Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 24, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'MYERS INDUSTRIES INC | ' |
Entity Central Index Key | '0000069488 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 33,179,432 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $208,789 | $214,980 |
Cost of sales | 158,761 | 156,662 |
Gross profit | 50,028 | 58,318 |
Selling, general and administrative expenses | 47,389 | 45,074 |
Operating income | 2,639 | 13,244 |
Interest expense, net | 1,579 | 1,092 |
Income before income taxes | 1,060 | 12,152 |
Income tax expense | 380 | 4,269 |
Net income | $680 | $7,883 |
Income per common share: | ' | ' |
Basic (in dollars per share) | $0.02 | $0.24 |
Diluted (in dollars per share) | $0.02 | $0.23 |
Dividends declared per share (in dollars per share) | $0.13 | $0.09 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $680 | $7,883 |
Other comprehensive income (loss), net of tax: | ' | ' |
Foreign currency translation adjustment | 54 | -851 |
Pension liability | 0 | -75 |
Total other comprehensive income (loss), net of tax | 54 | -926 |
Comprehensive income | $734 | $6,957 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Financial Position (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash | $5,738 | $6,539 |
Accounts receivable-less allowances of $2,987 and $2,945, respectively | 130,833 | 112,459 |
Inventories | ' | ' |
Finished and in-process products | 81,846 | 73,475 |
Raw materials and supplies | 37,002 | 33,049 |
Inventory net | 118,848 | 106,524 |
Prepaid expenses | 8,182 | 7,174 |
Deferred income taxes | 2,192 | 2,214 |
Total Current Assets | 265,793 | 234,910 |
Other Assets | ' | ' |
Goodwill | 60,905 | 60,642 |
Patents and other intangible assets, net | 20,228 | 21,115 |
Other | 3,434 | 3,312 |
Total other non current assets | 84,567 | 85,069 |
Property, Plant and Equipment, at Cost | ' | ' |
Land | 5,107 | 5,107 |
Buildings and leasehold improvements | 67,611 | 67,620 |
Machinery and equipment | 465,674 | 461,397 |
Property, Plant and Equipment, at cost | 538,392 | 534,124 |
Less allowances for depreciation and amortization | -391,870 | -384,646 |
Property, plant and equipment, net | 146,522 | 149,478 |
Total Assets | 496,882 | 469,457 |
Current Liabilities | ' | ' |
Accounts payable | 70,705 | 98,263 |
Accrued expenses | ' | ' |
Employee compensation | 15,598 | 22,950 |
Income taxes | 0 | 6,529 |
Taxes, other than income taxes | 3,079 | 2,751 |
Accrued interest | 1,333 | 103 |
Other | 19,918 | 19,987 |
Total Current Liabilities | 110,633 | 150,583 |
Long-term debt, net | 116,691 | 44,347 |
Other liabilities | 16,638 | 14,687 |
Deferred income taxes | 24,194 | 24,333 |
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 33,528,097 and 33,572,778; net of treasury shares of 4,239,040 and 4,203,179, respectively) | 20,287 | 20,313 |
Additional paid-in capital | 263,201 | 266,276 |
Accumulated other comprehensive income | 2,481 | 2,427 |
Retained deficit | -57,243 | -53,509 |
Total Shareholders' Equity | 228,726 | 235,507 |
Total Liabilities and Shareholders' Equity | $496,882 | $469,457 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Financial Position (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets | ' | ' |
Allowances for accounts receivable | $2,987 | $2,945 |
Shareholders’ Equity | ' | ' |
Preferred Shares, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Shares, shares issued (in shares) | 0 | 0 |
Preferred Shares, shares outstanding (in shares) | 0 | 0 |
Common Shares, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common Shares, shares outstanding (in shares) | 33,528,097 | 33,572,778 |
Common shares, treasury (in shares) | 4,239,040 | 4,203,179 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulative Other Comprehensive Income | Retained Deficit |
In Thousands, unless otherwise specified | |||||
Balance at January 1, 2014 at Dec. 31, 2013 | $235,507 | $20,313 | $266,276 | $2,427 | ($53,509) |
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 680 | ' | ' | ' | 680 |
Net sales under option plans | ' | 87 | 1,667 | ' | ' |
Dividend reinvestment plan | ' | 1 | 26 | ' | ' |
Restricted stock vested | ' | 76 | -76 | ' | ' |
Restricted stock and stock option grants, net | ' | ' | 613 | ' | ' |
Tax benefit from options | ' | ' | 650 | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | 54 | ' |
Purchases for treasury-net | ' | -159 | -4,903 | ' | ' |
Shares withheld for employee taxes on equity awards | ' | -31 | -1,052 | ' | ' |
Dividends declared - $.13 per share | ' | ' | ' | ' | 4,414 |
Balance at March 31, 2014 at Mar. 31, 2014 | $228,726 | $20,287 | $263,201 | $2,481 | ($57,243) |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Dividends declared per share (in dollars per share) | $0.13 | $0.09 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net income | $680 | $7,883 |
Items not affecting use of cash | ' | ' |
Depreciation | 8,424 | 8,150 |
Amortization | 909 | 1,001 |
Non-cash stock compensation | 788 | 438 |
Provision for loss on accounts receivable | 361 | 822 |
Deferred taxes | -116 | 2,227 |
Other long-term liabilities | 1,081 | 885 |
Gain from asset disposition | -46 | 0 |
Tax benefit from options | -650 | -37 |
Payments on performance based compensation | -1,293 | -1,719 |
Cash flows used for working capital: | ' | ' |
Accounts receivable | -18,529 | -9,833 |
Inventories | -12,134 | -2,224 |
Prepaid expenses | -1,577 | -237 |
Accounts payable and accrued expenses | -38,567 | -13,859 |
Net cash used for operating activities | -60,669 | -6,503 |
Cash Flows from Investing Activities | ' | ' |
Capital expenditures | -4,653 | -4,508 |
Proceeds from sale of property, plant and equipment | 48 | 0 |
Other | 0 | 96 |
Net cash used for investing activities | -4,605 | -4,412 |
Cash Flows from Financing Activities | ' | ' |
Proceeds from long-term debt | 89,000 | 0 |
Net (repayment of) borrowing on credit facility | -16,700 | 10,763 |
Cash dividends paid | -3,118 | 0 |
Proceeds from issuance of common stock | 1,781 | 1,706 |
Tax benefit from options | 650 | 37 |
Repurchase of common stock | -5,062 | -1,955 |
Shares withheld for employee taxes on equity awards | -1,083 | 0 |
Deferred financing costs | -196 | 0 |
Net cash provided by financing activities | 65,272 | 10,551 |
Foreign Exchange Rate Effect on Cash | -799 | 469 |
Net (decrease) increase in cash | -801 | 105 |
Cash at January 1 | 6,539 | 3,948 |
Cash at March 31 | 5,738 | 4,053 |
Interest | 199 | 526 |
Income taxes | $3,803 | $435 |
Statement_of_Accounting_Polici
Statement of Accounting Policies | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Statement of Accounting Policy | ' | |||||||||||
Statement of Accounting Policies | ||||||||||||
Basis of Presentation | ||||||||||||
The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s latest annual report on Form 10-K. | ||||||||||||
In the opinion of the Company, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of March 31, 2014, and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2014. | ||||||||||||
Reclassification | ||||||||||||
Certain reclassifications of prior year amounts have been made to the Condensed Consolidated Statement of Cash Flows in conformity with generally accepted accounting principles to conform to current year’s reporting presentation. | ||||||||||||
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 Loan Agreement approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated 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. At March 31, 2014, the fair value of the Company's $100.0 million fixed rate senior unsecured notes were estimated at $100.8 million. At December 31, 2013, the fair value of the Company's $11.0 million fixed rate senior unsecured notes were estimated at $10.8 million. | ||||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title and risk of loss, which is generally at time of shipment, and collectability of the fixed or determinable sales price is reasonably assured. | ||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||
The balances in the Company’s accumulated other comprehensive income ("AOCI") as of March 31, 2014 and March 31, 2013 are as follows: | ||||||||||||
Foreign Currency | Defined Benefit Pension Plans | Total | ||||||||||
Balance at January 1, 2013 | $ | 12,784 | $ | (2,141 | ) | $ | 10,643 | |||||
Other comprehensive income before reclassifications | (851 | ) | — | (851 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | (75 | ) | (75 | ) | |||||||
Net current-period other comprehensive income | (851 | ) | (75 | ) | (926 | ) | ||||||
Balance at March 31, 2013 | $ | 11,933 | $ | (2,216 | ) | $ | 9,717 | |||||
Balance at January 1, 2014 | $ | 3,493 | $ | (1,066 | ) | $ | 2,427 | |||||
Other comprehensive income before reclassifications | 54 | — | 54 | |||||||||
Net current-period other comprehensive income | 54 | — | 54 | |||||||||
Balance at March 31, 2014 | $ | 3,547 | $ | (1,066 | ) | $ | 2,481 | |||||
Cash and Cash Equivalents | ||||||||||||
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2014 | |
Inventory Disclosure [Abstract] | ' |
Inventories | ' |
Inventories | |
Inventories are stated at the lower of cost or market. Approximately twenty percent of the Company’s inventories use 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. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management’s estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management’s control, estimated interim results, which were immaterial, are subject to change in the final year-end LIFO inventory valuation and therefore, no adjustment was recorded as of March 31, 2014. |
Other_Accrued_Expenses
Other Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Other Accrued Expenses | ' | ||||||||
Other Accrued Expenses | |||||||||
Other accrued expenses consisted of the following: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Deposits and amounts due to customers | $ | 7,518 | $ | 10,194 | |||||
Dividends payable | 4,470 | 3,174 | |||||||
Other accrued expenses | 7,930 | 6,619 | |||||||
$ | 19,918 | $ | 19,987 | ||||||
Goodwill
Goodwill | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill | ' | |||||||||||
Goodwill | ||||||||||||
The Company is required to test for impairment on at least an annual basis. In addition, the Company tests for impairment whenever events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. Such events may include, but are not limited to, significant changes in economic and competitive conditions, the impact of the economic environment on the Company's customer base or its businesses, or a material negative change in its relationships with significant customers. The Company conducts its annual impairment assessment as of October 1. | ||||||||||||
The change in goodwill for the three months ended March 31, 2014 was as follows: | ||||||||||||
Segment | Balance at January 1, 2014 | Foreign | Balance at March 31, 2014 | |||||||||
Currency | ||||||||||||
Translation | ||||||||||||
Material Handling | $ | 50,350 | $ | 381 | $ | 50,731 | ||||||
Lawn and Garden | 9,371 | (118 | ) | 9,253 | ||||||||
Distribution | 214 | — | 214 | |||||||||
Engineered Products | 707 | — | 707 | |||||||||
Total | $ | 60,642 | $ | 263 | $ | 60,905 | ||||||
Net_Income_Per_Common_Share
Net Income Per Common Share | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Net Income Per Common Share | ' | |||||
Net Income Per Common Share | ||||||
Net income per common share, as shown on the Condensed Consolidated Statements of Income (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the period as follows: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2014 | 2013 | |||||
Weighted average common shares outstanding | ||||||
Basic | 33,518,543 | 33,504,222 | ||||
Dilutive effect of stock options and restricted stock | 499,932 | 355,194 | ||||
Weighted average common shares outstanding diluted | 34,018,475 | 33,859,416 | ||||
Options to purchase 209,500 and 471,400 shares of common stock that were outstanding at March 31, 2014 and 2013, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares. |
Restructuring
Restructuring | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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 for the three months ended March 31, 2014 and 2013 are presented in the following table. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Segment | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | ||||||||||||||
Distribution | $ | — | $ | 492 | $ | 492 | $ | — | $ | 74 | $ | 74 | ||||||||
Lawn and Garden | 2,799 | 829 | 3,628 | — | 403 | 403 | ||||||||||||||
Engineered Products | — | — | — | 3 | — | 3 | ||||||||||||||
Material Handling | — | — | — | 162 | 48 | 210 | ||||||||||||||
Corporate | — | — | — | — | 17 | 17 | ||||||||||||||
Total | $ | 2,799 | $ | 1,321 | $ | 4,120 | $ | 165 | $ | 542 | $ | 707 | ||||||||
The accrued liability balance for severance and other exit costs associated with restructuring are presented in the following table. | ||||||||||||||||||||
Severance and Personnel | Other Exit Costs | Total | ||||||||||||||||||
Balance at January 1, 2013 | $ | 318 | $ | — | $ | 318 | ||||||||||||||
Provision | 231 | 476 | 707 | |||||||||||||||||
Less: Payments | (549 | ) | (476 | ) | (1,025 | ) | ||||||||||||||
Balance at March 31, 2013 | $ | — | $ | — | $ | — | ||||||||||||||
Balance at January 1, 2014 | $ | 1,943 | $ | 1,571 | $ | 3,514 | ||||||||||||||
Provision | 1,442 | 2,678 | 4,120 | |||||||||||||||||
Less: Payments | (2,989 | ) | (3,784 | ) | (6,773 | ) | ||||||||||||||
Balance at March 31, 2014 | $ | 396 | $ | 465 | $ | 861 | ||||||||||||||
In July 2013, the Lawn and Garden Segment announced a restructuring plan that details the closure of two manufacturing plants: one in Brantford, Ontario and the second in Waco, Texas. The restructuring actions include closure, relocation and employee related costs. The aggregate restructuring charges are expected to approximate $15.0 million, of which $3.0 million is expected to be noncash costs. Through March 31, 2014, the Lawn and Garden Segment has incurred $12.2 million of charges under its restructuring plan. Restructuring actions are expected to continue through the second quarter of 2014. | ||||||||||||||||||||
In January 2014, the Distribution Segment announced the closing of its Canadian branches which operated under the name Myers Tire Supply International. The restructuring actions include closure, relocation and employee related costs. The aggregate restructuring charges are expected to approximate $1.0 million. Restructuring actions are expected to continue through the second quarter of 2014. | ||||||||||||||||||||
Accrued severance and personnel costs associated with restructuring are included in accrued expenses on the accompanying Condensed Consolidated Statements of Financial Position at March 31, 2014 and December 31, 2013. Other exit costs associated with restructuring are included in accounts payable on the accompanying Condensed Consolidated Statements of Financial Position at March 31, 2014 and December 31, 2013. |
Stock_Compensation
Stock Compensation | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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. | |||||||||
Stock compensation expense reduced income before taxes approximately $0.8 million and $0.4 million for the three months ended March 31, 2014 and 2013, respectively. These expenses are included in SG&A expenses in the accompanying Condensed Consolidated Statements of Income (Unaudited). Total unrecognized compensation cost related to non-vested share based compensation arrangements at March 31, 2014 was approximately $6.4 million which will be recognized over the next three years, as such compensation is earned. | |||||||||
On March 7, 2014, stock options for 209,500 shares were granted with a three year vesting period. The fair value of options granted is estimated using a binomial lattice option pricing model based on assumptions set forth in the following table. The Company uses historical data to estimate employee exercise and departure behavior. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and through the expected term. The dividend yield rate is based on the Company’s historical dividend yield. The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole. | |||||||||
Model | |||||||||
Risk free interest rate | 2.8 | % | |||||||
Expected dividend yield | 2.5 | % | |||||||
Expected life of award (years) | 7 | ||||||||
Expected volatility | 50 | % | |||||||
Fair value per option share | $ | 7.05 | |||||||
The following table provides a summary of stock option activity for the period ended March 31, 2014: | |||||||||
Shares | Average | Weighted | |||||||
Exercise | Average | ||||||||
Price | Life | ||||||||
Outstanding at January 1, 2014 | 1,574,572 | $ | 12.14 | ||||||
Options granted | 209,500 | 20.93 | |||||||
Options exercised | (142,957 | ) | 12.17 | ||||||
Canceled or forfeited | (1,567 | ) | 12.27 | ||||||
Outstanding at March 31, 2014 | 1,639,548 | $ | 13.26 | 6.37 years | |||||
Exercisable at March 31, 2014 | 1,163,743 | $ | 11.67 | 5.22 years | |||||
The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of all stock options exercised during the three months ended March 31, 2014 and 2013 was approximately $1.2 million and $0.6 million, respectively. | |||||||||
On March 7, 2014, 104,100 Restricted Stock Unit ("RSU") Awards were granted with a three year vesting period. The RSUs had a grant date fair value of $20.93 per share, which was the closing price of the common stock on the date of grant. | |||||||||
The following table provides a summary of combined RSU and restricted stock activity for the three months ended March 31, 2014: | |||||||||
Awards | Average Grant-Date Fair Value | ||||||||
Unvested at January 1, 2014 | 275,525 | ||||||||
Granted | 104,100 | $ | 20.93 | ||||||
Released | (123,829 | ) | 11.75 | ||||||
Canceled or forfeited | (1,700 | ) | 18.03 | ||||||
Unvested at March 31, 2014 | 254,096 | $ | 16.81 | ||||||
Restricted stock units are rights to receive shares of common stock, subject to forfeiture and other restrictions, which vest over a 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 March 31, 2014, restricted stock awards had vesting periods up through March 2017. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
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. | |
As of the date of this disclosure, no formal claim or allegation relating to the New Idria Mine Site against the Company or its subsidiary Buckhorn, Inc. ("Buckhorn") has been received. However, since Buckhorn may be a potentially responsible party (“PRP”) at 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 Condensed Consolidated Statements of Financial Position as of March 31, 2014. 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, 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 another 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. |
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure | ' | |||||||
Long-Term Debt and Loan Agreement | ||||||||
Long-term debt consisted of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Loan Agreement | $ | 17,500 | $ | 34,200 | ||||
4.67% Senior Unsecured Notes due 2021 | 40,000 | — | ||||||
5.25% Senior Unsecured Notes due 2024 | 11,000 | 11,000 | ||||||
5.30% Senior Unsecured Notes due 2024 | 29,000 | — | ||||||
5.45% Senior Unsecured Notes due 2026 | 20,000 | — | ||||||
117,500 | 45,200 | |||||||
Less unamortized deferred financing fees | 809 | 853 | ||||||
$ | 116,691 | $ | 44,347 | |||||
Under the terms of the Fourth Amended and Restated Loan Agreement ("Loan Agreement"), the Company may borrow up to $200.0 million, reduced for letters of credit issued. As of March 31, 2014, the Company had $177.9 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 March 31, 2014. | ||||||||
Long term debt at March 31, 2014 and December 31, 2013 includes $0.8 million and $0.9 million, respectively, of unamortized deferred financing costs, which are accounted for as debt valuation accounts. | ||||||||
On October 22, 2013, the Company entered into a note purchase agreement for the private placement of Senior Unsecured Notes totaling $100.0 million with a group of investors. The four series of notes are payable semiannually. Proceeds of $89.0 million under the note purchase agreement were received in January 2014. |
Retirement_Plans
Retirement Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Retirement Plans | ' | |||||||
Retirement Plans | ||||||||
The Company and certain of its subsidiaries have pension and profit sharing plans covering substantially all of their employees. The Company’s frozen defined benefit pension plan ("The Pension Agreement between Akro-Mils and United Steelworkers of America Local No. 1761-02") provides benefits primarily based upon a fixed amount for each year of service as of the date the plan was frozen. | ||||||||
Net periodic pension cost are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Interest cost | $ | 70 | $ | 65 | ||||
Expected return on assets | (93 | ) | (83 | ) | ||||
Amortization of actuarial net loss | 11 | 28 | ||||||
Net periodic pension (benefit) cost | $ | (12 | ) | $ | 10 | |||
Company contributions | $ | 80 | $ | 123 | ||||
The Company anticipates contributions totaling $0.3 million to its pension plan for the full year of 2014. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The total amount of gross unrecognized tax benefit that would reduce the Company's effective tax rates at March 31, 2014 and March 31, 2013 was $1.3 million and $1.2 million, respectively. The $0.1 million increase in the gross unrecognized tax benefits from March 31, 2013 to March 31, 2014 resulted from an increase in ASC 740-10-25-6, Accounting for Uncertainty in Income Taxes, reserves related to previous year tax positions. Accrued interest expense included with accrued income taxes in the Company's Condensed Consolidated Statements of Financial Position was approximately $0.1 million at both March 31, 2014 and December 31, 2013. | |
As of March 31, 2014, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2011. The Company is subject to state and local examinations for tax years of 2009 through 2013. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2008 through 2013. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
Using the criteria of ASC 280 Segment Reporting, the Company has four operating segments: Material Handling, Lawn and Garden, Distribution and Engineered Products. Each of these operating segments is also a reportable segment under the ASC 280 criteria. | ||||||||
None of the reportable segments include operating segments that have been aggregated. Some of these segments contain individual business components that have been aggregated on the basis of common management, customers, products, production processes and other economic characteristics. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up. | ||||||||
Income before income taxes for each business segment is based on net sales less cost of products sold, and the related selling, administrative and general expenses. In computing business segment operating income, general corporate overhead expenses and interest expenses are not included. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
Net Sales | 2014 | 2013 | ||||||
Material Handling | $ | 90,613 | $ | 79,989 | ||||
Lawn and Garden | 49,825 | 60,363 | ||||||
Distribution | 39,735 | 42,649 | ||||||
Engineered Products | 32,697 | 36,956 | ||||||
Inter-company Sales | (4,081 | ) | (4,977 | ) | ||||
Net Sales | $ | 208,789 | $ | 214,980 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
Income (Loss) Before Income Taxes | 2014 | 2013 | ||||||
Material Handling | $ | 10,940 | $ | 9,705 | ||||
Lawn and Garden | (7,043 | ) | 2,281 | |||||
Distribution | 2,371 | 2,839 | ||||||
Engineered Products | 3,789 | 5,077 | ||||||
Corporate | (7,418 | ) | (6,658 | ) | ||||
Interest expense - net | (1,579 | ) | (1,092 | ) | ||||
Income before income taxes | $ | 1,060 | $ | 12,152 | ||||
Statement_of_Accounting_Polici1
Statement of Accounting Policies (Policies) | 3 Months Ended | |
Mar. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Accounting | ' | |
Basis of Presentation | ||
The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s latest annual report on Form 10-K. | ||
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 Loan Agreement approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered level 2 inputs | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title and risk of loss, which is generally at time of shipment, and collectability of the fixed or determinable sales price is reasonably assured. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. |
Statement_of_Accounting_Polici2
Statement of Accounting Policies (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
The balances in the Company's accumulated other comprehensive income | ' | |||||||||||
Accumulated Other Comprehensive Income | ||||||||||||
The balances in the Company’s accumulated other comprehensive income ("AOCI") as of March 31, 2014 and March 31, 2013 are as follows: | ||||||||||||
Foreign Currency | Defined Benefit Pension Plans | Total | ||||||||||
Balance at January 1, 2013 | $ | 12,784 | $ | (2,141 | ) | $ | 10,643 | |||||
Other comprehensive income before reclassifications | (851 | ) | — | (851 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | (75 | ) | (75 | ) | |||||||
Net current-period other comprehensive income | (851 | ) | (75 | ) | (926 | ) | ||||||
Balance at March 31, 2013 | $ | 11,933 | $ | (2,216 | ) | $ | 9,717 | |||||
Balance at January 1, 2014 | $ | 3,493 | $ | (1,066 | ) | $ | 2,427 | |||||
Other comprehensive income before reclassifications | 54 | — | 54 | |||||||||
Net current-period other comprehensive income | 54 | — | 54 | |||||||||
Balance at March 31, 2014 | $ | 3,547 | $ | (1,066 | ) | $ | 2,481 | |||||
Other_Accrued_Expenses_Tables
Other Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accounts Other Accrued Expenses | ' | ||||||||
Other accrued expenses consisted of the following: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Deposits and amounts due to customers | $ | 7,518 | $ | 10,194 | |||||
Dividends payable | 4,470 | 3,174 | |||||||
Other accrued expenses | 7,930 | 6,619 | |||||||
$ | 19,918 | $ | 19,987 | ||||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
The change in goodwill | ' | |||||||||||
The change in goodwill for the three months ended March 31, 2014 was as follows: | ||||||||||||
Segment | Balance at January 1, 2014 | Foreign | Balance at March 31, 2014 | |||||||||
Currency | ||||||||||||
Translation | ||||||||||||
Material Handling | $ | 50,350 | $ | 381 | $ | 50,731 | ||||||
Lawn and Garden | 9,371 | (118 | ) | 9,253 | ||||||||
Distribution | 214 | — | 214 | |||||||||
Engineered Products | 707 | — | 707 | |||||||||
Total | $ | 60,642 | $ | 263 | $ | 60,905 | ||||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Weighted average number of common shares outstanding during the period | ' | |||||
Net income per common share, as shown on the Condensed Consolidated Statements of Income (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the period as follows: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2014 | 2013 | |||||
Weighted average common shares outstanding | ||||||
Basic | 33,518,543 | 33,504,222 | ||||
Dilutive effect of stock options and restricted stock | 499,932 | 355,194 | ||||
Weighted average common shares outstanding diluted | 34,018,475 | 33,859,416 | ||||
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||
Restructuring Reserve | ' | |||||||||||
The accrued liability balance for severance and other exit costs associated with restructuring are presented in the following table. | ||||||||||||
Severance and Personnel | Other Exit Costs | Total | ||||||||||
Balance at January 1, 2013 | $ | 318 | $ | — | $ | 318 | ||||||
Provision | 231 | 476 | 707 | |||||||||
Less: Payments | (549 | ) | (476 | ) | (1,025 | ) | ||||||
Balance at March 31, 2013 | $ | — | $ | — | $ | — | ||||||
Balance at January 1, 2014 | $ | 1,943 | $ | 1,571 | $ | 3,514 | ||||||
Provision | 1,442 | 2,678 | 4,120 | |||||||||
Less: Payments | (2,989 | ) | (3,784 | ) | (6,773 | ) | ||||||
Balance at March 31, 2014 | $ | 396 | $ | 465 | $ | 861 | ||||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Fair Value of stock options granted assumptions used | ' | ||||||||
The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole. | |||||||||
Model | |||||||||
Risk free interest rate | 2.8 | % | |||||||
Expected dividend yield | 2.5 | % | |||||||
Expected life of award (years) | 7 | ||||||||
Expected volatility | 50 | % | |||||||
Fair value per option share | $ | 7.05 | |||||||
Summary of stock option activity for the period | ' | ||||||||
The following table provides a summary of stock option activity for the period ended March 31, 2014: | |||||||||
Shares | Average | Weighted | |||||||
Exercise | Average | ||||||||
Price | Life | ||||||||
Outstanding at January 1, 2014 | 1,574,572 | $ | 12.14 | ||||||
Options granted | 209,500 | 20.93 | |||||||
Options exercised | (142,957 | ) | 12.17 | ||||||
Canceled or forfeited | (1,567 | ) | 12.27 | ||||||
Outstanding at March 31, 2014 | 1,639,548 | $ | 13.26 | 6.37 years | |||||
Exercisable at March 31, 2014 | 1,163,743 | $ | 11.67 | 5.22 years | |||||
Summary of restricted stock activity for the period | ' | ||||||||
The following table provides a summary of combined RSU and restricted stock activity for the three months ended March 31, 2014: | |||||||||
Awards | Average Grant-Date Fair Value | ||||||||
Unvested at January 1, 2014 | 275,525 | ||||||||
Granted | 104,100 | $ | 20.93 | ||||||
Released | (123,829 | ) | 11.75 | ||||||
Canceled or forfeited | (1,700 | ) | 18.03 | ||||||
Unvested at March 31, 2014 | 254,096 | $ | 16.81 | ||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
Long-term debt consisted of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Loan Agreement | $ | 17,500 | $ | 34,200 | ||||
4.67% Senior Unsecured Notes due 2021 | 40,000 | — | ||||||
5.25% Senior Unsecured Notes due 2024 | 11,000 | 11,000 | ||||||
5.30% Senior Unsecured Notes due 2024 | 29,000 | — | ||||||
5.45% Senior Unsecured Notes due 2026 | 20,000 | — | ||||||
117,500 | 45,200 | |||||||
Less unamortized deferred financing fees | 809 | 853 | ||||||
$ | 116,691 | $ | 44,347 | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Net periodic pension cost | ' | |||||||
Net periodic pension cost are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Interest cost | $ | 70 | $ | 65 | ||||
Expected return on assets | (93 | ) | (83 | ) | ||||
Amortization of actuarial net loss | 11 | 28 | ||||||
Net periodic pension (benefit) cost | $ | (12 | ) | $ | 10 | |||
Company contributions | $ | 80 | $ | 123 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Net Sales by Segment | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
Net Sales | 2014 | 2013 | ||||||
Material Handling | $ | 90,613 | $ | 79,989 | ||||
Lawn and Garden | 49,825 | 60,363 | ||||||
Distribution | 39,735 | 42,649 | ||||||
Engineered Products | 32,697 | 36,956 | ||||||
Inter-company Sales | (4,081 | ) | (4,977 | ) | ||||
Net Sales | $ | 208,789 | $ | 214,980 | ||||
Schedule of Income Before Income Taxes by Segment | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
Income (Loss) Before Income Taxes | 2014 | 2013 | ||||||
Material Handling | $ | 10,940 | $ | 9,705 | ||||
Lawn and Garden | (7,043 | ) | 2,281 | |||||
Distribution | 2,371 | 2,839 | ||||||
Engineered Products | 3,789 | 5,077 | ||||||
Corporate | (7,418 | ) | (6,658 | ) | ||||
Interest expense - net | (1,579 | ) | (1,092 | ) | ||||
Income before income taxes | $ | 1,060 | $ | 12,152 | ||||
Statement_of_Accounting_Polici3
Statement of Accounting Policies (Details) (USD $) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Foreign Currency | Foreign Currency | Defined Benefit Pension Plans | Defined Benefit Pension Plans | Accumulative Other Comprehensive Income | Accumulative Other Comprehensive Income | Carrying (Reported) Amount, Fair Value Disclosure | Carrying (Reported) Amount, Fair Value Disclosure | Estimate of Fair Value, Fair Value Disclosure | Estimate of Fair Value, Fair Value Disclosure | |||
Less unamortized deferred financing fees | Less unamortized deferred financing fees | Less unamortized deferred financing fees | Less unamortized deferred financing fees | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $11,000,000 | $100,800,000 | $10,800,000 |
Accumlated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 2,427,000 | ' | 3,493,000 | 12,784,000 | -1,066,000 | -2,141,000 | 2,427,000 | 10,643,000 | ' | ' | ' | ' |
Other comprehensive income before reclassifications | ' | ' | 54,000 | -851,000 | 0 | 0 | 54,000 | -851,000 | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | 0 | ' | -75,000 | ' | -75,000 | ' | ' | ' | ' |
Total other comprehensive income (loss), net of tax | 54,000 | -926,000 | 54,000 | -851,000 | 0 | -75,000 | 54,000 | -926,000 | ' | ' | ' | ' |
Ending balance | $2,481,000 | ' | $3,547,000 | $11,933,000 | ($1,066,000) | ($2,216,000) | $2,481,000 | $9,717,000 | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) | Mar. 31, 2014 |
Inventory Disclosure [Abstract] | ' |
Percentage of LIFO Inventory | 20.00% |
Other_Accrued_Expenses_Details
Other Accrued Expenses (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Deposits and amounts due to customers | $7,518 | $10,194 |
Dividends payable | 4,470 | 3,174 |
Other accrued expenses | 7,930 | 6,619 |
Other accrued expenses, Total | $19,918 | $19,987 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2014 | $60,642 |
Foreign Currency Translation | 263 |
Balance at March 31, 2014 | 60,905 |
Material Handling | ' |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2014 | 50,350 |
Foreign Currency Translation | 381 |
Balance at March 31, 2014 | 50,731 |
Lawn and Garden | ' |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2014 | 9,371 |
Foreign Currency Translation | -118 |
Balance at March 31, 2014 | 9,253 |
Distribution | ' |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2014 | 214 |
Foreign Currency Translation | 0 |
Balance at March 31, 2014 | 214 |
Engineered Products | ' |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2014 | 707 |
Foreign Currency Translation | 0 |
Balance at March 31, 2014 | $707 |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Basic (in shares) | 33,518,543 | 33,504,222 |
Dilutive effect of stock options and restricted stock (in shares) | 499,932 | 355,194 |
Weighted average common shares outstanding diluted (in shares) | 34,018,475 | 33,859,416 |
Net_Income_Per_Common_Share_We
Net Income Per Common Share Weighted average number of common shares outstanding during the period (Details) (Stock Option) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Option | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Options to purchase common stock outstanding (in shares) | 209,500 | 471,400 |
Restructuring_Restructuring_Ch
Restructuring Restructuring Charges by Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | $4,120 | $707 | ' |
Material Handling | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 0 | 210 | ' |
Lawn and Garden | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 3,628 | 403 | 12,200 |
Distribution | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 492 | 74 | ' |
Engineered Products | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 0 | 3 | ' |
Corporate | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 0 | 17 | ' |
Cost of Sales | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 2,799 | 165 | ' |
Cost of Sales | Material Handling | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 0 | 162 | ' |
Cost of Sales | Lawn and Garden | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 2,799 | 0 | ' |
Cost of Sales | Distribution | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 0 | 0 | ' |
Cost of Sales | Engineered Products | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 0 | 3 | ' |
Cost of Sales | Corporate | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 0 | 0 | ' |
Selling, General and Administrative Expenses | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 1,321 | 542 | ' |
Selling, General and Administrative Expenses | Material Handling | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 0 | 48 | ' |
Selling, General and Administrative Expenses | Lawn and Garden | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 829 | 403 | ' |
Selling, General and Administrative Expenses | Distribution | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 492 | 74 | ' |
Selling, General and Administrative Expenses | Engineered Products | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 0 | 0 | ' |
Selling, General and Administrative Expenses | Corporate | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | $0 | $17 | ' |
Restructuring_Reserve_Details
Restructuring Reserve (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jul. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Year to date restructuring charge | ' | $4,120,000 | $707,000 | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | 3,514,000 | 318,000 | ' |
Provision | ' | 4,120,000 | 707,000 | ' |
Less: Payments | ' | -6,773,000 | -1,025,000 | ' |
Balance, ending | ' | 861,000 | 0 | 861,000 |
Severance & Personnel | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | 1,943,000 | 318,000 | ' |
Provision | ' | 1,442,000 | 231,000 | ' |
Less: Payments | ' | -2,989,000 | -549,000 | ' |
Balance, ending | ' | 396,000 | 0 | 396,000 |
Other Exit Costs | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | 1,571,000 | 0 | ' |
Provision | ' | 2,678,000 | 476,000 | ' |
Less: Payments | ' | -3,784,000 | -476,000 | ' |
Balance, ending | ' | 465,000 | 0 | 465,000 |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Year to date restructuring charge | ' | 1,321,000 | 542,000 | ' |
Cost of Sales | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Year to date restructuring charge | ' | 2,799,000 | 165,000 | ' |
Lawn and Garden | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected restructuring charges | 15,000,000 | ' | ' | ' |
Non-cash cost of restructuring | 3,000,000 | ' | ' | ' |
Year to date restructuring charge | ' | 3,628,000 | 403,000 | 12,200,000 |
Lawn and Garden | Selling, General and Administrative Expenses | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Year to date restructuring charge | ' | 829,000 | 403,000 | ' |
Lawn and Garden | Cost of Sales | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Year to date restructuring charge | ' | 2,799,000 | 0 | ' |
Distribution | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected restructuring charges | ' | 1,000,000 | ' | ' |
Year to date restructuring charge | ' | 492,000 | 74,000 | ' |
Distribution | Selling, General and Administrative Expenses | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Year to date restructuring charge | ' | 492,000 | 74,000 | ' |
Distribution | Cost of Sales | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Year to date restructuring charge | ' | $0 | $0 | ' |
Stock_Compensation_Details
Stock Compensation (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $0.80 | $0.40 |
Options Granted (in shares) | 209,500 | ' |
The total intrinsic value of all stock options exercised | 1.2 | 0.6 |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement By Share-based Payment Award Expiration | '10 years | ' |
Total unrecognized compensation cost related to non-vested share based compensation arrangements | $6.40 | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Granted (in shares) | 104,100 | ' |
Granted, Average Grant Date Fair Value (in dollars per share) | $20.93 | ' |
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 | ' |
Minimum [Member] | Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period, in years | '3 years | ' |
Stock_Compensation_Fair_Value_
Stock Compensation Fair Value of stock options granted assumptions used (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Risk free interest rate | 2.80% |
Expected dividend yield | 2.50% |
Expected life of award (in years) | '7 years |
Expected volatility | 50.00% |
Fair value per option share (in dollars per share) | $7.05 |
Stock_Compensation_Summary_of_
Stock Compensation Summary of stock option activity for the period (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding at January 1, 2014 | 1,574,572 |
Options Granted (in shares) | 209,500 |
Options Exercised, Shares (in shares) | -142,957 |
Cancelled or Forfeited (in shares) | -1,567 |
Outstanding at March 31, 2014 (in shares) | 1,639,548 |
Exercisable at March 31, 2014 (in shares) | 1,163,743 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Outstanding at January 1, 2014 Average Price (in dollars per share) | $12.14 |
Options granted, average exercise price (in dollars per share) | $20.93 |
Options exercised, average exercise price (in dollars per share) | $12.17 |
Cancelled or forfeited, average exercise price (in dollars per share) | $12.27 |
Outstanding at March 31, 2014 Average Price (in dollars per share) | $13.26 |
Exercisable at March 31, 2014, Average Exercise Price (in dollars per share) | $11.67 |
Outstanding at March 31, 2014 Weighted Average Life | '6 years 4 months 13 days |
Exercisable at March 31, 2014, Weighted Average Life | '5 years 2 months 19 days |
Stock_Compensation_Summary_of_1
Stock Compensation Summary of restricted stock activity (Details) (Restricted Stock [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Unvested at January 1, 2013 (in shares) | 275,525 |
Granted (in shares) | 104,100 |
Released (in shares) | -123,829 |
Cancelled or forfeited (in shares) | -1,700 |
Unvested at March 31, 2013 (in shares) | 254,096 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Granted, Average Grant Date Fair Value (in dollars per share) | $20.93 |
Released, Average Grant Date Fair Value (in dollars per share) | $11.75 |
Cancelled or Forfeited, Average Grant Date Fair Value (in dollars per share) | $18.03 |
Unvested shares at March 31, 2013, Average Grant Date Fair Value (in dollars per share) | $16.81 |
Contingencies_Contingencies_De
Contingencies Contingencies (Details) (USD $) | Nov. 30, 2011 | Sep. 30, 2011 | Sep. 30, 2011 |
In Millions, unless otherwise specified | General and Administrative Expense | Other Liabilities | |
Environmental Issue | Environmental Issue | ||
Pending Litigation | Pending Litigation | ||
New Idria Mercury Mine | New Idria Mercury Mine | ||
Loss Contingencies [Line Items] | ' | ' | ' |
Expense related to remedial investigation and feasibility study | ' | $1.90 | ' |
Payments charged against the reserve | ' | ' | 0.6 |
Estimate of EPA's interim removal project costs | $0.50 | ' | ' |
Debt_Schedule_of_LongTerm_Debt
Debt Schedule of Long-Term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $117,500 | $45,200 |
Long-term Debt, net of deferred financing costs | 116,691 | 44,347 |
Loan Agreement | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 17,500 | 34,200 |
Less unamortized deferred financing fees | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Less unamortized deferred financing fees | 809 | 853 |
Four Point Six Seven Percent Senior Unsecured Notes Due Twenty Twenty One [Member] | Less unamortized deferred financing fees | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 40,000 | 0 |
Interest rate | 4.67% | ' |
Five Point Two Five Percent Senior Unsecured Notes Due Twenty Twenty Four [Member] | Less unamortized deferred financing fees | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 11,000 | 11,000 |
Interest rate | 5.25% | ' |
Five Point Three Zero Percent Senior Unsecured Notes Due Twenty Twenty Four [Member] | Less unamortized deferred financing fees | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 29,000 | 0 |
Interest rate | 5.30% | ' |
Five Point Four Five Percent Senior Unsecured Notes Due Twenty Twenty Six [Member] | Less unamortized deferred financing fees | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $20,000 | $0 |
Interest rate | 5.45% | ' |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Oct. 22, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Senior Unsecured Note | Loan Agreement | Loan Agreement | Less unamortized deferred financing fees | Less unamortized deferred financing fees | Less unamortized deferred financing fees | Loan Agreement | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity on line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 |
Remaining amount available under the line of credit | ' | ' | ' | ' | 177,900,000 | ' | ' | ' | ' | ' |
Letters of credit | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount on debt instruments | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' |
Long-term Debt | 117,500,000 | ' | 45,200,000 | ' | 17,500,000 | 34,200,000 | ' | ' | ' | ' |
Unamortized debt issuance expense | ' | ' | ' | ' | ' | ' | ' | 809,000 | 853,000 | ' |
Proceeds from long-term debt | $89,000,000 | $0 | ' | ' | ' | ' | $89,000,000 | ' | ' | ' |
Retirement_Plans_Details
Retirement Plans (Details) (Pension Plans, Defined Benefit [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | $70,000 | $65,000 |
Expected return on assets | -93,000 | -83,000 |
Amortization of actuarial net loss | 11,000 | 28,000 |
Net periodic pension (benefit) cost | -12,000 | 10,000 |
Company contributions | 80,000 | 123,000 |
Anticipated company contributions | $300,000 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | $1.30 | ' | $1.20 |
Increase in gross unrecognized tax benefits | 0.1 | ' | ' |
Accrued income taxes | $0.10 | $0.10 | ' |
Segment_Information_Schedule_o
Segment Information Schedule of Net Sales by Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Number of operating segments | 4 | ' |
Net Sales | $208,789 | $214,980 |
Material Handling | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net Sales | 90,613 | 79,989 |
Lawn and Garden | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net Sales | 49,825 | 60,363 |
Distribution | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net Sales | 39,735 | 42,649 |
Engineered Products | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net Sales | 32,697 | 36,956 |
Intra-segment Elimination [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net Sales | ($4,081) | ($4,977) |
Segment_Information_Schedule_o1
Segment Information Schedule of Income Before Income Taxes by Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Operating income | $2,639 | $13,244 |
Interest Expense | -1,579 | -1,092 |
Income before income taxes | 1,060 | 12,152 |
Material Handling | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating income | 10,940 | 9,705 |
Lawn and Garden | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating income | -7,043 | 2,281 |
Distribution | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating income | 2,371 | 2,839 |
Engineered Products | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating income | 3,789 | 5,077 |
Corporate | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating income | ($7,418) | ($6,658) |