Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2018. In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position as of September 30, 2019, and the results of operations and cash flows for the periods presented. The results of operations for the quarter and nine months ended September 30, 2019 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2019. Accounting Standards Adopted In February 2016, the FASB issued ASU 2016-02, Leases, The following tables summarize the impacts of ASC 842 on the Company’s condensed consolidated financial statements: For the Quarter Ended September 30, 2019 As Reported Adjustments Balances Without Adoption of ASC 842 Net sales $ 125,480 $ — $ 125,480 Cost of sales 85,894 — 85,894 Gross profit 39,586 — 39,586 Selling, general and administrative expenses 31,515 (34 ) 31,481 (Gain) loss on disposal of fixed assets 11 — 11 Operating income 8,060 34 8,094 Interest expense, net 993 — 993 Income from continuing operations before income taxes 7,067 34 7,101 Income tax expense 1,848 9 1,857 Income from continuing operations $ 5,219 $ 25 $ 5,244 For the Nine Months Ended September 30, 2019 As Reported Adjustments Balances Without Adoption of ASC 842 Net sales $ 398,880 $ — $ 398,880 Cost of sales 266,799 — 266,799 Gross profit 132,081 — 132,081 Selling, general and administrative expenses 102,792 (101 ) 102,691 (Gain) loss on disposal of fixed assets (87 ) — (87 ) Impairment charges 916 — 916 Operating income 28,460 101 28,561 Interest expense, net 3,059 — 3,059 Income from continuing operations before income taxes 25,401 101 25,502 Income tax expense 6,933 27 6,960 Income from continuing operations $ 18,468 $ 74 $ 18,542 As of September 30, 2019 As Reported Adjustments Balances Without Adoption of ASC 842 Assets Right of use asset - operating leases $ 6,384 $ (6,384 ) $ — Deferred tax asset 6,074 306 6,380 Liabilities Other current liabilities $ 18,035 $ 233 $ 18,268 Operating lease liability - short-term 2,215 (2,215 ) — Operating lease liability - long-term 4,402 (4,402 ) — Other liabilities 22,706 1,135 23,841 Shareholders’ Equity Retained deficit $ (136,192 ) $ (829 ) $ (137,021 ) 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. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments Fair Value Measurement The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly. Level 3: Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions. 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 approximates carrying value due to the nature and relative short maturity of these assets and liabilities. The fair value of debt under the Company’s Loan Agreement, as defined in Note 14, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered Level 2 inputs. At September 30, 2019 and December 31, 2018, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated at $79.3 million and $76.8 million, respectively. The purchase price allocation associated with the August 26, 2019 acquisition of Tuffy Manufacturing Industries, Inc., as described in Note 3, required significant fair value measurements using unobservable inputs which are considered Level 3 inputs. The fair value of the acquired intangible assets was determined using the income approach. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) are as follows: Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2019 $ (16,251 ) $ (2,029 ) $ (18,280 ) Other comprehensive income (loss) before reclassifications 1,069 — 1,069 Net current-period other comprehensive income (loss) 1,069 — 1,069 Balance at September 30, 2019 $ (15,182 ) $ (2,029 ) $ (17,211 ) |