Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
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 | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 35,204,082 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 140,560 | $ 135,252 | $ 293,128 | $ 271,824 |
Cost of sales | 92,569 | 96,960 | 198,022 | 191,771 |
Gross profit | 47,991 | 38,292 | 95,106 | 80,053 |
Selling, general and administrative expenses | 34,506 | 32,133 | 69,979 | 66,672 |
(Gain) loss on disposal of fixed assets | 66 | (353) | (314) | (1,247) |
Impairment charges | 308 | 544 | 308 | 544 |
Operating income | 13,111 | 5,968 | 25,133 | 14,084 |
Interest expense, net | 1,313 | 1,860 | 2,952 | 3,990 |
Income from continuing operations before income taxes | 11,798 | 4,108 | 22,181 | 10,094 |
Income tax expense | 3,190 | 1,626 | 5,818 | 4,154 |
Income from continuing operations | 8,608 | 2,482 | 16,363 | 5,940 |
Income (loss) from discontinued operations, net of income tax | 0 | (489) | (911) | (833) |
Net income | $ 8,608 | $ 1,993 | $ 15,452 | $ 5,107 |
Income per common share from continuing operations: | ||||
Basic | $ 0.26 | $ 0.08 | $ 0.52 | $ 0.20 |
Diluted | 0.26 | 0.08 | 0.51 | 0.20 |
Income (loss) per common share from discontinued operations: | ||||
Basic | 0 | (0.01) | (0.03) | (0.03) |
Diluted | 0 | (0.01) | (0.03) | (0.03) |
Net income per common share: | ||||
Basic | 0.26 | 0.07 | 0.49 | 0.17 |
Diluted | 0.26 | 0.07 | 0.48 | 0.17 |
Dividends declared per share | $ 0.14 | $ 0.14 | $ 0.27 | $ 0.27 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 8,608 | $ 1,993 | $ 15,452 | $ 5,107 |
Other comprehensive income (loss) | ||||
Adoption of ASU 2018-02 | (315) | |||
Foreign currency translation adjustment | (123) | 210 | (1,843) | 1,111 |
Pension liability, net of tax expense of $67 in 2018 | 201 | |||
Total other comprehensive income (loss) | (123) | 210 | (1,957) | 1,111 |
Comprehensive income | $ 8,485 | $ 2,203 | $ 13,495 | $ 6,218 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Statement Of Income And Comprehensive Income [Abstract] | |
Tax expense on pension liability | $ 67 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Financial Position - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash | $ 38,940 | $ 2,520 |
Restricted cash | 0 | 8,659 |
Accounts receivable, less allowances of $2,137 and $1,777, respectively | 67,911 | 76,509 |
Income tax receivable | 7,832 | 12,954 |
Inventories, net | 49,362 | 47,166 |
Prepaid expenses and other current assets | 3,988 | 2,204 |
Total Current Assets | 168,033 | 150,012 |
Other Assets | ||
Property, plant, and equipment, net | 73,790 | 83,904 |
Goodwill | 59,470 | 59,971 |
Intangible assets, net | 34,618 | 39,049 |
Deferred income taxes | 87 | 120 |
Notes receivable | 18,943 | 18,737 |
Other | 5,748 | 4,149 |
Total Assets | 360,689 | 355,942 |
Current Liabilities | ||
Accounts payable | 56,141 | 63,581 |
Accrued expenses | ||
Employee compensation | 13,304 | 15,544 |
Taxes, other than income taxes | 1,169 | 1,664 |
Accrued interest | 2,011 | 2,392 |
Other current liabilities | 15,687 | 15,472 |
Total Current Liabilities | 88,312 | 98,653 |
Long-term debt | 78,654 | 151,036 |
Other liabilities | 8,970 | 8,236 |
Deferred income taxes | 3,492 | 4,265 |
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 35,202,391 and 30,495,737; net of treasury shares of 7,350,066 and 7,456,720, respectively) | 21,430 | 18,547 |
Additional paid-in capital | 289,088 | 209,253 |
Accumulated other comprehensive loss | (16,498) | (14,541) |
Retained deficit | (112,759) | (119,507) |
Total Shareholders’ Equity | 181,261 | 93,752 |
Total Liabilities and Shareholders’ Equity | $ 360,689 | $ 355,942 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Allowance for Doubtful Accounts Receivable, Current | $ 2,137 | $ 1,777 |
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) | 35,202,391 | 30,495,737 |
Common shares, treasury (in shares) | 7,350,066 | 7,456,720 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Shareholders' Equity - 6 months ended Jun. 30, 2018 - 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, 2017 | $ 93,752 | $ 18,547 | $ 209,253 | $ (14,541) | $ (119,507) |
Stockholders' Equity [Roll Forward] | |||||
Net income | 15,452 | 0 | 0 | 0 | 15,452 |
Foreign currency translation adjustment | (1,843) | 0 | 0 | (1,843) | 0 |
Shares issued under incentive plans, net of shares withheld for tax | 504 | 77 | 427 | 0 | 0 |
Stock compensation expense | 2,692 | 0 | 2,692 | 0 | 0 |
Pension liability, net of tax | 201 | 0 | 0 | 201 | 0 |
Shares issued in public offering, net of equity issuance costs | 79,522 | 2,806 | 76,716 | 0 | 0 |
Declared dividends | (9,019) | 0 | 0 | 0 | (9,019) |
Ending balance at Jun. 30, 2018 | 181,261 | 21,430 | 289,088 | (16,498) | (112,759) |
Stockholders' Equity [Roll Forward] | |||||
Adoption of ASU 2018-02 | $ 0 | $ 0 | $ 0 | $ (315) | $ 315 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)$ / shares | |
Dividends declared per share (in dollars per share) | $ / shares | $ 0.27 |
Tax expense on pension liability | $ | $ 67 |
Retained Deficit [Member] | |
Dividends declared per share (in dollars per share) | $ / shares | $ 0.27 |
Accumulated Other Comprehensive Income (Loss) [Member] | |
Tax expense on pension liability | $ | $ 67 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows From Operating Activities | ||
Net income | $ 15,452 | $ 5,107 |
Income (loss) from discontinued operations, net of income taxes | (911) | (833) |
Income from continuing operations | 16,363 | 5,940 |
Adjustments to reconcile income from continuing operations to net cash provided by (used for) operating activities | ||
Depreciation | 9,042 | 10,708 |
Amortization | 4,315 | 4,544 |
Accelerated depreciation associated with restructuring activities | 16 | 1,929 |
Non-cash stock-based compensation expense | 2,305 | 1,817 |
(Gain) loss on disposal of fixed assets | (314) | (1,247) |
Impairment charges | 308 | 544 |
Deferred taxes | 0 | 217 |
Interest income received (accrued) on note receivable | (14) | (662) |
Other | (201) | 188 |
Payments on performance based compensation | (1,249) | (992) |
Other long-term liabilities | (63) | (264) |
Cash flows provided by (used for) working capital | ||
Accounts receivable | 9,106 | (979) |
Inventories | (2,454) | (1,236) |
Prepaid expenses and other current assets | (1,807) | 797 |
Accounts payable and accrued expenses | (8,130) | 5,039 |
Net cash provided by (used for) operating activities - continuing operations | 27,223 | 26,343 |
Net cash provided by (used for) operating activities - discontinued operations | 981 | (2,702) |
Net cash provided by (used for) operating activities | 28,204 | 23,641 |
Cash Flows From Investing Activities | ||
Capital expenditures | (2,318) | (2,326) |
Proceeds from sale of property, plant and equipment | 2,633 | 1,822 |
Net cash provided by (used for) investing activities - continuing operations | 315 | (504) |
Net cash provided by (used for) investing activities - discontinued operations | 0 | 79 |
Net cash provided by (used for) investing activities | 315 | (425) |
Cash Flows From Financing Activities | ||
Net borrowings (repayments) on credit facility | (72,491) | (18,942) |
Cash dividends paid | (8,287) | (8,147) |
Proceeds from issuance of common stock | 875 | 2,001 |
Proceeds from public offering of common stock, net of equity issuance costs | 79,522 | 0 |
Shares withheld for employee taxes on equity awards | (371) | (273) |
Deferred financing costs | 0 | (1,030) |
Net cash provided by (used for) financing activities - continuing operations | (752) | (26,391) |
Net cash provided by (used for) financing activities - discontinued operations | 0 | 0 |
Net cash provided by (used for) financing activities | (752) | (26,391) |
Foreign exchange rate effect on cash | (6) | (33) |
Less: Net increase (decrease) in cash classified within discontinued operations | 0 | (2,590) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 27,761 | (618) |
Cash, cash equivalents, and restricted cash at January 1 | 11,179 | 11,039 |
Cash, cash equivalents, and restricted cash at June 30 | $ 38,940 | $ 10,421 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017. During the fourth quarter of 2017, the Company completed the sale of certain subsidiaries in Brazil. As further discussed in Note 4, the results of operations and cash flows of these subsidiaries have been classified as discontinued operations in the condensed consolidated financial statements for all periods presented. 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 June 30, 2018, and the results of operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2018. Accounting Standards Adopted In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 Tax Cuts and Jobs Act. The Company recognized the estimated income tax effects of the Tax Cuts and Jobs Act in its 2017 consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 118. Refer to Note 15 for further information regarding the provisional amounts recorded by the Company. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220). The Company early adopted this standard effective January 1, 2018 and as a result of adopting this standard, $315 of stranded tax effects were reclassified from accumulated other comprehensive income to retained earnings in the first quarter of 2018. 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 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 adopted this standard effective January 1, 2018 and the adoption of this standard did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers The Company adopted the new guidance effective January 1, 2018 using the modified retrospective approach and applied the new guidance to all open contracts at the date of adoption. Adoption of the new standard resulted in changes to the Company’s accounting policy and disclosures related to revenue recognition. The impact of adopting this standard on the Company’s consolidated financial statements was not material and there was no cumulative transition adjustment required. Accounting Standards Not Yet Adopted 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 to date 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 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) 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 approximates carrying value due to the nature and relative short maturity of these assets and liabilities. The fair value of debt under the Company’s Loan Agreement, as defined in Note 13, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered Level 2 inputs. At June 30, 2018 and December 31, 2017, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated at $75.7 million and $78.0 million, respectively. 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, 2018 $ (12,750 ) $ (1,791 ) $ (14,541 ) Other comprehensive income (loss) before reclassifications (1,843 ) 201 (1,642 ) Reclassification of stranded tax effects to retained earnings (1) — (315 ) (315 ) Net current-period other comprehensive income (loss) (1,843 ) (114 ) (1,957 ) Balance at June 30, 2018 $ (14,593 ) $ (1,905 ) $ (16,498 ) (1) Reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act to retained earnings due to the adoption of ASU 2018-02 during the first quarter of 2018. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The following tables disaggregate the Company’s revenue by major market: For the Three Months Ended June 30, 2018 Material Handling Distribution Inter-company Consolidated Consumer $ 27,046 $ — $ — $ 27,046 Vehicle 26,758 — — 26,758 Food and beverage 15,308 — — 15,308 Industrial 34,018 — (47 ) 33,971 Auto aftermarket — 37,477 — 37,477 Total net sales $ 103,130 $ 37,477 $ (47 ) $ 140,560 For the Six Months Ended June 30, 2018 Material Handling Distribution Inter-company Consolidated Consumer $ 44,277 $ — $ — $ 44,277 Vehicle 52,301 — — 52,301 Food and beverage 52,965 — — 52,965 Industrial 70,396 — (69 ) 70,327 Auto aftermarket — 73,258 — 73,258 Total net sales $ 219,939 $ 73,258 $ (69 ) $ 293,128 Revenue is recognized when obligations under the terms of a contract with customers are satisfied. In both the Distribution and Material Handling segments, this generally occurs with the transfer of control of the Company’s products. This transfer of control may occur at either the time of shipment from a Company facility, or at the time of delivery to a designated customer location. Obligations under contracts with customers are typically fulfilled within 90 days of receiving a purchase order from a customer, and generally no other future obligations are required to be performed. The Company does not enter into any long-term contracts with customers, greater than one year. Based on the nature of the Company’s products and customer contracts, the Company has not recorded any deferred revenue, with the exception of cash advances or deposits received from customers prior to transfer of control of the product. These advances are typically fulfilled within the 90 day time frame mentioned above. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring the products. Certain contracts with customers include variable consideration, such as rebates or discounts. The Company recognizes estimates of this variable consideration each period, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs. While the Company’s contracts with customers do not generally include explicit rights to return product, the Company will in practice allow returns in the normal course of business and the customer relationship. Thus, the Company estimates the expected returns each period based on an analysis of historical experience. For certain businesses where physical recovery of the product from returns occurs, the Company records an estimated right to return asset from such recovery, based on the approximate cost of the product. Amounts included in the Condensed Consolidated Statement of Financial Position (Unaudited) related to revenue recognition include: June 30, December 31, Statement of Financial Position 2018 2017 Classification Returns, discounts and other allowances $ (1,270 ) $ (853 ) Accounts receivable Right of return asset 519 433 Inventories, net Customer deposits (438 ) (140 ) Other current liabilities Accrued rebates (2,403 ) (2,962 ) Other current liabilities Sales, value added, and other taxes the Company collects concurrent with revenue from customers are excluded from net sales. The Company has elected to recognize the cost for shipments to customers when control over products has transferred to the customer. Costs for shipments to customers are classified as Selling, General and Administrative Expenses for the Company’s manufacturing business and as Cost of Sales for the Company’s distribution business in the accompanying Condensed Consolidated Statements of Operations (Unaudited). The Company incurred costs for shipments to customers of approximately $2.6 million and $2.0 million for the three months ended June 30, 2018 and 2017, respectively, and $5.3 million and $4.3 million for the six months ended June 30, 2018 and 2017, respectively, in Selling, General and Administrative Expenses and $1.4 million and $1.5 million for the three months ended June 30, 2018 and 2017, respectively, and $2.8 million and $3.0 million for the six months ended June 30, 2018 and 2017, respectively, in Cost of Sales. All other internal distribution costs are recorded in Selling, General and Administrative Expenses. Based on the short term nature of contracts described above, the Company does not incur significant contract acquisition costs. These costs, as well as other incidental items that are immaterial in the context of the contract, are recognized as expense as incurred. |
Impairment Charges
Impairment Charges | 6 Months Ended |
Jun. 30, 2018 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges | 3. Impairment Charges As part of its ongoing strategy, the Company has been evaluating its various real estate holdings over the past two years. As a result of these initiatives, certain buildings have been reclassified to held for sale in 2017 and 2018. Based on the estimated fair value of these buildings (using primarily third party offers considered to be Level 2 inputs), less estimated costs to sell, the Company recorded impairment charges of $0.3 million and $0.5 million during the three and six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018 and December 31, 2017, the Company has classified $1.6 million and $0.3 million, respectively, for these buildings as held for sale, in Other Assets in the Condensed Consolidated Statements of Financial Position (Unaudited). |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 4. Discontinued Operations On December 18, 2017, the Company, collectively with its wholly owned subsidiary, Myers Holdings Brasil, Ltda. (“Holdings”), completed the sale of its subsidiaries, Myers do Brasil Embalagens Plasticas Ltda. and Plasticos Novel do Nordeste Ltda. (collectively, the “Brazil Business”), to Novel Holdings – Eireli (“Buyer”), an entity controlled by a member of the Brazil Business’ management team. The Brazil Business was part of the Material Handling Segment. Pursuant to the terms of the purchase agreement, the Buyer paid a purchase price of one U.S. Dollar to the Company and has assumed all liabilities and obligations of the Brazil Business, whether arising prior to or after the closing of the transaction. There are no additional amounts due, or to be settled, under the terms of the purchase agreement with the Buyer. The Company recorded a loss on the sale of the Brazil Business during the fourth quarter of 2017 of $35.0 million, which included $1.2 million of cash held by the Brazil Business and approximately $0.3 million of costs to sell. In addition, the Company recorded a U.S. tax benefit of approximately $15 million as a result of a worthless stock deduction related to the Company’s investment in the Brazil Business. The Company has agreed to be the guarantor under a factoring arrangement between the Buyer and Banco Alfa de Investimento S.A. until December 31, 2019 for up to $7 million, in the event the Buyer is unable to meet its obligations under this arrangement. The Company also holds a first lien against certain machinery and equipment, exercisable only upon default by the Buyer under the guaranty. Based on the nature of the guaranty, as well as the existence of the lien, the Company believes the fair value of the guaranty is immaterial (based primarily on Level 3 inputs), and thus has recorded no liability related to this guaranty in the Condensed Consolidated Statement of Financial Position (Unaudited). This guaranty also creates a variable interest to the Company in the Brazil Business. Based on the terms of the transaction and the fact that the Company has no management involvement or voting interests in the Brazil Business following the sale, the Company does not have any power to direct the significant activities of the Brazil Business, and is thus not the primary beneficiary. On February 17, 2015, the Company sold its Lawn and Garden business to an entity controlled by Wingate Partners V, L.P. (“L&G Buyer”), a private equity firm, for $110 million, subject to a working capital adjustment of approximately $4.0 million paid to the L&G Buyer in 2016. The terms of the agreement included a $90 million cash payment and promissory notes totaling $20 million that mature in August 2020 with a 6% interest rate, with approximately $8.6 million placed in escrow that was due to be settled by August 2016. The release of these funds had been extended pending the resolution of indemnification claims, as further described in Note 12. In April 2018, the Company reached agreement on the material terms of a settlement, and, as a result, recorded a pre-tax charge of $1.225 million to discontinued operations for the three months ended March 31, 2018. The settlement was finalized and paid in May 2018, and upon settlement and release of any further obligation on behalf of the Company, the remaining $7.4 million was released from escrow to the Company. 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 June 30, 2018 was $18.9 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. Summarized selected financial information for discontinued operations for the three and six months ended June 30, 2018 and 2017 are presented in the following table: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Net sales $ — $ 7,051 $ — $ 12,182 Cost of sales — 6,059 — 10,948 Selling, general, and administrative — 1,385 1,225 2,498 (Gain) loss on disposal of assets — 14 — (85 ) Interest income, net — (75 ) — (230 ) Loss from discontinued operations before income tax — (332 ) (1,225 ) (949 ) Income tax expense (benefit) — 157 (314 ) (116 ) Loss from discontinued operations, net of income tax $ — $ (489 ) $ (911 ) $ (833 ) Net cash flows provided by discontinued operations in 2018 resulted from the payment of expenses related to the sale of the Brazil Business, the payment of the settlement with the L&G Buyer noted above and partial receipt of the tax benefit from the worthless stock deduction related to the Brazil Business. The worthless stock deduction has allowed the Company to reduce its estimated U.S. federal tax payments to date in 2018 by $4.3 million. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 5. 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 incurred related to the Plan were approximately $7.7 million, which includes employee severance and other employee-related costs of approximately $3.1 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 $2.0 million. All actions under the Plan are substantially completed. The Company incurred $0.1 million and $5.1 million of restructuring charges associated with the planned closure of facilities under the Plan during the six months ended June 30, 2018 and 2017, respectively, and $4.0 million of restructuring charges during the three months ended June 30, 2017. No costs were incurred during the three months ended June 30, 2018. These costs were included in Cost of Sales in the Condensed Consolidated Statement of Operations (Unaudited). The table below summarizes restructuring activity for the six months ended June 30, 2018: Employee Reduction Accelerated Depreciation Other Exit Costs Total Balance at January 1, 2018 $ 1,098 $ — $ 90 $ 1,188 Charges to expense 31 16 72 119 Cash payments (893 ) — (162 ) (1,055 ) Non-cash utilization — (16 ) — (16 ) Balance at June 30, 2018 $ 236 $ — $ — $ 236 In addition to the restructuring costs noted above, the Company also incurred other associated costs of the Plan of $0.2 million and $0.7 million for the three and six months ended June 30, 2017, 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. No such costs were incurred for the three and six months ended June 30, 2018. For the three and six months ended June 30, 2018, the Company recognized a gain of $0.2 million, and for the three and six months ended June 30, 2017, the Company recognized gains of $0.6 million and $1.2 million, respectively, on asset dispositions in connection with the planned facility closures. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. 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 30 percent of 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. During the current year, one inventory pool had a reduction in inventory quantities that is expected to hold through year-end, and therefore an adjustment was recorded for the three and six months ended June 30, 2018 to decrease cost of sales by $0.5 million as a result of the liquidation of LIFO inventories. The estimated interim LIFO adjustment was not material and therefore, no adjustment was recorded for the three and six months ended June 30, 2017. Inventories consist of the following: June 30, December 31, 2018 2017 Finished and in-process products $ 32,765 $ 31,307 Raw materials and supplies 16,597 15,859 $ 49,362 $ 47,166 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 7. Other Current Liabilities The balance in other current liabilities is comprised of the following: June 30, December 31, 2018 2017 Customer deposits and accrued rebates $ 2,841 $ 3,102 Dividends payable 5,210 4,478 Accrued litigation, claims and professional fees 861 417 Current portion of environmental reserves 1,039 1,322 Other accrued expenses 5,736 6,153 $ 15,687 $ 15,472 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets The change in goodwill for the six months ended June 30, 2018 Distribution Material Handling Total January 1, 2018 $ 505 $ 59,466 $ 59,971 Foreign currency translation — (501 ) (501 ) June 30, 2018 $ 505 $ 58,965 $ 59,470 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 $10.0 million at both June 30, 2018 and December 31, 2017. |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Common Share | 9. 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 June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Weighted average common shares outstanding basic 32,606,838 30,154,965 31,561,194 30,097,638 Dilutive effect of stock options and restricted stock 477,702 317,671 520,156 297,779 Weighted average common shares outstanding diluted 33,084,540 30,472,636 32,081,350 30,395,417 Options to purchase 252,132 shares of common stock that were outstanding for the six months ended June 30, 2018, and 281,700 for the three and six months ended June 30, 2017, 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. There were no options to purchase shares of common stock excluded from the computation of diluted earnings per share for the three months ended June 30, 2018. |
Stock Compensation
Stock Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation | 10. Stock Compensation The Company’s Amended and Restated 2017 Incentive Stock Plan (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 2018, the Company granted 255,072 stock options with a weighted average exercise price of $21.30 and a weighted average fair value of $6.30. The fair value of options granted is estimated using a binomial lattice option pricing model. Also in March 2018, the Company granted 62,653 and 92,169 time-based and performance-based restricted stock units, respectively, with a weighted average fair value of $21.30. There were no stock-based awards granted in the second quarter of 2018. Stock compensation expense was approximately $1.2 million and $0.9 million for the three months ended June 30, 2018 and 2017, respectively, and $2.3 million and $1.8 million for the six months ended June 30, 2018 and |
Equity
Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Equity | 11. Equity In May 2018, the Company completed a public offering of 4,600,000 shares of its common stock at a price to the public of $18.50 per share. The net proceeds from the offering were approximately $79.5 million, after deducting underwriting discounts and commissions and $0.5 million of offering expenses paid by the Company. The Company used a portion of the net proceeds received from the offering to repay a portion of its outstanding indebtedness during the second quarter of 2018. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 12. 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. 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, including those described below, 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. 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. Buckhorn and the EPA are attempting to finalize their negotiations on the AOC and related Statement of Work (“SOW”) with regards to the New Idria Mine. The key terms of the AOC and SOW now under discussion include, but are not limited to, scope of the site, categories of and schedules for completion of required tasks, administration of future oversight costs, stipulated penalties, and resolution of any disputed items between the parties. As a result of recent negotiations, the Company recognized expected future EPA oversight costs for the RI/FS of $1 million in 2017. In addition, the AOC will require the Company to provide $2 million of financial assurance to the EPA to secure its performance during the estimated three year life of the RI/FS. Per federal statutes, this financial assurance can take several forms, including a financial guarantee by the Company, a letter of credit, or a surety bond. The Company expects to provide this assurance within 30 days following the execution of the AOC, and is currently evaluating the options available under the statute. Since October 2011, when New Idria was added to the Superfund National Priorities List by the EPA, the Company has recognized $5.7 million of costs, of which approximately $2.3 million has been paid to date. These costs are comprised primarily of estimates to perform the RI/FS, EPA oversight fees, past cost claims made by the EPA, and related professional fees. No expenses were recorded related to the New Idria Mine in the three and six months ended June 30, 2018 or 2017. As of June 30, 2018, the Company has a total reserve of $3.4 million related to the New Idria Mine, of which $0.7 million is classified in Other Current Liabilities and $2.7 million 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. Based on the latest report from the County, field work on the project is expected to commence in 2019. 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 4, the Company received Notices of Indemnification Claims in April 2015 and July 2016 (collectively, the “Claims”), alleging breaches of certain representations and warranties under the agreement resulting in alleged losses in the amount of approximately $10 million. As described in Note 4, approximately $8.6 million of the sale proceeds that were placed in escrow were due to be settled in August 2016; however, the release of these funds had been extended pending the resolution of the Claims, which were the subject of a lawsuit in the Delaware Chancery Court. In April 2018, the Company reached agreement on the material terms of a settlement, and as a result, recorded a pre-tax charge of $1.225 million to discontinued operations for the three months ended March 31, 2018. The settlement agreement was finalized in May 2018, and the settlement amount was funded from the escrow account. In addition, upon settlement and release of any further obligation on behalf of the Company, the remaining $7.4 million was released from escrow to the Company in the second quarter of 2018. |
Long-Term Debt and Loan Agreeme
Long-Term Debt and Loan Agreements | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Loan Agreements | 13. Long-Term Debt and Loan Agreements Long-term debt consisted of the following: June 30, December 31, 2018 2017 Loan Agreement $ 2,057 $ 74,632 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 15,000 15,000 5.45% Senior Unsecured Notes due 2026 12,000 12,000 80,057 152,632 Less unamortized deferred financing costs 1,403 1,596 $ 78,654 $ 151,036 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. The Company also holds Senior Unsecured Notes (“Notes”), which range in face value from $11 million to $40 million, with interest rates ranging from 4.67% to 5.45%, payable semiannually, and maturing between 2021 and 2026. At June 30, 2018, $78 million of the Notes were outstanding. Under the terms of the Loan Agreement, the Company may borrow up to $200 million, reduced for letters of credit issued. As of June 30, 2018, the Company had $193.5 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 June 30, 2018. 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 weighted average interest rate on borrowings under the Company’s long-term debt was 5.82% and 4.87% for the three months ended June 30, 2018 and 2017, respectively, and 5.55% and 4.99% for the six months ended June 30, 2018 and As of June 30, 2018, the Company was in compliance with all of its debt covenants associated with its Loan Agreement and 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). |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | 14. 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 June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Interest cost $ 56 $ 63 $ 112 $ 126 Expected return on assets (79 ) (74 ) (158 ) (148 ) Amortization of net loss 21 24 42 48 Net periodic pension cost $ (2 ) $ 13 $ (4 ) $ 26 The Company does not expect to make a contribution to the plan in 2018. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Tax Act”). Effective January 1, 2018, the Tax Act establishes a corporate income tax rate of 21%, replacing the 35% rate, and creates a territorial tax system rather than a worldwide system, which generally eliminates the U.S. federal income tax on dividends from foreign subsidiaries. The transition to the territorial system included a one-time deemed repatriation transition tax (“Transition Tax”) on certain foreign earnings previously untaxed in the United States. The Company has made reasonable estimates for certain provisions under the Tax Act and recorded a provisional net benefit to income tax expense of $1.2 million related to its enactment for the year ended December 31, 2017. This net benefit included a provisional deferred tax benefit of $3.0 million related to revaluing the net U.S. deferred tax liabilities to reflect the lower U.S. corporate tax rate. The deferred tax benefit was offset by a provision of $1.8 million related to the Transition Tax. In general, the Transition Tax imposed by the Tax Act results in the taxation of foreign earnings and profits (“E&P”) at a 15.5% rate on liquid assets and 8% on the remaining unremitted foreign E&P, both net of foreign tax credits. The provisional amounts for the Transition Tax recorded by the Company in 2017 included the undistributed E&P for all the Company’s foreign subsidiaries. Additional provisions of the Tax Act which may have an impact to the Company beginning in 2018 include, but are not limited to, the repeal of the domestic production deduction, limitations on interest expense deductions, accelerated depreciation that will allow for full expensing of qualified property, provisions related to performance-based executive compensation and other international provisions resulting from the territorial tax system established, as noted above. The Company has included provisional estimates of the impact of these changes, as applicable, in its estimated tax rate for the three and six months ended June 30, 2018. In response to the complexities and timing of issuance of the Tax Act, the SEC issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”). Management believes that it has made reasonable estimates of the impacts of the Tax Act in its 2017 consolidated financial statements. However, as the Company completes its analysis of the Tax Act, collects further data and reviews additional information and guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, the provisional amounts included in the 2017 financial statements may be subject to adjustment. Per the guidance in SAB 118, adjustments to the provisional amounts recorded by the Company in 2017 that are identified within a subsequent period of up to one year from the enactment date will be included as an adjustment in the period the amounts are determined. Income tax expense for the three and six months ended June 30, 2018 did not reflect any adjustment to the previously recognized provisional amounts under the Tax Act as discussed above. Except as provided for under the Transition Tax, no additional provision has been recorded related to the unremitted earnings of foreign subsidiaries. In accordance with SAB 118, the Company will continue to evaluate the impact of the Tax Act on its assertion that these earnings will be indefinitely reinvested. As noted above, the E&P for all foreign subsidiaries was included in the calculation of the provisional Transition Tax, and thus, should there be a repatriation of earnings from any foreign subsidiaries in future periods, the Company would be subject to only foreign withholding tax. The Company’s effective tax rate was 27.0% and 26.2% for the three and six months ended June 30, 2018, respectively, compared to 39.6% and 41.2% for the three and six months ended June 30, 2017, respectively. The primary reason for the decrease in the effective rate was due to the enactment of the Tax Act in December 2017, which reduced the U.S. federal corporate rate from 35% to 21%, effective January 1, 2018. The effective income tax rate for both periods was different than the Company’s statutory rate, primarily due to state taxes and non-deductible expenses. The total amount of gross unrecognized tax benefits that would reduce the Company’s effective tax rate was $0.4 million at June 30, 2018 and December 31, 2017. The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of June 30, 2018, 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 2013 through 2017. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2013 through 2017. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2018 | |
Leases [Abstract] | |
Leases | 16. Leases On February 27, 2018, the Company completed a sale-leaseback transaction for its distribution center in Pomona, California for a net purchase price of $2.3 million. The Company realized a gain on the sale of $2.0 million, of which $0.7 million was recognized during the three months ended March 31, 2018. The remaining $1.3 million is being recognized ratably over the term of the ten-year lease at approximately $0.1 million per year. Simultaneous with closing the sale, the Company entered into a ten-year operating lease arrangement with base annual rent of approximately $0.1 million during the first year, followed by annual increases of 3% through the remainder of the lease period. This facility is included in the Company’s Distribution Segment. |
Industry Segments
Industry Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Industry Segments | 17. 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 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 certain 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 were approximately $13.1 million and $12.4 million for the three months ended June 30, 2018 and 2017, respectively, and $24.6 million and $27.2 million for the six months ended June 30, 2018 and 2017, respectively. Summarized segment detail for the three and six months ended June 30, 2018 and 2017 are presented in the following table: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Net Sales Material Handling $ 103,130 $ 96,026 $ 219,939 $ 194,508 Distribution 37,477 39,258 73,258 77,832 Inter-company sales (47 ) (32 ) (69 ) (516 ) Total net sales $ 140,560 $ 135,252 $ 293,128 $ 271,824 Income (loss) from continuing operations before income taxes Material Handling $ 17,323 $ 7,814 $ 34,053 $ 20,660 Distribution 2,786 3,025 4,524 4,563 Corporate (6,998 ) (4,871 ) (13,444 ) (11,139 ) Total operating income 13,111 5,968 25,133 14,084 Interest expense, net (1,313 ) (1,860 ) (2,952 ) (3,990 ) Income from continuing operations before income taxes $ 11,798 $ 4,108 $ 22,181 $ 10,094 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017. During the fourth quarter of 2017, the Company completed the sale of certain subsidiaries in Brazil. As further discussed in Note 4, the results of operations and cash flows of these subsidiaries have been classified as discontinued operations in the condensed consolidated financial statements for all periods presented. 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 June 30, 2018, and the results of operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2018. |
Recent Accounting Pronouncements | Accounting Standards Adopted In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 Tax Cuts and Jobs Act. The Company recognized the estimated income tax effects of the Tax Cuts and Jobs Act in its 2017 consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 118. Refer to Note 15 for further information regarding the provisional amounts recorded by the Company. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220). The Company early adopted this standard effective January 1, 2018 and as a result of adopting this standard, $315 of stranded tax effects were reclassified from accumulated other comprehensive income to retained earnings in the first quarter of 2018. 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 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 adopted this standard effective January 1, 2018 and the adoption of this standard did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers The Company adopted the new guidance effective January 1, 2018 using the modified retrospective approach and applied the new guidance to all open contracts at the date of adoption. Adoption of the new standard resulted in changes to the Company’s accounting policy and disclosures related to revenue recognition. The impact of adopting this standard on the Company’s consolidated financial statements was not material and there was no cumulative transition adjustment required. Accounting Standards Not Yet Adopted 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 to date 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 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) |
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 approximates carrying value due to the nature and relative short maturity of these assets and liabilities. The fair value of debt under the Company’s Loan Agreement, as defined in Note 13, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered Level 2 inputs. At June 30, 2018 and December 31, 2017, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated at $75.7 million and $78.0 million, respectively. |
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, 2018 $ (12,750 ) $ (1,791 ) $ (14,541 ) Other comprehensive income (loss) before reclassifications (1,843 ) 201 (1,642 ) Reclassification of stranded tax effects to retained earnings (1) — (315 ) (315 ) Net current-period other comprehensive income (loss) (1,843 ) (114 ) (1,957 ) Balance at June 30, 2018 $ (14,593 ) $ (1,905 ) $ (16,498 ) (1) Reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act to retained earnings due to the adoption of ASU 2018-02 during the first quarter of 2018. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 $ (12,750 ) $ (1,791 ) $ (14,541 ) Other comprehensive income (loss) before reclassifications (1,843 ) 201 (1,642 ) Reclassification of stranded tax effects to retained earnings (1) — (315 ) (315 ) Net current-period other comprehensive income (loss) (1,843 ) (114 ) (1,957 ) Balance at June 30, 2018 $ (14,593 ) $ (1,905 ) $ (16,498 ) (1) Reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act to retained earnings due to the adoption of ASU 2018-02 during the first quarter of 2018. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition [Abstract] | |
Schedule of Disaggregation of Revenue by Major Market | The following tables disaggregate the Company’s revenue by major market: For the Three Months Ended June 30, 2018 Material Handling Distribution Inter-company Consolidated Consumer $ 27,046 $ — $ — $ 27,046 Vehicle 26,758 — — 26,758 Food and beverage 15,308 — — 15,308 Industrial 34,018 — (47 ) 33,971 Auto aftermarket — 37,477 — 37,477 Total net sales $ 103,130 $ 37,477 $ (47 ) $ 140,560 For the Six Months Ended June 30, 2018 Material Handling Distribution Inter-company Consolidated Consumer $ 44,277 $ — $ — $ 44,277 Vehicle 52,301 — — 52,301 Food and beverage 52,965 — — 52,965 Industrial 70,396 — (69 ) 70,327 Auto aftermarket — 73,258 — 73,258 Total net sales $ 219,939 $ 73,258 $ (69 ) $ 293,128 |
Schedule of Balances included in Condensed Consolidated Statement of Financial Position (Unaudited) Related to Revenue Recognition | Amounts included in the Condensed Consolidated Statement of Financial Position (Unaudited) related to revenue recognition include: June 30, December 31, Statement of Financial Position 2018 2017 Classification Returns, discounts and other allowances $ (1,270 ) $ (853 ) Accounts receivable Right of return asset 519 433 Inventories, net Customer deposits (438 ) (140 ) Other current liabilities Accrued rebates (2,403 ) (2,962 ) Other current liabilities |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Selected Financial Information for Discontinued Operations | Summarized selected financial information for discontinued operations for the three and six months ended June 30, 2018 and 2017 are presented in the following table: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Net sales $ — $ 7,051 $ — $ 12,182 Cost of sales — 6,059 — 10,948 Selling, general, and administrative — 1,385 1,225 2,498 (Gain) loss on disposal of assets — 14 — (85 ) Interest income, net — (75 ) — (230 ) Loss from discontinued operations before income tax — (332 ) (1,225 ) (949 ) Income tax expense (benefit) — 157 (314 ) (116 ) Loss from discontinued operations, net of income tax $ — $ (489 ) $ (911 ) $ (833 ) |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Restructuring And Related Activities [Abstract] | |
Summary of Restructuring Activity | The table below summarizes restructuring activity for the six months ended June 30, 2018: Employee Reduction Accelerated Depreciation Other Exit Costs Total Balance at January 1, 2018 $ 1,098 $ — $ 90 $ 1,188 Charges to expense 31 16 72 119 Cash payments (893 ) — (162 ) (1,055 ) Non-cash utilization — (16 ) — (16 ) Balance at June 30, 2018 $ 236 $ — $ — $ 236 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Summary of determination cost of inventories | Inventories consist of the following: June 30, December 31, 2018 2017 Finished and in-process products $ 32,765 $ 31,307 Raw materials and supplies 16,597 15,859 $ 49,362 $ 47,166 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | The balance in other current liabilities is comprised of the following: June 30, December 31, 2018 2017 Customer deposits and accrued rebates $ 2,841 $ 3,102 Dividends payable 5,210 4,478 Accrued litigation, claims and professional fees 861 417 Current portion of environmental reserves 1,039 1,322 Other accrued expenses 5,736 6,153 $ 15,687 $ 15,472 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
The change in goodwill | The change in goodwill for the six months ended June 30, 2018 Distribution Material Handling Total January 1, 2018 $ 505 $ 59,466 $ 59,971 Foreign currency translation — (501 ) (501 ) June 30, 2018 $ 505 $ 58,965 $ 59,470 |
Net Income (Loss) per Common 35
Net Income (Loss) per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Weighted average common shares outstanding basic 32,606,838 30,154,965 31,561,194 30,097,638 Dilutive effect of stock options and restricted stock 477,702 317,671 520,156 297,779 Weighted average common shares outstanding diluted 33,084,540 30,472,636 32,081,350 30,395,417 |
Long-Term Debt and Loan Agree36
Long-Term Debt and Loan Agreements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long-term debt consisted of the following: June 30, December 31, 2018 2017 Loan Agreement $ 2,057 $ 74,632 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 15,000 15,000 5.45% Senior Unsecured Notes due 2026 12,000 12,000 80,057 152,632 Less unamortized deferred financing costs 1,403 1,596 $ 78,654 $ 151,036 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Net periodic pension cost | Net periodic pension cost is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Interest cost $ 56 $ 63 $ 112 $ 126 Expected return on assets (79 ) (74 ) (158 ) (148 ) Amortization of net loss 21 24 42 48 Net periodic pension cost $ (2 ) $ 13 $ (4 ) $ 26 |
Industry Segments (Tables)
Industry Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Reporting Information by Segment | Summarized segment detail for the three and six months ended June 30, 2018 and 2017 are presented in the following table: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Net Sales Material Handling $ 103,130 $ 96,026 $ 219,939 $ 194,508 Distribution 37,477 39,258 73,258 77,832 Inter-company sales (47 ) (32 ) (69 ) (516 ) Total net sales $ 140,560 $ 135,252 $ 293,128 $ 271,824 Income (loss) from continuing operations before income taxes Material Handling $ 17,323 $ 7,814 $ 34,053 $ 20,660 Distribution 2,786 3,025 4,524 4,563 Corporate (6,998 ) (4,871 ) (13,444 ) (11,139 ) Total operating income 13,111 5,968 25,133 14,084 Interest expense, net (1,313 ) (1,860 ) (2,952 ) (3,990 ) Income from continuing operations before income taxes $ 11,798 $ 4,108 $ 22,181 $ 10,094 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Stranded tax effects reclassified from accumulated other comprehensive income to retained earnings | $ 315 | |
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 | $ 75,700 | $ 78,000 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 93,752 | |||
Reclassification of stranded tax effects to retained earnings | 315 | |||
Total other comprehensive income (loss) | $ (123) | $ 210 | (1,957) | $ 1,111 |
Ending balance | 181,261 | 181,261 | ||
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (12,750) | |||
Other comprehensive income (loss) before reclassifications | (1,843) | |||
Reclassification of stranded tax effects to retained earnings | 0 | |||
Total other comprehensive income (loss) | (1,843) | |||
Ending balance | (14,593) | (14,593) | ||
Defined Benefit Pension Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (1,791) | |||
Other comprehensive income (loss) before reclassifications | 201 | |||
Reclassification of stranded tax effects to retained earnings | (315) | |||
Total other comprehensive income (loss) | (114) | |||
Ending balance | (1,905) | (1,905) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (14,541) | |||
Other comprehensive income (loss) before reclassifications | (1,642) | |||
Reclassification of stranded tax effects to retained earnings | (315) | |||
Total other comprehensive income (loss) | (1,957) | |||
Ending balance | $ (16,498) | $ (16,498) |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue by Major Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 140,560 | $ 135,252 | $ 293,128 | $ 271,824 |
Consumer [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 27,046 | 44,277 | ||
Vehicle [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 26,758 | 52,301 | ||
Food and Beverage [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 15,308 | 52,965 | ||
Industrial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 33,971 | 70,327 | ||
Auto AfterMarket [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 37,477 | 73,258 | ||
Operating Segments [Member] | Material Handling [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 103,130 | 96,026 | 219,939 | 194,508 |
Operating Segments [Member] | Material Handling [Member] | Consumer [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 27,046 | 44,277 | ||
Operating Segments [Member] | Material Handling [Member] | Vehicle [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 26,758 | 52,301 | ||
Operating Segments [Member] | Material Handling [Member] | Food and Beverage [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 15,308 | 52,965 | ||
Operating Segments [Member] | Material Handling [Member] | Industrial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 34,018 | 70,396 | ||
Operating Segments [Member] | Distribution [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 37,477 | 39,258 | 73,258 | 77,832 |
Operating Segments [Member] | Distribution [Member] | Auto AfterMarket [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 37,477 | 73,258 | ||
Inter-company [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | (47) | $ (32) | (69) | $ (516) |
Inter-company [Member] | Industrial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ (47) | $ (69) |
Revenue Recognition - Schedul42
Revenue Recognition - Schedule of Balances included in Condensed Consolidated Statement of Financial Position (Unaudited) Related to Revenue Recognition (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Receivable [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Returns, discounts and other allowances | $ (1,270) | $ (853) |
Inventories, net [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Right of return asset | 519 | 433 |
Other Current Liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Customer deposits | (438) | (140) |
Accrued rebates | $ (2,403) | $ (2,962) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Cost of sales | $ 92,569 | $ 96,960 | $ 198,022 | $ 191,771 |
Shipments [Member] | Selling General and Administrative Expenses [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Cost of sales | 2,600 | 2,000 | 5,300 | 4,300 |
Shipments [Member] | Cost of Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Cost of sales | $ 1,400 | $ 1,500 | $ 2,800 | $ 3,000 |
Impairment Charges - Additional
Impairment Charges - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Impairment charges | $ 308 | $ 544 | $ 308 | $ 544 | |
Other Assets [Member] | |||||
Building classified as held for sale | 1,600 | 1,600 | $ 300 | ||
Level 2 [Member] | |||||
Impairment charges | $ 300 | $ 500 | $ 300 | $ 500 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) | Dec. 18, 2017 | Feb. 17, 2015 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2016 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Notes receivable, carrying value | $ 18,943,000 | $ 18,737,000 | $ 18,943,000 | ||||||
Discontinued operations pre-tax charge | $ 0 | $ 332,000 | $ 1,225,000 | $ 949,000 | |||||
Maximum [Member] | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Interest rate | 5.45% | 5.45% | |||||||
Minimum [Member] | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Interest rate | 4.67% | 4.67% | |||||||
Brazil Business [Member] | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Consideration received for discontinued operation | $ 1 | ||||||||
Additional amounts due, or to be settled | 0 | ||||||||
Gain (Loss) on sale of Business | (35,000,000) | ||||||||
Cash held by discontinued business | 1,200,000 | ||||||||
Cost incurred to sell business | $ 300,000 | ||||||||
U.S. tax benefit as a result of a worthless stock deduction | $ 15,000,000 | ||||||||
Worthless stock deduction on federal tax payments | $ 4,300,000 | ||||||||
Brazil Business [Member] | Maximum [Member] | Factoring Arrangement [Member] | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Guarantee obligation amount until December 31, 2019 | $ 7,000,000 | 7,000,000 | |||||||
Brazil Business [Member] | Level 3 [Member] | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Liability related to guaranty | 0 | 0 | |||||||
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 | $ 17,800,000 | ||||||||
Notes receivable, carrying value | 18,900,000 | 18,900,000 | |||||||
Amount of consideration received | 110,000,000 | ||||||||
Proceeds from divestiture of businesses | 90,000,000 | ||||||||
Promissory note receivable | $ 20,000,000 | ||||||||
Maturity date of promissory note receivable | 2020-08 | ||||||||
Discontinued operations pre-tax charge | $ 1,225,000 | ||||||||
Escrow deposit released | $ 7,400,000 | $ 7,400,000 | |||||||
Escrow deposit | $ 8,600,000 | ||||||||
Escrow deposit due to be settled date | 2016-08 | ||||||||
Adjustment to working capital | $ 4,000,000 |
Discontinued Operations- Summar
Discontinued Operations- Summary of Selected Financial Information for Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Net sales | $ 0 | $ 7,051 | $ 0 | $ 12,182 |
Cost of sales | 0 | 6,059 | 0 | 10,948 |
Selling, general, and administrative | 0 | 1,385 | 1,225 | 2,498 |
(Gain) loss on disposal of assets | 0 | 14 | 0 | (85) |
Interest income, net | 0 | (75) | 0 | (230) |
Loss from discontinued operations before income tax | 0 | (332) | (1,225) | (949) |
Income tax expense (benefit) | 0 | 157 | (314) | (116) |
Loss from discontinued operations, net of income tax | $ 0 | $ (489) | $ (911) | $ (833) |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | $ 119 | |||
Material Handling [Member] | Facility Closing [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Expected restructuring charges in 2017 | $ 7,700 | 7,700 | ||
Restructuring charges in employee severance and other employee-related costs | 3,100 | |||
Restructuring charges in equipment relocation and facility shut down costs | 2,600 | |||
Expected restructuring charges in accelerated depreciation charges on property, plant and equipment | 2,000 | |||
Restructuring charges | 0 | $ 4,000 | 100 | $ 5,100 |
Other restructuring associated costs incurred | 0 | 200 | 0 | 700 |
Gains on other asset dispositions | $ 200 | $ 600 | $ 200 | $ 1,200 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Activity (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Balance at January 1, 2018 | $ 1,188 |
Charges to expense | 119 |
Cash payments | (1,055) |
Non-cash utilization | (16) |
Balance at June 30, 2018 | 236 |
Employee Reduction [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Balance at January 1, 2018 | 1,098 |
Charges to expense | 31 |
Cash payments | (893) |
Balance at June 30, 2018 | 236 |
Accelerated Depreciation [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Charges to expense | 16 |
Non-cash utilization | (16) |
Other Exit Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Balance at January 1, 2018 | 90 |
Charges to expense | 72 |
Cash payments | $ (162) |
Inventories - Additional Inform
Inventories - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($)Inventory_Pool | Jun. 30, 2017USD ($) | |
Inventory Disclosure [Abstract] | |||
Percentage of LIFO Inventory | 30.00% | 30.00% | |
Number of LIFO inventory pool that reduce inventoy quantities | Inventory_Pool | 1 | ||
LIFO inventories, decrease in cost of sales | $ 500,000 | $ 500,000 | |
Inventory adjustment | $ 0 |
Inventories - Summary of invent
Inventories - Summary of inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished and in-process products | $ 32,765 | $ 31,307 |
Raw materials and supplies | 16,597 | 15,859 |
Inventory net | $ 49,362 | $ 47,166 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Customer deposits and accrued rebates | $ 2,841 | $ 3,102 |
Dividends payable | 5,210 | 4,478 |
Accrued litigation, claims and professional fees | 861 | 417 |
Current portion of environmental reserves | 1,039 | 1,322 |
Other accrued expenses | 5,736 | 6,153 |
Other current liabilities, Total | $ 15,687 | $ 15,472 |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets - Change in Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 59,971 |
Foreign currency translation | (501) |
Ending balance | 59,470 |
Distribution [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 505 |
Foreign currency translation | 0 |
Ending balance | 505 |
Material Handling [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 59,466 |
Foreign currency translation | (501) |
Ending balance | $ 58,965 |
Goodwill and Intangible Asset53
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Carrying value of indefinite-lived intangible assets | $ 10 | $ 10 |
Net Income (Loss) per Common 54
Net Income (Loss) per Common Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding basic | 32,606,838 | 30,154,965 | 31,561,194 | 30,097,638 |
Dilutive effect of stock options and restricted stock (in shares) | 477,702 | 317,671 | 520,156 | 297,779 |
Weighted average common shares outstanding diluted (in shares) | 33,084,540 | 30,472,636 | 32,081,350 | 30,395,417 |
Net Income (Loss) per Common 55
Net Income (Loss) per Common Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive securities excluded from computation of net earnings or loss per common share | 0 | 281,700 | 252,132 | 281,700 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Granted During Period | 0 | ||||
Stock compensation expense | $ 1.2 | $ 0.9 | $ 2.3 | $ 1.8 | |
Total unrecognized compensation cost related to non-vested share based compensation arrangements | $ 8.1 | $ 8.1 | |||
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 | 255,072 | ||||
Options, Granted, Average exercise Price | $ 21.30 | ||||
Options Granted, Average Fair Value price | $ 6.30 | ||||
Time Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Granted During Period | 62,653 | ||||
Granted, Average Granted Date Fair Value | $ 21.30 | ||||
Performance Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Granted During Period | 92,169 | ||||
Granted, Average Granted Date Fair Value | $ 21.30 | ||||
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 | 5,126,950 |
Equity - Additional Information
Equity - Additional Information (Details) - Secondary Public Offering [Member] - Common Shares [Member] $ / shares in Units, $ in Millions | May 31, 2018USD ($)$ / sharesshares |
Class Of Stock [Line Items] | |
Shares of common stock issued in public offering | shares | 4,600,000 |
Common stock sale price per share | $ / shares | $ 18.50 |
Net proceeds from sale of common stock in public offering | $ 79.5 |
Payments of offering costs | $ 0.5 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 81 Months Ended | |||||
Apr. 30, 2016 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2005 | Jun. 30, 2018 | |
Loss Contingencies [Line Items] | ||||||||||
Other current liabilities | $ 15,687,000 | $ 15,687,000 | $ 15,472,000 | $ 15,687,000 | ||||||
Other liabilities | 8,970,000 | 8,970,000 | 8,236,000 | 8,970,000 | ||||||
Discontinued operations pre-tax charge | 0 | $ 332,000 | 1,225,000 | $ 949,000 | ||||||
New Idria Mercury Mine [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Expected future EPA oversite costs recognized | $ 1,000,000 | |||||||||
Financial assurance required to be provided to EPA to secure performance | $ 2,000,000 | |||||||||
Financial assurance provision expected period following execution of AOC | 30 days | |||||||||
Loss Contingency, Loss in Period | 0 | $ 0 | ||||||||
New Almaden Mine [Member] | Natural Resource Damage Claim [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total reserve | 1,500,000 | 1,500,000 | 1,500,000 | |||||||
Other current liabilities | 300,000 | 300,000 | 300,000 | |||||||
Other liabilities | 1,200,000 | 1,200,000 | 1,200,000 | |||||||
Expense recognized | 0 | 0 | 0 | 0 | $ 1,200,000 | $ 800,000 | ||||
Accrued balance | 500,000 | |||||||||
Originally estimated project costs | $ 1,600,000 | |||||||||
Revised estimated project costs, Low Estimate | 3,300,000 | |||||||||
Revised estimated project costs, High Estimate | $ 4,400,000 | |||||||||
Lawn and Garden Indemnification Claim [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification claims | 10,000,000 | |||||||||
Escrow deposit | 8,600,000 | $ 8,600,000 | 8,600,000 | |||||||
Escrow deposit due to be settled date | 2016-08 | |||||||||
Discontinued operations pre-tax charge | $ 1,225,000 | |||||||||
Amount of escrow deposits expected to release upon settlement of agreement | 7,400,000 | |||||||||
Pending Litigation [Member] | New Idria Mercury Mine [Member] | EPA Notice Letter [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingencies, payments | 2,300,000 | |||||||||
Loss Contingency, Loss in Period | $ 0 | $ 0 | 5,700,000 | |||||||
Total reserve | 3,400,000 | $ 3,400,000 | 3,400,000 | |||||||
Other current liabilities | 700,000 | 700,000 | 700,000 | |||||||
Other liabilities | $ 2,700,000 | $ 2,700,000 | $ 2,700,000 |
Long-Term Debt and Loan Agree59
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 80,057 | $ 152,632 |
Less unamortized deferred financing fees | 1,403 | 1,596 |
Long-term Debt, net of deferred financing costs | 78,654 | 151,036 |
Loan Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 2,057 | 74,632 |
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 | 15,000 | 15,000 |
5.45% Senior Unsecured Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 12,000 | $ 12,000 |
Long-Term Debt and Loan Agree60
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Parenthetical) (Details) | 6 Months Ended |
Jun. 30, 2018 | |
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 Agree61
Long-Term Debt and Loan Agreements - Additional Information (Details) - USD ($) | May 30, 2014 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 80,057,000 | $ 80,057,000 | $ 152,632,000 | ||||
Long-term Debt | $ 78,654,000 | $ 78,654,000 | $ 151,036,000 | ||||
Weighted average interest rate during period | 5.82% | 4.87% | 5.55% | 4.99% | |||
Senior Unsecured Note | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 78,000,000 | $ 78,000,000 | |||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 11,000,000 | $ 11,000,000 | |||||
Interest rate | 4.67% | 4.67% | |||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 40,000,000 | $ 40,000,000 | |||||
Interest rate | 5.45% | 5.45% | |||||
Loan Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity on line of credit | $ 300,000,000 | $ 200,000,000 | |||||
Loan maturity period | 2018-12 | 2022-03 | |||||
Remaining amount available under the line of credit | $ 193,500,000 | $ 193,500,000 | |||||
Letters of credit | $ 4,400,000 | $ 4,400,000 |
Retirement Plans - Periodic Pen
Retirement Plans - Periodic Pension Cost (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 56 | $ 63 | $ 112 | $ 126 |
Expected return on assets | (79) | (74) | (158) | (148) |
Amortization of net loss | 21 | 24 | 42 | 48 |
Net periodic pension cost | $ (2) | $ 13 | $ (4) | $ 26 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($)Transition | Jun. 30, 2017 | Jun. 30, 2018USD ($)Transition | Jun. 30, 2017 | Dec. 31, 2017USD ($) | |
Income Taxes [Line Items] | |||||
Corporate income tax rate | 21.00% | 35.00% | |||
Number of foreign subsidiaries | Transition | 1 | 1 | |||
Tax cuts and jobs act of 2017 net benefit to income tax expense | $ 1.2 | ||||
Tax cuts and jobs act of 2017 due to change in tax rate deferred tax benefit | 3 | ||||
Tax cuts and jobs act of 2017 provisional income tax expense benefit | 1.8 | ||||
Tax cuts and jobs act of 2017 foreign earnings and profits tax rate liquid assets | 15.50% | ||||
Tax cuts and jobs act of 2017 foreign earnings and profits tax rate liquid assets, unremitted foreign E&P | 8.00% | ||||
Effective tax rate for the year | 27.00% | 39.60% | 26.20% | 41.20% | |
Unrecognized tax benefits that would impact effective tax rate | $ 0.4 | $ 0.4 | $ 0.4 | ||
Earliest Tax Year [Member] | State and Local [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax examination for tax years | 2,013 | ||||
Earliest Tax Year [Member] | Non-U.S [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax examination for tax years | 2,013 | ||||
Latest Tax Year [Member] | State and Local [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax examination for tax years | 2,017 | ||||
Latest Tax Year [Member] | Non-U.S [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax examination for tax years | 2,017 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Feb. 27, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Sale Leaseback Transaction [Line Items] | ||||
Proceeds from sale of property, plant and equipment | $ 2,633 | $ 1,822 | ||
California [Member] | Distribution [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Proceeds from sale of property, plant and equipment | $ 2,300 | |||
Gain on sale of distribution center | $ 2,000 | $ 700 | ||
Remaining gain on sale of distribution center | $ 1,300 | |||
Facility remaining lease period | 10 years | |||
Base annual rent, per year | $ 100 | |||
Facility lease period | 10 years | |||
Base annual rent, first year | $ 100 | |||
Percentage of annual rent increase in remaining lease period | 3.00% |
Industry Segments - Additional
Industry Segments - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Segment | Jun. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | Segment | 2 | |||
Net sales | $ 140,560 | $ 135,252 | $ 293,128 | $ 271,824 |
Foreign Countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 13,100 | $ 12,400 | $ 24,600 | $ 27,200 |
Industry Segments - Schedule of
Industry Segments - Schedule of reporting information by segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 140,560 | $ 135,252 | $ 293,128 | $ 271,824 |
Operating Income | 13,111 | 5,968 | 25,133 | 14,084 |
Interest expense, net | (1,313) | (1,860) | (2,952) | (3,990) |
Income from continuing operations before income taxes | 11,798 | 4,108 | 22,181 | 10,094 |
Operating Segments [Member] | Material Handling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 103,130 | 96,026 | 219,939 | 194,508 |
Operating Income | 17,323 | 7,814 | 34,053 | 20,660 |
Operating Segments [Member] | Distribution [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 37,477 | 39,258 | 73,258 | 77,832 |
Operating Income | 2,786 | 3,025 | 4,524 | 4,563 |
Inter-company sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (47) | (32) | (69) | (516) |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | $ (6,998) | $ (4,871) | $ (13,444) | $ (11,139) |