Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 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 | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 31,714,738 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $152,784 | $153,623 | $303,269 | $298,567 |
Cost of sales | 110,252 | 108,615 | 218,666 | 211,474 |
Gross profit | 42,532 | 45,008 | 84,603 | 87,093 |
Selling, general and administrative expenses | 31,246 | 32,387 | 64,434 | 64,360 |
Operating income | 11,286 | 12,621 | 20,169 | 22,733 |
Interest expense, net | 1,667 | 1,119 | 3,251 | 2,196 |
Income from continuing operations before income taxes | 9,619 | 11,502 | 16,918 | 20,537 |
Income tax expense | 3,292 | 4,097 | 5,828 | 7,336 |
Income from continuing operations | 6,327 | 7,405 | 11,090 | 13,201 |
(Loss) income from discontinued operations | -578 | 907 | -4,661 | 2,994 |
Net income | $5,749 | $8,312 | $6,429 | $16,195 |
Income per common share from continuing operations: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.20 | $0.22 | $0.34 | $0.39 |
Diluted (in dollars per share) | $0.19 | $0.22 | $0.33 | $0.39 |
(Loss) income per common share from discontinued operations: | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.02) | $0.03 | ($0.14) | $0.09 |
Diluted (in dollars per share) | ($0.02) | $0.03 | ($0.14) | $0.09 |
Net income per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.18 | $0.25 | $0.20 | $0.48 |
Diluted (in dollars per share) | $0.17 | $0.25 | $0.19 | $0.48 |
Dividends declared per share (in dollars per share) | $0.13 | $0.09 | $0.26 | $0.18 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $5,749 | $8,312 | $6,429 | $16,195 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 2,804 | -4,994 | 2,858 | -5,845 |
Pension liability | 0 | 0 | 0 | -75 |
Total other comprehensive income (loss), net of tax | 2,804 | -4,994 | 2,858 | -5,920 |
Comprehensive income | $8,553 | $3,318 | $9,287 | $10,275 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Financial Position (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash | $35,792 | $6,539 |
Accounts receivable-less allowances of $1,404 and $1,314, respectively | 86,324 | 74,932 |
Inventories | ' | ' |
Finished and in-process products | 42,087 | 34,337 |
Raw materials and supplies | 22,647 | 18,786 |
Inventory net | 64,734 | 53,123 |
Prepaid expenses | 9,037 | 5,492 |
Deferred income taxes | 2,007 | 2,064 |
Assets held for sale | 136,698 | 92,760 |
Total Current Assets | 334,592 | 234,910 |
Other Assets | ' | ' |
Goodwill | 51,737 | 51,075 |
Patents and other intangible assets, net | 13,309 | 14,255 |
Assets held for sale | 0 | 67,808 |
Other | 3,348 | 2,959 |
Total other non current assets | 68,394 | 136,097 |
Property, Plant and Equipment, at Cost | ' | ' |
Land | 3,111 | 3,082 |
Buildings and leasehold improvements | 48,269 | 48,159 |
Machinery and equipment | 302,692 | 294,537 |
Property, Plant and Equipment, at cost | 354,072 | 345,778 |
Less allowances for depreciation and amortization | -258,415 | -247,328 |
Property, plant and equipment, net | 95,657 | 98,450 |
Total Assets | 498,643 | 469,457 |
Current Liabilities | ' | ' |
Accounts payable | 64,566 | 68,897 |
Accrued expenses | ' | ' |
Employee compensation | 13,699 | 17,413 |
Income taxes | 3,455 | 5,519 |
Taxes, other than income taxes | 2,753 | 2,173 |
Accrued interest | 2,491 | 103 |
Liabilities of Assets Held-for-sale | 31,674 | 40,044 |
Other | 15,353 | 16,434 |
Total Current Liabilities | 133,991 | 150,583 |
Long-term debt, net | 137,734 | 44,347 |
Liabilities of Assets Held-for-sale, Noncurrent | 0 | 9,455 |
Other liabilities | 14,982 | 12,762 |
Deferred income taxes | 16,617 | 16,803 |
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 31,712,621 and 33,572,778; net of treasury shares of 6,054,516 and 4,203,179, respectively) | 19,190 | 20,313 |
Additional paid-in capital | 226,484 | 266,276 |
Accumulated other comprehensive income | 5,285 | 2,427 |
Retained deficit | -55,640 | -53,509 |
Total Shareholders' Equity | 195,319 | 235,507 |
Total Liabilities and Shareholders' Equity | $498,643 | $469,457 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Financial Position (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets | ' | ' |
Allowances for accounts receivable | $0 | $1,314 |
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) | 31,712,621 | 33,572,778 |
Common shares, treasury (in shares) | 6,054,516 | 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 | 6,429 | ' | ' | ' | 6,429 |
Net sales under option plans | ' | 101 | 1,961 | ' | ' |
Dividend reinvestment plan | ' | 2 | 62 | ' | ' |
Restricted stock vested | ' | 76 | -76 | ' | ' |
Restricted stock and stock option grants, net | ' | 9 | 1,574 | ' | ' |
Tax benefit from options | ' | ' | 658 | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | 2,858 | ' |
Purchases for treasury-net | ' | -1,286 | -43,113 | ' | ' |
Stock Issued During Period, Value, Other | ' | 6 | 194 | ' | ' |
Shares withheld for employee taxes on equity awards | ' | -31 | -1,052 | ' | ' |
Dividends declared - $.26 per share | ' | ' | ' | ' | -8,560 |
Balance at June 30, 2014 at Jun. 30, 2014 | $195,319 | $19,190 | $226,484 | $5,285 | ($55,640) |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Dividends declared per share (in dollars per share) | $0.13 | $0.09 | $0.26 | $0.18 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net income | $6,429 | $16,195 |
(Loss) income from discontinued operations, net of income taxes | -4,661 | 2,994 |
Income from continuing operations | 11,090 | 13,201 |
(Loss) income from discontinued operations, net of income taxes | ' | ' |
Depreciation | 11,030 | 10,185 |
Amortization | 1,461 | 1,645 |
Non-cash stock compensation | 1,593 | 1,532 |
Amortization of deferred financing costs | 550 | 348 |
Deferred taxes | -73 | 2,437 |
Other long-term liabilities | 1,244 | 2,053 |
(Gain) loss from asset disposition | -139 | 616 |
Tax benefit from options | -658 | -50 |
Other Noncash Income (Expense) | 200 | 6 |
Payments on performance based compensation | -1,293 | -1,718 |
Cash flows provided by (used for) working capital: | ' | ' |
Accounts receivable | -10,386 | -7,143 |
Inventories | -10,890 | -1,555 |
Prepaid expenses | 337 | -1,361 |
Accounts payable and accrued expenses | -10,892 | -6,566 |
Net cash (used for) provided by operating activities-continuing operations | -6,826 | 13,630 |
Net cash (used for) provided by operating activities-discontinued operations | -14,200 | 16,507 |
Net cash (used for) provided by operating activities | -21,026 | 30,137 |
Net cash (used for) provided by operating activities-continuing operations | ' | ' |
Net cash (used for) provided by operating activities-discontinued operations | -6,971 | -7,296 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -600 |
Proceeds from sale of property, plant and equipment | 85 | 0 |
Acquisition of business, net of cash acquired | 0 | -11 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -6,886 | -7,907 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 14,531 | -2,920 |
Proceeds from sale of property, plant and equipment | 7,645 | -10,827 |
Other | ' | ' |
Proceeds from long-term debt | 89,000 | 0 |
Net borrowing on credit facility | 4,300 | 5,490 |
Cash dividends paid | -7,480 | -3,018 |
Proceeds from issuance of common stock | 2,126 | 3,261 |
Repayment of long-term debt | 658 | 50 |
Repurchase of common stock | -44,399 | -3,298 |
Shares withheld for employee taxes on equity awards | -1,083 | -684 |
Deferred financing costs | -538 | 0 |
Net cash provided by financing activities - continuing operations | 42,584 | 1,801 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | -2,317 |
Net Cash Provided by (Used in) Financing Activities | 42,584 | -516 |
Foreign Exchange Rate Effect on Cash | 50 | -484 |
Net increase in cash | 29,253 | 18,310 |
Cash at January 1 | 6,539 | 3,948 |
Cash at June 30 | 35,792 | 22,258 |
Interest | 767 | 971 |
Income taxes | $10,362 | $7,422 |
Statement_of_Accounting_Polici
Statement of Accounting Policies | 6 Months Ended | |||||||||||
Jun. 30, 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 ("GAAP") 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. These interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2013. | ||||||||||||
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 June 30, 2014, and the results of operations and cash flows for the periods presented. The results of operations for the six months ended June 30, 2014 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2014. | ||||||||||||
Segment Realignment and Discontinued Operations | ||||||||||||
During the second quarter of 2014, the Company realigned its reportable segments as a result of organizational changes to better align its resources to support its ongoing business strategy. The realignment is consistent with the manner in which our Chief Operating Decision Maker evaluates performance and makes resource allocation decisions. Historical segment information reflects the effect of this change. Our segment information is more fully described in Note 13. Historical information also reflects discontinued operations presentation for businesses disposed of or meeting the held for sale criteria as described in Note 12. Reclassifications of prior year amounts have been made in conformity with generally accepted accounting principles to conform to current year’s reporting presentation. | ||||||||||||
Recent Accounting Pronouncements Not Yet Adopted | ||||||||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This guidance states that the disposal of a component of an entity is to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The pronouncement also requires additional disclosures regarding individually significant disposals of components that do not meet the criteria to be recognized as a discontinued operation as well as additional and expanded disclosures. The guidance is effective for the Company on January 1, 2015 and is to be applied prospectively. While early adoption is permitted, the Company plans to adopt this guidance on January 1, 2015. The Company is currently evaluating the impact the adoption of this guidance will have on its financial position, results of operations, cash flows and related disclosures. | ||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, to clarify the principles used to recognize revenue for all entities. Under ASU 2014-09, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance is effective for the Company on January 1, 2017. The Company is currently evaluating the impact the adoption of this guidance will have on its financial position, results of operations, cash flows and related disclosures. | ||||||||||||
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 ("ASC 820"), 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 June 30, 2014, the fair value of the Company's $100.0 million fixed rate senior unsecured notes were estimated at $103.1 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 June 30, 2014 and June 30, 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 | ||||||||
Other comprehensive income before reclassifications | (4,994 | ) | — | (4,994 | ) | |||||||
Balance at June 30, 2013 | $ | 6,939 | $ | (2,216 | ) | $ | 4,723 | |||||
Balance at January 1, 2014 | $ | 3,493 | $ | (1,066 | ) | $ | 2,427 | |||||
Other comprehensive income before reclassifications | 54 | — | 54 | |||||||||
Balance at March 31, 2014 | 3,547 | (1,066 | ) | 2,481 | ||||||||
Other comprehensive income before reclassifications | 2,804 | — | 2,804 | |||||||||
Balance at June 30, 2014 | $ | 6,351 | $ | (1,066 | ) | $ | 5,285 | |||||
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 | 6 Months Ended |
Jun. 30, 2014 | |
Inventory Disclosure [Abstract] | ' |
Inventories | ' |
Inventories | |
Inventories are stated at the lower of cost or market. Approximately forty 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 June 30, 2014. |
Other_Accrued_Expenses
Other Accrued Expenses | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Other Accrued Expenses | ' | ||||||||
Other Accrued Expenses | |||||||||
Other accrued expenses consisted of the following: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Deposits and amounts due to customers | $ | 4,660 | $ | 7,664 | |||||
Dividends payable | 4,255 | 3,174 | |||||||
Other accrued expenses | 6,438 | 5,596 | |||||||
$ | 15,353 | $ | 16,434 | ||||||
Goodwill
Goodwill | 6 Months Ended | |||||||||||
Jun. 30, 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. Refer to Note 12 regarding assessment of fair value of our Lawn and Garden Segment as of June 30, 2014. | ||||||||||||
The carrying amount of goodwill at January 1, 2014 reflects our new reportable segments, more fully described in Note 13. The change in goodwill for the six months ended June 30, 2014 was as follows: | ||||||||||||
Segment | Balance at January 1, 2014 | Foreign | Balance at June 30, 2014 | |||||||||
Currency | ||||||||||||
Translation | ||||||||||||
Material Handling | $ | 50,570 | $ | 662 | $ | 51,232 | ||||||
Distribution | 505 | — | 505 | |||||||||
$ | 51,075 | $ | 662 | $ | 51,737 | |||||||
Net_Income_Per_Common_Share
Net Income Per Common Share | 6 Months Ended | |||||||||||
Jun. 30, 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 | Six Month Ended | |||||||||||
June 30, | June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average common shares outstanding | ||||||||||||
Basic | 32,425,994 | 33,559,398 | 32,892,864 | 33,529,004 | ||||||||
Dilutive effect of stock options and restricted stock | 536,796 | 318,554 | 494,245 | 368,958 | ||||||||
Weighted average common shares outstanding diluted | 32,962,790 | 33,877,952 | 33,387,109 | 33,897,962 | ||||||||
Options to purchase 199,500 shares of common stock that were outstanding for both the three and six month periods ended June 30, 2014, 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. Options to purchase 470,000 shares of common stock that were outstanding for both the three and six month periods ended June 30, 2013, were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares. |
Restructuring
Restructuring | 6 Months Ended | |||||||||||||||||||
Jun. 30, 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 and six months ended June 30, 2014 and 2013 are presented in the following tables. | ||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Segment | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | ||||||||||||||
Distribution | $ | — | $ | 268 | $ | 268 | $ | — | $ | 18 | $ | 18 | ||||||||
Material Handling | 77 | 30 | 107 | 15 | — | 15 | ||||||||||||||
Total | $ | 77 | $ | 298 | $ | 375 | $ | 15 | $ | 18 | $ | 33 | ||||||||
Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Segment | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | ||||||||||||||
Distribution | $ | — | $ | 760 | $ | 760 | $ | — | $ | 92 | $ | 92 | ||||||||
Material Handling | 77 | 30 | 107 | 177 | 48 | 225 | ||||||||||||||
Corporate | — | — | — | — | 17 | 17 | ||||||||||||||
Total | $ | 77 | $ | 790 | $ | 867 | $ | 177 | $ | 157 | $ | 334 | ||||||||
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 | 259 | 75 | 334 | |||||||||||||||||
Less: Payments | (577 | ) | (75 | ) | (652 | ) | ||||||||||||||
Balance at June 30, 2013 | $ | — | $ | — | $ | — | ||||||||||||||
Balance at January 1, 2014 | $ | — | $ | — | $ | — | ||||||||||||||
Provision | 797 | 70 | 867 | |||||||||||||||||
Less: Payments | (797 | ) | (70 | ) | (867 | ) | ||||||||||||||
Balance at June 30, 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 included closure, lease cancellation and employee related costs. The aggregate restructuring charges related to this plan through June 30, 2014 were approximately $0.8 million. Restructuring actions under the plan were substantially complete at June 30, 2014. |
Stock_Compensation
Stock Compensation | 6 Months Ended | ||||||||
Jun. 30, 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 from continuing operations before taxes approximately $0.8 million and $1.1 million for the three months ended June 30, 2014 and 2013, respectively. Stock compensation expense reduced income from continuing operations before taxes approximately $1.6 million and $1.5 million for the six months ended June 30, 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 June 30, 2014 was approximately $5.7 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 June 30, 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 | (167,333 | ) | 12.24 | ||||||
Canceled or forfeited | (33,785 | ) | 15.39 | ||||||
Outstanding at June 30, 2014 | 1,582,954 | $ | 13.22 | 6.14 years | |||||
Exercisable at June 30, 2014 | 1,131,117 | $ | 11.65 | 5.02 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 June 30, 2014 and 2013 was approximately $0.2 million and $0.8 million, respectively. The total intrinsic value of all stock options exercised during both the six month periods ended June 30, 2014 and 2013 was approximately $1.4 million. | |||||||||
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 period ended June 30, 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 | (16,300 | ) | 17.22 | ||||||
Unvested at June 30, 2014 | 239,496 | $ | 16.8 | ||||||
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 June 30, 2014, restricted stock awards had vesting periods up through March 2017. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 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 June 30, 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. | |
Other | |
Buckhorn and Schoeller Arca Systems, Inc. (“SAS”) were plaintiffs in a patent infringement lawsuit against Orbis Material Handling, Inc. (“Orbis”) for alleged breach by Orbis of an exclusive patent license agreement sold by SAS to Buckhorn. SAS is an affiliate of Schoeller Alibert, a global company that manufactures and sells plastic returnable packaging systems for material handling. In the course of the litigation, it was discovered that SAS had given a patent license agreement to a predecessor of Orbis that pre-dated the one that SAS sold to Buckhorn. As a result, judgment was entered in favor of Orbis, and the court awarded attorney fees and costs to Orbis in the amount of $3.1 million, plus interest. In May 2014, Orbis made demand to SAS that SAS pay the judgment in full, and subsequently in July 2014, Orbis made the same demand to Buckhorn. Although the range of exposure is $0 - $3.1 million, plus interest, Buckhorn’s responsibility as co-obligor is not specified. Buckhorn believes it is not responsible for any of the legal fee award because it is not a party to the Orbis license and therefore has not recognized an expense as of June 30, 2014 as no point within the above range of exposure is more probable of occurrence than another. | |
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 | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure | ' | |||||||
Long-Term Debt and Loan Agreement | ||||||||
Long-term debt consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Loan Agreement | $ | 38,500 | $ | 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 | — | ||||||
138,500 | 45,200 | |||||||
Less unamortized deferred financing fees | 766 | 853 | ||||||
$ | 137,734 | $ | 44,347 | |||||
On May 30, 2014, the Company entered into a First Amendment to the Fourth Amended and Restated Loan Agreement (the "Loan Amendment"). The Loan Amendment increased the senior revolving credit facility from $200 million to $300 million through December 2018 and provides for an additional subsidiary of the Company as a borrower and another subsidiary of the Company as a guarantor of the credit facility. As of June 30, 2014, the Company had $256.9 million available, reduced for letters of credit issued, 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 June 30, 2014. | ||||||||
Long term debt at June 30, 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 $11.0 million under the note purchase agreement were received in December 2013, and the remaining proceeds of $89.0 million were received in January 2014. |
Retirement_Plans
Retirement Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 70 | $ | 65 | $ | 140 | $ | 130 | ||||||||
Expected return on assets | (93 | ) | (83 | ) | (185 | ) | (166 | ) | ||||||||
Amortization of actuarial net loss | 11 | 28 | 22 | 56 | ||||||||||||
Net periodic pension (benefit) cost | $ | (12 | ) | $ | 10 | $ | (23 | ) | $ | 20 | ||||||
Company contributions | $ | 72 | $ | 80 | $ | 152 | $ | 203 | ||||||||
The Company anticipates contributions totaling $0.3 million to its pension plan for the full year of 2014. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 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 June 30, 2014 and June 30, 2013, was $1.5 million and $1.2 million, respectively. Accrued interest expense included within accrued income taxes in the Company's Condensed Consolidated Statements of Financial Position was approximately $0.1 million at both June 30, 2014 and December 31, 2013. The June 30, 2014 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. | |
As of June 30, 2014, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2010. 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. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
Discontinued Operations | |||||||||||||||||
During the quarter ended June 30, 2014, the Company’s Board of Directors approved the commencement of the sale process to divest its Lawn and Garden Segment to allow it to focus resources on its core growth platforms. The Lawn and Garden Segment serves the North American horticulture market with plastic products such as seedling trays, nursery products, hanging baskets, custom print containers as well as decorative resin planters. The business is available for sale in its present condition and it is anticipated that a sale will be completed within the next twelve months. | |||||||||||||||||
In addition, on June 20, 2014, the Company completed the sale of the assets and associated liabilities of its wholly-owned subsidiaries WEK Industries, Inc. and Whiteridge Plastics LLC (collectively “WEK”) for approximately $19.9 million, which includes a working capital adjustment of approximately $0.4 million based on the estimated level of working capital as of the closing date of the sale. Proceeds from the sale of WEK of approximately $1.0 million are held in escrow to be received in December 2015. The Company recorded a gain on the sale of WEK of approximately $2.4 million, net of tax of $1.3 million. WEK is a premier blow molder of custom engineered plastic components for the heavy truck, recreational vehicle, marine, appliance and consumer products industries. WEK was previously reported as part of our former Engineered Products Segment. | |||||||||||||||||
The Lawn and Garden Segment meets the held-for sale criteria under the requirements of ASC 360. The Company performed a fair value assessment in accordance with ASC 820, for its financial assets and liabilities included in discontinued operations. The Company’s assessment focused on whether it is more likely than not that the fair value of the Lawn and Garden Segment at June 30, 2014 was less than its carrying value. The Company used a combination of valuation techniques primarily using discounted cash flows to determine the fair value of its Lawn and Garden Segment and market based multiples as supporting evidence. The variables and assumptions used, all of which are level 3 fair value inputs, included 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 were determined separately based on the weighted average cost of capital determined for the Company’s Lawn and Garden Segment. In addition, we made certain judgments about the selection of comparable companies used in determining market multiples in valuing our Lawn and Garden Segment, as well as certain assumptions to allocate shared assets and liabilities to calculate values for that business. The underlying assumptions used were based on historical actual experience and future expectations that are consistent with those used in the Company’s strategic plan. The Company compared the fair value of the Lawn and Garden Segment to its respective carrying value, including related goodwill. Our estimate of the fair value of the Lawn and Garden Segment could change over time based on a variety of factors, including actual operating performance of the underlying businesses or the impact of future events on the cost of capital and the related discount rates used. Since the estimated fair value less cost to sell for the Lawn and Garden Segment exceeded its carrying value as of June 30, 2014, no adjustments were made to its carrying value. | |||||||||||||||||
The Company has classified and accounted for the assets and liabilities of the Lawn and Garden Segment and WEK, for periods prior to the sale, as held for sale in the accompanying Condensed Consolidated Statements of Financial Position and their operating results, net of tax, as discontinued operations in the accompanying Condensed Consolidated Statements of Income (Unaudited) for all periods presented. | |||||||||||||||||
Myers Industries, Inc. and Subsidiaries | |||||||||||||||||
Notes to Unaudited Condensed Consolidated Financial Statements - (Continued) | |||||||||||||||||
(Dollar amounts in thousands, except where otherwise indicated) | |||||||||||||||||
Summarized selected financial information for the Lawn and Garden Segment and WEK for the three and six months ended June 30, 2014 and 2013, are presented in the following table. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | $ | 46,372 | $ | 50,401 | $ | 104,677 | $ | 120,437 | |||||||||
Income (loss) from discontinued operations before income taxes | $ | (4,427 | ) | $ | 500 | $ | (10,666 | ) | $ | 3,618 | |||||||
Income tax expense (benefit) | (1,421 | ) | (407 | ) | (3,577 | ) | 624 | ||||||||||
Income (loss) from discontinued operations | (3,006 | ) | 907 | (7,089 | ) | 2,994 | |||||||||||
Net gain (loss) on sale of discontinued operations, net of tax of $1.3 million | 2,428 | — | 2,428 | — | |||||||||||||
(Loss) income from discontinued operations | $ | (578 | ) | $ | 907 | $ | (4,661 | ) | $ | 2,994 | |||||||
The assets and liabilities of discontinued operations are stated separately as of June 30, 2014 and December 31, 2013, in the Condensed Consolidated Statements of Financial Position (Unaudited) and are comprised of the following items: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets | |||||||||||||||||
Accounts receivable-net | $ | 23,260 | $ | 37,527 | |||||||||||||
Inventories | 58,256 | 53,401 | |||||||||||||||
Prepaid expenses | 1,820 | 1,682 | |||||||||||||||
Goodwill | 9,361 | 9,567 | |||||||||||||||
Patents and other intangible assets, net | 6,553 | 6,860 | |||||||||||||||
Property, plant and equipment, net | 36,975 | 51,028 | |||||||||||||||
Other | 473 | 503 | |||||||||||||||
Total Assets Held for Sale | $ | 136,698 | $ | 160,568 | |||||||||||||
Liabilities | |||||||||||||||||
Accounts payable | $ | 21,570 | $ | 29,366 | |||||||||||||
Accrued expenses and other liabilities | 10,104 | 20,133 | |||||||||||||||
Total Liabilities Held for Sale | $ | 31,674 | $ | 49,499 | |||||||||||||
The Lawn and Garden Segment restructuring plan, announced in July 2013, detailed 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. Through June 30, 2014, the Lawn and Garden Segment has incurred approximately $13 million of charges under its restructuring plan. Restructuring actions under the plan were substantially completed at June 30, 2014. | |||||||||||||||||
Myers Industries, Inc. and Subsidiaries | |||||||||||||||||
Notes to Unaudited Condensed Consolidated Financial Statements - (Continued) | |||||||||||||||||
(Dollar amounts in thousands, except where otherwise indicated) | |||||||||||||||||
Restructuring charges related to discontinued operations for the three and six months ended June 30, 2014 and 2013 are presented in the following table: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Severance and personnel | $ | 166 | $ | 238 | $ | 1,168 | $ | 260 | |||||||||
Other exit costs | 648 | 497 | 3,274 | 879 | |||||||||||||
Total | $ | 814 | $ | 735 | $ | 4,442 | $ | 1,139 | |||||||||
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
During the second quarter of 2014, the Company realigned its reportable segments as a result of organizational changes to better support its ongoing business strategy. The realignment is consistent with the manner in which our Chief Operating Decision Maker evaluates performance and makes resource allocation decisions. Using the criteria of ASC 280, Segment Reporting, the Company currently manages its business under two operating segments: Material Handling and Distribution. Certain business units that formerly reported in the Engineered Products Segment are now part of the Material Handling and Distribution Segments. Historical segment information reflects the effect of these changes. 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. | ||||||||||||||||
Material Handling | ||||||||||||||||
The Material Handling Segment includes a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products and rotationally-molded plastic tanks for water, fuel and waste handling. This segment conducts its primary operations in the United States, but also operates in Brazil and Canada. Markets served encompass various niches of industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational vehicles, marine vehicles, healthcare, appliance, bakery, electronics, textiles, consumer, and others. Products are sold both directly to end-users and through distributors. | ||||||||||||||||
Distribution | ||||||||||||||||
The Distribution Segment is engaged in the distribution of equipment, tools, and supplies used for tire servicing and automotive undervehicle repair and the manufacture of tire repair and retreading products. 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 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. | ||||||||||||||||
Discontinued Operations | ||||||||||||||||
During the quarter ended June 30, 2014, the Company’s Board of Directors approved the commencement of the sale process to divest its Lawn and Garden Segment. As a result, the Company has classified and accounted for its assets and liabilities as held for sale and its operating results, net of tax, as discontinued operations for all periods presented. | ||||||||||||||||
In addition, on June 20, 2014 the Company completed the sale of the assets and associated liabilities of WEK. As a result, the Company has classified and accounted for its assets and liabilities as held for sale and its operating results, net of tax, as discontinued operations for all periods presented through the date of sale. WEK was previously reported as part of our former Engineered Products Segment. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Net Sales | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Material Handling | $ | 103,046 | $ | 100,496 | $ | 209,723 | $ | 195,132 | ||||||||
Distribution | 49,789 | 53,211 | 93,672 | 103,617 | ||||||||||||
Inter-company Sales | (51 | ) | (84 | ) | (126 | ) | (182 | ) | ||||||||
$ | 152,784 | $ | 153,623 | $ | 303,269 | $ | 298,567 | |||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Material Handling | $ | 11,533 | $ | 13,358 | $ | 24,305 | $ | 24,840 | ||||||||
Distribution | 5,053 | 6,043 | 8,583 | 11,330 | ||||||||||||
Corporate | (5,300 | ) | (6,780 | ) | (12,719 | ) | (13,437 | ) | ||||||||
Interest expense - net | (1,667 | ) | (1,119 | ) | (3,251 | ) | (2,196 | ) | ||||||||
$ | 9,619 | $ | 11,502 | $ | 16,918 | $ | 20,537 | |||||||||
June 30, | December 31, | |||||||||||||||
Identifiable Assets | 2014 | 2013 | ||||||||||||||
Material Handling | $ | 249,146 | $ | 240,897 | ||||||||||||
Distribution | 66,910 | 63,340 | ||||||||||||||
Corporate | 45,889 | 4,652 | ||||||||||||||
Discontinued operations | 136,698 | 160,568 | ||||||||||||||
$ | 498,643 | $ | 469,457 | |||||||||||||
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
On July 2, 2014, CA Acquisition Inc., a wholly-owned subsidiary of Myers Industries, Inc. completed the purchase of substantially all of the assets of Scepter Corporation and certain real property of SHI Properties Inc., both located in Scarborough, Ontario. Contemporaneously with the asset acquisition, Crown US Acquisition Company, another wholly-owned subsidiary of Myers Industries, Inc., completed the purchase of all of the issued and outstanding membership interests of Eco One Leasing, LLC and Scepter Manufacturing, LLC, both located in Miami, Oklahoma. Eco One Leasing, LLC was subsequently merged into Scepter Manufacturing, LLC. The total purchase price for these acquisitions was approximately $157.0 million in cash, subject to adjustment for working capital and other specified items. The operating results of these acquisitions will subsequently be included in the Material Handling Segment. |
Statement_of_Accounting_Polici1
Statement of Accounting Policies (Policies) | 6 Months Ended | |
Jun. 30, 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 ("GAAP") 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. These interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2013. | ||
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 June 30, 2014, and the results of operations and cash flows for the periods presented. The results of operations for the six months ended June 30, 2014 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2014. | ||
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 ("ASC 820"), 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 June 30, 2014, the fair value of the Company's $100.0 million fixed rate senior unsecured notes were estimated at $103.1 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 | ' | |
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) | 6 Months Ended | |||||||||||
Jun. 30, 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 June 30, 2014 and June 30, 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 | ||||||||
Other comprehensive income before reclassifications | (4,994 | ) | — | (4,994 | ) | |||||||
Balance at June 30, 2013 | $ | 6,939 | $ | (2,216 | ) | $ | 4,723 | |||||
Balance at January 1, 2014 | $ | 3,493 | $ | (1,066 | ) | $ | 2,427 | |||||
Other comprehensive income before reclassifications | 54 | — | 54 | |||||||||
Balance at March 31, 2014 | 3,547 | (1,066 | ) | 2,481 | ||||||||
Other comprehensive income before reclassifications | 2,804 | — | 2,804 | |||||||||
Balance at June 30, 2014 | $ | 6,351 | $ | (1,066 | ) | $ | 5,285 | |||||
Other_Accrued_Expenses_Tables
Other Accrued Expenses (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accounts Other Accrued Expenses | ' | ||||||||
Other accrued expenses consisted of the following: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Deposits and amounts due to customers | $ | 4,660 | $ | 7,664 | |||||
Dividends payable | 4,255 | 3,174 | |||||||
Other accrued expenses | 6,438 | 5,596 | |||||||
$ | 15,353 | $ | 16,434 | ||||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
The change in goodwill | ' | |||||||||||
The change in goodwill for the six months ended June 30, 2014 was as follows: | ||||||||||||
Segment | Balance at January 1, 2014 | Foreign | Balance at June 30, 2014 | |||||||||
Currency | ||||||||||||
Translation | ||||||||||||
Material Handling | $ | 50,570 | $ | 662 | $ | 51,232 | ||||||
Distribution | 505 | — | 505 | |||||||||
$ | 51,075 | $ | 662 | $ | 51,737 | |||||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 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 | Six Month Ended | |||||||||||
June 30, | June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average common shares outstanding | ||||||||||||
Basic | 32,425,994 | 33,559,398 | 32,892,864 | 33,529,004 | ||||||||
Dilutive effect of stock options and restricted stock | 536,796 | 318,554 | 494,245 | 368,958 | ||||||||
Weighted average common shares outstanding diluted | 32,962,790 | 33,877,952 | 33,387,109 | 33,897,962 | ||||||||
Restructuring_Tables
Restructuring (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 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 | 259 | 75 | 334 | |||||||||
Less: Payments | (577 | ) | (75 | ) | (652 | ) | ||||||
Balance at June 30, 2013 | $ | — | $ | — | $ | — | ||||||
Balance at January 1, 2014 | $ | — | $ | — | $ | — | ||||||
Provision | 797 | 70 | 867 | |||||||||
Less: Payments | (797 | ) | (70 | ) | (867 | ) | ||||||
Balance at June 30, 2014 | $ | — | $ | — | $ | — | ||||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 6 Months Ended | ||||||||
Jun. 30, 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 June 30, 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 | (167,333 | ) | 12.24 | ||||||
Canceled or forfeited | (33,785 | ) | 15.39 | ||||||
Outstanding at June 30, 2014 | 1,582,954 | $ | 13.22 | 6.14 years | |||||
Exercisable at June 30, 2014 | 1,131,117 | $ | 11.65 | 5.02 years | |||||
Summary of restricted stock activity for the period | ' | ||||||||
The following table provides a summary of combined RSU and restricted stock activity for the period ended June 30, 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 | (16,300 | ) | 17.22 | ||||||
Unvested at June 30, 2014 | 239,496 | $ | 16.8 | ||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
Long-term debt consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Loan Agreement | $ | 38,500 | $ | 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 | — | ||||||
138,500 | 45,200 | |||||||
Less unamortized deferred financing fees | 766 | 853 | ||||||
$ | 137,734 | $ | 44,347 | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Net periodic pension cost | ' | |||||||||||||||
Net periodic pension cost are as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 70 | $ | 65 | $ | 140 | $ | 130 | ||||||||
Expected return on assets | (93 | ) | (83 | ) | (185 | ) | (166 | ) | ||||||||
Amortization of actuarial net loss | 11 | 28 | 22 | 56 | ||||||||||||
Net periodic pension (benefit) cost | $ | (12 | ) | $ | 10 | $ | (23 | ) | $ | 20 | ||||||
Company contributions | $ | 72 | $ | 80 | $ | 152 | $ | 203 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ||||||||||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||||||||||
Lawn and Garden Segment and WEK | ' | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||||||||
Summarized selected financial information for the Lawn and Garden Segment and WEK for the three and six months ended June 30, 2014 and 2013, are presented in the following table. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | $ | 46,372 | $ | 50,401 | $ | 104,677 | $ | 120,437 | |||||||||
Income (loss) from discontinued operations before income taxes | $ | (4,427 | ) | $ | 500 | $ | (10,666 | ) | $ | 3,618 | |||||||
Income tax expense (benefit) | (1,421 | ) | (407 | ) | (3,577 | ) | 624 | ||||||||||
Income (loss) from discontinued operations | (3,006 | ) | 907 | (7,089 | ) | 2,994 | |||||||||||
Net gain (loss) on sale of discontinued operations, net of tax of $1.3 million | 2,428 | — | 2,428 | — | |||||||||||||
(Loss) income from discontinued operations | $ | (578 | ) | $ | 907 | $ | (4,661 | ) | $ | 2,994 | |||||||
The assets and liabilities of discontinued operations are stated separately as of June 30, 2014 and December 31, 2013, in the Condensed Consolidated Statements of Financial Position (Unaudited) and are comprised of the following items: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets | |||||||||||||||||
Accounts receivable-net | $ | 23,260 | $ | 37,527 | |||||||||||||
Inventories | 58,256 | 53,401 | |||||||||||||||
Prepaid expenses | 1,820 | 1,682 | |||||||||||||||
Goodwill | 9,361 | 9,567 | |||||||||||||||
Patents and other intangible assets, net | 6,553 | 6,860 | |||||||||||||||
Property, plant and equipment, net | 36,975 | 51,028 | |||||||||||||||
Other | 473 | 503 | |||||||||||||||
Total Assets Held for Sale | $ | 136,698 | $ | 160,568 | |||||||||||||
Liabilities | |||||||||||||||||
Accounts payable | $ | 21,570 | $ | 29,366 | |||||||||||||
Accrued expenses and other liabilities | 10,104 | 20,133 | |||||||||||||||
Total Liabilities Held for Sale | $ | 31,674 | $ | 49,499 | |||||||||||||
Lawn and Garden | ' | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ||||||||||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||||||||||
Restructuring charges related to discontinued operations for the three and six months ended June 30, 2014 and 2013 are presented in the following table: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Severance and personnel | $ | 166 | $ | 238 | $ | 1,168 | $ | 260 | |||||||||
Other exit costs | 648 | 497 | 3,274 | 879 | |||||||||||||
Total | $ | 814 | $ | 735 | $ | 4,442 | $ | 1,139 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Net Sales by Segment | ' | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Net Sales | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Material Handling | $ | 103,046 | $ | 100,496 | $ | 209,723 | $ | 195,132 | ||||||||
Distribution | 49,789 | 53,211 | 93,672 | 103,617 | ||||||||||||
Inter-company Sales | (51 | ) | (84 | ) | (126 | ) | (182 | ) | ||||||||
$ | 152,784 | $ | 153,623 | $ | 303,269 | $ | 298,567 | |||||||||
Schedule of Income Before Income Taxes by Segment | ' | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Material Handling | $ | 11,533 | $ | 13,358 | $ | 24,305 | $ | 24,840 | ||||||||
Distribution | 5,053 | 6,043 | 8,583 | 11,330 | ||||||||||||
Corporate | (5,300 | ) | (6,780 | ) | (12,719 | ) | (13,437 | ) | ||||||||
Interest expense - net | (1,667 | ) | (1,119 | ) | (3,251 | ) | (2,196 | ) | ||||||||
$ | 9,619 | $ | 11,502 | $ | 16,918 | $ | 20,537 | |||||||||
Schedule of Indefinable Assets by Segment | ' | |||||||||||||||
June 30, | December 31, | |||||||||||||||
Identifiable Assets | 2014 | 2013 | ||||||||||||||
Material Handling | $ | 249,146 | $ | 240,897 | ||||||||||||
Distribution | 66,910 | 63,340 | ||||||||||||||
Corporate | 45,889 | 4,652 | ||||||||||||||
Discontinued operations | 136,698 | 160,568 | ||||||||||||||
$ | 498,643 | $ | 469,457 | |||||||||||||
Statement_of_Accounting_Polici3
Statement of Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Foreign Currency | Foreign Currency | Foreign Currency | Foreign Currency | Defined Benefit Pension Plans | Defined Benefit Pension Plans | Defined Benefit Pension Plans | Defined Benefit Pension Plans | Accumulative Other Comprehensive Income | Accumulative Other Comprehensive Income | Accumulative Other Comprehensive Income | Accumulative Other Comprehensive Income | 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 | $103,100,000 | $10,800,000 |
Accumlated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | 2,427,000 | ' | 3,547,000 | 3,493,000 | 11,933,000 | 12,784,000 | -1,066,000 | -1,066,000 | -2,216,000 | -2,141,000 | 2,481,000 | 2,427,000 | 9,717,000 | 10,643,000 | ' | ' | ' | ' |
Other comprehensive income before reclassifications | ' | ' | ' | ' | 2,804,000 | 54,000 | -4,994,000 | -851,000 | 0 | 0 | 0 | 0 | 2,804,000 | 54,000 | -4,994,000 | -851,000 | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | -75,000 | ' | ' | ' | -75,000 | ' | ' | ' | ' |
Total other comprehensive income (loss), net of tax | 2,804,000 | -4,994,000 | 2,858,000 | -5,920,000 | ' | ' | ' | -851,000 | ' | ' | ' | -75,000 | ' | ' | ' | -926,000 | ' | ' | ' | ' |
Ending balance | $5,285,000 | ' | $5,285,000 | ' | $6,351,000 | $3,547,000 | $6,939,000 | $11,933,000 | ($1,066,000) | ($1,066,000) | ($2,216,000) | ($2,216,000) | $5,285,000 | $2,481,000 | $4,723,000 | $9,717,000 | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) | Jun. 30, 2014 |
Inventory Disclosure [Abstract] | ' |
Percentage of LIFO Inventory | 40.00% |
Other_Accrued_Expenses_Details
Other Accrued Expenses (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Deposits and amounts due to customers | $4,660 | $7,664 |
Dividends payable | 4,255 | 3,174 |
Other accrued expenses | 6,438 | 5,596 |
Other accrued expenses, Total | $15,353 | $16,434 |
Goodwill_Details
Goodwill (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2014 | $51,075 |
Foreign Currency Translation | 662 |
Balance at June 30, 2014 | 51,737 |
Material Handling | ' |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2014 | 50,570 |
Foreign Currency Translation | 662 |
Balance at June 30, 2014 | 51,232 |
Distribution | ' |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2014 | 505 |
Foreign Currency Translation | 0 |
Balance at June 30, 2014 | $505 |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic (in shares) | 32,425,994 | 33,559,398 | 32,892,864 | 33,529,004 |
Dilutive effect of stock options and restricted stock (in shares) | 536,796 | 318,554 | 494,245 | 368,958 |
Weighted average common shares outstanding diluted (in shares) | 32,962,790 | 33,877,952 | 33,387,109 | 33,897,962 |
Net_Income_Per_Common_Share_We
Net Income Per Common Share Weighted average number of common shares outstanding during the period (Details) (Stock Option) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Option | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Options to purchase common stock outstanding (in shares) | 199,500 | 470,000 |
Restructuring_Restructuring_Ch
Restructuring Restructuring Charges by Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $375 | $33 | $867 | $334 |
Material Handling | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 107 | 15 | 107 | 225 |
Distribution | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 268 | 18 | 760 | 92 |
Corporate | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | 17 |
Cost of Sales | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 77 | 15 | 77 | 177 |
Cost of Sales | Material Handling | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 77 | 15 | 77 | 177 |
Cost of Sales | Distribution | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0 | 0 | 0 | 0 |
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 | 298 | 18 | 790 | 157 |
Selling, General and Administrative Expenses | Material Handling | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 30 | 0 | 30 | 48 |
Selling, General and Administrative Expenses | Distribution | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 268 | 18 | 760 | 92 |
Selling, General and Administrative Expenses | Corporate | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | $17 |
Restructuring_Reserve_Details
Restructuring Reserve (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Severance & Personnel | Severance & Personnel | Other Exit Costs | Other Exit Costs | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Lawn and Garden | Distribution | Distribution | Distribution | Distribution | Distribution | Distribution | Distribution | Distribution | Distribution | Distribution | Distribution | Distribution | |||||
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year to date restructuring charge | $375 | $33 | $867 | $334 | ' | ' | ' | ' | $298 | $18 | $790 | $157 | $77 | $15 | $77 | $177 | $13,000 | $268 | $18 | $760 | $92 | $268 | $18 | $760 | $92 | $0 | $0 | $0 | $0 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning | ' | ' | 0 | 318 | 0 | 318 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision | ' | ' | 867 | 334 | 797 | 259 | 70 | 75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Payments | ' | ' | -867 | -652 | -797 | -577 | -70 | -75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, ending | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Compensation_Details
Stock Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $0.80 | $1.10 | $1.60 | $1.50 |
Options Granted (in shares) | ' | ' | 209,500 | ' |
The total intrinsic value of all stock options exercised | 0.2 | 0.8 | 1.4 | ' |
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 | $5.70 | ' | $5.70 | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted (in shares) | 104,100 | ' | 104,100 | ' |
Granted, Average Grant Date Fair Value (in dollars per share) | $20.93 | ' | $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 | ' | 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 $) | 6 Months Ended |
Jun. 30, 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 $) | 6 Months Ended |
Jun. 30, 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) | -167,333 |
Cancelled or Forfeited (in shares) | -33,785 |
Outstanding at March 31, 2014 (in shares) | 1,582,954 |
Exercisable at March 31, 2014 (in shares) | 1,131,117 |
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) | $12.24 |
Cancelled or forfeited, average exercise price (in dollars per share) | $15.39 |
Outstanding at March 31, 2014 Average Price (in dollars per share) | $13.22 |
Exercisable at March 31, 2014, Average Exercise Price (in dollars per share) | $11.65 |
Outstanding at March 31, 2014 Weighted Average Life | '6 years 1 month 21 days |
Exercisable at March 31, 2014, Weighted Average Life | '5 years 0 months 7 days |
Stock_Compensation_Summary_of_1
Stock Compensation Summary of restricted stock activity (Details) (Restricted Stock [Member], USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 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 | 104,100 |
Released (in shares) | ' | -123,829 |
Cancelled or forfeited (in shares) | ' | -16,300 |
Unvested at March 31, 2013 (in shares) | 239,496 | 239,496 |
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 | $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) | ' | $17.22 |
Unvested shares at March 31, 2013, Average Grant Date Fair Value (in dollars per share) | $16.80 | $16.80 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $138,500 | $45,200 |
Long-term Debt, net of deferred financing costs | 137,734 | 44,347 |
Loan Agreement | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 38,500 | 34,200 |
Less unamortized deferred financing fees | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Less unamortized deferred financing fees | 766 | 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 $) | 6 Months Ended | 1 Months Ended | |||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Oct. 22, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 30-May-14 | 29-May-14 | |
Senior Unsecured Note | Loan Agreement | Loan Agreement | Less unamortized deferred financing fees | Less unamortized deferred financing fees | Less unamortized deferred financing fees | Loan Agreement | Loan Agreement | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity on line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | $200,000,000 |
Remaining amount available under the line of credit | ' | ' | ' | ' | 256,900,000 | ' | ' | ' | ' | ' | ' |
Letters of credit | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount on debt instruments | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 138,500,000 | ' | 45,200,000 | ' | 38,500,000 | 34,200,000 | ' | ' | ' | ' | ' |
Unamortized debt issuance expense | ' | ' | ' | ' | ' | ' | ' | 853,000 | 766,000 | ' | ' |
Proceeds from long-term debt | $89,000,000 | $0 | ' | ' | ' | ' | $89,000,000 | $11,000,000 | ' | ' | ' |
Retirement_Plans_Details
Retirement Plans (Details) (Pension Plans, Defined Benefit [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | $70,000 | $65,000 | $140,000 | $130,000 |
Expected return on assets | -93,000 | -83,000 | -185,000 | -166,000 |
Amortization of actuarial net loss | 11,000 | 28,000 | 22,000 | 56,000 |
Net periodic pension (benefit) cost | -12,000 | 10,000 | -23,000 | 20,000 |
Company contributions | 72,000 | 80,000 | 152,000 | 203,000 |
Anticipated company contributions | ' | ' | $300,000 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | $1.50 | $1.20 |
Accrued income taxes | 0.1 | ' |
Unrecognized Tax Benefits | $0.40 | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 20, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
WEK | WEK | Lawn and Garden Segment and WEK | Lawn and Garden Segment and WEK | Lawn and Garden Segment and WEK | Lawn and Garden Segment and WEK | Lawn and Garden Segment and WEK | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | ' | ' | ' | $19,949,000 | ' | ' | ' | ' | ' | ' |
Adjustment to working capital | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses, Held in Escrow | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | ' | ' | ' | ' | ' | 1,307,000 | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | 46,372,000 | 50,401,000 | 104,677,000 | 120,437,000 | ' |
Income (loss) from discontinued operations before income taxes | ' | ' | ' | ' | ' | ' | -4,427,000 | 500,000 | -10,666,000 | 3,618,000 | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | -1,421,000 | -407,000 | -3,577,000 | 624,000 | ' |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | -3,006,000 | 907,000 | -7,089,000 | 2,994,000 | ' |
Net gain (loss) on sale of discontinued operations, net of tax of $1.3 million | ' | ' | ' | ' | ' | 2,428,000 | 2,428,000 | 0 | 2,428,000 | 0 | ' |
(Loss) income from discontinued operations | -578,000 | 907,000 | -4,661,000 | 2,994,000 | ' | ' | -578,000 | 907,000 | -4,661,000 | 2,994,000 | ' |
Assets of Disposal Group, Including Discontinued Operation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable-net | ' | ' | ' | ' | ' | ' | 23,260,000 | ' | 23,260,000 | ' | 37,527,000 |
Inventories | ' | ' | ' | ' | ' | ' | 58,256,000 | ' | 58,256,000 | ' | 53,401,000 |
Prepaid expenses | ' | ' | ' | ' | ' | ' | 1,820,000 | ' | 1,820,000 | ' | 1,682,000 |
Goodwill | ' | ' | ' | ' | ' | ' | 9,361,000 | ' | 9,361,000 | ' | 9,567,000 |
Patents and other intangible assets, net | ' | ' | ' | ' | ' | ' | 6,553,000 | ' | 6,553,000 | ' | 6,860,000 |
Property, plant and equipment, net | ' | ' | ' | ' | ' | ' | 36,975,000 | ' | 36,975,000 | ' | 51,028,000 |
Other | ' | ' | ' | ' | ' | ' | 473,000 | ' | 473,000 | ' | 503,000 |
Total Assets Held for Sale | ' | ' | ' | ' | ' | ' | 136,698,000 | ' | 136,698,000 | ' | 160,568,000 |
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' | 21,570,000 | ' | 21,570,000 | ' | 29,366,000 |
Accrued expenses and other liabilities | ' | ' | ' | ' | ' | ' | 10,104,000 | ' | 10,104,000 | ' | 20,133,000 |
Total Liabilities Held for Sale | ' | ' | ' | ' | ' | ' | $31,674,000 | ' | $31,674,000 | ' | $49,499,000 |
Discontinued_Operations_Restru
Discontinued Operations (Restructuring) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
facility | Lawn and Garden | Lawn and Garden | Lawn and Garden | Lawn and Garden | Severance & Personnel | Severance & Personnel | Severance & Personnel | Severance & Personnel | Other Exit Costs | Other Exit Costs | Other Exit Costs | Other Exit Costs | Lawn and Garden | |||||
Lawn and Garden | Lawn and Garden | Lawn and Garden | Lawn and Garden | Lawn and Garden | Lawn and Garden | Lawn and Garden | Lawn and Garden | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Manufacturing Plants | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | $375 | $33 | $867 | $334 | ' | $814 | $735 | $4,442 | $1,139 | $166 | $238 | $1,168 | $260 | $648 | $497 | $3,274 | $879 | $13,000 |
Segment_Information_Schedule_o
Segment Information Schedule of Net Sales by Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | $152,784 | $153,623 | $303,269 | $298,567 |
Material Handling | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 103,046 | 100,496 | 209,723 | 195,132 |
Distribution | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 49,789 | 53,211 | 93,672 | 103,617 |
Intra-segment Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | ($51) | ($84) | ($126) | ($182) |
Segment_Information_Schedule_o1
Segment Information Schedule of Income Before Income Taxes by Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | $11,286 | $12,621 | $20,169 | $22,733 |
Interest Expense | -1,667 | -1,119 | -3,251 | -2,196 |
Income from continuing operations before income taxes | 9,619 | 11,502 | 16,918 | 20,537 |
Material Handling | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | 11,533 | 13,358 | 24,305 | 24,840 |
Distribution | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | 5,053 | 6,043 | 8,583 | 11,330 |
Corporate | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | ($5,300) | ($6,780) | ($12,719) | ($13,437) |
Segment_Information_Identifiab
Segment Information (Identifiable Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | $498,643 | $469,457 |
Material Handling | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 249,146 | 240,897 |
Distribution | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 66,910 | 63,340 |
Corporate | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 45,889 | 4,652 |
Discontinued operations | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $136,698 | $160,568 |
Subsequent_Event_Details
Subsequent Event (Details) (Various acquisitions, Subsequent Event, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jul. 02, 2014 |
Various acquisitions | Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Purchase price of acquisitions | $157 |