Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MYERS INDUSTRIES INC | |
Entity Central Index Key | 69,488 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 30,438,041 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 144,075 | $ 132,676 | $ 428,081 | $ 427,998 |
Cost of sales | 103,336 | 96,758 | 306,056 | 299,373 |
Gross profit | 40,739 | 35,918 | 122,025 | 128,625 |
Selling, general and administrative expenses | 36,391 | 32,617 | 105,560 | 103,087 |
(Gain) loss on disposal of fixed assets | (2,763) | 315 | (4,128) | 383 |
Impairment charges | 0 | 0 | 544 | 9,874 |
Operating income | 7,111 | 2,986 | 20,049 | 15,281 |
Interest expense, net | 1,785 | 2,015 | 5,545 | 6,087 |
Income from continuing operations before income taxes | 5,326 | 971 | 14,504 | 9,194 |
Income tax expense | 2,050 | 547 | 6,088 | 6,422 |
Income from continuing operations | 3,276 | 424 | 8,416 | 2,772 |
Income (loss) from discontinued operations, net of income tax | (19) | (10) | (52) | (257) |
Net income | $ 3,257 | $ 414 | $ 8,364 | $ 2,515 |
Income per common share from continuing operations: | ||||
Basic | $ 0.11 | $ 0.01 | $ 0.28 | $ 0.09 |
Diluted | 0.11 | 0.01 | 0.28 | 0.09 |
Income (loss) per common share from discontinued operations: | ||||
Basic | 0 | 0 | 0 | (0.01) |
Diluted | 0 | 0 | 0 | (0.01) |
Net income per share: | ||||
Basic | 0.11 | 0.01 | 0.28 | 0.08 |
Diluted | 0.11 | 0.01 | 0.28 | 0.08 |
Dividends declared per share | $ 0.14 | $ 0.14 | $ 0.41 | $ 0.41 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 3,257 | $ 414 | $ 8,364 | $ 2,515 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustment | 2,380 | (823) | 3,491 | 6,009 |
Total other comprehensive income (loss) | 2,380 | (823) | 3,491 | 6,009 |
Comprehensive income (loss) | $ 5,637 | $ (409) | $ 11,855 | $ 8,524 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Financial Position - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash | $ 4,511 | $ 7,888 |
Restricted cash | 8,650 | 8,635 |
Accounts receivable, less allowances of $1,375 and $1,563, respectively | 88,278 | 73,818 |
Inventories | ||
Finished and in-process products | 31,254 | 31,826 |
Raw materials and supplies | 17,718 | 14,197 |
Inventory net | 48,972 | 46,023 |
Prepaid expenses and other current assets | 2,881 | 4,787 |
Total Current Assets | 153,292 | 141,151 |
Other Assets | ||
Goodwill | 60,048 | 59,219 |
Intangible assets, net | 42,377 | 47,994 |
Deferred income taxes | 253 | 216 |
Notes receivable | 18,632 | 18,275 |
Other | 6,871 | 3,347 |
Total other non current assets | 128,181 | 129,051 |
Property, Plant and Equipment, at Cost | ||
Land | 7,973 | 8,916 |
Buildings and leasehold improvements | 59,925 | 65,566 |
Machinery and equipment | 285,189 | 319,606 |
Property, Plant and Equipment, at cost | 353,087 | 394,088 |
Less allowances for depreciation and amortization | (261,153) | (282,606) |
Property, plant and equipment, net | 91,934 | 111,482 |
Total Assets | 373,407 | 381,684 |
Current Liabilities | ||
Accounts payable | 61,990 | 48,988 |
Accrued expenses | ||
Employee compensation | 17,921 | 11,861 |
Taxes, other than income taxes | 2,185 | 2,178 |
Accrued interest | 1,731 | 3,202 |
Other current liabilities | 14,493 | 13,083 |
Total Current Liabilities | 98,320 | 79,312 |
Long-term debt | 158,010 | 189,522 |
Other liabilities | 7,616 | 9,235 |
Deferred income taxes | 11,729 | 10,582 |
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 30,301,721 and 30,019,561; net of treasury shares of 7,650,736 and 7,932,896, respectively) | 18,418 | 18,234 |
Additional paid-in capital | 207,118 | 202,033 |
Accumulated other comprehensive loss | (30,683) | (34,174) |
Retained deficit | (97,121) | (93,060) |
Total Shareholders’ Equity | 97,732 | 93,033 |
Total Liabilities and Shareholders’ Equity | $ 373,407 | $ 381,684 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Allowances for accounts receivable | $ 1,375 | $ 1,563 |
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) | 30,301,721 | 30,019,561 |
Common shares, treasury (in shares) | 7,650,736 | 7,932,896 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Shareholders' Equity - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | Common Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Deficit [Member] |
Beginning balance at Dec. 31, 2016 | $ 93,033 | $ 18,234 | $ 202,033 | $ (34,174) | $ (93,060) |
Stockholders' Equity [Roll Forward] | |||||
Net income | 8,364 | 0 | 0 | 0 | 8,364 |
Foreign currency translation adjustment | 3,491 | 0 | 0 | 3,491 | 0 |
Shares issued under incentive plans, net of shares withheld for tax | 2,251 | 184 | 2,067 | 0 | 0 |
Stock compensation expense | 3,018 | 0 | 3,018 | 0 | 0 |
Declared dividends - $0.41 per share | (12,425) | 0 | 0 | 0 | (12,425) |
Ending balance at Sep. 30, 2017 | $ 97,732 | $ 18,418 | $ 207,118 | $ (30,683) | $ (97,121) |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) | 9 Months Ended |
Sep. 30, 2017$ / shares | |
Dividends declared per share (in dollars per share) | $ 0.41 |
Retained Deficit [Member] | |
Dividends declared per share (in dollars per share) | $ 0.41 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities | ||
Net income | $ 8,364 | $ 2,515 |
Income (loss) from discontinued operations, net of income tax | (52) | (257) |
Income from continuing operations | 8,416 | 2,772 |
Adjustments to reconcile income from continuing operations to net cash provided by (used for) operating activities | ||
Depreciation | 16,758 | 18,465 |
Amortization | 6,764 | 7,428 |
Accelerated depreciation associated with restructuring activities | 2,018 | 0 |
Non-cash stock-based compensation expense | 2,873 | 2,804 |
(Gain) loss on disposal of fixed assets | (4,128) | 383 |
Deferred taxes | 101 | (1,985) |
Accrued interest income on note receivable | (983) | (948) |
Impairment charges | 544 | 9,874 |
Other | 29 | (338) |
Payments on performance based compensation | (1,010) | (1,794) |
Other long-term liabilities | (140) | (431) |
Cash flows provided by (used for) working capital | ||
Accounts receivable | (12,754) | 1,057 |
Inventories | (2,490) | 7,349 |
Prepaid expenses and other current assets | 1,696 | 484 |
Accounts payable and accrued expenses | 18,416 | (26,520) |
Net cash provided by (used for) operating activities - continuing operations | 36,110 | 18,600 |
Net cash provided by (used for) operating activities - discontinued operations | 0 | 0 |
Net cash provided by (used for) operating activities | 36,110 | 18,600 |
Cash Flows From Investing Activities | ||
Capital expenditures | (5,128) | (11,490) |
Proceeds from sale of property, plant and equipment | 8,075 | 194 |
Proceeds (payments) related to sale of business | 0 | (4,034) |
Net cash provided by (used for) investing activities - continuing operations | 2,947 | (15,330) |
Net cash provided by (used for) investing activities - discontinued operations | 0 | 0 |
Net cash provided by (used for) investing activities | 2,947 | (15,330) |
Cash Flows From Financing Activities | ||
Net borrowings (repayments) on credit facility | (31,397) | 4,440 |
Cash dividends paid | (12,230) | (12,143) |
Proceeds from issuance of common stock | 2,524 | 2,582 |
Excess tax benefit from stock-based compensation | 0 | 139 |
Shares withheld for employee taxes on equity awards | (273) | (925) |
Deferred financing costs | (1,030) | 0 |
Net cash provided by (used for) financing activities - continuing operations | (42,406) | (5,907) |
Net cash provided by (used for) financing activities - discontinued operations | 0 | 0 |
Net cash provided by (used for) financing activities | (42,406) | (5,907) |
Foreign exchange rate effect on cash | (28) | 831 |
Net increase (decrease) in cash | (3,377) | (1,806) |
Cash at January 1 | 7,888 | 7,344 |
Cash at September 30 | $ 4,511 | $ 5,538 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016. Certain reclassifications have been made to prior year’s reported amounts in order to conform to the current year presentation. In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position as of September 30, 2017, and the results of operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2017. Accounting Standards Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting Accounting Standards Not Yet Adopted In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715) – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. In January 2017 , the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. This ASU eliminates Step 2 of the goodwill impairment test and requires goodwill impairment to be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of its goodwill. The ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The guidance allows for early adoption for impairment testing dates after January 1, 2017. While the Company has elected not to early adopt this guidance for fiscal year 2017 and will continue to evaluate the timing of adoption, it does not believe that the adoption of this guidance will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016 -18, Statement of Cash Flows (Topic 230) - Restricted Cash . This ASU requires that companies include amounts generally described as restricted cash and restricted cash equivalents, along with cash and cash equivalents, when reconciling the beginning-of-period and end-of-period amounts shown on the statement of cash flows. The ASU should be applied using a retrospective transition method to each period presented and is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. In October 2016, the FASB issued ASU 2016-16, Accounting for Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) those annual periods. The Company does not anticipate that adoption of this standard will have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers The new guidance is effective January 1, 2018, with early adoption permitted for January 1, 2017. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented, or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the Consolidated Statements of Shareholders’ Equity. The Company plans to adopt the new guidance effective January 1, 2018 under the modified retrospective approach and 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 the Accounting Standards Codification (“ASC”) 820, 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, as defined in Note 11, 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 September 30, 2017 and December 31, 2016, the aggregate fair value of the Company's $100.0 million fixed rate senior unsecured notes was estimated at $101.0 million and $98.0 million, 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 Revenue Recognition The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title and risk of loss, which is generally at time of shipment, and collectability of the fixed or determinable sales price is reasonably assured. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) are as follows: Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2017 $ (32,342 ) $ (1,832 ) $ (34,174 ) Other comprehensive income before reclassifications 3,491 — 3,491 Net current-period other comprehensive income 3,491 — 3,491 Balance at September 30, 2017 $ (28,851 ) $ (1,832 ) $ (30,683 ) 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. |
Impairment Charges
Impairment Charges | 9 Months Ended |
Sep. 30, 2017 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges | 2. Impairment Charges During the second quarter of 2017, an underutilized building at the Company’s Scarborough, Ontario, Canada location, in the Material Handling Segment, was identified for closure and classified as held for sale as of June 30, 2017, in Other Assets in the Condensed Consolidated Statements of Financial Position (Unaudited). This building has been recorded at its fair value, less estimated costs to sell, of $3.2 million (based primarily on a third party offer considered to be a Level 2 input), which resulted in an impairment charge of approximately $0.5 million recognized in the second quarter of 2017. No changes in the estimated fair value were recorded in the quarter ended September 30, 2017. During the first quarter of 2016, the Company reviewed its long-lived assets, intangible assets and goodwill at Plasticos Novel do Nordeste S.A. (“Novel”), a reporting unit within the Material Handling Segment for impairment. The testing for impairment was performed as a result of the presence of impairment indictors resulting from the communication of a reduction in capital spending in the near-term from a significant customer in March 2016, which resulted in a significant reduction in Novel’s forecasted revenue and income. The Company first conducted a review for impairment of indefinite-lived intangibles and other long-lived assets related to Novel, including amortizable intangible assets and fixed assets which indicated that the carrying amounts of such assets may not be recoverable and required an assessment of fair value of the assets for purposes of measuring an impairment charge. The estimated fair value of indefinite-lived intangibles was determined using a relief from royalty payments income approach and the other long-lived assets was determined, in part, using an analysis of projected cash flows, a market approach and a cost approach. These valuation methods use Level 3 inputs under the fair value hierarchy discussed in Note 1. To test for potential impairment for goodwill, the Company performed an interim impairment test as of March 31, 2016. The step one goodwill impairment test was performed using a discounted cash flow (“DCF”) valuation model. The significant assumptions in the DCF model are the annual revenue growth rate, the annual operating income margin and the discount rate used to determine the present value of the cash flow projections. The discount rate was based on the estimated weighted average cost of capital as of the testing date for market participants in the industry in which the Novel reporting unit operates. Based on the estimated fair value generated by the DCF model, the Novel reporting unit’s fair value did not exceed its carrying value as of March 31, 2016 and therefore a step two analysis was required to be performed. The decline in fair value of the reporting unit resulted primarily from lower projected operating results and cash flows than those utilized from the 2015 annual impairment test, directly related to the triggering event outlined above. During the first quarter of 2016, a step two analysis was performed to allocate estimated fair value to assets and liabilities in order to estimate an implied value of goodwill. As a result of these impairment reviews, the Company concluded that the goodwill, intangibles and other long-lived assets related to Novel were impaired and recorded a non-cash impairment charge of $8.5 million, which was reported in Impairment Charges in the Condensed Consolidated Statements of Operations (Unaudited) in the first half of 2016. During the second quarter of 2016, the Company recorded impairment charges of $1.3 million primarily related to long-lived assets associated with the exit of a non-strategic product line in the Material Handling Segment. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations On February 17, 2015, the Company sold its Lawn and Garden business 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 terms of the agreement include a $90.0 million cash payment, promissory notes totaling $20.0 million that mature in August 2020 with a 6% interest rate, and approximately $8.6 million placed in escrow that was due to be settled by August 2016, but has been extended until indemnification claims are resolved, as described in Note 10. The fair market value of the notes at the date of the sale was $17.8 million. The carrying value of the notes as of September 30, 2017 was $18.6 million, which represents the fair value at the date of sale plus accretion and is included in Notes Receivable in the accompanying Condensed Consolidated Statements of Financial Position (Unaudited). The fair value of the notes receivable was calculated using Level 2 inputs as defined in Note 1. The final working capital adjustment resulted in a cash payment to the buyer of approximately $4.0 million in the first half of 2016. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 4. Restructuring On March 9, 2017, the Company announced a restructuring plan (the “Plan”) to improve the Company’s organizational structure and operational efficiency within the Material Handling Segment, which related primarily to anticipated facility shutdowns and associated activities. Total restructuring costs expected to be incurred are approximately $7.9 million, which includes employee severance and other employee-related costs of approximately $3.2 million, $2.6 million related to equipment relocation and facility shut down costs and non-cash charges, primarily accelerated depreciation charges on property, plant and equipment, of approximately $2.1 million. The Company expects to incur approximately $0.8 million during the remainder of 2017 under the Plan, as all remaining actions under the Plan are expected to be substantially completed by the end of the year. During the three and nine months ended September 30, 2017, the Company incurred restructuring charges of $1.0 million and $5.2 million, respectively, related to closing a manufacturing plant in Bluffton, Indiana. In the third quarter of 2017, the Bluffton facility and certain related equipment, previously classified as held for sale, were sold for approximately $6.0 million, which resulted in a gain of $2.6 million. Additional gains of $0.2 million and $1.5 million for the three and nine months ended September 30, 2017, respectively, were recognized on other asset dispositions in connection with closing this plant. In the second quarter of 2017, the Company finalized the specific actions to be taken under the Plan to reduce headcount in its Scarborough, Ontario, Canada location. These actions resulted in the recognition of $0.9 million and $1.6 million of severance and related costs for the three and nine months ended September 30, 2017, respectively. During the three and nine months ended September 30, 2017, the Company recognized $0.2 million and $0.3 million of restructuring charges related to the planned closure of a manufacturing plant in Sandusky, Ohio. The restructuring charges noted above are presented in the Condensed Consolidated Statement of Operations (Unaudited) as follows: For the Three Months Ended September 30, 2017 For the Nine Months Ended September 30, 2017 Cost of sales $ 1,908 $ 6,968 Selling, general and administrative expenses 164 164 $ 2,072 $ 7,132 The table below summarizes restructuring activity for the nine months ended September 30, 2017: Employee Reduction Accelerated Depreciation Other Exit Costs Total Balance at January 1, 2017 $ — $ — $ — $ — Charges to expense 2,868 2,018 2,246 7,132 Cash payments (773 ) — (1,929 ) (2,702 ) Non-cash utilization — (2,018 ) — (2,018 ) Balance at September 30, 2017 $ 2,095 $ — $ 317 $ 2,412 In addition to the restructuring costs noted above, the Company has also incurred other associated costs of the Plan of $0.3 million and $1.0 million for the three and nine months ended September 30, 2017, respectively, which are included in Selling, General and Administrative expenses in the accompanying Condensed Consolidated Statements of Operations (Unaudited), and are primarily related to third party consulting costs. Additional estimated costs of $0.2 million are expected to be incurred throughout the remainder of 2017. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. 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. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management’s estimates of expected year-end inventory levels and costs. Because these are based on estimates, interim results are subject to change in the final year-end LIFO inventory valuation. In the current quarter, one inventory pool had an increase in commodity costs that is expected to hold through year-end, and therefore, an adjustment of $0.4 million was made to increase the LIFO reserve and cost of sales for the three months ended September 30, 2017. No adjustment was recorded during prior interim reporting periods as interim results in those periods were immaterial. |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 6. Other Current Liabilities The balance in other current liabilities is comprised of the following: September 30, December 31, 2017 2016 Deposits and amounts due to customers $ 4,048 $ 2,688 Dividends payable 4,455 4,260 Accrued litigation and professional fees 606 452 Current portion of environmental reserves 1,022 605 Other accrued expenses 4,362 5,078 $ 14,493 $ 13,083 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets The change in goodwill for the nine months ended September 30, 2017 was as follows: Distribution Material Handling Total January 1, 2017 $ 505 $ 58,714 $ 59,219 Foreign currency translation — 829 829 September 30, 2017 $ 505 $ 59,543 $ 60,048 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 has indefinite-lived trade names which had a carrying value of $10.9 million at both September 30, 2017 and December 31, 2016. See Note 2 for discussion of goodwill, trade names and other long-lived asset impairment charges in the first half of 2016. |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Common Share | 8. Net Income (Loss) per Common Share Net income (loss) per common share, as shown on the accompanying Condensed Consolidated Statements of Operations (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Weighted average common shares outstanding basic 30,266,838 29,849,005 30,149,818 29,682,798 Dilutive effect of stock options and restricted stock 385,105 226,473 374,343 266,913 Weighted average common shares outstanding diluted 30,651,943 30,075,478 30,524,161 29,949,711 Options to purchase 256,600 and 261,100 shares of common stock that were outstanding for the three and nine months ended 569,050 for the three and nine months ended September 30, 2016, were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and were therefore anti-dilutive. |
Stock Compensation
Stock Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation | 9. Stock Compensation Subject to shareholder approval, which was received on April 26, 2017, the Board of Directors approved the Company’s Amended and Restated 2017 Incentive Stock Plan (the “2017 Plan”) on March 2, 2017. The 2017 Plan authorizes the Compensation Committee of the Board of Directors to issue up to 5,126,950 shares of various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors. Options granted and outstanding vest over the requisite service period and expire ten years from the date of grant. In March 2017, the Company granted 397,759 stock options with a weighted average exercise price of $14.30 and a weighted average fair value of $4.47. The fair value of options granted is estimated using a binomial lattice option pricing model. Also in March 2017, the Company granted 87,887 and 140,746 time-based and performance-based restricted stock units, respectively, with a weighted average fair value of $14.30. There were no stock-based awards granted in the second or third quarters of 2017. Stock compensation expense was approximately $1.1 million and $0.7 million for the three months ended September 30, 2017 and 2016, respectively, and $2.9 million and $2.8 million for the nine months ended September 30, 2017 and 2016, respectively. These expenses are included in Selling, General and Administrative expenses in the accompanying Condensed Consolidated Statements of Operations (Unaudited). Total unrecognized compensation cost related to non-vested stock-based compensation arrangements at September 30, 2017 was approximately $6.5 million, which will be recognized over the next three years, as such compensation is earned. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 10. 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 In September 2015, the U.S. Environmental Protection Agency (“EPA”) formally informed a subsidiary of the Company, Buckhorn, Inc. (“Buckhorn”) via a notice letter and related documents (the “Notice Letter”) that it considers Buckhorn to be a potentially responsible party (“PRP”) in connection with the New Idria Mercury Mine site (“New Idria Mine”). New Idria Mining & Chemical Company (“NIMCC”), which owned and/or operated the New Idria Mine through 1976 was merged into Buckhorn Metal Products Inc. in 1981, which was subsequently acquired by Myers Industries in 1987. As a result of the EPA Notice Letter, Buckhorn and the Company are engaged in negotiations with the EPA with respect to a draft Administrative Order of Consent (“AOC”) proposed by the EPA for the Remedial Investigation/Feasibility Study (“RI/FS”) to determine the extent of remediation necessary and the screening of alternatives. The New Idria Mine is located near Hollister, California and was added to the Superfund National Priorities List by the EPA in October 2011, at which time the Company recognized expense of $1.9 million related to performing the RI/FS. In the second quarter of 2016, the Company, based on discussions with the EPA, determined that the RI/FS would begin in 2017 and therefore obtained updated estimated costs to perform the RI/FS. As a result of the updated estimated costs, the Company recorded additional expense of $1.0 million in the second quarter of 2016. In the second quarter of 2017, the Company, based on the status of its discussions with the EPA, determined that field work on the RI/FS will likely begin in 2018 with no changes to the cost estimates to perform the RI/FS. In the third quarter of 2017, the Company recorded an additional reserve of $0.3 million for this project, as a result of additional professional fees and other project costs expected to be incurred as part of the implementation of the AOC and site preparation and stabilization, in advance of starting the RI/FS field work in 2018. As part of the Notice Letter, the 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 Mine since 1993. While the Company is challenging these past cost claims, in 2015 the Company recognized expense of $1.3 million related to the portion of these costs alleged to have been incurred after the site was added to the Superfund list in 2011. As of September 30, 2017, the Company has a total reserve of $2.7 million related to the New Idria Mine, of which $0.7 million is classified in Other Current Liabilities and $2.0 million is classified in Other Liabilities on the Condensed Consolidated Statements of Financial Position (Unaudited). As negotiations with the EPA proceed 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 that the final remediation strategy has not yet been determined. New Almaden Mine A number of parties, including the Company and its subsidiary, Buckhorn (as successor to NIMCC), were alleged by trustee agencies of the United States and the State of California to be responsible for natural resource damages due to environmental contamination of areas comprising the historical New Almaden mercury mines located in the Guadalupe River Watershed region in Santa Clara County, California (“County”). In 2005, Buckhorn and the Company, without admitting liability or chain of ownership of NIMCC, resolved the trustees’ claim against them through a consent decree that required them to contribute financially to the implementation by the County of an environmentally beneficial project within the impacted area. Buckhorn and the Company negotiated an agreement with the County, whereby Buckhorn and the Company agreed to reimburse one-half of the County’s costs of implementing the project, originally estimated to be approximately $1.6 million. As a result, in 2005, the Company recognized expense of $0.8 million $0.5 $3.3 million and $4.4 million. $1.2 $1.5 The project has not yet been implemented though significant work on design and planning has been performed. Field work on the project is expected to commence in 2018. As work on the project occurs, it is possible that adjustments to the aforementioned reserves will be necessary to reflect new information. Lawn and Garden Indemnification Claim In connection with the sale of the Lawn and Garden business, as described in Note 3, the Company received a Notice of Indemnification Claims in April 2015, and a Second Notice of Indemnification Claims in July 2016 (collectively, the “Claims”), alleging breaches of certain representations and warranties under the agreement resulting in losses in the amount of approximately $10 million. As described in Note 3, approximately $8.6 million of the sale proceeds were placed in escrow and due to be settled in August 2016, but have been extended until the Claims are resolved. The Company believes these Claims are without merit and intends to vigorously defend its position. When 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 | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Loan Agreements | 11. Long-Term Debt and Loan Agreements Long-term debt consisted of the following: September 30, December 31, 2017 2016 Loan Agreement $ 59,795 $ 90,686 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 20,000 159,795 190,686 Less unamortized deferred financing costs 1,785 1,164 $ 158,010 $ 189,522 In March 2017, the Company entered into a Fifth Amended and Restated Loan Agreement (the “Loan Agreement”). The Loan Agreement replaced the pre-existing $300 million senior revolving credit facility with a $200 million facility and extended the term from December 2018 to March 2022. In addition, the Loan Agreement provides for a maximum Leverage Ratio of 3.75 for the first and second quarters of 2017, stepping down to 3.5 in the third quarter of 2017, and 3.25 thereafter. Under the terms of the Loan Agreement, the Company may borrow up to $200.0 million, reduced for letters of credit issued. As of September 30, 2017, the Company had $135.8 million available under the Loan Agreement. The Company had $4.4 million of letters of credit issued related to insurance and other financing contracts in the ordinary course of business at September 30, 2017. Borrowings under the Loan Agreement bear interest at the LIBOR rate, prime rate, federal funds effective rate, the Canadian deposit offered rate, or the euro currency reference rate depending on the type of loan requested by the Company, plus the applicable margin as set forth in the Loan Agreement. The average interest rate on borrowings under our loan agreements were 5.18% and 4.65% for the three months ended September 30, 2017 and 2016, respectively, and 5.05% and 4.61% for the nine months ended September 30, 2017 and 2016, respectively, which includes a quarterly facility fee on the used and unused portion. In September 2017, the Company made an offer to all holders of the $100 million Senior Unsecured Notes (“Notes”) to purchase all or a portion of the Notes prior to their maturity dates. In October 2017, one note holder accepted the offer and elected to tender $22 million in Notes. The Company purchased the Notes from the holder on October 31, 2017 and a loss on extinguishment of debt of approximately $1.9 million was recorded during the fourth quarter of 2017. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2017 | |
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 defined benefit pension plan, The Pension Agreement between Akro-Mils and United Steelworkers of America Local No. 1761-02 Net periodic pension cost is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Interest cost $ 63 $ 68 $ 189 $ 204 Expected return on assets (74 ) (80 ) (222 ) (240 ) Amortization of net loss 24 20 72 61 Net periodic pension cost $ 13 $ 8 $ 39 $ 25 Company contributions $ — $ — $ — $ — The Company does not expect to make a contribution to the plan in 2017. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company’s effective tax rate was 38.5% and 42.0% for the three and nine months ended September 30, 2017, respectively, compared to 56.3% and 69.8% for the three and nine months ended September 30, 2016, respectively. The effective income tax rate for the first nine months of 2017 and 2016 was different than the Company’s statutory rate, primarily due to losses in jurisdictions where the tax benefits are not recognized. The total amount of gross unrecognized tax benefits that would reduce the Company’s effective tax rate was $0.3 million and $0.5 million at September 30, 2017 and December 31, 2016, respectively. The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of September 30, 2017, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2014. The Company is subject to state and local examinations for tax years of 2012 through 2016. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2012 through 2016. |
Industry Segments
Industry Segments | 9 Months Ended |
Sep. 30, 2017 | |
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. Summarized segment detail for the three and nine months ended September 30, 2017 and 2016 are presented in the following table: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Net Sales Material Handling $ 104,089 $ 89,911 $ 310,343 $ 299,842 Distribution 40,004 42,793 117,836 128,248 Inter-company sales (18 ) (28 ) (98 ) (92 ) Total net sales $ 144,075 $ 132,676 $ 428,081 $ 427,998 Income (loss) from continuing operations before income taxes Material Handling $ 10,325 $ 4,378 $ 29,839 $ 26,152 Distribution 3,179 3,301 7,742 9,803 Corporate (6,393 ) (4,693 ) (17,532 ) (20,674 ) Total operating income 7,111 2,986 20,049 15,281 Interest expense, net (1,785 ) (2,015 ) (5,545 ) (6,087 ) Income from continuing operations before income taxes $ 5,326 $ 971 $ 14,504 $ 9,194 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016. Certain reclassifications have been made to prior year’s reported amounts in order to conform to the current year presentation. In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position as of September 30, 2017, and the results of operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2017. |
Recent Accounting Pronouncements | Accounting Standards Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting Accounting Standards Not Yet Adopted In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715) – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. In January 2017 , the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. This ASU eliminates Step 2 of the goodwill impairment test and requires goodwill impairment to be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of its goodwill. The ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The guidance allows for early adoption for impairment testing dates after January 1, 2017. While the Company has elected not to early adopt this guidance for fiscal year 2017 and will continue to evaluate the timing of adoption, it does not believe that the adoption of this guidance will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016 -18, Statement of Cash Flows (Topic 230) - Restricted Cash . This ASU requires that companies include amounts generally described as restricted cash and restricted cash equivalents, along with cash and cash equivalents, when reconciling the beginning-of-period and end-of-period amounts shown on the statement of cash flows. The ASU should be applied using a retrospective transition method to each period presented and is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. In October 2016, the FASB issued ASU 2016-16, Accounting for Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) those annual periods. The Company does not anticipate that adoption of this standard will have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers The new guidance is effective January 1, 2018, with early adoption permitted for January 1, 2017. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented, or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the Consolidated Statements of Shareholders’ Equity. The Company plans to adopt the new guidance effective January 1, 2018 under the modified retrospective approach and |
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 the Accounting Standards Codification (“ASC”) 820, 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, as defined in Note 11, 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 September 30, 2017 and December 31, 2016, the aggregate fair value of the Company's $100.0 million fixed rate senior unsecured notes was estimated at $101.0 million and $98.0 million, 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 |
Revenue Recognition | Revenue Recognition The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title and risk of loss, which is generally at time of shipment, and collectability of the fixed or determinable sales price is reasonably assured. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) are as follows: Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2017 $ (32,342 ) $ (1,832 ) $ (34,174 ) Other comprehensive income before reclassifications 3,491 — 3,491 Net current-period other comprehensive income 3,491 — 3,491 Balance at September 30, 2017 $ (28,851 ) $ (1,832 ) $ (30,683 ) |
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 Accoun24
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The balances in the Company's accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) are as follows: Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2017 $ (32,342 ) $ (1,832 ) $ (34,174 ) Other comprehensive income before reclassifications 3,491 — 3,491 Net current-period other comprehensive income 3,491 — 3,491 Balance at September 30, 2017 $ (28,851 ) $ (1,832 ) $ (30,683 ) |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring And Related Activities [Abstract] | |
Summary of Restructuring Charges | The restructuring charges noted above are presented in the Condensed Consolidated Statement of Operations (Unaudited) as follows: For the Three Months Ended September 30, 2017 For the Nine Months Ended September 30, 2017 Cost of sales $ 1,908 $ 6,968 Selling, general and administrative expenses 164 164 $ 2,072 $ 7,132 |
Summary of Restructuring Activity | The table below summarizes restructuring activity for the nine months ended September 30, 2017: Employee Reduction Accelerated Depreciation Other Exit Costs Total Balance at January 1, 2017 $ — $ — $ — $ — Charges to expense 2,868 2,018 2,246 7,132 Cash payments (773 ) — (1,929 ) (2,702 ) Non-cash utilization — (2,018 ) — (2,018 ) Balance at September 30, 2017 $ 2,095 $ — $ 317 $ 2,412 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | The balance in other current liabilities is comprised of the following: September 30, December 31, 2017 2016 Deposits and amounts due to customers $ 4,048 $ 2,688 Dividends payable 4,455 4,260 Accrued litigation and professional fees 606 452 Current portion of environmental reserves 1,022 605 Other accrued expenses 4,362 5,078 $ 14,493 $ 13,083 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
The change in goodwill | The change in goodwill for the nine months ended September 30, 2017 was as follows: Distribution Material Handling Total January 1, 2017 $ 505 $ 58,714 $ 59,219 Foreign currency translation — 829 829 September 30, 2017 $ 505 $ 59,543 $ 60,048 |
Net Income (Loss) per Common 28
Net Income (Loss) per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Condensed Consolidated Statements of Operations (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Weighted average common shares outstanding basic 30,266,838 29,849,005 30,149,818 29,682,798 Dilutive effect of stock options and restricted stock 385,105 226,473 374,343 266,913 Weighted average common shares outstanding diluted 30,651,943 30,075,478 30,524,161 29,949,711 |
Long-Term Debt and Loan Agree29
Long-Term Debt and Loan Agreements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long-term debt consisted of the following: September 30, December 31, 2017 2016 Loan Agreement $ 59,795 $ 90,686 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 20,000 159,795 190,686 Less unamortized deferred financing costs 1,785 1,164 $ 158,010 $ 189,522 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Net periodic pension cost | Net periodic pension cost is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Interest cost $ 63 $ 68 $ 189 $ 204 Expected return on assets (74 ) (80 ) (222 ) (240 ) Amortization of net loss 24 20 72 61 Net periodic pension cost $ 13 $ 8 $ 39 $ 25 Company contributions $ — $ — $ — $ — |
Industry Segments (Tables)
Industry Segments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Reporting Information by Segment | Summarized segment detail for the three and nine months ended September 30, 2017 and 2016 are presented in the following table: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Net Sales Material Handling $ 104,089 $ 89,911 $ 310,343 $ 299,842 Distribution 40,004 42,793 117,836 128,248 Inter-company sales (18 ) (28 ) (98 ) (92 ) Total net sales $ 144,075 $ 132,676 $ 428,081 $ 427,998 Income (loss) from continuing operations before income taxes Material Handling $ 10,325 $ 4,378 $ 29,839 $ 26,152 Distribution 3,179 3,301 7,742 9,803 Corporate (6,393 ) (4,693 ) (17,532 ) (20,674 ) Total operating income 7,111 2,986 20,049 15,281 Interest expense, net (1,785 ) (2,015 ) (5,545 ) (6,087 ) Income from continuing operations before income taxes $ 5,326 $ 971 $ 14,504 $ 9,194 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Receivables | |||
Trade receivable sold under factoring agreement | $ 1.3 | $ 0.9 | |
Cash proceeds from sale of receivables | 1.2 | 0.8 | |
Administrative fees | 0.1 | $ 0.1 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Less unamortized deferred financing fees [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Notes payable, carrying amount | 100 | $ 100 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | Less unamortized deferred financing fees [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Notes payable, fair value disclosure | $ 101 | $ 98 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 93,033 | |||
Net current-period other comprehensive income | $ 2,380 | $ (823) | 3,491 | $ 6,009 |
Ending balance | 97,732 | 97,732 | ||
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (32,342) | |||
Other comprehensive income before reclassifications | 3,491 | |||
Net current-period other comprehensive income | 3,491 | |||
Ending balance | (28,851) | (28,851) | ||
Defined Benefit Pension Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (1,832) | |||
Other comprehensive income before reclassifications | 0 | |||
Net current-period other comprehensive income | 0 | |||
Ending balance | (1,832) | (1,832) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (34,174) | |||
Other comprehensive income before reclassifications | 3,491 | |||
Net current-period other comprehensive income | 3,491 | |||
Ending balance | $ (30,683) | $ (30,683) |
Impairment Charges - Additional
Impairment Charges - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Impairment charges | $ 0 | $ 0 | $ 544 | $ 9,874 | |||
Material Handling [Member] | |||||||
Impairment charges | $ 1,300 | ||||||
Novel [Member] | |||||||
Impairment charges | $ 8,500 | ||||||
Manufacturing Plant Closing [Member] | Scarborough, Ontario, Canada [Member] | |||||||
Impairment charges | $ 500 | ||||||
Other Assets [Member] | Manufacturing Plant Closing [Member] | Scarborough, Ontario, Canada [Member] | Level 2 [Member] | |||||||
Building classified as held for sale, fair value | $ 3,200 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | Feb. 17, 2015 | Jun. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Notes receivable, carrying value | $ 18,632 | $ 18,275 | ||
Lawn and Garden Business [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Interest rate | 6.00% | |||
Notes Receivable, Fair Value Disclosure | $ 17,800 | |||
Notes receivable, carrying value | $ 18,600 | |||
Amount of consideration received | 110,000 | |||
Proceeds from divestiture of businesses | 90,000 | |||
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 | |||
Adjustment to working capital | $ 4,000 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | $ 2,072 | $ 7,132 | |
Held for Sale [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Proceeds from the sale of assets | 6,000 | ||
Gain on asset dispositions | 2,600 | ||
Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 1,908 | 6,968 | |
Manufacturing Plant Closing [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Gains on other asset dispositions | 200 | 1,500 | |
Restructuring charges | 1,000 | 5,200 | |
Other restructuring associated costs incurred | 300 | 1,000 | |
Manufacturing Plant Closing [Member] | Sandusky, Ohio [member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 200 | 300 | |
Headcount Efficiencies [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 2,868 | ||
Headcount Efficiencies [Member] | Cost of Sales [Member] | Scarborough, Ontario, Canada [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges in employee severance and other employee-related costs | $ 900 | $ 1,600 | |
Scenario, Forecast [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Expected restructuring charges in 2017 | $ 7,900 | ||
Restructuring charges in employee severance and other employee-related costs | 3,200 | ||
Restructuring charges in equipment relocation and facility shut down costs | 2,600 | ||
Expected restructuring charges in accelerated depreciation charges on property, plant and equipment | 2,100 | ||
Expected restructuring charges in remainder of 2017 | 800 | ||
Scenario, Forecast [Member] | Manufacturing Plant Closing [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Expected restructuring charges in remainder of 2017 | $ 200 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Charges Presented in Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges | $ 2,072 | $ 7,132 |
Cost of Sales [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges | 1,908 | 6,968 |
Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges | $ 164 | $ 164 |
Restructuring - Summary of Re38
Restructuring - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Restructuring Cost And Reserve [Line Items] | ||
Charges to expense | $ 2,072 | $ 7,132 |
Cash payments | (2,702) | |
Non-cash utilization | (2,018) | |
Balance at September 30, 2017 | 2,412 | 2,412 |
Employee Reduction [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Charges to expense | 2,868 | |
Cash payments | (773) | |
Balance at September 30, 2017 | 2,095 | 2,095 |
Accelerated Depreciation [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Charges to expense | 2,018 | |
Non-cash utilization | (2,018) | |
Other Exit Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Charges to expense | 2,246 | |
Cash payments | (1,929) | |
Balance at September 30, 2017 | $ 317 | $ 317 |
Inventories - Additional Inform
Inventories - Additional Information (Details) | 3 Months Ended | |
Sep. 30, 2017USD ($)Inventory_Pool | Jun. 30, 2017USD ($) | |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 40.00% | |
Number of LIFO inventory pool that increase commodity costs | Inventory_Pool | 1 | |
Inventory, increase in LIFO reserve and cost of sales | $ 400,000 | |
Inventory adjustment | $ 0 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Deposits and amounts due to customers | $ 4,048 | $ 2,688 |
Dividends payable | 4,455 | 4,260 |
Accrued litigation and professional fees | 606 | 452 |
Current portion of environmental reserves | 1,022 | 605 |
Other accrued expenses | 4,362 | 5,078 |
Other current liabilities, Total | $ 14,493 | $ 13,083 |
Goodwill and Intangible Asset41
Goodwill and Intangible Assets - Change in Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 59,219 |
Foreign currency translation | 829 |
Ending balance | 60,048 |
Distribution [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 505 |
Foreign currency translation | 0 |
Ending balance | 505 |
Material Handling [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 58,714 |
Foreign currency translation | 829 |
Ending balance | $ 59,543 |
Goodwill and Intangible Asset42
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Carrying value of indefinite-lived intangible assets | $ 10.9 | $ 10.9 |
Net Income (Loss) per Common 43
Net Income (Loss) per Common Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding basic | 30,266,838 | 29,849,005 | 30,149,818 | 29,682,798 |
Dilutive effect of stock options and restricted stock (in shares) | 385,105 | 226,473 | 374,343 | 266,913 |
Weighted average common shares outstanding diluted (in shares) | 30,651,943 | 30,075,478 | 30,524,161 | 29,949,711 |
Net Income (Loss) per Common 44
Net Income (Loss) per Common Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive securities excluded from computation of net earnings or loss per common share | 256,600 | 569,050 | 261,100 | 569,050 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 02, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Granted During Period | 0 | 0 | |||||
Stock compensation expense | $ 1.1 | $ 0.7 | $ 2.9 | $ 2.8 | |||
Total unrecognized compensation cost related to non-vested share based compensation arrangements | $ 6.5 | $ 6.5 | |||||
Unrecognized compensation cost period for recognition | 3 years | ||||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Period of expiration, term | 10 years | ||||||
Options Granted | 397,759 | ||||||
Options, Granted, Average exercise Price | $ 14.30 | ||||||
Options Granted, Average Fair Value price | $ 4.47 | ||||||
Time Based Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Granted During Period | 87,887 | ||||||
Granted, Average Granted Date Fair Value | $ 14.30 | ||||||
Performance Based Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Granted During Period | 140,746 | ||||||
Granted, Average Granted Date Fair Value | $ 14.30 | ||||||
2017 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized for grant under plan (in shares) | 5,126,950 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 30, 2016 | Oct. 31, 2011 | Sep. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2015 | Dec. 31, 2005 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||||||||
Other current liabilities | $ 14,493 | $ 14,493 | $ 13,083 | ||||||
Other liabilities | 7,616 | 7,616 | $ 9,235 | ||||||
New Almaden Mine [Member] | Natural Resource Damage Claim [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Expense recognized | $ 1,200 | $ 800 | |||||||
Total reserve | 1,500 | 1,500 | |||||||
Other current liabilities | 300 | 300 | |||||||
Other liabilities | 1,200 | 1,200 | |||||||
Accrued balance | 500 | ||||||||
Originally estimated project costs | $ 1,600 | ||||||||
Revised estimated project costs, Low Estimate | 3,300 | ||||||||
Revised estimated project costs, High Estimate | $ 4,400 | ||||||||
Lawn and Garden Indemnification Claim [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Indemnification claims | 10,000 | ||||||||
Escrow deposit | 8,600 | $ 8,600 | |||||||
Escrow deposit due to be settled date | 2016-08 | ||||||||
Pending Litigation [Member] | New Idria Mercury Mine [Member] | EPA Notice Letter [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Expense recognized | $ 1,900 | $ 1,000 | |||||||
Additional reserve | 300 | ||||||||
Loss contingency costs | 1,600 | $ 1,600 | |||||||
Accrued balance | $ 1,300 | ||||||||
Total reserve | 2,700 | 2,700 | |||||||
Other current liabilities | 700 | 700 | |||||||
Other liabilities | $ 2,000 | $ 2,000 |
Long-Term Debt and Loan Agree47
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 159,795 | $ 190,686 |
Less unamortized deferred financing fees | 1,785 | 1,164 |
Long-term Debt, net of deferred financing costs | 158,010 | 189,522 |
Loan Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 59,795 | 90,686 |
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 Agree48
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2017 | |
4.67% Senior Unsecured Notes due 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 4.67% |
Debt instrument maturity period | 2,021 |
5.25% Senior Unsecured Notes due 2024 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 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% |
Debt instrument maturity period | 2,026 |
Long-Term Debt and Loan Agree49
Long-Term Debt and Loan Agreements - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2017USD ($)NoteHolder | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017USD ($) | Sep. 30, 2016 | May 30, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity on line of credit | $ 200,000,000 | $ 200,000,000 | |||||||
Letters of credit | 4,400,000 | 4,400,000 | |||||||
Senior Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Face value of debt instrument with offer to be repurchased | $ 100,000,000 | $ 100,000,000 | |||||||
Senior Unsecured Notes [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument repurchase amount | $ 22,000,000 | ||||||||
Debt instrument repurchase date | Oct. 31, 2017 | ||||||||
Number of note holder accepted the offer | NoteHolder | 1 | ||||||||
Scenario, Forecast [Member] | Senior Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | $ 1,900,000 | ||||||||
Loan Amendment [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity on line of credit | $ 300,000,000 | ||||||||
Loan maturity period | 2018-12 | ||||||||
Maximum leverage ratio | 3.50% | 3.75% | 3.75% | ||||||
Remaining amount available under the line of credit | $ 135,800,000 | $ 135,800,000 | |||||||
Interest rate during period | 5.18% | 4.65% | 5.05% | 4.61% | |||||
Loan Amendment [Member] | Extended Maturity [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan maturity period | 2022-03 | ||||||||
Loan Amendment [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum leverage ratio | 3.25% |
Retirement Plans - Periodic Pen
Retirement Plans - Periodic Pension Cost (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 63 | $ 68 | $ 189 | $ 204 |
Expected return on assets | (74) | (80) | (222) | (240) |
Amortization of net loss | 24 | 20 | 72 | 61 |
Net periodic pension cost | $ 13 | $ 8 | $ 39 | $ 25 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate for the year | 38.50% | 56.30% | 42.00% | 69.80% | |
Unrecognized tax benefits that would impact effective tax rate | $ 0.3 | $ 0.3 | $ 0.5 |
Industry Segments - Additional
Industry Segments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Industry Segments - Schedule of
Industry Segments - Schedule of reporting information by segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 144,075 | $ 132,676 | $ 428,081 | $ 427,998 |
Operating Income | 7,111 | 2,986 | 20,049 | 15,281 |
Interest expense, net | (1,785) | (2,015) | (5,545) | (6,087) |
Income from continuing operations before income taxes | 5,326 | 971 | 14,504 | 9,194 |
Operating Segments [Member] | Material Handling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 104,089 | 89,911 | 310,343 | 299,842 |
Operating Income | 10,325 | 4,378 | 29,839 | 26,152 |
Operating Segments [Member] | Distribution [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 40,004 | 42,793 | 117,836 | 128,248 |
Operating Income | 3,179 | 3,301 | 7,742 | 9,803 |
Inter-company sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (18) | (28) | (98) | (92) |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | $ (6,393) | $ (4,693) | $ (17,532) | $ (20,674) |