Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | MYERS INDUSTRIES INC | ||
Entity Central Index Key | 69,488 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 588,922,537 | ||
Entity Common Stock, Shares Outstanding | 29,546,342 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 601,538 | $ 623,649 | $ 584,733 |
Cost of sales | 423,260 | 462,370 | 415,179 |
Gross profit | 178,278 | 161,279 | 169,554 |
Selling expenses | 60,752 | 60,261 | 55,398 |
General and administrative expenses | 86,665 | 78,400 | 69,840 |
Operating Expenses | 147,417 | 138,661 | 125,238 |
Operating income | 30,861 | 22,618 | 44,316 |
Interest | |||
Income | (1,317) | (127) | (213) |
Expense | 10,316 | 8,662 | 4,744 |
Interest expense, net | 8,999 | 8,535 | 4,531 |
Income from continuing operations before income taxes | 21,862 | 14,083 | 39,785 |
Income tax expense | 7,809 | 5,122 | 13,343 |
Income from continuing operations | 14,053 | 8,961 | 26,442 |
Income (loss) from discontinued operations, net of tax | 3,709 | (17,642) | (440) |
Net income (loss) | $ 17,762 | $ (8,681) | $ 26,002 |
Income per common share from continuing operations: | |||
Basic | $ 0.46 | $ 0.28 | $ 0.78 |
Diluted | 0.45 | 0.27 | 0.77 |
Income (loss) per common share from discontinued operations: | |||
Basic | 0.12 | (0.55) | (0.01) |
Diluted | 0.12 | (0.54) | (0.01) |
Net income (loss) per share: | |||
Basic | 0.58 | (0.27) | 0.77 |
Diluted | 0.57 | (0.27) | 0.76 |
Dividends declared per share | $ 0.54 | $ 0.52 | $ 0.36 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 17,762 | $ (8,681) | $ 26,002 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustment | (27,622) | (13,318) | (9,292) |
Pension liability, net of tax expense (benefit) of $113 in 2015, ($448) in 2014 and $605 in 2013 | 200 | (797) | 1,076 |
Total other comprehensive income (loss), net of tax | (27,422) | (14,115) | (8,216) |
Comprehensive income (loss) | $ (9,660) | $ (22,796) | $ 17,786 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Tax expense (benefit) on pension liability | $ 113 | $ (448) | $ 605 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash | $ 7,344 | $ 4,676 |
Restricted cash | 8,627 | 0 |
Accounts receivable-less allowances of $559 and $782, respectively | 77,633 | 90,664 |
Inventories | ||
Finished and in-process products | 39,840 | 40,122 |
Raw materials and supplies | 14,898 | 23,216 |
Inventory net | 54,738 | 63,338 |
Prepaid expenses and other assets | 5,966 | 6,591 |
Deferred income taxes | 0 | 2,397 |
Assets held for sale - current | 0 | 117,775 |
Total Current Assets | 154,308 | 285,441 |
Other Assets | ||
Goodwill | 64,035 | 66,639 |
Intangible assets, net | 58,530 | 72,235 |
Deferred income taxes | 840 | 545 |
Notes receivable | 17,981 | 0 |
Other | 3,449 | 3,207 |
Total other non current assets | 144,835 | 142,626 |
Property, Plant and Equipment, at Cost | ||
Land | 7,960 | 8,405 |
Buildings and leasehold improvements | 62,519 | 57,537 |
Machinery and equipment | 345,277 | 335,963 |
Property, Plant and Equipment, at cost | 415,756 | 401,905 |
Less allowances for depreciation and amortization | (284,983) | (265,139) |
Property, plant and equipment, net | 130,773 | 136,766 |
Total Assets | 429,916 | 564,833 |
Current Liabilities | ||
Accounts payable | 71,310 | 77,320 |
Accrued expenses | ||
Employee compensation | 17,832 | 14,967 |
Income taxes | 0 | 3,086 |
Taxes, other than income taxes | 1,733 | 1,940 |
Accrued interest | 2,709 | 3,207 |
Liabilities held for sale | 0 | 27,122 |
Other | 23,228 | 26,172 |
Total Current Liabilities | 116,812 | 153,814 |
Long-term debt | 193,006 | 236,429 |
Other liabilities | 12,354 | 13,738 |
Deferred income taxes | 10,041 | 14,281 |
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 29,521,566 and 31,162,962; net of treasury shares of 8,430,891 and 6,604,175, respectively) | 17,895 | 18,855 |
Additional paid-in capital | 196,743 | 218,394 |
Accumulated other comprehensive loss | (39,110) | (11,688) |
Retained deficit | (77,825) | (78,990) |
Total Shareholders’ Equity | 97,703 | 146,571 |
Total Liabilities and Shareholders’ Equity | $ 429,916 | $ 564,833 |
Consolidated Statements of Fin6
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Allowances for accounts receivable | $ 559 | $ 782 |
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) | 29,521,566 | 31,162,962 |
Common shares, treasury (in shares) | 8,430,891 | 6,604,175 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Deficit |
Balance at Dec. 31, 2012 | $ 230,022 | $ 20,316 | $ 266,419 | $ 10,643 | $ (67,356) |
Balance, shares at Dec. 31, 2012 | 33,480,189 | ||||
Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 26,002 | $ 0 | 0 | 0 | 26,002 |
Issuances under option plans | $ 5,693 | $ 299 | 5,394 | 0 | 0 |
Issuances under option plans, shares | 503,321 | 503,321 | |||
Dividend reinvestment plan | $ 113 | $ 4 | 109 | 0 | 0 |
Dividend reinvestment plan, shares | 7,390 | ||||
Restricted stock vested | 0 | $ 0 | 0 | 0 | 0 |
Restricted stock vested, shares | 112,000 | ||||
Restricted stock and stock option grants | 2,237 | $ 0 | 2,237 | 0 | 0 |
Restricted stock and stock option grants (shares) | 33,152 | ||||
Tax benefit from options | 389 | $ 0 | 389 | 0 | 0 |
Foreign currency translation adjustment | (9,292) | 0 | 0 | (9,292) | 0 |
Repurchase of common stock | (8,096) | $ (314) | (7,782) | 0 | 0 |
Repurchase of common stock (shares) | (530,983) | ||||
Stock contributions | 202 | $ 8 | 194 | 0 | 0 |
Stock contributions, shares | 12,682 | ||||
Shares withheld for employee taxes on equity awards | (684) | $ 0 | (684) | 0 | 0 |
Shares withheld for employee taxes on equity awards, shares | (44,973) | ||||
Declared dividends | (12,155) | $ 0 | 0 | 0 | (12,155) |
Pension liability, net of tax expense (benefit) of $113 in 2015, ($448) in 2014 and $605 in 2013 | 1,076 | 0 | 0 | 1,076 | 0 |
Balance at Dec. 31, 2013 | 235,507 | $ 20,313 | 266,276 | 2,427 | (53,509) |
Balance, shares at Dec. 31, 2013 | 33,572,778 | ||||
Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (8,681) | $ 0 | 0 | 0 | (8,681) |
Issuances under option plans | $ 2,792 | $ 138 | 2,654 | 0 | 0 |
Issuances under option plans, shares | 228,064 | 227,664 | |||
Dividend reinvestment plan | $ 134 | $ 4 | 130 | 0 | 0 |
Dividend reinvestment plan, shares | 7,159 | ||||
Restricted stock vested | 0 | $ 75 | (75) | 0 | 0 |
Restricted stock vested, shares | 123,829 | ||||
Restricted stock and stock option grants | 2,835 | $ 10 | 2,825 | 0 | 0 |
Restricted stock and stock option grants (shares) | 15,055 | ||||
Tax benefit from options | 679 | $ 0 | 679 | 0 | 0 |
Foreign currency translation adjustment | (13,318) | 0 | 0 | (13,318) | 0 |
Repurchase of common stock | (54,897) | $ (1,660) | (53,237) | 0 | 0 |
Repurchase of common stock (shares) | (2,742,506) | ||||
Stock contributions | 200 | $ 6 | 194 | 0 | 0 |
Stock contributions, shares | 9,376 | ||||
Shares withheld for employee taxes on equity awards | (1,083) | $ (31) | (1,052) | 0 | 0 |
Shares withheld for employee taxes on equity awards, shares | (50,393) | ||||
Declared dividends | (16,800) | $ 0 | 0 | 0 | (16,800) |
Pension liability, net of tax expense (benefit) of $113 in 2015, ($448) in 2014 and $605 in 2013 | (797) | 0 | 0 | (797) | 0 |
Balance at Dec. 31, 2014 | $ 146,571 | $ 18,855 | 218,394 | (11,688) | (78,990) |
Balance, shares at Dec. 31, 2014 | 31,162,962 | 31,162,962 | |||
Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 17,762 | $ 0 | 0 | 0 | 17,762 |
Issuances under option plans | $ 2,775 | $ 162 | 2,613 | 0 | 0 |
Issuances under option plans, shares | 239,508 | 239,908 | |||
Dividend reinvestment plan | $ 149 | $ 5 | 144 | 0 | 0 |
Dividend reinvestment plan, shares | 8,968 | ||||
Restricted stock vested | 0 | $ 78 | (78) | 0 | 0 |
Restricted stock vested, shares | 120,723 | ||||
Restricted stock and stock option grants | 5,277 | $ 0 | 5,277 | 0 | 0 |
Restricted stock and stock option grants (shares) | 0 | ||||
Tax benefit from options | 38 | $ 0 | 38 | 0 | 0 |
Foreign currency translation adjustment | (27,622) | 0 | 0 | (27,622) | 0 |
Repurchase of common stock | (30,023) | $ (1,193) | (28,830) | 0 | 0 |
Repurchase of common stock (shares) | (1,992,379) | ||||
Stock contributions | 148 | $ 5 | 143 | 0 | 0 |
Stock contributions, shares | 8,250 | ||||
Shares withheld for employee taxes on equity awards | (975) | $ (17) | (958) | 0 | 0 |
Shares withheld for employee taxes on equity awards, shares | (26,866) | ||||
Declared dividends | (16,597) | $ 0 | 0 | 0 | (16,597) |
Pension liability, net of tax expense (benefit) of $113 in 2015, ($448) in 2014 and $605 in 2013 | 200 | 0 | 0 | 200 | 0 |
Balance at Dec. 31, 2015 | $ 97,703 | $ 17,895 | $ 196,743 | $ (39,110) | $ (77,825) |
Balance, shares at Dec. 31, 2015 | 29,521,566 | 29,521,566 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends declared per share (in dollars per share) | $ 0.54 | $ 0.52 | $ 0.36 |
Tax expense (benefit) on pension liability | $ 113 | $ (448) | $ 605 |
Retained Deficit | |||
Dividends declared per share (in dollars per share) | $ 0.54 | $ 0.52 | $ 0.36 |
Accumulated Other Comprehensive Income (Loss) | |||
Tax expense (benefit) on pension liability | $ 113 | $ 448 | $ 605 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities | |||
Net income (loss) | $ 17,762 | $ (8,681) | $ 26,002 |
Income (loss) from discontinued operations, net of income taxes | 3,709 | (17,642) | (440) |
Income from continuing operations | 14,053 | 8,961 | 26,442 |
Adjustments to reconcile income from continuing operations to net cash provided by (used for) operating activities | |||
Depreciation | 24,712 | 24,173 | 20,386 |
Amortization | 10,267 | 6,999 | 3,142 |
Non-cash stock compensation | 4,934 | 3,115 | 2,557 |
Deferred taxes | (315) | (2,665) | (2,729) |
Tax benefit from options | (38) | (679) | (390) |
Other | 762 | 562 | 1,257 |
Payments on performance based compensation | (1,303) | (1,293) | (1,719) |
Accrued interest income on note receivable | (1,060) | 0 | 0 |
Other long-term liabilities | 1,106 | 341 | (978) |
Cash flows provided by (used for) working capital | |||
Accounts receivable | 3,499 | 2,710 | (1,964) |
Inventories | 5,271 | 2,377 | 3,011 |
Prepaid expenses and other assets | 573 | (966) | (840) |
Accounts payable and accrued expenses | (13,107) | 8,122 | 26,758 |
Net cash provided by (used for) operating activities - continuing operations | 49,354 | 51,757 | 74,933 |
Net cash provided by (used for) operating activities - discontinued operations | (11,622) | (13,062) | 21,135 |
Net cash provided by (used for) operating activities | 37,732 | 38,695 | 96,068 |
Cash Flows From Investing Activities | |||
Capital expenditures | (23,727) | (24,170) | (20,709) |
Acquisition of business, net of cash acquired | 0 | (156,620) | (600) |
Proceeds from sale of property, plant and equipment | 1,261 | 566 | 0 |
Proceeds from sale of business | 70,762 | 0 | 0 |
Other | 0 | 0 | (273) |
Net cash provided by (used for) investing activities - continuing operations | 48,296 | (180,224) | (21,582) |
Net cash provided by (used for) investing activities - discontinued operations | (581) | 11,626 | (8,359) |
Net cash provided by (used for) investing activities | 47,715 | (168,598) | (29,941) |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 0 | 89,000 | 11,000 |
Repayments on long-term debt | 0 | 0 | (32,683) |
Net (repayments) borrowing on credit facility | (37,110) | 106,493 | (24,492) |
Cash dividends paid | (16,675) | (15,707) | (9,103) |
Proceeds from issuance of common stock | 2,924 | 2,926 | 5,805 |
Tax benefit from options | 38 | 679 | 390 |
Repurchase of common stock | (30,023) | (54,897) | (8,096) |
Shares withheld for employee taxes on equity awards | (975) | (1,083) | (684) |
Deferred financing costs | 0 | (547) | (608) |
Net cash provided by (used for) financing activities - continuing operations | (81,821) | 126,864 | (58,471) |
Net cash provided by (used for) financing activities - discontinued operations | 0 | 0 | (2,317) |
Net cash provided by (used for) financing activities | (81,821) | 126,864 | (60,788) |
Foreign exchange rate effect on cash | (958) | 1,176 | (2,748) |
Net increase (decrease) in cash | 2,668 | (1,863) | 2,591 |
Cash at January 1 | 4,676 | 6,539 | 3,948 |
Cash at December 31 | 7,344 | 4,676 | 6,539 |
Supplemental Disclosures of Cash Flow Information | |||
Interest | 10,131 | 4,973 | 4,196 |
Income taxes | $ 10,138 | $ 11,355 | $ 12,321 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity or cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. Certain items previously reported in specific financial statement captions have been reclassified to conform to the fiscal 2015 presentation. Accounting Standards Adopted In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-17, Balance Sheet Classification of Deferred Taxes , which amends the existing guidance to require that deferred income tax liabilities and assets be classified as noncurrent in a classified balance sheet and eliminates the prior guidance, which required an entity to separate deferred tax liabilities and assets into a current amount and a noncurrent amount in a classified balance sheet. The amendments in this ASU are effective for financial statements for annual periods and interim periods within those annual periods beginning after December 15, 2016, with early adoption permitted. In addition, the new guidance can be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company adopted this ASU on a prospective basis effective as of December 31, 2015. As required by ASU 2015-17, all deferred tax assets and liabilities are classified as noncurrent in the Consolidated Statements of Financial Position as of December 31, 2015. As the Company elected prospective application of this ASU, . In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 300): Simplifying the Measurement of Inventory Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-03) In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers 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 Accounting Standards Codification (“ Fair Value Measurements and Disclosures 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 Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximate 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 December 31, 2015 and 2014, the aggregate fair value of the Company's $100.0 million fixed rate senior unsecured notes was estimated at $102.1 million and $106.8 million, respectively. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. The Company’s largest single customer in 2015 accounts for approximately 4% of net sales with no other customer greater than 3%. Outside of the United States, only customers located in Brazil and Canada, which account for approximately 5% and 5% of net sales, respectively, are significant to the Company’s operations. In addition, management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company also reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due the Company could be reduced by a material amount. Expense related to bad debts was approximately $0.3 million, $0.4 million and $0.5 million for the years 2015, 2014 and 2013, respectively. Deductions from the allowance for doubtful accounts, net of recoveries, were approximately $0.5 million, $0.9 million and $0.8 million for the years 2015, 2014 and 2013, respectively. Factoring The Company's wholly-owned subsidiaries Plasticos Novel Do Nordeste S.A. and Plasticos Novel Do Parana S.A. (collectively, "Novel") entered into a factoring agreement to sell, without recourse, certain of their Brazilian real-based trade accounts receivables to unrelated third party financial institutions as part of its working capital management. The sale of these receivables accelerated the collection of cash and reduced credit exposure. Under the terms of the factoring agreements, the Company retains no rights or interest and has no obligations with respect to the sold receivables. As such, the factoring of trade receivables under these agreements are accounted for as a sale. The Company accounts for its trade receivable factoring program as required under ASC 860, Transfers and Servicing Inventories Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 40 percent of our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost. If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $5.1 million, $6.8 million and $8.1 million higher than reported at December 31, 2015, 2014 and 2013, respectively. The liquidation of LIFO inventories decreased cost of sales and increased income from continuing operations before income taxes by less than $0.1 million in 2015, $0.4 million in 2014 and less than $0.1 million in 2013. Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: Buildings 20 to 40 years Machinery and Equipment 3 to 10 years Leasehold Improvements 5 to 10 years At December 31, 2015 and 2014, the Company had approximately $4.1 million and $2.1 million, respectively, of capitalized software costs included in machinery and equipment on the accompanying Consolidated Statements of Financial Position. Amortization expense related to capitalized software costs was approximately $0.5 million, $0.3 million and $0.1 million in 2015, 2014 and 2013, respectively. Long-Lived Assets The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset. For assets held for disposal, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. Refer to Note 4 for discussion of the Lawn and Garden business 2014 impairment charge. Revenue Recognition The Company recognizes revenues from the sale of products, net of 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 (Loss) Changes in accumulated other comprehensive income (loss) and are as follows: Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2013 $ 12,785 $ (2,142 ) $ 10,643 Other comprehensive income (loss) before reclassifications (9,292 ) 1,005 (8,287 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($40) (1) — 71 71 Net current-period other comprehensive income (loss) (9,292 ) 1,076 (8,216 ) Balance at December 31, 2013 3,493 (1,066 ) 2,427 Other comprehensive income (loss) before reclassifications (13,318 ) (826 ) (14,144 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($16) (1) — 29 29 Net current-period other comprehensive income (loss) (13,318 ) (797 ) (14,115 ) Balance at December 31, 2014 (9,825 ) (1,863 ) (11,688 ) Other comprehensive income (loss) before reclassifications (17,131 ) 144 (16,987 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($32) (1) (10,491 ) 56 (10,435 ) Net current-period other comprehensive income (loss) (27,622 ) 200 (27,422 ) Balance at December 31, 2015 $ (37,447 ) $ (1,663 ) $ (39,110 ) (1) The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. (See Note 12-Retirement Plans for additional details.) Cumulative translation adjustment associated with the sale of the Lawn and Garden business was included in the carrying value of assets disposed of. Shipping and Handling Shipping and handling expenses are primarily classified as selling expenses in the accompanying Consolidated Statements of Operations. The Company incurred shipping and handling costs of approximately $16.4 million, $19.4 million and $17.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Stock Based Compensation The Company has stock plans that provide for the granting of stock-based compensation to employees and to non-employee directors. Shares issued for option exercises or restricted shares may be either from authorized but unissued shares or treasury shares. The Company records the costs of the plan under the provisions of ASC 718, Compensation — Stock Compensation Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates its tax positions in accordance with ASC 740, Income Taxes Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. Cash flows used in investing activities excluded $6.6 million, $0.2 million and $0.5 million of accrued capital expenditures in 2015, 2014 and 2013, respectively. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 2. Acquisitions On July 2, 2014, CA Acquisition Inc., now known as Scepter Canada Inc., and a wholly-owned subsidiary of Myers Industries, Inc., completed the purchase of substantially all of the assets and assumption of certain liabilities of Scepter Corporation and certain real property of SHI Properties Inc., both located in Scarborough, Ontario, Canada. Contemporaneously with the asset acquisition, Crown US Acquisition Company, now known as Scepter US Holding Company, and 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 (collectively, “Scepter”) was approximately $156.6 million in cash, which includes a final working capital adjustment of approximately $1.2 million. The acquisition of Scepter was funded from net proceeds from additional borrowings of approximately $134.1 million under the Fourth Amended and Restated Loan Agreement and cash on hand of $22.5 million. The acquisition of Scepter strengthens and expands the Company's position as an industry leading producer of portable marine fuel containers, portable fuel and water containers and accessories, ammunition containers, storage totes and environmental bins for the marine, military, consumer and industrial markets. The acquisition of Scepter is consistent with the Company's business strategy and the products fit well with the Company's overall portfolio. The operating results of Scepter have been included within our Consolidated Statements of Operations and within the Company's Material Handling Segment since the date of acquisition. The Consolidated Statement of Operations for the Company for the year ended December 31, 2014 included net sales of $39.4 million and an operating loss of $5.4 million related to Scepter. Scepter's operating results included $2.3 million of inventory purchase accounting fair value adjustments charged to cost of sales as the inventory was sold. In addition, transactional costs of approximately $3.6 million for the year ended December 31, 2014 are included in general and administrative expenses in the accompanying Consolidated Statements of Operations. The Company accounted for the acquisition of Scepter using the acquisition method of accounting, which requires among other things, the assets acquired and liabilities assumed be recognized at their respective fair values as of the acquisition date. The purchase price allocation is completed, and adjustments to the purchase price allocation in 2015 were not material. Scepter's assets and liabilities were recorded at fair value as of the date of acquisition using primarily level 3 fair value inputs. The purchase consideration, related final allocations, and resulting excess over fair value of net assets acquired are as follows: Assets acquired: Current assets $ 34,572 Property, plant and equipment 44,613 Intangible assets 66,500 Assets acquired $ 145,685 Liabilities assumed: Current liabilities $ 8,577 Total liabilities assumed 8,577 Goodwill 19,512 Total consideration $ 156,620 Goodwill is calculated as the excess of the consideration transferred over the assets acquired and liabilities assumed and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The Company expects that approximately $10.3 million of goodwill recognized for the acquisition will be deductible for tax purposes in Canada. Identifiable intangible assets acquired in connection with the acquisition of Scepter are as follows: Estimated Fair Value Useful Life Valuation Method Intangible assets not subject to amortization: Trademarks and trade names $ 8,900 Indefinite Relief from royalty Intangible assets subject to amortization: Technology 22,300 10 years Relief from royalty Customer relationships 35,300 6 years Multi-period 57,600 Total $ 66,500 The following unaudited pro forma information presents a summary of the consolidated results of operations for the Company as if the acquisition of Scepter had occurred on January 1, 2013. For the Year Ended December 31, 2014 December 31, 2013 Net sales $ 675,046 $ 679,567 Income from continuing operations $ 16,206 $ 30,271 Net income per share from continuing operations: Basic $ 0.50 $ 0.89 Diluted $ 0.50 $ 0.89 The unaudited pro forma consolidated results are based on the Company’s historical financial statements and those of Scepter and do not necessarily indicate the results of operations that would have resulted had the acquisition actually been completed at the beginning of the applicable period presented. The unaudited pro forma results reflect the business combination accounting effects from the acquisition including amortization charges from the acquired intangible assets, inventory purchase accounting adjustments charged to cost of sales as the inventory is sold and increased interest expense associated with debt incurred to fund the acquisition. The unaudited pro forma consolidated results do not give effect to the synergies of the acquisition and are not indicative of the results of operations in future periods. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 3. Goodwill and Intangible Assets The Company is required to test for impairment of goodwill and indefinite-lived intangible assets on at least an annual basis. The Company conducted its annual impairment assessment as of October 1 for all of its reporting units, noting no impairment in 2015, 2014 or 2013. Based on procedures conducted to test impairment of goodwill of the Company’s reporting units, the fair values of the Plasticos Novel do Nordeste S. A. (“Novel”) and Jamco Products, Inc. (“Jamco”) reporting units did not substantially exceed their carrying value as of our assessment date in 2015. The estimated fair value of Novel and Jamco exceeded their carrying values by approximately 10% and 20%, respectively. Although no goodwill impairment charge is required for 2015, it does present a risk of future impairment for the goodwill assigned to those reporting units. The decline in the fair values of these businesses was driven primarily by reduced profitability as a result of lower margins and a prolonged economic downturn in the Brazilian economy impacting Novel. As a result, management decreased future projections of the operating results and cash flows in assessing goodwill at these reporting units. 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. During the 2015 annual review of goodwill, management performed a two-step quantitative test for all of its reporting units. In evaluating goodwill for impairment using the two-step test, the Company uses a combination of valuation techniques primarily using discounted cash flows to estimate the fair values of its business reporting units and market based multiples as supporting evidence. The variables and assumptions used, all of which are level 3 fair value inputs, include the projections of future revenues and expenses, working capital, terminal values, discount rates and long term growth rates. The market multiples observed in sale transactions are determined separately for each reporting unit, and are based on the weighted average cost of capital for each of the Company’s reporting units, which ranged from 11.0% to 14.5% in 2015. In addition the Company makes certain judgments about the selection of comparable companies used in determining market multiples in valuing our reporting units, as well as certain assumptions to allocate shared assets and liabilities to calculate values for each of our reporting units. The underlying assumptions used are based on historical actual experience and future expectations. The Company compares the fair value of each of its reporting units to their respective carrying values, including related goodwill. The Company also compares our book value and the estimates of fair value of the reporting units to our market capitalization as of and at dates near the annual testing date. Management uses this comparison as additional evidence of the fair value of the Company, as our market capitalization may be suppressed by other factors such as the control premium associated with a controlling shareholder, our leverage or general expectations regarding future operating results and cash flows. In situations where the implied value of the Company under the Income or Market Approach are significantly different than our market capitalization, the Company re-evaluates and adjusts, if necessary, the assumptions underlying our Income and Market Approach models. Our estimate of the fair values of these reporting units, and the related goodwill, could change over time based on a variety of factors, including the aggregate market value of the Company’s common stock, actual operating performance of the underlying businesses or the impact of future events on the cost of capital and the related discount rates used. The change in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 is as follows: Distribution Material Handling Total January 1, 2014 $ 505 $ 50,570 $ 51,075 Acquisitions — 19,812 19,812 Foreign currency translation — (4,248 ) (4,248 ) December 31, 2014 505 66,134 66,639 Measurement period adjustments — (300 ) (300 ) Foreign currency translation — (2,304 ) (2,304 ) December 31, 2015 $ 505 $ 63,530 $ 64,035 Intangible assets other than goodwill primarily consist of trade names, customer relationships, patents, and technology assets established in connection with acquisitions. These intangible assets, other than certain trade names, are amortized over their estimated useful lives. The Company performs an annual impairment assessment for the indefinite lived trade names which had a carrying value of $10,859 and $11,256 at December 31, 2015 and 2014, respectively. In performing this assessment the Company uses an income approach, based primarily on level 3 inputs, to estimate the fair value of the trade name. The Company records an impairment charge if the carrying value of the trade name exceeds the estimated fair value at the date of assessment. Intangible assets at December 31, 2015 and 2014 consisted of the following: 2015 2014 Weighted Average Remaining Useful Life (years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade Names - Indefinite Lived $ 10,859 $ — $ 10,859 $ 11,256 $ — $ 11,256 Trade Names 4.3 280 (142 ) 138 280 (110 ) 170 Customer Relationships 4.1 40,427 (16,165 ) 24,262 41,332 (7,964 ) 33,368 Technology 8.0 27,177 (5,166 ) 22,011 27,642 (2,552 ) 25,090 Patents 1.2 11,724 (10,464 ) 1,260 10,888 (8,538 ) 2,350 Non-Compete 0.0 — — — 150 (149 ) 1 $ 90,467 $ (31,937 ) $ 58,530 $ 91,548 $ (19,313 ) $ 72,235 Intangible amortization expense was $9,802, $6,466 and $2,769 in 2015, 2014 and 2013, respectively. Estimated annual amortization expense for intangible assets with finite lives for the next five years is: $9,492 in 2016; $8,584 in 2017; $8,200 in 2018, $7,705 in 2019 and $4,972 in 2020. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 4. Discontinued Operations 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 $20.7 million, which includes a working capital adjustment of approximately $0.8 million. Of the total proceeds from the sale of WEK, approximately $1.0 million was held in escrow until it was received in December 2015. The Company recorded a gain on the sale of WEK in 2014 of approximately $3.0 million, net of tax of $1.6 million, which was included in income (loss) from discontinued operations in the Consolidated Statements of Operations. During the second quarter of 2014, the Company’s Board of Directors approved the commencement of the sale process to divest its Lawn and Garden business to allow it to focus resources on its core growth platforms. The Lawn and Garden business served 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 was sold February 17, 2015 to an entity controlled by Wingate Partners V, L.P., a private equity firm, for $110.0 million, subject to a working capital adjustment. The sale of the Lawn & Garden business included manufacturing facilities and offices located in Twinsburg, Ohio; Middlefield, Ohio; Elyria, Ohio; Sparks, Nevada; Sebring, Florida; Brantford, Ontario; and Burlington, Ontario. The terms of the agreement include a $90.0 million cash payment, promissory notes totaling $20.0 million that mature in August 2020, a 6% interest rate and approximately $8.6 million placed in escrow that is due to be settled by August 2016. The fair market value of the notes at February 17, 2015 was $17.8 million and is included in Notes Receivable in the accompanying Consolidated Statements of Financial Position, in which the carrying value represents the fair value at date of sale plus accretion as of December 31, 2015. The fair value of the notes receivable was calculated using level 2 inputs as defined in Note 1. A disagreement between the parties over the calculation of the final working capital adjustment was resolved by arbitration on March 9, 2016. As a result of the final ruling, the Company recorded an additional gain of $0.6 million, net of tax, in 2015. The final working capital adjustment will result in a cash payment to the buyer of approximately $4.0 million in 2016. The total gain on the sale of the Lawn and Garden business was $4.7 million, net of tax, during 2015 and is included in income (loss) from discontinued operations in the accompanying Consolidated Statements of Operations. Since the second quarter of 2014 and until the business was sold on February 17, 2015, the Lawn and Garden business met the held-for-sale criteria under the requirements of ASC 360, Property, Plant and Equipment Summarized selected financial information for the Lawn and Garden business and WEK for the years ended December 31, 2015, 2014 and 2013 are presented in the following table: Year Ended December 31, 2015* 2014** 2013 Net sales $ 29,335 $ 204,716 $ 240,477 Loss from discontinued operations before income taxes $ (1,214 ) $ (30,038 ) $ (394 ) Income tax (benefit) expense (262 ) (9,408 ) 46 Loss from discontinued operations (952 ) (20,630 ) (440 ) Net gain on sale of discontinued operations, inclusive of tax benefit of ($2.8 million) for the year ended December 31, 2015 and tax provision of $1.6 million for the year ended December 31, 2014 4,661 2,988 — Income (loss) from discontinued operations, net of income taxes $ 3,709 $ (17,642 ) $ (440 ) * Includes Lawn and Garden operating results through February 17, 2015. * * Includes WEK operating results through June 20, 2014. The assets and liabilities of discontinued operations are stated separately as of December 31, 2014 in the Consolidated Statements of Financial Position and are comprised of the following items: December 31, 2014 Assets Accounts receivable-net $ 29,794 Inventories 50,951 Prepaid expenses and other current assets 1,709 Goodwill 9,107 Patents and other intangible assets, net 6,030 Property, plant and equipment, net 38,168 Net asset impairment * (18,858 ) Other 874 Total Assets Held for Sale $ 117,775 Liabilities Accounts payable $ 22,239 Accrued expenses and other liabilities 4,883 Total Liabilities Held for Sale $ 27,122 * Impairment includes the cumulative translation credit adjustment associated with the Lawn and Garden business. The Lawn and Garden business 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 included closure, relocation and employee related costs. Through December 31, 2014, the Lawn and Garden business incurred approximately $14.0 million of severance charges personnel costs Restructuring charges related to discontinued operations for the year ended 2015, 2014 and 2013 are presented in the following table: Year Ended December 31, 2015 2014 2013* Severance and personnel $ — $ 1,743 $ 2,614 Other exit costs — 3,762 6,189 Total $ — $ 5,505 $ 8,803 * Includes WEK restructuring charges of $0.2 million in 2013. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | 5. Net Income (Loss) Per Common Share Net income (loss) per common share, as shown on the accompanying Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: 2015 2014 2013 Weighted average common shares outstanding basic 30,616,485 32,232,965 33,588,720 Dilutive effect of stock options and restricted stock 327,208 471,047 454,705 Weighted average common shares outstanding diluted 30,943,693 32,704,012 34,043,425 Options to purchase 463,200, 198,500 and 123,900 shares of common stock that were outstanding at December 31, 2015, 2014 and 2013, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options was greater than the average market price of common shares, and were therefore anti-dilutive. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 6. Restructuring The charges related to various restructuring programs implemented by the Company are included in selling, general and administrative (“SG&A”) expenses and cost of sales depending on the type of cost incurred. The restructuring charges are presented in the following table. 2015 2014 2013 Segment Cost of sales SG&A Total Cost of sales SG&A Total Cost of sales SG&A Total Distribution $ — $ 124 $ 124 $ — $ 764 $ 764 $ — $ 194 $ 194 Material Handling 1,340 912 2,252 189 260 449 178 47 225 Corporate — 35 35 — — — — 17 17 Total $ 1,340 $ 1,071 $ 2,411 $ 189 $ 1,024 $ 1,213 $ 178 $ 258 $ 436 In 2015, the Material Handling Segment consolidated two manufacturing plants, streamlined Brazilian operations, closed a Canadian branch operation and sold a product line. The Company recorded $2.3 million of restructuring cost for these initiatives, primarily related to severance and moving expenses for equipment and inventory. During 2014, the Distribution Segment closed its Canadian branches operating under the name Myers Tire Supply International. The restructuring actions included closure, lease cancellation and employee related costs, which amounted to approximately $0.8 million. Restructuring actions under the plan have been completed. Also during 2014, the Material Handling Segment restructured its sales and finance organization within several of its businesses. Restructuring costs of $0.4 million were incurred related to these actions. During 2013, the Distribution Segment recorded restructuring costs of $0.2 million related to branch closure and severance costs. The Material Handling Segment incurred costs of $0.2 million related to severance. No accruals remain related to restructuring programs as of December 31, 2015 and 2014. |
Other Accrued Expenses
Other Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Other Accrued Expenses | 7. Other Accrued Expenses As of December 31, 2015 and 2014, the balance in other accrued expenses is comprised of the following: 2015 2014 Deposits and amounts due to customers $ 9,351 $ 10,591 Dividends payable 4,190 4,267 Accrued litigation and professional fees 308 3,458 Other accrued expenses 9,379 7,856 $ 23,228 $ 26,172 |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation | 8. Stock Compensation The Company’s Amended and Restated 2008 Incentive Stock Plan (the “2008 Plan”) authorizes the Compensation Committee of the Board of Directors to issue up to 4,000,000 shares of various types of stock based awards including stock options, restricted stock, restricted stock units and stock appreciation rights to key employees and directors. Options granted and outstanding vest over the requisite service period and expire ten years from the date of grant. The following tables summarize stock option activity in the past three years: Options granted in 2015, 2014 and 2013: Year Options Exercise Price 2015 208,200 $ 18.67 2014 209,500 $ 20.93 2013 323,400 $ 14.77 Options exercised in 2015, 2014 and 2013: Year Options Exercise Price 2015 239,508 $9.97 to $17.02 2014 228,064 $9.97 to $17.02 2013 503,321 $8.00 to $18.62 In addition, options totaling 71,567, 43,252 and 164,528 expired or were forfeited during the years ended December 31, 2015, 2014 and 2013, respectively. Options outstanding and exercisable at December 31, 2015, 2014 and 2013 were as follows: Year Outstanding Range of Exercise Prices Exercisable Weighted Exercise Price 2015 1,409,881 $9.00 to $20.93 1,231,544 $ 13.47 2014 1,512,756 $9.00 to $20.93 1,066,219 $ 11.58 2013 1,574,572 $9.00 to $18.62 1,057,694 $ 11.48 Stock compensation expense reduced income before taxes approximately $4,934, $3,115 and $2,557 for the years ended December 31, 2015, 2014, and 2013, respectively. These expenses are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. Total unrecognized compensation cost related to non-vested share based compensation arrangements at December 31, 2015 was approximately $3,918 which will be recognized over the next three years, as such compensation is earned. The fair value of options granted is estimated using an option pricing model based on assumptions set forth in the following table. The Company uses historical data to estimate employee exercise and departure behavior. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and through the expected term. The dividend yield 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. In 2015, 2014 and 2013, the Company used the binomial lattice option pricing model based on assumptions set forth in the following table. 2015 2014 2013 Risk free interest rate 2.10 % 2.80 % 1.86 % Expected dividend yield 2.90 % 2.50 % 2.40 % Expected life of award (years) 8.0 7.0 7.0 Expected volatility 50.00 % 50.00 % 50.00 % Fair value per option share $ 6.03 $ 7.05 $ 5.39 The following table provides a summary of stock option activity for the period ended December 31, 2015: Shares Average Exercise Price Weighted Average Life Aggregate Intrinsic Value Outstanding at December 31, 2014 1,512,756 $ 13.24 Options Granted 208,200 18.67 Options Exercised (239,508 ) 11.57 Canceled or forfeited (71,567 ) 17.30 Outstanding at December 31, 2015 1,409,881 14.12 5.47 $ 1,904 Exercisable at December 31, 2015 1,231,544 $ 13.47 5.02 $ 1,904 The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The intrinsic value of stock options exercised in 2015, 2014 and 2013 was $1,151, $1,744 and $2,588, respectively. The following table provides a summary of combined restricted stock units and restricted stock activity for the year ended December 31, 2015: Shares Average Grant-Date Fair Value Unvested shares at December 31, 2014 236,196 Granted 224,994 $ 16.65 Vested (209,002 ) 16.55 Forfeited (22,798 ) 18.63 Unvested shares at December 31, 2015 229,390 $ 16.68 Restricted stock units are rights to receive shares of common stock, subject to forfeiture and other restrictions, which vest over a two or three year period. Restricted shares are considered to be non-vested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. Restricted stock awards are valued based on the market price of the underlying shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period. At December 31, 2015, restricted stock awards had vesting periods up through December 2018. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 9. 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, after another name change, was merged into Buckhorn Metal Products Inc. which was 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. In September 2015, a subsidiary of the Company, Buckhorn, Inc. (“Buckhorn”) received a notice letter and related documents from EPA (the “Notice Letter”) formally informing Buckhorn that it considers it to be a potentially responsible party (“PRP”) in connection with the New Idria Mercury Mine site. As a result of this Notice Letter, Buckhorn and the Company expect to engage in negotiations with EPA with respect to a draft Administrative Order proposed by EPA for the Remedial Investigation/Feasibility Study (“RI/FS”) for the site to determine the extent of remediation necessary and the screening of alternatives. The Company recognized an expense of $1.9 million, on an undiscounted basis, in 2011 related to performing a RI/FS. As part of the Notice Letter, EPA also made a claim for approximately $1.6 million in past costs for actions it claims it has taken in connection with the New Idria Mercury Mine site since 1993. These costs include approximately $0.5 million for an interim removal project at the New Idria Mercury Mine site completed by the EPA in November 2011. It is expected this removal action will be part of the final remediation strategy for the site. The Company currently expects to challenge EPA's past cost claims. The Company reserved an additional $1.3 million in 2015 related to the EPA claim, reflected as an increase in general and administrative expenses in the Consolidated Statements of Operations. Total payments of approximately $1.2 million have been made and charged against the reserve classified in Other Liabilities on the Consolidated Statements of Financial Position, which brings the total accrued balance related to this matter to $2.0 million at December 31, 2015. As negotiations with the EPA proceed with respect to the RI/FS, it is possible that adjustments to the aforementioned reserves 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 negotiations with EPA, 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 remedial actions that may be required, the number and financial condition of other PRPs that may be named as well as the extent of their responsibility for the remediation, and the availability of insurance coverage for these expenses. At this time, we have not accrued for remediation costs in connection with this site as we are unable to estimate the liability, given the circumstances referred to above, including the fact the final remediation strategy has not yet been determined. Other Buckhorn and Schoeller Arca Systems, Inc. (“SAS”) were plaintiffs in a patent infringement lawsuit against Orbis Corp. and Orbis Material Handling, Inc. (“Orbis”) for alleged breach by Orbis of an exclusive patent license agreement from SAS to Buckhorn. SAS is an affiliate of Schoeller Arca Systems Services B.V. (“SASS B.V.”), a Dutch company. SAS 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 and costs. 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. Buckhorn believed it was not responsible for any of the judgment because it was not a party to the Orbis license. Despite this belief, the Company recorded expense of $3.0 million during the third quarter of 2014 for the entire amount of the unpaid judgement. The United States Court of Appeals for the Federal Circuit reversed the judgment against Buckhorn on July 2, 2015, and found that Buckhorn was not liable to Orbis for any portion of the judgment entered in favor of Orbis. Accordingly, Myers reversed the accrual of $3.0 million during 2015, which was reflected as a reduction of general and administrative expenses. The Federal Circuit Court of Appeals rejected Orbis' petition for rehearing and rehearing en banc. All opportunities for Orbis to appeal have expired. The United States District Court for the Southern District of Ohio has now released Buckhorn’s appellate bond. Buckhorn is also pursuing legal action against SAS and SASS B.V. for fraudulently selling an exclusive patent license they could not sell and related claims. That case is now pending in United States District Court for the Southern District of New York. In August 2014, SASS B.V. informed Buckhorn that SAS may not have the financial ability to pay any judgment against it and provided financial statements to Buckhorn indicating SAS was in financial distress while SASS B.V. was financially stable. Given the uncertainty of SAS’s financial status, it is not known at this time what the likelihood of recovering from SAS (or SASS B.V.) would be in the event that there is a favorable outcome for Buckhorn in the New York court. 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. |
Long-Term Debt and Loan Agreeme
Long-Term Debt and Loan Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Loan Agreements | 10. Long-Term Debt and Loan Agreements Long-term debt at December 31, 2015 and 2014 consisted of the following: 2015 2014 Loan Agreement $ 93,512 $ 137,109 4.67% Senior Unsecured Notes due 2021 40,000 40,000 5.25% Senior Unsecured Notes due 2024 11,000 11,000 5.30% Senior Unsecured Notes due 2024 29,000 29,000 5.45% Senior Unsecured Notes due 2026 20,000 20,000 193,512 237,109 Less unamortized deferred financing costs 506 680 $ 193,006 $ 236,429 On December 13, 2013, the Company entered into a Fourth Amended and Restated Loan Agreement (the “Loan Agreement”). The Loan Agreement provided for a $200 million senior revolving credit facility expiring on December 13, 2018, which replaced the then existing $180 million facility. In addition, on May 30, 2014, the Company entered into a First Amendment to the Loan Agreement (the "Loan Amendment"). The Loan Amendment increased the senior revolving credit facility from $200 million to $300 million through December 2018 and provided for an additional subsidiary of the Company as a borrower and as a guarantor of the credit facility. Amounts borrowed under the agreement are secured by pledges of stock of certain of our foreign and domestic subsidiaries. Under the terms of the Loan Agreement, the Company may borrow up to $300.0 million, reduced for letters of credit issued. As of December 31, 2015, the Company had $202.2 million available under the Loan Agreement. The Company had $4.3 million of letters of credit issued related to insurance and other financing contracts in the ordinary course of business at December 31, 2015. Borrowings under the Loan Agreement bear interest at the LIBOR rate, prime rate, federal funds effective rate, the Canadian deposit offered rate, or the eurocurrency reference rate depending on the type of loan requested by the Company, in each case plus the applicable margin as set forth in the Loan Agreement. The average interest rate on borrowings under our loan agreements were 4.59% for 2015 and 4.00% for 2014, which includes a quarterly facility fee on the used and unused portion. On October 22, 2013, the Company entered into a note purchase agreement for the private placement of Senior Unsecured Notes totaling $100 million with a group of investors. The four series of notes range in face value from $11 million to $40 million, with interest rates ranging from 4.67% to 5.45%, payable semiannually, and expiring between 2021 and 2026. At December 31, 2013, the Company had received $11 million of its 5.25% Senior Unsecured Notes due January 15, 2024 under the note purchase agreement. The remaining proceeds of $89 million under the note purchase agreement were subsequently received in January 2014. At December 31, 2015, $100 million was outstanding. Long-term debt of $193.0 million at December 31, 2015 includes $0.5 million of unamortized deferred financing costs, which is accounted for as a debt valuation account. Amounts outstanding at December 31, 2015 under the Loan Agreement and note purchase agreement mature in 2018 and 2021 to 2026, respectively. As of December 31, 2015, the Company was in compliance with all of its debt covenants associated with its Loan Agreement and Senior Unsecured Notes. The most restrictive financial covenants for all of the Company’s debt are an interest coverage ratio (defined as earnings before interest, taxes, depreciation and amortization, as adjusted, divided by interest expense) and a leverage ratio (defined as total debt divided by earnings before interest, taxes, depreciation and amortization, as adjusted). Required Level Actual Level Interest Coverage Ratio 3.00 to 1 7.52 Leverage Ratio 3.25 to 1 (maximum) 2.55 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The effective tax rate from continuing operations was 35.7% in 2015, 36.4% in 2014 and 33.5% in 2013. A reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate is as follows: Percent of Income before Income Taxes 2015 2014 2013 Statutory Federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes - net of Federal tax benefit 0.2 (4.5 ) 2.9 Foreign tax rate differential (2.4 ) 1.8 (0.2 ) Domestic production deduction (4.0 ) (6.6 ) (3.1 ) Non-deductible expenses 4.9 7.0 1.3 Changes in unrecognized tax benefits (1.8 ) (2.5 ) (0.2 ) Foreign tax incentives (2.3 ) (3.0 ) (2.2 ) Valuation allowances 4.8 9.0 — Other 1.3 0.2 — Effective tax rate for the year 35.7 % 36.4 % 33.5 % Income from continuing operations before income taxes was attributable to the following sources: 2015 2014 2013 United States $ 19,546 $ 21,074 $ 38,089 Foreign 2,316 (6,991 ) 1,696 Totals $ 21,862 $ 14,083 $ 39,785 Income tax expense (benefit) from continuing operations consisted of the following: 2015 2014 2013 Current Deferred Current Deferred Current Deferred Federal $ 6,677 $ (368 ) $ 8,298 $ (1,208 ) $ 13,273 $ (1,413 ) Foreign 504 783 (277 ) (710 ) 629 (920 ) State and local 943 (730 ) (234 ) (747 ) 2,170 (396 ) $ 8,124 $ (315 ) $ 7,787 $ (2,665 ) $ 16,072 $ (2,729 ) Significant components of the Company’s deferred taxes as of December 31, 2015 and 2014 are as follows: 2015 2014 Deferred income tax liabilities Property, plant and equipment $ 12,989 $ 11,629 Tax-deductible goodwill 7,871 7,728 Non-deductible intangibles 282 1,843 State deferred taxes 212 687 Other 1,010 483 22,364 22,370 Deferred income tax assets Compensation 7,081 6,716 Inventory valuation 945 636 Allowance for uncollectible accounts 194 260 Non-deductible accruals 3,892 2,631 Other — 15 Net operating loss carryforwards 4,715 5,050 16,827 15,308 Valuation Allowance (3,664 ) (4,326 ) 13,163 10,982 Net deferred income tax liability $ 9,201 $ 11,388 ASC 740 Income Taxes requires that deferred tax assets be reduced by a valuation allowance, if based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. Available evidence includes the reversal of existing taxable temporary differences, future taxable income exclusive of temporary differences, taxable income in carryback years and tax planning strategies. At December 31, 2015, the Company has deferred tax assets of $4.7 million resulting from $14.2 million of foreign net operating tax loss carryforwards, as well as $3.7 million of related valuation allowances primarily related to Brazil. These net operating tax loss carryforwards will begin to expire in 2034. The following table summarizes the activity related to the Company’s valuation allowance: 2015 2014 2013 Balance at January 1 $ (4,326 ) $ (4,264 ) $ (5,128 ) (Charged) Credited to Expense (763 ) 414 25 Net write-offs — — — Foreign currency translation adjustment 1,425 (476 ) 839 Balance at December 31 $ (3,664 ) $ (4,326 ) $ (4,264 ) No provision has been recorded for unremitted earnings of foreign subsidiaries as it is the Company’s intention to indefinitely reinvest the earnings of those subsidiaries. Accordingly, at December 31, 2015, the Company had not recorded a deferred tax liability related to investments in its foreign subsidiaries that are essentially permanent in duration. The amount of such temporary differences was estimated to be approximately $16.4 million and may become taxable in the U.S. upon a repatriation of assets or a sale or liquidation of the subsidiaries. It is not practical to estimate the related amount of unrecognized tax liability. The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2015 2014 2013 Balance at January 1 $ 483 $ 840 $ 910 Increases related to current year tax positions — — — Increases related to previous year tax positions 151 5 — Reductions due to lapse of applicable statute of limitations (483 ) (362 ) (48 ) Reduction due to settlements — — (22 ) Balance at December 31 $ 151 $ 483 $ 840 The total amount of gross unrecognized tax benefits that would reduce the Company’s effective tax rate was $0.2 million, $0.5 million and $0.8 million at December 31, 2015, 2014 and 2013, respectively. The amount of accrued interest expense included as a liability within the Company’s Consolidated Statements of Financial Position was less than $0.1 million for December 31, 2015 and 2014 and $0.1 million for December 31, 2013. The December 31, 2015 balance of unrecognized tax benefits includes approximately $0.2 million of unrecognized tax benefits for which it is reasonably possible that they will be recognized within the next twelve months. This amount represents a decrease in unrecognized benefits related to expiring statutes in U.S. Federal and state jurisdictions. The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of December 31, 2015 the Company is no longer subject to U.S. Federal examinations by tax authorities for tax years before 2012. The Company is subject to state and local examinations for tax years of 2011 through 2015. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2010 through 2015. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | 12. 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 for the years ended December 31, 2015, 2014 and 2013 was as follows: 2015 2014 2013 Interest cost $ 272 $ 280 $ 259 Expected return on assets (332 ) (371 ) (333 ) Amortization of net loss 88 45 111 Net periodic pension cost $ 28 $ (46 ) $ 37 The reconciliation of changes in projected benefit obligations are as follows: 2015 2014 Projected benefit obligation at beginning of year $ 7,167 $ 6,150 Interest cost 272 280 Actuarial (gain) loss (496 ) 1,235 Expenses paid (89 ) (95 ) Benefits paid (389 ) (403 ) Projected benefit obligation at end of year $ 6,465 $ 7,167 Accumulated benefit obligation at end of year $ 6,465 $ 7,167 The assumptions used to determine the net periodic benefit cost and benefit obligations are as follows: 2015 2014 2013 Discount rate for net periodic pension cost 3.90 % 4.70 % 3.75 % Discount rate for benefit obligations 4.30 % 3.90 % 4.70 % Expected long-term return of plan assets 7.50 % 8.00 % 8.00 % The expected long-term rate of return assumption is based on the actual historical rate of return on assets adjusted to reflect recent market conditions and future expectations consistent with the Company’s current asset allocation and investment policy. This policy provides for aggressive capital growth balanced with moderate income production. Though inherent risks of equity exposure exist, returns generally are less volatile than maximum growth programs. The assumed discount rates represent long-term high quality corporate bond rates commensurate with the liability duration of the plan. The following table reflects the change in the fair value of the plan’s assets: 2015 2014 Fair value of plan assets at beginning of year $ 5,713 $ 5,577 Actual return on plan assets 60 316 Company contributions 148 318 Expenses paid (89 ) (95 ) Benefits paid (389 ) (403 ) Fair value of plan assets at end of year $ 5,443 $ 5,713 The fair value of plan assets are all categorized as level 1 and were determined based on period end closing, quoted prices in active markets. The weighted average asset allocations at December 31, 2015 and 2014 are as follows: 2015 2014 U.S. Equities securities 83 % 82 % U.S. Debt securities 15 % 17 % Cash 2 % 1 % Total 100 % 100 % The following table provides a reconciliation of the funded status of the plan at December 31, 2015 and 2014: 2015 2014 Projected benefit obligation $ 6,465 $ 7,167 Plan assets at fair value 5,443 5,713 Funded status $ (1,022 ) $ (1,454 ) The funded status shown above is included in other long-term liabilities in the Company’s Consolidated Statements of Financial Position at December 31, 2015 and 2014. The Company doesn’t expect to make a contribution to the plan in 2016. Benefit payments projected for the plan are as follows: 2016 $ 378 2017 374 2018 366 2019 371 2020 376 2021-2025 1,898 The Myers Industries Profit Sharing and 401(k) Plan is maintained for the Company’s U.S. based employees, not covered under defined benefit plans, who have met eligibility service requirements. The Company recognized expense related to the 401(k) employer matching contribution in the amount of $2,363, $3,018 and $2,802 in 2015, 2014 and 2013, respectively. In addition, the Company has a Supplemental Executive Retirement Plan (“SERP”) to provide certain participating senior executives with retirement benefits in addition to amounts payable under the 401(k) plan. Expense (income) related to the SERP was approximately $188, $402, and $(152) for the years ended December 2015, 2014 and 2013, respectively. The SERP liability was based on the discounted present value of expected future benefit payments using a discount rate of 4.30% at December 31, 2015 and 3.90% at December 31, 2014. The SERP liability was approximately $4,174 and $4,280 at December 31, 2015 and 2014, respectively, and is included in Accrued Employee Compensation and Other Long-Term Liabilities on the accompanying Consolidated Statements of Financial Position. The SERP is unfunded. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | 13. Leases The Company and certain of its subsidiaries are committed under non-cancelable operating leases involving certain facilities and equipment. Aggregate rental expense for all leased assets was $4,222, $4,708 and $4,199 for the years ended December 31, 2015, 2014 and 2013, respectively. Future minimum rental commitments are as follows: Year Ended December 31, Commitment 2016 $ 3,904 2017 2,111 2018 1,010 2019 457 2020 454 Thereafter 1,322 Total $ 9,258 |
Industry Segments
Industry Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Industry Segments | 14. Industry Segments Using the criteria of ASC 280, Segment Reporting The Material Handling Segment manufactures 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. 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. Total sales from foreign business units and export to countries outside the U.S. were approximately $105.6 million, $110.4 million, and $95.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Sales made to customers in Brazil accounted for approximately 4.7% of total net sales in 2015, 7.3% in 2014 and 8.2% in 2013. Sales made to customers in Canada accounted for approximately 5.2% of total net sales in 2015, 4.2% in 2014 and 3.3% in 2013. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, consisting of property, plant and equipment, were approximately $33.2 million at December 31, 2015 and $44.8 million at December 31, 2014. 2015 2014 2013 Net Sales Material Handling $ 414,030 $ 432,054 $ 380,605 Distribution 187,637 191,873 204,460 Intra-segment elimination (129 ) (278 ) (332 ) $ 601,538 $ 623,649 $ 584,733 Income from Continuing Operations Before Income Taxes Material Handling $ 49,762 $ 31,903 $ 47,428 Distribution 16,114 16,024 21,727 Corporate (35,015 ) (25,309 ) (24,839 ) Interest expense - net (8,999 ) (8,535 ) (4,531 ) $ 21,862 $ 14,083 $ 39,785 Identifiable Assets Material Handling $ 335,506 $ 370,501 $ 240,897 Distribution 58,772 57,523 63,340 Corporate 35,638 19,034 4,652 Discontinued Operations — 117,775 160,568 $ 429,916 $ 564,833 $ 469,457 Capital Additions, Net Material Handling $ 21,422 $ 22,197 $ 18,787 Distribution 1,795 1,786 915 Corporate 510 187 1,007 $ 23,727 $ 24,170 $ 20,709 Depreciation and Amortization Material Handling $ 32,667 $ 29,013 $ 21,728 Distribution 998 1,022 859 Corporate 1,314 1,137 941 $ 34,979 $ 31,172 $ 23,528 |
Summarized Quarterly Results of
Summarized Quarterly Results of Operations (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Results of Operations | 15. Summarized Quarterly Results of Operations (Unaudited) Thousands of Dollars, Except Per Share Data Quarter Ended 2015 March-31 June-30 September-30 December-31 Total Net Sales $ 156,348 $ 164,335 $ 141,661 $ 139,194 $ 601,538 Gross Profit 45,757 50,581 41,686 40,254 178,278 Income (loss) from continuing operations (1) 2,622 10,925 631 (125 ) 14,053 Income (loss) from discontinued operations, net (2) 2,617 494 (298 ) 896 3,709 Net income (1)(2) 5,239 11,419 333 771 17,762 Income (loss) per common share from continuing operations: Basic* $ 0.08 $ 0.35 $ 0.02 $ — $ 0.46 Diluted* $ 0.08 $ 0.35 $ 0.02 $ — $ 0.45 Income (loss) per common share from discontinued operations: Basic* $ 0.08 $ 0.02 $ (0.01 ) $ 0.03 $ 0.12 Diluted* $ 0.08 $ 0.02 $ (0.01 ) $ 0.03 $ 0.12 Net income per share: Basic* $ 0.16 $ 0.37 $ 0.01 $ 0.03 $ 0.58 Diluted* $ 0.16 $ 0.37 $ 0.01 $ 0.03 $ 0.57 Quarter Ended 2014 March-31 June-30 September-30 December-31 Total Net Sales $ 150,485 $ 152,784 $ 162,109 $ 158,271 $ 623,649 Gross Profit 42,071 42,532 39,961 36,715 161,279 Income (loss) from continuing operations (3) 4,763 6,327 (3,618 ) 1,489 8,961 Income (loss) from discontinued operations, net (4) (4,083 ) (578 ) 875 (13,856 ) (17,642 ) Net income (loss) (3)(4) 680 5,749 (2,743 ) (12,367 ) (8,681 ) Income (loss) per common share from continuing operations: Basic* $ 0.14 $ 0.20 $ (0.11 ) $ 0.05 $ 0.28 Diluted* $ 0.14 $ 0.19 $ (0.11 ) $ 0.05 $ 0.27 Income (loss) per common share from discontinued operations: Basic* $ (0.12 ) $ (0.02 ) $ 0.02 $ (0.44 ) $ (0.55 ) Diluted* $ (0.12 ) $ (0.02 ) $ 0.02 $ (0.44 ) $ (0.54 ) Net income (loss) per share: Basic* $ 0.02 $ 0.18 $ (0.09 ) $ (0.39 ) $ (0.27 ) Diluted* $ 0.02 $ 0.17 $ (0.09 ) $ (0.39 ) $ (0.27 ) ( 1 ) During the quarter ended September 30, 2015, the Company recorded an out of period adjustment of $1.1 million ($0.7 million after tax) related to stock compensation expense. In addition, the Company reserved an additional $1.3 million in Other Liabilities related to the EPA claim related to the New Idria Mercury Mine during the quarter ended September 30, 2015. ( 2 ) A gain on the sale of the Lawn and Garden business of $3.8 million was recognized during the first quarter of 2015 and an additional gain of $0.9 million was recognized in the fourth quarter of 2015. These gains are included in income from discontinued operations in the accompanying Consolidated Statements of Operations. ( 3 ) During the quarter ended December 31, 2014, the Company recorded out of period, after-tax charges totaling approximately $3.2 million, of which approximately $1.8 million related to periods prior to 2014 primarily as a result of adjustments identified related to inventory and fixed assets at its Brazilian operations within the Material Handling Segment. The Company concluded such adjustments were not material to its consolidated financial statements for any previously reported interim period within 2014 or for any annual period impacted by such adjustments prior to 2014. ( 4 ) During the quarter ended December 31, 2014, the Company recorded an $18.9 million impairment charge attributable to assets held-for-sale at year end. Refer to Note 4 to the Consolidated Financial Statements. * The sum of the earnings per share for the four quarters in a year does not necessarily equal the total year earnings per share due to the computation of weighted shares outstanding during the period. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity or cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. Certain items previously reported in specific financial statement captions have been reclassified to conform to the fiscal 2015 presentation. |
Recent Accounting Pronouncements | Accounting Standards Adopted In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-17, Balance Sheet Classification of Deferred Taxes , which amends the existing guidance to require that deferred income tax liabilities and assets be classified as noncurrent in a classified balance sheet and eliminates the prior guidance, which required an entity to separate deferred tax liabilities and assets into a current amount and a noncurrent amount in a classified balance sheet. The amendments in this ASU are effective for financial statements for annual periods and interim periods within those annual periods beginning after December 15, 2016, with early adoption permitted. In addition, the new guidance can be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company adopted this ASU on a prospective basis effective as of December 31, 2015. As required by ASU 2015-17, all deferred tax assets and liabilities are classified as noncurrent in the Consolidated Statements of Financial Position as of December 31, 2015. As the Company elected prospective application of this ASU, . In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 300): Simplifying the Measurement of Inventory Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-03) In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
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 Accounting Standards Codification (“ Fair Value Measurements and Disclosures 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 Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximate 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 December 31, 2015 and 2014, the aggregate fair value of the Company's $100.0 million fixed rate senior unsecured notes was estimated at $102.1 million and $106.8 million, respectively. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. The Company’s largest single customer in 2015 accounts for approximately 4% of net sales with no other customer greater than 3%. Outside of the United States, only customers located in Brazil and Canada, which account for approximately 5% and 5% of net sales, respectively, are significant to the Company’s operations. In addition, management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company also reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due the Company could be reduced by a material amount. Expense related to bad debts was approximately $0.3 million, $0.4 million and $0.5 million for the years 2015, 2014 and 2013, respectively. Deductions from the allowance for doubtful accounts, net of recoveries, were approximately $0.5 million, $0.9 million and $0.8 million for the years 2015, 2014 and 2013, respectively. |
Factoring | Factoring The Company's wholly-owned subsidiaries Plasticos Novel Do Nordeste S.A. and Plasticos Novel Do Parana S.A. (collectively, "Novel") entered into a factoring agreement to sell, without recourse, certain of their Brazilian real-based trade accounts receivables to unrelated third party financial institutions as part of its working capital management. The sale of these receivables accelerated the collection of cash and reduced credit exposure. Under the terms of the factoring agreements, the Company retains no rights or interest and has no obligations with respect to the sold receivables. As such, the factoring of trade receivables under these agreements are accounted for as a sale. The Company accounts for its trade receivable factoring program as required under ASC 860, Transfers and Servicing |
Inventories | Inventories Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 40 percent of our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost. If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $5.1 million, $6.8 million and $8.1 million higher than reported at December 31, 2015, 2014 and 2013, respectively. The liquidation of LIFO inventories decreased cost of sales and increased income from continuing operations before income taxes by less than $0.1 million in 2015, $0.4 million in 2014 and less than $0.1 million in 2013. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: Buildings 20 to 40 years Machinery and Equipment 3 to 10 years Leasehold Improvements 5 to 10 years At December 31, 2015 and 2014, the Company had approximately $4.1 million and $2.1 million, respectively, of capitalized software costs included in machinery and equipment on the accompanying Consolidated Statements of Financial Position. Amortization expense related to capitalized software costs was approximately $0.5 million, $0.3 million and $0.1 million in 2015, 2014 and 2013, respectively. |
Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset. For assets held for disposal, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. Refer to Note 4 for discussion of the Lawn and Garden business 2014 impairment charge. |
Revenue Recognition | Revenue Recognition The Company recognizes revenues from the sale of products, net of 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 (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) and are as follows: Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2013 $ 12,785 $ (2,142 ) $ 10,643 Other comprehensive income (loss) before reclassifications (9,292 ) 1,005 (8,287 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($40) (1) — 71 71 Net current-period other comprehensive income (loss) (9,292 ) 1,076 (8,216 ) Balance at December 31, 2013 3,493 (1,066 ) 2,427 Other comprehensive income (loss) before reclassifications (13,318 ) (826 ) (14,144 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($16) (1) — 29 29 Net current-period other comprehensive income (loss) (13,318 ) (797 ) (14,115 ) Balance at December 31, 2014 (9,825 ) (1,863 ) (11,688 ) Other comprehensive income (loss) before reclassifications (17,131 ) 144 (16,987 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($32) (1) (10,491 ) 56 (10,435 ) Net current-period other comprehensive income (loss) (27,622 ) 200 (27,422 ) Balance at December 31, 2015 $ (37,447 ) $ (1,663 ) $ (39,110 ) (1) The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. (See Note 12-Retirement Plans for additional details.) Cumulative translation adjustment associated with the sale of the Lawn and Garden business was included in the carrying value of assets disposed of. |
Shipping and Handling | Shipping and Handling Shipping and handling expenses are primarily classified as selling expenses in the accompanying Consolidated Statements of Operations. The Company incurred shipping and handling costs of approximately $16.4 million, $19.4 million and $17.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Stock Based Compensation | Stock Based Compensation The Company has stock plans that provide for the granting of stock-based compensation to employees and to non-employee directors. Shares issued for option exercises or restricted shares may be either from authorized but unissued shares or treasury shares. The Company records the costs of the plan under the provisions of ASC 718, Compensation — Stock Compensation |
Income Taxes | Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates its tax positions in accordance with ASC 740, Income Taxes |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of estimated useful lives of the assets | The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: Buildings 20 to 40 years Machinery and Equipment 3 to 10 years Leasehold Improvements 5 to 10 years |
The balances in the Company's accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) and are as follows: Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2013 $ 12,785 $ (2,142 ) $ 10,643 Other comprehensive income (loss) before reclassifications (9,292 ) 1,005 (8,287 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($40) (1) — 71 71 Net current-period other comprehensive income (loss) (9,292 ) 1,076 (8,216 ) Balance at December 31, 2013 3,493 (1,066 ) 2,427 Other comprehensive income (loss) before reclassifications (13,318 ) (826 ) (14,144 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($16) (1) — 29 29 Net current-period other comprehensive income (loss) (13,318 ) (797 ) (14,115 ) Balance at December 31, 2014 (9,825 ) (1,863 ) (11,688 ) Other comprehensive income (loss) before reclassifications (17,131 ) 144 (16,987 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($32) (1) (10,491 ) 56 (10,435 ) Net current-period other comprehensive income (loss) (27,622 ) 200 (27,422 ) Balance at December 31, 2015 $ (37,447 ) $ (1,663 ) $ (39,110 ) (1) The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. (See Note 12-Retirement Plans for additional details.) Cumulative translation adjustment associated with the sale of the Lawn and Garden business was included in the carrying value of assets disposed of. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase consideration, related final allocations, and resulting excess over fair value of net assets acquired are as follows: Assets acquired: Current assets $ 34,572 Property, plant and equipment 44,613 Intangible assets 66,500 Assets acquired $ 145,685 Liabilities assumed: Current liabilities $ 8,577 Total liabilities assumed 8,577 Goodwill 19,512 Total consideration $ 156,620 |
Schedule of Identifiable Intangible Assets Acquired | Identifiable intangible assets acquired in connection with the acquisition of Scepter are as follows: Estimated Fair Value Useful Life Valuation Method Intangible assets not subject to amortization: Trademarks and trade names $ 8,900 Indefinite Relief from royalty Intangible assets subject to amortization: Technology 22,300 10 years Relief from royalty Customer relationships 35,300 6 years Multi-period 57,600 Total $ 66,500 |
Schedule of Pro forma Information | The following unaudited pro forma information presents a summary of the consolidated results of operations for the Company as if the acquisition of Scepter had occurred on January 1, 2013. For the Year Ended December 31, 2014 December 31, 2013 Net sales $ 675,046 $ 679,567 Income from continuing operations $ 16,206 $ 30,271 Net income per share from continuing operations: Basic $ 0.50 $ 0.89 Diluted $ 0.50 $ 0.89 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
The change in goodwill | The change in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 is as follows: Distribution Material Handling Total January 1, 2014 $ 505 $ 50,570 $ 51,075 Acquisitions — 19,812 19,812 Foreign currency translation — (4,248 ) (4,248 ) December 31, 2014 505 66,134 66,639 Measurement period adjustments — (300 ) (300 ) Foreign currency translation — (2,304 ) (2,304 ) December 31, 2015 $ 505 $ 63,530 $ 64,035 |
Intangible assets | Intangible assets at December 31, 2015 and 2014 consisted of the following: 2015 2014 Weighted Average Remaining Useful Life (years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade Names - Indefinite Lived $ 10,859 $ — $ 10,859 $ 11,256 $ — $ 11,256 Trade Names 4.3 280 (142 ) 138 280 (110 ) 170 Customer Relationships 4.1 40,427 (16,165 ) 24,262 41,332 (7,964 ) 33,368 Technology 8.0 27,177 (5,166 ) 22,011 27,642 (2,552 ) 25,090 Patents 1.2 11,724 (10,464 ) 1,260 10,888 (8,538 ) 2,350 Non-Compete 0.0 — — — 150 (149 ) 1 $ 90,467 $ (31,937 ) $ 58,530 $ 91,548 $ (19,313 ) $ 72,235 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Schedule of restructuring | The restructuring charges are presented in the following table. 2015 2014 2013 Segment Cost of sales SG&A Total Cost of sales SG&A Total Cost of sales SG&A Total Distribution $ — $ 124 $ 124 $ — $ 764 $ 764 $ — $ 194 $ 194 Material Handling 1,340 912 2,252 189 260 449 178 47 225 Corporate — 35 35 — — — — 17 17 Total $ 1,340 $ 1,071 $ 2,411 $ 189 $ 1,024 $ 1,213 $ 178 $ 258 $ 436 |
Discontinued Operations [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Schedule of restructuring | Restructuring charges related to discontinued operations for the year ended 2015, 2014 and 2013 are presented in the following table: Year Ended December 31, 2015 2014 2013* Severance and personnel $ — $ 1,743 $ 2,614 Other exit costs — 3,762 6,189 Total $ — $ 5,505 $ 8,803 * Includes WEK restructuring charges of $0.2 million in 2013. |
Lawn and Garden Business 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 business and WEK for the years ended December 31, 2015, 2014 and 2013 are presented in the following table: Year Ended December 31, 2015* 2014** 2013 Net sales $ 29,335 $ 204,716 $ 240,477 Loss from discontinued operations before income taxes $ (1,214 ) $ (30,038 ) $ (394 ) Income tax (benefit) expense (262 ) (9,408 ) 46 Loss from discontinued operations (952 ) (20,630 ) (440 ) Net gain on sale of discontinued operations, inclusive of tax benefit of ($2.8 million) for the year ended December 31, 2015 and tax provision of $1.6 million for the year ended December 31, 2014 4,661 2,988 — Income (loss) from discontinued operations, net of income taxes $ 3,709 $ (17,642 ) $ (440 ) * Includes Lawn and Garden operating results through February 17, 2015. * * Includes WEK operating results through June 20, 2014. The assets and liabilities of discontinued operations are stated separately as of December 31, 2014 in the Consolidated Statements of Financial Position and are comprised of the following items: December 31, 2014 Assets Accounts receivable-net $ 29,794 Inventories 50,951 Prepaid expenses and other current assets 1,709 Goodwill 9,107 Patents and other intangible assets, net 6,030 Property, plant and equipment, net 38,168 Net asset impairment * (18,858 ) Other 874 Total Assets Held for Sale $ 117,775 Liabilities Accounts payable $ 22,239 Accrued expenses and other liabilities 4,883 Total Liabilities Held for Sale $ 27,122 * Impairment includes the cumulative translation credit adjustment associated with the Lawn and Garden business. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Weighted average number of common shares outstanding during the period | Net income (loss) per common share, as shown on the accompanying Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: 2015 2014 2013 Weighted average common shares outstanding basic 30,616,485 32,232,965 33,588,720 Dilutive effect of stock options and restricted stock 327,208 471,047 454,705 Weighted average common shares outstanding diluted 30,943,693 32,704,012 34,043,425 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Schedule of restructuring | The restructuring charges are presented in the following table. 2015 2014 2013 Segment Cost of sales SG&A Total Cost of sales SG&A Total Cost of sales SG&A Total Distribution $ — $ 124 $ 124 $ — $ 764 $ 764 $ — $ 194 $ 194 Material Handling 1,340 912 2,252 189 260 449 178 47 225 Corporate — 35 35 — — — — 17 17 Total $ 1,340 $ 1,071 $ 2,411 $ 189 $ 1,024 $ 1,213 $ 178 $ 258 $ 436 |
Other Accrued Expenses (Tables)
Other Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Schedule of Other Accrued Expenses | As of December 31, 2015 and 2014, the balance in other accrued expenses is comprised of the following: 2015 2014 Deposits and amounts due to customers $ 9,351 $ 10,591 Dividends payable 4,190 4,267 Accrued litigation and professional fees 308 3,458 Other accrued expenses 9,379 7,856 $ 23,228 $ 26,172 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of stock option activity for the period | The following tables summarize stock option activity in the past three years: Options granted in 2015, 2014 and 2013: Year Options Exercise Price 2015 208,200 $ 18.67 2014 209,500 $ 20.93 2013 323,400 $ 14.77 Options exercised in 2015, 2014 and 2013: Year Options Exercise Price 2015 239,508 $9.97 to $17.02 2014 228,064 $9.97 to $17.02 2013 503,321 $8.00 to $18.62 Options outstanding and exercisable at December 31, 2015, 2014 and 2013 were as follows: Year Outstanding Range of Exercise Prices Exercisable Weighted Exercise Price 2015 1,409,881 $9.00 to $20.93 1,231,544 $ 13.47 2014 1,512,756 $9.00 to $20.93 1,066,219 $ 11.58 2013 1,574,572 $9.00 to $18.62 1,057,694 $ 11.48 The following table provides a summary of stock option activity for the period ended December 31, 2015: Shares Average Exercise Price Weighted Average Life Aggregate Intrinsic Value Outstanding at December 31, 2014 1,512,756 $ 13.24 Options Granted 208,200 18.67 Options Exercised (239,508 ) 11.57 Canceled or forfeited (71,567 ) 17.30 Outstanding at December 31, 2015 1,409,881 14.12 5.47 $ 1,904 Exercisable at December 31, 2015 1,231,544 $ 13.47 5.02 $ 1,904 |
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. In 2015, 2014 and 2013, the Company used the binomial lattice option pricing model based on assumptions set forth in the following table. 2015 2014 2013 Risk free interest rate 2.10 % 2.80 % 1.86 % Expected dividend yield 2.90 % 2.50 % 2.40 % Expected life of award (years) 8.0 7.0 7.0 Expected volatility 50.00 % 50.00 % 50.00 % Fair value per option share $ 6.03 $ 7.05 $ 5.39 |
Summary of combined restricted stock units and restricted stock activity for the period | The following table provides a summary of combined restricted stock units and restricted stock activity for the year ended December 31, 2015: Shares Average Grant-Date Fair Value Unvested shares at December 31, 2014 236,196 Granted 224,994 $ 16.65 Vested (209,002 ) 16.55 Forfeited (22,798 ) 18.63 Unvested shares at December 31, 2015 229,390 $ 16.68 |
Long-Term Debt and Loan Agree34
Long-Term Debt and Loan Agreements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long-term debt at December 31, 2015 and 2014 consisted of the following: 2015 2014 Loan Agreement $ 93,512 $ 137,109 4.67% Senior Unsecured Notes due 2021 40,000 40,000 5.25% Senior Unsecured Notes due 2024 11,000 11,000 5.30% Senior Unsecured Notes due 2024 29,000 29,000 5.45% Senior Unsecured Notes due 2026 20,000 20,000 193,512 237,109 Less unamortized deferred financing costs 506 680 $ 193,006 $ 236,429 |
Schedule of Debt Ratios | The ratios as of December 31, 2015 are shown in the following table: Required Level Actual Level Interest Coverage Ratio 3.00 to 1 7.52 Leverage Ratio 3.25 to 1 (maximum) 2.55 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate | A reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate is as follows: Percent of Income before Income Taxes 2015 2014 2013 Statutory Federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes - net of Federal tax benefit 0.2 (4.5 ) 2.9 Foreign tax rate differential (2.4 ) 1.8 (0.2 ) Domestic production deduction (4.0 ) (6.6 ) (3.1 ) Non-deductible expenses 4.9 7.0 1.3 Changes in unrecognized tax benefits (1.8 ) (2.5 ) (0.2 ) Foreign tax incentives (2.3 ) (3.0 ) (2.2 ) Valuation allowances 4.8 9.0 — Other 1.3 0.2 — Effective tax rate for the year 35.7 % 36.4 % 33.5 % |
Income (Loss) from Continuing Operations Before Income Taxes | Income from continuing operations before income taxes was attributable to the following sources: 2015 2014 2013 United States $ 19,546 $ 21,074 $ 38,089 Foreign 2,316 (6,991 ) 1,696 Totals $ 21,862 $ 14,083 $ 39,785 |
Income Tax Expense (Benefit) from Continuing Operations | Income tax expense (benefit) from continuing operations consisted of the following: 2015 2014 2013 Current Deferred Current Deferred Current Deferred Federal $ 6,677 $ (368 ) $ 8,298 $ (1,208 ) $ 13,273 $ (1,413 ) Foreign 504 783 (277 ) (710 ) 629 (920 ) State and local 943 (730 ) (234 ) (747 ) 2,170 (396 ) $ 8,124 $ (315 ) $ 7,787 $ (2,665 ) $ 16,072 $ (2,729 ) |
Significant Components of the Company's Deferred Taxes | Significant components of the Company’s deferred taxes as of December 31, 2015 and 2014 are as follows: 2015 2014 Deferred income tax liabilities Property, plant and equipment $ 12,989 $ 11,629 Tax-deductible goodwill 7,871 7,728 Non-deductible intangibles 282 1,843 State deferred taxes 212 687 Other 1,010 483 22,364 22,370 Deferred income tax assets Compensation 7,081 6,716 Inventory valuation 945 636 Allowance for uncollectible accounts 194 260 Non-deductible accruals 3,892 2,631 Other — 15 Net operating loss carryforwards 4,715 5,050 16,827 15,308 Valuation Allowance (3,664 ) (4,326 ) 13,163 10,982 Net deferred income tax liability $ 9,201 $ 11,388 |
Activity Related to the Company's Valuation Allowance | The following table summarizes the activity related to the Company’s valuation allowance: 2015 2014 2013 Balance at January 1 $ (4,326 ) $ (4,264 ) $ (5,128 ) (Charged) Credited to Expense (763 ) 414 25 Net write-offs — — — Foreign currency translation adjustment 1,425 (476 ) 839 Balance at December 31 $ (3,664 ) $ (4,326 ) $ (4,264 ) |
Activity Related to the Company's Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2015 2014 2013 Balance at January 1 $ 483 $ 840 $ 910 Increases related to current year tax positions — — — Increases related to previous year tax positions 151 5 — Reductions due to lapse of applicable statute of limitations (483 ) (362 ) (48 ) Reduction due to settlements — — (22 ) Balance at December 31 $ 151 $ 483 $ 840 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Net periodic pension cost | Net periodic pension cost for the years ended December 31, 2015, 2014 and 2013 was as follows: 2015 2014 2013 Interest cost $ 272 $ 280 $ 259 Expected return on assets (332 ) (371 ) (333 ) Amortization of net loss 88 45 111 Net periodic pension cost $ 28 $ (46 ) $ 37 |
Reconciliation of changes in projected benefit obligations | The reconciliation of changes in projected benefit obligations are as follows: 2015 2014 Projected benefit obligation at beginning of year $ 7,167 $ 6,150 Interest cost 272 280 Actuarial (gain) loss (496 ) 1,235 Expenses paid (89 ) (95 ) Benefits paid (389 ) (403 ) Projected benefit obligation at end of year $ 6,465 $ 7,167 Accumulated benefit obligation at end of year $ 6,465 $ 7,167 |
Assumptions used to determine the net periodic benefit cost and benefit obligations | The assumptions used to determine the net periodic benefit cost and benefit obligations are as follows: 2015 2014 2013 Discount rate for net periodic pension cost 3.90 % 4.70 % 3.75 % Discount rate for benefit obligations 4.30 % 3.90 % 4.70 % Expected long-term return of plan assets 7.50 % 8.00 % 8.00 % |
Change in the fair value of the plan’s assets | The following table reflects the change in the fair value of the plan’s assets: 2015 2014 Fair value of plan assets at beginning of year $ 5,713 $ 5,577 Actual return on plan assets 60 316 Company contributions 148 318 Expenses paid (89 ) (95 ) Benefits paid (389 ) (403 ) Fair value of plan assets at end of year $ 5,443 $ 5,713 |
Weighted average asset allocations | The weighted average asset allocations at December 31, 2015 and 2014 are as follows: 2015 2014 U.S. Equities securities 83 % 82 % U.S. Debt securities 15 % 17 % Cash 2 % 1 % Total 100 % 100 % |
Reconciliation of the funded status of the plan | The following table provides a reconciliation of the funded status of the plan at December 31, 2015 and 2014: 2015 2014 Projected benefit obligation $ 6,465 $ 7,167 Plan assets at fair value 5,443 5,713 Funded status $ (1,022 ) $ (1,454 ) |
Benefit payments projected for the plan | Benefit payments projected for the plan are as follows: 2016 $ 378 2017 374 2018 366 2019 371 2020 376 2021-2025 1,898 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future minimum rental commitments | Future minimum rental commitments are as follows: Year Ended December 31, Commitment 2016 $ 3,904 2017 2,111 2018 1,010 2019 457 2020 454 Thereafter 1,322 Total $ 9,258 |
Industry Segments (Tables)
Industry Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Reporting Information by Segment | Total sales from foreign business units and export to countries outside the U.S. were approximately $105.6 million, $110.4 million, and $95.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Sales made to customers in Brazil accounted for approximately 4.7% of total net sales in 2015, 7.3% in 2014 and 8.2% in 2013. Sales made to customers in Canada accounted for approximately 5.2% of total net sales in 2015, 4.2% in 2014 and 3.3% in 2013. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, consisting of property, plant and equipment, were approximately $33.2 million at December 31, 2015 and $44.8 million at December 31, 2014. 2015 2014 2013 Net Sales Material Handling $ 414,030 $ 432,054 $ 380,605 Distribution 187,637 191,873 204,460 Intra-segment elimination (129 ) (278 ) (332 ) $ 601,538 $ 623,649 $ 584,733 Income from Continuing Operations Before Income Taxes Material Handling $ 49,762 $ 31,903 $ 47,428 Distribution 16,114 16,024 21,727 Corporate (35,015 ) (25,309 ) (24,839 ) Interest expense - net (8,999 ) (8,535 ) (4,531 ) $ 21,862 $ 14,083 $ 39,785 Identifiable Assets Material Handling $ 335,506 $ 370,501 $ 240,897 Distribution 58,772 57,523 63,340 Corporate 35,638 19,034 4,652 Discontinued Operations — 117,775 160,568 $ 429,916 $ 564,833 $ 469,457 Capital Additions, Net Material Handling $ 21,422 $ 22,197 $ 18,787 Distribution 1,795 1,786 915 Corporate 510 187 1,007 $ 23,727 $ 24,170 $ 20,709 Depreciation and Amortization Material Handling $ 32,667 $ 29,013 $ 21,728 Distribution 998 1,022 859 Corporate 1,314 1,137 941 $ 34,979 $ 31,172 $ 23,528 |
Summarized Quarterly Results 39
Summarized Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended 2015 March-31 June-30 September-30 December-31 Total Net Sales $ 156,348 $ 164,335 $ 141,661 $ 139,194 $ 601,538 Gross Profit 45,757 50,581 41,686 40,254 178,278 Income (loss) from continuing operations (1) 2,622 10,925 631 (125 ) 14,053 Income (loss) from discontinued operations, net (2) 2,617 494 (298 ) 896 3,709 Net income (1)(2) 5,239 11,419 333 771 17,762 Income (loss) per common share from continuing operations: Basic* $ 0.08 $ 0.35 $ 0.02 $ — $ 0.46 Diluted* $ 0.08 $ 0.35 $ 0.02 $ — $ 0.45 Income (loss) per common share from discontinued operations: Basic* $ 0.08 $ 0.02 $ (0.01 ) $ 0.03 $ 0.12 Diluted* $ 0.08 $ 0.02 $ (0.01 ) $ 0.03 $ 0.12 Net income per share: Basic* $ 0.16 $ 0.37 $ 0.01 $ 0.03 $ 0.58 Diluted* $ 0.16 $ 0.37 $ 0.01 $ 0.03 $ 0.57 Quarter Ended 2014 March-31 June-30 September-30 December-31 Total Net Sales $ 150,485 $ 152,784 $ 162,109 $ 158,271 $ 623,649 Gross Profit 42,071 42,532 39,961 36,715 161,279 Income (loss) from continuing operations (3) 4,763 6,327 (3,618 ) 1,489 8,961 Income (loss) from discontinued operations, net (4) (4,083 ) (578 ) 875 (13,856 ) (17,642 ) Net income (loss) (3)(4) 680 5,749 (2,743 ) (12,367 ) (8,681 ) Income (loss) per common share from continuing operations: Basic* $ 0.14 $ 0.20 $ (0.11 ) $ 0.05 $ 0.28 Diluted* $ 0.14 $ 0.19 $ (0.11 ) $ 0.05 $ 0.27 Income (loss) per common share from discontinued operations: Basic* $ (0.12 ) $ (0.02 ) $ 0.02 $ (0.44 ) $ (0.55 ) Diluted* $ (0.12 ) $ (0.02 ) $ 0.02 $ (0.44 ) $ (0.54 ) Net income (loss) per share: Basic* $ 0.02 $ 0.18 $ (0.09 ) $ (0.39 ) $ (0.27 ) Diluted* $ 0.02 $ 0.17 $ (0.09 ) $ (0.39 ) $ (0.27 ) ( 1 ) During the quarter ended September 30, 2015, the Company recorded an out of period adjustment of $1.1 million ($0.7 million after tax) related to stock compensation expense. In addition, the Company reserved an additional $1.3 million in Other Liabilities related to the EPA claim related to the New Idria Mercury Mine during the quarter ended September 30, 2015. ( 2 ) A gain on the sale of the Lawn and Garden business of $3.8 million was recognized during the first quarter of 2015 and an additional gain of $0.9 million was recognized in the fourth quarter of 2015. These gains are included in income from discontinued operations in the accompanying Consolidated Statements of Operations. ( 3 ) During the quarter ended December 31, 2014, the Company recorded out of period, after-tax charges totaling approximately $3.2 million, of which approximately $1.8 million related to periods prior to 2014 primarily as a result of adjustments identified related to inventory and fixed assets at its Brazilian operations within the Material Handling Segment. The Company concluded such adjustments were not material to its consolidated financial statements for any previously reported interim period within 2014 or for any annual period impacted by such adjustments prior to 2014. ( 4 ) During the quarter ended December 31, 2014, the Company recorded an $18.9 million impairment charge attributable to assets held-for-sale at year end. Refer to Note 4 to the Consolidated Financial Statements. * The sum of the earnings per share for the four quarters in a year does not necessarily equal the total year earnings per share due to the computation of weighted shares outstanding during the period. |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration of Credit Risk | |||
Expense for bad debts | $ 0.3 | $ 0.4 | $ 0.5 |
Allowance for doubtful accounts receivable | 0.5 | 0.9 | 0.8 |
Receivables | |||
Trade receivable sold under factoring agreement | 5.8 | 9.1 | |
Cash proceeds from sale of receivables | 5.4 | 8.8 | |
Administrative fees | $ 0.4 | 0.3 | |
Inventories | |||
Percentage of LIFO Inventory | 40.00% | ||
Cost valuation of inventory if FIFO had been used exclusively | $ 5.1 | 6.8 | 8.1 |
Liquidation of LIFO inventories decreased cost of sales and increased income before taxes | 0.1 | 0.4 | 0.1 |
Property, Plant and Equipment | |||
Capitalized Computer Software, Gross | 4.1 | 2.1 | |
Capitalized Computer Software, Amortization | 0.5 | 0.3 | 0.1 |
Shipping and handling | |||
Shipping and handling expenses | 16.4 | 19.4 | 17.1 |
Cash and Cash Equivalents | |||
Accrued capital expenditures excluded from investing activities | $ 6.6 | $ 0.2 | $ 0.5 |
Customer 1 [Member] | Sales [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration risk percentage | 4.00% | ||
Maximum [Member] | Customer 2 [Member] | Sales [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration risk percentage | 3.00% | ||
Brazil [Member] | Sales [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration risk percentage | 4.70% | 7.30% | 8.20% |
Canada [Member] | Sales [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration risk percentage | 5.20% | 4.20% | 3.30% |
Carrying (Reported) Amount, Fair Value Disclosure | Less unamortized deferred financing fees | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable, carrying amount | $ 100 | $ 100 | |
Estimate of Fair Value, Fair Value Disclosure | Less unamortized deferred financing fees | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable, fair value disclosure | $ 102.1 | $ 106.8 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Schedule of estimated useful lives of the assets (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 20 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 10 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 10 years |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ (11,688) | ||
Total other comprehensive income (loss), net of tax | (27,422) | $ (14,115) | $ (8,216) |
Ending balance | (39,110) | (11,688) | |
Defined Benefit Pension Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,863) | (1,066) | (2,142) |
Other comprehensive income (loss) before reclassifications | 144 | (826) | 1,005 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 56 | 29 | 71 |
Total other comprehensive income (loss), net of tax | 200 | (797) | 1,076 |
Ending balance | (1,663) | (1,863) | (1,066) |
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (9,825) | 3,493 | 12,785 |
Other comprehensive income (loss) before reclassifications | (17,131) | (13,318) | (9,292) |
Amounts reclassified from accumulated other comprehensive income, net of tax | (10,491) | 0 | 0 |
Total other comprehensive income (loss), net of tax | (27,622) | (13,318) | (9,292) |
Ending balance | (37,447) | (9,825) | 3,493 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (11,688) | 2,427 | 10,643 |
Other comprehensive income (loss) before reclassifications | (16,987) | (14,144) | (8,287) |
Amounts reclassified from accumulated other comprehensive income, net of tax | (10,435) | 29 | 71 |
Total other comprehensive income (loss), net of tax | (27,422) | (14,115) | (8,216) |
Ending balance | $ (39,110) | $ (11,688) | $ 2,427 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification from AOCI, Current Period, Tax [Abstract] | |||
Amounts reclassified from accumulated other comprehensive income, tax | $ 32 | $ 16 | $ 40 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - Scepter acquisition - USD ($) $ in Millions | Jul. 02, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Purchase price | $ 156.6 | |
Final working capital adjustment | 1.2 | |
Company borrowed under loan agreement to fund Scepter acquisition | 134.1 | |
Payments to acquire Sceptor | 22.5 | |
Proforma, net sales | $ 39.4 | |
Proforma, operating loss | 5.4 | |
Fair value adjustment of inventory | 2.3 | |
Transactional costs | $ 3.6 | |
Goodwill expected to be recognized | $ 10.3 |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 02, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 64,035 | $ 66,639 | $ 51,075 | |
Scepter acquisition | ||||
Business Acquisition [Line Items] | ||||
Current assets | $ 34,572 | |||
Property, plant and equipment | 44,613 | |||
Intangible assets | 66,500 | |||
Assets acquired | 145,685 | |||
Current liabilities | 8,577 | |||
Total liabilities assumed | 8,577 | |||
Goodwill | 19,512 | |||
Total consideration | $ 156,620 |
Acquisitions - Schedule of Iden
Acquisitions - Schedule of Identifiable Intangible Assets Acquired (Details) - Scepter acquisition $ in Thousands | Jul. 02, 2014USD ($) |
Business Acquisition [Line Items] | |
Intangible assets acquired, subject to amortization | $ 57,600 |
Intangibles acquired | 66,500 |
Trademarks and trade names | |
Business Acquisition [Line Items] | |
Intangible assets acquired not subject to amortization | 8,900 |
Technology | |
Business Acquisition [Line Items] | |
Intangible assets acquired, subject to amortization | $ 22,300 |
Estimated useful life | 10 years |
Customer relationships | |
Business Acquisition [Line Items] | |
Intangible assets acquired, subject to amortization | $ 35,300 |
Estimated useful life | 6 years |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ||
Net sales | $ 675,046 | $ 679,567 |
Income from continuing operations | $ 16,206 | $ 30,271 |
Income per share from continuing operations, basic | $ 0.50 | $ 0.89 |
Income per share from continuing operations, diluted | $ 0.50 | $ 0.89 |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Impairment of goodwill and indefinite-lived intangible assets | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets | 9,802,000 | 6,466,000 | $ 2,769,000 |
Estimated amortization expense, 2016 | 9,492,000 | ||
Estimated amortization expense, 2017 | 8,584,000 | ||
Estimated amortization expense, 2018 | 8,200,000 | ||
Estimated amortization expense, 2019 | 7,705,000 | ||
Estimated amortization expense, 2020 | 4,972,000 | ||
Trade Names [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Carrying value of indefinite-lived intangible assets | $ 10,859,000 | $ 11,256,000 | |
Minimum [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Percentage of fair value in excess of carrying amount | 10.00% | ||
Weighted average cost of capital | 11.00% | ||
Maximum [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Percentage of fair value in excess of carrying amount | 20.00% | ||
Weighted average cost of capital | 14.50% |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets - The Change in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 66,639 | $ 51,075 |
Acquisitions | 19,812 | |
Foreign currency translation | (2,304) | (4,248) |
Measurement period adjustments | (300) | |
Ending balance | 64,035 | 66,639 |
Distribution | ||
Goodwill [Roll Forward] | ||
Beginning balance | 505 | 505 |
Acquisitions | 0 | |
Foreign currency translation | 0 | 0 |
Measurement period adjustments | 0 | |
Ending balance | 505 | 505 |
Material Handling | ||
Goodwill [Roll Forward] | ||
Beginning balance | 66,134 | 50,570 |
Acquisitions | 19,812 | |
Foreign currency translation | (2,304) | (4,248) |
Measurement period adjustments | (300) | |
Ending balance | $ 63,530 | $ 66,134 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross | $ 90,467 | $ 91,548 |
Accumulated amortization | (31,937) | (19,313) |
Net | 58,530 | 72,235 |
Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangibles | $ 10,859 | 11,256 |
Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 4 years 3 months 18 days | |
Gross | $ 280 | 280 |
Accumulated amortization | (142) | (110) |
Net | $ 138 | 170 |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 4 years 1 month 6 days | |
Gross | $ 40,427 | 41,332 |
Accumulated amortization | (16,165) | (7,964) |
Net | $ 24,262 | 33,368 |
Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 8 years | |
Gross | $ 27,177 | 27,642 |
Accumulated amortization | (5,166) | (2,552) |
Net | $ 22,011 | 25,090 |
Patents [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 1 year 2 months 12 days | |
Gross | $ 11,724 | 10,888 |
Accumulated amortization | (10,464) | (8,538) |
Net | $ 1,260 | 2,350 |
Noncompete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 0 years | |
Gross | $ 0 | 150 |
Accumulated amortization | 0 | (149) |
Net | $ 0 | $ 1 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) $ in Thousands | Feb. 17, 2015USD ($) | Jun. 20, 2014USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jul. 31, 2013facility |
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||||||
Asset impairment charge | $ 18,900 | ||||||||
Number of manufacturing plants | facility | 2 | ||||||||
Restructuring Charges | $ 2,411 | $ 1,213 | $ 436 | ||||||
WEK | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Proceeds from divestiture of businesses | $ 20,700 | ||||||||
Adjustment to working capital | 800 | ||||||||
Proceeds from divestiture of businesses, held in escrow | $ 1,000 | ||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||
Net gain on sale of discontinued operations, net of tax of $1.6 million | 3,000 | ||||||||
Tax (expense) benefit from provision for (gain) Loss on disposal | 1,600 | ||||||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||||||
Restructuring Charges | $ 200 | ||||||||
Lawn and Garden Business | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Proceeds from divestiture of businesses | $ 90,000 | ||||||||
Adjustment to working capital | $ 4,000 | ||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||
Interest rate | 6.00% | ||||||||
Notes Receivable, Fair Value Disclosure | $ 17,800 | ||||||||
Amount of consideration received | 110,000 | ||||||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||||||
Gain sale of business | $ 900 | $ 3,800 | 4,700 | ||||||
Promissory note receivable | $ 20,000 | ||||||||
Maturity date of promissory note receivable | 2020-08 | ||||||||
Escrow deposit | $ 8,600 | ||||||||
Escrow deposit due to be settled date | 2016-08 | ||||||||
Additional gain on sale of business | $ 600 | ||||||||
Asset impairment charge | 18,900 | ||||||||
Lawn and Garden Business | Severance and Personnel | |||||||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||||||
Restructuring Charges | $ 14,000 |
Discontinued Operations (Income
Discontinued Operations (Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Income (loss) from discontinued operations, net of income taxes | $ 896 | $ (298) | $ 494 | $ 2,617 | $ (13,856) | $ 875 | $ (578) | $ (4,083) | $ 3,709 | $ (17,642) | $ (440) |
Lawn and Garden Business and WEK | |||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Net sales | 29,335 | 204,716 | 240,477 | ||||||||
Loss from discontinued operations before income taxes | (1,214) | (30,038) | (394) | ||||||||
Income tax (benefit) expense | (262) | (9,408) | 46 | ||||||||
Loss from discontinued operations | (952) | (20,630) | (440) | ||||||||
Net gain on sale of discontinued operations, inclusive of tax benefit of ($2.8 million) for the year ended December 31, 2015 and tax provision of $1.6 million for the year ended December 31, 2014 | 4,661 | 2,988 | 0 | ||||||||
Income (loss) from discontinued operations, net of income taxes | $ 3,709 | $ (17,642) | $ (440) |
Discontinued Operations (Inco53
Discontinued Operations (Income Statement) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Lawn and Garden Business and WEK | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Tax expense (benefit) from provision for gain (Loss) on disposal | $ 2.8 | $ 1.6 |
Discontinued Operations (Balanc
Discontinued Operations (Balance Sheet) (Details) - Lawn and Garden Business and WEK $ in Thousands | Dec. 31, 2014USD ($) |
Assets of Disposal Group, Including Discontinued Operation [Abstract] | |
Accounts receivable-net | $ 29,794 |
Inventories | 50,951 |
Prepaid expenses and other current assets | 1,709 |
Goodwill | 9,107 |
Patents and other intangible assets, net | 6,030 |
Property, plant and equipment, net | 38,168 |
Net asset impairment | (18,858) |
Other | 874 |
Total Assets Held for Sale | 117,775 |
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |
Accounts payable | 22,239 |
Accrued expenses and other liabilities | 4,883 |
Total Liabilities Held for Sale | $ 27,122 |
Discontinued Operations (Restru
Discontinued Operations (Restructuring) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | $ 2,411 | $ 1,213 | $ 436 |
Lawn and Garden Business | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 0 | 5,505 | 8,803 |
Lawn and Garden Business | Severance & Personnel | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 0 | 1,743 | 2,614 |
Lawn and Garden Business | Other Exit Costs | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | $ 0 | $ 3,762 | 6,189 |
WEK | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | $ 200 |
Net Income (Loss) Per Common 56
Net Income (Loss) Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Line Items] | |||
Weighted average common shares outstanding basic | 30,616,485 | 32,232,965 | 33,588,720 |
Dilutive effect of stock options and restricted stock (in shares) | 327,208 | 471,047 | 454,705 |
Weighted average common shares outstanding diluted (in shares) | 30,943,693 | 32,704,012 | 34,043,425 |
Stock Option | |||
Earnings Per Share [Line Items] | |||
Options to purchase common stock outstanding (in shares) | 463,200 | 198,500 | 123,900 |
Restructuring (Restructuring Ch
Restructuring (Restructuring Charges by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | $ 2,411 | $ 1,213 | $ 436 |
Cost of Sales | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 1,340 | 189 | 178 |
SG&A | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 1,071 | 1,024 | 258 |
Distribution | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 124 | 764 | 194 |
Distribution | Cost of Sales | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 0 | 0 | 0 |
Distribution | SG&A | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 124 | 764 | 194 |
Material Handling | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 2,252 | 449 | 225 |
Material Handling | Cost of Sales | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 1,340 | 189 | 178 |
Material Handling | SG&A | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 912 | 260 | 47 |
Corporate | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 35 | 0 | 17 |
Corporate | Cost of Sales | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | 0 | 0 | 0 |
Corporate | SG&A | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Charges | $ 35 | $ 0 | $ 17 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)facility | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jul. 31, 2013facility | |
Restructuring Cost And Reserve [Line Items] | ||||
Number of manufacturing plants | facility | 2 | |||
Restructuring Charges | $ 2,411,000 | $ 1,213,000 | $ 436,000 | |
Restructuring reserve | $ 0 | 0 | ||
Material Handling | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Number of manufacturing plants | facility | 2 | |||
Restructuring Charges | $ 2,252,000 | 449,000 | 225,000 | |
Distribution | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Charges | 124,000 | 764,000 | 194,000 | |
Severance and Moving Expenses for Equipment and Inventory | Material Handling | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Charges | $ 2,300,000 | |||
Severance and Non-Cancelable Lease Costs | Distribution | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Charges | 800,000 | 200,000 | ||
Finance and Sales Reorganization | Material Handling | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Charges | $ 400,000 | |||
Severance | Material Handling | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Charges | $ 200,000 |
Other Accrued Expenses (Details
Other Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables And Accruals [Abstract] | ||
Deposits and amounts due to customers | $ 9,351 | $ 10,591 |
Dividends payable | 4,190 | 4,267 |
Accrued litigation and professional fees | 308 | 3,458 |
Other accrued expenses | 9,379 | 7,856 |
Other accrued expenses, Total | $ 23,228 | $ 26,172 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options expired or forfeited | 71,567 | 43,252 | 164,528 | |
Stock compensation expense | $ 1,100 | $ 4,934 | $ 3,115 | $ 2,557 |
Total unrecognized compensation cost related to non-vested share based compensation arrangements | $ 3,918 | |||
Unrecognized compensation cost period for recognition | 3 years | |||
The total intrinsic value of all stock options exercised | $ 1,151 | $ 1,744 | $ 2,588 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of expiration, term | 10 years | |||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, in years | 2 years | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, in years | 3 years | |||
2008 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for grant under plan (in shares) | 4,000,000 |
Stock Compensation - Summary of
Stock Compensation - Summary of Stock Option Activity for the Period (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options Granted (in shares) | 208,200 | 209,500 | 323,400 |
Issuances under option plans, shares | 239,508 | 228,064 | 503,321 |
Outstanding at December 31, 2014 | 1,512,756 | 1,574,572 | |
Options Exercised, Shares (in shares) | (239,508) | (228,064) | (503,321) |
Cancelled or forfeited (in shares) | (71,567) | (43,252) | (164,528) |
Outstanding at December 31, 2015 | 1,409,881 | 1,512,756 | 1,574,572 |
Exercisable at December 31, 2015 | 1,231,544 | 1,066,219 | 1,057,694 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options Granted, Average Exercise Price (in dollars per share) | $ 18.67 | $ 20.93 | $ 14.77 |
Options Exercised, Average Exercise Price (in dollars per share) | 11.57 | ||
Outstanding, Average Price (in dollars per share) | 13.24 | ||
Cancelled or forfeited, average exercise price (in dollars per share) | 17.30 | ||
Outstanding, Average Price (in dollars per share) | 14.12 | 13.24 | |
Exercisable, Average Exercise Price (in dollars per share) | $ 13.47 | 11.58 | 11.48 |
Outstanding, Weighted Average Life | 5 years 5 months 19 days | ||
Exercisable, Weighted Average Life | 5 years 7 days | ||
Aggregate Intrinsic Value December 31, 2015 | $ 1,904 | ||
Aggregate Intrinsic Value, exercisable | $ 1,904 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options Exercised, Average Exercise Price (in dollars per share) | $ 9.97 | 9.97 | 8 |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options Exercised, Average Exercise Price (in dollars per share) | $ 17.02 | $ 17.02 | $ 18.62 |
Stock Compensation - Options ou
Stock Compensation - Options outstanding and exercisable (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Outstanding (in shares) | 1,409,881 | 1,512,756 | 1,574,572 |
Exercise price range, minimum (in dollars per share) | $ 9 | $ 9 | $ 9 |
Exercise price range, maximum (in dollars per share) | $ 20.93 | $ 20.93 | $ 18.62 |
Exercisable (in shares) | 1,231,544 | 1,066,219 | 1,057,694 |
Weighted average exercise price (in dollars per share) | $ 13.47 | $ 11.58 | $ 11.48 |
Stock Compensation - Fair Value
Stock Compensation - Fair Value of Stock Options Granted Assumptions Used (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk free interest rate | 2.10% | 2.80% | 1.86% |
Expected dividend yield | 2.90% | 2.50% | 2.40% |
Expected life of award (in years) | 8 years | 7 years | 7 years |
Expected volatility | 50.00% | 50.00% | 50.00% |
Fair value per option share (in dollars per share) | $ 6.03 | $ 7.05 | $ 5.39 |
Stock Compensation - Summary 64
Stock Compensation - Summary of Combined Restricted Stock Units and Restricted Stock Activity (Details) - Restricted Stock Units and Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested (in shares) | 236,196 |
Granted (in shares) | 224,994 |
Vested (in shares) | (209,002) |
Forfeited (in shares) | (22,798) |
Unvested (in shares) | 229,390 |
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) | $ / shares | $ 16.65 |
Vested, Average Grant Date Fair Value (in dollars per share) | $ / shares | 16.55 |
Forfeited, Average Grant Date Fair Value (in dollars per share) | $ / shares | 18.63 |
Unvested shares, Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 16.68 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2011 | Dec. 31, 2015 | Nov. 30, 2011 | |
Loss Contingencies [Line Items] | |||||
Contingency accrual | $ 1.3 | ||||
Patent Infringement Against Orbis Corp | |||||
Loss Contingencies [Line Items] | |||||
Contingency accrual | $ 3 | ||||
Loss Contingency, Range of Possible Loss, Maximum | $ 3.1 | ||||
Contingency accrual reversal | 3 | ||||
Environmental Issue | Pending Litigation | New Idria Mercury Mine | |||||
Loss Contingencies [Line Items] | |||||
Expense related to remedial investigation and feasibility study | $ 1.9 | ||||
Payments charged against the reserve | 1.2 | ||||
Estimate of EPA's interim removal project costs | $ 1.6 | $ 0.5 | |||
Contingency accrual | 1.3 | ||||
Total contingency accrued | $ 2 |
Long-Term Debt and Loan Agree66
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 193,512 | $ 237,109 |
Less unamortized deferred financing fees | 506 | 680 |
Long-term Debt, net of deferred financing costs | 193,006 | 236,429 |
Loan Agreement | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 93,512 | 137,109 |
4.67% Senior Unsecured Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 40,000 | 40,000 |
5.25% Senior Unsecured Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 11,000 | 11,000 |
5.30% Senior Unsecured Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 29,000 | 29,000 |
5.45% Senior Unsecured Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 20,000 | $ 20,000 |
Long-Term Debt and Loan Agree67
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Oct. 22, 2013 | |
4.67% Senior Unsecured Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.67% | 4.67% |
Debt instrument maturity period | 2,021 | |
5.25% Senior Unsecured Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.25% | 5.25% |
Debt instrument maturity period | 2,024 | |
5.30% Senior Unsecured Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.30% | |
Debt instrument maturity period | 2,024 | |
5.45% Senior Unsecured Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.45% | 5.45% |
Debt instrument maturity period | 2,026 |
Long-Term Debt and Loan Agree68
Long-Term Debt and Loan Agreements - Additional Information (Details) - USD ($) | Oct. 22, 2013 | Jan. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 30, 2014 | Dec. 13, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ||||||||
Letters of credit | $ 4,300,000 | |||||||
Long-term Debt | 193,512,000 | $ 237,109,000 | ||||||
Proceeds from issuance of long-term debt | 0 | 89,000,000 | $ 11,000,000 | |||||
Long-term debt, excluding unamortized deferred financing costs | 193,006,000 | 236,429,000 | ||||||
Unamortized debt issuance expense | 506,000 | 680,000 | ||||||
Senior Unsecured Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 100,000,000 | |||||||
4.67% Senior Unsecured Notes due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 40,000,000 | 40,000,000 | ||||||
Interest rate | 4.67% | 4.67% | ||||||
5.25% Senior Unsecured Notes due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 11,000,000 | 11,000,000 | ||||||
Proceeds from issuance of long-term debt | $ 11,000,000 | |||||||
Interest rate | 5.25% | 5.25% | ||||||
Senior Unsecured Notes Excluding 5.25% Senior Unsecured Notes due in 2024 [Member][Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of long-term debt | $ 89,000,000 | |||||||
5.45% Senior Unsecured Notes due 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 20,000,000 | $ 20,000,000 | ||||||
Interest rate | 5.45% | 5.45% | ||||||
Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity on line of credit | $ 300,000,000 | $ 200,000,000 | $ 180,000,000 | |||||
Remaining amount available under the line of credit | $ 202,200,000 | |||||||
Interest rate during period | 4.59% | 4.00% | ||||||
Long-term Debt | $ 93,512,000 | $ 137,109,000 |
Long-Term Debt and Loan Agree69
Long-Term Debt and Loan Agreements - Schedule of Debt Ratios (Details) - Unsecured Senior Notes [Member] | Dec. 31, 2015 |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Coverage Ratio, Actual | 7.52% |
Debt Instrument, Leverage Ratio, Actual | 2.55% |
Debt Instrument, Covenant, Interest Coverage Ratio Required, Minimum | 3.00% |
Debt Instrument, Covenant, Leverage Ratio Required, Maximum | 3.25% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ||||
Effective tax rate for the year | 35.70% | 36.40% | 33.50% | |
Net operating loss carryforwards | $ 4,715 | $ 5,050 | ||
Valuation allowance | 3,664 | 4,326 | ||
Foreign net operating tax loss carryforwards | 14,200 | |||
Temporary difference in deferred tax liability | 16,400 | |||
Unrecognized tax benefits that would impact effective tax rate | 200 | 500 | $ 800 | |
Amount of accrued interest expense included as a liability within the Company's Condensed Consolidated Statements of Financial Position | 100 | |||
Unrecognized tax benefits | 151 | 483 | $ 840 | $ 910 |
Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Amount of accrued interest expense included as a liability within the Company's Condensed Consolidated Statements of Financial Position | $ 100 | $ 100 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Statutory Federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes - net of Federal tax benefit | 0.20% | (4.50%) | 2.90% |
Foreign tax rate differential | (2.40%) | 1.80% | (0.20%) |
Domestic production deduction | (4.00%) | (6.60%) | (3.10%) |
Non-deductible expenses | 4.90% | 7.00% | 1.30% |
Changes in unrecognized tax benefits | (1.80%) | (2.50%) | (0.20%) |
Foreign tax incentives | (2.30%) | (3.00%) | (2.20%) |
Valuation allowances | 4.80% | 9.00% | 0.00% |
Other | 1.30% | 0.20% | 0.00% |
Effective tax rate for the year | 35.70% | 36.40% | 33.50% |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 19,546 | $ 21,074 | $ 38,089 |
Foreign | 2,316 | (6,991) | 1,696 |
Income from continuing operations before income taxes | $ 21,862 | $ 14,083 | $ 39,785 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ 6,677 | $ 8,298 | $ 13,273 |
Foreign | 504 | (277) | 629 |
State and local | 943 | (234) | 2,170 |
Current Income Tax Expense (Benefit) | 8,124 | 7,787 | 16,072 |
Deferred | |||
Federal | (368) | (1,208) | (1,413) |
Foreign | 783 | (710) | (920) |
State and local | (730) | (747) | (396) |
Deferred Income Tax Expense (Benefit) | $ (315) | $ (2,665) | $ (2,729) |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax liabilities | ||
Property, plant and equipment | $ 12,989 | $ 11,629 |
Tax-deductible goodwill | 7,871 | 7,728 |
Non-deductible intangibles | 282 | 1,843 |
State deferred taxes | 212 | 687 |
Other | 1,010 | 483 |
Deferred tax liabilities, gross | 22,364 | 22,370 |
Deferred income tax assets | ||
Compensation | 7,081 | 6,716 |
Inventory valuation | 945 | 636 |
Allowance for uncollectible accounts | 194 | 260 |
Non-deductible accruals | 3,892 | 2,631 |
Other | 0 | 15 |
Net operating loss carryforwards | 4,715 | 5,050 |
Deferred tax assets, gross | 16,827 | 15,308 |
Valuation Allowance | (3,664) | (4,326) |
Deferred Tax Assets, Net of Valuation Allowance | 13,163 | 10,982 |
Net deferred income tax liability | $ 9,201 | $ 11,388 |
Income Taxes - Activity related
Income Taxes - Activity related to the Company's Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances [Roll Forward] | |||
Balance at January 1 | $ (4,326) | $ (4,264) | $ (5,128) |
(Charged) Credited to Expense | (763) | 414 | 25 |
Net write-offs | 0 | 0 | 0 |
Foreign currency translation adjustment | 1,425 | (476) | 839 |
Balance at December 31 | $ (3,664) | $ (4,326) | $ (4,264) |
Income Taxes - Activity Relat76
Income Taxes - Activity Related to the Company's Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 483 | $ 840 | $ 910 |
Increases related to current year tax positions | 0 | 0 | 0 |
Increases related to previous year tax positions | 151 | 5 | 0 |
Reductions due to lapse of applicable statute of limitations | (483) | (362) | (48) |
Reduction due to settlements | 0 | 0 | (22) |
Balance at December 31 | $ 151 | $ 483 | $ 840 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Pension Cost (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 272 | $ 280 | $ 259 |
Expected return on assets | (332) | (371) | (333) |
Amortization of net loss | 88 | 45 | 111 |
Net periodic pension cost | $ 28 | $ (46) | $ 37 |
Retirement Plans - Reconciliati
Retirement Plans - Reconciliation of Changes in Projected Benefit Obligations (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 7,167 | $ 6,150 | |
Interest cost | 272 | 280 | $ 259 |
Actuarial (gain) loss | (496) | 1,235 | |
Expenses paid | (89) | (95) | |
Benefits paid | (389) | (403) | |
Projected benefit obligation at end of year | $ 6,465 | $ 7,167 | $ 6,150 |
Retirement Plans - Assumptions
Retirement Plans - Assumptions Used to Determine the Net Periodic Benefit Cost and Benefit Obligations (Details) - Pension Plans, Defined Benefit [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for net periodic pension cost | 3.90% | 4.70% | 3.75% |
Discount rate for benefit obligations | 4.30% | 3.90% | 4.70% |
Expected long-term return of plan assets | 7.50% | 8.00% | 8.00% |
Retirement Plans - Change in th
Retirement Plans - Change in the Fair Value of the Plans Assets (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 5,713 | $ 5,577 |
Actual return on plan assets | 60 | 316 |
Company contributions | 148 | 318 |
Expenses paid | (89) | (95) |
Benefits paid | (389) | (403) |
Fair value of plan assets at end of year | $ 5,443 | $ 5,713 |
Retirement Plans - Weighted Ave
Retirement Plans - Weighted Average Asset Allocations (Details) - Pension Plans, Defined Benefit [Member] | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
U.S. Equities securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 83.00% | 82.00% |
U.S. Debt securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 15.00% | 17.00% |
Cash [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 2.00% | 1.00% |
Retirement Plans - Reconcilia82
Retirement Plans - Reconciliation of the Funded Status of the Plan (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | $ 6,465 | $ 7,167 | $ 6,150 |
Plan assets at fair value | 5,443 | 5,713 | $ 5,577 |
Funded status | $ (1,022) | $ (1,454) |
Retirement Plans - Benefit Paym
Retirement Plans - Benefit Payments Projected for the Plan (Details) - Pension Plans, Defined Benefit [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | $ 378 |
2,017 | 374 |
2,018 | 366 |
2,019 | 371 |
2,020 | 376 |
2021-2025 | $ 1,898 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Executive Officer [Member] | SERP [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Plan expense recognized | $ 188 | $ 402 | $ (152) |
Discount rate for benefit obligations | 4.30% | 3.90% | |
Accrued compensation | $ 4,174 | $ 4,280 | |
401K Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Recognized expense | $ 2,363 | $ 3,018 | $ 2,802 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rental Expense | |||
Aggregate rental expense for leased assets | $ 4,222 | $ 4,708 | $ 4,199 |
Leases (Details)
Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Rental Payments | |
2,016 | $ 3,904 |
2,017 | 2,111 |
2,018 | 1,010 |
2,019 | 457 |
2,020 | 454 |
Thereafter | 1,322 |
Total | $ 9,258 |
Industry Segments - Additional
Industry Segments - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | Segment | 2 | ||||||||||
Net sales | $ 139,194 | $ 141,661 | $ 164,335 | $ 156,348 | $ 158,271 | $ 162,109 | $ 152,784 | $ 150,485 | $ 601,538 | $ 623,649 | $ 584,733 |
Foreign Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 105,600 | 110,400 | $ 95,100 | ||||||||
Long-lived assets | $ 33,200 | $ 44,800 | $ 33,200 | $ 44,800 | |||||||
Sales [Member] | Customer Concentration Risk [Member] | Brazil [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 4.70% | 7.30% | 8.20% | ||||||||
Sales [Member] | Customer Concentration Risk [Member] | Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 5.20% | 4.20% | 3.30% |
Industry Segments - Schedule of
Industry Segments - Schedule of reporting information by segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 139,194 | $ 141,661 | $ 164,335 | $ 156,348 | $ 158,271 | $ 162,109 | $ 152,784 | $ 150,485 | $ 601,538 | $ 623,649 | $ 584,733 |
Income from Continuing Operations Before Income Taxes | 30,861 | 22,618 | 44,316 | ||||||||
Interest expense - net | (8,999) | (8,535) | (4,531) | ||||||||
Income from continuing operations before income taxes | 21,862 | 14,083 | 39,785 | ||||||||
Identifiable Assets | 429,916 | 564,833 | 429,916 | 564,833 | 469,457 | ||||||
Capital Additions, Net | 23,727 | 24,170 | 20,709 | ||||||||
Depreciation and Amortization | 34,979 | 31,172 | 23,528 | ||||||||
Operating Segments | Material Handling | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 414,030 | 432,054 | 380,605 | ||||||||
Income from Continuing Operations Before Income Taxes | 49,762 | 31,903 | 47,428 | ||||||||
Identifiable Assets | 335,506 | 370,501 | 335,506 | 370,501 | 240,897 | ||||||
Capital Additions, Net | 21,422 | 22,197 | 18,787 | ||||||||
Depreciation and Amortization | 32,667 | 29,013 | 21,728 | ||||||||
Operating Segments | Distribution | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 187,637 | 191,873 | 204,460 | ||||||||
Income from Continuing Operations Before Income Taxes | 16,114 | 16,024 | 21,727 | ||||||||
Identifiable Assets | 58,772 | 57,523 | 58,772 | 57,523 | 63,340 | ||||||
Capital Additions, Net | 1,795 | 1,786 | 915 | ||||||||
Depreciation and Amortization | 998 | 1,022 | 859 | ||||||||
Operating Segments | Discontinued Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable Assets | 0 | 117,775 | 0 | 117,775 | 160,568 | ||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (129) | (278) | (332) | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from Continuing Operations Before Income Taxes | (35,015) | (25,309) | (24,839) | ||||||||
Identifiable Assets | $ 35,638 | $ 19,034 | 35,638 | 19,034 | 4,652 | ||||||
Capital Additions, Net | 510 | 187 | 1,007 | ||||||||
Depreciation and Amortization | $ 1,314 | $ 1,137 | $ 941 |
Summarized Quarterly Results 89
Summarized Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales | $ 139,194 | $ 141,661 | $ 164,335 | $ 156,348 | $ 158,271 | $ 162,109 | $ 152,784 | $ 150,485 | $ 601,538 | $ 623,649 | $ 584,733 |
Gross Profit | 40,254 | 41,686 | 50,581 | 45,757 | 36,715 | 39,961 | 42,532 | 42,071 | 178,278 | 161,279 | 169,554 |
Income (loss) from continuing operations | (125) | 631 | 10,925 | 2,622 | 1,489 | (3,618) | 6,327 | 4,763 | 14,053 | 8,961 | 26,442 |
Income (loss) from discontinued operations, net | 896 | (298) | 494 | 2,617 | (13,856) | 875 | (578) | (4,083) | 3,709 | (17,642) | (440) |
Net income (loss) | $ 771 | $ 333 | $ 11,419 | $ 5,239 | $ (12,367) | $ (2,743) | $ 5,749 | $ 680 | $ 17,762 | $ (8,681) | $ 26,002 |
Basic (in dollars per share) | $ 0 | $ 0.02 | $ 0.35 | $ 0.08 | $ 0.05 | $ (0.11) | $ 0.20 | $ 0.14 | $ 0.46 | $ 0.28 | $ 0.78 |
Diluted (in dollars per share) | 0 | 0.02 | 0.35 | 0.08 | 0.05 | (0.11) | 0.19 | 0.14 | 0.45 | 0.27 | |
Basic (in dollars per share) | 0.03 | (0.01) | 0.02 | 0.08 | (0.44) | 0.02 | (0.02) | (0.12) | 0.12 | (0.55) | (0.01) |
Diluted (in dollars per share) | 0.03 | (0.01) | 0.02 | 0.08 | (0.44) | 0.02 | (0.02) | (0.12) | 0.12 | (0.54) | (0.01) |
Basic (in dollars per share) | 0.03 | 0.01 | 0.37 | 0.16 | (0.39) | (0.09) | 0.18 | 0.02 | 0.58 | (0.27) | 0.77 |
Diluted (in dollars per share) | $ 0.03 | $ 0.01 | $ 0.37 | $ 0.16 | $ (0.39) | $ (0.09) | $ 0.17 | $ 0.02 | $ 0.57 | $ (0.27) | $ 0.76 |
Summarized Quarterly Results 90
Summarized Quarterly Results of Operations (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Line Items] | |||||||
Stock compensation expense | $ 1,100 | $ 4,934 | $ 3,115 | $ 2,557 | |||
Stock compensation expenses, after tax | 700 | ||||||
Contingency accrual | $ 1,300 | ||||||
Adjustment to inventory and fixed asset | $ 3,200 | 1,800 | |||||
Impairment charge for assets held for sale | $ 18,900 | ||||||
Lawn and Garden Business | |||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||
Gain sale of business | $ 900 | $ 3,800 | $ 4,700 | ||||
Impairment charge for assets held for sale | $ 18,900 |