Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | MYERS INDUSTRIES INC | ||
Entity Central Index Key | 69,488 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 453,079,680 | ||
Entity Common Stock, Shares Outstanding | 35,376,498 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 566,735 | $ 547,043 | $ 534,379 |
Cost of sales | 387,442 | 389,590 | 372,481 |
Gross profit | 179,293 | 157,453 | 161,898 |
Selling expenses | 59,503 | 56,614 | 58,782 |
General and administrative expenses | 79,832 | 78,889 | 73,797 |
Operating expenses excluding impairment charges | 139,335 | 135,503 | 132,579 |
(Gain) loss on disposal of fixed assets | (8) | (3,482) | 628 |
Impairment charges | 308 | 544 | 1,329 |
Other expenses | 33,331 | ||
Operating income | 6,327 | 24,888 | 27,362 |
Interest | |||
Income | (1,221) | (1,361) | (1,262) |
Expense | 6,159 | 8,653 | 9,905 |
Interest expense, net | 4,938 | 7,292 | 8,643 |
Loss on extinguishment of debt | 0 | 1,888 | 0 |
Income from continuing operations before income taxes | 1,389 | 15,708 | 18,719 |
Income tax expense | 3,037 | 4,864 | 7,395 |
Income (loss) from continuing operations | (1,648) | 10,844 | 11,324 |
Income (loss) from discontinued operations, net of income tax | (1,701) | (20,733) | (10,267) |
Net income (loss) | $ (3,349) | $ (9,889) | $ 1,057 |
Income (loss) per common share from continuing operations: | |||
Basic | $ (0.05) | $ 0.36 | $ 0.38 |
Diluted | (0.05) | 0.35 | 0.38 |
Income (loss) per common share from discontinued operations: | |||
Basic | (0.05) | (0.69) | (0.35) |
Diluted | (0.05) | (0.68) | (0.35) |
Net income (loss) per common share: | |||
Basic | (0.10) | (0.33) | 0.03 |
Diluted | (0.10) | (0.33) | 0.03 |
Dividends declared per share | $ 0.54 | $ 0.54 | $ 0.54 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (3,349) | $ (9,889) | $ 1,057 |
Other comprehensive income (loss) | |||
Adoption of ASU 2018-02 | (315) | ||
Foreign currency translation adjustment | (3,501) | 2,391 | 5,105 |
Reclassification adjustment for foreign currency translation included in net income (loss) | 17,201 | ||
Pension liability, net of tax expense (benefit) of $25 in 2018, $14 in 2017, and ($95) in 2016 | 77 | 41 | (169) |
Total other comprehensive income (loss) | (3,739) | 19,633 | 4,936 |
Comprehensive income (loss) | $ (7,088) | $ 9,744 | $ 5,993 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Tax expense (benefit) on pension liability | $ 25 | $ 14 | $ (95) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash | $ 58,894 | $ 2,520 |
Restricted cash | 0 | 8,659 |
Accounts receivable, less allowances of $2,259 and $1,777, respectively | 72,939 | 76,650 |
Income tax receivable | 4,892 | 12,954 |
Inventories, net | 43,596 | 47,025 |
Prepaid expenses and other current assets | 2,534 | 2,204 |
Total Current Assets | 182,855 | 150,012 |
Other Assets | ||
Property, plant, and equipment, net | 65,460 | 83,904 |
Goodwill | 59,068 | 59,971 |
Intangible assets, net | 30,280 | 39,049 |
Deferred income taxes | 5,270 | 120 |
Notes receivable | 0 | 18,737 |
Other | 5,712 | 4,149 |
Total Assets | 348,645 | 355,942 |
Current Liabilities | ||
Accounts payable | 60,849 | 63,581 |
Accrued expenses | ||
Employee compensation | 16,531 | 15,544 |
Taxes, other than income taxes | 1,403 | 1,664 |
Accrued interest | 1,939 | 2,392 |
Other current liabilities | 16,701 | 15,472 |
Total Current Liabilities | 97,423 | 98,653 |
Long-term debt | 76,790 | 151,036 |
Other liabilities | 19,794 | 8,236 |
Deferred income taxes | 0 | 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 35,374,121 and 30,495,737; net of treasury shares of 7,178,336 and 7,456,720, respectively) | 21,547 | 18,547 |
Additional paid-in capital | 292,558 | 209,253 |
Accumulated other comprehensive loss | (18,280) | (14,541) |
Retained deficit | (141,187) | (119,507) |
Total Shareholders’ Equity | 154,638 | 93,752 |
Total Liabilities and Shareholders’ Equity | $ 348,645 | $ 355,942 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Allowance for Doubtful Accounts Receivable, Current | $ 2,259 | $ 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) | 35,374,121 | 30,495,737 |
Common shares, treasury (in shares) | 7,178,336 | 7,456,720 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 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, 2015 | $ 97,703 | $ 17,895 | $ 196,743 | $ (39,110) | $ (77,825) |
Beginning balance, shares at Dec. 31, 2015 | 29,521,566 | ||||
Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 1,057 | $ 0 | 0 | 0 | 1,057 |
Issuances under option plans | $ 3,235 | $ 205 | 3,030 | 0 | 0 |
Issuances under option plans, shares | 334,836 | 374,958 | |||
Dividend reinvestment plan | $ 139 | $ 6 | 133 | 0 | 0 |
Dividend reinvestment plan, shares | 10,520 | ||||
Restricted stock vested | 0 | $ 104 | (104) | 0 | 0 |
Restricted stock vested, shares | 169,929 | ||||
Stock compensation expense | 3,357 | $ 24 | 3,333 | 0 | 0 |
Tax benefit from options | 64 | 0 | 64 | 0 | 0 |
Foreign currency translation adjustment | 5,105 | 0 | 0 | 5,105 | 0 |
Shares withheld for employee taxes on equity awards | (1,166) | $ 0 | (1,166) | 0 | 0 |
Shares withheld for employee taxes on equity awards, shares | (57,412) | ||||
Declared dividends | (16,292) | $ 0 | 0 | 0 | (16,292) |
Pension liability, net of tax | (169) | 0 | 0 | (169) | 0 |
Ending balance at Dec. 31, 2016 | 93,033 | $ 18,234 | 202,033 | (34,174) | (93,060) |
Ending balance, shares at Dec. 31, 2016 | 30,019,561 | ||||
Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (9,889) | $ 0 | 0 | 0 | (9,889) |
Issuances under option plans | $ 4,396 | $ 229 | 4,167 | 0 | 0 |
Issuances under option plans, shares | 375,292 | 375,292 | |||
Dividend reinvestment plan | $ 131 | $ 5 | 126 | 0 | 0 |
Dividend reinvestment plan, shares | 7,625 | ||||
Restricted stock vested | 0 | $ 79 | (79) | 0 | 0 |
Restricted stock vested, shares | 130,036 | ||||
Stock compensation expense | 3,626 | $ 0 | 3,626 | 0 | 0 |
Foreign currency translation adjustment | 2,391 | 0 | 0 | 2,391 | 0 |
Shares withheld for employee taxes on equity awards | (620) | $ 0 | (620) | 0 | 0 |
Shares withheld for employee taxes on equity awards, shares | (36,777) | ||||
Declared dividends | (16,558) | $ 0 | 0 | 0 | (16,558) |
Pension liability, net of tax | 41 | 0 | 0 | 41 | 0 |
Reclassification adjustment for foreign currency translation included in net income (loss) | 17,201 | 0 | 0 | 17,201 | 0 |
Ending balance at Dec. 31, 2017 | $ 93,752 | $ 18,547 | 209,253 | (14,541) | (119,507) |
Ending balance, shares at Dec. 31, 2017 | 30,495,737 | 30,495,737 | |||
Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ (3,349) | $ 0 | 0 | 0 | (3,349) |
Issuances under option plans | $ 2,735 | $ 117 | 2,618 | 0 | 0 |
Issuances under option plans, shares | 191,169 | 191,169 | |||
Dividend reinvestment plan | $ 118 | $ 4 | 114 | 0 | 0 |
Dividend reinvestment plan, shares | 5,712 | ||||
Restricted stock vested | 0 | $ 73 | (73) | 0 | 0 |
Restricted stock vested, shares | 120,142 | ||||
Stock compensation expense | 4,644 | $ 0 | 4,644 | 0 | 0 |
Foreign currency translation adjustment | (3,501) | 0 | 0 | (3,501) | 0 |
Shares withheld for employee taxes on equity awards | (714) | $ 0 | (714) | 0 | 0 |
Shares withheld for employee taxes on equity awards, shares | (38,639) | ||||
Declared dividends | (18,646) | $ 0 | 0 | 0 | (18,646) |
Pension liability, net of tax | 77 | 0 | 0 | 77 | 0 |
Shares issued in public offering, net of equity issuance costs | 79,522 | $ 2,806 | 76,716 | 0 | 0 |
Shares issued in public offering, net of equity issuance costs, shares | 4,600,000 | ||||
Ending balance at Dec. 31, 2018 | $ 154,638 | $ 21,547 | 292,558 | (18,280) | (141,187) |
Ending balance, shares at Dec. 31, 2018 | 35,374,121 | 35,374,121 | |||
Stockholders' Equity [Roll Forward] | |||||
Adoption of ASU 2018-02 | $ 0 | $ 0 | $ 0 | $ (315) | $ 315 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends declared per share (in dollars per share) | $ 0.54 | $ 0.54 | $ 0.54 |
Tax expense (benefit) on pension liability | $ 25 | $ 14 | $ (95) |
Retained Deficit [Member] | |||
Dividends declared per share (in dollars per share) | $ 0.54 | $ 0.54 | $ 0.54 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Tax expense (benefit) on pension liability | $ 25 | $ 14 | $ 95 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows From Operating Activities | |||
Net income (loss) | $ (3,349) | $ (9,889) | $ 1,057 |
Income (loss) from discontinued operations, net of income taxes | (1,701) | (20,733) | (10,267) |
Income (loss) from continuing operations | (1,648) | 10,844 | 11,324 |
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities | |||
Depreciation | 17,638 | 19,952 | 22,049 |
Amortization | 8,485 | 8,886 | 9,743 |
Accelerated depreciation associated with restructuring activities | 16 | 1,993 | 0 |
Non-cash stock-based compensation expense | 4,257 | 3,626 | 3,357 |
(Gain) loss on disposal of fixed assets | (8) | (3,482) | 628 |
Provision for loss on note receivable | 23,008 | 0 | 0 |
Lease guarantee contingency | 10,323 | 0 | 0 |
Loss on extinguishment of debt | 0 | 1,888 | 0 |
Deferred taxes | (9,450) | (5,663) | 555 |
Interest income received (accrued) on note receivable | (361) | (1,384) | (1,276) |
Impairment charges | 308 | 544 | 1,329 |
Other | 457 | 256 | 155 |
Payments on performance based compensation | (1,249) | (1,010) | (1,794) |
Other long-term liabilities | 180 | 723 | (592) |
Cash flows provided by (used for) working capital | |||
Accounts receivable | 4,927 | (6,709) | 6,427 |
Inventories | 3,151 | (1,876) | 8,603 |
Prepaid expenses and other current assets | (353) | 2,209 | 1,047 |
Accounts payable and accrued expenses | 713 | 18,299 | (27,594) |
Net cash provided by (used for) operating activities - continuing operations | 60,394 | 49,096 | 33,961 |
Net cash provided by (used for) operating activities - discontinued operations | 858 | (4,633) | (232) |
Net cash provided by (used for) operating activities | 61,252 | 44,463 | 33,729 |
Cash Flows From Investing Activities | |||
Capital expenditures | (5,123) | (5,814) | (12,489) |
Proceeds from sale of property, plant and equipment | 2,633 | 11,058 | 450 |
Proceeds (payments) related to sale of business | 0 | 0 | (4,034) |
Net cash provided by (used for) investing activities - continuing operations | (2,490) | 5,244 | (16,073) |
Net cash provided by (used for) investing activities - discontinued operations | 0 | (1,107) | (16) |
Net cash provided by (used for) investing activities | (2,490) | 4,137 | (16,089) |
Cash Flows From Financing Activities | |||
Net borrowings (repayments) on credit facility | (74,557) | (16,474) | (3,804) |
Repayments of senior unsecured notes | 0 | (23,798) | 0 |
Cash dividends paid | (17,862) | (16,341) | (16,221) |
Proceeds from issuance of common stock | 2,853 | 4,527 | 3,374 |
Excess tax benefit from stock-based compensation | 0 | 0 | 64 |
Proceeds from public offering of common stock, net of equity issuance costs | 79,522 | 0 | 0 |
Shares withheld for employee taxes on equity awards | (714) | (620) | (1,166) |
Deferred financing costs | 0 | (1,030) | 0 |
Net cash provided by (used for) financing activities - continuing operations | (10,758) | (53,736) | (17,753) |
Net cash provided by (used for) financing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided by (used for) financing activities | (10,758) | (53,736) | (17,753) |
Foreign exchange rate effect on cash | (289) | (208) | 665 |
Less: Net increase (decrease) in cash classified within discontinued operations | 0 | (5,484) | 493 |
Net increase in cash and restricted cash | 47,715 | 140 | 59 |
Cash and restricted cash at January 1 | 11,179 | 11,039 | 10,980 |
Cash and restricted cash at December 31 | 58,894 | 11,179 | 11,039 |
Supplemental Disclosures of Cash Flow Information | |||
Interest | 6,236 | 8,913 | 8,917 |
Income taxes | $ 5,539 | $ 5,651 | $ 8,136 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity or cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the timing and amount of assets, liabilities, equity, revenues, and expenses recorded and disclosed. Actual results could differ from those estimates. During the fourth quarter of 2017, the Company completed the sale of certain subsidiaries in Brazil. As further discussed in Note 5, the results of operations and cash flows of these subsidiaries have been classified as discontinued operations in the consolidated financial statements for all periods presented. 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. The Company finalized its accounting in 2018. Refer to Note 13 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, $0.3 million 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 (refer to Note 2). 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 August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20). In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. 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 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 unless a goodwill impairment were to occur. 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) Translation of Foreign Currencies All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders’ equity. Fair Value Measurement The Company follows guidance included in Accounting Standards Codification (“ 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 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. Financial assets that are measured at net asset value, which is a practical expedient to estimating fair value, are not classified in the fair value hierarchy. The Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximate carrying value due to the nature and relative short maturity of these assets and liabilities. The fair value of debt under the Company’s Loan Agreement, as defined in Note 12, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered Level 2 inputs. At December 31, 2018 and 2017, the aggregate fair value of the Company’s outstanding fixed rate senior unsecured notes was estimated at $76.8 million and $78.0 million, respectively. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. In 2018, there were no customers that accounted for more than ten percent of net sales. Outside of the United States, only customers located in Canada, which account for approximately 4.1% of net sales, are significant to the Company’s operations. In addition, management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company also reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due the Company could be reduced by a material amount. Expense related to bad debts was approximately $0.7 million, $0.7 million and $0.8 million for 2018, 2017 and 2016, respectively, and is recorded within selling expenses in the Consolidated Statements of Operations. Deductions from the allowance for doubtful accounts, net of recoveries, were approximately $0.5 million, $0.7 million and $0.4 million for 2018, 2017 and 2016, respectively. 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 our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost. Inventories at December 31 consist of the following: December 31, December 31, 2018 2017 Finished and in-process products $ 27,960 $ 30,874 Raw materials and supplies 15,636 16,151 $ 43,596 $ 47,025 If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $5.1 million and $5.6 million higher than reported at December 31, 2018 and 2017, respectively. Cost of sales decreased by $0.5 million and $0.1 million in 2018 and 2017, respectively, as a result of the liquidation of LIFO inventories. Cost of sales increased by $0.1 million in 2016 as a result of the liquidation of LIFO inventories. Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: Buildings 20 to 40 years Machinery and Equipment 3 to 10 years Leasehold Improvements 5 to 10 years The Company’s property, plant and equipment by major asset class at December 31 consists of: December 31, December 31, 2018 2017 Land $ 7,017 $ 7,815 Buildings and leasehold improvements 53,821 59,730 Machinery and equipment 253,785 260,880 314,623 328,425 Less allowances for depreciation and amortization (249,163 ) (244,521 ) $ 65,460 $ 83,904 At December 31, 2018 and 2017, the Company had approximately $6.8 million and $6.9 million, respectively, of capitalized software costs included in machinery and equipment. Amortization expense related to capitalized software costs was approximately $0.5 million, $1.0 million and $0.6 million in 2018, 2017 and 2016, respectively. Long-Lived Assets The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset and related asset group. For assets held for sale, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. Refer to Note 3 for discussion of the impairment charges. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) were as follows: Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2016 $ (37,447 ) $ (1,663 ) $ (39,110 ) Other comprehensive income (loss) before reclassifications 5,105 (222 ) 4,883 Amounts reclassified from accumulated other comprehensive income, net of tax of ($30) (1) — 53 53 Net current-period other comprehensive income (loss) 5,105 (169 ) 4,936 Balance at December 31, 2016 (32,342 ) (1,832 ) (34,174 ) Other comprehensive income (loss) before reclassifications 2,391 (31 ) 2,360 Amounts reclassified from accumulated other comprehensive income, net of tax of ($24) (1) (2) 17,201 72 17,273 Net current-period other comprehensive income (loss) 19,592 41 19,633 Balance at December 31, 2017 (12,750 ) (1,791 ) (14,541 ) Other comprehensive income (loss) before reclassifications (3,501 ) 14 (3,487 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($21) (1) — 63 63 Reclassification of stranded tax effects to retained earnings (3) — (315 ) (315 ) Net current-period other comprehensive income (loss) (3,501 ) (238 ) (3,739 ) Balance at December 31, 2018 $ (16,251 ) $ (2,029 ) $ (18,280 ) (1) The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 14, Retirement Plans for additional details. (2) Cumulative translation adjustment associated with the sale of the Brazil Business, as further discussed in Note 5, was included in the carrying value of assets disposed of. (3) 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. Stock Based Compensation The Company has stock incentive plans that provide for the granting of stock-based compensation to employees and to non-employee directors. Shares issued for option exercises or restricted stock units may be either from authorized but unissued shares or treasury shares. The Company records the costs of the plan under the provisions of ASC 718, Compensation — Stock Compensation Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the change is enacted. ASC 740, Income Taxes The Company evaluates its tax positions in accordance with ASC 740, which provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise’s financial statements. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized under ASC 740. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. Cash flows used in investing activities excluded $1.1 million, $0.6 million and $0.1 million of accrued capital expenditures in 2018, 2017 and 2016, respectively. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The following table disaggregates the Company’s revenue by major market: For the Year Ended December 31, 2018 Material Handling Distribution Inter-company Consolidated Consumer $ 78,174 $ — $ — $ 78,174 Vehicle 95,247 — — 95,247 Food and beverage 101,610 — — 101,610 Industrial 142,168 — (100 ) 142,068 Auto aftermarket — 149,636 — 149,636 Total net sales $ 417,199 $ 149,636 $ (100 ) $ 566,735 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 as part of 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 Consolidated Statements of Financial Position related to revenue recognition include: December 31, December 31, Statement of Financial Position 2018 2017 Classification Returns, discounts and other allowances $ (1,169 ) $ (853 ) Accounts receivable Right of return asset 535 292 Inventories, net Customer deposits (806 ) (140 ) Other current liabilities Accrued rebates (2,559 ) (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 expenses for the Company’s manufacturing businesses and as cost of sales for the Company’s distribution business in the accompanying Consolidated Statements of Operations. The Company incurred costs for shipments to customers of approximately $9.7 million, $8.2 million and $8.9 million in selling expenses for the years ended December 31, 2018, 2017 and 2016, respectively, and $5.7 million, $6.0 million, and $6.1 million in cost of sales for the years ended December 31, 2018, 2017 and 2016, respectively. All other internal distribution costs are recorded in selling 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 | 12 Months Ended |
Dec. 31, 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 as 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 years ended December 31, 2018 and 2017, respectively. As of December 31, 2018 and 2017, the Company had classified $4.4 million and $0.3 million for buildings as held for sale, in Other Assets in the Consolidated Statements of Financial Position. During 2018 and 2017, the Company sold certain buildings previously held for sale for net proceeds of $2.3 million and $3.1 million, respectively. During 2016, the Company recorded impairment charges of $1.3 million, primarily related to long-lived assets associated with the exit of a non-strategic product line in the Material Handling Segment. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 4. Goodwill and Intangible Assets The Company tests for impairment of goodwill and indefinite-lived intangible assets on at least an annual basis, unless significant changes in circumstances indicate a potential impairment may have occurred sooner. Such changes in circumstances may include, but are not limited to, significant changes in economic and competitive conditions, the impact of the economic environment on the Company’s customer base or its businesses, or a material negative change in its relationships with significant customers. The Company conducted its annual goodwill impairment assessment as of October 1 for all of its reporting units, noting no impairment in continuing operations in 2018, 2017 or 2016. During the 2018 annual review of goodwill, management performed a qualitative assessment for all of its reporting units. After considering changes to assumptions used in the most recent quantitative annual testing for each reporting unit, including macroeconomic conditions, industry and market considerations, overall financial performance, the magnitude of the excess of fair value over the carrying amount of each reporting unit as determined in the most recent quantitative annual testing, and other factors, management concluded that it was not more likely than not that the fair values of the reporting units were less than their respective carrying values and, therefore, did not perform a quantitative analysis in 2018. A qualitative analysis was also performed at October 31, 2017 and a quantitative analysis was performed at October 1, 2016. The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 were as follows: Distribution Material Handling Total January 1, 2017 $ 505 $ 58,714 $ 59,219 Foreign currency translation — 752 752 December 31, 2017 $ 505 $ 59,466 $ 59,971 Foreign currency translation — (903 ) (903 ) December 31, 2018 $ 505 $ 58,563 $ 59,068 Intangible assets other than goodwill primarily consist of trade names, customer relationships, patents, and technology assets established in connection with acquisitions. These intangible assets, other than certain trade names, are amortized over their estimated useful lives. The Company performs an annual impairment assessment for the indefinite lived trade names which had a carrying value of $9,782 and $9,972 at December 31, 2018 and 2017, respectively. In performing this assessment the Company uses an income approach, based primarily on Level 3 inputs, to estimate the fair value of the trade name. The Company records an impairment charge if the carrying value of the trade name exceeds the estimated fair value at the date of assessment. Intangible assets at December 31, 2018 and 2017 consisted of the following: 2018 2017 Weighted Average Remaining Useful Life (years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade Names - Indefinite Lived $ 9,782 $ — $ 9,782 $ 9,972 $ — $ 9,972 Trade Names 6.5 80 (45 ) 35 80 (40 ) 40 Customer Relationships 1.5 39,521 (31,896 ) 7,625 41,043 (27,396 ) 13,647 Technology 5.2 24,980 (12,142 ) 12,838 24,980 (9,590 ) 15,390 Patents 0.0 11,730 (11,730 ) — 11,730 (11,730 ) — $ 86,093 $ (55,813 ) $ 30,280 $ 87,805 $ (48,756 ) $ 39,049 Intangible amortization expense was $8,099, $8,378 and $9,277 in 2018, 2017 and 2016, respectively. Estimated annual amortization expense for intangible assets with finite lives for the next five years is: $7,571 in 2019; $4,819 in 2020; $2,278 in 2021; $2,278 in 2022 and $2,278 in 2023. |
Disposal of Businesses
Disposal of Businesses | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Disposal of Businesses | 5. Disposal of Businesses 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 divestiture of the Brazil Business will allow the Company to focus resources on its core businesses and additional growth opportunities. The Brazil Business is a leading designer and manufacturer of reusable plastic shipping containers, plastic pallets, crates and totes used for closed-loop shipping and storage in Brazil’s automotive, distribution, food, beverage and agriculture industries. The sale of the Brazil Business included manufacturing facilities and offices located in Lauro de Freitas City, Bahia, Brazil Pursuant to the terms of the Quota Purchase Agreement by and among the Company, Holdings and Buyer (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. As a result of the Company’s U.S. Federal income tax filings in 2018, the Company reduced this estimated tax benefit by $0.7 million and recognized this adjustment within net loss from discontinued operations. 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 Consolidated Statement of Financial Position. 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. During the second quarter of 2014, the Company’s Board of Directors approved the commencement of the sale process to divest its Lawn and Garden business to allow it to focus resources on its core growth platforms. The business was sold February 17, 2015 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 11. 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 in 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. During the third quarter of 2018, management of the Lawn and Garden business, now named HC Companies, Inc. (“HC”), requested an extension to the maturity of the notes as part of an effort to restructure their debt. The Company believes there is uncertainty about the ability to collect on the notes and corresponding accrued interest. The fair market value of the notes at the date of the sale was $17.8 million. The fair value of the notes receivable was calculated using Level 2 inputs as defined in Note 1. The carrying value of the notes as of December 31, 2018 and 2017 was $19.1 million and $18.7 million, respectively, which represents the fair value at the date of sale plus accretion. As a result of the uncertainty regarding the ability to collect on the notes and corresponding accrued interest, the Company recorded a provision for expected loss of $23.0 million within continuing operations to Other Expenses in the Consolidated Statements of Operations during the third quarter of 2018 based on the carrying value of the notes and corresponding accrued interest. Interest income on the notes receivable was $1.0 million, $1.3 million, and $1.3 million during the years ended December 31, 2018, 2017 and 2016 and was recognized based on the stated interest rate above. The Company ceased recognizing interest income following the recording of the provision noted above. In connection with the financial risk described above with HC, the Company further assessed its potential obligations under a lease guarantee granted as part of the sale of the Lawn and Garden business. Refer to Note 11 for further information with regards to this obligation. Summarized selected financial information for discontinued operations for the years ended December 31, 2018, 2017 and 2016 are presented in the following table: For the Year Ended December 31, 2018 2017* 2016 Net sales $ — $ 29,976 $ 23,683 Cost of sales — 25,359 20,941 Selling, general, and administrative 1,348 6,748 5,438 (Gain) loss on disposal of assets — (32 ) 226 Impairment charges — — 8,545 Interest income, net — (286 ) (469 ) Gain (loss) on the disposal of the discontinued operations — (34,956 ) — Loss from discontinued operations before income tax (1,348 ) (36,769 ) (10,998 ) Income tax expense (benefit) 353 (16,036 ) (731 ) Loss from discontinued operations, net of income tax $ (1,701 ) $ (20,733 ) $ (10,267 ) * Includes Brazil Business operating results through December 18, 2017. 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 allowed the Company to reduce its estimated U.S. federal tax payments in 2018 by $4.3 million. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | 6. Net Income (Loss) Per Common Share Net income (loss) per common share, as shown on the accompanying Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: For the Year Ended December 31, 2018 2017 2016 Weighted average common shares outstanding basic 33,426,855 30,222,289 29,750,378 Dilutive effect of stock options and restricted stock — 340,357 217,534 Weighted average common shares outstanding diluted 33,426,855 30,562,646 29,967,912 Due to the net loss for the year ended December 31, 2018, diluted weighted-average shares outstanding are equal to basic weighted-average shares outstanding because the effect of all equity awards is anti-dilutive. Options to purchase 242,500 and 551,761 shares of common stock that were outstanding at December 31, 2017 and 2016, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options was greater than the average market price of common shares, and were therefore anti-dilutive. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 7. Restructuring The charges related to various restructuring programs implemented by the Company are included in cost of sales and selling, general and administrative (“SG&A”) expenses depending on the type of cost incurred. The restructuring charges recognized in the years ended 2018, 2017 and 2016 are presented in the following table. 2018 2017 2016 Segment Cost of sales SG&A Total Cost of sales SG&A Total Cost of sales SG&A Total Distribution $ — $ — $ — $ — $ — $ — $ — $ — $ — Material Handling 119 — 119 7,389 164 7,553 — — — Corporate — — — — — — — — — Total $ 119 $ — $ 119 $ 7,389 $ 164 $ 7,553 $ — $ — $ — 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 completed. The Company incurred $0.1 million and $7.6 million of restructuring charges associated with the activities under the Plan during the years ended December 31, 2018 and 2017, respectively. The table below summarizes restructuring activity for the years ended December 31, 2018 and 2017: Employee Reduction Accelerated Depreciation Other Exit Costs Total Balance at January 1, 2017 $ — $ — $ — $ — Charges to expense 3,022 1,993 2,538 7,553 Cash payments (1,924 ) — (2,448 ) (4,372 ) Non-cash utilization — (1,993 ) — (1,993 ) Balance at December 31, 2017 $ 1,098 $ — $ 90 $ 1,188 Charges to expense 31 16 72 119 Cash payments (1,099 ) — (162 ) (1,261 ) Non-cash utilization — (16 ) — (16 ) Balance at December 31, 2018 $ 30 $ — $ — $ 30 In addition to the restructuring costs noted above, the Company also incurred other associated costs of the Plan of $1.1 million for the year ended December 31, 2017, of which $0.1 million is included in cost of sales and $1.0 is included in general and administrative expenses in the accompanying Consolidated Statements of Operations, and are primarily related to third party consulting costs. No such costs were incurred for the year ended December 31, 2018. For the years ended December 31, 2018 and 2017, the Company recognized gains of $0.2 million and $3.9 million, respectively, on asset dispositions in connection with the planned facility closures under the Plan. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 8. Other Liabilities The balance in other current liabilities is comprised of the following: December 31, December 31, 2018 2017 Customer deposits and accrued rebates $ 3,365 $ 3,102 Dividends payable 5,260 4,478 Accrued litigation, claims and professional fees 460 417 Current portion of environmental reserves 1,229 1,322 Other accrued expenses 6,387 6,153 $ 16,701 $ 15,472 The balance in other liabilities (long-term) is comprised of the following: December 31, December 31, 2018 2017 Lease guarantee contingency $ 10,402 $ — Environmental reserves 3,702 3,814 Supplemental executive retirement plan liability 2,026 2,416 Pension liability 1,207 1,318 Deferred gain on sale of assets 1,237 — Other long-term liabilities 1,220 688 $ 19,794 $ 8,236 |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation | 9. 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-based restricted 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. The following tables summarize stock option activity in the past three years: Options granted in 2018, 2017 and 2016 were as follows: Year Options Exercise Price 2018 255,072 $ 21.30 2017 397,759 $ 14.30 2016 271,350 $ 11.62 Options exercised in 2018, 2017 and 2016 were as follows: Year Options Exercise Price 2018 191,169 $9.97 to $20.93 2017 375,292 $9.97 to $20.93 2016 334,836 $9.00 to $14.77 In addition, options totaling 86,411, 218,130 and 162,565 expired or were forfeited during the years ended December 31, 2018, 2017 and 2016, respectively. Options outstanding and exercisable at December 31, 2018, 2017 and 2016 were as follows: Year Outstanding Range of Exercise Prices Exercisable Weighted Exercise Price 2018 965,659 $10.10 to $21.30 521,202 $ 16.08 2017 988,167 $9.97 to $20.93 539,993 $ 16.23 2016 1,183,830 $9.97 to $20.93 934,898 $ 14.88 The fair value of options granted is estimated using an option pricing model based on the assumptions set forth in the following table. The Company uses historical data to estimate employee exercise and departure behavior. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and through the expected term. The dividend yield rate is based on the Company’s historical dividend yield. The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole. The Company used the binomial lattice option pricing model based on the assumptions set forth in the following table. 2018 2017 2016 Risk free interest rate 2.90 % 2.50 % 1.80 % Expected dividend yield 2.50 % 3.80 % 4.60 % Expected life of award (years) 4.00 4.10 8.00 Expected volatility 42.50 % 50.00 % 50.00 % Fair value per option $ 6.30 $ 4.47 $ 3.45 The following table provides a summary of stock option activity for the period ended December 31, 2018: Shares Average Exercise Price Weighted Average Life (in Years) Outstanding at December 31, 2017 988,167 $ 15.13 Options granted 255,072 21.30 Options exercised (191,169 ) 14.30 Canceled or forfeited (86,411 ) 17.65 Expired — — Outstanding at December 31, 2018 965,659 16.69 7.23 Exercisable at December 31, 2018 521,202 $ 16.08 6.10 The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The intrinsic value of stock options exercised in 2018, 2017 and 2016 was $1,745, $2,813 and $1,809, respectively. The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2018: Shares Average Grant-Date Fair Value Unvested shares at December 31, 2017 412,650 Granted 178,005 $ 21.65 Vested (104,737 ) 14.09 Forfeited (62,123 ) 16.94 Unvested shares at December 31, 2018 423,795 Restricted stock units are rights to receive shares of common stock, subject to forfeiture and other restrictions, which vest over a one or three year period. Restricted stock units are considered to be non-vested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. Restricted stock awards are valued based on the market price of the underlying shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period. At December 31, 2018, restricted stock awards had vesting periods up through March 2021. Included in the December 31, 2018 unvested shares are 268,103 performance-based restricted stock units. The fair value of these awards is calculated using the market price of the underlying common stock on the date of grant. In determining fair value, the Company does not take into account performance-based vesting requirements. For these awards, the performance-based vesting requirements determines the number of shares that ultimately vest, which can vary from 0% to 200% of target depending on the level of achievement of established performance criteria. Compensation expense is recognized over the requisite service period subject to adjustment based on the probable number of shares expected to vest under the performance condition. Stock compensation expense was approximately $4,257, $3,626 and $3,357 for the years ended December 31, 2018, 2017 and 2016, respectively. These expenses are included in general and administrative expenses in the accompanying Consolidated Statements of Operations. Total unrecognized compensation cost related to non-vested share based compensation arrangements at December 31, 2018 was approximately $4,737 which will be recognized over the next three years, as such compensation is earned. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | 10. 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 | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 11. 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”) 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 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. During the fourth quarter of 2018, the Company and the EPA finalized the AOC and related Statement of Work (“SOW”) with regards to the New Idria Mine. The AOC is effective as of November 27, 2018, the date that it was executed by the EPA. The AOC and accompanying SOW document the terms, conditions and procedures for the Company’s performance of the RI/FS. In addition, the AOC requires the Company to provide $2 million of financial assurance to the EPA during the estimated three year life of the RI/FS. In January 2019, the Company provided this assurance as a letter of credit. The AOC also includes provisions for payment by the Company of the EPA’s costs of oversight of the RI/FS, including a prepayment in the amount of $0.2 million, which was paid in January 2019. Since October 2011, when New Idria was added to the Superfund National Priorities List by the EPA, the Company has recognized $5.9 million of costs, of which approximately $2.5 million has been paid to date. These costs are comprised primarily of negotiation of the AOC, identification of possible insurance resources and other PRPs, estimates to perform the RI/FS, EPA oversight fees, past cost claims made by the EPA, periodic monitoring, and responses to unilateral administrative orders issued by the EPA. Expenses of $0.2 million, $1.3 million, and $1.0 million were recorded in the years ended December 31, 2018, 2017, and 2016, respectively. All charges related to this claim have been recorded within general and administrative expenses in the Consolidated Statements of Operations. As of December 31, 2018 and 2017, the Company had a total reserve of $3.4 million and $3.6 million, respectively, related to the New Idria Mine. As of December 31, 2018, $0.9 million is classified in Other Current Liabilities and $2.5 million is classified in Other Liabilities on the Consolidated Statements of Financial Position. It is possible that adjustments to the aforementioned reserves will be necessary as new information is obtained, including after preparation and EPA approval of the work plan for the RI/FS, which is anticipated to occur in the first half of 2019. Estimates of the Company’s liability are based on current facts, laws, regulations and technology. Estimates of the Company’s environmental liabilities are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluation and cost estimates, the extent of remedial actions that may be required, the extent of oversight by the EPA, 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 (formerly referred to as Guadalupe River Watershed) 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 The project has not yet been implemented though significant work on design and planning has been performed. The Company is currently awaiting notice from Santa Clara County on the expected timing of fieldwork to commence. 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 5, 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 5, 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 in 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 2018. Lawn and Garden Lease Guarantee In connection with the sale of the Lawn and Garden business, as described in Note 5, the Company is a guarantor for one of HC’s facility leases expiring in September 2025 for any remaining rent payments under the lease for which HC is unable to meet its obligations. Current annual rent for the facility is approximately $2 million, and is subject to annual CPI increases throughout the lease term. In connection with the financial risk associated with HC, as described in Note 5, the Company assessed its range of potential obligations under the lease guarantee, and as a result of this analysis, recorded a liability and related pre-tax charge of $10.3 million during 2018. The carrying value of the lease obligation as of December 31, 2018 was $10.4 million, which represents the initial liability recorded plus accretion and is included in Other Liabilities on the Consolidated Statements of Financial Position. The related initial charge was recorded to Other Expenses in the Consolidated Statements of Operations. Patent Infringement On December 11, 2018, No Spill Inc. filed suit against Scepter Manufacturing LLC and Scepter Corporation (“Scepter”) in the United States District Court for the District of Kansas asserting infringement of two patents, breach of contract, and trade dress claims in relation to plastic gasoline containers Scepter manufactures and sells in the United States. On December 31, 2018, the parties filed a waiver of service and extension of time to file a response to the complaint. The response to the complaint is due on March 28, 2019. A schedule in the case has not yet issued. Scepter intends to defend itself vigorously in this matter. Due to the inherent uncertainties of litigation, the Company cannot accurately predict the ultimate outcome of this matter, and is unable at this time to determine whether the outcome of the litigation will have a material impact on its results of operations, financial condition, or cash flows. Accordingly, the Company has not currently recorded any reserves for this matter. |
Long-Term Debt and Loan Agreeme
Long-Term Debt and Loan Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Loan Agreements | 12. Long-Term Debt and Loan Agreements Long-term debt at December 31, 2018 and 2017 consisted of the following: December 31, December 31, 2018 2017 Loan Agreement $ — $ 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 78,000 152,632 Less unamortized deferred financing costs 1,210 1,596 $ 76,790 $ 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. Under the terms of the Loan Agreement, the Company may borrow up to $200 million, reduced for letters of credit issued. As of December 31, 2018, the Company had $195.6 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 December 31, 2018. In addition, as described in Note 11, the Company issued an additional letter of credit of $2 million in January 2019. Borrowings under the Loan Agreement bear interest at the LIBOR rate, prime rate, federal funds effective rate, the Canadian deposit offered rate, or the eurocurrency reference rate depending on the type of loan requested by the Company, in each case plus the applicable margin as set forth in the Loan Agreement. The Company’s Senior Unsecured Notes (“Notes”) 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. In September 2017, the Company made an offer to all holders of the $100 million Notes to purchase all or a portion of the Notes prior to their maturity dates. In October 2017, one note holder accepted the offer and elected to tender $22 million in Notes. The Company purchased the Notes from the holder on October 31, 2017 for approximately $23.8 million, which includes the outstanding principal balance of $22.0 million and a make-whole premium of $1.8 million. A loss on extinguishment of debt of approximately $1.9 million was recorded during 2017, which consisted of the make-whole premium plus unamortized deferred financing costs of $0.1 million. Amortization expense of the deferred financing costs was $386, $508, and $466 for the years ended December 31, 2018, 2017 and 2016, respectively, and is included in interest expense in the Consolidated Statements of Operations. The average interest rate on borrowings under our loan agreements were 5.75% for 2018, 4.94% for 2017, and 4.69% for 2016, which includes a quarterly facility fee on the used and unused portion. As of December 31, 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). Required Level Actual Level Interest Coverage Ratio 3.00 to 1 11.60 Leverage Ratio 3.25 to 1 (maximum) 1.15 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The effective tax rate from continuing operations was 218.7% in 2018, 31.0% in 2017 and 39.5% in 2016. A reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate is as follows: Percent of Income before Income Taxes 2018 2017 2016 Statutory Federal income tax rate 21.0 % 35.0 % 35.0 % State income taxes - net of Federal tax benefit 42.5 8.3 3.0 Foreign tax rate differential 3.9 (1.6 ) (0.9 ) Domestic production deduction — (5.2 ) (3.2 ) Non-deductible expenses 93.8 0.4 2.9 Impact of tax law changes 22.1 (7.4 ) — Changes in unrecognized tax benefits 42.9 0.9 (0.8 ) Foreign tax incentives (3.1 ) — (0.4 ) Valuation allowances — — 3.2 Other (4.4 ) 0.6 0.7 Effective tax rate for the year 218.7 % 31.0 % 39.5 % Income from continuing operations before income taxes was attributable to the following sources: 2018 2017 2016 United States $ 419 $ 12,979 $ 17,010 Foreign 970 2,729 1,709 Totals $ 1,389 $ 15,708 $ 18,719 Income tax expense (benefit) from continuing operations consisted of the following: 2018 2017 2016 Current Deferred Current Deferred Current Deferred Federal $ 9,694 $ (7,910 ) $ 6,304 $ (4,394 ) $ 5,684 $ (413 ) Foreign 1,218 (718 ) 1,821 (883 ) 515 741 State and local 1,575 (822 ) 2,402 (386 ) 641 227 $ 12,487 $ (9,450 ) $ 10,527 $ (5,663 ) $ 6,840 $ 555 On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Tax Act”). Effective January 1, 2018, the Tax Act established a corporate income tax rate of 21%, replacing the former 35% rate, and created a territorial tax system rather than a worldwide system, which generally eliminated 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. 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”) which provided up to a one-year measurement period for companies to finalize the accounting for the impacts of this new legislation. As required, the Company finalized its accounting during 2018 for items previously considered provisional. At December 31, 2017, the Company recorded an initial provisional net benefit to income tax expense of $1.2 million related to the enactment of the Tax Act. 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. Based on the finalized accounting and preparation of the Company’s 2017 U.S. Federal Tax Return, the Company recorded a reduction of income tax expense of $0.3 million for the year ended December 31, 2018 to reflect adjustments to the previously recognized provisional amounts under the Tax Act. In addition, the Company recorded income tax expense of $0.6 million associated with an uncertain tax position related to the calculation of the Transition Tax included in the 2017 return. During 2018, the Company recorded a provision and related deferred tax liability of $0.6 million related to the earnings of the Company’s subsidiary in Guatemala, which were deemed by management to no longer be permanently reinvested. As noted above, the E&P for all foreign subsidiaries has been previously included in the calculation of the Transition Tax, and thus, should there be a repatriation of earnings from any other foreign subsidiaries in future periods, the Company expects to be subject to only foreign withholding tax. Management does not currently anticipate a repatriation of earnings from any foreign subsidiaries, except as provided above, as these earnings are deemed to be permanently reinvested. Significant components of the Company’s deferred taxes as of December 31, 2018 and 2017 are as follows: 2018 2017 Deferred income tax assets Compensation 2,774 3,030 Inventory valuation 695 502 Allowance for uncollectible accounts 237 268 Provision for loss on note receivable 5,031 — Non-deductible accruals 4,196 2,195 Non-deductible intangibles 1,574 1,193 State deferred taxes 843 — Capital loss carryforwards 1,982 1,982 Net operating loss carryforwards — 405 17,332 9,575 Valuation allowance (1,982 ) (1,982 ) 15,350 7,593 Deferred income tax liabilities Property, plant and equipment $ 4,247 $ 6,255 Tax-deductible goodwill 5,089 5,202 State deferred taxes — 132 Other 744 149 10,080 11,738 Net deferred income tax asset (liability) $ 5,270 $ (4,145 ) ASC 740, Income Taxes As further discussed in Note 5, the Company sold its investments in certain Brazilian subsidiaries on December 18, 2017. In connection with this divestiture, the Company incurred a capital loss of $9.5 million on its investment in the Myers do Brazil business and recorded a deferred tax asset of $2.0 million as the result of this capital loss carryforward. A valuation allowance of $2.0 million has been recorded against this deferred tax asset as the recovery of the asset is not more likely than not as of December 31, 2018. In addition, in accordance with ASC 740, for the year ended December 31, 2016 the Company allocated $0.6 million of a valuation allowance related to the Brazil Business to income from continuing operations in the Consolidated Statement of Operations, as this valuation allowance related to the change in estimated realizability of the beginning of the year net deferred tax asset in the Brazil Business. The Company recorded a tax benefit of approximately $15 million generated as a result of a worthless stock deduction for the Novel do Nordeste business included in the divestiture. Although management believes that the worthless stock deduction is valid, there can be no assurance that the IRS will not challenge it and, if challenged, that the Company will prevail. This tax benefit is included in the net loss from discontinued operations in the Consolidated Statements of Operations for the year ended December 31, 2017. As a result of the Company’s U.S. Federal income tax filings in 2018, the Company reduced this estimated tax benefit by $0.7 million and recognized this adjustment within net loss from discontinued operations. The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2018 2017 2016 Balance at January 1 $ 359 $ 478 $ 151 Increases related to previous year tax positions 596 359 478 Reductions due to lapse of applicable statute of limitations — (478 ) (151 ) Reduction due to settlements — — — Balance at December 31 $ 955 $ 359 $ 478 The total amount of gross unrecognized tax benefits that would reduce the Company’s effective tax rate was $1.0 million, $0.4 million and $0.5 million at December 31, 2018, 2017 and 2016. The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of December 31, 2018, the Company is no longer subject to U.S. Federal examinations by tax authorities for tax years before 2015. 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. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 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 for the years ended December 31, 2018, 2017 and 2016 was as follows: For the Year Ended December 31, 2018 2017 2016 Interest cost $ 224 $ 253 $ 270 Expected return on assets (317 ) (295 ) (319 ) Amortization of net loss 84 96 82 Net periodic pension cost $ (9 ) $ 54 $ 33 The reconciliation of changes in projected benefit obligations are as follows: December 31, 2018 2017 Projected benefit obligation at beginning of year $ 6,579 $ 6,503 Interest cost 224 253 Actuarial loss (gain) (362 ) 276 Expenses paid (135 ) (84 ) Benefits paid (362 ) (369 ) Projected benefit obligation at end of year $ 5,944 $ 6,579 Accumulated benefit obligation at end of year $ 5,944 $ 6,579 The assumptions used to determine the net periodic benefit cost and benefit obligations are as follows: December 31, 2018 2017 2016 Discount rate for net periodic pension cost 3.50 % 4.00 % 4.30 % Discount rate for benefit obligations 4.20 % 3.50 % 4.00 % Expected long-term return of plan assets 7.50 % 7.75 % 7.75 % The expected long-term rate of return assumption is based on the actual historical rate of return on assets adjusted to reflect recent market conditions and future expectations consistent with the Company’s current asset allocation and investment policy. In the current year, the Company’s asset allocation and investment policy transitioned from a total-return strategy to a liability-driven strategy. This revised policy shifts from equities and market duration fixed income and into fixed income investments that are managed to match the duration of the underlying pension liability. The assumed discount rates represent long-term high quality corporate bond rates commensurate with the liability duration of the plan. The following table reflects the change in the fair value of the plan’s assets: December 31, 2018 2017 Fair value of plan assets at beginning of year $ 5,261 $ 5,183 Actual return on plan assets (27 ) 531 Company contributions — — Expenses paid (135 ) (84 ) Benefits paid (362 ) (369 ) Fair value of plan assets at end of year $ 4,737 $ 5,261 The fair value of plan assets as of December 31, 2018 consist of mutual funds valued at $2,352 and pooled separate accounts valued at $2,385. The mutual funds were categorized as Level 1 and were determined based on period end, closing quoted prices in active markets. The pooled separate accounts are measured at net asset value as a practical expedient to estimate fair value and are not classified in the fair value hierarchy as of December 31, 2018. Each of the pooled separate accounts invest in multiple fixed securities and provide for daily redemptions by the plan with no advance notice requirements, and have redemption prices that are determined by the fund’s net asset value per unit with no redemption fees. The fair value of plan assets as of December 31, 2017, which consisted mainly of mutual funds, were all categorized as Level 1 and were determined based on period end closing, quoted prices in active markets. The weighted average asset allocations at December 31, 2018 and 2017 were as follows: December 31, 2018 2017 U.S. Equities securities 50 % 72 % U.S. Debt securities 50 % 24 % Cash — 4 % Total 100 % 100 % The following table provides a reconciliation of the funded status of the plan at December 31, 2018 and 2017: December 31, 2018 2017 Projected benefit obligation $ 5,944 $ 6,579 Plan assets at fair value 4,737 5,261 Funded status $ (1,207 ) $ (1,318 ) The funded status shown above is included in Other Liabilities in the Company’s Consolidated Statements of Financial Position at December 31, 2018 and 2017. The Company expects to make a contribution to the plan of $30 in 2019. Benefit payments projected for the plan are as follows: 2019 $ 372 2020 376 2021 377 2022 374 2023 374 2024-2028 1,889 The Myers Industries Profit Sharing and 401(k) Plan is maintained for the Company’s U.S. based employees, not covered under defined benefit plans, who have met eligibility service requirements. The Company recognized expense related to the 401(k) employer matching contribution in the amount of $2,216, $2,302 and $2,324 in 2018, 2017 and 2016, respectively. In addition, the Company has a Supplemental Executive Retirement Plan (“SERP”) to provide certain participating senior executives with retirement benefits in addition to amounts payable under the 401(k) plan. Expense related to the SERP was approximately $33, $128 and $192 for the years ended December 2018, 2017 and 2016, respectively. The SERP liability was based on the discounted present value of expected future benefit payments using a discount rate of 4.2% at December 31, 2018 and 3.5% at December 31, 2017. The SERP liability was approximately $2,449 and $2,923 at December 31, 2018 and 2017, respectively, and is included in Accrued Employee Compensation and Other Liabilities on the accompanying Consolidated Statements of Financial Position. The SERP is unfunded. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | 15. Leases The Company and certain of its subsidiaries are committed under non-cancelable operating leases involving certain facilities and equipment. Aggregate rental expense for all leased assets was $3,312, $3,198 and $3,625 for the years ended December 31, 2018, 2017 and 2016, respectively. Future minimum rental commitments are as follows: Year Ended December 31, 2019 $ 2,492 2020 1,739 2021 982 2022 966 2023 841 Thereafter 811 Total $ 7,831 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 at the time of the sale. 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 the closing of 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 | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Industry Segments | 16. 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 include 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 its 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 $50.6 million, $53.9 million, and $64.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Total export sales to countries outside the U.S. were approximately $19.6 million, $17.2 million, and $18.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. Sales made to customers in Canada accounted for approximately 4.1% of total net sales in 2018, 2.4% in 2017 and 4.6% in 2016. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, primarily in Canada, consisted of property, plant and equipment, and were approximately $14.1 million at December 31, 2018 and $17.6 million at December 31, 2017. 2018 2017 2016 Net Sales Material Handling $ 417,199 $ 391,313 $ 363,956 Distribution 149,636 156,428 170,660 Inter-company sales (100 ) (698 ) (237 ) Total net sales $ 566,735 $ 547,043 $ 534,379 Income (loss) from continuing operations before income taxes Material Handling $ 57,948 $ 38,874 $ 40,776 Distribution 7,441 9,073 12,834 Corporate (59,062 ) (23,059 ) (26,248 ) Total operating income 6,327 24,888 27,362 Interest expense, net (4,938 ) (7,292 ) (8,643 ) Loss on extinguishment of debt — (1,888 ) — Income from continuing operations before income taxes $ 1,389 $ 15,708 $ 18,719 Identifiable Assets Material Handling $ 229,962 $ 257,863 $ 268,634 Distribution 48,575 49,822 56,072 Corporate 70,108 48,257 36,271 Discontinued operations — — 20,707 Total identifiable assets $ 348,645 $ 355,942 $ 381,684 Capital Additions, Net Material Handling $ 4,500 $ 5,165 $ 10,933 Distribution 587 622 1,424 Corporate 36 27 132 Total capital additions, net $ 5,123 $ 5,814 $ 12,489 Depreciation and Amortization Material Handling $ 24,159 $ 28,506 $ 29,270 Distribution 1,169 1,174 1,221 Corporate 811 1,151 1,301 Total depreciation and amortization $ 26,139 $ 30,831 $ 31,792 |
Subsequent Events (Unaudited)
Subsequent Events (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events (Unaudited) On March 1, 2019, the Company sold a distribution center in Wadsworth, Ohio for net proceeds of approximately $4.5 million. This facility was classified as an asset held for sale as of December 31, 2018, as discussed in Note 3, and was included in the Company’s Material Handling Segment. |
Summarized Quarterly Results of
Summarized Quarterly Results of Operations (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Results of Operations | 18. Summarized Quarterly Results of Operations (Unaudited) Quarter Ended 2018 March 31 June 30 September 30 December 31 Total Net Sales $ 152,568 $ 140,560 $ 135,219 $ 138,388 $ 566,735 Gross Profit 47,115 47,991 42,091 42,096 179,293 Income (loss) from continuing operations 7,755 8,608 (21,137 ) 3,126 (1,648 ) Income (loss) from discontinued operations, net (911 ) — (2 ) (788 ) (1,701 ) Net income (loss) 6,844 8,608 (21,139 ) 2,338 (3,349 ) Income (loss) per common share from continuing operations: Basic* $ 0.25 $ 0.26 $ (0.60 ) $ 0.09 $ (0.05 ) Diluted* $ 0.25 $ 0.26 $ (0.60 ) $ 0.09 $ (0.05 ) Income (loss) per common share from discontinued operations: Basic* $ (0.03 ) $ — $ — $ (0.02 ) $ (0.05 ) Diluted* $ (0.03 ) $ — $ — $ (0.02 ) $ (0.05 ) Net income (loss) per share: Basic* $ 0.22 $ 0.26 $ (0.60 ) $ 0.07 $ (0.10 ) Diluted* $ 0.22 $ 0.26 $ (0.60 ) $ 0.07 $ (0.10 ) Quarter Ended 2017 March 31 June 30 September 30 December 31 Total Net Sales $ 136,572 $ 135,252 $ 135,113 $ 140,106 $ 547,043 Gross Profit 41,761 38,292 39,143 38,257 157,453 Income (loss) from continuing operations (3) (4) 3,458 2,482 3,083 1,821 10,844 Income (loss) from discontinued operations, net (1) (2) (344 ) (489 ) 174 (20,074 ) (20,733 ) Net income (loss) (1) (2) (3) (4) $ 3,114 $ 1,993 $ 3,257 $ (18,253 ) (9,889 ) Income (loss) per common share from continuing operations: Basic* $ 0.12 $ 0.08 $ 0.10 $ 0.06 $ 0.36 Diluted* $ 0.11 $ 0.08 $ 0.10 $ 0.06 $ 0.35 Income (loss) per common share from discontinued operations: Basic* $ (0.02 ) $ (0.01 ) $ 0.01 $ (0.66 ) $ (0.69 ) Diluted* $ (0.01 ) $ (0.01 ) $ 0.01 $ (0.65 ) $ (0.68 ) Net income (loss) per share: Basic* $ 0.10 $ 0.07 $ 0.11 $ (0.60 ) $ (0.33 ) Diluted* $ 0.10 $ 0.07 $ 0.11 $ (0.59 ) $ (0.33 ) (1) A loss on the sale of the Brazil Business of $35 million was recognized during the fourth quarter of 2017. This loss is included in loss from discontinued operations in the accompanying Consolidated Statements of Operations. (2) During the quarter ended December 31, 2017, 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. This benefit is included in loss from discontinued operations in the accompanying Consolidated Statements of Operations. (3) During the quarter ended December 31, 2017, the Company recorded a loss on extinguishment of debt of approximately $1.9 million. (4) During the quarter ended December 31, 2017, the Company recorded a net tax benefit of approximately $1.2 million related to the Tax Act * The sum of the earnings per share for the four quarters in a year does not necessarily equal the total year earnings per share due to the computation of weighted shares outstanding during each respective period. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity or cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the timing and amount of assets, liabilities, equity, revenues, and expenses recorded and disclosed. Actual results could differ from those estimates. During the fourth quarter of 2017, the Company completed the sale of certain subsidiaries in Brazil. As further discussed in Note 5, the results of operations and cash flows of these subsidiaries have been classified as discontinued operations in the consolidated financial statements for all periods presented. |
Accounting Standards Adopted and Not Yet Adopted | 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. The Company finalized its accounting in 2018. Refer to Note 13 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, $0.3 million 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 (refer to Note 2). 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 August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20). In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. 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 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 unless a goodwill impairment were to occur. 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) |
Translation of Foreign Currencies | Translation of Foreign Currencies All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders’ equity. |
Fair Value Measurement | Fair Value Measurement The Company follows guidance included in Accounting Standards Codification (“ 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 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. Financial assets that are measured at net asset value, which is a practical expedient to estimating fair value, are not classified in the fair value hierarchy. The Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximate carrying value due to the nature and relative short maturity of these assets and liabilities. The fair value of debt under the Company’s Loan Agreement, as defined in Note 12, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered Level 2 inputs. At December 31, 2018 and 2017, the aggregate fair value of the Company’s outstanding fixed rate senior unsecured notes was estimated at $76.8 million and $78.0 million, respectively. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. In 2018, there were no customers that accounted for more than ten percent of net sales. Outside of the United States, only customers located in Canada, which account for approximately 4.1% of net sales, are significant to the Company’s operations. In addition, management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company also reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due the Company could be reduced by a material amount. Expense related to bad debts was approximately $0.7 million, $0.7 million and $0.8 million for 2018, 2017 and 2016, respectively, and is recorded within selling expenses in the Consolidated Statements of Operations. Deductions from the allowance for doubtful accounts, net of recoveries, were approximately $0.5 million, $0.7 million and $0.4 million for 2018, 2017 and 2016, respectively. |
Inventories | Inventories Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 30 percent of our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost. Inventories at December 31 consist of the following: December 31, December 31, 2018 2017 Finished and in-process products $ 27,960 $ 30,874 Raw materials and supplies 15,636 16,151 $ 43,596 $ 47,025 If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $5.1 million and $5.6 million higher than reported at December 31, 2018 and 2017, respectively. Cost of sales decreased by $0.5 million and $0.1 million in 2018 and 2017, respectively, as a result of the liquidation of LIFO inventories. Cost of sales increased by $0.1 million in 2016 as a result of the liquidation of LIFO inventories. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: Buildings 20 to 40 years Machinery and Equipment 3 to 10 years Leasehold Improvements 5 to 10 years The Company’s property, plant and equipment by major asset class at December 31 consists of: December 31, December 31, 2018 2017 Land $ 7,017 $ 7,815 Buildings and leasehold improvements 53,821 59,730 Machinery and equipment 253,785 260,880 314,623 328,425 Less allowances for depreciation and amortization (249,163 ) (244,521 ) $ 65,460 $ 83,904 At December 31, 2018 and 2017, the Company had approximately $6.8 million and $6.9 million, respectively, of capitalized software costs included in machinery and equipment. Amortization expense related to capitalized software costs was approximately $0.5 million, $1.0 million and $0.6 million in 2018, 2017 and 2016, respectively. |
Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset and related asset group. For assets held for sale, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. Refer to Note 3 for discussion of the impairment charges. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) were as follows: Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2016 $ (37,447 ) $ (1,663 ) $ (39,110 ) Other comprehensive income (loss) before reclassifications 5,105 (222 ) 4,883 Amounts reclassified from accumulated other comprehensive income, net of tax of ($30) (1) — 53 53 Net current-period other comprehensive income (loss) 5,105 (169 ) 4,936 Balance at December 31, 2016 (32,342 ) (1,832 ) (34,174 ) Other comprehensive income (loss) before reclassifications 2,391 (31 ) 2,360 Amounts reclassified from accumulated other comprehensive income, net of tax of ($24) (1) (2) 17,201 72 17,273 Net current-period other comprehensive income (loss) 19,592 41 19,633 Balance at December 31, 2017 (12,750 ) (1,791 ) (14,541 ) Other comprehensive income (loss) before reclassifications (3,501 ) 14 (3,487 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($21) (1) — 63 63 Reclassification of stranded tax effects to retained earnings (3) — (315 ) (315 ) Net current-period other comprehensive income (loss) (3,501 ) (238 ) (3,739 ) Balance at December 31, 2018 $ (16,251 ) $ (2,029 ) $ (18,280 ) (1) The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 14, Retirement Plans for additional details. (2) Cumulative translation adjustment associated with the sale of the Brazil Business, as further discussed in Note 5, was included in the carrying value of assets disposed of. (3) 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. |
Stock Based Compensation | Stock Based Compensation The Company has stock incentive plans that provide for the granting of stock-based compensation to employees and to non-employee directors. Shares issued for option exercises or restricted stock units may be either from authorized but unissued shares or treasury shares. The Company records the costs of the plan under the provisions of ASC 718, Compensation — Stock Compensation |
Income Taxes | Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the change is enacted. ASC 740, Income Taxes The Company evaluates its tax positions in accordance with ASC 740, which provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise’s financial statements. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized under ASC 740. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. Cash flows used in investing activities excluded $1.1 million, $0.6 million and $0.1 million of accrued capital expenditures in 2018, 2017 and 2016, respectively. |
Revenue Recognition | 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 as part of 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. |
Shipping and Handling | 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 expenses for the Company’s manufacturing businesses and as cost of sales for the Company’s distribution business in the accompanying Consolidated Statements of Operations. The Company incurred costs for shipments to customers of approximately $9.7 million, $8.2 million and $8.9 million in selling expenses for the years ended December 31, 2018, 2017 and 2016, respectively, and $5.7 million, $6.0 million, and $6.1 million in cost of sales for the years ended December 31, 2018, 2017 and 2016, respectively. All other internal distribution costs are recorded in selling expenses. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Determination Cost of 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 our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost. Inventories at December 31 consist of the following: December 31, December 31, 2018 2017 Finished and in-process products $ 27,960 $ 30,874 Raw materials and supplies 15,636 16,151 $ 43,596 $ 47,025 |
Schedule of Estimated Useful Lives of the Assets | The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: Buildings 20 to 40 years Machinery and Equipment 3 to 10 years Leasehold Improvements 5 to 10 years |
Schedule of Property Plant and Equipment by Major Assets Class | The Company’s property, plant and equipment by major asset class at December 31 consists of: December 31, December 31, 2018 2017 Land $ 7,017 $ 7,815 Buildings and leasehold improvements 53,821 59,730 Machinery and equipment 253,785 260,880 314,623 328,425 Less allowances for depreciation and amortization (249,163 ) (244,521 ) $ 65,460 $ 83,904 |
The balances in the Company's Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) were as follows: Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2016 $ (37,447 ) $ (1,663 ) $ (39,110 ) Other comprehensive income (loss) before reclassifications 5,105 (222 ) 4,883 Amounts reclassified from accumulated other comprehensive income, net of tax of ($30) (1) — 53 53 Net current-period other comprehensive income (loss) 5,105 (169 ) 4,936 Balance at December 31, 2016 (32,342 ) (1,832 ) (34,174 ) Other comprehensive income (loss) before reclassifications 2,391 (31 ) 2,360 Amounts reclassified from accumulated other comprehensive income, net of tax of ($24) (1) (2) 17,201 72 17,273 Net current-period other comprehensive income (loss) 19,592 41 19,633 Balance at December 31, 2017 (12,750 ) (1,791 ) (14,541 ) Other comprehensive income (loss) before reclassifications (3,501 ) 14 (3,487 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($21) (1) — 63 63 Reclassification of stranded tax effects to retained earnings (3) — (315 ) (315 ) Net current-period other comprehensive income (loss) (3,501 ) (238 ) (3,739 ) Balance at December 31, 2018 $ (16,251 ) $ (2,029 ) $ (18,280 ) (1) The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 14, Retirement Plans for additional details. (2) Cumulative translation adjustment associated with the sale of the Brazil Business, as further discussed in Note 5, was included in the carrying value of assets disposed of. (3) 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) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Schedule of Disaggregation of Revenue by Major Market | The following table disaggregates the Company’s revenue by major market: For the Year Ended December 31, 2018 Material Handling Distribution Inter-company Consolidated Consumer $ 78,174 $ — $ — $ 78,174 Vehicle 95,247 — — 95,247 Food and beverage 101,610 — — 101,610 Industrial 142,168 — (100 ) 142,068 Auto aftermarket — 149,636 — 149,636 Total net sales $ 417,199 $ 149,636 $ (100 ) $ 566,735 |
Schedule of Balances Included in Consolidated Statements of Financial Position Related to Revenue Recognition | Amounts included in the Consolidated Statements of Financial Position related to revenue recognition include: December 31, December 31, Statement of Financial Position 2018 2017 Classification Returns, discounts and other allowances $ (1,169 ) $ (853 ) Accounts receivable Right of return asset 535 292 Inventories, net Customer deposits (806 ) (140 ) Other current liabilities Accrued rebates (2,559 ) (2,962 ) Other current liabilities |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
The change in goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 were as follows: Distribution Material Handling Total January 1, 2017 $ 505 $ 58,714 $ 59,219 Foreign currency translation — 752 752 December 31, 2017 $ 505 $ 59,466 $ 59,971 Foreign currency translation — (903 ) (903 ) December 31, 2018 $ 505 $ 58,563 $ 59,068 |
Intangible assets | Intangible assets at December 31, 2018 and 2017 consisted of the following: 2018 2017 Weighted Average Remaining Useful Life (years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade Names - Indefinite Lived $ 9,782 $ — $ 9,782 $ 9,972 $ — $ 9,972 Trade Names 6.5 80 (45 ) 35 80 (40 ) 40 Customer Relationships 1.5 39,521 (31,896 ) 7,625 41,043 (27,396 ) 13,647 Technology 5.2 24,980 (12,142 ) 12,838 24,980 (9,590 ) 15,390 Patents 0.0 11,730 (11,730 ) — 11,730 (11,730 ) — $ 86,093 $ (55,813 ) $ 30,280 $ 87,805 $ (48,756 ) $ 39,049 |
Disposal of Businesses (Tables)
Disposal of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Brazil Business, Lawn and Garden Business [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Summary of Selected Financial Information for Discontinued Operations | Summarized selected financial information for discontinued operations for the years ended December 31, 2018, 2017 and 2016 are presented in the following table: For the Year Ended December 31, 2018 2017* 2016 Net sales $ — $ 29,976 $ 23,683 Cost of sales — 25,359 20,941 Selling, general, and administrative 1,348 6,748 5,438 (Gain) loss on disposal of assets — (32 ) 226 Impairment charges — — 8,545 Interest income, net — (286 ) (469 ) Gain (loss) on the disposal of the discontinued operations — (34,956 ) — Loss from discontinued operations before income tax (1,348 ) (36,769 ) (10,998 ) Income tax expense (benefit) 353 (16,036 ) (731 ) Loss from discontinued operations, net of income tax $ (1,701 ) $ (20,733 ) $ (10,267 ) * Includes Brazil Business operating results through December 18, 2017. |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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 Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: For the Year Ended December 31, 2018 2017 2016 Weighted average common shares outstanding basic 33,426,855 30,222,289 29,750,378 Dilutive effect of stock options and restricted stock — 340,357 217,534 Weighted average common shares outstanding diluted 33,426,855 30,562,646 29,967,912 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Summary of Restructuring Charges | The restructuring charges recognized in the years ended 2018, 2017 and 2016 are presented in the following table. 2018 2017 2016 Segment Cost of sales SG&A Total Cost of sales SG&A Total Cost of sales SG&A Total Distribution $ — $ — $ — $ — $ — $ — $ — $ — $ — Material Handling 119 — 119 7,389 164 7,553 — — — Corporate — — — — — — — — — Total $ 119 $ — $ 119 $ 7,389 $ 164 $ 7,553 $ — $ — $ — |
Summary of Restructuring Activity | The table below summarizes restructuring activity for the years ended December 31, 2018 and 2017: Employee Reduction Accelerated Depreciation Other Exit Costs Total Balance at January 1, 2017 $ — $ — $ — $ — Charges to expense 3,022 1,993 2,538 7,553 Cash payments (1,924 ) — (2,448 ) (4,372 ) Non-cash utilization — (1,993 ) — (1,993 ) Balance at December 31, 2017 $ 1,098 $ — $ 90 $ 1,188 Charges to expense 31 16 72 119 Cash payments (1,099 ) — (162 ) (1,261 ) Non-cash utilization — (16 ) — (16 ) Balance at December 31, 2018 $ 30 $ — $ — $ 30 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | The balance in other current liabilities is comprised of the following: December 31, December 31, 2018 2017 Customer deposits and accrued rebates $ 3,365 $ 3,102 Dividends payable 5,260 4,478 Accrued litigation, claims and professional fees 460 417 Current portion of environmental reserves 1,229 1,322 Other accrued expenses 6,387 6,153 $ 16,701 $ 15,472 |
Schedule of Other Liabilities (Long-term) | The balance in other liabilities (long-term) is comprised of the following: December 31, December 31, 2018 2017 Lease guarantee contingency $ 10,402 $ — Environmental reserves 3,702 3,814 Supplemental executive retirement plan liability 2,026 2,416 Pension liability 1,207 1,318 Deferred gain on sale of assets 1,237 — Other long-term liabilities 1,220 688 $ 19,794 $ 8,236 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of stock option activity for the period | The following tables summarize stock option activity in the past three years: Options granted in 2018, 2017 and 2016 were as follows: Year Options Exercise Price 2018 255,072 $ 21.30 2017 397,759 $ 14.30 2016 271,350 $ 11.62 Options exercised in 2018, 2017 and 2016 were as follows: Year Options Exercise Price 2018 191,169 $9.97 to $20.93 2017 375,292 $9.97 to $20.93 2016 334,836 $9.00 to $14.77 Options outstanding and exercisable at December 31, 2018, 2017 and 2016 were as follows: Year Outstanding Range of Exercise Prices Exercisable Weighted Exercise Price 2018 965,659 $10.10 to $21.30 521,202 $ 16.08 2017 988,167 $9.97 to $20.93 539,993 $ 16.23 2016 1,183,830 $9.97 to $20.93 934,898 $ 14.88 The following table provides a summary of stock option activity for the period ended December 31, 2018: Shares Average Exercise Price Weighted Average Life (in Years) Outstanding at December 31, 2017 988,167 $ 15.13 Options granted 255,072 21.30 Options exercised (191,169 ) 14.30 Canceled or forfeited (86,411 ) 17.65 Expired — — Outstanding at December 31, 2018 965,659 16.69 7.23 Exercisable at December 31, 2018 521,202 $ 16.08 6.10 |
Fair Value of stock options granted assumptions used | The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole. The Company used the binomial lattice option pricing model based on the assumptions set forth in the following table. 2018 2017 2016 Risk free interest rate 2.90 % 2.50 % 1.80 % Expected dividend yield 2.50 % 3.80 % 4.60 % Expected life of award (years) 4.00 4.10 8.00 Expected volatility 42.50 % 50.00 % 50.00 % Fair value per option $ 6.30 $ 4.47 $ 3.45 |
Summary of combined restricted stock units, including performance-based restricted stock units and restricted stock activity for the period | The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2018: Shares Average Grant-Date Fair Value Unvested shares at December 31, 2017 412,650 Granted 178,005 $ 21.65 Vested (104,737 ) 14.09 Forfeited (62,123 ) 16.94 Unvested shares at December 31, 2018 423,795 |
Long-Term Debt and Loan Agree_2
Long-Term Debt and Loan Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long-term debt at December 31, 2018 and 2017 consisted of the following: December 31, December 31, 2018 2017 Loan Agreement $ — $ 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 78,000 152,632 Less unamortized deferred financing costs 1,210 1,596 $ 76,790 $ 151,036 |
Schedule of Debt Ratios | The ratios as of December 31, 2018 are shown in the following table: Required Level Actual Level Interest Coverage Ratio 3.00 to 1 11.60 Leverage Ratio 3.25 to 1 (maximum) 1.15 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate | A reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate is as follows: Percent of Income before Income Taxes 2018 2017 2016 Statutory Federal income tax rate 21.0 % 35.0 % 35.0 % State income taxes - net of Federal tax benefit 42.5 8.3 3.0 Foreign tax rate differential 3.9 (1.6 ) (0.9 ) Domestic production deduction — (5.2 ) (3.2 ) Non-deductible expenses 93.8 0.4 2.9 Impact of tax law changes 22.1 (7.4 ) — Changes in unrecognized tax benefits 42.9 0.9 (0.8 ) Foreign tax incentives (3.1 ) — (0.4 ) Valuation allowances — — 3.2 Other (4.4 ) 0.6 0.7 Effective tax rate for the year 218.7 % 31.0 % 39.5 % |
Income (Loss) from Continuing Operations Before Income Taxes | Income from continuing operations before income taxes was attributable to the following sources: 2018 2017 2016 United States $ 419 $ 12,979 $ 17,010 Foreign 970 2,729 1,709 Totals $ 1,389 $ 15,708 $ 18,719 |
Income Tax Expense (Benefit) from Continuing Operations | Income tax expense (benefit) from continuing operations consisted of the following: 2018 2017 2016 Current Deferred Current Deferred Current Deferred Federal $ 9,694 $ (7,910 ) $ 6,304 $ (4,394 ) $ 5,684 $ (413 ) Foreign 1,218 (718 ) 1,821 (883 ) 515 741 State and local 1,575 (822 ) 2,402 (386 ) 641 227 $ 12,487 $ (9,450 ) $ 10,527 $ (5,663 ) $ 6,840 $ 555 |
Significant Components of the Company's Deferred Taxes | Significant components of the Company’s deferred taxes as of December 31, 2018 and 2017 are as follows: 2018 2017 Deferred income tax assets Compensation 2,774 3,030 Inventory valuation 695 502 Allowance for uncollectible accounts 237 268 Provision for loss on note receivable 5,031 — Non-deductible accruals 4,196 2,195 Non-deductible intangibles 1,574 1,193 State deferred taxes 843 — Capital loss carryforwards 1,982 1,982 Net operating loss carryforwards — 405 17,332 9,575 Valuation allowance (1,982 ) (1,982 ) 15,350 7,593 Deferred income tax liabilities Property, plant and equipment $ 4,247 $ 6,255 Tax-deductible goodwill 5,089 5,202 State deferred taxes — 132 Other 744 149 10,080 11,738 Net deferred income tax asset (liability) $ 5,270 $ (4,145 ) |
Activity Related to the Company's Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2018 2017 2016 Balance at January 1 $ 359 $ 478 $ 151 Increases related to previous year tax positions 596 359 478 Reductions due to lapse of applicable statute of limitations — (478 ) (151 ) Reduction due to settlements — — — Balance at December 31 $ 955 $ 359 $ 478 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Net periodic pension cost | Net periodic pension cost for the years ended December 31, 2018, 2017 and 2016 was as follows: For the Year Ended December 31, 2018 2017 2016 Interest cost $ 224 $ 253 $ 270 Expected return on assets (317 ) (295 ) (319 ) Amortization of net loss 84 96 82 Net periodic pension cost $ (9 ) $ 54 $ 33 |
Reconciliation of changes in projected benefit obligations | The reconciliation of changes in projected benefit obligations are as follows: December 31, 2018 2017 Projected benefit obligation at beginning of year $ 6,579 $ 6,503 Interest cost 224 253 Actuarial loss (gain) (362 ) 276 Expenses paid (135 ) (84 ) Benefits paid (362 ) (369 ) Projected benefit obligation at end of year $ 5,944 $ 6,579 Accumulated benefit obligation at end of year $ 5,944 $ 6,579 |
Assumptions used to determine the net periodic benefit cost and benefit obligations | The assumptions used to determine the net periodic benefit cost and benefit obligations are as follows: December 31, 2018 2017 2016 Discount rate for net periodic pension cost 3.50 % 4.00 % 4.30 % Discount rate for benefit obligations 4.20 % 3.50 % 4.00 % Expected long-term return of plan assets 7.50 % 7.75 % 7.75 % |
Change in the fair value of the plan's assets | The following table reflects the change in the fair value of the plan’s assets: December 31, 2018 2017 Fair value of plan assets at beginning of year $ 5,261 $ 5,183 Actual return on plan assets (27 ) 531 Company contributions — — Expenses paid (135 ) (84 ) Benefits paid (362 ) (369 ) Fair value of plan assets at end of year $ 4,737 $ 5,261 |
Weighted average asset allocations | The weighted average asset allocations at December 31, 2018 and 2017 were as follows: December 31, 2018 2017 U.S. Equities securities 50 % 72 % U.S. Debt securities 50 % 24 % Cash — 4 % Total 100 % 100 % |
Reconciliation of the funded status of the plan | The following table provides a reconciliation of the funded status of the plan at December 31, 2018 and 2017: December 31, 2018 2017 Projected benefit obligation $ 5,944 $ 6,579 Plan assets at fair value 4,737 5,261 Funded status $ (1,207 ) $ (1,318 ) |
Benefit payments projected for the plan | Benefit payments projected for the plan are as follows: 2019 $ 372 2020 376 2021 377 2022 374 2023 374 2024-2028 1,889 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future minimum rental commitments | Future minimum rental commitments are as follows: Year Ended December 31, 2019 $ 2,492 2020 1,739 2021 982 2022 966 2023 841 Thereafter 811 Total $ 7,831 |
Industry Segments (Tables)
Industry Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Reporting Information by Segment | Total sales from foreign business units were approximately $50.6 million, $53.9 million, and $64.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Total export sales to countries outside the U.S. were approximately $19.6 million, $17.2 million, and $18.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. Sales made to customers in Canada accounted for approximately 4.1% of total net sales in 2018, 2.4% in 2017 and 4.6% in 2016. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, primarily in Canada, consisted of property, plant and equipment, and were approximately $14.1 million at December 31, 2018 and $17.6 million at December 31, 2017. 2018 2017 2016 Net Sales Material Handling $ 417,199 $ 391,313 $ 363,956 Distribution 149,636 156,428 170,660 Inter-company sales (100 ) (698 ) (237 ) Total net sales $ 566,735 $ 547,043 $ 534,379 Income (loss) from continuing operations before income taxes Material Handling $ 57,948 $ 38,874 $ 40,776 Distribution 7,441 9,073 12,834 Corporate (59,062 ) (23,059 ) (26,248 ) Total operating income 6,327 24,888 27,362 Interest expense, net (4,938 ) (7,292 ) (8,643 ) Loss on extinguishment of debt — (1,888 ) — Income from continuing operations before income taxes $ 1,389 $ 15,708 $ 18,719 Identifiable Assets Material Handling $ 229,962 $ 257,863 $ 268,634 Distribution 48,575 49,822 56,072 Corporate 70,108 48,257 36,271 Discontinued operations — — 20,707 Total identifiable assets $ 348,645 $ 355,942 $ 381,684 Capital Additions, Net Material Handling $ 4,500 $ 5,165 $ 10,933 Distribution 587 622 1,424 Corporate 36 27 132 Total capital additions, net $ 5,123 $ 5,814 $ 12,489 Depreciation and Amortization Material Handling $ 24,159 $ 28,506 $ 29,270 Distribution 1,169 1,174 1,221 Corporate 811 1,151 1,301 Total depreciation and amortization $ 26,139 $ 30,831 $ 31,792 |
Summarized Quarterly Results _2
Summarized Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended 2018 March 31 June 30 September 30 December 31 Total Net Sales $ 152,568 $ 140,560 $ 135,219 $ 138,388 $ 566,735 Gross Profit 47,115 47,991 42,091 42,096 179,293 Income (loss) from continuing operations 7,755 8,608 (21,137 ) 3,126 (1,648 ) Income (loss) from discontinued operations, net (911 ) — (2 ) (788 ) (1,701 ) Net income (loss) 6,844 8,608 (21,139 ) 2,338 (3,349 ) Income (loss) per common share from continuing operations: Basic* $ 0.25 $ 0.26 $ (0.60 ) $ 0.09 $ (0.05 ) Diluted* $ 0.25 $ 0.26 $ (0.60 ) $ 0.09 $ (0.05 ) Income (loss) per common share from discontinued operations: Basic* $ (0.03 ) $ — $ — $ (0.02 ) $ (0.05 ) Diluted* $ (0.03 ) $ — $ — $ (0.02 ) $ (0.05 ) Net income (loss) per share: Basic* $ 0.22 $ 0.26 $ (0.60 ) $ 0.07 $ (0.10 ) Diluted* $ 0.22 $ 0.26 $ (0.60 ) $ 0.07 $ (0.10 ) Quarter Ended 2017 March 31 June 30 September 30 December 31 Total Net Sales $ 136,572 $ 135,252 $ 135,113 $ 140,106 $ 547,043 Gross Profit 41,761 38,292 39,143 38,257 157,453 Income (loss) from continuing operations (3) (4) 3,458 2,482 3,083 1,821 10,844 Income (loss) from discontinued operations, net (1) (2) (344 ) (489 ) 174 (20,074 ) (20,733 ) Net income (loss) (1) (2) (3) (4) $ 3,114 $ 1,993 $ 3,257 $ (18,253 ) (9,889 ) Income (loss) per common share from continuing operations: Basic* $ 0.12 $ 0.08 $ 0.10 $ 0.06 $ 0.36 Diluted* $ 0.11 $ 0.08 $ 0.10 $ 0.06 $ 0.35 Income (loss) per common share from discontinued operations: Basic* $ (0.02 ) $ (0.01 ) $ 0.01 $ (0.66 ) $ (0.69 ) Diluted* $ (0.01 ) $ (0.01 ) $ 0.01 $ (0.65 ) $ (0.68 ) Net income (loss) per share: Basic* $ 0.10 $ 0.07 $ 0.11 $ (0.60 ) $ (0.33 ) Diluted* $ 0.10 $ 0.07 $ 0.11 $ (0.59 ) $ (0.33 ) (1) A loss on the sale of the Brazil Business of $35 million was recognized during the fourth quarter of 2017. This loss is included in loss from discontinued operations in the accompanying Consolidated Statements of Operations. (2) During the quarter ended December 31, 2017, 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. This benefit is included in loss from discontinued operations in the accompanying Consolidated Statements of Operations. (3) During the quarter ended December 31, 2017, the Company recorded a loss on extinguishment of debt of approximately $1.9 million. (4) During the quarter ended December 31, 2017, the Company recorded a net tax benefit of approximately $1.2 million related to the Tax Act * The sum of the earnings per share for the four quarters in a year does not necessarily equal the total year earnings per share due to the computation of weighted shares outstanding during each respective period. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Stranded tax effects reclassified from accumulated other comprehensive income to retained earnings | $ 300,000 | ||
Concentration of Credit Risk | |||
Expense for bad debts | 23,008,000 | $ 0 | $ 0 |
Deductions from allowance for doubtful accounts, net of recoveries | $ 500,000 | 700,000 | 400,000 |
Inventories | |||
Percentage of LIFO Inventory | 30.00% | ||
Cost valuation of inventory if FIFO had been used exclusively | $ 5,100,000 | 5,600,000 | |
LIFO inventories increased (decreased) cost of sales | (500,000) | (100,000) | 100,000 |
Capitalized Computer Software, Gross | 6,800,000 | 6,900,000 | |
Capitalized Computer Software, Amortization | 500,000 | 1,000,000 | 600,000 |
Cash and Cash Equivalents | |||
Accrued capital expenditures excluded from investing activities | 1,100,000 | 600,000 | 100,000 |
Selling Expense [Member] | |||
Concentration of Credit Risk | |||
Expense for bad debts | $ 700,000 | $ 700,000 | $ 800,000 |
Canada [Member] | Sales [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration risk percentage | 4.10% | 2.40% | 4.60% |
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 | $ 76,800,000 | $ 78,000,000 | |
Maximum [Member] | Sales [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration risk percentage | 10.00% | ||
ASU 2016-02 [Member] | Minimum [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Right-of-use assets | $ 5,700,000 | ||
Lease liabilities | 5,700,000 | ||
ASU 2016-02 [Member] | Maximum [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Right-of-use assets | 6,700,000 | ||
Lease liabilities | $ 6,700,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Determination Cost of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished and in-process products | $ 27,960 | $ 30,874 |
Raw materials and supplies | 15,636 | 16,151 |
Inventory net | $ 43,596 | $ 47,025 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of the Assets (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 5 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 10 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment by Major Assets Class (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment Net [Abstract] | ||
Land | $ 7,017 | $ 7,815 |
Buildings and leasehold improvements | 53,821 | 59,730 |
Machinery and equipment | 253,785 | 260,880 |
Property, Plant and Equipment, at cost | 314,623 | 328,425 |
Less allowances for depreciation and amortization | (249,163) | (244,521) |
Property, plant and equipment, net | $ 65,460 | $ 83,904 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 93,752 | $ 93,033 | $ 97,703 |
Reclassification of stranded tax effects to retained earnings | 300 | ||
Total other comprehensive income (loss) | (3,739) | 19,633 | 4,936 |
Ending balance | 154,638 | 93,752 | 93,033 |
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (12,750) | (32,342) | (37,447) |
Other comprehensive income (loss) before reclassifications | (3,501) | 2,391 | 5,105 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | 17,201 | 0 |
Reclassification of stranded tax effects to retained earnings | 0 | ||
Total other comprehensive income (loss) | (3,501) | 19,592 | 5,105 |
Ending balance | (16,251) | (12,750) | (32,342) |
Defined Benefit Pension Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,791) | (1,832) | (1,663) |
Other comprehensive income (loss) before reclassifications | 14 | (31) | (222) |
Amounts reclassified from accumulated other comprehensive income, net of tax | 63 | 72 | 53 |
Reclassification of stranded tax effects to retained earnings | (315) | ||
Total other comprehensive income (loss) | (238) | 41 | (169) |
Ending balance | (2,029) | (1,791) | (1,832) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (14,541) | (34,174) | (39,110) |
Other comprehensive income (loss) before reclassifications | (3,487) | 2,360 | 4,883 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 63 | 17,273 | 53 |
Reclassification of stranded tax effects to retained earnings | (315) | ||
Total other comprehensive income (loss) | (3,739) | 19,633 | 4,936 |
Ending balance | $ (18,280) | $ (14,541) | $ (34,174) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification from AOCI, Current Period, Tax [Abstract] | |||
Amounts reclassified from accumulated other comprehensive income, tax | $ 21 | $ 24 | $ 30 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue by Major Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 138,388 | $ 135,219 | $ 140,560 | $ 152,568 | $ 140,106 | $ 135,113 | $ 135,252 | $ 136,572 | $ 566,735 | $ 547,043 | $ 534,379 |
Operating Segments [Member] | Material Handling [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 417,199 | 391,313 | 363,956 | ||||||||
Operating Segments [Member] | Distribution [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 149,636 | 156,428 | 170,660 | ||||||||
Inter-company [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | (100) | $ (698) | $ (237) | ||||||||
Consumer [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 78,174 | ||||||||||
Consumer [Member] | Operating Segments [Member] | Material Handling [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 78,174 | ||||||||||
Vehicle [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 95,247 | ||||||||||
Vehicle [Member] | Operating Segments [Member] | Material Handling [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 95,247 | ||||||||||
Food and Beverage [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 101,610 | ||||||||||
Food and Beverage [Member] | Operating Segments [Member] | Material Handling [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 101,610 | ||||||||||
Industrial [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 142,068 | ||||||||||
Industrial [Member] | Operating Segments [Member] | Material Handling [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 142,168 | ||||||||||
Industrial [Member] | Inter-company [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | (100) | ||||||||||
Auto Aftermarket [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 149,636 | ||||||||||
Auto Aftermarket [Member] | Operating Segments [Member] | Distribution [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 149,636 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Balances Included in Consolidated Statements of Financial Position Related to Revenue Recognition (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Receivable [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Returns, discounts and other allowances | $ (1,169) | $ (853) |
Inventories, net [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Right of return asset | 535 | 292 |
Other Current Liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Customer deposits | (806) | (140) |
Accrued rebates | $ (2,559) | $ (2,962) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||
Type of Cost, Good or Service [Extensible List] | us-gaap:ShippingAndHandlingMember | us-gaap:ShippingAndHandlingMember | us-gaap:ShippingAndHandlingMember |
Cost of sales | $ 387,442 | $ 389,590 | $ 372,481 |
Selling Expense [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Cost of sales | 9,700 | 8,200 | 8,900 |
Cost of Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Cost of sales | $ 5,700 | $ 6,000 | $ 6,100 |
Impairment Charges - Additional
Impairment Charges - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impairment charges | $ 308 | $ 544 | $ 1,329 |
Net proceeds from sale of building | 2,300 | 3,100 | |
Material Handling [Member] | |||
Impairment charges | $ 1,300 | ||
Other Assets [Member] | |||
Building classified as held for sale | 4,400 | 300 | |
Level 2 [Member] | |||
Impairment charges | $ 300 | $ 500 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Impairment of goodwill and indefinite-lived intangible assets | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets | 8,099,000 | 8,378,000 | $ 9,277,000 |
Estimated amortization expense, 2019 | 7,571,000 | ||
Estimated amortization expense, 2020 | 4,819,000 | ||
Estimated amortization expense, 2021 | 2,278,000 | ||
Estimated amortization expense, 2022 | 2,278,000 | ||
Estimated amortization expense, 2023 | 2,278,000 | ||
Trade Names [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Carrying value of indefinite-lived intangible assets | $ 9,782,000 | $ 9,972,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 59,971 | $ 59,219 |
Foreign currency translation | (903) | 752 |
Ending balance | 59,068 | 59,971 |
Distribution [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 505 | 505 |
Foreign currency translation | 0 | 0 |
Ending balance | 505 | 505 |
Material Handling [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 59,466 | 58,714 |
Foreign currency translation | (903) | 752 |
Ending balance | $ 58,563 | $ 59,466 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross | $ 86,093 | $ 87,805 |
Accumulated amortization | (55,813) | (48,756) |
Net | 30,280 | 39,049 |
Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangibles | $ 9,782 | 9,972 |
Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 6 years 6 months | |
Gross | $ 80 | 80 |
Accumulated amortization | (45) | (40) |
Net | $ 35 | 40 |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 1 year 6 months | |
Gross | $ 39,521 | 41,043 |
Accumulated amortization | (31,896) | (27,396) |
Net | $ 7,625 | 13,647 |
Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 5 years 2 months 12 days | |
Gross | $ 24,980 | 24,980 |
Accumulated amortization | (12,142) | (9,590) |
Net | $ 12,838 | 15,390 |
Patents [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 0 years | |
Gross | $ 11,730 | 11,730 |
Accumulated amortization | $ (11,730) | $ (11,730) |
Disposal of Businesses - Additi
Disposal of Businesses - Additional Information (Details) - USD ($) | Dec. 18, 2017 | Feb. 17, 2015 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Notes receivable, carrying value | $ 18,737,000 | $ 0 | $ 18,737,000 | ||||
Provision for loss on note receivable | 23,008,000 | 0 | $ 0 | ||||
Interest income on notes receivable | $ 1,221,000 | 1,361,000 | 1,262,000 | ||||
Maximum [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Interest rate | 5.45% | ||||||
Minimum [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Interest rate | 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 | 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 | $ 700,000 | |||||
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 | ||||||
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 | ||||||
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 | $ 18,700,000 | 19,100,000 | 18,700,000 | ||||
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 | ||||||
Escrow deposit | $ 8,600,000 | ||||||
Escrow deposit due to be settled date | 2016-08 | ||||||
Adjustment to working capital | 4,000,000 | ||||||
Provision for loss on note receivable | $ 23,000,000 | ||||||
Lawn and Garden Business [Member] | Notes Receivable [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Interest income on notes receivable | $ 1,000,000 | $ 1,300,000 | $ 1,300,000 |
Disposal of Businesses - Summar
Disposal of Businesses - Summary of Selected Financial Information for Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Loss from discontinued operations, net of income tax | $ (788) | $ (2) | $ 0 | $ (911) | $ (20,074) | $ 174 | $ (489) | $ (344) | $ (1,701) | $ (20,733) | $ (10,267) |
Brazil Business, Lawn and Garden Business [Member] | |||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Net sales | 0 | 29,976 | 23,683 | ||||||||
Cost of sales | 0 | 25,359 | 20,941 | ||||||||
Selling, general, and administrative | 1,348 | 6,748 | 5,438 | ||||||||
(Gain) loss on disposal of assets | 0 | (32) | 226 | ||||||||
Impairment charges | 0 | 0 | 8,545 | ||||||||
Interest income, net | 0 | (286) | (469) | ||||||||
Gain (loss) on the disposal of the discontinued operations | 0 | (34,956) | 0 | ||||||||
Loss from discontinued operations before income tax | (1,348) | (36,769) | (10,998) | ||||||||
Income tax expense (benefit) | 353 | (16,036) | (731) | ||||||||
Loss from discontinued operations, net of income tax | $ (1,701) | $ (20,733) | $ (10,267) |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding basic | 33,426,855 | 30,222,289 | 29,750,378 |
Dilutive effect of stock options and restricted stock (in shares) | 340,357 | 217,534 | |
Weighted average common shares outstanding diluted (in shares) | 33,426,855 | 30,562,646 | 29,967,912 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive securities excluded from computation of net earnings or loss per common share | 242,500 | 551,761 |
Restructuring - Restructuring C
Restructuring - Restructuring Charges by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | $ 119 | $ 7,553 | $ 0 |
Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 119 | 7,389 | 0 |
SG&A [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 0 | 164 | 0 |
Distribution [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 0 |
Distribution [Member] | Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 0 |
Distribution [Member] | SG&A [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 0 |
Material Handling [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 119 | 7,553 | 0 |
Material Handling [Member] | Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 119 | 7,389 | 0 |
Material Handling [Member] | SG&A [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 0 | 164 | 0 |
Corporate [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 0 |
Corporate [Member] | Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 0 |
Corporate [Member] | SG&A [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | $ 0 | $ 0 | $ 0 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | $ 119 | $ 7,553 | $ 0 |
Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 119 | 7,389 | 0 |
Other restructuring associated costs incurred | 100 | ||
General and Administrative Expense | |||
Restructuring Cost And Reserve [Line Items] | |||
Other restructuring associated costs incurred | 1,000 | ||
Facility Closing | |||
Restructuring Cost And Reserve [Line Items] | |||
Recognized gains on asset dispositions | 200 | 3,900 | |
Material Handling [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 119 | 7,553 | 0 |
Material Handling [Member] | Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 119 | 7,389 | $ 0 |
Material Handling [Member] | Facility Closing | |||
Restructuring Cost And Reserve [Line Items] | |||
Total restructuring costs incurred | 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 | ||
Restructuring charges in accelerated depreciation charges on property, plant and equipment | 2,000 | ||
Restructuring charges | 100 | 7,600 | |
Other restructuring associated costs incurred | $ 0 | $ 1,100 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost And Reserve [Line Items] | |||
Balance at January 1, 2017 | $ 1,188 | ||
Charges to expense | 119 | $ 7,553 | $ 0 |
Cash payments | (1,261) | (4,372) | |
Non-cash utilization | (16) | (1,993) | |
Balance at December 31, 2017 | 30 | 1,188 | |
Employee Reduction [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Balance at January 1, 2017 | 1,098 | ||
Charges to expense | 31 | 3,022 | |
Cash payments | (1,099) | (1,924) | |
Balance at December 31, 2017 | 30 | 1,098 | |
Accelerated Depreciation [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charges to expense | 16 | 1,993 | |
Non-cash utilization | (16) | (1,993) | |
Other Exit Costs [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Balance at January 1, 2017 | 90 | ||
Charges to expense | 72 | 2,538 | |
Cash payments | $ (162) | (2,448) | |
Balance at December 31, 2017 | $ 90 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Customer deposits and accrued rebates | $ 3,365 | $ 3,102 |
Dividends payable | 5,260 | 4,478 |
Accrued litigation, claims and professional fees | 460 | 417 |
Current portion of environmental reserves | 1,229 | 1,322 |
Other accrued expenses | 6,387 | 6,153 |
Other current liabilities, Total | $ 16,701 | $ 15,472 |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Lease guarantee contingency | $ 10,402 | |
Environmental reserves | 3,702 | $ 3,814 |
Supplemental executive retirement plan liability | 2,026 | 2,416 |
Pension liability | 1,207 | 1,318 |
Deferred gain on sale of assets | 1,237 | |
Other long-term liabilities | 1,220 | 688 |
Other liabilities (long-term), Total | $ 19,794 | $ 8,236 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options expired or forfeited | 86,411 | 218,130 | 162,565 |
The total intrinsic value of all stock options exercised | $ 1,745 | $ 2,813 | $ 1,809 |
Stock compensation expense | 4,257 | $ 3,626 | $ 3,357 |
Total unrecognized compensation cost related to non-vested share based compensation arrangements | $ 4,737 | ||
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 | ||
Restricted Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, in years | 1 year | ||
Restricted Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, in years | 3 years | ||
Performance-Based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock granted during period | 268,103 | ||
Performance-Based Restricted Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of established target performance criteria | 0.00% | ||
Performance-Based Restricted Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of established target performance criteria | 200.00% | ||
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 |
Stock Compensation - Summary of
Stock Compensation - Summary of Stock Option Activity for the Period (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options Granted (in shares) | 255,072 | 397,759 | 271,350 |
Issuances under option plans, shares | 191,169 | 375,292 | 334,836 |
Outstanding at December 31, 2017 | 988,167 | 1,183,830 | |
Options Exercised, Shares (in shares) | (191,169) | (375,292) | (334,836) |
Cancelled or forfeited (in shares) | (86,411) | ||
Outstanding at December 31, 2018 | 965,659 | 988,167 | 1,183,830 |
Exercisable at December 31, 2018 | 521,202 | 539,993 | 934,898 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options Granted, Average Exercise Price (in dollars per share) | $ 21.30 | $ 14.30 | $ 11.62 |
Options Exercised, Average Exercise Price (in dollars per share) | 14.30 | ||
Outstanding, Average Price (in dollars per share) | 15.13 | ||
Cancelled or forfeited, average exercise price (in dollars per share) | 17.65 | ||
Outstanding, Average Price (in dollars per share) | 16.69 | 15.13 | |
Exercisable, Average Exercise Price (in dollars per share) | $ 16.08 | 16.23 | 14.88 |
Outstanding, Weighted Average Life | 7 years 2 months 23 days | ||
Exercisable, Weighted Average Life | 6 years 1 month 6 days | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options Exercised, Average Exercise Price (in dollars per share) | $ 9.97 | 9 | 9.97 |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options Exercised, Average Exercise Price (in dollars per share) | $ 20.93 | $ 14.77 | $ 17.02 |
Stock Compensation - Options ou
Stock Compensation - Options outstanding and exercisable (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Outstanding (in shares) | 965,659 | 988,167 | 1,183,830 |
Exercise price range, minimum (in dollars per share) | $ 10.10 | $ 9.97 | $ 9.97 |
Exercise price range, maximum (in dollars per share) | $ 21.30 | $ 20.93 | $ 20.93 |
Exercisable (in shares) | 521,202 | 539,993 | 934,898 |
Weighted average exercise price (in dollars per share) | $ 16.08 | $ 16.23 | $ 14.88 |
Stock Compensation - Fair Value
Stock Compensation - Fair Value of Stock Options Granted Assumptions Used (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk free interest rate | 2.90% | 2.50% | 1.80% |
Expected dividend yield | 2.50% | 3.80% | 4.60% |
Expected life of award (in years) | 4 years | 4 years 1 month 6 days | 8 years |
Expected volatility | 42.50% | 50.00% | 50.00% |
Fair value per option | $ 6.30 | $ 4.47 | $ 3.45 |
Stock Compensation - Summary _2
Stock Compensation - Summary of Combined Restricted Stock Units Including Performance Based Restricted Stock Units and Restricted Stock Activity (Details) - Restricted Stock Units Including Performance Based Restricted Stock Units and Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested (in shares) | 412,650 |
Granted (in shares) | 178,005 |
Vested (in shares) | (104,737) |
Forfeited (in shares) | (62,123) |
Unvested (in shares) | 423,795 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Granted, Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 21.65 |
Vested, Average Grant Date Fair Value (in dollars per share) | $ / shares | 14.09 |
Forfeited, Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 16.94 |
Equity - Additional Information
Equity - Additional Information (Details) - Common Shares [Member] - USD ($) $ / shares in Units, $ in Millions | May 31, 2018 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||
Shares of common stock issued in public offering | 4,600,000 | |
Secondary Public Offering [Member] | ||
Class Of Stock [Line Items] | ||
Shares of common stock issued in public offering | 4,600,000 | |
Common stock sale price per share | $ 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 ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 87 Months Ended | |||||
Jan. 31, 2019 | Apr. 30, 2016 | Dec. 31, 2018 | Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2005 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||||||||
Other current liabilities | $ 16,701 | $ 16,701 | $ 15,472 | $ 16,701 | |||||
Other liabilities | 19,794 | 19,794 | 8,236 | 19,794 | |||||
Annual rent | 3,312 | 3,198 | $ 3,625 | ||||||
New Idria Mercury Mine [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Financial assurance required to be provided to EPA to secure performance | 2,000 | ||||||||
New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Total reserve | 1,500 | 1,500 | 1,500 | 1,500 | |||||
Other current liabilities | 300 | 300 | 300 | ||||||
Other liabilities | 1,200 | 1,200 | 1,200 | ||||||
Expense recognized | $ 1,200 | 1,200 | $ 800 | ||||||
Accrued balance | 500 | ||||||||
Original estimated project costs | $ 1,600 | ||||||||
Revised estimated project costs, Low Estimate | 3,300 | ||||||||
Revised estimated project costs, High Estimate | $ 4,400 | ||||||||
Lawn and Garden Indemnification Claim [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Indemnification claims | 10,000 | ||||||||
Escrow deposit | 8,600 | $ 8,600 | 8,600 | ||||||
Escrow deposit due to be settled date | 2016-08 | ||||||||
Discontinued operations pre-tax charge | $ 1,225 | ||||||||
Amount of escrow deposits expected to release upon settlement of agreement | $ 7,400 | ||||||||
Lawn and Garden Indemnification Claim [Member] | Guarantee Obligation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lease expiring period | September 2,025 | ||||||||
Annual rent | $ 2,000 | ||||||||
Liabilities and related pre tax charges | 10,300 | ||||||||
Lease liabilities | 10,400 | 10,400 | 10,400 | ||||||
Subsequent Event [Member] | New Idria Mercury Mine [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Prepayment amount | $ 200 | ||||||||
Pending Litigation [Member] | New Idria Mercury Mine [Member] | EPA Notice Letter [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingencies, payments | 2,500 | ||||||||
Loss contingency, Loss in period | 200 | 1,300 | $ 1,000 | 5,900 | |||||
Total reserve | 3,400 | 3,400 | $ 3,600 | 3,400 | |||||
Other current liabilities | 900 | 900 | 900 | ||||||
Other liabilities | $ 2,500 | $ 2,500 | $ 2,500 |
Long-Term Debt and Loan Agree_3
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 78,000 | $ 152,632 |
Less unamortized deferred financing fees | 1,210 | 1,596 |
Long-term Debt, net of deferred financing costs | 76,790 | 151,036 |
Loan Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 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 Agree_4
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 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 Agree_5
Long-Term Debt and Loan Agreements - Additional Information (Details) | May 30, 2014USD ($) | Oct. 31, 2017USD ($)NoteHolder | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 31, 2019USD ($) | Sep. 30, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 152,632,000 | $ 78,000,000 | $ 152,632,000 | ||||||
Loss on extinguishment of debt | (1,900,000) | 0 | 1,888,000 | $ 0 | |||||
Unamortized deferred financing costs | 1,596,000 | 1,210,000 | 1,596,000 | ||||||
Interest Expense [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization expense of deferred financing costs | 386,000 | 508,000 | $ 466,000 | ||||||
Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 11,000,000 | ||||||||
Interest rate | 4.67% | ||||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 40,000,000 | ||||||||
Interest rate | 5.45% | ||||||||
Senior Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Face value of debt instrument with offer to be repurchased | $ 100,000,000 | ||||||||
Debt instrument repurchase amount | $ 22,000,000 | ||||||||
Outstanding principal balance of notes purchased | 22,000,000 | ||||||||
Debt instrument repurchase amount including make-whole premium | 23,800,000 | ||||||||
Debt instrument repurchase make-whole premium amount | $ 1,800,000 | ||||||||
Debt instrument repurchase date | Oct. 31, 2017 | ||||||||
Number of note holder accepted the offer | NoteHolder | 1 | ||||||||
Loss on extinguishment of debt | 1,900,000 | ||||||||
Unamortized deferred financing costs | $ 100,000 | $ 100,000 | |||||||
Loan Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity on line of credit | $ 300,000,000 | $ 200,000,000 | $ 200,000,000 | ||||||
Loan maturity period | 2018-12 | 2022-03 | |||||||
Remaining amount available under the line of credit | 195,600,000 | ||||||||
Letters of credit | $ 4,400,000 | ||||||||
Interest rate during period | 5.75% | 4.94% | 4.69% | ||||||
Loan Agreement [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Letters of credit | $ 2,000,000 |
Long-Term Debt and Loan Agree_6
Long-Term Debt and Loan Agreements - Schedule of Debt Ratios (Details) - Unsecured Senior Notes [Member] | Dec. 31, 2018 |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Coverage Ratio, Actual | 11.60% |
Debt Instrument, Leverage Ratio, Actual | 1.15% |
Debt Instrument, Covenant, Interest Coverage Ratio Required, Minimum | 3.00% |
Debt Instrument, Covenant, Leverage Ratio Required, Maximum | 3.25% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Thousands | Dec. 18, 2017USD ($) | Dec. 31, 2018USD ($)Transition | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Income Taxes [Line Items] | ||||
Effective tax rate for the year | 218.70% | 31.00% | 39.50% | |
Corporate income tax rate | 21.00% | 35.00% | 35.00% | |
Number of foreign subsidiaries | Transition | 1 | |||
Tax cuts and jobs act of 2017 net benefit to income tax expense | $ 1,200 | |||
Tax cuts and jobs act of 2017 due to change in tax rate deferred tax benefit | 3,000 | |||
Tax cuts and jobs act of 2017 provisional income tax expense benefit | 1,800 | |||
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% | |||
Income tax expense reduction due to tax impact | $ 300 | |||
Income tax expense associated with uncertain tax position | 600 | |||
Provision and related deferred tax liability on earnings from subsidiary | 600 | |||
Deferred tax assets, operating loss carryforwards | 1,982 | 1,982 | ||
Deferred tax assets, valuation allowance | 1,982 | 1,982 | ||
Unrecognized tax benefits that would impact effective tax rate | $ 1,000 | $ 400 | $ 500 | |
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 | |||
Brazil Business [Member] | ||||
Income Taxes [Line Items] | ||||
Capital loss incurred divestiture | $ 9,500 | |||
Deferred tax assets, operating loss carryforwards | 2,000 | |||
Deferred tax assets, valuation allowance | $ 2,000 | $ 600 | ||
Tax benefit as a result of a worthless stock deduction | $ 15,000 | |||
Reduced estimated tax benefit as a result of a worthless stock deduction | $ 700 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Statutory Federal income tax rate | 21.00% | 35.00% | 35.00% |
State income taxes - net of Federal tax benefit | 42.50% | 8.30% | 3.00% |
Foreign tax rate differential | 3.90% | (1.60%) | (0.90%) |
Domestic production deduction | (0.00%) | (5.20%) | (3.20%) |
Non-deductible expenses | 93.80% | 0.40% | 2.90% |
Impact of tax law changes | 22.10% | (7.40%) | 0.00% |
Changes in unrecognized tax benefits | 42.90% | 0.90% | (0.80%) |
Foreign tax incentives | (3.10%) | (0.00%) | (0.40%) |
Valuation allowances | 0.00% | 0.00% | 3.20% |
Other | (4.40%) | 0.60% | 0.70% |
Effective tax rate for the year | 218.70% | 31.00% | 39.50% |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 419 | $ 12,979 | $ 17,010 |
Foreign | 970 | 2,729 | 1,709 |
Income from continuing operations before income taxes | $ 1,389 | $ 15,708 | $ 18,719 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | |||
Federal | $ 9,694 | $ 6,304 | $ 5,684 |
Foreign | 1,218 | 1,821 | 515 |
State and local | 1,575 | 2,402 | 641 |
Current Income Tax Expense (Benefit) | 12,487 | 10,527 | 6,840 |
Deferred | |||
Federal | (7,910) | (4,394) | (413) |
Foreign | (718) | (883) | 741 |
State and local | (822) | (386) | 227 |
Deferred Income Tax Expense (Benefit) | $ (9,450) | $ (5,663) | $ 555 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income tax assets | ||
Compensation | $ 2,774 | $ 3,030 |
Inventory valuation | 695 | 502 |
Allowance for uncollectible accounts | 237 | 268 |
Provision for loss on note receivable | 5,031 | 0 |
Non-deductible accruals | 4,196 | 2,195 |
Non-deductible intangibles | 1,574 | 1,193 |
State deferred taxes | 843 | 0 |
Capital loss carryforwards | 1,982 | 1,982 |
Net operating loss carryforwards | 0 | 405 |
Deferred tax assets, gross | 17,332 | 9,575 |
Valuation allowance | (1,982) | (1,982) |
Deferred Tax Assets, Net of Valuation Allowance | 15,350 | 7,593 |
Deferred income tax liabilities | ||
Property, plant and equipment | 4,247 | 6,255 |
Tax-deductible goodwill | 5,089 | 5,202 |
State deferred taxes | 0 | 132 |
Other | 744 | 149 |
Deferred tax liabilities, gross | 10,080 | 11,738 |
Net deferred income tax (liability) | $ 4,145 | |
Net deferred income tax asset | $ 5,270 |
Income Taxes - Activity Related
Income Taxes - Activity Related to the Company's Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 359 | $ 478 | $ 151 |
Increases related to previous year tax positions | 596 | 359 | 478 |
Reductions due to lapse of applicable statute of limitations | 0 | (478) | (151) |
Reduction due to settlements | 0 | 0 | 0 |
Balance at December 31 | $ 955 | $ 359 | $ 478 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Pension Cost (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 224 | $ 253 | $ 270 |
Expected return on assets | (317) | (295) | (319) |
Amortization of net loss | 84 | 96 | 82 |
Net periodic pension cost | $ (9) | $ 54 | $ 33 |
Retirement Plans - Reconciliati
Retirement Plans - Reconciliation of Changes in Projected Benefit Obligations (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 6,579 | $ 6,503 | |
Interest cost | 224 | 253 | $ 270 |
Actuarial loss (gain) | (362) | 276 | |
Expenses paid | (135) | (84) | |
Benefits paid | (362) | (369) | |
Projected benefit obligation at end of year | 5,944 | 6,579 | $ 6,503 |
Accumulated benefit obligation at end of year | $ 5,944 | $ 6,579 |
Retirement Plans - Assumptions
Retirement Plans - Assumptions Used to Determine the Net Periodic Benefit Cost and Benefit Obligations (Details) - Pension Plans, Defined Benefit [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for net periodic pension cost | 3.50% | 4.00% | 4.30% |
Discount rate for benefit obligations | 4.20% | 3.50% | 4.00% |
Expected long-term return of plan assets | 7.50% | 7.75% | 7.75% |
Retirement Plans - Change in th
Retirement Plans - Change in the Fair Value of the Plans Assets (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 5,261 | $ 5,183 |
Actual return on plan assets | (27) | 531 |
Company contributions | 0 | 0 |
Expenses paid | (135) | (84) |
Benefits paid | (362) | (369) |
Fair value of plan assets at end of year | $ 4,737 | $ 5,261 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Redemption fees for mutual fund's net asset value | $ 0 | |||
Executive Officer [Member] | SERP [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Plan expense recognized | $ 33 | $ 128 | $ 192 | |
Discount rate for benefit obligations | 4.20% | 3.50% | ||
Accrued compensation | $ 2,449 | $ 2,923 | ||
401K Plan [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Recognized expense | 2,216 | $ 2,302 | $ 2,324 | |
Scenario Forecast [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Contribution to plan | $ 30 | |||
Mutual Funds [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | 2,352 | |||
Pooled Separate Accounts [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 2,385 |
Retirement Plans - Weighted Ave
Retirement Plans - Weighted Average Asset Allocations (Details) - Pension Plans, Defined Benefit [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
U.S. Equities securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 50.00% | 72.00% |
U.S. Debt securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 50.00% | 24.00% |
Cash [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 4.00% |
Retirement Plans - Reconcilia_2
Retirement Plans - Reconciliation of the Funded Status of the Plan (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | $ 5,944 | $ 6,579 | $ 6,503 |
Plan assets at fair value | 4,737 | 5,261 | $ 5,183 |
Funded status | $ (1,207) | $ (1,318) |
Retirement Plans - Benefit Paym
Retirement Plans - Benefit Payments Projected for the Plan (Details) - Pension Plans, Defined Benefit [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | $ 372 |
2,020 | 376 |
2,021 | 377 |
2,022 | 374 |
2,023 | 374 |
2024-2028 | $ 1,889 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Feb. 27, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Sale Leaseback Transaction [Line Items] | ||||
Aggregate rental expense for leased assets | $ 3,312 | $ 3,198 | $ 3,625 | |
Proceeds from sale of property, plant and equipment | 2,633 | $ 11,058 | $ 450 | |
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 | $ 700 | 2,000 | ||
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% |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Rental Payments | |
2,019 | $ 2,492 |
2,020 | 1,739 |
2,021 | 982 |
2,022 | 966 |
2,023 | 841 |
Thereafter | 811 |
Total | $ 7,831 |
Industry Segments - Additional
Industry Segments - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | Segment | 2 | ||||||||||
Net sales | $ 138,388 | $ 135,219 | $ 140,560 | $ 152,568 | $ 140,106 | $ 135,113 | $ 135,252 | $ 136,572 | $ 566,735 | $ 547,043 | $ 534,379 |
Foreign Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 50,600 | 53,900 | 64,200 | ||||||||
Long-lived assets | $ 14,100 | $ 17,600 | 14,100 | 17,600 | |||||||
Export Sales [Member] | Foreign Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 19,600 | $ 17,200 | $ 18,600 | ||||||||
Sales [Member] | Customer Concentration Risk [Member] | Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 4.10% | 2.40% | 4.60% |
Industry Segments - Schedule of
Industry Segments - Schedule of reporting information by segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 138,388 | $ 135,219 | $ 140,560 | $ 152,568 | $ 140,106 | $ 135,113 | $ 135,252 | $ 136,572 | $ 566,735 | $ 547,043 | $ 534,379 |
Total operating income | 6,327 | 24,888 | 27,362 | ||||||||
Interest expense, net | (4,938) | (7,292) | (8,643) | ||||||||
Loss on extinguishment of debt | 1,900 | 0 | (1,888) | 0 | |||||||
Income from continuing operations before income taxes | 1,389 | 15,708 | 18,719 | ||||||||
Identifiable Assets | 348,645 | 355,942 | 348,645 | 355,942 | 381,684 | ||||||
Capital Additions, Net | 5,123 | 5,814 | 12,489 | ||||||||
Depreciation and Amortization | 26,139 | 30,831 | 31,792 | ||||||||
Operating Segments [Member] | Material Handling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 417,199 | 391,313 | 363,956 | ||||||||
Total operating income | 57,948 | 38,874 | 40,776 | ||||||||
Identifiable Assets | 229,962 | 257,863 | 229,962 | 257,863 | 268,634 | ||||||
Capital Additions, Net | 4,500 | 5,165 | 10,933 | ||||||||
Depreciation and Amortization | 24,159 | 28,506 | 29,270 | ||||||||
Operating Segments [Member] | Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 149,636 | 156,428 | 170,660 | ||||||||
Total operating income | 7,441 | 9,073 | 12,834 | ||||||||
Identifiable Assets | 48,575 | 49,822 | 48,575 | 49,822 | 56,072 | ||||||
Capital Additions, Net | 587 | 622 | 1,424 | ||||||||
Depreciation and Amortization | 1,169 | 1,174 | 1,221 | ||||||||
Operating Segments [Member] | Discontinued Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | 20,707 | ||||||
Inter-company sales [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (100) | (698) | (237) | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating income | (59,062) | (23,059) | (26,248) | ||||||||
Identifiable Assets | $ 70,108 | $ 48,257 | 70,108 | 48,257 | 36,271 | ||||||
Capital Additions, Net | 36 | 27 | 132 | ||||||||
Depreciation and Amortization | $ 811 | $ 1,151 | $ 1,301 |
Subsequent Events (Unaudited) -
Subsequent Events (Unaudited) - Additional Information (Details) - USD ($) $ in Thousands | Mar. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||
Proceeds from sale of distribution center | $ 2,633 | $ 11,058 | $ 450 | |
Subsequent Event [Member] | Ohio [Member] | Material Handling [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from sale of distribution center | $ 4,500 |
Summarized Quarterly Results _3
Summarized Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales | $ 138,388 | $ 135,219 | $ 140,560 | $ 152,568 | $ 140,106 | $ 135,113 | $ 135,252 | $ 136,572 | $ 566,735 | $ 547,043 | $ 534,379 |
Gross Profit | 42,096 | 42,091 | 47,991 | 47,115 | 38,257 | 39,143 | 38,292 | 41,761 | 179,293 | 157,453 | 161,898 |
Income (loss) from continuing operations | 3,126 | (21,137) | 8,608 | 7,755 | 1,821 | 3,083 | 2,482 | 3,458 | (1,648) | 10,844 | 11,324 |
Income (loss) from discontinued operations, net | (788) | (2) | 0 | (911) | (20,074) | 174 | (489) | (344) | (1,701) | (20,733) | (10,267) |
Net income (loss) | $ 2,338 | $ (21,139) | $ 8,608 | $ 6,844 | $ (18,253) | $ 3,257 | $ 1,993 | $ 3,114 | $ (3,349) | $ (9,889) | $ 1,057 |
Basic (in dollars per share) | $ 0.09 | $ (0.60) | $ 0.26 | $ 0.25 | $ 0.06 | $ 0.10 | $ 0.08 | $ 0.12 | $ (0.05) | $ 0.36 | $ 0.38 |
Diluted (in dollars per share) | 0.09 | (0.60) | 0.26 | 0.25 | 0.06 | 0.10 | 0.08 | 0.11 | (0.05) | 0.35 | |
Basic (in dollars per share) | (0.02) | 0 | 0 | (0.03) | (0.66) | 0.01 | (0.01) | (0.02) | (0.05) | (0.69) | (0.35) |
Diluted (in dollars per share) | (0.02) | 0 | 0 | (0.03) | (0.65) | 0.01 | (0.01) | (0.01) | (0.05) | (0.68) | (0.35) |
Basic (in dollars per share) | 0.07 | (0.60) | 0.26 | 0.22 | (0.60) | 0.11 | 0.07 | 0.10 | (0.10) | (0.33) | 0.03 |
Diluted (in dollars per share) | $ 0.07 | $ (0.60) | $ 0.26 | $ 0.22 | $ (0.59) | $ 0.11 | $ 0.07 | $ 0.10 | $ (0.10) | $ (0.33) | $ 0.03 |
Summarized Quarterly Results _4
Summarized Quarterly Results of Operations (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Line Items] | ||||
U.S. tax benefit as a result of a worthless stock deduction | $ 3,037 | $ 4,864 | $ 7,395 | |
Loss on extinguishment of debt | $ 1,900 | $ 0 | $ (1,888) | $ 0 |
Tax cuts and jobs act of 2017 net benefit to income tax expense | 1,200 | |||
Brazil Business [Member] | ||||
Quarterly Financial Information Disclosure [Line Items] | ||||
Loss on sale of business | 35,000 | |||
U.S. tax benefit as a result of a worthless stock deduction | $ 15,000 |