921 | 13,713 | 12,172 | ||||||||||||
Corporate | (6,489 | ) | (9,063 | ) | (19,927 | ) | (20,663 | ) | ||||||||
Interest expense - net | (1,112 | ) | (1,194 | ) | (3,320 | ) | (3,328 | ) | ||||||||
Income before income taxes | $ | 10,963 | $ | 8,578 | $ | 35,118 | $ | 33,553 | ||||||||
Statement_of_Accounting_Policy3
Statement of Accounting Policy (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Foreign Currency | Foreign Currency | Foreign Currency | Foreign Currency | Foreign Currency | Foreign Currency | Defined Benefit Pension Plans | Defined Benefit Pension Plans | Defined Benefit Pension Plans | Defined Benefit Pension Plans | Defined Benefit Pension Plans | Defined Benefit Pension Plans | Accumulative Other Comprehensive Income | Accumulative Other Comprehensive Income | Accumulative Other Comprehensive Income | Accumulative Other Comprehensive Income | Accumulative Other Comprehensive Income | Accumulative Other Comprehensive Income | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||
Senior notes | Senior notes | Senior notes | |||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||||||||||||||||
Notes Payable, Fair Value Disclosure | $35,000,000 | $35,900,000 | $36,500,000 | ||||||||||||||||||||||
Accumlated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||||||||||||||||
Beginning balance | 10,643,000 | 11,933,000 | 12,784,000 | 11,379,000 | 9,994,000 | 7,194,000 | 13,693,000 | -2,216,000 | -2,141,000 | -2,068,000 | -2,700,000 | -2,216,000 | -2,068,000 | 9,717,000 | 10,643,000 | 9,311,000 | 7,294,000 | 4,978,000 | 11,625,000 | ||||||
Other comprehensive income before reclassifications | -4,994,000 | -851,000 | -612,000 | 1,385,000 | 0 | 0 | 0 | 0 | -4,994,000 | -851,000 | -612,000 | 1,385,000 | |||||||||||||
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income | 0 | 0 | -75,000 | 632,000 | -75,000 | 632,000 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | 255,000 | 2,926,000 | -5,665,000 | 4,331,000 | -851,000 | 1,385,000 | -75,000 | 632,000 | -926,000 | 2,017,000 | |||||||||||||||
Ending balance | $4,978,000 | $4,978,000 | $6,939,000 | $11,933,000 | $10,767,000 | $11,379,000 | $7,194,000 | $13,693,000 | ($2,216,000) | ($2,216,000) | ($2,068,000) | ($2,068,000) | ($2,216,000) | ($2,068,000) | $4,723,000 | $9,717,000 | $8,699,000 | $9,311,000 | $4,978,000 | $11,625,000 |
Inventories_Details
Inventories (Details) | Sep. 30, 2013 |
Inventory Disclosure [Abstract] | |
Percentage of LIFO Inventory | 20.00% |
Acquisitions_Details
Acquisitions (Details) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2012 | Oct. 02, 2012 | Oct. 02, 2012 | Oct. 02, 2012 | Oct. 02, 2012 | Jul. 31, 2012 | Jul. 31, 2011 | Jul. 03, 2012 | Jul. 03, 2012 | Jul. 03, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 02, 2012 | Jul. 03, 2012 | |
Developed Technology Rights [Member] | Customer Relationships [Member] | Jamco [Member] | Jamco [Member] | Jamco [Member] | Jamco [Member] | Jamco [Member] | Palsticos Novel S.A. [Member] | Palsticos Novel S.A. [Member] | Palsticos Novel S.A. [Member] | Palsticos Novel S.A. [Member] | Palsticos Novel S.A. [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Technology [Member] | Trade Names [Member] | Trade Names [Member] | |||
Customer Relationships [Member] | Technology [Member] | Noncompete Agreements [Member] | Developed Technology Rights [Member] | Customer Relationships [Member] | Jamco [Member] | Jamco [Member] | Jamco [Member] | Jamco [Member] | Palsticos Novel S.A. [Member] | ||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Percentage of entity acquired | 100.00% | 100.00% | |||||||||||||||||
Purchase price of business | $15,100,000 | $30,900,000 | |||||||||||||||||
Trade name acquired | 1,200,000 | ||||||||||||||||||
Acquired finite-lived intangible assets | 2,400,000 | 2,000,000 | 100,000 | ||||||||||||||||
Useful lives of intangible assets acquired | 10 years | 6 years | 6 years | 2 years | 10 years | ||||||||||||||
Cash payment for acquisition | 600,000 | 3,430,000 | 3,400,000 | ||||||||||||||||
Cash acquired from acquisition | 100,000 | 600,000 | |||||||||||||||||
Debt assumed in acquisition | 26,028,000 | ||||||||||||||||||
Contingent consideration | 900,000 | ||||||||||||||||||
Contingency period | 4 years | ||||||||||||||||||
Indefinite-lived trade name acquired | 1,600,000 | ||||||||||||||||||
Finite-lived intangible assets acquired | $1,800,000 | $2,400,000 |
Acquisitions_Pro_Forma_Details
Acquisitions Pro Forma (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2012 |
Business Acquisition [Line Items] | |
Net sales | $608,239 |
Cost of sales | 440,999 |
Gross profit | 167,240 |
Selling, general & administrative expenses | 127,007 |
Operating income | 40,233 |
Interest expense, net | 6,287 |
Income before taxes | 33,946 |
Income taxes | 12,261 |
Net income | $21,685 |
Income per basic share | $0.65 |
Income per diluted share | $0.63 |
Acquisitions_Allocation_of_Pur
Acquisitions Allocation of Purchase Price (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 03, 2012 | Oct. 02, 2012 |
In Thousands, unless otherwise specified | Palsticos Novel S.A. [Member] | Jamco [Member] | ||
Assets acquired: | ||||
Current assets, excluding cash acquired | $11,884 | $5,019 | ||
Property, plant & equipment | 13,636 | 2,559 | ||
Other long-term assets | 6,944 | 5,711 | ||
Assets acquired, less cash | 32,464 | 13,289 | ||
Liabilities assumed: | ||||
Current liabilities | 6,742 | 2,112 | ||
Debt | 26,028 | 0 | ||
Long-term liabilities | 6,097 | 3,498 | ||
Liabilities assumed | 38,867 | 5,610 | ||
Goodwill | 61,223 | 61,056 | 9,832 | 7,435 |
Total consideration, less cash acquired | $3,429 | $15,114 |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Roll Forward] | |
Beginning balance | $61,056 |
Reclassification of prepaid asset from Novel acquisition | 1,028 |
Foreign currency translation | -861 |
Ending balance | $61,223 |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ||||
Basic (in shares) | 33,670,639 | 33,746,824 | 33,574,801 | 33,592,984 |
Dilutive effect of stock options and restricted stock (in shares) | 538,170 | 664,830 | 416,220 | 663,469 |
Weighted average common shares outstanding diluted (in shares) | 34,208,809 | 34,411,654 | 33,991,021 | 34,256,453 |
Net_Income_Per_Common_Share_We
Net Income Per Common Share Weighted average number of common shares outstanding during the period (Details) (Stock Options [Member]) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common stock outstanding (in shares) | 212,000 | 123,900 | 212,000 |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Abstract] | ||||
Interest paid | $1,658 | $491 | $2,629 | $2,399 |
Income taxes paid | $2,354 | $3,183 | $9,776 | $16,465 |
Restructuring_Restructuring_Ch
Restructuring Restructuring Charges by Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $1,018 | $1,033 | $2,494 | $2,106 |
Material Handling | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0 | 0 | 225 | 0 |
Lawn and Garden | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 993 | 19 | 2,132 | 461 |
Distribution | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 25 | 165 | 117 | 595 |
Engineered Products | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0 | 849 | 3 | 1,050 |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $0 | $0 | $17 | $0 |
Restructuring_Reserve_Details
Restructuring Reserve (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
facility | Severance & Personnel | Severance & Personnel | Other Exit Costs | Other Exit Costs | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Lawn and Garden | Lawn and Garden | Lawn and Garden | Lawn and Garden | Lawn and Garden | |||||
facility | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring charges | $1,018,000 | $1,033,000 | $2,494,000 | $2,106,000 | $400,000 | $200,000 | $1,400,000 | $1,200,000 | $600,000 | $800,000 | $1,100,000 | $1,000,000 | $993,000 | $19,000 | $2,132,000 | $461,000 | ||||||
Gain on sale of property, plant and equipment | -584,000 | 628,000 | 400,000 | |||||||||||||||||||
Number of facilities sold | 4 | |||||||||||||||||||||
Property, plant and equipment classfied as held for sale | 5,700,000 | |||||||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||||||
Balance, beginning | 318,000 | 605,000 | 318,000 | 0 | 0 | 605,000 | ||||||||||||||||
Provision | 2,494,000 | 2,106,000 | 597,000 | 783,000 | 1,897,000 | 1,323,000 | ||||||||||||||||
Less: Payments | -2,812,000 | -1,511,000 | -915,000 | -783,000 | -1,897,000 | -728,000 | ||||||||||||||||
Balance, ending | 0 | 1,200,000 | 0 | 1,200,000 | 0 | 0 | 0 | 1,200,000 | ||||||||||||||
Number of facilities closed | 2 | |||||||||||||||||||||
Expected restructuring cost | 15,000,000 | |||||||||||||||||||||
Non-cash cost | 3,000,000 | |||||||||||||||||||||
Expected improvment in operating profit due to restructuring | 8,000,000 | |||||||||||||||||||||
Other Restructuring Costs | 1,000,000 | |||||||||||||||||||||
Depreciation Expense on Reclassified Assets | $1,300,000 |
Stock_Compensation_Details
Stock Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 2008 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares authorized for grant under plan (in shares) | 3,000,000 | |||||||
Vesting period, in years | 3 years | |||||||
Option expiration period | 10 years | |||||||
Allocated share-based compensation expense | $0.80 | $0.60 | $2.30 | $2.10 | ||||
Total unrecognized compensation cost related to non-vested share based compensation arrangements | 4.1 | |||||||
Recognition period for unrecognized stock compensation | 3 years | |||||||
Options granted (in shares) | 323,400 | |||||||
The total intrinsic value of all stock options exercised | $1.20 | $0.10 | $2.60 | $1.50 | ||||
Granted (in shares) | 169,100 | 169,100 | ||||||
Granted, Average Grant Date Fair Value (in dollars per share) | $14.77 | $14.77 |
Stock_Compensation_Fair_Value_
Stock Compensation Fair Value of stock options granted assumptions used (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Risk free interest rate | 1.86% |
Expected dividend yield | 2.40% |
Expected life of award (in years) | 7 years |
Expected volatility | 50.00% |
Fair value per option share (in dollars per share) | $5.39 |
Stock_Compensation_Summary_of_
Stock Compensation Summary of stock option activity for the period (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at January 1, 2013 | 1,919,021 |
Options Granted (in shares) | 323,400 |
Options Exercised, Shares (in shares) | -500,971 |
Cancelled or Forfeited (in shares) | -161,678 |
Outstanding at March 31, 2013 (in shares) | 1,579,772 |
Exercisable at March 31, 2013 (in shares) | 1,060,794 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding at January 1, 2013 Average Price (in dollars per share) | $11.63 |
Options granted, average exercise price (in dollars per share) | $14.77 |
Options exercised, average exercise price (in dollars per share) | $11.34 |
Cancelled or forfeited, average exercise price (in dollars per share) | $13.89 |
Outstanding at March 31, 2013 Average Price (in dollars per share) | $12.14 |
Exercisable at March 31, 2013, Average Exercise Price (in dollars per share) | $11.48 |
Outstanding at March 31, 2013 Weighted Average Life | 6 years 2 months 22 days |
Exercisable at March 31, 2013, Weighted Average Life | 4 years 11 months 20 days |
Stock_Compensation_Summary_of_1
Stock Compensation Summary of restricted stock activity (Details) (Restricted Stock [Member], USD $) | 0 Months Ended | 9 Months Ended |
Mar. 01, 2013 | Sep. 30, 2013 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested at January 1, 2013 (in shares) | 363,125 | |
Granted (in shares) | 169,100 | 169,100 |
Released (in shares) | -112,000 | |
Cancelled or forfeited (in shares) | -126,600 | |
Unvested at June 30, 2013 (in shares) | 293,625 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Granted, Average Grant Date Fair Value (in dollars per share) | $14.77 | $14.77 |
Released, Average Grant Date Fair Value (in dollars per share) | $10.02 | |
Cancelled or Forfeited, Average Grant Date Fair Value (in dollars per share) | $13.89 | |
Unvested shares at June 30, 2013, Average Grant Date Fair Value (in dollars per share) | $13.10 |
Contingencies_Contingencies_De
Contingencies Contingencies (Details) (USD $) | Nov. 30, 2011 | Dec. 31, 2011 | Sep. 30, 2013 |
General and Administrative Expense [Member] | Other Liabilities [Member] | ||
Environmental Issue [Member] | Environmental Issue [Member] | ||
Pending Litigation [Member] | Pending Litigation [Member] | ||
New Idria Mercury Mine [Member] | New Idria Mercury Mine [Member] | ||
Loss Contingencies [Line Items] | |||
Expense related to remedial investigation and feasibility study | $1,900,000 | ||
Payments charged against the reserve | 500,000 | ||
Estimate of EPA's interim removal project costs | $500,000 |
Debt_Schedule_of_LongTerm_Debt
Debt Schedule of Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $75,490 | $92,814 |
Credit agreement | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 40,490 | 57,814 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $35,000 | $35,000 |
Debt_Details
Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2003 | Dec. 31, 2003 | Dec. 31, 2003 | Oct. 22, 2013 | Oct. 22, 2013 | Oct. 22, 2013 | Oct. 22, 2013 |
Credit agreement | Credit agreement | Revolving Credit Facility and Senior Notes | Revolving Credit Facility and Senior Notes | Revolving Credit Facility and Senior Notes | Notes Payable | Issuance of Debt | Issuance of Debt | Issuance of Debt | |
6.08% Senior Unsecured Notes | 6.81% Senior Unsecured Notes | Notes Payable | Minimum [Member] | Maximum [Member] | |||||
Notes Payable | Notes Payable | ||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity on line of credit | $180,000,000 | ||||||||
Remaining amount available under the line of credit | 134,600,000 | ||||||||
Face amount on debt instruments | $100,000,000 | $65,000,000 | $35,000,000 | $100,000,000 | $100,000,000 | $11,000,000 | $40,000,000 | ||
Stated interest rate on debt instruments | 6.08% | 6.81% | |||||||
Contractual term of debt instruments | 7 years | 10 years | |||||||
Rate of intrest, minimum | 4.67% | ||||||||
Rate of interest, maximum | 5.45% | ||||||||
Average interest rate on the debt | 5.07% |
Retirement_Plans_Details
Retirement Plans (Details) (Pension Plans, Defined Benefit [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $7,000 | $18,000 | $23,000 | $53,000 |
Interest cost | 64,000 | 72,000 | 194,000 | 216,000 |
Expected return on assets | -91,000 | -77,000 | -273,000 | -230,000 |
Amortization of actuarial net loss | 28,000 | 25,000 | 84,000 | 75,000 |
Net periodic pension cost | 8,000 | 38,000 | 28,000 | 114,000 |
Company contributions | 81,000 | 339,000 | 284,000 | 538,000 |
Anticipated company contributions | $400,000 | $400,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate | $1.20 | $0.30 | |
Increase in gross unrecognized tax benefits | 0.9 | ||
Amount of accrued interest expense included as a liability within the Company's Condensed Consolidated Statements of Financial Position | $0.10 | $0.10 |
Segment_Information_Schedule_o
Segment Information Schedule of Net Sales by Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segments | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 4 | |||
Net Sales | $194,920 | $197,290 | $613,924 | $577,180 |
Material Handling | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 75,965 | 76,151 | 239,768 | 201,632 |
Lawn and Garden | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 44,905 | 45,341 | 146,157 | 147,008 |
Distribution | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 45,006 | 45,065 | 133,548 | 131,991 |
Engineered Products | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 33,839 | 35,709 | 108,403 | 111,578 |
Intra-segment Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | ($4,795) | ($4,976) | ($13,952) | ($15,029) |
Segment_Information_Schedule_o1
Segment Information Schedule of Income Before Income Taxes by Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Operating income | $12,075 | $9,772 | $38,438 | $36,881 |
Interest Expense | -1,112 | -1,194 | -3,320 | -3,328 |
Income before income taxes | 10,963 | 8,578 | 35,118 | 33,553 |
Material Handling | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 10,679 | 12,530 | 31,394 | 34,903 |
Lawn and Garden | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 93 | 41 | 2,265 | -683 |
Distribution | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 4,290 | 3,343 | 10,993 | 11,152 |
Engineered Products | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 3,502 | 2,921 | 13,713 | 12,172 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | ($6,489) | ($9,063) | ($19,927) | ($20,663) |
Other_Current_Accrued_Expenses1
Other Current Accrued Expenses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Deposits and amounts due to customers | $10.60 | $10.70 |
Dividends payable | 3.2 | 0.2 |
Other accruals | $7.10 | $8.30 |