Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'MYERS INDUSTRIES INC | ' | ' |
Entity Central Index Key | '0000069488 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $472,251,735 |
Entity Common Stock, Shares Outstanding | ' | 33,424,302 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $825,210 | $791,188 | $755,654 |
Cost of sales | 607,582 | 575,907 | 557,385 |
Gross profit | 217,628 | 215,281 | 198,269 |
Selling expenses | 91,739 | 85,519 | 81,475 |
General and administrative expenses | 81,956 | 77,906 | 77,136 |
Impairment charges | 0 | 0 | 1,249 |
Operating Expenses | 173,695 | 163,425 | 159,860 |
Operating income | 43,933 | 51,856 | 38,409 |
Interest | ' | ' | ' |
Income | -213 | -164 | -65 |
Expense | 4,755 | 4,679 | 4,787 |
Interest expense-net | 4,542 | 4,515 | 4,722 |
Income before income taxes | 39,391 | 47,341 | 33,687 |
Income tax expense | 13,389 | 17,379 | 9,182 |
Net income | $26,002 | $29,962 | $24,505 |
Income per common share: | ' | ' | ' |
Basic (in dollars per share) | $0.77 | $0.89 | $0.71 |
Diluted (in dollars per share) | $0.76 | $0.88 | $0.71 |
Dividends declared per share (in dollars per share) | $0.36 | $0.32 | $0.28 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $26,002 | $29,962 | $24,505 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustment | -9,292 | 2,791 | -2,240 |
Pension liability, net of tax of $605 in 2013, $80 in 2012 and $339 in 2011 | 1,076 | 558 | -630 |
Total other comprehensive income (loss), net of tax | -8,216 | 3,349 | -2,870 |
Comprehensive income | $17,786 | $33,311 | $21,635 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Tax on pension liability | $605 | $80 | $339 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash | $6,539 | $3,948 |
Accounts receivable-less allowances of $2,945 and $3,255, respectively | 112,459 | 115,508 |
Inventories | ' | ' |
Finished and in-process products | 73,475 | 72,899 |
Raw materials and supplies | 33,049 | 34,603 |
Inventory net | 106,524 | 107,502 |
Prepaid expenses | 7,174 | 9,033 |
Deferred income taxes | 2,214 | 3,605 |
Total Current Assets | 234,910 | 239,596 |
Other Assets | ' | ' |
Goodwill | 60,642 | 61,056 |
Patents and other intangible assets, net | 21,115 | 25,839 |
Other | 3,312 | 7,882 |
Total other non current assets | 85,069 | 94,777 |
Property, Plant and Equipment, at Cost | ' | ' |
Land | 5,107 | 4,438 |
Buildings and leasehold improvements | 67,620 | 57,058 |
Machinery and equipment | 461,397 | 445,789 |
Property, Plant and Equipment, at cost | 534,124 | 507,285 |
Less allowances for depreciation and amortization | -384,646 | -356,802 |
Property, plant and equipment, net | 149,478 | 150,483 |
Total Assets | 469,457 | 484,856 |
Current Liabilities | ' | ' |
Accounts payable | 98,263 | 72,417 |
Accrued expenses | ' | ' |
Employee compensation | 22,950 | 18,885 |
Income taxes | 6,529 | 1,090 |
Taxes, other than income taxes | 2,751 | 2,606 |
Accrued interest | 103 | 240 |
Other | 19,987 | 19,239 |
Total Current Liabilities | 150,583 | 114,477 |
Long-term debt | 44,347 | 92,814 |
Other liabilities | 14,687 | 17,865 |
Deferred income taxes | 24,333 | 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 33,572,778 and 33,480,189; net of treasury shares of 4,203,179 and 4,356,160, respectively) | 20,313 | 20,316 |
Additional paid-in capital | 266,276 | 266,419 |
Accumulated other comprehensive income | 2,427 | 10,643 |
Retained deficit | -53,509 | -67,356 |
Total Shareholders’ Equity | 235,507 | 230,022 |
Total Liabilities and Shareholders’ Equity | $469,457 | $484,856 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowances for accounts receivable | $2,945 | $3,255 |
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) | 33,572,778 | 33,480,189 |
Common shares, treasury (in shares) | 4,203,179 | 4,356,160 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulative Other Comprehensive Income (Loss) [Member] | Retained Income (Deficit) [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2010 | ' | $21,486 | $281,376 | $10,164 | ($101,221) |
Balance, shares at Dec. 31, 2010 | ' | 35,315,732 | ' | ' | ' |
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 24,505 | ' | ' | ' | 24,505 |
Sales under option plans, shares | 59,031 | 59,031 | ' | ' | ' |
Sales under option plans | ' | 36 | 597 | ' | ' |
Dividend reinvestment plan, shares | ' | 11,610 | ' | ' | ' |
Dividend reinvestment plan | ' | 7 | 111 | ' | ' |
Restricted stock and stock option grants, net (shares) | ' | 28,750 | ' | ' | ' |
Restricted stock and stock option grants, net | ' | ' | 2,595 | ' | ' |
Foreign currency translation adjustment | -2,240 | ' | ' | -2,240 | ' |
Purchase for treasury, shares | ' | -2,000,000 | ' | ' | ' |
Purchases for treasury | ' | -1,220 | -19,726 | ' | ' |
Stock contribution, shares | ' | 5,365 | ' | ' | ' |
Stock contribution | ' | 3 | 47 | ' | ' |
Declared dividends | ' | ' | ' | ' | -9,750 |
Pension liability, net of tax | -630 | ' | ' | -630 | ' |
Balance at Dec. 31, 2011 | ' | 20,312 | 265,000 | 7,294 | -86,466 |
Balance, shares at Dec. 31, 2011 | ' | 33,420,488 | ' | ' | ' |
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 29,962 | ' | ' | ' | 29,962 |
Sales under option plans, shares | 288,794 | 278,659 | ' | ' | ' |
Sales under option plans | ' | 145 | 2,870 | ' | ' |
Dividend reinvestment plan, shares | ' | 7,112 | ' | ' | ' |
Dividend reinvestment plan | ' | 5 | 102 | ' | ' |
Restricted stock vested, shares | ' | 40,500 | ' | ' | ' |
Restricted stock award | ' | 24 | -24 | ' | ' |
Restricted stock and stock option grants, net (shares) | ' | 11,484 | ' | ' | ' |
Restricted stock and stock option grants, net | ' | ' | 2,708 | ' | ' |
Cancellations and terminations of share grants | ' | ' | -253 | ' | ' |
Foreign currency translation adjustment | 2,791 | ' | ' | 2,791 | ' |
Purchase for treasury, shares | ' | -281,797 | ' | ' | ' |
Purchases for treasury | ' | -172 | -4,032 | ' | ' |
Stock contribution, shares | ' | 3,743 | ' | ' | ' |
Stock contribution | ' | 2 | 48 | ' | ' |
Declared dividends | ' | ' | ' | ' | -10,852 |
Pension liability, net of tax | 558 | ' | ' | 558 | ' |
Balance at Dec. 31, 2012 | 230,022 | 20,316 | 266,419 | 10,643 | -67,356 |
Balance, shares at Dec. 31, 2012 | ' | 33,480,189 | ' | ' | ' |
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 26,002 | ' | ' | ' | 26,002 |
Sales under option plans, shares | 503,321 | 503,321 | ' | ' | ' |
Sales under option plans | ' | 299 | 5,394 | ' | ' |
Dividend reinvestment plan, shares | ' | 7,390 | ' | ' | ' |
Dividend reinvestment plan | ' | 4 | 109 | ' | ' |
Restricted stock vested, shares | ' | 112,000 | ' | ' | ' |
Restricted stock and stock option grants, net (shares) | ' | 33,152 | ' | ' | ' |
Restricted stock and stock option grants, net | ' | ' | 2,237 | ' | ' |
Cancellations and terminations of share grants | ' | ' | 389 | ' | ' |
Foreign currency translation adjustment | -9,292 | ' | ' | -9,292 | ' |
Purchase for treasury, shares | ' | -530,983 | ' | ' | ' |
Purchases for treasury | ' | -314 | -7,782 | ' | ' |
Stock contribution, shares | ' | 12,682 | ' | ' | ' |
Stock contribution | ' | 8 | 194 | ' | ' |
Shares withheld for employee taxes on equity awards, shares | ' | -44,973 | ' | ' | ' |
Shares withheld for employee taxes on equity awards | ' | ' | -684 | ' | ' |
Declared dividends | ' | ' | ' | ' | -12,155 |
Pension liability, net of tax | 1,076 | ' | ' | 1,076 | ' |
Balance at Dec. 31, 2013 | $235,507 | $20,313 | $266,276 | $2,427 | ($53,509) |
Balance, shares at Dec. 31, 2013 | ' | 33,572,778 | ' | ' | ' |
Consolidated_Statement_of_Shar1
Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Tax on pension liability | $605 | $80 | $339 |
Dividends declared per share (in dollars per share) | $0.36 | $0.32 | $0.28 |
Accumulative Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Tax on pension liability | $605 | $80 | $339 |
Retained Income (Deficit) [Member] | ' | ' | ' |
Dividends declared per share (in dollars per share) | $0.36 | $0.32 | $0.28 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities | ' | ' | ' |
Net income | $26,002 | $29,962 | $24,505 |
Items not affecting use of cash | ' | ' | ' |
Depreciation | 33,709 | 29,667 | 31,245 |
Amortization of intangible assets | 3,563 | 3,052 | 2,665 |
Amortization of deferred financing costs | 373 | 288 | 304 |
Non-cash stock compensation | 2,557 | 2,708 | 2,595 |
Provision for (recovery of) loss on accounts receivable | 1,098 | -543 | 915 |
Deferred taxes | -3,934 | 1,052 | -184 |
Other long-term liabilities | 709 | 4,057 | 4,251 |
Loss (gain) from asset disposition | 749 | -1,085 | 374 |
Tax benefit from options | -389 | 0 | 0 |
Cancellations and terminations of share grants | 0 | 253 | 0 |
Other | 202 | 50 | 50 |
Payments on performance based compensation | -1,719 | -333 | 0 |
Cash flows provided by (used for) working capital, net of acquisitions: | ' | ' | ' |
Accounts receivable | -716 | -2,002 | -8,665 |
Inventories | -1,585 | -2,780 | 455 |
Prepaid expenses | 581 | -2,119 | 2,662 |
Accounts payable and accrued expenses | 34,868 | -1,475 | 3,000 |
Net cash provided by operating activities | 96,068 | 60,752 | 64,172 |
Cash Flows From Investing Activities | ' | ' | ' |
Capital expenditures | -30,001 | -26,977 | -21,930 |
Acquisition of business, net of cash acquired | -600 | -18,543 | -1,100 |
Proceeds from sale of property, plant and equipment | 933 | 3,086 | 1,089 |
Other | -273 | -50 | -96 |
Net cash used for investing activities | -29,941 | -42,484 | -22,037 |
Cash Flows From Financing Activities | ' | ' | ' |
Proceeds from long-term debt | 11,000 | 0 | 0 |
Repayment of long-term debt | -35,000 | -27,258 | -305 |
Net (repayment of) borrowing on credit facility | -24,492 | 17,700 | -9,383 |
Cash dividends paid | -9,103 | -13,006 | -9,523 |
Proceeds from issuance of common stock | 5,806 | 3,122 | 751 |
Tax benefit from options | 389 | 0 | 0 |
Cancellations and terminations of share grants | 0 | -253 | 0 |
Repurchase of common stock | -8,096 | -4,204 | -20,946 |
Shares withheld for employee taxes on equity awards | -684 | 0 | 0 |
Deferred financing costs | -608 | 0 | 0 |
Net cash used for financing activities | -60,788 | -23,899 | -39,406 |
Foreign Exchange Rate Effect on Cash | -2,748 | 2,778 | -633 |
Net increase (decrease) in cash | 2,591 | -2,853 | 2,096 |
Cash at January 1 | 3,948 | 6,801 | 4,705 |
Cash at December 31 | 6,539 | 3,948 | 6,801 |
Supplemental Disclosures of Cash Flow Information | ' | ' | ' |
Interest | 4,196 | 4,008 | 4,129 |
Income taxes | $12,497 | $21,375 | $11,168 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Basis of Presentation | ||||||||||||
The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity and cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. | ||||||||||||
Reclassification | ||||||||||||
Certain reclassifications of prior year amounts have been made to the Consolidated Statement of Cash Flows in conformity with generally accepted accounting principles to conform to current year’s reporting presentation. | ||||||||||||
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 interest rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s $11.0 million fixed rate senior notes was estimated at $10.8 million at December 31, 2013 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. | ||||||||||||
Concentration of Credit Risk | ||||||||||||
Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. The Company’s largest single customer in 2013 accounts for approximately 4% of total sales with only three other customers greater than 3%. Outside of the United States, only Canada, which accounted for approximately 8% of total sales, is significant to the Company’s operations. In addition, management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company also reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due the Company could be reduced by a material amount. Expense related to bad debts was approximately $1,098, $817 and $2,343 for the years 2013, 2012 and 2011, respectively. Deductions from the allowance for doubtful accounts, net of recoveries, was approximately $1,408, $1,425 and $1,430, for the years 2013, 2012 and 2011, respectively. | ||||||||||||
Inventories | ||||||||||||
Inventories are stated at the lower of cost or market. Approximately 20 percent of our inventories are valued using the last-in, first-out (“LIFO”) method of determining cost. All other inventories are valued at the first-in, first-out (“FIFO”) method of determining cost. | ||||||||||||
If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $8.1 million, $8.7 million and $9.6 million higher than reported at December 31, 2013, 2012 and 2011. The liquidation of LIFO inventories decreased cost of sales and increased income before taxes by less than $0.1 million in 2013, and $0.4 million and $0.8 million in 2012 and 2011, respectively. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: | ||||||||||||
Buildings | 20 to 40 years | |||||||||||
Machinery and Equipment | 3 to 10 years | |||||||||||
Vehicles | 1 to 3 years | |||||||||||
Leasehold Improvements | 5 to 10 years | |||||||||||
At December 31, 2013, the Company had approximately $3.2 million of capitalized software costs included in machinery and equipment on the accompanying Consolidated Statements of Financial Position. Amortization expense related to capitalized software costs was approximately $0.1 million in 2013. | ||||||||||||
Long-Lived Assets | ||||||||||||
The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset. For assets held for disposal, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. | ||||||||||||
During 2013, the Lawn and Garden segment restructuring plan 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 the Company reclassified $5.0 million from held for sale to property, plant, and equipment in the Consolidated Statements of Financial Position. Depreciation expense recapture of $1.3 million for this facility was recorded in 2013. | ||||||||||||
In addition, during 2013 a facility located in Dawson Springs, Kentucky, with a net book value of approximately $0.7 million previously classified as held for sale, was placed back into service in accordance with ASC 360 Property, Plant and Equipment as the assets did not meet the held for sale criteria. | ||||||||||||
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 | ||||||||||||
As of December 31, 2013 and 2012, the balance in the Company’s accumulated other comprehensive income 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* | 2,791 | 638 | 3,429 | |||||||||
Amounts reclassified from accumulated other comprehensive income* | — | (80 | ) | (80 | ) | |||||||
Net current-period other comprehensive income | 2,791 | 558 | 3,349 | |||||||||
Balance at December 31, 2012 | 12,785 | (2,142 | ) | 10,643 | ||||||||
Other comprehensive income before reclassifications | (9,292 | ) | 1,681 | (7,611 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | (605 | ) | (605 | ) | |||||||
Net current-period other comprehensive income | (9,292 | ) | 1,076 | (8,216 | ) | |||||||
Balance at December 31, 2013 | $ | 3,493 | $ | (1,066 | ) | $ | 2,427 | |||||
* Presented for comparative purposes only. | ||||||||||||
Shipping and Handling | ||||||||||||
Shipping and handling expenses are primarily classified as selling expenses in the accompanying Consolidated Statements of Income. The Company incurred shipping and handling costs of approximately $32.4 million, $32.2 million and $26.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Stock Based Compensation | ||||||||||||
The Company has stock plans that provide for the granting of stock-based compensation to employees and to non-employee directors. Shares are issued upon exercise from authorized, unissued shares. The Company records the costs of the plan under the provisions of ASC 718, Compensation — Stock Compensation. For transactions in which we obtain employee services in exchange for an award of equity instruments, we measure the cost of the services based on the grant date fair value of the award. The Company recognizes the cost over the period during which an employee is required to provide services in exchange for the award, referred to as the requisite service period (usually the vesting period). | ||||||||||||
Income Taxes | ||||||||||||
Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||||||
The Company evaluates its tax positions in accordance with ASC 740 Income Taxes (ASC 740). ASC 740 provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise’s financial statements. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized under ASC 740. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits within operations as income tax expense. | ||||||||||||
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. | ||||||||||||
Cash flows used in investing activities excluded $0.5 million, $0.4 million and $1.8 million of accrued capital expenditures in 2013, 2012 and 2011, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||||
The Company is required to test for impairment on at least an annual basis. The Company conducted its annual impairment assessment as of October 1. 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. | ||||||||||||||||||||||||||
In accordance with ASU No. 2011-08, Intangibles—Goodwill and Other (Topic 350), the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company concludes that this is the case, it must perform the two-step test. Otherwise the Company does not perform the two-step test. In evaluating goodwill for impairment using the two-step test, the Company uses a combination of valuation techniques primarily using discounted cash flows to determine the fair values of its business reporting units and market based multiples as supporting evidence. The variables and assumptions used, all of which are level 3 fair value inputs, include the projections of future revenues and expenses, working capital, terminal values, discount rates and long term growth rates. The market multiples observed in sale transactions are determined separately for each reporting unit are based on the weighted average cost of capital determined for each of the Company’s reporting units, and ranged from 9.3% to 12.3% in 2013. In addition we make certain judgments about the selection of comparable companies used in determining market multiples in valuing our business units, as well as certain assumptions to allocate shared assets and liabilities to calculate values for each of our business units. The underlying assumptions used are based on historical actual experience and future expectations that are consistent with those used in the Company’s strategic plan. The Company compares the fair value of each of its reporting units to their respective carrying values, including related goodwill. We also compare our book value and the estimates of fair value of the reporting units to our market capitalization as of and at dates near the annual testing date. Management uses this comparison as additional evidence of the fair value of the Company, as our market capitalization may be suppressed by other factors such as the control premium associated with a controlling shareholder, our leverage or general expectations regarding future operating results and cash flows. In situations where the implied value of the Company under the Income or Market Approach are significantly different than our market capitalization we re-evaluate and adjust, if necessary, the assumptions underlying our Income and Market Approach models. Our estimate of the fair values of these business units, and the related goodwill, could change over time based on a variety of factors, including the aggregate market value of the Company’s common stock, actual operating performance of the underlying businesses or the impact of future events on the cost of capital and the related discount rates used. | ||||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||
Distribution | Engineered | Material Handling | Lawn and | Total | ||||||||||||||||||||||
Products | Garden | |||||||||||||||||||||||||
January 1, 2012 | $ | 214 | $ | 707 | $ | 34,279 | $ | 9,466 | $ | 44,666 | ||||||||||||||||
Acquisitions | — | — | 16,240 | — | 16,240 | |||||||||||||||||||||
Foreign currency translation | — | — | 2 | 148 | 150 | |||||||||||||||||||||
31-Dec-12 | 214 | 707 | 50,521 | 9,614 | 61,056 | |||||||||||||||||||||
Reclassification of prepaid asset from Novel acquisition | — | — | 1,028 | — | 1,028 | |||||||||||||||||||||
Foreign currency translation | — | — | (1,199 | ) | (243 | ) | (1,442 | ) | ||||||||||||||||||
31-Dec-13 | $ | 214 | $ | 707 | $ | 50,350 | $ | 9,371 | $ | 60,642 | ||||||||||||||||
Intangible assets other than goodwill primarily consist of trade names, customer relationships, patents, and technology assets established in connection with acquisitions. These intangible assets, other than certain trade names, are amortized over their estimated useful lives. The Company performs an annual impairment assessment for the indefinite lived trade names which had a carrying value of $6,503 and $6,993 at December 31, 2013 and 2012, respectively. In performing this assessment the Company uses an income approach, based primarily on level 3 inputs, to estimate the fair value of the trade name. The Company records an impairment charge if the carrying value of the trade name exceeds the estimated fair value at the date of assessment. Estimated annual amortization expense for intangible assets with finite lives for the next five years is: $3,004 in 2014; $2,899 in 2015; $2,898 in 2016, $1,989 in 2017 and $1,540 in 2018. | ||||||||||||||||||||||||||
Intangible assets at December 31, 2013 and 2012 consisted of the following: | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Weighted Average Useful Life (years) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||||
Trade Names | 6.3 | $ | 6,783 | $ | (78 | ) | $ | 6,705 | $ | 7,273 | $ | (46 | ) | $ | 7,227 | |||||||||||
Customer Relationships | 5 | 17,159 | (10,841 | ) | 6,318 | 18,702 | (10,163 | ) | 8,539 | |||||||||||||||||
Technology | 8.1 | 5,502 | (918 | ) | 4,584 | 7,837 | (2,433 | ) | 5,404 | |||||||||||||||||
Patents | 3.2 | 10,900 | (7,448 | ) | 3,452 | 10,900 | (6,359 | ) | 4,541 | |||||||||||||||||
Non-Compete | 1 | 261 | (205 | ) | 56 | 569 | (441 | ) | 128 | |||||||||||||||||
$ | 40,605 | $ | (19,490 | ) | $ | 21,115 | $ | 45,281 | $ | (19,442 | ) | $ | 25,839 | |||||||||||||
Net_Income_Per_Common_Share
Net Income Per Common Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income Per Common Share | ' | ||||||||
Net Income Per Common Share | |||||||||
Net income per common share, as shown on the Consolidated Statements of Income, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Weighted average common shares outstanding: | |||||||||
Basic | 33,588,720 | 33,597,020 | 34,584,558 | ||||||
Dilutive effect of stock options and restricted stock | 454,705 | 512,212 | 158,985 | ||||||
Weighted average common shares outstanding diluted | 34,043,425 | 34,109,232 | 34,743,543 | ||||||
Options to purchase 123,900, 212,000 and 1,105,229 shares of common stock that were outstanding at December 31, 2013, 2012 and 2011, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options was greater than the average market price of common shares. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||
Dec. 31, 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. A majority of the debt was repaid shortly after acquisition. The contingent consideration is contingent upon the 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 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: | ||||||||
Novel | Jamco | |||||||
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 | — | ||||||
Long-term liabilities | 6,097 | 3,498 | ||||||
Total liabilities assumed | 38,867 | 5,610 | ||||||
Goodwill | 9,832 | 7,435 | ||||||
Total consideration, less cash acquired | $ | 3,429 | $ | 15,114 | ||||
The Consolidated Statement of Income for the Company for the year ended December 31, 2012 following the acquisition of Novel effective July 1, 2012 and Jamco on October 1, 2012 included total revenues of $21.5 million and net income of $0.2 million. Transactional costs of approximately $0.9 million were incurred during the year and are included in general and administrative expenses in the Consolidated Statements of Income in 2012. | ||||||||
The following unaudited pro forma information 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. | ||||||||
2012 | ||||||||
Net sales | $ | 820,649 | ||||||
Cost of sales | 596,178 | |||||||
Gross profit | 224,471 | |||||||
Selling, general & administrative expenses | 168,794 | |||||||
Operating income | 55,677 | |||||||
Interest expense, net | 7,333 | |||||||
Income before taxes | 48,344 | |||||||
Income taxes | 17,784 | |||||||
Net income | $ | 30,560 | ||||||
Income per basic share | $ | 0.91 | ||||||
Income per diluted share | $ | 0.9 | ||||||
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. | ||||||||
In July 2011, the Company acquired tooling assets and intellectual property for a new reusable plastic container used in producing, shipping and processing bulk natural cheese from Material Improvements L.P. The total purchase price was $5.7 million, comprised of a $1.1 million cash payment and $4.6 million contingent consideration of which less than $0.1 million has been paid as of December 31, 2013. The contingent consideration was reduced by approximately $1.2 million due to a change in projections used to estimate the value of the liability at December 31, 2013. The allocation of purchase price included $0.3 million of property, plant and equipment, amortizable intangible assets, which included $1.3 million in technology and $0.2 million for trade name, and $3.9 million in goodwill. These assets and liabilities incurred were recorded at estimated fair value as of the date of the acquisition using primarily level 3 inputs. The consolidated operating results of the business acquired have been included in our Material Handling Segment since the date of acquisition. |
Restructuring
Restructuring | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 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. The restructuring charges are presented in the following table. | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Segment | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | |||||||||||||||||||||
Distribution | $ | — | $ | 194 | $ | 194 | $ | — | $ | 727 | $ | 727 | $ | — | $ | 2,060 | $ | 2,060 | ||||||||||||
Lawn and Garden | 6,135 | 2,428 | 8,563 | — | 487 | 487 | — | 687 | 687 | |||||||||||||||||||||
Engineered Products | 240 | — | 240 | 1,198 | — | 1,198 | 724 | — | 724 | |||||||||||||||||||||
Material Handling | 178 | 47 | 225 | — | — | — | — | — | — | |||||||||||||||||||||
Corporate | — | 17 | 17 | — | 318 | 318 | — | — | — | |||||||||||||||||||||
Total | $ | 6,553 | $ | 2,686 | $ | 9,239 | $ | 1,198 | $ | 1,532 | $ | 2,730 | $ | 724 | $ | 2,747 | $ | 3,471 | ||||||||||||
In 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 Lawn and Garden Segment incurred $8.6 million of restructuring charges for severance costs and facility closure and relocation fees mainly attributable to the closure of two manufacturing plants. The majority of the benefits are planned to be realized throughout 2014 and 2015 in decreased labor, overhead, plant and freight 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 Consolidated Statements of Financial Position. In addition to restructuring charges incurred, the Lawn and Garden segment recorded depreciation expense recapture of $1.3 million for this facility during 2013. | ||||||||||||||||||||||||||||||
In addition, during 2013 the Distribution Segment recorded restructuring costs of $0.2 million related to branch closure and severance costs. Restructuring charges of $0.2 million were recorded in the Engineered Products Segment mainly attributable to the disposal of equipment related to facility closure. The Material Handling Segment incurred costs of $0.2 million related to severance. | ||||||||||||||||||||||||||||||
In 2012, restructuring costs of $0.7 million for severance and non-cancelable lease costs were offset by a gain of $0.8 million on the sale of four facilities in the Distribution Segment. In addition, $1.2 million of restructuring charges were recorded in the Engineered Products Segment related to non-cancelable lease costs and termination charges. The Lawn and Garden Segment had $0.5 million of restructuring charges for severance costs incurred. The Corporate costs included $0.3 million of restructuring charges related to severance costs. | ||||||||||||||||||||||||||||||
In 2011, restructuring costs of $2.1 million for severance and non-cancelable lease costs were offset by a gain of $0.7 million on the sale of facilities in the Distribution Segment. In addition, $0.3 million of restructuring charges were recorded in the Engineered Products Segment related to non-cancelable lease costs and $0.4 million of costs related to mold remediation for a closed facility were recorded in the fourth quarter. In the Lawn and Garden Segment, a $0.3 million write-down for an idle manufacturing facility was recorded in the first quarter and severance costs of $0.4 million were recorded in the fourth quarter related to restructuring. | ||||||||||||||||||||||||||||||
The accrued liability balance for severance and other exit costs associated with restructuring are presented in the following table. | ||||||||||||||||||||||||||||||
Severance | Other | Total | ||||||||||||||||||||||||||||
and | Exit Costs | |||||||||||||||||||||||||||||
Personnel | ||||||||||||||||||||||||||||||
Balance at January 1, 2011 | $ | — | $ | 763 | $ | 763 | ||||||||||||||||||||||||
Provision | 1,102 | 2,369 | 3,471 | |||||||||||||||||||||||||||
Reversal | — | (285 | ) | (285 | ) | |||||||||||||||||||||||||
Less: Payments | (1,102 | ) | (2,242 | ) | (3,344 | ) | ||||||||||||||||||||||||
Balance at December 31, 2011 | — | 605 | 605 | |||||||||||||||||||||||||||
Provision | 1,102 | 1,628 | 2,730 | |||||||||||||||||||||||||||
Less: Payments | (784 | ) | (2,233 | ) | (3,017 | ) | ||||||||||||||||||||||||
Balance at December 31, 2012 | 318 | — | 318 | |||||||||||||||||||||||||||
Provision | 2,991 | 6,248 | 9,239 | |||||||||||||||||||||||||||
Less: Payments | (1,366 | ) | (4,677 | ) | (6,043 | ) | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,943 | $ | 1,571 | $ | 3,514 | ||||||||||||||||||||||||
Accrued severance and personnel costs associated with restructuring of $1.9 million at December 31, 2013 and $0.3 million at December 31, 2012 are included in accrued expenses on the accompanying Consolidated Statements of Financial Position. Other exit costs of $1.6 million at December 31, 2013 associated with restructuring are included in accounts payable on the accompanying Consolidated Statements of Financial Position. |
Stock_Compensation
Stock Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 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 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. | |||||||||||||
The following tables summarize stock option activity in the past three years: | |||||||||||||
Options granted in 2013, 2012 and 2011: | |||||||||||||
Year | Options | Exercise | |||||||||||
Price | |||||||||||||
2013 | 323,400 | $ | 14.77 | ||||||||||
2012 | 323,950 | $ | 12.96 | ||||||||||
2011 | 365,025 | $10.10 to $10.28 | |||||||||||
Options exercised in 2013, 2012 and 2011: | |||||||||||||
Year | Options | Exercise | |||||||||||
Price | |||||||||||||
2013 | 503,321 | $8.00 to $18.62 | |||||||||||
2012 | 288,794 | $8.00 to $12.55 | |||||||||||
2011 | 59,031 | $8.00 to $12.55 | |||||||||||
In addition, options totaling 164,528, 113,913 and 153,426 expired or were forfeited during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Options outstanding and exercisable at December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
Year | Outstanding | Range of Exercise | Exercisable | Weighted Average | |||||||||
Prices | Exercise Price | ||||||||||||
2013 | 1,574,572 | $9.00 to $18.62 | 1,057,694 | $ | 11.48 | ||||||||
2012 | 1,919,021 | $8.00 to $18.62 | 1,355,112 | $ | 11.63 | ||||||||
2011 | 1,997,778 | $8.00 to $18.62 | 1,429,040 | $ | 11.75 | ||||||||
Stock compensation expense reduced income before taxes approximately $2,557, $2,708 and $2,595 for the years ended December 31, 2013, 2012, and 2011, respectively. These expenses are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income. Total unrecognized compensation cost related to non-vested share based compensation arrangements at December 31, 2013 was approximately $3,309 which will be recognized over the next three years, as such compensation is earned. | |||||||||||||
The fair value of options granted is estimated using an 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 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. In 2013 and 2012, the Company used the binomial lattice option pricing model based on assumptions set forth in the following table. There is no material difference in the valuation of these options using prior models. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk free interest rate | 1.86 | % | 2 | % | 3.79 | % | |||||||
Expected dividend yield | 2.4 | % | 2.2 | % | 2.9 | % | |||||||
Expected life of award (years) | 7 | 5.4 | 6 | ||||||||||
Expected volatility | 50 | % | 50 | % | 50.72 | % | |||||||
Fair value per option share | $ | 5.39 | $ | 4.93 | $ | 3.69 | |||||||
The following table provides a summary of stock option activity for the period ended December 31, 2013: | |||||||||||||
Shares | Average | Weighted | Aggregate | ||||||||||
Exercise | Average | Intrinsic | |||||||||||
Price | Life | Value | |||||||||||
Outstanding at December 31, 2012 | 1,919,021 | $ | 11.63 | ||||||||||
Options Granted | 323,400 | 14.77 | |||||||||||
Options Exercised | (503,321 | ) | 11.34 | ||||||||||
Canceled or Forfeited | (164,528 | ) | 13.89 | ||||||||||
Outstanding at December 31, 2013 | 1,574,572 | 12.14 | 5.98 years | $ | 14,142 | ||||||||
Exercisable at December 31, 2013 | 1,057,694 | $ | 11.48 | 4.73 years | $ | 10,194 | |||||||
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 intrinsic value of stock options exercised in 2013, 2012 and 2011 was $2,588, $1,502 and $117, respectively. | |||||||||||||
The following table provides a summary of restricted stock activity for the period ended December 31, 2013: | |||||||||||||
Shares | Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Unvested shares at December 31, 2012 | 363,125 | ||||||||||||
Granted | 169,100 | $ | 14.77 | ||||||||||
Vested | (112,000 | ) | 10.02 | ||||||||||
Forfeited | (144,700 | ) | 14 | ||||||||||
Unvested shares at December 31, 2013 | 275,525 | $ | 12.99 | ||||||||||
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 December 31, 2013, restricted stock awards had vesting periods up through March 2016. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 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 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 mine site, 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, on an undiscounted basis, 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 $0.6 million have been incurred and charged against the reserve classified in Other Liabilities on the Consolidated Statements of Financial Position as of December 31, 2013. As investigation and remediation proceed, it is likely that adjustments to the reserved expense will be necessary to reflect new information. Estimates of the Company’s liability are based on current facts, laws, regulations and technology. Estimates of the Company’s environmental liabilities are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluation and cost estimates, the extent of corrective actions that may be required, the number and financial condition of other PRPs as well as 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 $0.5 million. It is possible that at some future date the EPA will seek recovery of the costs of this work from PRPs. | |
California Regional Water Quality Control Board | |
A number of parties, including the Company and its subsidiary, Buckhorn Inc. (“Buckhorn”), were identified in a planning document adopted in October 2008 by the California Regional Water Quality Control Board, San Francisco Bay Region (“RWQCB”). The planning document relates to the presence of mercury, including amounts contained in mining wastes, in and around the Guadalupe River Watershed (“Watershed”) region in Santa Clara County, California. Buckhorn has been alleged to be a successor in interest to NIMCC which owned property and performed mining operations in a portion of the Watershed area. The Company has not been contacted by the RWQCB or by other parties who have been involved in Watershed clean-up efforts that have been initiated as a result of the adoption of this planning document. Although assertion of a claim by the RWQCB or an other party involved in this clean up effort is reasonably possible, it is not possible at this time to estimate the amount of any obligation the Company may incur for these cleanup efforts within the Watershed region, or whether such cost would be material to the Company’s financial statements. | |
When management believes that a loss arising from these matters is probable and can reasonably be estimated, we record 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 our financial position, cash flows or overall trends in our 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. |
LongTerm_Debt_and_Credit_Agree
Long-Term Debt and Credit Agreements | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt and Credit Agreements | ' | |||||||
Long-Term Debt and Loan Agreements | ||||||||
Long-term debt at December 31, 2013 and 2012 consisted of the following: | ||||||||
2013 | 2012 | |||||||
Loan Agreement | $ | 34,200 | $ | 57,814 | ||||
Senior Unsecured Notes due 2024 | 11,000 | — | ||||||
Senior Unsecured Notes due 2013 | — | 35,000 | ||||||
45,200 | 92,814 | |||||||
Less unamortized deferred financing costs | 853 | — | ||||||
$ | 44,347 | $ | 92,814 | |||||
On December 13, 2013, the Company entered into a Fourth Amended and Restated Loan Agreement (the “Loan Agreement”). The agreement provides for a $200 million senior revolving credit facility expiring on December 13, 2018, which replaced the existing $180 million facility. Amounts borrowed under the Loan Agreement were used to replace the amounts outstanding under the existing $180 million loan agreement, working capital and general corporate purposes, and the repayment of our $35 million of 6.81% Senior Unsecured Notes. Amounts borrowed under the agreement are secured by pledges of stock of certain of our foreign and domestic subsidiaries. | ||||||||
Under the terms of the Loan Agreement, the Company may borrow up to $200 million, reduced for letters of credit issued. As of December 31, 2013 the Company had $161.2 million available under the Loan Agreement. The Company also had $4.6 million of letters of credit issued related to insurance and other financing contracts in the ordinary course of business at December 31, 2013. Borrowings under the Loan Agreement bear interest at the LIBOR rate, prime rate, federal funds effective rate, the Canadian deposit offered rate, or the eurocurrency reference rate depending on the type of loan requested by the Company, in each case plus the applicable margin as set forth in the Loan Agreement. The average interest rate on borrowings under our loan agreements were 3.71% percent at December 31, 2013 and 3.81% percent at December 31, 2012, which includes a quarterly facility fee on the used and unused portion. | ||||||||
On October 22, 2013, the Company entered into a note purchase agreement for the private placement of Senior Unsecured Notes totaling $100 million with a group of investors. The four series of notes range in face value from $11 million to $40 million, with interest rates ranging from 4.67% to 5.45%, payable semiannually, and expiring between 2021 and 2026. At December 31, 2013, the Company had received $11 million of it's 5.25% Senior Unsecured Notes due January 15, 2024 under the note purchase agreement. The remaining proceeds of $89 million under the note purchase agreement were subsequently received in January 2014. | ||||||||
Long-term debt of $44.3 million at December 31, 2013 includes $0.9 million of unamortized deferred financing costs, which is accounted for as a debt valuation account. Amounts outstanding at December 31, 2013 under the Loan Agreement and note purchase agreement mature in 2018 and 2024, respectively. | ||||||||
In December 2013, the Company repaid the remaining $35 million of 6.81% Senior Unsecured Notes that were issued under the December 2003 $100 million Senior Unsecured Notes purchase agreement through available cash and proceeds received from the Loan Agreement. | ||||||||
As of December 31, 2013, the Company was in compliance with all of its debt covenants associated with its Loan Agreement and Senior Unsecured Notes. The significant financial covenants include an interest coverage ratio, defined as earnings before interest and taxes divided by interest expense, and a leverage ratio, defined as earnings before interest, taxes, depreciation, and amortization, as adjusted, compared to total debt. The ratios as of December 31, 2013 are shown in the following table: | ||||||||
Required Level | Actual Level | |||||||
Interest Coverage Ratio | 3.00 to 1 (minimum) | 20.72 | ||||||
Leverage Ratio | 3.25 to 1 (maximum) | 0.53 |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||
Dec. 31, 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 defined. | ||||||||||||
Net periodic pension cost for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Underfunded | Underfunded | Underfunded | ||||||||||
Interest cost | $ | 259 | $ | 287 | $ | 303 | ||||||
Expected return on assets | (333 | ) | (236 | ) | (235 | ) | ||||||
Amortization of net loss | 111 | 101 | 64 | |||||||||
Net periodic pension cost | $ | 37 | $ | 152 | $ | 132 | ||||||
The reconciliation of changes in projected benefit obligations are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Accumulated benefit obligation at beginning of year | $ | 7,109 | $ | 6,591 | ||||||||
Interest cost | 259 | 287 | ||||||||||
Actuarial (gain) loss | (738 | ) | 670 | |||||||||
Expenses paid | (74 | ) | (31 | ) | ||||||||
Benefits paid | (406 | ) | (408 | ) | ||||||||
Accumulated benefit obligation at end of year | $ | 6,150 | $ | 7,109 | ||||||||
The assumptions used to determine the net periodic benefit cost and benefit obligations are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Discount rate for net periodic pension cost | 3.75 | % | 4.5 | % | 5.25 | % | ||||||
Discount rate for benefit obligations | 4.7 | % | 3.75 | % | 4.5 | % | ||||||
Expected long-term return of plan assets | 8 | % | 8 | % | 8 | % | ||||||
The expected long-term rate of return assumption is based on the actual historical rate of return on assets adjusted to reflect recent market conditions and future expectations consistent with the Company’s current asset allocation and investment policy. This policy provides for aggressive capital growth balanced with moderate income production. The inherent risks of equity exposure exists, however, returns generally are less volatile than maximum growth programs. The assumed discount rates represent long-term high quality corporate bond rates commensurate with the liability duration of its plan. | ||||||||||||
The following table reflects the change in the fair value of the plan’s assets: | ||||||||||||
2013 | 2012 | |||||||||||
Fair value of plan assets at beginning of year | $ | 4,528 | $ | 3,731 | ||||||||
Actual return on plan assets | 1,165 | 575 | ||||||||||
Company contributions | 364 | 661 | ||||||||||
Expenses paid | (74 | ) | (31 | ) | ||||||||
Benefits paid | (406 | ) | (408 | ) | ||||||||
Fair value of plan assets at end of year | $ | 5,577 | $ | 4,528 | ||||||||
The fair value of plan assets are all categorized as level 1 and were determined based on period end closing prices in active markets. The weighted average asset allocations at December 31, 2013 and 2012 are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
U.S. Equities securities | 82 | % | 79 | % | ||||||||
U.S. Debt securities | 17 | % | 20 | % | ||||||||
Cash | 1 | % | 1 | % | ||||||||
Total | 100 | % | 100 | % | ||||||||
The following table provides a reconciliation of the funded status of the plan at December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Projected benefit obligation | $ | 6,150 | $ | 7,109 | ||||||||
Plan assets at fair value | 5,577 | 4,528 | ||||||||||
Funded status | $ | (573 | ) | $ | (2,581 | ) | ||||||
The funded status shown above is included in other long-term liabilities in the Company’s Consolidated Statements of Financial Position at December 31, 2013 and 2012. The Company expects to make a contribution of $318 to the plan in 2014. | ||||||||||||
Benefit payments projected for the plan are as follows: | ||||||||||||
2014 | $ | 399 | ||||||||||
2015 | 382 | |||||||||||
2016 | 381 | |||||||||||
2017 | 376 | |||||||||||
2018 | 366 | |||||||||||
2019-2023 | 1,864 | |||||||||||
Effective January 1, 2012 the Company changed its profit sharing and 401(k) plan which included an increase in the Company’s matching contributions and the frequency of the Company’s match. The Myers Industries Profit Sharing and 401(k) Plan is maintained for the Company’s U.S. based employees, not covered under defined benefit plans, who have met eligibility service requirements. The Company recognized expense related to the 401(k) employer matching contribution in the amount of $2,802 and $2,609 in 2013 and 2012, respectively. The Company recognized profit sharing plan expense of $1,678 in 2011 and contributed that amount. | ||||||||||||
In addition, the Company has a Supplemental Executive Retirement Plan (“SERP”) to provide certain participating senior executives with retirement benefits in addition to amounts payable under the 401(k) plan. (Income) expense related to the SERP was approximately $(152), $477, and $784 for the years ended December 2013, 2012 and 2011, respectively. The SERP liability was based on the discounted present value of expected future benefit payments using a discount rate of 4.70% at December 31, 2013 and 3.75% at December 31, 2012. The SERP liability was approximately $4,270 and $4,843 at December 31, 2013 and 2012, respectively, and is included in Accrued Employee Compensation and Other Long-Term Liabilities on the accompanying Consolidated Statements of Financial Position. The SERP is unfunded. |
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Leases | ' | |||
Leases | ||||
The Company and certain of its subsidiaries are committed under non-cancelable operating leases involving certain facilities and equipment. Aggregate rental expense for all leased assets was $10,338, $10,045 and $10,372 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
Future minimum rental commitments are as follows: | ||||
Year Ended December 31, | Commitment | |||
2014 | $ | 9,421 | ||
2015 | 7,856 | |||
2016 | 6,245 | |||
2017 | 4,542 | |||
2018 | 2,860 | |||
Thereafter | 13,317 | |||
Total | $ | 44,241 | ||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
The effective tax rate was 34.0% in 2013, 36.7% in 2012 and 27.3% in 2011. A reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate is as follows: | ||||||||||||||||||||||||
Percent of Income before | ||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||||||||||||||
State income taxes — net of Federal tax benefit | 2.8 | 4.2 | 0.7 | |||||||||||||||||||||
Foreign tax rate differential | 0.2 | 0.5 | 0.4 | |||||||||||||||||||||
Domestic production deduction | (3.2 | ) | (2.9 | ) | (3.5 | ) | ||||||||||||||||||
Non-deductible expenses | 1.5 | 1.5 | 2 | |||||||||||||||||||||
Changes in unrecognized tax benefits | 0.4 | (1.6 | ) | (14.4 | ) | |||||||||||||||||||
Non-deductible goodwill | — | — | 3.1 | |||||||||||||||||||||
Foreign tax incentives | (2.2 | ) | (1.2 | ) | — | |||||||||||||||||||
Valuation allowances | (0.1 | ) | 1.2 | 3 | ||||||||||||||||||||
Other | (0.4 | ) | — | 1 | ||||||||||||||||||||
Effective tax rate for the year | 34 | % | 36.7 | % | 27.3 | % | ||||||||||||||||||
Income before income taxes was attributable to the following sources: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
United States | $ | 39,096 | $ | 50,143 | $ | 39,740 | ||||||||||||||||||
Foreign | 295 | (2,802 | ) | (6,053 | ) | |||||||||||||||||||
Totals | $ | 39,391 | $ | 47,341 | $ | 33,687 | ||||||||||||||||||
Income tax expense (benefit) consisted of the following: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Current | Deferred | Current | Deferred | Current | Deferred | |||||||||||||||||||
Federal | $ | 13,853 | $ | (1,479 | ) | $ | 13,093 | $ | 2,124 | $ | 6,509 | $ | 2,057 | |||||||||||
Foreign | 1,573 | (2,278 | ) | 297 | (1,168 | ) | 612 | (371 | ) | |||||||||||||||
State and local | 2,116 | (396 | ) | 2,937 | 96 | 1,906 | (1,531 | ) | ||||||||||||||||
$ | 17,542 | $ | (4,153 | ) | $ | 16,327 | $ | 1,052 | $ | 9,027 | $ | 155 | ||||||||||||
Significant components of the Company’s deferred taxes as of December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Deferred income tax liabilities | ||||||||||||||||||||||||
Property, plant and equipment | $ | 18,297 | $ | 24,748 | ||||||||||||||||||||
Tax-deductible goodwill | 7,437 | 5,206 | ||||||||||||||||||||||
Non-deductible intangibles | 4,135 | 5,069 | ||||||||||||||||||||||
State deferred taxes | 1,148 | 1,487 | ||||||||||||||||||||||
Other | 484 | 392 | ||||||||||||||||||||||
31,501 | 36,902 | |||||||||||||||||||||||
Deferred income tax assets | ||||||||||||||||||||||||
Compensation | 6,104 | 6,243 | ||||||||||||||||||||||
Inventory valuation | 765 | 806 | ||||||||||||||||||||||
Allowance for uncollectible accounts | 1,007 | 967 | ||||||||||||||||||||||
Non-deductible accruals | 2,116 | 3,820 | ||||||||||||||||||||||
Other | — | 78 | ||||||||||||||||||||||
Net operating loss carryforwards | 4,612 | 4,975 | ||||||||||||||||||||||
14,604 | 16,889 | |||||||||||||||||||||||
Valuation Allowance | (5,221 | ) | (6,060 | ) | ||||||||||||||||||||
9,383 | 10,829 | |||||||||||||||||||||||
Net deferred income tax liability | $ | 22,118 | $ | 26,073 | ||||||||||||||||||||
ASC 740 Income Taxes requires that deferred tax assets be reduced by a valuation allowance, if based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. Available evidence includes the reversal of existing taxable temporary differences, future taxable income exclusive of temporary differences, taxable income in carryback years and tax planning strategies. During 2013, the valuation allowance decreased $0.8 million due to changes in foreign currency of $0.8 million and a decrease in the federal valuation for non-deductible expenses of $0.2 million offset by the increase in the valuation allowance for current year losses of $0.2 million. During 2012, the valuation allowance decreased $22.1 million due to the expiration of $26.1 million of valuation allowance associated with 2007 capital loss carryforwards offset by an increase of $4.0 million from additional federal non-deductible expenses as well as foreign and state net operating losses from jurisdictions with uncertainty of future profitability. At December 31, 2013, the Company has deferred tax assets of $4.6 million resulting from state and foreign net operating tax loss carryforwards of approximately $24.4 million, with carryforward periods that expire starting in 2019. | ||||||||||||||||||||||||
No provision has been recorded for unremitted earnings of foreign subsidiaries as it is the Company’s intention to indefinitely reinvest these earnings of these subsidiaries. Accordingly, at December 31, 2013, the Company had not recorded a deferred tax liability related to investments in its foreign subsidiaries that are essentially permanent in duration. The amount of such temporary differences was estimated to be approximately $4.7 million and may become taxable in the U.S. upon a repatriation of assets or a sale or liquidation of the subsidiaries. It is not practical to estimate the related amount of unrecognized tax liability. | ||||||||||||||||||||||||
The following table summarizes the activity related to the Company’s unrecognized tax benefits: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance at January 1 | $ | 1,078 | $ | 1,217 | 5,767 | |||||||||||||||||||
Increases related to current year tax positions | 496 | — | — | |||||||||||||||||||||
Increases related to acquired businesses | — | 236 | — | |||||||||||||||||||||
Increases related to previous year tax positions | — | 580 | 395 | |||||||||||||||||||||
Reductions due to lapse of applicable statute of limitations | (48 | ) | (256 | ) | (4,945 | ) | ||||||||||||||||||
Reduction due to settlements | (22 | ) | (699 | ) | — | |||||||||||||||||||
Balance at December 31 | $ | 1,504 | $ | 1,078 | $ | 1,217 | ||||||||||||||||||
The total amount of gross unrecognized tax benefits that would reduce the Company’s effective tax rate was $1.5 million, $1.1 million and $1.1 million at December 31, 2013, 2012 and 2011, respectively. The amount of accrued interest expense included as a liability within the Company’s Consolidated Statements of Financial Position was $0.1 million as of December 31, 2013, 2012 and 2011, respectively The December 31, 2013 balance of unrecognized tax benefits includes approximately $0.4 million of unrecognized tax benefits for which it is reasonably possible that they will be recognized within the next twelve months. This amount represents a decrease in unrecognized benefits related to state income tax audits, and expiring statues in U.S. Federal, state, and Non-U.S. jurisdictions. | ||||||||||||||||||||||||
The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of December 31, 2013 the Company is no longer subject to U.S. Federal, state and local examinations by tax authorities for tax years before 2011 and 2009, respectively. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2008 through 2013. |
Industry_Segments
Industry Segments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Industry Segments | ' | |||||||||||
Industry Segments | ||||||||||||
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 other economic characteristics. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up. | ||||||||||||
The Material Handling Segment includes a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, and storage and organization products. This segment conducts its primary operations in the United States, but also operates in Canada and Brazil. Markets served encompass various niches of industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, healthcare, appliance, bakery, electronics, textiles, consumer, and others. Products are sold both directly to end-users and through distributors. | ||||||||||||
The Lawn and Garden Segment serves the North American horticultural market with plastic products such as seedling trays, nursery pots, hanging baskets, and custom printed containers, as well as decorative resin planters. Markets/customers include professional growers, greenhouses, nurseries, retail garden centers, mass merchandisers, and consumers. | ||||||||||||
The Distribution Segment is engaged in the distribution of equipment, tools, and supplies used for tire servicing and automotive undervehicle repair. The product line includes categories such as tire valves and accessories, tire changing and balancing equipment, lifts and alignment equipment, service equipment and tools, and tire repair/retread supplies. The Distribution Segment operates domestically through sales offices, and four regional distribution centers in the United States and in foreign countries through export sales. In addition, the Distribution Segment operates directly in certain foreign markets, principally Canada and Central America, through foreign branch operations. Markets served include retail and truck tire dealers, commercial auto and truck fleets, auto dealers, general service and repair centers, tire retreaders, and government agencies. | ||||||||||||
The Engineered Products Segment engineers and manufactures plastic and rubber original equipment and replacement parts, rubber tire repair and retread products, and a diverse array of custom plastic and rubber products. Representative products include: plastic HVAC ducts, water/waste storage tanks, and interior/exterior vehicle trim components; rubber air intake hoses, vibration isolators, emissions tubing assemblies, and trailer bushings; and custom products such as plastic tool boxes and calendered rubber sheet stock. This segment serves a diverse group of niche markets including automotive, recreational vehicle, recreational marine, construction and agriculture equipment, healthcare, and transportation. | ||||||||||||
Total sales from foreign business units and export to countries outside the U.S. were approximately $142.3 million, $127.6 million, and $107.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Sales made to customers in Canada accounted for approximately 8% of total net sales in 2013 and 9% in both 2012 and 2011. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, consisting of property, plant and equipment, were approximately $19.7 million at December 31, 2013 and $32.4 million at December 31, 2012. The decrease in long-lived assets in foreign countries is the result of assets transferred to our U.S. Lawn & Garden segment and the impact of foreign currency translation. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Sales | ||||||||||||
Material Handling | $ | 322,854 | $ | 285,994 | $ | 261,812 | ||||||
Lawn and Garden | 204,890 | 205,814 | 217,140 | |||||||||
Distribution | 177,412 | 176,645 | 183,726 | |||||||||
Engineered Products | 137,745 | 141,658 | 116,243 | |||||||||
Intra-segment elimination | (17,691 | ) | (18,923 | ) | (23,267 | ) | ||||||
$ | 825,210 | $ | 791,188 | $ | 755,654 | |||||||
Income Before Income Taxes | ||||||||||||
Material Handling | $ | 41,076 | $ | 47,483 | $ | 34,123 | ||||||
Lawn and Garden | (1,540 | ) | 2,905 | 4,226 | ||||||||
Distribution | 14,448 | 14,838 | 15,736 | |||||||||
Engineered Products | 15,296 | 14,481 | 10,810 | |||||||||
Corporate | (25,347 | ) | (27,851 | ) | (26,486 | ) | ||||||
Interest expense - net | (4,542 | ) | (4,515 | ) | (4,722 | ) | ||||||
$ | 39,391 | $ | 47,341 | $ | 33,687 | |||||||
Identifiable Assets | ||||||||||||
Material Handling | $ | 224,207 | $ | 238,500 | $ | 164,738 | ||||||
Lawn and Garden | 126,382 | 128,267 | 138,894 | |||||||||
Distribution | 49,488 | 44,913 | 48,100 | |||||||||
Engineered Products | 43,642 | 40,377 | 40,840 | |||||||||
Corporate | 25,738 | 32,799 | 36,185 | |||||||||
$ | 469,457 | $ | 484,856 | $ | 428,757 | |||||||
Capital Additions, Net | ||||||||||||
Material Handling | $ | 17,847 | $ | 17,029 | $ | 12,165 | ||||||
Lawn and Garden | 7,808 | 5,240 | 6,411 | |||||||||
Distribution | 845 | 796 | 1,101 | |||||||||
Engineered Products | 2,709 | 3,342 | 1,831 | |||||||||
Corporate | 792 | 570 | 422 | |||||||||
$ | 30,001 | $ | 26,977 | $ | 21,930 | |||||||
Depreciation and Amortization | ||||||||||||
Material Handling | $ | 20,840 | $ | 17,308 | $ | 16,009 | ||||||
Lawn and Garden | 11,862 | 11,370 | 13,911 | |||||||||
Distribution | 537 | 379 | 342 | |||||||||
Engineered Products | 3,466 | 3,185 | 3,230 | |||||||||
Corporate | 940 | 765 | 722 | |||||||||
$ | 37,645 | $ | 33,007 | $ | 34,214 | |||||||
Other_Accrued_Expense_Notes
Other Accrued Expense (Notes) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Other Accrued Expenses | ' | ||||||||
Other Accrued Expenses | |||||||||
As of December 31, 2013 and 2012, the balance in other accrued expenses is comprised of the following: | |||||||||
2013 | 2012 | ||||||||
Deposits and amounts due to customers | $ | 10,194 | $ | 10,255 | |||||
Dividends payable | 3,174 | 191 | |||||||
Other accrued expenses | 6,619 | 8,793 | |||||||
$ | 19,987 | $ | 19,239 | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity and cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. | ||
Reclassification | ' | |
Certain reclassifications of prior year amounts have been made to the Consolidated Statement of Cash Flows in conformity with generally accepted accounting principles to conform to current year’s reporting presentation. | ||
Recent Accounting Pronouncements | ' | |
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 interest rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. | ||
Concentration of Credit Risk | ' | |
Concentration of Credit Risk | ||
Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. The Company’s largest single customer in 2013 accounts for approximately 4% of total sales with only three other customers greater than 3%. Outside of the United States, only Canada, which accounted for approximately 8% of total sales, is significant to the Company’s operations. In addition, management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company also reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due the Company could be reduced by a material amount. | ||
Inventories | ' | |
Inventories | ||
Inventories are stated at the lower of cost or market. Approximately 20 percent of our inventories are valued using the last-in, first-out (“LIFO”) method of determining cost. All other inventories are valued at the first-in, first-out (“FIFO”) method of determining cost. | ||
Property, Plant and Equipment | ' | |
Property, Plant and Equipment | ||
Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: | ||
Buildings | 20 to 40 years | |
Machinery and Equipment | 3 to 10 years | |
Vehicles | 1 to 3 years | |
Leasehold Improvements | 5 to 10 years | |
Long-Lived Assets | ' | |
Long-Lived Assets | ||
The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset. For assets held for disposal, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. | ||
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. | ||
Shipping and Handling | ' | |
Shipping and Handling | ||
Shipping and handling expenses are primarily classified as selling expenses in the accompanying Consolidated Statements of Income. | ||
Stock Based Compensation | ' | |
Stock Based Compensation | ||
The Company has stock plans that provide for the granting of stock-based compensation to employees and to non-employee directors. Shares are issued upon exercise from authorized, unissued shares. The Company records the costs of the plan under the provisions of ASC 718, Compensation — Stock Compensation. For transactions in which we obtain employee services in exchange for an award of equity instruments, we measure the cost of the services based on the grant date fair value of the award. The Company recognizes the cost over the period during which an employee is required to provide services in exchange for the award, referred to as the requisite service period (usually the vesting period). | ||
Income Taxes | ' | |
Income Taxes | ||
Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||
The Company evaluates its tax positions in accordance with ASC 740 Income Taxes (ASC 740). ASC 740 provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise’s financial statements. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized under ASC 740. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits within operations as income tax expense. | ||
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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Schedule of estimated useful lives of the assets | ' | |||||||||||
The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: | ||||||||||||
Buildings | 20 to 40 years | |||||||||||
Machinery and Equipment | 3 to 10 years | |||||||||||
Vehicles | 1 to 3 years | |||||||||||
Leasehold Improvements | 5 to 10 years | |||||||||||
The balances in the Company's accumulated other comprehensive income (loss) | ' | |||||||||||
As of December 31, 2013 and 2012, the balance in the Company’s accumulated other comprehensive income 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* | 2,791 | 638 | 3,429 | |||||||||
Amounts reclassified from accumulated other comprehensive income* | — | (80 | ) | (80 | ) | |||||||
Net current-period other comprehensive income | 2,791 | 558 | 3,349 | |||||||||
Balance at December 31, 2012 | 12,785 | (2,142 | ) | 10,643 | ||||||||
Other comprehensive income before reclassifications | (9,292 | ) | 1,681 | (7,611 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | (605 | ) | (605 | ) | |||||||
Net current-period other comprehensive income | (9,292 | ) | 1,076 | (8,216 | ) | |||||||
Balance at December 31, 2013 | $ | 3,493 | $ | (1,066 | ) | $ | 2,427 | |||||
* Presented for comparative purposes only. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
The change in goodwill | ' | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||
Distribution | Engineered | Material Handling | Lawn and | Total | ||||||||||||||||||||||
Products | Garden | |||||||||||||||||||||||||
January 1, 2012 | $ | 214 | $ | 707 | $ | 34,279 | $ | 9,466 | $ | 44,666 | ||||||||||||||||
Acquisitions | — | — | 16,240 | — | 16,240 | |||||||||||||||||||||
Foreign currency translation | — | — | 2 | 148 | 150 | |||||||||||||||||||||
31-Dec-12 | 214 | 707 | 50,521 | 9,614 | 61,056 | |||||||||||||||||||||
Reclassification of prepaid asset from Novel acquisition | — | — | 1,028 | — | 1,028 | |||||||||||||||||||||
Foreign currency translation | — | — | (1,199 | ) | (243 | ) | (1,442 | ) | ||||||||||||||||||
31-Dec-13 | $ | 214 | $ | 707 | $ | 50,350 | $ | 9,371 | $ | 60,642 | ||||||||||||||||
Intangible assets | ' | |||||||||||||||||||||||||
Intangible assets at December 31, 2013 and 2012 consisted of the following: | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Weighted Average Useful Life (years) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||||
Trade Names | 6.3 | $ | 6,783 | $ | (78 | ) | $ | 6,705 | $ | 7,273 | $ | (46 | ) | $ | 7,227 | |||||||||||
Customer Relationships | 5 | 17,159 | (10,841 | ) | 6,318 | 18,702 | (10,163 | ) | 8,539 | |||||||||||||||||
Technology | 8.1 | 5,502 | (918 | ) | 4,584 | 7,837 | (2,433 | ) | 5,404 | |||||||||||||||||
Patents | 3.2 | 10,900 | (7,448 | ) | 3,452 | 10,900 | (6,359 | ) | 4,541 | |||||||||||||||||
Non-Compete | 1 | 261 | (205 | ) | 56 | 569 | (441 | ) | 128 | |||||||||||||||||
$ | 40,605 | $ | (19,490 | ) | $ | 21,115 | $ | 45,281 | $ | (19,442 | ) | $ | 25,839 | |||||||||||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Weighted average number of common shares outstanding during the period | ' | ||||||||
Net income per common share, as shown on the Consolidated Statements of Income, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Weighted average common shares outstanding: | |||||||||
Basic | 33,588,720 | 33,597,020 | 34,584,558 | ||||||
Dilutive effect of stock options and restricted stock | 454,705 | 512,212 | 158,985 | ||||||
Weighted average common shares outstanding diluted | 34,043,425 | 34,109,232 | 34,743,543 | ||||||
Acquisitions_Acquisition_Purch
Acquisitions Acquisition Purchase Price Allocation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | |||||||
The allocation of the purchase price and the estimated goodwill, which is not deductible for income tax purposes, and other intangibles are as follows: | ||||||||
Novel | Jamco | |||||||
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 | — | ||||||
Long-term liabilities | 6,097 | 3,498 | ||||||
Total liabilities assumed | 38,867 | 5,610 | ||||||
Goodwill | 9,832 | 7,435 | ||||||
Total consideration, less cash acquired | $ | 3,429 | $ | 15,114 | ||||
Pro forma information | ' | |||||||
The following unaudited pro forma information 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. | ||||||||
2012 | ||||||||
Net sales | $ | 820,649 | ||||||
Cost of sales | 596,178 | |||||||
Gross profit | 224,471 | |||||||
Selling, general & administrative expenses | 168,794 | |||||||
Operating income | 55,677 | |||||||
Interest expense, net | 7,333 | |||||||
Income before taxes | 48,344 | |||||||
Income taxes | 17,784 | |||||||
Net income | $ | 30,560 | ||||||
Income per basic share | $ | 0.91 | ||||||
Income per diluted share | $ | 0.9 | ||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||||
Restructuring charges by segment | ' | |||||||||||||||||||||||||||||
The restructuring charges are presented in the following table. | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Segment | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | |||||||||||||||||||||
Distribution | $ | — | $ | 194 | $ | 194 | $ | — | $ | 727 | $ | 727 | $ | — | $ | 2,060 | $ | 2,060 | ||||||||||||
Lawn and Garden | 6,135 | 2,428 | 8,563 | — | 487 | 487 | — | 687 | 687 | |||||||||||||||||||||
Engineered Products | 240 | — | 240 | 1,198 | — | 1,198 | 724 | — | 724 | |||||||||||||||||||||
Material Handling | 178 | 47 | 225 | — | — | — | — | — | — | |||||||||||||||||||||
Corporate | — | 17 | 17 | — | 318 | 318 | — | — | — | |||||||||||||||||||||
Total | $ | 6,553 | $ | 2,686 | $ | 9,239 | $ | 1,198 | $ | 1,532 | $ | 2,730 | $ | 724 | $ | 2,747 | $ | 3,471 | ||||||||||||
Restructuring Reserve | ' | |||||||||||||||||||||||||||||
The accrued liability balance for severance and other exit costs associated with restructuring are presented in the following table. | ||||||||||||||||||||||||||||||
Severance | Other | Total | ||||||||||||||||||||||||||||
and | Exit Costs | |||||||||||||||||||||||||||||
Personnel | ||||||||||||||||||||||||||||||
Balance at January 1, 2011 | $ | — | $ | 763 | $ | 763 | ||||||||||||||||||||||||
Provision | 1,102 | 2,369 | 3,471 | |||||||||||||||||||||||||||
Reversal | — | (285 | ) | (285 | ) | |||||||||||||||||||||||||
Less: Payments | (1,102 | ) | (2,242 | ) | (3,344 | ) | ||||||||||||||||||||||||
Balance at December 31, 2011 | — | 605 | 605 | |||||||||||||||||||||||||||
Provision | 1,102 | 1,628 | 2,730 | |||||||||||||||||||||||||||
Less: Payments | (784 | ) | (2,233 | ) | (3,017 | ) | ||||||||||||||||||||||||
Balance at December 31, 2012 | 318 | — | 318 | |||||||||||||||||||||||||||
Provision | 2,991 | 6,248 | 9,239 | |||||||||||||||||||||||||||
Less: Payments | (1,366 | ) | (4,677 | ) | (6,043 | ) | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,943 | $ | 1,571 | $ | 3,514 | ||||||||||||||||||||||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of stock option activity for the period | ' | ||||||||||||
Options outstanding and exercisable at December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
Year | Outstanding | Range of Exercise | Exercisable | Weighted Average | |||||||||
Prices | Exercise Price | ||||||||||||
2013 | 1,574,572 | $9.00 to $18.62 | 1,057,694 | $ | 11.48 | ||||||||
2012 | 1,919,021 | $8.00 to $18.62 | 1,355,112 | $ | 11.63 | ||||||||
2011 | 1,997,778 | $8.00 to $18.62 | 1,429,040 | $ | 11.75 | ||||||||
The following table provides a summary of stock option activity for the period ended December 31, 2013: | |||||||||||||
Shares | Average | Weighted | Aggregate | ||||||||||
Exercise | Average | Intrinsic | |||||||||||
Price | Life | Value | |||||||||||
Outstanding at December 31, 2012 | 1,919,021 | $ | 11.63 | ||||||||||
Options Granted | 323,400 | 14.77 | |||||||||||
Options Exercised | (503,321 | ) | 11.34 | ||||||||||
Canceled or Forfeited | (164,528 | ) | 13.89 | ||||||||||
Outstanding at December 31, 2013 | 1,574,572 | 12.14 | 5.98 years | $ | 14,142 | ||||||||
Exercisable at December 31, 2013 | 1,057,694 | $ | 11.48 | 4.73 years | $ | 10,194 | |||||||
The following tables summarize stock option activity in the past three years: | |||||||||||||
Options granted in 2013, 2012 and 2011: | |||||||||||||
Year | Options | Exercise | |||||||||||
Price | |||||||||||||
2013 | 323,400 | $ | 14.77 | ||||||||||
2012 | 323,950 | $ | 12.96 | ||||||||||
2011 | 365,025 | $10.10 to $10.28 | |||||||||||
Options exercised in 2013, 2012 and 2011: | |||||||||||||
Year | Options | Exercise | |||||||||||
Price | |||||||||||||
2013 | 503,321 | $8.00 to $18.62 | |||||||||||
2012 | 288,794 | $8.00 to $12.55 | |||||||||||
2011 | 59,031 | $8.00 to $12.55 | |||||||||||
Fair Value of stock options granted assumptions used | ' | ||||||||||||
There is no material difference in the valuation of these options using prior models. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk free interest rate | 1.86 | % | 2 | % | 3.79 | % | |||||||
Expected dividend yield | 2.4 | % | 2.2 | % | 2.9 | % | |||||||
Expected life of award (years) | 7 | 5.4 | 6 | ||||||||||
Expected volatility | 50 | % | 50 | % | 50.72 | % | |||||||
Fair value per option share | $ | 5.39 | $ | 4.93 | $ | 3.69 | |||||||
Summary of restricted stock activity for the period | ' | ||||||||||||
The following table provides a summary of restricted stock activity for the period ended December 31, 2013: | |||||||||||||
Shares | Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Unvested shares at December 31, 2012 | 363,125 | ||||||||||||
Granted | 169,100 | $ | 14.77 | ||||||||||
Vested | (112,000 | ) | 10.02 | ||||||||||
Forfeited | (144,700 | ) | 14 | ||||||||||
Unvested shares at December 31, 2013 | 275,525 | $ | 12.99 | ||||||||||
LongTerm_Debt_and_Credit_Agree1
Long-Term Debt and Credit Agreements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of long term debt | ' | |||||||
Long-term debt at December 31, 2013 and 2012 consisted of the following: | ||||||||
2013 | 2012 | |||||||
Loan Agreement | $ | 34,200 | $ | 57,814 | ||||
Senior Unsecured Notes due 2024 | 11,000 | — | ||||||
Senior Unsecured Notes due 2013 | — | 35,000 | ||||||
45,200 | 92,814 | |||||||
Less unamortized deferred financing costs | 853 | — | ||||||
$ | 44,347 | $ | 92,814 | |||||
Schedule of debt ratios | ' | |||||||
The ratios as of December 31, 2013 are shown in the following table: | ||||||||
Required Level | Actual Level | |||||||
Interest Coverage Ratio | 3.00 to 1 (minimum) | 20.72 | ||||||
Leverage Ratio | 3.25 to 1 (maximum) | 0.53 |
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Net periodic pension cost | ' | |||||||||||
Net periodic pension cost for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Underfunded | Underfunded | Underfunded | ||||||||||
Interest cost | $ | 259 | $ | 287 | $ | 303 | ||||||
Expected return on assets | (333 | ) | (236 | ) | (235 | ) | ||||||
Amortization of net loss | 111 | 101 | 64 | |||||||||
Net periodic pension cost | $ | 37 | $ | 152 | $ | 132 | ||||||
Reconciliation of changes in projected benefit obligations | ' | |||||||||||
The reconciliation of changes in projected benefit obligations are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Accumulated benefit obligation at beginning of year | $ | 7,109 | $ | 6,591 | ||||||||
Interest cost | 259 | 287 | ||||||||||
Actuarial (gain) loss | (738 | ) | 670 | |||||||||
Expenses paid | (74 | ) | (31 | ) | ||||||||
Benefits paid | (406 | ) | (408 | ) | ||||||||
Accumulated benefit obligation at end of year | $ | 6,150 | $ | 7,109 | ||||||||
Assumptions used to determine the net periodic benefit cost and benefit obligations | ' | |||||||||||
The assumptions used to determine the net periodic benefit cost and benefit obligations are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Discount rate for net periodic pension cost | 3.75 | % | 4.5 | % | 5.25 | % | ||||||
Discount rate for benefit obligations | 4.7 | % | 3.75 | % | 4.5 | % | ||||||
Expected long-term return of plan assets | 8 | % | 8 | % | 8 | % | ||||||
Change in the fair value of the plan’s assets | ' | |||||||||||
The following table reflects the change in the fair value of the plan’s assets: | ||||||||||||
2013 | 2012 | |||||||||||
Fair value of plan assets at beginning of year | $ | 4,528 | $ | 3,731 | ||||||||
Actual return on plan assets | 1,165 | 575 | ||||||||||
Company contributions | 364 | 661 | ||||||||||
Expenses paid | (74 | ) | (31 | ) | ||||||||
Benefits paid | (406 | ) | (408 | ) | ||||||||
Fair value of plan assets at end of year | $ | 5,577 | $ | 4,528 | ||||||||
The weighted average asset allocations | ' | |||||||||||
The weighted average asset allocations at December 31, 2013 and 2012 are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
U.S. Equities securities | 82 | % | 79 | % | ||||||||
U.S. Debt securities | 17 | % | 20 | % | ||||||||
Cash | 1 | % | 1 | % | ||||||||
Total | 100 | % | 100 | % | ||||||||
Reconciliation of the funded status of the plan | ' | |||||||||||
The following table provides a reconciliation of the funded status of the plan at December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Projected benefit obligation | $ | 6,150 | $ | 7,109 | ||||||||
Plan assets at fair value | 5,577 | 4,528 | ||||||||||
Funded status | $ | (573 | ) | $ | (2,581 | ) | ||||||
Benefit payments projected for the plan | ' | |||||||||||
Benefit payments projected for the plan are as follows: | ||||||||||||
2014 | $ | 399 | ||||||||||
2015 | 382 | |||||||||||
2016 | 381 | |||||||||||
2017 | 376 | |||||||||||
2018 | 366 | |||||||||||
2019-2023 | 1,864 | |||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Future minimum rental commitments | ' | |||
Future minimum rental commitments are as follows: | ||||
Year Ended December 31, | Commitment | |||
2014 | $ | 9,421 | ||
2015 | 7,856 | |||
2016 | 6,245 | |||
2017 | 4,542 | |||
2018 | 2,860 | |||
Thereafter | 13,317 | |||
Total | $ | 44,241 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate | ' | |||||||||||||||||||||||
A reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate is as follows: | ||||||||||||||||||||||||
Percent of Income before | ||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||||||||||||||
State income taxes — net of Federal tax benefit | 2.8 | 4.2 | 0.7 | |||||||||||||||||||||
Foreign tax rate differential | 0.2 | 0.5 | 0.4 | |||||||||||||||||||||
Domestic production deduction | (3.2 | ) | (2.9 | ) | (3.5 | ) | ||||||||||||||||||
Non-deductible expenses | 1.5 | 1.5 | 2 | |||||||||||||||||||||
Changes in unrecognized tax benefits | 0.4 | (1.6 | ) | (14.4 | ) | |||||||||||||||||||
Non-deductible goodwill | — | — | 3.1 | |||||||||||||||||||||
Foreign tax incentives | (2.2 | ) | (1.2 | ) | — | |||||||||||||||||||
Valuation allowances | (0.1 | ) | 1.2 | 3 | ||||||||||||||||||||
Other | (0.4 | ) | — | 1 | ||||||||||||||||||||
Effective tax rate for the year | 34 | % | 36.7 | % | 27.3 | % | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | ' | |||||||||||||||||||||||
Income before income taxes was attributable to the following sources: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
United States | $ | 39,096 | $ | 50,143 | $ | 39,740 | ||||||||||||||||||
Foreign | 295 | (2,802 | ) | (6,053 | ) | |||||||||||||||||||
Totals | $ | 39,391 | $ | 47,341 | $ | 33,687 | ||||||||||||||||||
Income tax expense (benefit) from continuing operations | ' | |||||||||||||||||||||||
Income tax expense (benefit) consisted of the following: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Current | Deferred | Current | Deferred | Current | Deferred | |||||||||||||||||||
Federal | $ | 13,853 | $ | (1,479 | ) | $ | 13,093 | $ | 2,124 | $ | 6,509 | $ | 2,057 | |||||||||||
Foreign | 1,573 | (2,278 | ) | 297 | (1,168 | ) | 612 | (371 | ) | |||||||||||||||
State and local | 2,116 | (396 | ) | 2,937 | 96 | 1,906 | (1,531 | ) | ||||||||||||||||
$ | 17,542 | $ | (4,153 | ) | $ | 16,327 | $ | 1,052 | $ | 9,027 | $ | 155 | ||||||||||||
Significant components of the Company’s deferred taxes | ' | |||||||||||||||||||||||
Significant components of the Company’s deferred taxes as of December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Deferred income tax liabilities | ||||||||||||||||||||||||
Property, plant and equipment | $ | 18,297 | $ | 24,748 | ||||||||||||||||||||
Tax-deductible goodwill | 7,437 | 5,206 | ||||||||||||||||||||||
Non-deductible intangibles | 4,135 | 5,069 | ||||||||||||||||||||||
State deferred taxes | 1,148 | 1,487 | ||||||||||||||||||||||
Other | 484 | 392 | ||||||||||||||||||||||
31,501 | 36,902 | |||||||||||||||||||||||
Deferred income tax assets | ||||||||||||||||||||||||
Compensation | 6,104 | 6,243 | ||||||||||||||||||||||
Inventory valuation | 765 | 806 | ||||||||||||||||||||||
Allowance for uncollectible accounts | 1,007 | 967 | ||||||||||||||||||||||
Non-deductible accruals | 2,116 | 3,820 | ||||||||||||||||||||||
Other | — | 78 | ||||||||||||||||||||||
Net operating loss carryforwards | 4,612 | 4,975 | ||||||||||||||||||||||
14,604 | 16,889 | |||||||||||||||||||||||
Valuation Allowance | (5,221 | ) | (6,060 | ) | ||||||||||||||||||||
9,383 | 10,829 | |||||||||||||||||||||||
Net deferred income tax liability | $ | 22,118 | $ | 26,073 | ||||||||||||||||||||
Activity related to the Company’s unrecognized tax benefits | ' | |||||||||||||||||||||||
The following table summarizes the activity related to the Company’s unrecognized tax benefits: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance at January 1 | $ | 1,078 | $ | 1,217 | 5,767 | |||||||||||||||||||
Increases related to current year tax positions | 496 | — | — | |||||||||||||||||||||
Increases related to acquired businesses | — | 236 | — | |||||||||||||||||||||
Increases related to previous year tax positions | — | 580 | 395 | |||||||||||||||||||||
Reductions due to lapse of applicable statute of limitations | (48 | ) | (256 | ) | (4,945 | ) | ||||||||||||||||||
Reduction due to settlements | (22 | ) | (699 | ) | — | |||||||||||||||||||
Balance at December 31 | $ | 1,504 | $ | 1,078 | $ | 1,217 | ||||||||||||||||||
Industry_Segments_Tables
Industry Segments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of reporting information by segment | ' | |||||||||||
Total sales from foreign business units and export to countries outside the U.S. were approximately $142.3 million, $127.6 million, and $107.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Sales made to customers in Canada accounted for approximately 8% of total net sales in 2013 and 9% in both 2012 and 2011. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, consisting of property, plant and equipment, were approximately $19.7 million at December 31, 2013 and $32.4 million at December 31, 2012. The decrease in long-lived assets in foreign countries is the result of assets transferred to our U.S. Lawn & Garden segment and the impact of foreign currency translation. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Sales | ||||||||||||
Material Handling | $ | 322,854 | $ | 285,994 | $ | 261,812 | ||||||
Lawn and Garden | 204,890 | 205,814 | 217,140 | |||||||||
Distribution | 177,412 | 176,645 | 183,726 | |||||||||
Engineered Products | 137,745 | 141,658 | 116,243 | |||||||||
Intra-segment elimination | (17,691 | ) | (18,923 | ) | (23,267 | ) | ||||||
$ | 825,210 | $ | 791,188 | $ | 755,654 | |||||||
Income Before Income Taxes | ||||||||||||
Material Handling | $ | 41,076 | $ | 47,483 | $ | 34,123 | ||||||
Lawn and Garden | (1,540 | ) | 2,905 | 4,226 | ||||||||
Distribution | 14,448 | 14,838 | 15,736 | |||||||||
Engineered Products | 15,296 | 14,481 | 10,810 | |||||||||
Corporate | (25,347 | ) | (27,851 | ) | (26,486 | ) | ||||||
Interest expense - net | (4,542 | ) | (4,515 | ) | (4,722 | ) | ||||||
$ | 39,391 | $ | 47,341 | $ | 33,687 | |||||||
Identifiable Assets | ||||||||||||
Material Handling | $ | 224,207 | $ | 238,500 | $ | 164,738 | ||||||
Lawn and Garden | 126,382 | 128,267 | 138,894 | |||||||||
Distribution | 49,488 | 44,913 | 48,100 | |||||||||
Engineered Products | 43,642 | 40,377 | 40,840 | |||||||||
Corporate | 25,738 | 32,799 | 36,185 | |||||||||
$ | 469,457 | $ | 484,856 | $ | 428,757 | |||||||
Capital Additions, Net | ||||||||||||
Material Handling | $ | 17,847 | $ | 17,029 | $ | 12,165 | ||||||
Lawn and Garden | 7,808 | 5,240 | 6,411 | |||||||||
Distribution | 845 | 796 | 1,101 | |||||||||
Engineered Products | 2,709 | 3,342 | 1,831 | |||||||||
Corporate | 792 | 570 | 422 | |||||||||
$ | 30,001 | $ | 26,977 | $ | 21,930 | |||||||
Depreciation and Amortization | ||||||||||||
Material Handling | $ | 20,840 | $ | 17,308 | $ | 16,009 | ||||||
Lawn and Garden | 11,862 | 11,370 | 13,911 | |||||||||
Distribution | 537 | 379 | 342 | |||||||||
Engineered Products | 3,466 | 3,185 | 3,230 | |||||||||
Corporate | 940 | 765 | 722 | |||||||||
$ | 37,645 | $ | 33,007 | $ | 34,214 | |||||||
Other_Accrued_Expense_Tables
Other Accrued Expense (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Other Accrued Expenses | ' | ||||||||
As of December 31, 2013 and 2012, the balance in other accrued expenses is comprised of the following: | |||||||||
2013 | 2012 | ||||||||
Deposits and amounts due to customers | $ | 10,194 | $ | 10,255 | |||||
Dividends payable | 3,174 | 191 | |||||||
Other accrued expenses | 6,619 | 8,793 | |||||||
$ | 19,987 | $ | 19,239 | ||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Concentration of Credit Risk | ' | ' | ' |
Expense for bad debts | $1,098,000 | ($543,000) | $915,000 |
Inventories | ' | ' | ' |
Percentage of LIFO Inventory | 20.00% | ' | ' |
Cost valuation of inventory if FIFO had been used exclusively | 8,100,000 | 8,700,000 | 9,600,000 |
Liquidation of LIFO inventories decreased cost of sales and increased income before taxes | 100,000 | 400,000 | 800,000 |
Long-Lived Assets | ' | ' | ' |
Impairment charges | 0 | 0 | 1,249,000 |
Shipping and Handling | ' | ' | ' |
Shipping and handling expenses | 32,400,000 | 32,200,000 | 26,600,000 |
Cash and Cash Equivalents | ' | ' | ' |
Accrued capital expenditures excluded from investing activities | 500,000 | 400,000 | 1,800,000 |
Canada [Member] | Sales [Member] | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Concentration risk percentage | 8.00% | 9.00% | 9.00% |
Canada [Member] | Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Concentration risk percentage | 8.00% | ' | ' |
Senior Notes [Member] | Carrying Value [Member] | ' | ' | ' |
Fair Value Measurement | ' | ' | ' |
Senior Notes | 11,000,000 | ' | ' |
Senior Notes [Member] | Fair Value [Member] | ' | ' | ' |
Fair Value Measurement | ' | ' | ' |
Senior Notes | $10,800,000 | ' | ' |
Customer 1 [Member] | Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Concentration risk percentage | 4.00% | ' | ' |
Minimum [Member] | Customer 2 [Member] | Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Concentration risk percentage | 3.00% | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of estimated useful lives of the assets (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' |
Capitalized Computer Software, Gross | $3.20 |
Capitalized Computer Software, Amortization | 0.1 |
Buildings [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful lives | '20 years |
Buildings [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful lives | '40 years |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful lives | '3 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful lives | '10 years |
Vehicles [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful lives | '1 year |
Vehicles [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful lives | '3 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful lives | '5 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful lives | '10 years |
Lawn And Garden [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Gross | 5 |
Lawn And Garden [Member] | Reclassification of Held for Sale Property [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation | 1.3 |
KENTUCKY | Lawn And Garden [Member] | Reclassification of Held for Sale Property [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Net | $0.70 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - The balances in the Company's accumulated other comprehensive income (loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | $10,643 | $7,294 | ' |
Other comprehensive income before reclassifications | -7,611 | 3,429 | ' |
Amounts reclassified from accumulated other comprehensive income | -605 | -80 | ' |
Total other comprehensive income (loss), net of tax | -8,216 | 3,349 | -2,870 |
Ending balance | 2,427 | 10,643 | 7,294 |
Foreign Currency | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | 12,785 | 9,994 | ' |
Other comprehensive income before reclassifications | -9,292 | 2,791 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ' |
Total other comprehensive income (loss), net of tax | -9,292 | 2,791 | ' |
Ending balance | 3,493 | 12,785 | ' |
Defined Benefit Pension Plans | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | -2,142 | -2,700 | ' |
Other comprehensive income before reclassifications | 1,681 | 638 | ' |
Amounts reclassified from accumulated other comprehensive income | -605 | -80 | ' |
Total other comprehensive income (loss), net of tax | 1,076 | 558 | ' |
Ending balance | ($1,066) | ($2,142) | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Concentration Risk [Line Items] | ' | ' | ' |
Provision for (recovery of) loss on accounts receivable | $1,098 | ($543) | $915 |
Credit Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Provision for (recovery of) loss on accounts receivable | $1,098 | $817 | $2,343 |
Customer 1 [Member] | Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 4.00% | ' | ' |
Minimum [Member] | Customer 2 [Member] | Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 3.00% | ' | ' |
Canada [Member] | Sales [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 8.00% | 9.00% | 9.00% |
Canada [Member] | Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 8.00% | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Fair Value Measurements (Details) (Senior Notes [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Fair Value [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Senior Notes | $10.80 |
Carrying Value [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Senior Notes | $11 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Trade Names [Member] | Trade Names [Member] | Minimum [Member] | Maximum [Member] | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Weighted average cost of capital | ' | ' | ' | 9.30% | 12.30% |
Indefinite-lived intangibles | ' | $6,503 | $6,993 | ' | ' |
Estimated amortization expense, 2014 | 3,004 | ' | ' | ' | ' |
Estimated amortization expense, 2015 | 2,899 | ' | ' | ' | ' |
Estimated amortization expense, 2016 | 2,898 | ' | ' | ' | ' |
Estimated amortization expense, 2017 | 1,989 | ' | ' | ' | ' |
Estimated amortization expense, 2018 | $1,540 | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Begining balance | $61,056 | $44,666 |
Acquisitions | ' | 16,240 |
Foreign currency translation | -1,442 | 150 |
Reclassification of prepaid asset from Novel acquisition | 1,028 | ' |
Ending balance | 60,642 | 61,056 |
Distribution [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Begining balance | 214 | 214 |
Acquisitions | ' | 0 |
Foreign currency translation | 0 | 0 |
Reclassification of prepaid asset from Novel acquisition | 0 | ' |
Ending balance | 214 | 214 |
Engineered Products [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Begining balance | 707 | 707 |
Acquisitions | ' | 0 |
Foreign currency translation | 0 | 0 |
Reclassification of prepaid asset from Novel acquisition | 0 | ' |
Ending balance | 707 | 707 |
Material Handling [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Begining balance | 50,521 | 34,279 |
Acquisitions | ' | 16,240 |
Foreign currency translation | -1,199 | 2 |
Reclassification of prepaid asset from Novel acquisition | 1,028 | ' |
Ending balance | 50,350 | 50,521 |
Lawn And Garden [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Begining balance | 9,614 | 9,466 |
Acquisitions | ' | 0 |
Foreign currency translation | -243 | 148 |
Reclassification of prepaid asset from Novel acquisition | 0 | ' |
Ending balance | $9,371 | $9,614 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | $40,605 | $45,281 |
Accumulated amortization | -19,490 | -19,442 |
Net | 21,115 | 25,839 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '6 years 4 months | ' |
Gross | 6,783 | 7,273 |
Accumulated amortization | -78 | -46 |
Net | 6,705 | 7,227 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '5 years 0 months | ' |
Weighted Average Useful Life (years) | '6 years | ' |
Gross | 17,159 | 18,702 |
Accumulated amortization | -10,841 | -10,163 |
Net | 6,318 | 8,539 |
Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '8 years 1 month | ' |
Gross | 5,502 | 7,837 |
Accumulated amortization | -918 | -2,433 |
Net | 4,584 | 5,404 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '3 years 2 months | ' |
Gross | 10,900 | 10,900 |
Accumulated amortization | -7,448 | -6,359 |
Net | 3,452 | 4,541 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '1 year 0 months | ' |
Gross | 261 | 569 |
Accumulated amortization | -205 | -441 |
Net | $56 | $128 |
Net_Income_Per_Common_Share_Ne
Net Income Per Common Share - Net Income Per Common Share Weighted average number of common shares outstanding during the period (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted average common shares outstanding | ' | ' | ' |
Basic | 33,588,720 | 33,597,020 | 34,584,558 |
Dilutive effect of stock options and restricted stock | 454,705 | 512,212 | 158,985 |
Weighted average common shares outstanding diluted | 34,043,425 | 34,109,232 | 34,743,543 |
Net_Income_Per_Common_Share_Na
Net Income Per Common Share - Narrative (Details) (Stock Option [Member]) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Option [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Options to purchase common stock outstanding (in shares) | 1,105,229 | 123,900 | 212,000 |
Acquisitions_Narrative_Details
Acquisitions - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2012 | Jul. 31, 2011 | Jul. 09, 2012 | Oct. 31, 2012 | Oct. 02, 2012 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 09, 2012 | Dec. 31, 2013 | Jul. 09, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Jul. 09, 2012 | Oct. 31, 2012 | |
Palsticos Novel S.A. [Member] | Palsticos Novel S.A. [Member] | Palsticos Novel S.A. [Member] | Jamco [Member] | Jamco [Member] | Material Improvements L.P. [Member] | Material Improvements L.P. [Member] | Material Improvements L.P. [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Technology [Member] | Technology [Member] | Noncompete Agreements [Member] | Trade Names [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Technology [Member] | Trade Names [Member] | Trade Names [Member] | ||||
Palsticos Novel S.A. [Member] | Palsticos Novel S.A. [Member] | Jamco [Member] | Jamco [Member] | Material Improvements L.P. [Member] | Jamco [Member] | Material Improvements L.P. [Member] | Jamco [Member] | Jamco [Member] | Jamco [Member] | Palsticos Novel S.A. [Member] | Jamco [Member] | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of acquired entity | ' | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of business | ' | ' | ' | $30,900,000 | ' | ' | $15,100,000 | ' | $5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | 87,776 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | 630,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Indefinite-lived Intangible Asset, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 |
Acquired Finite-lived Intangible Asset, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 2,000,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Weighted Average Useful Life (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '6 years | ' | ' | ' | ' | ' | ' | '6 years | '2 years | '10 years | ' | ' |
Debt assumed in connection with acquisition | ' | ' | ' | ' | ' | 26,028,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration in connection with acquisition | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent Consideration, Contingency Period | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefnite lived intangible assets acquired in connection with acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' |
Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | 2,400,000 | ' | ' | 1,300,000 | ' | 200,000 | ' | ' | ' | ' | ' |
Cash paid to acquire business | 600,000 | 18,543,000 | 1,100,000 | 3,400,000 | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant & equipment | ' | ' | ' | 13,636,000 | ' | ' | ' | 2,559,000 | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $60,642,000 | $61,056,000 | $44,666,000 | $9,832,000 | ' | ' | ' | $7,435,000 | ' | ' | $3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Allocation_of_the
Acquisitions - Allocation of the purchase price and the estimated non-deductible goodwill and other intangibles (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 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 | ' | ' | ' | 32,464 | 13,289 |
Liabilities assumed: | ' | ' | ' | ' | ' |
Accounts payable and accruals | ' | ' | ' | 6,742 | 2,112 |
Other taxes | ' | ' | ' | 26,028 | 0 |
Other long-term obligations | ' | ' | ' | 6,097 | 3,498 |
Total liabilities assumed | ' | ' | ' | 38,867 | 5,610 |
Goodwill | 60,642 | 61,056 | 44,666 | 9,832 | 7,435 |
Total consideration, less cash acquired | ' | ' | ' | $3,429 | $15,114 |
Acquisitions_Pro_forma_informa
Acquisitions - Pro forma information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Business Combinations [Abstract] | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $21,500,000 | ' |
Business Combination, Pro Forma Information, Net Income of Acquiree Since Acquisition Date, Actual | 200,000 | ' |
Business Combination, Pro Forma Information, Transactional Costs of Acquiree since Acquisition Date, Actual | 900,000 | ' |
Net sales | ' | 820,649,000 |
Cost of sales | ' | 596,178,000 |
Gross profit | ' | 224,471,000 |
Selling, general & administrative expenses | ' | 168,794,000 |
Operating income | ' | 55,677,000 |
Interest expense, net | ' | 7,333,000 |
Income from continuing operations | ' | 48,344,000 |
Income taxes | ' | 17,784,000 |
Net income | ' | $30,560,000 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ' | $0.91 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | $0.90 |
Restructuring_Restructuring_De
Restructuring - Restructuring (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Distribution [Member] | Distribution [Member] | Distribution [Member] | Corporate [Member] | Corporate [Member] | Lawn And Garden [Member] | Lawn And Garden [Member] | Lawn And Garden [Member] | Engineered Products [Member] | Engineered Products [Member] | Engineered Products [Member] | Material Handling [Member] | Material Handling [Member] | Material Handling [Member] | Severance and Non-Cancelable Lease Costs [Member] | Severance and Non-Cancelable Lease Costs [Member] | Severance and Non-Cancelable Lease Costs [Member] | Non-Cancelable Lease Obligations [Member] | Severance [Member] | Severance [Member] | Severance [Member] | Mold Remidiation [Member] | Facilities Write-Down [Member] | Facility Closing [Member] | Facility Closing [Member] | Severance & Personnel [Member] | Severance & Personnel [Member] | Severance & Personnel [Member] | Severance & Personnel [Member] | Other Exit Costs [Member] | Other Exit Costs [Member] | Other Exit Costs [Member] | Other Exit Costs [Member] | |||||
Distribution [Member] | Distribution [Member] | Distribution [Member] | Engineered Products [Member] | Distribution [Member] | Corporate [Member] | Lawn And Garden [Member] | Engineered Products [Member] | Lawn And Garden [Member] | Distribution [Member] | Distribution [Member] | |||||||||||||||||||||||||||
facility | |||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve | $3,514,000 | $318,000 | $605,000 | $763,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,943,000 | $318,000 | $0 | $0 | $1,571,000 | $0 | $605,000 | $763,000 |
Restructuring Charges | 9,239,000 | 2,730,000 | 3,471,000 | ' | 194,000 | 727,000 | 2,060,000 | 318,000 | 0 | 8,563,000 | 487,000 | 687,000 | 240,000 | 1,198,000 | 724,000 | 225,000 | 0 | 0 | 200,000 | 700,000 | 2,100,000 | 300,000 | -700,000 | 17,000 | 400,000 | 400,000 | 300,000 | ' | ' | 2,991,000 | 1,102,000 | 1,102,000 | ' | 6,248,000 | 1,628,000 | 2,369,000 | ' |
Gain (Loss) on Sale of Property Plant Equipment | -749,000 | 1,085,000 | -374,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges, Number of Facilities Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment classfied as held for sale | ' | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | $933,000 | $3,086,000 | $1,089,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Restructuring_Ch
Restructuring - Restructuring Charges by Segment (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Distribution [Member] | Distribution [Member] | Distribution [Member] | Lawn And Garden [Member] | Lawn And Garden [Member] | Lawn And Garden [Member] | Engineered Products [Member] | Engineered Products [Member] | Engineered Products [Member] | Material Handling [Member] | Material Handling [Member] | Material Handling [Member] | Corporate [Member] | Corporate [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | ||||
Distribution [Member] | Lawn And Garden [Member] | Corporate [Member] | Distribution [Member] | Distribution [Member] | Distribution [Member] | Lawn And Garden [Member] | Lawn And Garden [Member] | Lawn And Garden [Member] | Engineered Products [Member] | Engineered Products [Member] | Engineered Products [Member] | Material Handling [Member] | Material Handling [Member] | Material Handling [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Distribution [Member] | Distribution [Member] | Distribution [Member] | Lawn And Garden [Member] | Lawn And Garden [Member] | Lawn And Garden [Member] | Engineered Products [Member] | Engineered Products [Member] | Engineered Products [Member] | Material Handling [Member] | Material Handling [Member] | Material Handling [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | ||||||||||||||||||||||||
Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | $9,239 | $2,730 | $3,471 | $194 | $727 | $2,060 | $8,563 | $487 | $687 | $240 | $1,198 | $724 | $225 | $0 | $0 | $318 | $0 | ($700) | $400 | $17 | $6,553 | $1,198 | $724 | $0 | $0 | $0 | $6,135 | $0 | $0 | $240 | $1,198 | $724 | $178 | $0 | $0 | $0 | $0 | $0 | $2,686 | $1,532 | $2,747 | $194 | $727 | $2,060 | $2,428 | $487 | $687 | $0 | $0 | $0 | $47 | $0 | $0 | $17 | $318 | $0 |
Restructuring_Restructuring_Re
Restructuring - Restructuring Reserve (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Begining balance | $318 | $605 | $763 |
Provision | 9,239 | 2,730 | 3,471 |
Reversal | ' | ' | 285 |
Less: Payments | -6,043 | -3,017 | -3,344 |
Ending balance | 3,514 | 318 | 605 |
Severance & Personnel [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Begining balance | 318 | 0 | 0 |
Provision | 2,991 | 1,102 | 1,102 |
Reversal | ' | ' | 0 |
Less: Payments | -1,366 | -784 | -1,102 |
Ending balance | 1,943 | 318 | 0 |
Other Exit Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Begining balance | 0 | 605 | 763 |
Provision | 6,248 | 1,628 | 2,369 |
Reversal | ' | ' | 285 |
Less: Payments | -4,677 | -2,233 | -2,242 |
Ending balance | $1,571 | $0 | $605 |
Stock_Compensation_Stock_Compe
Stock Compensation - Stock Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Cancelled or Forfeited (in shares) | 164,528 | 113,913 | 153,426 |
Allocated Share-based Compensation Expense | $2,557,000 | $2,708,000 | $2,595,000 |
The total intrinsic value of all stock options exercised | 2,588,000 | 1,502,000 | 117,000 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expiration period, in years | '10 years | ' | ' |
Total unrecognized compensation cost related to non-vested share based compensation arrangements | $3,300,000 | ' | ' |
Stock Options [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period, in years | '3 years | ' | ' |
Recognition period (in years) | '3 years | ' | ' |
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 | ' | ' |
Stock_Compensation_Options_out
Stock Compensation - Options outstanding and exercisable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Outstanding (in shares) | 1,574,572 | 1,919,021 | 1,997,778 |
Exercise price range, minimum (in dollars per share) | $9 | $8 | $8 |
Exercise price range, maximum (in dollars per share) | $18.62 | $18.62 | $18.62 |
Exercisable (in shares) | 1,057,694 | 1,355,112 | 1,429,040 |
Weighted average exercise price (in dollars per share) | $11.48 | $11.63 | $11.75 |
Stock_Compensation_Stock_Compe1
Stock Compensation - Stock Compensation Fair Value of stock options granted assumptions used (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Risk free interest rate | 1.86% | 2.00% | 3.79% |
Expected dividend yield | 2.40% | 2.20% | 2.90% |
Expected life of award (years) | '7 years | '5 years 4 months 24 days | '6 years |
Expected volatility | 50.00% | 50.00% | 50.72% |
Fair value per option share (in dollars per share) | $5.39 | $4.93 | $3.69 |
Stock_Compensation_Stock_Compe2
Stock Compensation - Stock Compensation Summary of stock option activity for the period (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding at December 31, 2012 (in shares) | 1,919,021 | 1,997,778 | ' |
Outstanding at December 31, 2012 Average Price (in dollars per share) | $11.63 | ' | ' |
Options Granted (in shares) | 323,400 | 323,950 | 365,025 |
Options Granted, Average Exercise Price (in dollars per share) | $14.77 | $12.96 | ' |
Options Exercised, Shares (in shares) | -503,321 | -288,794 | -59,031 |
Options Exercised, Average Exercise Price (in dollars per share) | $11.34 | ' | ' |
Cancelled or Forfeited (in shares) | -164,528 | -113,913 | -153,426 |
Cancelled or Forfeited, Average Exercise Price (in dollars per share) | $13.89 | ' | ' |
Outstanding at December 31, 2013 (in shares) | 1,574,572 | 1,919,021 | 1,997,778 |
Outstanding at December 31, 2013 Average Price (in dollars per share) | $12.14 | $11.63 | ' |
Outstanding at December 31, 2013 Weighted Average Life (in years) | '5 years 11 months 23 days | ' | ' |
Aggregate Intrinsic Value December 31, 2013 | $14,142 | ' | ' |
Exercisable at December 31, 2013 (in shares) | 1,057,694 | 1,355,112 | 1,429,040 |
Exercisable at December 31, 2013, Average Exercise Price (in dollars per share) | $11.48 | $11.63 | $11.75 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '4 years 8 months 23 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $10,194 | ' | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options Granted, Average Exercise Price (in dollars per share) | ' | ' | $10.10 |
Options Exercised, Average Exercise Price (in dollars per share) | $8 | $8 | $8 |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options Granted, Average Exercise Price (in dollars per share) | ' | ' | $10.28 |
Options Exercised, Average Exercise Price (in dollars per share) | $18.62 | $12.55 | $12.55 |
Stock_Compensation_Stock_Compe3
Stock Compensation - Stock Compensation Summary of restricted stock activity (Details) (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested shares at January 1, 2012 (in shares) | 363,125 |
Granted (in shares) | 169,100 |
Granted, Average Grant Date Fair Value (in dollars per share) | $14.77 |
Vested (in shares) | -112,000 |
Vested, Average Grant Date Fair Value (in dollars per share) | $10.02 |
Forfeited (in shares) | -144,700 |
Forfeited, Average Grant Date Fair Value (in dollars per share) | $14 |
Unvested shares at December 31, 2013 (in shares) | 275,525 |
Unvested shares at December 31, 2013, Average Grant Date Fair Value (in dollars per share) | $12.99 |
Contingencies_Contingencies_De
Contingencies Contingencies (Details) (USD $) | Nov. 30, 2011 | Sep. 30, 2011 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Pending Litigation [Member] | Other Liabilities [Member] | |
Environmental Issue [Member] | Pending Litigation [Member] | ||
General and Administrative Expense [Member] | Environmental Issue [Member] | ||
New Idria Mercury Mine [Member] | New Idria Mercury Mine [Member] | ||
Loss Contingencies [Line Items] | ' | ' | ' |
Expense related to remedial investigation and feasibility study | ' | $1.90 | ' |
Expenses incurred and charged against reserve | ' | ' | 0.6 |
Estimate of EPA's interim removal project costs | $0.50 | ' | ' |
LongTerm_Debt_and_Credit_Agree2
Long-Term Debt and Credit Agreements (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 22, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2003 | Dec. 31, 2013 | Dec. 31, 2003 | Oct. 22, 2013 | Oct. 22, 2013 | Dec. 31, 2013 | Oct. 22, 2013 | Oct. 22, 2013 | Oct. 22, 2013 | Oct. 22, 2013 | |
Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Unsecured Senior Notes [Member] | 6.81% Senior Unsecured Notes [Member] | 6.81% Senior Unsecured Notes [Member] | Senior Unsecured Note [Member] | 5.25 Senior Unsecured Note [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||
Unsecured Senior Notes [Member] | Unsecured Senior Notes [Member] | Senior Notes [Member] | Senior Unsecured Note [Member] | Senior Unsecured Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity on line of credit | ' | ' | ' | ' | ' | ' | ' | $180,000,000 | ' | ' | ' | ' | ' | $200,000,000 | ' | ' | ' | ' |
Remaining borrowing capacity under line of credit | ' | ' | ' | ' | ' | 161,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average interest rate on debt instruments | ' | ' | ' | ' | ' | 3.71% | 3.81% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance expense | 853,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt instruments | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | 100,000,000 | ' | ' | 11,000,000 | ' | 40,000,000 | ' |
Stated interest rate of debt instruments (as a percentage) | ' | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | 6.81% | ' | ' | ' | ' | 4.67% | ' | 5.45% |
Amounts repaid on long-term debt | 35,000,000 | 27,258,000 | 305,000 | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding on letters of credit | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 89,000,000 | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' |
Long-term debt, excluding unamortized deferred financing costs | $44,347,000 | $92,814,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_and_Credit_Agree3
Long-Term Debt and Credit Agreements - Schedule of long term debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $45,200 | $92,814 |
Less: Unamortized debt issuance expense | 853 | 0 |
Long-term debt, excluding unamortized deferred financing costs | 44,347 | 92,814 |
Credit Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 34,200 | 57,814 |
Senior Unsecured Notes Due 2014 [Member] | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 11,000 | 0 |
Senior Unsecured Notes Due 2013 [Member] | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $0 | $35,000 |
LongTerm_Debt_and_Credit_Agree4
Long-Term Debt and Credit Agreements - Schedule of debt ratios (Details) (Unsecured Senior Notes [Member]) | Dec. 31, 2013 |
Unsecured Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Coverage Ratio, Actual | 20.72 |
Debt Instrument, Covenant, Interest Coverage Ratio Required, Minimum | 2.25 |
Debt Instrument, Covenant, Leverage Ratio Required, Minimum | 3.25 |
Debt Instrument, Leverage Ratio, Actual | 0.53 |
Retirement_Plans_Narrative_Det
Retirement Plans - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
401K Plan [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Employer Contribution | $2,802,000 | ' | ' |
Profit Sharing [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Employer Contribution | ' | 2,609,000 | 1,678,000 |
Executive Officer [Member] | SERP [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Plan expense recognized | -152,000 | 477,000 | 784,000 |
Discount rate for benefit obligations | 4.70% | 3.75% | ' |
Accrued compensation | $4,300,000 | $4,800,000 | ' |
Retirement_Plans_Net_periodic_
Retirement Plans - Net periodic pension cost (Details) (Pension Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Interest cost | $259 | $287 | $303 |
Expected return on assets | -333 | -236 | -235 |
Amortization of net loss | 111 | 101 | 64 |
Net periodic pension cost | $37 | $152 | $132 |
Retirement_Plans_Reconciliatio
Retirement Plans - Reconciliation of changes in projected benefit obligations (Details) (Pension Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Accumulated benefit obligation at beginning of year | $7,109 | $6,591 | ' |
Interest cost | 259 | 287 | 303 |
Actuarial (gain) loss | -738 | 670 | ' |
Expenses paid | -74 | -31 | ' |
Benefits paid | -406 | -408 | ' |
Accumulated benefit obligation at end of year | $6,150 | $7,109 | $6,591 |
Retirement_Plans_Assumptions_u
Retirement Plans - Assumptions used to determine the net periodic benefit cost and benefit obligations (Details) (Pension Plans [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate for net periodic pension cost | 3.75% | 4.50% | 5.25% |
Discount rate for benefit obligations | 4.70% | 3.75% | 4.50% |
Expected long-term return of plan assets | 8.00% | 8.00% | 8.00% |
Retirement_Plans_Change_in_the
Retirement Plans - Change in the fair value of the plans assets (Details) (Pension Plans [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Fair value of plan assets at beginning of year | $4,528 | $3,731 |
Actual return on plan assets | 1,165 | 575 |
Company contributions | 364 | 661 |
Expenses paid | -74 | -31 |
Benefits paid | -406 | -408 |
Fair value of plan assets at end of year | $5,577 | $4,528 |
Retirement_Plans_The_weighted_
Retirement Plans - The weighted average asset allocations (Details) (Pension Plans [Member]) | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Weighted average asset allocations | 100.00% | 100.00% |
U.S. Equities securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Weighted average asset allocations | 82.00% | 79.00% |
U.S. Debt securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Weighted average asset allocations | 17.00% | 20.00% |
Cash [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Weighted average asset allocations | 1.00% | 1.00% |
Retirement_Plans_Reconciliatio1
Retirement Plans - Reconciliation of the funded status of the plan (Details) (Pension Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Projected benefit obligation | $6,150 | $7,109 | $6,591 |
Plan assets at fair value | 5,577 | 4,528 | 3,731 |
Funded status | -573 | -2,581 | ' |
Expected company contributions | $318 | ' | ' |
Retirement_Plans_Benefit_payme
Retirement Plans - Benefit payments projected for the plan (Details) (Pension Plans [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2013 | $399 |
2014 | 382 |
2015 | 381 |
2016 | 376 |
2017 | 366 |
2018-2022 | $1,864 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rental Expense | ' | ' | ' |
Aggregate rental expense for leased assets | $10,338 | $10,045 | $10,372 |
Operating Leases, Future Rental Payments | ' | ' | ' |
2014 | 9,421 | ' | ' |
2015 | 7,856 | ' | ' |
2016 | 6,245 | ' | ' |
2017 | 4,542 | ' | ' |
2018 | 2,860 | ' | ' |
Thereafter | 13,317 | ' | ' |
Total | $44,241 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Examination [Line Items] | ' | ' | ' |
Effective tax rate for the year | 34.00% | 36.70% | 27.30% |
Increase in deferred tax asset valuation allowance | ($800,000) | ($22,100,000) | ' |
Decrease in allowance due to foreign currency | 800,000 | ' | ' |
Decrease in valuation allowance from the expiration of 2007 capital loss carryforward | ' | 26,100,000 | ' |
Increase in valuation allowance from additional federal non-deductibel expense and foreign and state net operating losses | 200,000 | 4,000,000 | ' |
Increase in valuation allowance due to current losses | 200,000 | ' | ' |
Net operating loss carryforwards | 4,612,000 | 4,975,000 | ' |
Temporary difference in deferred tax liability | 4,700,000 | ' | ' |
Unrecognized tax benefits | 1,500,000 | 1,100,000 | 1,100,000 |
Amount of accrued interest expense included as a liability within the Company's Condensed Consolidated Statements of Financial Position | 100,000 | ' | ' |
Unrecognized tax benefits for which it is reasonably possible that they will be recognized within the next twelve months | 400,000 | ' | ' |
State and Foreign Tax Authority [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
State and foreign net operating tax loss carryforwards | $24,400,000 | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Federal statutory income tax rate to the Companys effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory Federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes — net of Federal tax benefit | 2.80% | 4.20% | 0.70% |
Foreign tax rate differential | 0.20% | 0.50% | 0.40% |
Domestic production deduction | -3.20% | -2.90% | -3.50% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other | 1.50% | 1.50% | 2.00% |
Changes in unrecognized tax benefits | 0.40% | -1.60% | -14.40% |
Non-deductible goodwill | 0.00% | 0.00% | 3.10% |
Foreign tax incentives | -2.20% | -1.20% | 0.00% |
Valuation allowances | -0.10% | 1.20% | 3.00% |
Other | -0.40% | 0.00% | 1.00% |
Effective tax rate for the year | 34.00% | 36.70% | 27.30% |
Income_Taxes_Income_loss_from_
Income Taxes - Income (loss) from continuing operations before income taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States | $39,096 | $50,143 | $39,740 |
Foreign | 295 | -2,802 | -6,053 |
Income before income taxes | $39,391 | $47,341 | $33,687 |
Income_Taxes_Income_tax_expens
Income Taxes - Income tax expense (benefit) from continuing operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Federal | $13,853 | $13,093 | $6,509 |
Foreign | 1,573 | 297 | 612 |
State and local | 2,116 | 2,937 | 1,906 |
Current Income Tax Expense (Benefit) | 17,542 | 16,327 | 9,027 |
Deferred | ' | ' | ' |
Federal | -1,479 | 2,124 | 2,057 |
Foreign | -2,278 | -1,168 | -371 |
State and local | -396 | 96 | -1,531 |
Deferred Income Tax Expense (Benefit) | ($4,153) | $1,052 | $155 |
Income_Taxes_Significant_compo
Income Taxes - Significant components of the Company’s deferred taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax liabilities | ' | ' |
Property, plant and equipment | $18,297 | $24,748 |
Tax-deductible goodwill | 7,437 | 5,206 |
Non-deductible intangibles | 4,135 | 5,069 |
State deferred taxes | 1,148 | 1,487 |
Other | 484 | 392 |
Deferred tax liabilities, gross | 31,501 | 36,902 |
Deferred income tax assets | ' | ' |
Compensation | 6,104 | 6,243 |
Inventory valuation | 765 | 806 |
Allowance for uncollectible accounts | 1,007 | 967 |
Non-deductible accruals | 2,116 | 3,820 |
Other | 0 | 78 |
Net operating loss carryforwards | 4,612 | 4,975 |
Deferred tax assets, gross | 14,604 | 16,889 |
Deferred Tax Assets, Valuation Allowance | -5,221 | -6,060 |
Deferred Tax Assets, Net of Valuation Allowance | 9,383 | 10,829 |
Deferred Tax Liabilities, Net | $22,118 | $26,073 |
Income_Taxes_Activity_related_
Income Taxes - Activity related to the Company’s unrecognized tax benefits (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' |
Balance at January 1 | $1,078 | $1,217 | ' | $5,767 |
Increases related to current year tax positions | 496 | 0 | 0 | ' |
Unrecognized Tax Benefits, Increases Resulting from Acquisition | 0 | 236 | 0 | ' |
Increases related to previous year tax positions | 0 | 580 | 395 | ' |
Reductions due to lapse of applicable statute of limitations | -48 | -256 | -4,945 | ' |
Reduction due to settlements | -22 | -699 | 0 | ' |
Balance at December 31 | $1,504 | $1,078 | $1,217 | $5,767 |
Industry_Segments_Details
Industry Segments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segments | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 4 | ' | ' |
Net sales | $825,210,000 | $791,188,000 | $755,654,000 |
Foreign Countries [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 142,300,000 | 127,600,000 | 107,000,000 |
Long-lived assets | $19,700,000 | $32,400,000 | ' |
Sales [Member] | Canada [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | 8.00% | 9.00% | 9.00% |
Industry_Segments_Schedule_of_
Industry Segments - Schedule of reporting information by segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | $825,210 | $791,188 | $755,654 |
Income Before Income Taxes | 43,933 | 51,856 | 38,409 |
Interest expense - net | -4,542 | -4,515 | -4,722 |
Income before income taxes | 39,391 | 47,341 | 33,687 |
Identifiable Assets | 469,457 | 484,856 | 428,757 |
Capital Additions, Net | 30,001 | 26,977 | 21,930 |
Depreciation and Amortization | 37,645 | 33,007 | 34,214 |
Material Handling [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 322,854 | 285,994 | 261,812 |
Income Before Income Taxes | 41,076 | 47,483 | 34,123 |
Identifiable Assets | 224,207 | 238,500 | 164,738 |
Capital Additions, Net | 17,847 | 17,029 | 12,165 |
Depreciation and Amortization | 20,840 | 17,308 | 16,009 |
Lawn And Garden [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 204,890 | 205,814 | 217,140 |
Income Before Income Taxes | -1,540 | 2,905 | 4,226 |
Identifiable Assets | 126,382 | 128,267 | 138,894 |
Capital Additions, Net | 7,808 | 5,240 | 6,411 |
Depreciation and Amortization | 11,862 | 11,370 | 13,911 |
Distribution [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 177,412 | 176,645 | 183,726 |
Income Before Income Taxes | 14,448 | 14,838 | 15,736 |
Identifiable Assets | 49,488 | 44,913 | 48,100 |
Capital Additions, Net | 845 | 796 | 1,101 |
Depreciation and Amortization | 537 | 379 | 342 |
Engineered Products [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 137,745 | 141,658 | 116,243 |
Income Before Income Taxes | 15,296 | 14,481 | 10,810 |
Identifiable Assets | 43,642 | 40,377 | 40,840 |
Capital Additions, Net | 2,709 | 3,342 | 1,831 |
Depreciation and Amortization | 3,466 | 3,185 | 3,230 |
Intra-segment elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | -17,691 | -18,923 | -23,267 |
Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Income Before Income Taxes | -25,347 | -27,851 | -26,486 |
Identifiable Assets | 25,738 | 32,799 | 36,185 |
Capital Additions, Net | 792 | 570 | 422 |
Depreciation and Amortization | $940 | $765 | $722 |
Other_Accrued_Expense_Details
Other Accrued Expense (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Deposits and amounts due to customers | $10,194 | $10,255 |
Dividends payable | 3,174 | 191 |
Other accrued expenses | 6,619 | 8,793 |
Accrued Liabilities, Current | $19,987 | $19,239 |